GASLOG	
  LTD.	
  
Second	
  Quarter	
  Earnings	
  Presenta9on	
  201...
 	
  Forward	
  Looking	
  Statements	
  
2	
  
This	
  presenta6on	
  contains	
  “forward-­‐looking	
  statements”	
  as...
 	
  Agenda	
  
3	
  
• 	
  Highlights	
  
• 	
  Financial	
  Highlights	
  
• 	
  Market	
  Update	
  
• 	
  Business	
  ...
 	
  Highlights	
  
4	
  
(1)	
  See	
  Annex	
  1	
  for	
  reconcilia6on	
  of	
  EBITDA,	
  Adjusted	
  EBITDA,	
  Adju...
 	
  Financial	
  Highlights	
  
5	
  
1.  See	
  Annex	
  1	
  for	
  reconcilia6on	
  of	
  EBITDA,	
  Adjusted	
  EBITD...
 	
  Financial	
  Highlights	
  
6	
  
(!)	
  See	
  Annex	
  1	
  for	
  reconcilia6on	
  of	
  EBITDA	
  
1	
  
!"!!!!
!...
 	
  Financial	
  Highlights	
  
7	
  
(USD%'000) 30*Jun*13 31*Dec*12
Assets
Non*current%assets
Goodwill 9,511 9,511
Inves...
 	
  Financial	
  Highlights	
  
8	
  
(USD%'000) 30*Jun*13 31*Dec*12
Equity%&%Liabilities
Equity
Share&capital 629 629
Co...
 	
  Financial	
  Highlights	
  –	
  Debt	
  Facili6es	
  
9	
  
	
  	
  
1. Outstanding balance as of June 30, 2013.
2. L...
 	
  Financial	
  Highlights	
  –	
  Looking	
  Forward	
  
10	
  
The	
   following	
   table	
   summarizes	
   GasLog’s...
 	
  Market	
  Update	
  
11	
  
	
  
USA	
  	
  
	
  
	
  
	
  
	
  
Canada	
  
	
  
	
  
	
  
Strong	
  LNG	
  industry	...
 	
  Business	
  Overview	
  -­‐	
  GasLog’s	
  recently	
  announced	
  orders	
  &	
  charters	
  
12	
  
On	
  August	
...
Owned Built
Capacity
(mcbm) Propulsion Charterer
Methane Nile Eagle 25% 2007 145,000 Steam
GasLog Savannah 100% 2010 155,0...
 	
  Summary	
  
14	
  
•  GasLog	
  is	
  paying	
  a	
  quarterly	
  dividend	
  of	
  $0.11	
  per	
  share	
  on	
  Se...
 	
  Annex	
  1	
  -­‐	
  Reconcilia6on	
  /	
  Non-­‐GAAP	
  Measures	
  
15	
  
Non-­‐GAAP	
  Financial	
  Measures	
  
...
 	
  Annex	
  1	
  -­‐	
  Reconcilia6on	
  (cont.)	
  
16	
  
Reconciliation of EBITDA and Adjusted EBITDA to Profit/(Loss...
 	
  Annex	
  1	
  -­‐	
  Reconcilia6on	
  (cont.)	
  
17	
  
Reconciliation of Adjusted Profit to Profit/(Loss):
(All amo...
 	
  Annex	
  1	
  -­‐	
  Reconcilia6on	
  (cont.)	
  
18	
  
Reconciliation of Adjusted Earnings Per Share to Earnings/(L...
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GasLog Q2 2013 earnings presentation

  1. 1.                       GASLOG  LTD.   Second  Quarter  Earnings  Presenta9on  2013   20  August  2013  
  2. 2.    Forward  Looking  Statements   2   This  presenta6on  contains  “forward-­‐looking  statements”  as  defined  in  the  Private  Securi6es  Li6ga6on  Reform  Act  of  1995.    The  reader  is   cau6oned  not  to  rely  on  these  forward-­‐looking  statements.  All  statements,  other  than  statements  of  historical  facts,  that  address  ac6vi6es,   events   or   developments   that   the   Company   expects,   projects,   believes   or   an6cipates   will   or   may   occur   in   the   future,   including,   without   limita6on,  future  opera6ng  or  financial  results  and  future  revenues  and  expenses,  future,  pending  or  recent  acquisi6ons,  general  market   condi6ons  and  shipping  industry  trends,  the  financial  condi6on  and  liquidity  of  the  Company,  cash  available  for  dividend  payments,  future   capital   expenditures   and   drydocking   costs   and   newbuild   vessels   and   expected   delivery   dates,   are   forward-­‐looking   statements.   These   statements  are  based  on  current  expecta6ons  of  future  events.    If  underlying  assump6ons  prove  inaccurate  or  unknown  risks  or  uncertain6es   materialize,  actual  results  could  vary  materially  from  our  expecta6ons  and  projec6ons.    Risks  and  uncertain6es  include,  but  are  not  limited  to,   general  LNG  and  LNG  shipping  market  condi6ons  and  trends;  our  con6nued  ability  to  enter  into  mul6-­‐year  6me  charters  with  our  customers;   our  contracted  charter  revenue;  our  customers’  performance  of  their  obliga6ons  under  our  6me  charters  and  other  contracts;  the  effect  of   the   worldwide   economic   slowdown;   our   ability   to   obtain   financing   to   fund   capital   expenditures,   and   funding   by   banks   of   their   financial   commitments;  business  strategy,  areas  of  possible  expansion  and  expected  capital  spending  or  opera6ng  expenses;  our  ability  to  enter  into   shipbuilding  contracts  for  newbuildings  and  our  expecta6ons  about  the  availability  of  exis6ng  LNG  carriers  to  purchase,  as  well  as  our  ability   to  consummate  any  such  acquisi6ons;  our  expecta6ons  about  the  6me  that  it  may  take  to  construct  and  deliver  newbuildings  and  the  useful   lives  of  our  ships;  number  of  off-­‐hire  days  and  insurance  costs;  our  an6cipated  general  and  administra6ve  expenses;  fluctua6ons  in  currencies   and  interest  rates;  our  ability  to  maintain  long-­‐term  rela6onships  with  major  energy  companies;  our  ability  to  maximize  the  use  of  our  ships;   environmental  and  regulatory  condi6ons,  including  changes  in  laws  and  regula6ons  or  ac6ons  taken  by  regulatory  authori6es;  risks  inherent   in   ship   opera6on,   including   the   discharge   of   pollutants;   availability   of   skilled   labor,   ship   crews   and   management;   poten6al   disrup6on   of   shipping  routes  due  to  accidents,  poli6cal  events,  piracy  or  acts  by  terrorists;  and  poten6al  liability  from  future  li6ga6on.  A  further  list  and   descrip6on  of  these  risks,  uncertain6es  and  other  factors  can  be  found  in  our  Annual  Report  filed  with  the  SEC  on  March  28,  2013.    Copies  of   the  Annual  Report,  as  well  as  subsequent  filings,  are  available  online  at  www.sec.gov  or  upon  request  from  us.    We  do  not  undertake  to   update  any  forward-­‐looking  statements  as  a  result  of  new  informa6on  or  future  events  or  developments  except  as  may  be  required  by  law.     The  declara6on  and  payment  of  dividends  is  at  all  6mes  subject  to  the  discre6on  of  our  Board  of  Directors  and  will  depend  on,  among  other   things,  risks  and  uncertain6es  described  above,  restric6ons  in  our  credit  facili6es  and  the  provisions  of  Bermuda  law  and  such  other  factors  as   the  Board  of  Directors  may  deem  relevant.      
  3. 3.    Agenda   3   •   Highlights   •   Financial  Highlights   •   Market  Update   •   Business  Overview   •   Summary  
  4. 4.    Highlights   4   (1)  See  Annex  1  for  reconcilia6on  of  EBITDA,  Adjusted  EBITDA,  Adjusted  Profit  and  Adjusted  EPS.   •  Contracted  2  LNG  newbuildings  at  Samsung  Heavy  Industries  for  delivery  in  2016.  Vessels   chartered  out  to  BG  Group  for  minimum  7  years  with  charterer’s  op6on  to  extend.   •  Delivery   of   GasLog   Sydney   in   May   and   GasLog   Skagen   in   July   ahead   of   schedule   with   concurrent  delivery  to  the  charterer.   •  For  the  second  quarter,  GasLog  reports  Profit  of  $20.4  million,  EBITDA(1)  of  $33.8  million   and  EPS  of  $0.32.     •  Adjusted  Profit  of  $7.1  million,  Adjusted  EBITDA  of  $20.4  million  and  Adjusted  EPS  was   $0.11  for  the  second  quarter.   •  Quarterly  dividend  of  $0.11  per  common  share  is  payable  on  September  13,  2013.   •  GasLog   issued   a   senior   unsecured   bond   of   NOK   500,000,000   ($83.2   million)   that   will   mature  on  June  27,  2018.   •  Strong   industry   fundamentals,   supported   by   recent   posi6ve   developments   for   LNG   exports  from  USA.  
  5. 5.    Financial  Highlights   5   1.  See  Annex  1  for  reconcilia6on  of  EBITDA,  Adjusted  EBITDA,  Adjusted  Profit  and  Adjusted  EPS.  In  2013,  Adjusted  EBITDA,  Adjusted  Profit  and  Adjusted  EPS  exclude  the  non-­‐cash  gain  primarily  caused  by  mark-­‐to-­‐ market  valua6on  of  interest  rate  swaps  ($16.1  million  and  $12.9  million  for  the  6  and  3  months,  respec6vely).   2.  Net  Financials  represents  financial  costs,  financial  income,  and  gain/(loss)  on  interest  rate  swaps,  net.   1   1   1   1   2   (USD%'000) Q2%2013 Q2%2012 Q2%2013 Q2%2012 Revenues 54,725 33,309 32,948 16,707 EBITDA 47,719 10,614 33,806 2,199 Adjusted%EBITDA 31,711 16,651 20,447 8,321 Share%of%Profit%of%Associate 743 758 355 375 Net%Financials% 5,358 (10,757) 5,897 (7,850) Profit/(loss) 26,323 (1,381) 20,429 (3,552) Adjusted%Profit% 10,315 4,657 7,070 2,570 EPS,%diluted%($/share) 0.42 (0.03) 0.32 (0.06) Adjusted%EPS,%diluted%($/share) 0.16 0.09 0.11 0.04 Average%Number%of%Vessels: Owned 3.6 2.0 4.3 2.0 Managed 15.6 14.0 16.3 14.0 Ownership%Segment: Time%Charter%Equivalent%rates%pr.%day% ($/day) 76,729 76,885 76,596 76,890 Utilisation 100% 100% 100% 100% 6 months 3 months
  6. 6.    Financial  Highlights   6   (!)  See  Annex  1  for  reconcilia6on  of  EBITDA   1   !"!!!! !5,000!! !10,000!! !15,000!! !20,000!! !25,000!! !30,000!! !35,000!! Q2!2012! Q2!2013! Revenues!(USD!'000)! !"!!!! !5,000!! !10,000!! !15,000!! !20,000!! !25,000!! !30,000!! !35,000!! !40,000!! Q2!2012! Q2!2013! EBITDA!(USD!'000)! !"!!!! !200,000!! !400,000!! !600,000!! !800,000!! !1,000,000!! !1,200,000!! !1,400,000!! !1,600,000!! Q2!2012! Q2!2013! Total!Assets!(USD!'000)! 0! 2! 4! 6! 8! 10! 12! Q2!2012! Q2!2013! Average!Number!of!Ships!
  7. 7.    Financial  Highlights   7   (USD%'000) 30*Jun*13 31*Dec*12 Assets Non*current%assets Goodwill 9,511 9,511 Investment2in2associate 6,349 6,856 Tangible2fixed2assets 988,226 426,880 Deferred2financing2costs 18,718 24,279 Other2nonEcurrent2assets 2,090 4,071 Derivative2financial2instruments 4,923 E Vessels2under2construction 141,745 217,322 Total%non*current%assets 1,171,562 688,919 Current%assets Trade2and2other2receivables 2,397 2,432 Dividends2receivable2and2due2from2related2parties 605 859 Inventories 1,200 481 Prepayments2and2other2current2assets 1,147 425 ShortEterm2investments E 104,674 Cash2and2cash2equivalents 211,753 110,978 Total%current%assets 217,102 219,849 Total%assets 1,388,664 908,768
  8. 8.    Financial  Highlights   8   (USD%'000) 30*Jun*13 31*Dec*12 Equity%&%Liabilities Equity Share&capital 629 629 Contributed&surplus 614,964 621,879 Reserves (3,856) (11,049) Retained&earnings/&(accumulated&deficit) 11,220 (8,188) Total%equity 622,957 603,271 Current%liabilities Trade&accounts&payable 6,617 1,794 Ship&management&creditors 4,643 851 Amounts&due&to&related&parties 89 122 Derivative&financial&instruments 10,280 7,145 Other&payables&and&accruals 15,649 15,094 Loans&L&current&portion 39,661 25,753 Total%current%liabilities 76,939 50,759 Non*current%liabilities Derivative&financial&instruments 3,529 24,184 Loans&L&nonLcurrent&portion 684,613 228,515 Other&nonLcurrent&liabilities 626 2,039 Total%non*current%liabilities 688,768 254,738 Total%equity%&%liabilities 1,388,664 908,768
  9. 9.    Financial  Highlights  –  Debt  Facili6es   9       1. Outstanding balance as of June 30, 2013. 2. Lenders have a put option that gives them the right to request repayment of the facility in full on the fifth anniversary of the delivery of the first ship serving as collateral under the facility. 3. Represents the portion of the loan bearing interest at a floating rate that has been hedged to a fixed rate by way of an interest rate swap. 4. The loan facility is split in two tranches, a) a $110 Mill. fully drawn term loan and b) a revolving credit facility of up to $50 Mill. which is currently undrawn. 5. USD value of the NOK 500 Mill. unsecured bond at the balance sheet date is $82.5 Mill. Ship Built Bank Loan (USD millions) Expected Drawdown Date Maturity GasLog Savannah 2010 DSF $140¹ N / A 2020 GasLog Singapore 2010 DnB, NBG, UBS, CBA, SEB $160¹,4 N / A 2018 GasLog Shanghai 2013 DnB, KEXIM $1341 N / A 20252 GasLog Santiago 2013 DnB, KEXIM $1341 N / A 20252 GasLog Sydney 2013 Nordea, ABN, Citi $139 2019 GasLog Skagen 2013 Nordea, ABN, Citi $139 Q3 2013 2019 Hull 2041 2013 Credit Suisse $144 Q4 2013 2020 Hull 2042 2014 DnB, SEB, CBA, ING, DSF $143 Q2 2014 2021 / 2022 Hedged pct.3 100% Hull 2043 2014 DnB, SEB, CBA, ING, DSF $146 Q4 2014 2021 / 2022 Hull 2044 2015 DnB, SEB, CBA, ING, DSF $146 Q1 2015 2021 / 2022 75.0% 98.7% 32.9% In total ~62.1% covered at 4.6% all-in fixed interest 70.2% 70.2% 3   N/A N / A NOK 500 Mill. Bond N / A N / A $835 N / A 2018 100%
  10. 10.    Financial  Highlights  –  Looking  Forward   10   The   following   table   summarizes   GasLog’s   contracted   full   year   revenues   and   vessel   u6liza6on   within  the  Vessel  Ownership  segment  un6l  the  end  of  2026.  These  include  the  recently  announced   2  newbuildings  and  charter  party  agreements,  signed  in  Q3-­‐2013.     1  Revenue  calcula6ons  assume  365  revenue  days  per  annum,  with  30  off-­‐hire  days  when  the  ship  undergoes  scheduled  drydocking.  Two  of  our  ships  are   scheduled  to  be  drydocked  in  2015,  none  are  scheduled  to  be  drydocked  in  2016,  and  thereaner  each  ship  is  expected  to  con6nue  their  5  year  drydocking  cycle.         1   PROJECTED  REVENUE   2  Contracted  revenue  for  the  full  year  ending  December  31,  2013  is  $  133  million.       2   On#and#after# July#1st 2013 2014 2015 2016 2017)2026 Total Percentage)of)total)contracted)days/total) available)days)for)the)twelve)ships 100% 100% 78% 73% 34% 43% Total)contracted)days (days) 1,106 2,740 2,768 3,141 17,119 26,874 Total)available)days (days) 1,106 2,741 3,532 4,331 50,279 61,989 Total)unfixed)days (days) F 1 764 1,190 33,160 35,115 Contracted5time5charter5revenues (USD%mill.) 555555555555555555845 555555555555555552085 555555555555555552115 555555555555555552475 555555555555551,4085 555555555555552,1585 For#the#years
  11. 11.    Market  Update   11     USA             Canada         Strong  LNG  industry  fundamentals  con6nue  to  support  op6mism  for  mul6-­‐year  forward-­‐rates.       Spot  market  rates  increased  and  remain  high  compared  to  historical  levels.       Further  developments  in  Q2-­‐2013  support  the  growth  in  liquefac6on  capacity  in  this  decade:   •  Cheniere  took  FID  on  liquefac6on  trains  3&4  at  its  Sabine  Pass  facility.   •  Freeport  LNG  became  the  second  project  to  receive  US  Dept.  of  Energy  approval  to   export  to  non-­‐FTA  countries.   •  Dominion   announced   the   sale   of   their   full   5.25mtpa   planned   export   capacity   from   Cove  Point,  to  buyers  Sumitomo  of  Japan  and  GAIL  of  India.     •  E.ON  signed  an  agreement  with  Pieridae  Energy  to  acquire  5mtpa  for  20  years  from  a   planned  liquefac6on  facility  on  the  Canadian  East  Coast.   •  BG  and  ExxonMobil  have  filed  applica6ons  for  large  projects  on  the  west  coast.   •  Rosnen  has  signed  Heads  of  Agreement  with  Marubeni,  Vitol  and  SODECO  for  a  total   of  4mtpa.   Russia  
  12. 12.    Business  Overview  -­‐  GasLog’s  recently  announced  orders  &  charters   12   On  August  15th  2013,  GasLog  announced:   •  2  firm  orders  for  LNG  carriers  to  be  built  by  Samsung  Heavy  Industries  Co.  Ltd.,  South  Korea.   •  On  delivery  in  H2-­‐2016  each  ship  will  commence  7  year  6me  charters  to  a  subsidiary  of  BG.   •  Lower  delivered  cost  per  vessel  than  for  the  2  ships  ordered  earlier  this  year  –  the  advantage  of   building  a  series.   •  EBITDA  of  $46-­‐47  million  expected  in  the  first  twelve  months  of  opera6on.   •  GasLog  subsequently  holds  op6ons  for  6  LNG  carriers  at  Samsung,  4  of  which  are  priced.   •  Given  the  very  aqrac6ve  terms  with  shipyard,  and  given  also  our  recent  Norwegian  Bond,  we   do  not  see  the  need  to  raise  new  equity  within  the  next  couple  of  years.     •  The  LNG  carriers  are  state  of  the  art,  with  a  low  cargo  boil-­‐off  and  fuel  saving  devices,  and  with     the  proven  efficiency  of  tri-­‐fuel  diesel  electric  propulsion.    
  13. 13. Owned Built Capacity (mcbm) Propulsion Charterer Methane Nile Eagle 25% 2007 145,000 Steam GasLog Savannah 100% 2010 155,000 TFDE1 GasLog Singapore 100% 2010 155,000 TFDE GasLog Shanghai 100% 2013 155,000 TFDE GasLog Santiago 100% 2013 155,000 TFDE GasLog Sydney 100% 2013 155,000 TFDE GasLog Skagen2 100% 2013 155,000 TFDE Hull 2041 100% 2013 155,000 TFDE Hull 2042 100% 2014 155,000 TFDE Hull 2043 100% 2014 155,000 TFDE Hull 2044 100% 2015 155,000 TFDE Hull 2072 100% 2016 174,000 TFDE Hull 2073 100% 2016 174,000 TFDE Hull 2102 100% 2016 174,000 TFDE Hull 2103 100% 2016 174,000 TFDE Firm Charter Charterer Optional Period Under Discussions/Available 2021 2022 2023 2024 20252018 2019 2020Ship 2013 2014 2015 2016 2017    Business  Overview  –  incl.  the  2  vessels  announced  in  August  2013   13   n  In addition, GasLog has options for 6 additional LNG carrier newbuildings, 4 of which are priced, with expiration Q4-2013. 1.  Tri -fuel Diesel Electric. 2.  GasLog Skagen has a seasonal charter for the last 5 years of its firm period (each year: 7 months on hire, and 5 months opportunity for GasLog to employ)
  14. 14.    Summary   14   •  GasLog  is  paying  a  quarterly  dividend  of  $0.11  per  share  on  September  13,  2013.   •  Our  performance  in  Q2-­‐2013  reflects  the  ongoing  execu6on  of  the  growth  model   that  is  expected  to  con6nue  through  2013  and  beyond.     o  GasLog  Sydney  delivered  in  Q2-­‐2013,  and  subsequent  delivery  of  GasLog  Skagen   in  Q3-­‐2013:    4  ships  successfully  delivered  so  far  in  2013  with  one  more  to  come.   o  2  newbuildings  at  Samsung  Heavy  Industries,  with  7  year  charters  to  BG  group,   announced  in  August  2013.   •  Con6nued  strong  fundamentals  for  the  LNG  industry.     •  GasLog   has   the   proven   ability   to   leverage   our   plasorm   to   deliver   growth   for   our   shareholders.    
  15. 15.    Annex  1  -­‐  Reconcilia6on  /  Non-­‐GAAP  Measures   15   Non-­‐GAAP  Financial  Measures     EBITDA  represents  earnings  before  interest  income  and  expense,  taxes,  deprecia6on  and  amor6za6on.  Adjusted  EBITDA  represents  EBITDA  before  unrealized  gain/loss  on  swaps   and  foreign  exchange  gains/losses.  Adjusted  Profit  and  Adjusted  EPS  represent  earnings  and  earnings  per  share,  respec6vely,  before  unrealized  gain/loss  on  swaps  and  foreign   exchange  gains/losses.  EBITDA,  Adjusted  EBITDA,  Adjusted  Profit  and  Adjusted  EPS,  which  are  non-­‐GAAP  financial  measures,  are  used  as  supplemental  financial  measures  by   management  and  external  users  of  financial  statements,  such  as  investors,  to  assess  our  financial  and  opera6ng  performance.  We  believe  that  these  non-­‐GAAP  financial  measures   assist  our  management  and  investors  by  increasing  the  comparability  of  our  performance  from  period  to  period.  We  believe  that  including  EBITDA,  Adjusted  EBITDA,  Adjusted   Profit  and  Adjusted  EPS  assists  our  management  and  investors  in  (i)  understanding  and  analyzing  the  results  of  our  opera6ng  and  business  performance,  (ii)  selec6ng  between   inves6ng  in  us  and  other  investment  alterna6ves  and  (iii)  monitoring  our  ongoing  financial  and  opera6onal  strength  in  assessing  whether  to  con6nue  to  hold  our  common  shares.   This  increased  comparability  is  achieved  by  excluding  the  poten6ally  disparate  effects  between  periods  of,  in  the  case  of  EBITDA  and  Adjusted  EBITDA,  interest,  taxes,  deprecia6on   and  amor6za6on  and,  and  in  the  case  of  Adjusted  EBITDA,  Adjusted  Profit  and  Adjusted  EPS,  unrealized  gain/loss  on  swaps  and  foreign  exchange  gains/losses,  which  items  are   affected  by  various  and  possibly  changing  financing  methods,  capital  structure  and  historical  cost  basis  and  which  items  may  significantly  affect  results  of  opera6ons  between   periods.       EBITDA,  Adjusted  EBITDA,  Adjusted  Profit  and  Adjusted  EPS  have  limita6ons  as  analy6cal  tools  and  should  not  be  considered  as  alterna6ves  to,  or  as  subs6tutes  for,  profit,  profit   from  opera6ons,  earnings  per  share  or  any  other  measure  of  financial  performance  presented  in  accordance  with  IFRS.  These  non-­‐GAAP  financial  measures  exclude  some,  but  not   all,  items  that  affect  profit,  and  these  measures  may  vary  among  companies.  In  evalua6ng  Adjusted  EBITDA,  Adjusted  Profit  and  Adjusted  EPS,  you  should  be  aware  that  in  the   future  we  may  incur  expenses  that  are  the  same  as  or  similar  to  some  of  the  adjustments  in  this  presenta6on.  Our  presenta6on  of  Adjusted  EBITDA,  Adjusted  Profit  and  Adjusted   EPS  should  not  be  construed  as  an  inference  that  our  future  results  will  be  unaffected  by  the  excluded  items.  Therefore,  the  non-­‐GAAP  financial  measures  as  presented  below  may   not  be  comparable  to  similarly  6tled  measures  of  other  companies  in  the  shipping  or  other  industries.    
  16. 16.    Annex  1  -­‐  Reconcilia6on  (cont.)   16   Reconciliation of EBITDA and Adjusted EBITDA to Profit/(Loss): (All amounts expressed in U.S. Dollars) 30-Jun-12 30-Jun-13 (Loss)/Profit for the period (3,552,127) 20,429,474 Depreciation of fixed assets 3,249,623 6,383,872 Financial costs excluding gain/(loss) on swaps 2,945,650 7,062,618 Financial income (443,859) (69,511) EBITDA 2,199,287 33,806,453 Unrealized loss/(gain) on swaps, net 5,348,349 (12,890,391) Foreign exchange losses/(gains), net 773,545 (468,858) Adjusted EBITDA 8,321,181 20,447,204 For the three months ended
  17. 17.    Annex  1  -­‐  Reconcilia6on  (cont.)   17   Reconciliation of Adjusted Profit to Profit/(Loss): (All amounts expressed in U.S. Dollars) 30-Jun-12 30-Jun-13 (Loss)/Profit for the period (3,552,127) 20,429,474 Unrealized loss/(gain) on swaps, net 5,348,349 (12,890,391) Foreign exchange losses/(gains), net 773,545 (468,858) Adjusted Profit for the period 2,569,767 7,070,225 For the three months ended
  18. 18.    Annex  1  -­‐  Reconcilia6on  (cont.)   18   Reconciliation of Adjusted Earnings Per Share to Earnings/(Loss) Per Share: (All amounts expressed in U.S. Dollars) 30-Jun-12 30-Jun-13 (3,552,127) 20,429,474 (5,578) — (3,546,549) 20,429,474 61,721,614 62,863,166 (0.06) 0.32 2,569,767 7,070,225 4,036 — 2,565,731 7,070,225 61,721,614 62,863,166 0.04 0.11 Adjusted earnings attributable to the owners of common shares used in the calculation of basic EPS Weighted average number of shares outstanding Adjusted profit for the period attributable to owners of the Group Less: Adjusted earnings allocated to manager shares and subsidiary manager shares EPS (Loss)/Profit attributable to the owners of common shares used in the calculation of basic EPS Weighted average number of shares outstanding, basic (Loss)/Profit for the period attributable to owners of the Group Less: Loss allocated to manager shares and subsidiary manager shares For the three months ended Adjusted EPS

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