GasLog Ltd. Reports Financial Results for the Quarter Ended June 30, 2013

  GasLog Ltd. Reports Financial Results for the Quarter Ended June 30, 2013

Business Wire

MONACO -- August 20, 2013

GasLog Ltd. and its subsidiaries (“GasLog” or “Group”) (NYSE: GLOG), an
international owner, operator and manager of liquefied natural gas (“LNG”)
carriers, today reported its financial results for the quarter ended June 30,
2013.

Highlights

      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 option 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 earnings per share (“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 positive developments
      for LNG exports from USA.

CEO Statement

Mr. Paul Wogan, Chief Executive Officer, stated “This has been yet another
good quarter for GasLog. Not only did we continue to execute on our existing
business plan that we outlined to investors at the time of our initial public
offering (“IPO”), we have once again been able to add further growth at
attractive returns. The latest 2 newbuildings that we have ordered from
Samsung and which, on delivery, will commence 7 year charters to BG, clearly
demonstrates the ability of GasLog’s LNG shipping platform to continue to add
accretive growth in what we believe will be a positive long term secular trend
for the LNG industry. In addition the successful placing of our first bond and
the refinancing of our existing loan facility on GAS-two Ltd., demonstrates
our ability to access funding from a variety of sources and at competitive
rates enabling us to continue to take advantage of attractive opportunities
within the sector.”

Dividend Declaration

On August 19, 2013, the Board of Directors declared a quarterly cash dividend
of $0.11 per common share payable on September 13, 2013 to stockholders of
record as of August 30, 2013.

Delivery of GasLog Sydney and GasLog Skagen ahead of schedule

On May 30, 2013 and July 25, 2013, GasLog took delivery of the GasLog Sydney
and the GasLog Skagen, respectively, two LNG carriers of 155,000 cubic meters
capacity with tri-fuel diesel electric propulsion constructed by Samsung Heavy
Industries Co. Ltd. Both vessels are chartered out to a subsidiary of BG Group
plc. The GasLog Sydney is chartered out from its delivery until 2019 with
charterer’s option to extend the terms of the charter at specified rates. The
GasLog Skagen is chartered out for three years followed by a subsequent five
year seasonal charter under which the vessel is committed to BG Group for
seven consecutive months for a fixed monthly charter hire and is available to
accept other charters for the remaining five months.

Bond Issuance

On June 27, 2013, GasLog Ltd. issued a senior unsecured bond of NOK
500,000,000 ($83.2 million) that will mature on June 27, 2018. The bond bears
interest at NIBOR plus margin. Interest payments shall be made in arrears on a
quarterly basis. In June 2013, GasLog entered into three cross-currency swaps
(“CCSs”) to exchange interest payments and principal on maturity and
designated the CCSs as hedges of the variability of the USD functional
currency equivalent cash flows on the bond. The effect of these hedges is that
on each interest payment date, GasLog will pay fixed interest in U.S. dollars
on a notional amount of USD 83,206,215.

Financial Summary

Profit was $20.4 million for the quarter ended June 30, 2013 ($3.6 million
loss for the quarter ended June 30, 2012). This increase is mainly
attributable to the delivery of the three newbuildings as well as the other
factors mentioned below.

EPS was $0.32 for the quarter ended June 30, 2013 (loss per share of $0.06 for
the quarter ended June 30, 2012). The increase in EPS is attributable to the
increase in profit partially offset by the increase in the weighted average
number of shares.

EBITDA^(1) was $33.8 million for the quarter ended June 30, 2013 ($2.2 million
for the quarter ended June 30, 2012).

Adjusted Profit^(1) was $7.1 million for the quarter ended June 30, 2013 ($2.6
million for the quarter ended June 30, 2012), after excluding the effects of
the unrealized gain/(loss) on swaps and foreign exchange gains/(losses).

Adjusted EPS^(1) was $0.11 for the quarter ended June 30, 2013 ($0.04 for the
quarter ended June 30, 2012).

Adjusted EBITDA^(1) was $20.4 million for the quarter ended June 30, 2013
($8.3 million for the quarter ended June 30, 2012).

Revenues were $32.9 million for the quarter ended June 30, 2013 ($16.7 million
for the quarter ended June 30, 2012). The increase is mainly attributable to
the delivery of the GasLog Shanghai, the GasLog Santiago and the GasLog Sydney
on January 28, 2013, March 25, 2013 and May 30, 2013, respectively and the
commencement of their charter party agreements with the BG Group.

Vessel operating and supervision costs were $7.6 million for the quarter ended
June 30, 2013 ($3.2 million for the quarter ended June 30, 2012). The increase
is mainly attributable to the vessel operating costs of the three
newbuildings.

Depreciation of fixed assets was $6.4 million for the quarter ended June 30,
2013 ($3.2 million for the quarter ended June 30, 2012). The increase is
mainly attributable to the depreciation of the three newbuildings.

General and administrative expenses were $4.8 million for the quarter ended
June 30, 2013 ($6.3 million for the quarter ended June 30, 2012). The decrease
is mainly attributable to a decrease in equity-settled compensation expense
and a decrease in net foreign exchange losses, partially offset by an increase
in employee related expenses and legal and professional fees in line with
GasLog’s planned growth.

Financial (costs)/gain and gain/(loss) on swaps, net were $5.8 million gain
for the quarter ended June 30, 2013 ($8.3 million loss for the quarter ended
June 30, 2012). The decrease in losses is attributable to an increase of $18.2
million in unrealized gain on swaps partially offset by an increase of $4.1
million in other financial costs.

______________________

^(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 International
Financial Reporting Standards (“IFRS”), please refer to Exhibit II at the end
of this press release.

For a detailed discussion of GasLog’s financial results for the quarter ended
June 30, 2013, please refer to the Financial Report for the Three Months and
Six Months Ended June 30, 2013, furnished on Form 6-K to the United States
Securities and Exchange Commission (the “Q2 6-K”).

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

Contracted Charter Revenues

GasLog’s contracted charter revenues are estimated to increase from $56.28
million for the fiscal year 2012 to $234.36 million for the fiscal year 2016,
based on contracts in effect as of June 30, 2013 for the ten ships in GasLog’s
owned fleet for which time charters have been secured. These include contracts
for four newbuildings that are scheduled to be delivered on various dates in
2013, 2014 and 2016, but does not include extensions options. For further
details please refer to the Q2 6-K.

Liquidity and Financing

As of June 30, 2013, GasLog had cash and cash equivalents of $211.75 million
of which $187.86 million was held in time deposits.

As of June 30, 2013, GasLog had an aggregate of $657.27 million of
indebtedness outstanding under four credit agreements, of which $42.44 million
is repayable within one year. As of June 30, 2013, GasLog had $82.45 million
outstanding under the bond agreement that is payable in June 2018.

As of June 30, 2013 there is an undrawn revolving facility of $50.00 million.
In addition, there are three loan facilities with an aggregate undrawn amount
of $717.50 million available that will be used to finance a portion of the
contract prices of five of our newbuildings on their deliveries of which
$138.5 million was drawn in July 2013 with the delivery of the GasLog Skagen.

As of June 30, 2013, GasLog’s commitments for capital expenditures are related
to the six LNG carriers on order and the GasLog Skagen, which have a gross
aggregate contract price with the shipyard of approximately $1.38 billion. As
of June 30, 2013, the total remaining balance of the contract prices of the
above vessels was $1.25 billion, that will be funded with available cash, cash
from operations, existing debt and other financings.

GasLog’s expected floating interest rate exposure has been hedged at a
weighted average interest rate of approximately 4.6% (including margin) as of
June 30, 2013.

On June 21, 2013, GasLog entered into three CCSs to exchange interest payments
and principal on maturity on the same terms as the bond signed on June 27,
2013 and designated the CCSs as hedges of the variability of the USD
functional currency equivalent cash flows on the bond.

Business Update

As of June 30, 2013 GasLog has seven newbuildings on order at Samsung Heavy
Industries. Our vessels presently under construction were on schedule and
within budget. The GasLog Skagen was delivered on July 25, 2013 and another
vessel under construction is scheduled to be delivered within 2013.

The five on-the-water ships in GasLog’s fleet as of June 30, 2013, currently
on multi-year charters to a subsidiary of BG Group plc, performed without any
off-hire during the quarter ended June 30, 2013, thereby achieving full
utilization for the period.

In August 2013, GasLog announced the ordering of two 174,000 cubic meters LNG
carriers from Samsung Heavy Industries. The ships are scheduled to be
delivered in the second half of 2016, and will each commence a 7 year firm
charter to a subsidiary of BG Group plc., with charterer’s option to extend
the duration of the charter at specified rates.

GasLog has secured a total of six options for the construction of up to six (4
priced and 2 unpriced) additional LNG carriers (174,000 cubic meters each)
from Samsung Heavy Industries Co. Ltd. that expire on December 31, 2013.

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 LNG
production projects, and the new volumes and potentially greater voyage
distances should create increased requirements for LNG carriers.

The second quarter of 2013 saw the short term rates for LNG carriers decline
slightly before finishing the quarter higher than at the start. This end of
quarter strength has been attributed by observers to the start-up of the
Angola LNG project taking vessels off the market and a mismatch between
available LNG carriers and cargo requirements.

The long-term fundamentals for LNG production continue to look strong. Further
positive news has come out of the USA, where Sabine Pass has taken Final
Investment Decision on trains 3 and 4, and Freeport LNG has become the second
US project to receive approval from the Department of Energy (“DOE”) to export
to non-Free Trade Agreement (“FTA”) countries. It is widely expected that the
DOE will approve additional projects’ exports to non-FTA nations. Further
moves were made in the second quarter to develop large export facilities on
the west coast of Canada. Prospects for LNG production in East Africa continue
to improve with further progress offshore Tanzania and continuing investment
momentum from Chinese and Indian buyers in gas reserves offshore Mozambique.

We have seen some older technology ships continue to experience idle time.
However, on a historical basis LNG shipping rates remain 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 opportunities for GasLog’s high quality LNG shipping operations.
We will continue to focus on delivering on our business plan ,through the
on-time delivery of the newbuilding fleet, while ensuring full utilization of
the existing ships. GasLog’s strategy of leveraging its established platform
and customer relationships will facilitate its qualification for charter
possibilities for the two uncommitted newbuildings as well as the six vessel
options it holds at Samsung. GasLog’s experience and contract coverage also
provides us with the ability to be more opportunistic from a vessel
acquisition and charter perspective.

Conference Call

GasLog will host a conference call at 8:30 a.m. Eastern Time (1:30 p.m. London
Time) on Tuesday, August 20, 2013 to discuss the second quarter 2013 results.
The dial-in number is 1-646-254-3362 (New York, NY) and +44 (0) 203 427 1916
(London, UK), passcode is 6332240. 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 August 20,
2013 until 6:00 p.m. Eastern Time on Tuesday August 27, 2013 (11:00 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 6332240.

About GasLog Ltd.

GasLog is an international owner, operator and manager of LNG carriers.
GasLog’s fleet consists of 14 wholly-owned LNG carriers, including two ships
delivered in 2010, four ships delivered in 2013 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 Annual Report filed March
28, 2013. Copies of the Annual Report, 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, 2012 and June 30, 2013
(All amounts expressed in U.S. Dollars)
                                                                             
                                    December 31,             June 30, 2013
                                    2012
Assets                                 (restated)   ^(1)
Non-current assets
Goodwill                               9,511,140               9,511,140
Investment in associate                6,856,144               6,349,274
Deferred financing costs               24,278,983              18,717,777
Other non-current assets               4,071,071               2,090,074
Derivative financial                   —                       4,922,645
instruments
Tangible fixed assets                  426,879,545             988,225,786
Vessels under construction             217,321,572             141,744,651
Total non-current assets               688,918,455             1,171,561,347
Current assets
Trade and other receivables            2,431,852               2,396,627
Dividends receivable and               859,121                 605,164
due from related parties
Inventories                            480,554                 1,200,086
Prepayments and other                  425,385                 1,147,191
current assets
Short-term investments                 104,674,150             —
Cash and cash equivalents              110,978,315             211,753,267
Total current assets                   219,849,377             217,102,335
Total assets                           908,767,832             1,388,663,682
Equity and liabilities
Equity
Share capital                          628,632                 628,632
Contributed surplus                    621,879,379             614,964,431
Reserves                               (11,049,090  )          (3,856,450    )
(Accumulated                           (8,187,530   )          11,220,440
deficit)/Retained earnings
Equity attributable to                 603,271,391             622,957,053
owners of the Group
Current liabilities
Trade accounts payable                 1,794,300               6,616,870
Ship management creditors              850,680                 4,642,596
Amounts due to related                 121,663                 88,654
parties
Derivative financial                   7,144,738               10,280,109
instruments
Other payables and accruals            15,094,483              15,649,649
Borrowings—current portion             25,753,343              39,660,527
Total current liabilities              50,759,207              76,938,405
Non-current liabilities
Derivative financial                   24,183,718              3,529,434
instruments
Borrowings—non-current                 228,514,890             684,612,554
portion
Other non-current                      2,038,626               626,236
liabilities
Total non-current                      254,737,234             688,768,224
liabilities
Total equity and                       908,767,832             1,388,663,682
liabilities
                                                                             

^(1) restated to account for the retrospective application of the amendments
to IAS 19 Employee Benefits adopted on January 1, 2013.



                                                        
                                                                                                 
Unaudited condensed consolidated statements of profit or loss
For the three and six months ended June 30, 2012 and 2013
(All amounts expressed in U.S. Dollars)
                                                                                                 
                         For the three months ended            For the six months ended
                         June 30,         June 30,           June 30,          June 30,
                         2012               2013               2012                2013
Revenues                  16,707,015        32,948,346        33,309,402         54,725,204
Vessel operating
and supervision            (3,225,029 )       (7,574,585 )       (6,713,217  )       (12,451,485 )
costs
Depreciation of            (3,249,623 )       (6,383,872 )       (6,484,831  )       (10,624,368 )
fixed assets
General and
administrative             (6,309,078 )       (4,812,568 )       (11,493,845 )       (11,427,228 )
expenses
Profit from                3,923,285          14,177,321         8,617,509           20,222,123
operations
                                                                                                 
Financial
(costs)/gains
including                  (8,293,999 )       5,827,773          (11,200,446 )       5,109,373
gain/(loss) on
swaps
Financial income           443,859            69,511             443,859             248,292
Share of profit            374,728            354,869            758,015             743,130
of associate
Total other                (7,475,412 )       6,252,153          (9,998,572  )       6,100,795
(expense)/income
(Loss)/profit              (3,552,127 )       20,429,474         (1,381,063  )       26,322,918
for the period
                                                                                                 
(Loss)/earnings
per share –                (0.06)             0.32               (0.03       )       0.42
basic and
diluted
                                                                                                 
                                                                                                 



Unaudited condensed consolidated statements of cash flows
For the six months ended June 30, 2012 and 2013
(All amounts expressed in U.S. Dollars)
                                                       
                                         For the six months ended
                                         June 30, 2012        June 30, 2013
Cash flows from operating
activities:
(Loss)/profit for the period               (1,381,063   )       26,322,918
Adjustments for:
Depreciation of fixed assets               6,484,831            10,624,368
Share of profit of associate               (758,015     )       (743,130     )
Financial income                           (443,859     )       (248,292     )
Financial (costs)/gains                    11,200,446           (5,109,373   )
including gain/(loss) on swaps
Unrealized foreign exchange
losses on cash and cash                    823,587              156,236
equivalents and short-term
investments
Expense recognized in respect of
equity-settled share based                 3,481,090            124,207
payments
                                           19,407,017           31,126,934
Movements in working capital               (5,170,631   )       1,751,994
Cash provided by operations                14,236,386           32,878,928
Interest paid                              (5,739,386)          (8,242,148   )
Net cash from operating                    8,497,000            24,636,780
activities
Cash flows from investing
activities:
Dividends received from                    950,000              1,140,027
associate
Payments for tangible fixed
assets and vessels under                   (41,106,316  )       (493,574,257 )
construction
Return of contributed capital              —                    359,973
from associate
Increase in short-term                     (201,562,992 )       (1,469,200   )
investments
Maturity of short-term                     —                    106,046,500
investments
Financial income received                  99,332               393,094
Net cash used in investing                 (241,619,976 )       (387,103,863 )
activities
Cash flows from financing
activities:
Bank loans and bond drawdown               —                    604,206,216
Bank loan repayments                       (13,678,893  )       (119,392,019 )
Payment of loan issuance costs             (11,396,867  )       (7,682,880   )
Proceeds from sale of common               310,890,165          —
shares (net of expenses)
Dividends paid                             —                    (13,829,896  )
Capital contributions                      18,662,935           —
Net cash from financing                    304,477,340          463,301,421
activities
Effects of exchange rate changes           (590,836     )       (59,386      )
on cash and cash equivalents
Increase in cash and cash                  70,763,528           100,774,952
equivalents
Cash and cash equivalents,                 20,092,909           110,978,315
beginning of the period
Cash and cash equivalents, end             90,856,437           211,753,267
of the period
                                                                             
                                                                             

EXHIBIT II

Non-GAAP Financial Measures:

EBITDA represents earnings before interest income and expense, taxes,
depreciation and amortization. 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,
respectively, 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 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 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 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 operations between
periods.

EBITDA, Adjusted EBITDA, Adjusted Profit 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 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 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):
(All amounts expressed in U.S. Dollars)
                                     For the three months ended
                                     June 30, 2012        June 30, 2013
(Loss)/Profit for                     (3,552,127 )            20,429,474
the period
Depreciation of                         3,249,623                6,383,872
fixed assets
Financial costs
excluding                               2,945,650                7,062,618
gain/(loss) on
swaps
Financial income                       (443,859   )            (69,511     )
EBITDA                                 2,199,287               33,806,453
Unrealized
loss/(gain) on                          5,348,349                (12,890,391 )
swaps, net
Foreign exchange
losses/(gains),                        773,545                 (468,858    )
net
Adjusted EBITDA                        8,321,181               20,447,204
                                                                             

Reconciliation of
Adjusted Profit to
Profit/(Loss):              
(All amounts
expressed in U.S.
Dollars)
                                     For the three months ended
                                     June 30, 2012        June 30, 2013
(Loss)/Profit for                     (3,552,127 )            20,429,474
the period
Unrealized
loss/(gain) on                          5,348,349                (12,890,391 )
swaps, net
Foreign exchange                       773,545                 (468,858    )
losses/(gains), net
Adjusted Profit for                    2,569,767               7,070,225
the period
                                                                             

Reconciliation of Adjusted Earnings Per Share to Earnings/(Loss) Per Share:
(All amounts expressed in U.S. Dollars)


                              Three months ended
                                       June 30, 2012        June 30, 2013
(Loss)/Profit for
the period                               (3,552,127 )             20,429,474
attributable to
owners of the Group
Less: Loss allocated
to manager shares                         (5,578     )              —
and subsidiary
manager shares
(Loss)/profit
attributable to the
owners of common                          (3,546,549 )              20,429,474
shares used in the
calculation of basic
EPS
Weighted average
number of shares                          61,721,614                62,863,166
outstanding, basic
EPS                                       (0.06      )              0.32
                                                                    
Adjusted profit for
the period                                2,569,767                 7,070,225
attributable to
owners of the Group
Less: Adjusted
earnings allocated
to manager shares                         4,036                     —
and subsidiary
manager shares
Adjusted earnings
attributable to the
owners of common                          2,565,731                 7,070,225
shares used in the
calculation of basic
EPS
Weighted average
number of shares                          61,721,614                62,863,166
outstanding
Adjusted EPS                              0.04                      0.11
                                                                    
                                                                    

Contact:

GasLog, Monaco
Simon Crowe, CFO, +377 9797 5115
or
Thor Knappe, +377 9797 5117
or
Solebury Communications, NYC
Ray Posadas, +1 203-428-3231
ir@gaslogltd.com