GasLog Ltd. reported financial results for the fourth quarter and full year of 2012. For Q4, revenue was $18.3 million with a profit of $2.7 million. For the full year, revenue totaled $68.5 million with a profit of $4.2 million. Additionally, GasLog took delivery of a new LNG carrier ahead of schedule and contracted for two new LNG vessels to be delivered in 2016 with 10-year charters.

1.
GASLOG
LTD
Fourth
Quarter
Earnings
Presenta8on
2012
27
February
2013

2.
Forward
Looking
Statements
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.
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,
including
charter
rates,
ship
values,
factors
affec6ng
supply
and
demand
and
opportuni6es
for
the
profitable
opera6ons
of
LNG
carriers;
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;
future
opera6ng
or
financial
results
and
future
revenue
and
expenses;
our
future
financial
condi6on
and
liquidity;
our
ability
to
obtain
financing
to
fund
capital
expenditures,
acquisi6ons
and
other
corporate
ac6vi6es,
and
funding
by
banks
of
their
financial
commitments;
future,
pending
or
recent
acquisi6ons
of
ships
or
other
assets,
business
strategy,
areas
of
possible
expansion
and
expected
capital
spending
or
opera6ng
expenses;
our
ability
to
enter
into
shipbuilding
contracts
for
newbuilding
ships
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
newbuilding
ships
and
the
useful
lives
of
our
ships;
number
of
off-­‐
hire
days,
drydocking
requirements
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;
expira6on
dates
and
extensions
of
charters;
our
ability
to
maximize
the
use
of
our
ships,
including
the
re-­‐employment
or
disposal
of
ships
no
longer
under
mul6-­‐year
charter
commitments;
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
Prospectus
filed
April
2,
2012.
Copies
of
the
Prospectus,
as
well
as
subsequent
filings,
are
available
online
at
www.sec.gov
or
on
request
from
us.
We
do
not
undertake
to
update
any
forward-­‐looking
statements
as
a
result
of
new
informa6on
or
future
events
or
developments.
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,
our
earnings,
financial
condi6on,
cash
requirements
and
availability,
restric6ons
in
our
credit
facili6es
and
the
provisions
of
Bermuda
law
and
such
other
factors
as
the
Board
of
Directors
may
deem
advisable.
2

3.
Agenda
•
Highlights
•
Financial
Highlights
•
Market
Update
•
Business
Overview
•
Summary
3

4.
Highlights
• GasLog
is
paying
a
second
quarterly
dividend
of
$0.11
per
common
share
on
March
25,
2013.
• Delivery
of
GasLog
Shanghai
on
January
28,
2013
ahead
of
schedule.
• Contracted
2
LNG
newbuildings
at
Samsung
Heavy
Industries
for
delivery
in
2016.
Vessels
chartered
out
to
BG
Group
for
minimum
10
years.
• For
the
fourth
quarter,
GasLog
reports
Revenue
of
$18.3
million,
EBITDA*
of
$8.5
million,
Adjusted
EBITDA*
of
$7.6
million,
Profit
of
$2.7
million
and
Adjusted
Profit*
of
$1.8
million.
• For
full
year
2012,
GasLog
reports
Revenue
of
$68.5
million,
EBITDA*
of
$27.8
million,
Adjusted
EBITDA*
of
$34.0
million,
Profit
of
$4.2
million
and
Adjusted
Profit*
of
$10.5
million.
*
See
Annex
1
for
reconcilia6on
of
EBITDA,
Adjusted
EBITDA,
and
Adjusted
Profit
4

5.
Financial
Highlights
12 months 3 months
(USD%'000) Q4%2012% Q4%2011 Q4%2012% Q4%2011
Revenues 68,542 66,471 18,298 17,796
1
EBITDA 27,781 36,140 8,543 5,564
1
Adjusted%EBITDA 34,017 38,738 7,619 7,956
Share%of%Profit%of%Associate 1,078 1,312 317 293
Net%Financials%2
(17,279) (12,315) (2,364) (5,176)
Net%Profit%/%(loss) 4,221 13,723 2,678 (334)
Adjusted%Net%Profit% 1
10,457 16,322 1,754 2,058
EPS,%diluted%($/share) 0.07 0.36 0.04 (0.01)
Adjusted%EPS,%diluted%($/share) 1
0.18 0.42 0.03 0.05
Average%Number%of%Vessels:
Owned 2.00 2.00 2.00 2.00
Managed 14.0 14.0 14.0 14.0
Ownership%Segment:
Time%Charter%Equivalent%rates%pr.%day% 76,887 76,378 76,886 76,897
($/day)
Utilisation 100% 100% 100% 100%
1. See
Annex
1
for
reconcilia6on
of
EBITDA,
Adjusted
EBITDA,
Adjusted
Net
Profit
and
Adjusted
EPS.
In
2012,
Adjusted
EBITDA,
Adjusted
Net
Profit
and
Adjusted
EPS,
exclude
the
non-­‐cash
loss/gain
caused
primarily
from
mark-­‐to-­‐market
valua6on
of
interest
rate
swaps
($6.8
million
loss
for
the
year
and
$0.2
million
gain
for
the
3
months)
and
foreign
exchange
gains
($0.5
million
for
the
year
and
$0.7
million
for
the
3
months).
2. Net
Financials
represents
financial
costs,
financial
income,
and
gain/loss
on
interest
rate
swaps,
net.
5

6.
Financial
Highlights
(USD%'000) 31+Dec+12% 31+Dec+11%
Assets
Non+current%assets
Goodwill 9,511 9,511
Investment2in2associate 6,856 6,528
Tangible2fixed2assets 426,880 438,902
Deferred2financing2costs 24,279 14,289
Other2nonEcurrent2assets 4,071 872
Vessels2under2construction 217,322 109,070
Total%non+current%assets 688,918 579,172
Current%assets
Trade2and2other2receivables 2,432 2,683
Dividends2receivable2and2due2from2related2parties 859 1,274
Inventories 481 425
Prepayments2and2other2current2assets 425 3,366
Short2term2investments 104,674 0
Cash2and2cash2equivalents 110,978 20,093
Total%current%assets 219,849 27,841
Total%assets 908,768 607,013
6

7.
Financial
Highlights
(USD%'000) 31+Dec+12% 31+Dec+11%
Equity%&%Liabilities
Equity
Share&capital 629 391
Contributed&surplus 621,879 300,716
Reserves (11,081) 1,744
Accumulated&deficit (8,217) (12,437)
Total%equity 603,210 290,414
Current%liabilities
Trade&accounts&payable 1,794 1,705
Ship&management&creditors 851 1,102
Amounts&due&to&related&parties 122 114
Derivative&financial&instruments 7,145 3,451
Other&payables&and&accruals 15,094 18,541
Loans&K&current&portion 25,753 24,277
Total%current%liabilities 50,759 49,190
Non+current%liabilities
Derivative&financial&instruments 24,184 5,101
Loans&K&nonKcurrent&portion 228,515 256,788
Other&nonKcurrent&liabilities 2,100 5,520
Total%non+current%liabilities 254,798 267,409
Total%equity%&%liabilities 908,768 607,013
7

8.
Financial
Highlights
–
Debt
Facili6es
Expected
Loan Drawdown
Ship Built Bank (USD millions) Date Maturity Hedged pct. 3
GasLog Savannah 2010 DSF $146¹ N/A 2020 100%
GasLog Singapore 2010 DnB, NBG, UBS $110¹ N/A 2014
GasLog Shanghai 2013 DnB, KEXIM $136 Q1 2013 20252 70.6%
Hull 1947 2013 DnB, KEXIM $136 Q1 2013 20252 70.6%
Hull 2016 2013 Nordea, ABN, Citi $139 Q2 2013 2019
98.7%
Hull 2017 2013 Nordea, ABN, Citi $139 Q3 2013 2019
Hull 2041 2013 Credit Suisse $144 Q4 2013 2020 75.0%
Hull 2042 2014 DnB, SEB, CBA, ING, DSF $143 Q1 2014 2021 / 2022
32.9%
Hull 2043 2014 DnB, SEB, CBA, ING, DSF $146 Q4 2014 2021 / 2022
In total ~62%
Hull 2044 2015 DnB, SEB, CBA, ING, DSF $146 Q1 2015 2021 / 2022 covered at 4.30%
all-in fixed
1. Outstanding Balance as of December 31, 2012. interest
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.
8

9.
Financial
Highlights
–
Looking
Forward
PROJECTED
REVENUE
The
following
table
summarizes
GasLog’s
contracted
full
year
revenues
for
the
next
10
years
and
vessel
u6liza6on,
within
the
Vessel
Ownership
segment.
These
include
the
recently
announced
2
newbuildings
and
charterparty
agreements,
signed
in
Q1-­‐2013.
2013 2014 2015 2016 2017)2022 Total
1
Contracted*time*charter*revenues (USD%mill.) ****************133* **********214* ********211* ***********234* **************802* ****1,594*
Total*contracted*days (days) 1,742 2,831 2,768 2,988 9,853 20,182
Total*available*days (days) 1,742 2,832 3,532 4,178 25,932 38,216
Total*unfixed*days (days) B 1 764 1,190 16,079 18,034
Percentage*of*total*contracted*days/total* (pct.) 100% 100% 78% 72% 38% 53%
available*days*for*the*twelve*ships
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
therealer
each
ship
is
expected
to
con6nue
their
5
year
drydocking
cycle.
2013
Cost
Es8mates
Full
year
G
&
A
for
2013
expected
to
be
in
line
with
2012.
Vessel
Opera6ng
&
Supervision
Costs
and
Net
Interest
cost
expected
to
increase
in
2013,
in-­‐line
with
5
deliveries
an6cipated
during
2013.
9

10.
Market
Update
LNG
shipping
con6nued
to
benefit
from
strong
industry
fundamentals.
Spot
rates
remained
at
historically
high
levels;
suppor6ng
op6mism
for
longer-­‐term
forward-­‐rates.
We
expect
LNG
produc6on
to
increase.
Developments
in
Q4-­‐2012
include:
USA
• A
USA
Dept.
of
Energy
commissioned
study
concluded
LNG
exports
would
be
net
beneficial
for
the
US
economy.
• Total
announced
a
20
year
agreement
to
buy
2
million
tons
p.a.
from
Cheniere
Energy’s
Sabine
Pass
facility.
China
• BG
announced
that
CNOOC
had
agreed
to
buy
interests
in
their
Cur6s
LNG
project
as
well
as
5
million
tons
p.a.
from
BG’s
global
porpolio.
India
• GAIL
announced
a
20
year
agreement
to
buy
2.5
million
tons
p.a.
from
Gazprom.
Thailand
• PTT
announced
a
20
year
deal
to
buy
2
million
tons
p.a.
from
Qatar.
10

11.
Business
Overview
-­‐
GasLog’s
recently
announced
orders
&
charters
On
February
8th
2013,
GasLog
announced:
• 2
firm
orders
for
LNG
carriers
to
be
built
by
Samsung
Heavy
Industries,
South
Korea.
• Each
ship
will
commence
10
year
6me
charters
to
BG
subsidiary
from
delivery
in
H1-­‐2016.
• Combined
investment
of
$410-­‐420
million
(delivered
cost).
• EBITDA
of
$47-­‐48
million
expected
in
the
first
twelve
months
of
opera6on.
• We
now
hold
priced
op6ons
for
4
ships
at
Samsung.
GasLog
also
agreed
to
modify
the
charter
currently
in
place
for
Hull
2017.
• 8
year
structure,
in
place
of
the
former
6
years.
Ini6al
3
years
as
before,
with
subsequent
5
years
of
seasonal
charter
(each
year:
7
months
on
hire,
and
5
months
of
opportunity
for
GasLog
to
employ).
• EBITDA
of
approx.
$14-­‐16
million
expected
in
each
7
month
period.
11

12.
Business
Overview
Capacity
Ship Owned Built (mcbm) Propulsion Charterer 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Methane Nile Eagle 25% 2007 145,000 Steam
GasLog Savannah 100% 2010 155,000 TFDE 1
GasLog Singapore 100% 2010 155,000 TFDE
GasLog Shanghai 100% 2013 155,000 TFDE
Hull 1947 100% 2013 155,000 TFDE
Hull 2016 100% 2013 155,000 TFDE
Hull 20172 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
1. Tri -fuel Diesel Electric.
2. Hull 2017 has a seasonal charter for the last 5 years of its firm period (each Firm Charter Charterer Optional Period Under Discussions/Available
year: 7 months on hire, and 5 months opportunity for GasLog to employ)
n In addition, GasLog controls options for 4 additional LNG carrier newbuildings, with expiration July 2013.
12

13.
Summary
GasLog
is
paying
a
quarterly
dividend
of
$0.11
per
share
on
March
25,
2013.
Our
overall
performance
in
2012
provides
us
with
a
solid
plaporm
for
the
projected
growth
of
GasLog
in
2013
and
beyond.
2
newbuilds
at
Samsung
H.I.,
with
10
year
charters
to
BG
group,
announced
in
Q1-­‐2013.
GasLog
Shanghai
delivered
in
January
2013;
the
first
of
5
expected
deliveries
in
2013.
Con6nued
strong
fundamentals
for
the
LNG
industry.
GasLog’s
strengths
come
from:
• Significant
contracted
revenues
from
credit-­‐worthy
counterparts.
• A
strong
financial
posi6on
and
track
record
in
securing
funding.
• A
young,
pure-­‐play
LNG
shipping
fleet
with
fuel-­‐efficient
technology.
• An
experienced
technical
plaporm
delivering
strong
opera6onal
performance.
13

14.
Annex
1
–
reconcilia6on
/
non-­‐GAAP
measures
Non-­‐GAAP
Financial
Measure
EBITDA
represents
earnings
before
interest
income
and
expense,
taxes,
deprecia6on
and
amor6za6on.
Adjusted
EBITDA
represents
EBITDA
before
gain/loss
on
interest
rate
swaps
and
net
foreign
exchange
gains/losses.
Adjusted
Profit/(loss)
and
Adjusted
EPS
represent
earnings
and
earnings
per
share,
respec6vely,
before
gain/loss
on
interest
rate
swaps
and
net
foreign
exchange
gains.
EBITDA,
Adjusted
EBITDA,
Adjusted
Profit/(loss)
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/(loss)
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/(loss)
and
Adjusted
EPS,
loss
on
interest
rate
swaps
and
net
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/(loss)
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/(loss)
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/
(loss)
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.
14

15.
Annex
1
-­‐
reconcilia6on
(cont.)
Reconciliation of EBITDA and Adjusted EBITDA to Profit/(loss) for the three and twelve month periods ended:
(All amounts expressed in U.S. Dollars)
For the three months ended For the year ended
December 31, 2011 December 31, 2012 December 31, 2011 December 31, 2012
Profit/(loss) for the period (333,980) 2,677,888 13,722,678 4,220,819
Depreciation of fixed assets 3,214,646 3,291,587 12,827,284 13,064,898
Financial costs 2,683,756 2,822,665 9,631,262 11,669,562
Financial income (509) (249,237) (41,679) (1,174,361)
EBITDA 5,563,913 8,542,903 36,139,545 27,780,918
Loss /(gain) on interest rate swaps, net 2,492,735 (209,832) 2,725,374 6,783,315
Foreign exchange gains, net (101,137) (713,734) (126,493) (546,791)
Adjusted EBITDA 7,955,511 7,619,337 38,738,426 34,017,442
15

16.
Annex
1
-­‐
reconcilia6on
(cont.)
Reconciliation of Adjusted Profit/(loss) to Profit/(loss) for the three and twelve month periods ended:
(All amounts expressed in U.S. Dollars)
For the three months ended For the year ended
December 31, 2011 December 31, 2012 December 31, 2011 December 31, 2012
Profit/(loss) for the period (333,980) 2,677,888 13,722,678 4,220,819
Loss on interest rate swaps, net 2,492,735 (209,832) 2,725,374 6,783,315
Foreign exchange gains, net (101,137) (713,734) (126,493) (546,791)
Adjusted Profit/(loss) 2,057,618 1,754,322 16,321,559 10,457,343
Non-controlling interest — — 316,973 —
Adjusted Profit/(loss) attributable to owners of the Group 2,057,618 1,754,322 16,638,532 10,457,343
16

17.
Annex
1
-­‐
reconcilia6on
(cont.)
Reconciliation of Adjusted Earnings Per Share to Earnings Per Share for the three months and the years ended December 31, 2011 and 2012:
(All amounts expressed in U.S. Dollars)
For the three months ended For the year ended
December 31, 2011 December 31, 2012 December 31, 2011 December 31, 2012
Profit for the period attributable to owners of the Group (333,980) 2,677,888 14,039,651 4,220,819
Less: Earnings allocated to manager shares and subsidiary manager
— 1,201,919 44,798
shares (25,709)
Earnings attributable to the owners of common shares used in the
2,677,888 12,837,732 4,176,021
calculation of basic EPS (308,271)
Weighted average number of shares outstanding 36,091,510 62,863,166 35,837,297 56,093,775
EPS (0.01) 0.04 0.36 0.07
Adjusted profit for the period attributable to owners of the Group 2,057,618 1,754,322 16,638,532 10,457,343
Less: Adjusted earnings allocated to manager shares and subsidiary
158,393 — 1,418,874 110,990
manager shares
Adjusted earnings attributable to the owners of common shares used
1,899,225 1,754,322 15,219,658 10,346,353
in the calculation of basic EPS
Weighted average number of shares outstanding 36,091,510 62,863,166 35,837,297 56,093,775
Adjusted EPS 0.05 0.03 0.42 0.18
17