GasLog Ltd. reported financial results for the third quarter of 2012 with Adjusted EBITDA of $9.7 million and Adjusted Profit of $4.0 million. The company paid a quarterly dividend of $0.11 per share and its 8 new LNG carriers under construction remain on schedule and within budget. GasLog maintained 100% utilization of its vessels during the quarter and sees continued strong fundamentals in the LNG industry.

1.
GASLOG
LTD
Third
Quarter
Earnings
Presenta7on
2012
21
November
2012

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
•
Business
Overview
•
Market
Update
•
Summary
3

4.
Highlights
• For
the
third
quarter,
GasLog
reports
Adjusted
EBITDA*
of
$9.7
million,
Adjusted
Profit*
of
$4.0
million
and
Profit
of
$2.9
million.
• Adjusted
EPS*
of
$0.06
and
EPS
of
$0.05
for
the
third
quarter
of
2012.
• Quarterly
dividend
of
$0.11
per
common
share
is
payable
on
December
17,
2012.
• Con6nued
strong
fundamentals
for
the
LNG
industry.
• 100%
u6liza6on
of
GasLog
Savannah
&
GasLog
Singapore
during
Q3-­‐2012.
• The
8
LNG
newbuildings
are
on
schedule
and
within
budget.
• 62%
of
the
floa6ng
interest
rate
exposure
on
our
fully
funded
debt
program
has
been
hedged
at
a
weighted
average
interest
rate
of
approximately
4.3%
(incl.
margin)
as
of
September
30,
2012.
*
See
Annex
1
for
reconcilia6on
of
Adjusted
EBITDA,
Adjusted
Profit
and
Adjusted
EPS
4

5.
Financial
Highlights
9 months 3 months
(USD%'000) Q3%2012% Q3%2011 Q3%2012% Q3%2011 2011 2010
Revenues 50,244 48,675 16,935 15,918 66,471 39,832
1
EBITDA 19,238 30,576 8,624 10,028 36,139 21,076
Adjusted%EBITDA 1
26,389 30,770 9,745 10,271
Share%of%Profit%of%Associate 761 1,019 3 362 1,312 1,460
Net%Financials% 2
,14,915 ,7,139 ,4,158 ,2,482 ,12,314 ,4,925
Profit% 1,543 14,057 2,924 4,572 13,723 9,591
Adjusted%Profit% 1
8,694 14,251 4,045 4,814
EPS,%diluted%($/share) 0.03 0.37 0.05 0.12 0.36 0.25
1
Adjusted%EPS,%diluted%($/share) 0.16 0.37 0.06 0.12
Average%Number%of%Vessels:
Owned 2.00 2.00 2.00 2.00 2.00 1.00
Managed 14.0 14.0 14.0 14.0 14.0 10.3
Ownership%Segment:
Time%Charter%Equivalent%rates%pr.%day% 76,885 76,205 76,886 76,511 76,378 76,086
($/day)
Utilisation 100% 100% 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
caused
primarily
from
mark-­‐to-­‐market
valua6on
of
interest
rate
swaps
($7.0
million
for
the
9
months
and
$1.7
million
for
the
3
months)
and
foreign
exchange
differences
($0.2
million
loss
for
the
9
months
and
$0.6
million
gain
for
the
3
months).
2. 5
Net
Financials
represents
financial
costs,
financial
income,
and
loss
on
interest
rate
swaps,
net.

6.
Financial
Highlights
(USD%'000) 30*Sep*12% 31*Dec*11% 31*Dec*10%
Assets
Non*current%assets
Goodwill 9,511 9,511 9,511
Investment2in2associate 7,289 6,528 7,003
Tangible2fixed2assets 430,150 438,902 450,265
Deferred2financing2costs 21,850 14,289 0
Other2nonEcurrent2assets 3,846 872 0
Vessels2under2construction 196,072 109,070 18,700
Total%non*current%assets 668,719 579,172 485,479
Current%assets
Trade2and2other2receivables 2,192 2,683 822
Dividends2receivable2and2due2from2related2parties 392 1,274 1,276
Inventories 493 425 383
Prepayments2and2other2current2assets 588 3,366 775
Short2term2investments 211,799 0 0
Cash2and2cash2equivalents 26,737 20,093 23,270
Total%current%assets 242,202 27,841 26,526
Total%assets 910,921 607,013 512,005
6

7.
Financial
Highlights
(USD%'000) 30*Sep*12% 31*Dec*11% 31*Dec*10%
Equity%&%Liabilities
Equity
Share&capital 629 391 391
Contributed&surplus 628,919 300,716 199,635
Reserves ?12,217 1,744 ?1,816
Accumulated&deficit ?10,895 ?12,437 ?26,477
Equity%attributable%to%owners%of%the%Group 606,435 290,414 171,733
Non?controlling&interest 0 0 9,199
Total%equity 606,435 290,414 180,932
Current%liabilities
Trade&accounts&payable 1,012 1,705 1,397
Ship&management&creditors 13 1,102 6,886
Amounts&due&to&related&parties 98 114 172
Derivative&financial&instruments 5,900 3,451 2,560
Other&payables&and&accruals 7,187 18,541 6,986
Loans&?&current&portion 23,999 24,277 22,640
Total%current%liabilities 38,209 49,190 40,641
Non*current%liabilities
Derivative&financial&instruments 26,775 5,101 2,835
Loans&?&non?current&portion 236,985 256,788 287,597
Advances&from&related&parties 0 0 0
Other&non?current&liabilities 2,517 5,520 0
Total%non*current%liabilities 266,277 267,409 290,432
Total%equity%&%liabilities 910,921 607,013 512,005
7

8.
Financial
Highlights
The
following
table
summarizes
GasLog’s
contracted
revenues
and
vessel
u6liza6on
as
of
October
1,
2012,
within
the
Vessel
Ownership
segment.
2012 2013 2014 2015 2016( Total
2021
Contracted*time*charter*revenues 1
(USD%million) *****************14* 2
********133* ********215* ***********211* ********622* ****1,195*
Total*contracted*days (days) 184 1,742 2,831 2,768 7,945 15,470
Total*available*days (days) 184 1,742 2,832 3,532 19,303 27,593
Total*unfixed*days (days) B B 1 764 11,358 12,123
Percentage*of*total*contracted*days/total* (pct.) 100% 100% 100% 78% 41% 56%
available*days*for*the*ten*ships
Please
refer
to
the
Q3-­‐2012
6-­‐K
filing
for
further
details.
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,
three
are
scheduled
to
be
drydocked
in
2018
and
one
is
scheduled
to
be
drydocked
in
2019.
2
Contracted
revenue
for
the
full
year
ending
December
31,
2012
is
$
56
million.
8

9.
Financial
Highlights
Expected
Loan Drawdown
Ship Built Bank (USD millions) Date Maturity Hedged pct. 3
GasLog Savannah 2010 DSF $149¹ N/A 2020 100%
GasLog Singapore 2010 DnB, NBG, UBS $114¹ N/A 2014
Hull 1946 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%
covered at 4.30%
all-in fixed
Hull 2044 2015 DnB, SEB, CBA, ING, DSF $146 Q1 2015 2021 / 2022
interest
1. Outstanding Balance as of September 30, 2012.
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. Please refer to note 13 of the financial statements included in our Q3-2012 6-K filing for
details surrounding the Interest Rate Swaps.
9

10.
Business
Overview
Capacity
Ship Owned Built (mcbm) Propulsion Charterer 2012 2013 2014 2015 2016 2017 2018 2019 2020
Methane Nile Eagle 25 % 2007 145,000 Steam
GasLog Savannah 100 % 2010 155,000 TFDE¹
GasLog Singapore 100 % 2010 155,000 TFDE
Hull 1946 100 % 2013 155,000 TFDE
Hull 1947 100 % 2013 155,000 TFDE
Hull 2016 100 % 2013 155,000 TFDE
Hull 2017 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
2
Option 1 2015 155,000 TFDE
2
Option 2 2015 155,000 TFDE
Firm Charter Charterer Optional Period Under Discussions for Charter
1. Tri -fuel Diesel Electric.
2. Options expire in 2012.
10

11.
Market
Update
LNG
shipping
con6nued
to
benefit
from
strong
industry
fundamentals.
Spot
rates
somened
in
Q3-­‐2012,
but
remain
at
historically
high
levels;
suppor6ng
op6mism
for
longer-­‐term
forward-­‐rates.
We
expect
LNG
produc6on
to
increase.
Developments
in
Q3-­‐2012
include:
• Cheniere
Energy
took
final
investment
decision
(“FID”)
on
the
construc6on
of
the
first
two
trains
at
its
Sabine
Pass,
Louisiana,
LNG
export
project,
for
a
planned
start-­‐up
as
early
as
2015.
• Australia
Pacific
LNG
(led
by
ConocoPhilips
and
Origin
Energy)
(Australia)
took
FID
on
a
2nd
train
of
4.5
mtpa
capacity,
for
a
planned
start-­‐up
in
2016.
• Further
increases
in
discoveries
and
gas
reserves
in
East
Africa.
11

12.
Market
Update
(cont.)
500#
Projected#Global#LNG#Produc?on#Capacity#
450#
South#East#Asia#
400# Middle#East#
North#America#
LNG#(mtpa)#
350#
Africa#
Russia#
300#
Australia#
Exis?ng#
250#
200#
2011# 2012# 2013# 2014# 2015# 2016# 2017# 2018# 2019# 2020#
The
aoached
chart
was
prepared
using
informa6on
from
external
sources
as
well
as
GasLog's
internal
es6mates.
The
chart
is
based
on
numerous
variables
and
assump6ons,
including
assump6ons
as
to
certain
business
decisions
that
other
companies
will
make,
and
is
therefore
inherently
specula6ve.
As
a
result,
future
produc6on
capacity
will
likely
differ
and
may
differ
materially
from
the
informa6on
presented
in
the
chart.
GasLog
will
not
update
the
chart
to
reflect
circumstances
exis6ng
amer
the
date
the
informa6on
was
generated
or
to
reflect
the
occurrence
of
future
events.
12

13.
Summary
Q3-­‐2012
financials
beoer
than
expecta6ons
*
2012-­‐2015
contracted
revenue
is
expected
to
be
on-­‐track,
with
our
newbuilding
orderbook
on
6me
and
on
budget.
GasLog
is
paying
a
quarterly
dividend
of
$0.11
per
share
on
December
17,
2012.
Con6nued
strong
fundamentals
for
the
LNG
industry.
GasLog’s
strengths
come
from:
• Significant
contracted
revenues
from
credit-­‐worthy
counterparts.
• A
fully
funded
newbuilding
program.
• A
young,
pure-­‐play
LNG
shipping
fleet
with
the
latest
technology.
• A
leading
technical
plaqorm
delivering
strong
opera6onal
performance.
*
Excluding
non-­‐cash
loss
on
interest
rate
swaps
and
foreign
exchange
gains
(mainly
unrealized).
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
loss
on
interest
rate
swaps
and
foreign
exchange
gains/losses.
Adjusted
Profit/(loss)
and
Adjusted
EPS
represent
earnings
and
earnings
per
share,
respec6vely,
before
loss
on
interest
rate
swaps
and
foreign
exchange
gains/losses.
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
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 for the three and nine month periods ended:
(All amounts expressed in U.S. Dollars)
For the three months ended For the nine months ended
September 30, 2011 September 30, 2012 September 30, 2011 September 30, 2012
Profit for the period 4,571,575 2,923,994 14,056,658 1,542,931
Depreciation of fixed assets 3,206,858 3,288,480 9,612,638 9,773,311
Financial costs 2,262,006 2,892,817 6,947,506 8,846,897
Financial income (12,265) (481,265) (41,170) (925,124)
EBITDA 10,028,174 8,624,026 30,575,632 19,238,015
Loss on interest rate swaps, net 232,639 1,746,781 232,639 6,993,147
Foreign exchange (gains)/losses 9,892 (625,791) (38,718) 157,644
Adjusted EBITDA 10,270,705 9,745,016 30,769,553 26,388,806
Reconciliation of EBITDA to Profit for the years ended:
(All amounts expressed in U.S. Dollars)
December 31, 2010 December 31, 2011
Profit for the year 9,590,852 13,722,678
Depreciation of fixed assets 6,560,381 12,827,284
Financial costs 5,046,117 9,631,262
Financial income (121,050) (41,679)
EBITDA 21,076,300 36,139,545
15

16.
Annex
1
-­‐
reconcilia6on
(cont.)
Reconciliation of Adjusted Profit to Profit for the three and nine month periods ended:
(All amounts expressed in U.S. Dollars)
For the three months ended For the nine months ended
September 30, 2011 September 30, 2012 September 30, 2011 September 30, 2012
Profit for the period 4,571,575 2,923,994 14,056,658 1,542,931
Loss on interest rate swaps, net 232,639 1,746,781 232,639 6,993,147
Foreign exchange (gains)/losses 9,892 (625,791) (38,718) 157,644
Adjusted Profit 4,814,106 4,044,984 14,250,579 8,693,722
Non-controlling interest — — 316,973 —
Adjusted Profit attributable to owners of the Group 4,814,106 4,044,984 14,567,552 8,693,722
16

17.
Annex
1
-­‐
reconcilia6on
(cont.)
Reconciliation of Adjusted Earnings Per Share to Earnings Per Share for the three and nine month periods ended:
(All amounts expressed in U.S. Dollars)
For the three months ended For the nine months ended
September 30, 2011 September 30, 2012 September 30, 2011 September 30, 2012
Profit for the period attributable to owners of the Group 4,571,575 2,923,994 14,373,631 1,542,931
Less: Earnings allocated to manager shares and subsidiary manager
379,777 — 1,242,669 22,704
shares
Earnings attributable to the owners of common shares used in the
4,191,798 2,923,994 13,130,962 1,520,227
calculation of basic EPS
Weighted average number of shares outstanding 35,853,200 62,863,166 35,751,628 53,820,841
EPS 0.12 0.05 0.37 0.03
Adjusted profit for the period attributable to owners of the Group 4,814,106 4,044,984 14,567,552 8,693,722
Less: Adjusted earnings allocated to manager shares and subsidiary
399,924 — 1,259,282 127,926
manager shares
Adjusted earnings attributable to the owners of common shares used
4,414,182 4,044,984 13,308,270 8,565,796
in the calculation of basic EPS
Weighted average number of shares outstanding 35,853,200 62,863,166 35,751,628 53,820,841
Adjusted EPS 0.12 0.06 0.37 0.16
17