GasLog Ltd. Reports Financial Results for the Quarter Ended September 30, 2012

  GasLog Ltd. Reports Financial Results for the Quarter Ended September 30,
  2012

Business Wire

MONACO -- November 21, 2012

GasLog Ltd. (“GasLog”) (NYSE: GLOG), an international owner, operator and
manager of liquefied natural gas (“LNG”) carriers, today reported its
financial results for the quarter ended September 30, 2012.

Highlights

• For the third quarter, GasLog reports Adjusted EBITDA^(1) of $9.7 million,
  Adjusted Profit^(1) of $4.0 million and Profit of $2.9 million.
• Adjusted EPS^(1) 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.
• Continued strong fundamentals for the LNG industry.
• 100% utilization of GasLog Savannah and GasLog Singapore during the third
  quarter of 2012.
• The eight LNG newbuildings are on schedule and within budget.
  62% of the floating interest rate exposure on our fully funded debt program
• has been hedged at a weighted average interest rate of approximately 4.3%
  (including margin) as of September 30, 2012.
  

Chairman & CEO Statement

Mr. Peter G. Livanos, Chairman and Chief Executive Officer, stated “We are
pleased with our third quarter results, which exceeded internal expectations,
reflecting lower general and administrative expenses. We are announcing today
our first dividend as a public company. The 11 cents per share, as earlier
promised, will be paid in the fourth quarter. The strong revenue reflects the
continued 100% utilization of our existing fleet. Our construction program at
Samsung Heavy Industries is on time and on budget. The first ships are
currently undergoing outfitting and will be delivered in the first quarter of
2013. Concurrently with the delivery to us by the shipyard they will commence
their charters to the BG group. We see additional new requirements for LNG
ships emerging that support our optimism regarding our 2 open vessels. We are
studying a number of alternative financial structures, including an MLP, that
we feel could be beneficial to our growth aspirations and shareholder value.
We believe our high quality technical platform and customer relations
positions us well to take advantage of the growth in the LNG trade.”

Dividend Declaration

On November 20, 2012, the Board of Directors declared a quarterly cash
dividend of $0.11 per common share payable on December 17, 2012 to
stockholders of record as of December 3, 2012.

Financial Summary

Revenues were $16.9 million (which eliminates $1.2 million of intercompany
revenue) for the quarter ended September 30, 2012 ($15.9 million for the
quarter ended September 30, 2011). The increase is attributable to an increase
in revenues in the vessel management segment from external customers of $0.9
million and an increase in revenues in the vessel ownership segment of $0.1
million, with GasLog’s existing fleet performing at 100% utilization.

Vessel operating and supervision costs were $3.6 million for the quarter ended
September 30, 2012 ($3.1 million for the quarter ended September 30, 2011).
The increase is mainly attributable to an increase in employee costs related
to new employees hired to fulfill the planned new requirements from our
existing customers and an increase in technical maintenance and crew expenses
in the vessel ownership segment.

General and administrative expenses were $2.9 million for the quarter ended
September 30, 2012 ($3.0 million for the quarter ended September 30, 2011).

Financial costs were $2.9 million for the quarter ended September 30, 2012
($2.3 million for the quarter ended September 30, 2011). The increase is
primarily a result of increased interest expense as a result of swapping
floating rate interest for fixed rate interest in connection with the
outstanding indebtedness related to the vessel GasLog Savannah.

Profit for the period was $2.9 million for the quarter ended September 30,
2012 ($4.6 million for the quarter ended September 30, 2011). This decrease is
mainly attributable to a $1.5 million increase in non-cash loss on interest
rate swaps, largely resulting from mark-to-market valuations and to the
aforementioned factors.

Adjusted Profit^(1) was $4.0 million for the quarter ended September 30, 2012
($4.8 million for the quarter ended September 30, 2011), after excluding the
effects of the net loss on interest rate swaps and foreign exchange gains.

Adjusted EBITDA^(1) was $9.7 million for the quarter ended September 30, 2012
($10.3 million for the quarter ended September 30, 2011).

Adjusted EPS^(1) was $0.06 for the quarter ended September 30, 2012 ($0.12 for
the quarter ended September 30, 2011). EPS was $0.05 for the quarter ended
September 30, 2012 ($0.12 for the quarter ended September 30, 2011). The
decrease in Adjusted EPS^(1) and EPS is attributable to the decrease in
Adjusted Profit^(1) and Profit and the increase in the weighted average number
of shares following the completion of the IPO and the concurrent private
placement.

As GasLog stated in the final prospectus filed April 2, 2012 for its IPO, the
ramp-up of general and administrative expenses is expected to exceed revenue
growth in 2012, as GasLog’s newbuildings will only commence delivery in 2013.
Accordingly, GasLog expects 2012 profit will be lower than in 2011.

For a detailed discussion of GasLog’s financial results for the quarter ended
September 30, 2012, please refer to the Financial Report for the Three Months
and Nine Months Ended September 30, 2012, furnished on Form 6-K to the United
States Securities and Exchange Commission (the “Q3 6-K”).

http://www.gaslogltd.com/investor-relations/sec-filings

Operating Results

The following table highlights certain financial information for GasLog’s two
segments, the vessel ownership segment and the vessel management segment, for
the quarters ended September 30, 2012 and 2011. A presentation of Unaudited
Interim Financial Information is attached as Exhibit I.

                                                                                                            
In thousands of       Vessel Ownership                Vessel Management
                                                                                Unallocated/Eliminations     Total
U.S. Dollars          Segment                         Segment
                                                                                                             
                      Three Months Ended September 30,
                      
                     2011         2012             2011      2012          2011         2012           2011         2012
                                                                                                         
                                                                                                                                
Revenue from
external              $   14,078     $   14,147       $ 1,840     $ 2,788          —             —          $   15,918     $   16,935
customers
Profit/(loss)         $   6,103      $   3,802        $ 42        $ 676         $  (1,573  )  $  (1,554  )   $   4,572      $   2,924
Adjusted              $   6,309      $   5,248        $ 42        $ 676         $  (1,537  )  $  (1,879  )   $   4,814      $   4,045
Profit^(1)/(loss)
EBITDA^(1)            $   11,497     $   9,793        $ 84        $ 770         $  (1,553  )  $  (1,939  )   $   10,028     $   8,624
Adjusted              $   11,704     $   11,239       $ 84        $ 770         $  (1,517  )  $  (2,265  )   $   10,271     $   9,745
EBITDA^(1)
                                                                                                                                
EPS – basic and                                                                                                  0.12           0.05
diluted
                                                                                                                                
Adjusted EPS^(1)
– basic and                                                                                                      0.12           0.06
diluted
                                                                                                                                

^(1) EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS are non-GAAP
financial measures, and should not be used in isolation or as a substitute for
GasLog’s financial results presented in accordance with IFRS. For definitions
and reconciliations of these measurements to the most directly comparable
financial measures calculated and presented in accordance with IFRS, please
refer to Exhibit II at the end of this press release.

Contracted Charter Revenues

GasLog’s contracted charter revenues are estimated to increase from $56
million for the fiscal year 2012 to $211 million for the fiscal year 2015,
based on contracts in effect as of September 30, 2012 for the eight ships in
GasLog’s owned fleet for which time charters have been secured, including
contracts for six newbuildings that are scheduled to be delivered on various
dates in 2013 and 2014. For further details please refer to the Q3 6-K.

Liquidity and Financing

As of September 30, 2012, GasLog had cash and cash equivalents of $26.7
million and short-term investments in time deposits of $211.8 million.

As of September 30, 2012, GasLog had an aggregate of $262.6 million of
indebtedness outstanding under two credit agreements, of which $24.7 million
is repayable within one year.

GasLog’s current commitments for capital expenditures are related to the eight
LNG carriers on order, which have a gross aggregate contract price of
approximately $1.55 billion. As of September 30, 2012, the total remaining
balance of the contract prices of the eight newbuildings on order was $1.36
billion, for which there are $1.13 billion of undrawn credit facilities and
$238.5 million in cash, cash equivalents and short-term investments as of
September 30, 2012, which includes proceeds from GasLog’s IPO and concurrent
private placement completed on April 4, 2012.

Interest Rate Swaps

As of September 30, 2012, GasLog has entered into fifteen interest rate swap
agreements for a total notional amount of $865.7 million. This is in relation
to the outstanding indebtedness of $262.6 million and the new loan agreements
of $1.13 billion in the aggregate that will be drawn by GasLog through its
subsidiaries upon delivery of the newbuildings. In total 62.2% of GasLog’s
expected floating interest rate exposure has been hedged at a weighted average
interest rate of approximately 4.3% (including margin) as of September 30,
2012. During the third quarter of 2012, GasLog recognized a loss of $1.7
million on interest rate swaps, primarily attributable to the loss from the
mark-to-market valuation of six interest rate swaps agreements signed in 2012
which do not qualify for hedge accounting.

Business Update

As of September 30, 2012, the eight ships under construction at Samsung Heavy
Industries were on schedule and within budget. Of these eight ships, two were
launched during Q2 2012 and they are on schedule for delivery during Q1 2013,
and a third ship was launched in Q3 2012 and is scheduled for delivery during
Q2 2013. Five of the eight ships that have now progressed to the steel cutting
stage or beyond are scheduled for delivery in 2013.

The two ships in GasLog’s existing fleet, currently on multi-year charters to
a subsidiary of BG Group plc, performed without any off-hire during the
quarter ended September 30, 2012, thereby achieving full utilization for the
period.

As of September 30, 2012, two of the newbuildings remain uncommitted and
GasLog continues to hold options for two additional LNG carriers at Samsung
Heavy Industries.

LNG Industry Update

GasLog believes the current supply and demand dynamics of the LNG industry are
positive for LNG shipping. There continues to be progress on new production
projects, and recent announcements in the LNG industry regarding additional
LNG production projects are expected to create increased requirements for LNG
carriers.

The third quarter of 2012 saw the final investment decision ("FID") by
Cheniere Energy on the construction of two LNG production trains at their
Sabine Pass, Louisiana facility, for a planned first-production as early as
2015. These volumes are set to be the first commercial LNG exports produced in
the lower-48 states, and may mark the commencement of the USA as a large
future LNG exporter. Elsewhere, atolling agreement was signed between the
developers of Freeport LNG export project in Texas, and Japanese buyers.There
are many US-based LNG export projects in the planning stages, all seeking to
capitalize on relatively inexpensive natural gas in the US. In Australia, the
Australia Pacific LNG project took FID on a second production train, with an
expected start-up in 2016. In East Africa, we have seen further increases in
gas reserve estimates around which LNG exports may be developed.

We have recently seen some older technology ships experiencing idle time.
However, on a historical basis LNG shipping rates remain very firm, and we
expect this firmness to be reflected in the longer-term charter market.

GasLog believes the robust development of new LNG supply projects and growing
global demand for natural gas is likely to drive the need for more LNG
carriers. LNG project developers are typically large multinational oil and gas
companies with exacting standards for safety and reliability. In addition, we
continue to expect a preference for the latest technology in ship design and
propulsion. GasLog believes first class charterers will continue to engage
experienced LNG shipowners to provide high quality LNG carriers for multi-year
charter requirements.

Outlook

GasLog believes the strong fundamentals of the LNG industry will provide
significant growth opportunities for GasLog’s high quality LNG shipping
operations. Focus in the near term will be on delivering the growth of the
business, through the on-time delivery of the newbuilding fleet, while
ensuring full utilization of the existing ships. GasLog expects that its
strategy of leveraging its established platform and customer relationships
will aid in qualifying for charter possibilities for the two uncommitted
newbuildings and the options it holds for two additional newbuildings.
GasLog’s experience and track record may also allow GasLog to explore
possibilities for industry consolidation of new entrants and to be flexible to
adjust to market developments.

Conference Call

GasLog will host a conference call at 8:30 a.m. Eastern Time (1:30 p.m. London
Time) on Wednesday, November 21, 2012 to discuss the third quarter 2012
results. The dial-in number is 1-212-444-0895 (New York, NY) and +44 (0)207
136 6283 (London, UK), passcode is 9524315. A live webcast of the conference
call will also be available on the investor relations page of GasLog’s website
at http://www.gaslogltd.com/investor-relations.

For those unable to participate in the conference call, a replay will be
available from 12:30 p.m. Eastern Time (5:30 p.m. London Time) on November 21,
2012 until 12:30 p.m. Eastern Time on Wednesday November 28, 2012 (5:30 p.m.
London Time). The replay dial-in number is 1-347-366-9565 (New York) and +44
(0) 203 427 0598 (London). The replay passcode is 9524315.

About GasLog Ltd.

GasLog is an international owner, operator and manager of LNG carriers.
GasLog’s fleet consists of 10 wholly-owned LNG carriers, including two ships
delivered in 2010 and eight LNG carriers on order. In addition, GasLog
currently has 12 LNG carriers operating under its technical management for
external customers. GasLog’s principal executive offices are at Gildo Pastor
Center, 7 Rue du Gabian, MC 98000, Monaco. GasLog’s website is
http://www.gaslogltd.com.

Forward Looking Statements

This press release contains “forward-looking statements” as defined in the
Private Securities Litigation Reform Act of 1995. The reader is cautioned not
to rely on these forward-looking statements. These statements are based on
current expectations of future events. If underlying assumptions prove
inaccurate or unknown risks or uncertainties materialize, actual results could
vary materially from our expectations and projections. Risks and uncertainties
include, but are not limited to, general LNG and LNG shipping market
conditions and trends, including charter rates, ship values, factors affecting
supply and demand and opportunities for the profitable operations of LNG
carriers; our continued ability to enter into multi-year time charters with
our customers; our contracted charter revenue; our customers’ performance of
their obligations under our time charters and other contracts; the effect of
the worldwide economic slowdown; future operating or financial results and
future revenue and expenses; our future financial condition and liquidity; our
ability to obtain financing to fund capital expenditures, acquisitions and
other corporate activities, and funding by banks of their financial
commitments; future, pending or recent acquisitions of ships or other assets,
business strategy, areas of possible expansion and expected capital spending
or operating expenses; our ability to enter into shipbuilding contracts for
newbuilding ships and our expectations about the availability of existing LNG
carriers to purchase, as well as our ability to consummate any such
acquisitions; our expectations about the time 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 anticipated
general and administrative expenses; fluctuations in currencies and interest
rates; our ability to maintain long-term relationships with major energy
companies; expiration 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 multi-year charter commitments; environmental and
regulatory conditions, including changes in laws and regulations or actions
taken by regulatory authorities; risks inherent in ship operation, including
the discharge of pollutants; availability of skilled labor, ship crews and
management; potential disruption of shipping routes due to accidents,
political events, piracy or acts by terrorists; and potential liability from
future litigation. A further list and description of these risks,
uncertainties 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 information or future events or
developments.

                                                
EXHIBIT I – Unaudited Interim Financial Information



Unaudited condensed consolidated statements of financial position

As of December 31, 2011 and September 30, 2012

(All amounts expressed in U.S. Dollars)
                                                                              
                                              December 31,      September 30,
                                              2011              2012
                                                               
                                                                              
Assets
Non-current
assets
Goodwill                                        9,511,140         9,511,140
Investment in                                   6,528,087         7,289,240
associate
Deferred                                        14,289,327        21,850,352
financing costs
Other non-current                               871,769           3,845,765
assets
Tangible fixed                                  438,902,029       430,150,396
assets
Vessels under                                  109,069,864      196,072,310
construction
                                                                              
Total non-current                              579,172,216      668,719,203
assets
                                                               
                                                                              
Current assets
Trade and other                                 2,682,820         2,192,364
receivables
Dividends
receivable and                                  1,273,796         391,916
due from related
parties
Inventories                                     425,266           493,441
Prepayments and
other current                                   3,365,697         588,390
assets
Short-term                                      —                 211,799,320
investments
Cash and cash                                  20,092,909       26,736,619
equivalents
                                                                              
Total current                                  27,840,488       242,202,050
assets
                                                                              
Total assets                                   607,012,704      910,921,253
                                                               
                                                                              
Equity and
liabilities
Equity
Share capital                                   391,015           628,632
Contributed                                     300,715,852       628,918,944
surplus
Reserves                                        1,744,417         (12,217,449 )
Accumulated                                    (12,437,763 )    (10,894,832 )
deficit
                                                                              
Equity
attributable to                                290,413,521      606,435,295
owners of the
Group
                                                               
                                                                              
Current
liabilities
Trade accounts                                  1,704,915         1,011,813
payable
Ship management                                 1,102,272         12,510
creditors
Amounts due to                                  114,069           98,112
related parties
Derivative
financial                                       3,451,080         5,900,068
instruments
Other payables                                  18,541,023        7,186,825
and accruals
Loans—current                                  24,276,813       23,999,339
portion
                                                                              
Total current                                  49,190,172       38,208,667
liabilities
                                                               
                                                                              
Non-current
liabilities
Derivative
financial                                       5,101,234         26,774,911
instruments
Loans—non-current                               256,788,206       236,985,432
portion
Other non-current                              5,519,571        2,516,948
liabilities
                                                                              
Total non-current                              267,409,011      266,277,291
liabilities
                                                                              
Total equity and                               607,012,704      910,921,253
liabilities
                                                                              

                                                                            
Unaudited condensed consolidated statements of income

For the three months and nine months ended September 30, 2011 and 2012

(All amounts expressed in U.S. Dollars)
                                                                                                               
                                              For the three months ended        For the nine months ended
                                              September        September        September        September 30,
                                              30,              30,              30,
                                                                                                 2012
                                              2011             2012             2011
                                                                                              
                                                                                                               
Revenues                                        15,918,352       16,935,004       48,674,885       50,244,406
Vessel
operating and                                   (3,069,622 )     (3,629,299 )     (9,181,577 )     (10,342,516 )
supervision
costs
Depreciation of                                 (3,206,858 )     (3,288,480 )     (9,612,638 )     (9,773,311  )
fixed assets
General and
administrative                                 (2,974,548 )    (2,938,036 )    (9,729,017 )    (14,431,881 )
expenses
                                                                                            
Profit from                                    6,667,324       7,079,189       20,151,653      15,696,698
operations
                                                                                            
                                                                                                               
Financial costs                                 (2,262,006 )     (2,892,817 )     (6,947,506 )     (8,846,897  )
Financial                                       12,265           481,265          41,170           925,124
income
Loss on
interest rate                                   (232,639   )     (1,746,781 )     (232,639   )     (6,993,147  )
swaps, net
Share of profit                                 361,845          3,138            1,019,194        761,153
of associate
Gain on
disposal of                                    24,786          —               24,786          —
subsidiaries
                                                                                            
Total other                                    (2,095,749 )    (4,155,195 )    (6,094,995 )    (14,153,767 )
expense
                                                                                            
Profit for the                                 4,571,575       2,923,994       14,056,658      1,542,931
period
                                                                                            
                                                                                                               
Attributable
to:
Owners of the                                   4,571,575        2,923,994        14,373,631       1,542,931
Group
Non-controlling                                —               —               (316,973   )    —
interest
                                                                                            
                                               4,571,575       2,923,994       14,056,658      1,542,931
                                                                                            
                                                                                                               
Earnings per
share – basic                                   0.12             0.05             0.37             0.03
and diluted
                                                                                                               

                                                  
Unaudited condensed consolidated statements of cash flow

For the nine months ended September 30, 2011 and 2012

(All amounts expressed in U.S. Dollars)
                                                                             
                                            For the nine months ended
                                            September 30,     September 30,

                                            2011              2012
                                                             
                                                                             
Cash flows from
operating activities:
Profit for the period                         14,056,658        1,542,931
Adjustments for:
Depreciation of fixed                         9,612,638         9,773,311
assets
Share of profit of                            (1,019,194  )     (761,153     )
associate
Financial income                              (41,170     )     (925,124     )
Financial costs                               6,947,506         8,846,897
Unrealized foreign
exchange losses on cash
and cash equivalents                          —                 176,657
and short-term
investments
Loss on interest rate                         232,639           6,993,147
swaps, net
Gain on disposal of                           (24,786     )     —
subsidiaries
Non-cash employee                            3,199,782        3,481,090
benefits
                                                             
                                              32,964,073        29,127,756
Movements in working                         (4,378,318)      (8,260,438   )
capital
                                                             
                                                                             
Cash provided by                              28,585,755        20,867,318
operations
Interest paid                                (6,439,928  )    (8,466,013   )
                                                             
Net cash from operating                      22,145,827       12,401,305
activities
                                                             
                                                                             
Cash flows from
investing activities:
Dividends received from                       1,086,787         950,000
associate
Return of investment                          500,000           —
from associate
Payments for tangible
fixed assets and                              (68,536,992 )     (89,933,799  )
vessels under
construction
Increase in short-term                        —                 (211,347,592 )
investments
Cash transferred on                           (56,426     )     —
deconsolidation
Financial income                             41,170           181,109
received
                                                             
Net cash used in                             (66,965,461 )    (300,150,282 )
investing activities
                                                             
                                                                             
Cash flows from
financing activities:
Bank loan repayment                           (22,947,202 )     (20,554,071  )
Payment of loan                               (840,000    )     (13,827,574  )
issuance costs
Payments of IPO costs                         (42,239     )     (3,515,267   )
Proceeds from sale of
common shares (net of                         —                 314,255,049
underwriting discounts
and commissions)
Dividend paid                                 (772,000    )     —
Capital contributions                        60,926,075       18,662,935
                                                             
Net cash from financing                      36,324,634       295,021,072
activities
                                                             
                                                                             
Effects of exchange
rate changes on cash                          —                 (628,385     )
and cash equivalents
                                                                             
(Decrease)/increase in
cash and cash                                 (8,495,000  )     6,643,710
equivalents
Cash and cash
equivalents, beginning                       23,270,100       20,092,909
of the period
                                                             
                                                                             
Cash and cash
equivalents, end of the                      14,775,100       26,736,619
period
                                                                             

EXHIBIT II

Non-GAAP Financial Measures:

EBITDA represents earnings before interest income and expense, taxes,
depreciation and amortization. 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,
respectively, 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 operating 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 operating and business performance, (ii)
selecting between investing in us and other investment alternatives and (iii)
monitoring our ongoing financial and operational strength in assessing whether
to continue to hold our common shares. This increased comparability is
achieved by excluding the potentially disparate effects between periods of, in
the case of EBITDA and Adjusted EBITDA, interest, taxes, depreciation and
amortization 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 operations between periods.

EBITDA, Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS have
limitations as analytical tools and should not be considered as alternatives
to, or as substitutes for, profit, profit from operations, 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 evaluating
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 presentation. Our presentation 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 titled measures of other companies in the shipping or
other industries.

Reconciliation of EBITDA and Adjusted EBITDA to Profit/(loss) for the three
month periods ended:
(All amounts expressed in U.S. Dollars)

                                                                      
                                September 30, 2012
                                
                                Vessel           Vessel         Unallocated/
                                Ownership      Management                  Total
                                                                Eliminations
                                Segment          segment
                                                                               
Profit/(loss)
for the                           3,801,910         676,020       (1,553,936 )     2,923,994
period
Depreciation
of fixed                          3,172,789         80,528        35,163           3,288,480
assets
Financial                         2,874,330         13,889        4,598            2,892,817
costs
Financial                        (56,241    )     —            (425,024   )    (481,265)
income
                                                                            
                                                                                           
EBITDA                            9,792,788         770,437       (1,939,199 )     8,624,026
                                                                                           
Loss on
interest rate                     1,746,781         —             —                1,746,781
swaps, net
Foreign
exchange                         (300,275   )     —            (325,516   )    (625,791)
gains
                                                                            
                                                                                           
Adjusted                         11,239,294       770,437      (2,264,715 )    9,745,016
EBITDA
                                                                                           

                                                                    
                                 September 30, 2011
                                 
                                                                                               
                                 Vessel           Vessel         Unallocated/
                                 Ownership      Management                  Total
                                                                 Eliminations
                                 Segment          segment
                                                                                        
Profit/(loss)                      6,102,615         41,630        (1,572,670 )     4,571,575
for the period
Depreciation
of fixed                           3,153,104         36,994        16,760           3,206,858
assets
Financial                          2,249,640         9,774         2,592            2,262,006
costs
Financial                         (8,016     )     (4,249  )    —               (12,265)   
income
                                                                             
                                                                                               
EBITDA                             11,497,343        84,149        (1,553,318 )     10,028,174
                                                                                               
Loss on
interest                           232,639           —             —                 232,639
rate swaps,
net
Foreign
exchange                          (26,070    )     —            35,962          9,892
(gains)/losses
                                                                             
                                                                                               
Adjusted                          11,703,912       84,149       (1,517,356 )    10,270,705
EBITDA
                                                                                               

                                                           
Reconciliation of Adjusted Profit/(loss) to Profit/(loss) for the three month
periods ended:

(All amounts expressed in U.S. Dollars)
                                                                                 
                     September 30, 2012
                                                                                 
                     Vessel          Vessel         Unallocated/
                     Ownership     Management                  Total
                                                    Eliminations
                     Segment         segment
                                                               
                                                                                 
Profit/(loss)          3,801,910        676,020       (1,553,936 )     2,923,994
for the period
Loss on
interest rate          1,746,781        —             —                1,746,781
swaps, net
Foreign               (300,275  )     —            (325,516   )    (625,791  )
exchange gains
                                                                
                                                                                 
Adjusted
Profit/(loss)
attributable
to owners of          5,248,416       676,020      (1,879,452 )    4,044,984
the

Group
                                                                
                                                                                 
                     September 30, 2011
                                                                                 
                     Vessel          Vessel         Unallocated/
                     Ownership     Management                  Total
                                                    Eliminations
                     Segment         segment
                                                               
                                                                                 
Profit/(loss)          6,102,615        41,630        (1,572,670 )     4,571,575
for the period
Loss on
interest rate          232,639          —             —                232,639
swaps, net
Foreign
exchange              (26,070   )     —            35,962          9,892
(gains)/losses
                                                                
                                                                                 
Adjusted
Profit/(loss)
attributable
to owners of          6,309,184       41,630       (1,536,708 )    4,814,106
the

Group
                                                                                 

Reconciliation of Adjusted Earnings Per Share to Earnings Per Share for the
three month periods ended:
(All amounts expressed in U.S. Dollars)

                                                        
                                     September 30, 2011     September 30, 2012
                                                           
                                                                 
Profit for the period attributable        4,571,575              2,923,994
to owners of the Group
Less: Earnings allocated to
manager shares and subsidiary            379,777               —

manager shares
                                                              
                                                                 
Earnings attributable to the
owners of common shares used in
the                                       4,191,798              2,923,994

calculation of basic EPS
Weighted average number of shares        35,853,200            62,863,166
outstanding
                                                              
                                                                 
EPS                                      0.12                  0.05
                                                              
                                                                 
Adjusted profit for the period
attributable to owners of the             4,814,106              4,044,984
Group
Less: Adjusted earnings allocated
to manager shares and                    399,924               —

subsidiary manager shares
                                                              
                                                                 
Adjusted earnings attributable to
the owners of common shares
                                          4,414,182              4,044,984
used in the calculation of basic
EPS
Weighted average number of shares        35,853,200            62,863,166
outstanding
                                                              
                                                                 
Adjusted EPS                             0.12                  0.06
                                                                 

Contact:

GasLog, Monaco
Henrik Bjerregaard, CFO, +377 9797 5119
or
Thor Knappe, +377 9797 5117
or
Solebury Communications, NYC
Ray Posadas, 1-203-428-3231
ir@gaslogltd.com