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

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

Business Wire

MONACO -- November 14, 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 September
30, 2013.

Highlights

  *Quarterly dividend raised to $0.12 per common share payable on December 9,
    2013.
  *Acquisition of GasLog Chelsea, a 2010-built 153,600 cubic meters, TFDE LNG
    Carrier followed by immediate conclusion of $100 million financing and
    spot charter.
  *EBITDA^(1) of 27.9 million, earnings per share (“EPS”) of $0.15 and Profit
    of $9.2 million for the third quarter.
  *Adjusted EBITDA^(1) of $30.2 million, Adjusted EPS^(1) of $0.18 and
    Adjusted Profit^(1) of $11.4 million for the third quarter.

CEO Statement

Mr. Paul Wogan, Chief Executive Officer, stated “I am very pleased to report
on what has been another strong quarter for GasLog. I am also pleased to
report that as a result of our growing business and strengthening cash flows,
we are able to reward our shareholders by raising the quarterly dividend to
$0.12. We continued to execute on our business plan with the delivery of the
GasLog Skagen ahead of schedule and on budget as well as the continued 100%
utilization of our on-the water fleet. As previously reported we contracted 2
new buildings, during the quarter, at Samsung Heavy Industries Co. Ltd.
(“Samsung”) for delivery in 2016 with associated seven year charters to the BG
Group and secured options for the construction of up to six additional new
buildings. Our strong relationship with Samsung enabled us to extend the 6
options into the first quarter of 2014. In addition, the strength of our
underlying business allied with our close banking relationships allowed us to
move quickly to secure the purchase of the GasLog Chelsea at what we believe
was a very competitive price. Our highly efficient and effective operating
platform enabled us to take possession of the ship and quickly place it on its
first short term charter. We continue to be excited about further potential
consolidation and fleet growth opportunities and feel we are well placed to
take advantage of these opportunities due to our operational platform allied
with the ongoing development of our capital structure.”

Dividend Declaration

On November 13, 2013, the Board of Directors declared a quarterly cash
dividend of $0.12 per common share payable on December 9, 2013 to shareholders
of record as of November 25, 2013.

Acquisition of GasLog Chelsea

In September 2013, GasLog entered into a memorandum of agreement to acquire
the STX Frontier, a 2010-built 153,600 cubic meters LNG Carrier from STX Pan
Ocean LNG Pte. Ltd., a Singapore based Company. As of September 30, 2013, the
Group had paid to the seller $16 million as advance for the vessel’s delivery.
The purchase was concluded and the vessel was delivered on October 4, 2013 and
renamed GasLog Chelsea. Its first charter, a single voyage charter at a rate
in line with reported spot market rates, commenced on October 11, 2013.

New Financing

On September 25, 2013, GasLog through its subsidiary GAS-fifteen Ltd. signed a
loan agreement with Citibank N.A., London Branch and Citibank International
Plc. for a term loan facility of $100 million to partially finance the
acquisition of the GasLog Chelsea.

Financial Summary

Profit was $9.2 million for the quarter ended September 30, 2013 ($2.9 million
for the quarter ended September 30, 2012). This increase is mainly
attributable to the delivery of the GasLog Shanghai, the GasLog Santiago, the
GasLog Sydney and the GasLog Skagen on January 28, 2013, March 25, 2013, May
30, 2013 and July 25, 2013, respectively, and the immediate commencement of
their charter party agreements with the BG Group as well as the other factors
mentioned below.

EPS was $0.15 for the quarter ended September 30, 2013 ($0.05 for the quarter
ended September 30, 2012). The increase in EPS is attributable to the increase
in profit.

EBITDA^(1) was $27.9 million for the quarter ended September 30, 2013 ($8.6
million for the quarter ended September 30, 2012).

Adjusted Profit^(1) was $11.4 million for the quarter ended September 30, 2013
($4.0 million for the quarter ended September 30, 2012), after excluding the
effects of the unrealized loss on swaps and foreign exchange gains.

Adjusted EPS^(1) was $0.18 for the quarter ended September 30, 2013 ($0.06 for
the quarter ended September 30, 2012).

Adjusted EBITDA^(1) was $30.2 million for the quarter ended September 30, 2013
($9.7 million for the quarter ended September 30, 2012).

Revenues were $43.2 million for the quarter ended September 30, 2013 ($16.9
million for the quarter ended September 30, 2012). The increase is mainly
attributable to the delivery of the four newbuildings as outlined above.

Vessel operating and supervision costs were $8.3 million for the quarter ended
September 30, 2013 ($3.6 million for the quarter ended September 30, 2012).
The increase is mainly attributable to the vessel operating costs of the four
newbuildings delivered by the shipyard during 2013.

Depreciation of fixed assets was $8.4 million for the quarter ended September
30, 2013 ($3.3 million for the quarter ended September 30, 2012). The increase
is mainly attributable to the depreciation of the four newbuildings brought
into operation during 2013.

General and administrative expenses were $4.5 million for the quarter ended
September 30, 2013 ($2.9 million for the quarter ended September 30, 2012).
The increase is mainly attributable to an increase in employee related
expenses in line with GasLog’s planned growth.

Financial costs and gain/(loss) on swaps, net were $13.3 million for the
quarter ended September 30, 2013 ($4.6 million for the quarter ended September
30, 2012). The increase is attributable to an increase of $7.6 million in
other financial costs due to the increase in outstanding indebtedness and an
increase of $1.1 million in unrealized loss on swaps.

_______________________

^(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
September 30, 2013, please refer to the Financial Report for the Three Months
and Nine Months Ended September 30, 2013, 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

Contracted Charter Revenues

GasLog’s contracted charter revenues are estimated to increase from $56.28
million for the fiscal year 2012 to $280.13 million for the fiscal year 2017,
based on contracts in effect as of September 30, 2013 for the twelve ships in
GasLog’s owned fleet for which time charters have been secured. These include
contracts for six 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 Q3 6-K.

Liquidity and Financing

As of September 30, 2013, GasLog had cash and cash equivalents of $236.41
million of which $180.11 million was held in time deposits. Moreover, as of
September 30, 2013, GasLog had $39 million held in time deposits with an
initial duration of more than three months but less than a year which have
been classified as short-term investments.

As of September 30, 2013, GasLog had an aggregate of $924.65 million of
indebtedness outstanding under five credit agreements, of which $96.75 million
is repayable within one year. As of September 30, 2013, GasLog had $83.43
million outstanding under the bond agreement that is payable in June 2018.

As of September 30, 2013 there is an undrawn amount of $10.51 million from the
revolving facility of GAS-two Ltd. which is available to be drawn under
certain conditions. In addition, there are two loan facilities with an
aggregate undrawn amount of $579 million available that will be used to
finance a portion of the contract prices of four of our newbuildings up on
their deliveries.

As of September 30, 2013, GasLog’s commitments for capital expenditures are
related to the eight LNG carriers on order and the GasLog Chelsea, which have
a gross aggregate contract price of approximately $1.75 billion. As of
September 30, 2013, the total remaining balance of the contract prices of the
eight newbuildings was $1.44 billion that will be funded with available cash,
cash from operations, existing debt and other financings. As of September 30,
2013, the outstanding $144 million commitment for GasLog Chelsea was funded by
the $100 million loan drawn in September 2013 and available cash.

GasLog’s expected floating interest rate exposure has been hedged at a
weighted average interest rate of approximately 4.5% (including margin) as of
September 30, 2013.

Business Update

As of September 30, 2013 GasLog has eight newbuildings on order at Samsung.
Our vessels presently under construction are on schedule and within budget
with one vessel scheduled to be delivered in the fourth quarter of 2013.

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

In August 2013, GasLog announced the order of two 174,000 cubic meters LNG
carriers from Samsung. 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 an extension of the previously reported options for the
construction of up to six (4 priced and 2 unpriced) additional LNG carriers
(174,000 cubic meters each) from Samsung until the first quarter of 2014.

LNG Market Update and Outlook

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.

In the third quarter of 2013 short-term rates for LNG carriers increased
during the first few weeks before declining to finish the quarter slightly
below the levels seen at the start of the quarter. Lower Far Eastern gas
prices limited inter-basin trading opportunities which can generate
significant demand for prompt tonnage. Early in the fourth quarter, we saw gas
prices rising in the Far East ahead of the Northern Hemisphere winter, which
could lead to a strengthening of short term shipping rates. LNG shipping rates
remain high as compared to average historical levels, and we expect this to be
reflected in the longer-term charter market.

We will continue to focus on delivering on our business plan, through the
on-time delivery of the newbuilding fleet, while seeking to maintain full
utilization of the existing ships. We expect our strategy of leveraging our
established platform and customer relationships to facilitate our
qualification for charter possibilities for the two uncommitted newbuildings
as well as the six vessel options we hold 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, as the recent acquisition
of the GasLog Chelsea (formerly STX Frontier) has shown.

Conference Call

GasLog will host a conference call at 8:30 a.m. Eastern Time (1:30 p.m. London
Time) on Thursday, November 14, 2013 to discuss the third quarter 2013
results. The dial-in number is +1-212-444-0896 (New York, NY) and +44 (0) 203
427 1908 (London, UK), passcode is 5079739. 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 14,
2013 until 6:59 p.m. Eastern Time on Wednesday November 20, 2013 (11:59 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 5079739.

About GasLog Ltd.

GasLog is an international owner, operator and manager of LNG carriers.
GasLog’s fleet consists of 15 wholly-owned LNG carriers, including two ships
delivered in 2010, five 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 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 September 30, 2013
(All amounts expressed in U.S. Dollars)

                                                       
                                    December 31, 2012     September 30, 2013
Assets                              (restated) ^ (1)
Non-current assets
Goodwill                            9,511,140             9,511,140
Investment in associate             6,856,144             6,700,090
Deferred financing costs            24,278,983            15,731,242
Other non-current assets            4,071,071             2,174,908
Derivative financial instruments    —                     4,188,808
Tangible fixed assets               426,879,545           1,176,662,381
Vessels under construction and      217,321,572           166,902,483
advances for vessels
Total non-current assets            688,918,455           1,381,871,052
Current assets
Trade and other receivables         2,431,852             2,671,608
Dividends receivable and due from   859,121               326,889
related parties
Inventories                         480,554               1,522,427
Prepayments and other current       425,385               1,242,141
assets
Short-term investments              104,674,150           39,000,000
Cash and cash equivalents           110,978,315           236,409,634
Total current assets                219,849,377           281,172,699
Total assets                        908,767,832           1,663,043,751
Equity and liabilities
Equity
Share capital                       628,632               628,632
Contributed surplus                 621,879,379           614,964,431
Reserves                            (11,049,090       )   (5,790,150         )
(Accumulated deficit)/Retained      (8,187,530        )   13,467,014
earnings
Equity attributable to owners of    603,271,391           623,269,927
the Group
Current liabilities
Trade accounts payable              1,794,300             4,411,447
Ship management creditors           850,680               1,016,290
Amounts due to related parties      121,663               55,310
Derivative financial instruments    7,144,738             12,532,131
Other payables and accruals         15,094,483            28,513,677
Borrowings—current portion          25,753,343            92,962,146
Total current liabilities           50,759,207            139,491,001
Non-current liabilities
Derivative financial instruments    24,183,718            4,506,454
Borrowings—non-current portion      228,514,890           895,108,306
Other non-current liabilities       2,038,626             668,063
Total non-current liabilities       254,737,234           900,282,823
Total equity and liabilities        908,767,832           1,663,043,751
                                                                             

^(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 nine months ended September 30, 2012 and 2013
(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           2013            2012            2013
Revenues          16,935,004     43,176,697      50,244,406      97,901,901
Vessel
operating and     (3,629,299 )   (8,285,076  )   (10,342,516 )   (20,736,561 )
supervision
costs
Depreciation of   (3,288,480 )   (8,393,019  )   (9,773,311  )   (19,017,387 )
fixed assets
General and
administrative    (2,938,036 )   (4,502,603  )   (14,431,881 )   (15,929,831 )
expenses
Profit from       7,079,189      21,995,999      15,696,698      42,218,122
operations
                                                                             
Financial costs
including         (4,639,598 )   (13,287,641 )   (15,840,044 )   (8,178,268  )
gain/(loss) on
swaps
Financial         481,265        102,348         925,124         350,640
income
Share of profit   3,138          350,816         761,153         1,093,946
of associate
Total other       (4,155,195 )   (12,834,477 )   (14,153,767 )   (6,733,682  )
expense
Profit for the    2,923,994      9,161,522       1,542,931       35,484,440
period
                                                                             
Earnings per
share – basic     0.05           0.15            0.03            0.56
and diluted
                                                                             

Unaudited condensed consolidated statements of cash flows
For the nine months ended September 30, 2012 and 2013
(All amounts expressed in U.S. Dollars)

                                                       
                                   For the nine months ended
                                   September 30, 2012     September 30, 2013
Cash flows from operating
activities:
Profit for the period              1,542,931              35,484,440
Adjustments for:
Depreciation of fixed assets       9,773,311              19,017,387
Share of profit of associate       (761,153           )   (1,093,946         )
Financial income                   (925,124           )   (350,640           )
Financial costs including          15,840,044             8,178,268
gain/(loss) on swaps
Unrealized foreign exchange
losses/(gains) on cash and cash    176,657                (675,257           )
equivalents and short-term
investments
Non-cash employee benefits         3,481,090              308,514
                                   29,127,756             60,868,766
Movements in working capital       (8,260,438         )   11,868,260
Cash provided by operations        20,867,318             72,737,026
Interest paid                      (8,466,013         )   (16,764,524        )
Net cash from operating            12,401,305             55,972,502
activities
Cash flows from investing
activities:
Payments for tangible fixed
assets, vessels under              (89,933,799        )   (718,251,336       )
construction and advances for
vessels
Dividends received from            950,000                1,640,027
associate
Return of contributed capital      —                      359,973
from associate
Purchase of short-term             (211,347,592       )   (40,469,200        )
investments
Maturity of short-term             —                      106,046,500
investments
Financial income received          181,109                462,933
Net cash used in investing         (300,150,282       )   (650,211,103       )
activities
Cash flows from financing
activities:
Payment of IPO costs               (3,515,267         )   —
Proceeds from bank loans and       —                      882,199,966
bond
Bank loan repayments               (20,554,071        )   (130,002,113       )
Payment of loan issuance costs     (13,827,574        )   (12,555,197        )
Proceeds from sale of common       314,255,049            —
shares
Dividends paid                     —                      (20,744,844        )
Capital contributions              18,662,935             —
Net cash from financing            295,021,072            718,897,812
activities
Effects of exchange rate changes   (628,385           )   772,108
on cash and cash equivalents
Increase in cash and cash          6,643,710              125,431,319
equivalents
Cash and cash equivalents,         20,092,909             110,978,315
beginning of the period
Cash and cash equivalents, end     26,736,619             236,409,634
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 loss on swaps and foreign exchange gains. Adjusted Profit and
Adjusted EPS represent earnings and earnings per share, respectively, before
unrealized loss on swaps and foreign exchange gains. 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 loss on swaps
and foreign exchange gains, 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:
(All amounts expressed in U.S. Dollars)

                                  For the three months ended
                                   September 30, 2012    September 30, 2013
Profit for the period              2,923,994              9,161,522
Depreciation of fixed assets       3,288,480              8,393,019
Financial costs excluding          2,892,817              10,462,101
gain/(loss) on swaps
Financial income                   (481,265           )   (102,348           )
EBITDA                             8,624,026              27,914,294
Unrealized loss on swaps, net      1,746,781              2,825,540
Foreign exchange gains, net        (625,791           )   (554,858           )
Adjusted EBITDA                    9,745,016              30,184,976
                                                                             

Reconciliation of Adjusted Profit to Profit:
(All amounts expressed in U.S. Dollars)

                                For the three months ended
                                 September 30, 2012    September 30, 2013
Profit for the period            2,923,994              9,161,522
Unrealized loss on swaps, net    1,746,781              2,825,540
Foreign exchange gains, net      (625,791           )   (554,858           )
Adjusted Profit for the period   4,044,984              11,432,204
                                                                           

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

                                      Three months ended
                                       September 30, 2012  September 30, 2013
Profit for the period attributable          2,923,994          9,161,522
to owners of the Group
Weighted average number of shares           62,863,166         62,863,166
outstanding, basic
EPS                                         0.05               0.15
                                                                 
Adjusted profit for the period               4,044,984           11,432,204
attributable to owners of the Group
Weighted average number of shares           62,863,166         62,863,166
outstanding, basic
Adjusted EPS                                0.06               0.18
                                                                 

Contact:

GasLog, Monaco
Simon Crowe, +377 9797 5115
CFO
or
Jamie Buckland, +377 9797 5118
or
Solebury Communications, NYC
Ray Posadas, +1 203-428-3231
ir@gaslogltd.com