GasLog Ltd. Reports Financial Results for the Quarter Ended March 31, 2014

  GasLog Ltd. Reports Financial Results for the Quarter Ended March 31, 2014

Business Wire

MONACO -- May 14, 2014

GasLog Ltd. and its subsidiaries (“GasLog” or “Group” or “Company”)
(NYSE:GLOG), an international owner, operator and manager of liquefied natural
gas (“LNG”) carriers, today reported its financial results for the quarter
ended March 31, 2014.

First Quarter 2014 Highlights

    Announced the acquisition of three on-the-water vessels from a subsidiary
•  of BG Group plc (“BG”) for $468 million, with time charters back for an
    average of 6 years. The vessels were delivered after quarter end.
    Successfully completed GasLog’s first follow-on equity offering, raising
•   approximately $199 million (net of expenses) to partially fund the
    acquisition of the 3 BG vessels.
•   Placed the GasLog Chelsea on a minimum seven month charter from May 2014.
    EBITDA^(1) of $31.1 million (Q1 2013: $13.9 million), earnings per share
•   (“EPS”) of $0.09 (Q1 2013: $0.09) and Profit of $6.3 million (Q1 2013:
    $5.9 million) for the first quarter.
    Adjusted EBITDA^(1) of $34.3 million (Q1 2013: $11.3 million), Adjusted
•   EPS^(1) of $0.13 (Q1 2013: $0.05) and Adjusted Profit^(1) of $9.6 million
    (Q1 2013: $3.2 million) for the first quarter.
•   Quarterly dividend of $0.12 per common share payable on June 11, 2014.
    

Post Quarter End Highlights

•  Successfully completed an initial public offering of 9,660,000 common
    units of GasLog Partners LP (“MLP”).
    Announced the agreement to acquire three additional on-the-water vessels
•   from a subsidiary of BG for $468 million and raised approximately $110
    million (net of expenses) from a second follow-on equity offering to
    partially fund the transaction.
    Successfully closed a tap issue of the Norwegian bond raising NOK 500
•   million (approximately $84 million) at an all in swapped fixed cost of
    5.99%.
•   Entered into contracts with Samsung for the purchase of two 174,000 cbm
    newbuildings for delivery in the second half of 2017.

__________________________
^(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 International
Financial Reporting Standards (“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.

CEO Statement

Mr. Paul Wogan, Chief Executive Officer, stated “I am very pleased that
following another busy quarter the business remains on track for 2014. We grew
our fleet during the quarter with the announcement of the acquisition of three
on the water ships from a subsidiary of BG with an average of 6 year time
charters back to BG. The vessels were delivered to GasLog on April 10, 2014.
On the same day we announced a second transaction with BG to acquire three
additional ships for $468 million, again with 6-year-time charters back to BG.
Our two follow-on equity offerings raised in excess of $300 million. These
accretive transactions will increase the size of our fully delivered fleet to
23 ships (including the three vessels contributed to the MLP). It also takes
our backlog of contracted revenue to almost $3 billion. These two BG
transactions alongside the acquisition of the GasLog Chelsea in 2013
demonstrate our ongoing desire and ability to acquire high quality assets with
attractive return profiles as we continue to pursue our consolidation
strategy.

The GasLog Chelsea continued to perform well in what was a quiet quarter for
spot voyages. We put the ship on two short term charters to new customers and
then placed the vessel on a minimum seven month charter which commenced on May
2, 2014.

In early January, we also announced that we had made a confidential filing for
the initial public offering of common units by our Master Limited Partnership
subsidiary. On May 12, 2014, we completed the sale of 9,660,000 common units
of the MLP at $21 per unit.

We carried out some major scheduled maintenance during the quarter on a number
of vessels without any off hire. This resulted in higher than average
maintenance cost for the quarter but our operating cost remains on budget for
the full year.

We have continued to build and position the Company for what we believe will
be strong markets for LNG shipping as the liquefaction project completions
start to gather pace.”

Dividend Declaration

On May 13, 2014, the Board of Directors declared a quarterly cash dividend of
$0.12 per common share payable on June 11, 2014 to shareholders of record as
of May 27, 2014.

Acquisition of Six LNG carriers from a subsidiary of BG

On January 15, 2014, GasLog entered into an agreement to acquire three 145,000
cbm steam-powered LNG carriers for an aggregate cost of $468 million from a
subsidiary of BG, with the vessels to be chartered back to Methane Services
Ltd. (“MSL”), for an average six year initial term. On April 10, 2014, GasLog
announced the completion of this transaction. The ships acquired are the
Methane Rita Andrea, the Methane Jane Elisabeth, and the Methane Lydon Volney.

On April 10, 2014, GasLog entered into an agreement to acquire three
additional 145,000 cbm steam-powered LNG carriers for an aggregate cost of
$468 million from a subsidiary of BG, with the vessels to be chartered back to
MSL for an average six year initial term. The ships to be acquired are the
Methane Shirley Elisabeth, the Methane Heather Sally, and the Methane Alison
Victoria. This transaction is expected to close in the third quarter of 2014.

MSL has unilateral options to extend the term of the time charters for four of
the ships for a period of either three or five years. GasLog supervised the
construction of all six ships for BG and has provided technical management for
the ships since delivery.

MLP Units Offering

On April 7, 2014, a subsidiary of GasLog filed a registration statement with
the SEC for an initial public offering of common units representing limited
partnership interests in an MLP formed to own ocean-going LNG carriers with
long-term charters. On May 12, 2014, we completed the initial public offering
of the MLP. Of the net proceeds of $189.1 million after deducting underwriting
discounts and structuring fees, $82.63 million, plus accrued interest in
connection with such amount, was used to reduce existing indebtedness on the
MLP’s initial fleet, approximately $2.3 million was used to settle the
marked-to-market loss on reduction of MLP’s interest rate swaps, in connection
with the $82.63 million of debt that was prepaid, $68.79 million was paid by
the MLP to GasLog (including $3.1 million as reimbursement for the estimated
offering expenses) and $35.0 million was retained by the MLP. GasLog owns the
general partner of the MLP and a majority of its total equity; as a result,
the MLP is controlled by GasLog.

Following the completion of the MLP initial public offering, the MLP owns
three vessels with multi-year charters contributed by GasLog (the GasLog
Shanghai, the GasLog Santiago and the GasLog Sydney). The MLP has options to
acquire for fair market value twelve additional vessels (including three
vessels to be acquired from a subsidiary of BG) from GasLog that are either
currently on the water or scheduled for delivery, and all of which currently
have multi-year charters. The MLP and GasLog also have entered into certain
noncompetition agreements, pursuant to which (i) the MLP has the right to
acquire for fair market value any additional ocean-going LNG carriers with
cargo capacities greater than 75,000 cbm that GasLog either acquires or
re-charters and that have charters of five years or more (“Five Year Vessels”)
and (ii) GasLog has the right to acquire for fair market value any LNG
carriers that the MLP acquires that are not Five Year Vessels. If the MLP
proposes to dispose of an LNG carrier, GasLog will have a right of first offer
with respect to that vessel, and if GasLog proposes to dispose of a Five Year
Vessel, the MLP will have a right of first offer with respect to that vessel.
All vessels owned by the MLP will be managed by GasLog unless otherwise
stipulated in the charter agreement.

GasLog is entitled to share in quarterly distributions paid on the general and
limited partnership interests it holds, as well as certain incentive
distribution rights that entitle GasLog to an increasing portion of
incremental distributions over certain thresholds. GasLog is also entitled to
receive fees from providing commercial, ship management and administrative
services to the MLP.

Equity Offerings

On January 22, 2014, GasLog completed a follow-on public offering of
10,925,000 common shares, including 1,425,000 common shares issued upon the
exercise in full by the underwriters of their option to purchase additional
shares. The public offering price was $15.75 per share. The Company also sold
2,317,460 common shares at the public offering price in a private placement to
certain of its directors and officers and one of its major shareholders, also
at $15.75 per share. The net proceeds of $199.08 million, after deducting
underwriting discounts and offering expenses, were used to partially finance
the vessel acquisition from a subsidiary of BG that closed in April 2014.

On April 16, 2014, GasLog completed a further follow-on public offering of
4,887,500 common shares, including 637,500 common shares issued upon the
exercise in full by the underwriters of their option to purchase additional
shares. The public offering price was $23.75 per share. The net proceeds of
approximately $109.8 million, after deducting underwriting discounts and other
offering expenses, will be used to partially finance the pending vessel
acquisition from a subsidiary of BG.

New Financings

In connection with the acquisition of the first three ships from BG, GasLog
obtained commitments from Citibank N.A, London Branch (“Citibank”) for a
$325.5 million debt financing with a two-year maturity, together with a $100.0
million short-term bridge loan facility. The bridge loan facility commitment
remained undrawn and was cancelled on successful completion of the public
offering and the private placement in January 2014. The $325.5 million debt
financing agreement was signed on April 1, 2014, and on April 9, 2014, GasLog
drew down $325.5 million under this agreement to finance part of the
acquisition cost of the first three ships acquired from BG.

In connection with the pending acquisition of the additional three ships from
a subsidiary of BG, GasLog obtained commitments from Citibank for a further
$325.5 million debt financing with a two-year maturity, together with a
further $100 million short-term bridge loan facility. The bridge loan facility
commitment remained undrawn and was cancelled on successful completion of the
public offering in April 2014.

After the quarter end, GasLog successfully closed a tap issue of the Norwegian
bond of NOK 500 million (approximately $84 million). All interest and
principal payments have been swapped into USD at an effective interest cost of
5.99% per annum. The proceeds from the offering will be used for general
corporate purposes, including financing for GasLog’s newbuilding program. The
total outstanding balance of the Norwegian bond after the tap issue amounts to
NOK 1 billion (approximately $169 million).

In connection with the MLP initial public offering, we obtained certain
waivers and consents from our lenders and amended two of our credit
facilities. The credit facility entered into by our subsidiaries GAS-three
Ltd. and GAS-four Ltd. was amended to, among other things, permit GasLog’s
contribution of the GasLog Shanghai and the GasLog Santiago to the MLP and add
GasLog Partners Holdings LLC, a subsidiary of the MLP, as a guarantor. The
credit facility entered into by our subsidiaries GAS-five Ltd. and GAS-six
Ltd. was amended to, among other things, (1) divide the facility into two
separate facilities on substantially the same terms as the current facility,
with one facility executed by GAS-five Ltd. for the portion allocated to the
GasLog Sydney and one facility executed by GAS-six Ltd. for the portion
allocated to the GasLog Skagen, (2) permit GasLog’s contribution of the GasLog
Sydney to the MLP and (3) add GasLog Partners Holdings LLC as a guarantor and
remove our subsidiary GasLog Carriers as a guarantor, in connection with the
new GAS-five Ltd. facility. In connection with these amendments, we prepaid
$82.63 million of the new GAS-five Ltd. facility with proceeds of the MLP
initial public offering.

Financial Summary

                                                      For the three months
In millions of U.S. dollars except per share numbers   Q1 2013    Q1 2014
EBITDA^(1)                                             13.9       31.1
Adjusted EBITDA^(1)                                    11.3       34.3
Profit                                                 5.9        6.3
Adjusted Profit^(1)                                    3.2        9.6
EPS                                                    0.09       0.09
Adjusted EPS^(1)                                       0.05       0.13
                                                                 

Profit was $6.3 million for the quarter ended March 31, 2014 ($5.9 million for
the quarter ended March 31, 2013). This increase is mainly attributable to the
increase in revenues, partially offset by the increase in operating expenses,
depreciation expense and financial costs including gain/(loss) on swaps. These
increases resulted from the delivery of the GasLog Shanghai , the GasLog
Santiago , the GasLog Sydney , the GasLog Skagen , the GasLog Chelsea and the
GasLog Seattle on January 28, 2013, March 25, 2013, May 30, 2013, July 25,
2013, October 4, 2013 and December 9, 2013, respectively, the commencement of
their charter party agreements as well as the new financing obtained with
relation to the delivery of the aforementioned vessels.

EPS was $0.09 for the quarter ended March 31, 2014 ($0.09 for the quarter
ended March 31, 2013).

EBITDA^(1) was $31.1 million for the quarter ended March 31, 2014 ($13.9
million for the quarter ended March 31, 2013).

Adjusted Profit^(1) was $9.6 million for the quarter ended March 31, 2014
($3.2 million for the quarter ended March 31, 2013), after excluding the
effects of the unrealized gain/loss on swaps and foreign exchange losses.

Adjusted EPS^(1) was $0.13 for the quarter ended March 31, 2014 ($0.05 for the
quarter ended March 31, 2013). The increase in Adjusted EPS is attributable to
the increase in Adjusted Profit partially offset by the increase in the
weighted average number of shares due to the public offering and the private
placement completed in January 2014.

Adjusted EBITDA^(1) was $34.3 million for the quarter ended March 31, 2014
($11.3 million for the quarter ended March 31, 2013).

Revenues were $57.1 million for the quarter ended March 31, 2014 ($21.8
million for the quarter ended March 31, 2013). The increase is mainly
attributable to the increase in operating days resulting from the delivery of
the six vessels mentioned above.

Vessel operating and supervision costs were $16.9 million for the quarter
ended March 31, 2014 ($4.9 million for the quarter ended March 31, 2013). The
increase is mainly attributable to the vessel operating costs of the six
vessels delivered in 2013 and increased technical expenses due to the planned
overhaul of the main engines for the two vessels delivered in 2010.

Depreciation of fixed assets was $11.2 million for the quarter ended March 31,
2014 ($4.2 million for the quarter ended March 31, 2013). The increase is
mainly attributable to the depreciation of the six vessels brought into
operation during 2013.

General and administrative expenses were $6.3 million for the quarter ended
March 31, 2014 ($6.6 million for the quarter ended March 31, 2013). The slight
decrease derived mainly from the decrease in net losses from foreign exchange
differences.

Financial costs and gain/(loss) on swaps, net were $16.8 million for the
quarter ended March 31, 2014 ($0.7 million for the quarter ended March 31,
2013). The increase is attributable to an increase of $6.4 million in
unrealized loss from swaps and an increase of $9.7 million in other financial
costs including interest expense.

For a detailed discussion of GasLog’s financial results for the quarter ended
March 31, 2014, please refer to the Financial Report for the Three Months
Ended March 31, 2014, furnished on Form 6-K to the United States Securities
and Exchange Commission (the “Q1 6-K”).
http://www.gaslogltd.com/investor-relations/sec-filings

Contracted Charter Revenues

GasLog’s contracted charter revenues are estimated to increase from $145.41
million for the fiscal year 2013 to $417.45 million for the fiscal year 2017,
based on contracts in effect as of March 31, 2014 for the eight LNG carriers
delivered to us in 2010 and 2013, the three LNG carriers acquired from a
subsidiary of BG in April 2014, the three additional LNG carriers that will be
acquired from a subsidiary of BG and the five LNG carriers on order for which
we have secured time charters, but does not include extension options. This
amount includes the vessels now owned by our MLP subsidiary. For further
details please refer to the Q1 6-K.

Liquidity and Financing

As of March 31, 2014, GasLog had cash and cash equivalents of $284.84 million
of which $223.95 million was held in time deposits. Moreover, as of March 31,
2014, GasLog had $2.15 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 March 31, 2014, GasLog had an aggregate of $1,040.71 million of
indebtedness outstanding under six credit agreements, of which $107.43 million
is repayable within one year. As of March 31, 2014, GasLog had $83.24 million
outstanding under the NOK bond agreement that is payable in June 2018.

As of March 31, 2014, there is an undrawn amount of $7.83 million from the
revolving facility of GAS-two Ltd. which is available to be drawn under
certain conditions. In addition, there is a loan facility with an aggregate
undrawn amount of $435 million available that will be used to finance a
portion of the contract prices of three of our newbuildings upon their
deliveries.

In connection with the MLP initial public offering, we obtained certain
waivers and consents from our lenders and amended the credit facilities
entered into by our subsidiaries GAS-three Ltd. and GAS-four Ltd., and
GAS-five Ltd. and GAS-six Ltd. to, among other things, permit GasLog’s
contribution of the GasLog Shanghai, the GasLog Santiago and the GasLog Sydney
to the MLP and add GasLog Partners Holdings LLC, a subsidiary of the MLP, as a
guarantor. In connection with these amendments, we prepaid $82.63 million of
the new GAS-five Ltd. facility with proceeds of the MLP initial public
offering.

As of March 31, 2014, GasLog’s commitments for capital expenditures are
related to the seven LNG carriers on order, which have a gross aggregate
contract price of approximately $1.39 billion. As of March 31, 2014, the total
remaining balance of the contract prices of the seven newbuildings was $1.26
billion that will be funded with available cash, cash from operations,
existing debt and other financings.

Subsequent to March 31, 2014, GasLog drew down the full amount of the new
$325.5 million loan facility put in place to finance part of the acquisition
cost of the first three ships acquired from BG.

GasLog’s expected floating interest rate exposure has been hedged for 64.4% at
a weighted average interest rate of approximately 4.5% (including margin) as
of March 31, 2014.

Business Update

As of March 31, 2014 GasLog has seven newbuildings on order at Samsung Heavy
Industries Co. Ltd. (“Samsung”). Our vessels presently under construction are
on schedule and within budget with one vessel scheduled to be delivered at the
end of the second quarter 2014 and one vessel scheduled to be delivered in the
fourth quarter of 2014.

The seven on-the-water ships in GasLog’s fleet as of March 31, 2014, currently
on long-term charters, performed without any off-hire during the quarter ended
March 31, 2014, thereby achieving full utilization for the period.

In April 2014, GasLog acquired three 145,000 cbm steam-powered LNG carriers
from a subsidiary of BG and has agreed to acquire another three sister LNG
carriers that are expected to deliver in the third quarter of 2014.

Following the completion of the MLP initial public offering, the MLP owns
three vessels with multi-year charters contributed by GasLog (the GasLog
Shanghai, the GasLog Santiago and the GasLog Sydney).

In May 2014, GasLog entered into contracts with Samsung for the purchase of
two additional 174,000 cbm newbuildings from Samsung with delivery dates in
2017. In addition, we secured additional fixed priced options from Samsung
with a four month option term on two further 174,000 cbm newbuildings with
delivery dates in 2017 and early 2018. If we exercise these options, Samsung
has agreed to grant us two additional options.

LNG Market Update and Outlook

We believe that the long-term outlook for LNG shipping remains very positive
with several significant liquefaction projects nearing completion and, over
the coming years, a steady stream of large projects expected to come online in
places such as Australia, USA, Russia, Canada and East Africa. In early 2014,
the 6mtpa Jordan Cove project became the 6th US project to receive U.S.
Department of Energy approval for LNG export to non-Free Trade Agreement
countries and Petronas took final investment decision (FID) on a second
floating production unit for offshore Malaysia. Petronas’ 1.5mtpa unit is
scheduled to commence production in 2018 and is the fourth floating LNG
production facility to achieve FID. This technology is an exciting development
for monetizing gas fields and supports the further growth in LNG carrier
demand.

During the first quarter of 2014 short-term rates for LNG carriers declined.
As for the previous quarter, market observers attributed the decline to a lack
of available LNG cargoes in the Atlantic basin reducing the demand for
short-term LNG charters, whilst more ships became available as newbuilds
delivered into the fleet. This softening of short-term rates is likely to
continue into Q2 2014 as open newbuilds continue to deliver at a faster pace
than liquefaction projects come online. In 2014 we expect the 6.9mtpa Papua
New Guinea LNG project to commence production of LNG, with reports suggesting
the project is scheduled to commence operations earlier than originally
planned. In addition, new LNG production is expected from Algeria this year,
and BG’s first production train of 4.5mtpa at Curtis LNG, Queensland,
reportedly remains on track to also produce first LNG in 2014. This will be
followed by additional production from other new projects in Australia, South
East Asia and North America in 2015 and beyond. There is currently over
100mtpa of new LNG production capacity for which FID has been taken but where
production has yet to commence. This supports our expectation that the medium
to long-term outlook for LNG shipping is very positive.

GasLog’s strategy has been to have its fleet largely contracted to high credit
quality counterparties through 2014 and 2015, thereby providing protection
from near term volatility. Looking ahead, we do expect to see significant
opportunities to capture upside in the spot market when new liquefaction
capacity commences production and outstrips the supply of ships. With the
GasLog Chelsea fixed for a minimum of seven months from May, we will have all
of our on-the-water vessels contracted to the end of 2014.

The acquisition of the GasLog Chelsea in 2013 and the recent vessel
acquisitions from a subsidiary of BG, demonstrate our willingness and ability
to take advantage of attractive acquisition opportunities as they arise. Our
financial flexibility alongside our solid contracted revenue base allows us to
look at potential opportunities that meet our disciplined return criteria in
both the short and long-term markets.

Through the delivery of our newbuilding program and the addition of
on-the-water vessels, we believe GasLog is very well placed to take advantage
of the continuing growth in the LNG industry.

Conference Call

GasLog will host a conference call at 8:30 a.m. Eastern Time (1:30 p.m. London
Time) on Wednesday, May 14, 2014 to discuss the first quarter 2014 results.
The dial-in number is +1-212-444-0481 (New York, NY) and +44 (0) 203 427 0503
(London, UK), passcode is 6932263. 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 May 14, 2014
until 6:59 p.m. Eastern Time on Wednesday, May 21, 2014 (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 6932263.

About GasLog Ltd.

GasLog is an international owner, operator and manager of LNG carriers.
Following the recently announced agreement to purchase three additional LNG
carriers from a subsidiary of BG, the contribution of three vessels to the MLP
and the contracts signed with Samsung for two newbuildings, GasLog’s
wholly-owned fleet will include 20 LNG carriers (including 11 ships in
operation and nine LNG carriers on order) and will have 6 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. GasLog is also
the general partner and majority interest holder in the MLP, a publicly traded
master limited partnership, which owns three LNG carriers.

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. All statements, other than
statements of historical facts, that address activities, events or
developments that the Company expects, projects, believes or anticipates will
or may occur in the future, including, without limitation, future operating or
financial results and future revenues and expenses, future, pending or recent
acquisitions, general market conditions and shipping industry trends, the
financial condition and liquidity of the Company, cash available for dividend
payments, future capital expenditures and drydocking costs and newbuild
vessels and expected delivery dates, are 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, technological advancements and
opportunities for the profitable operation of LNG carriers; our ability to
enter into time charters with our existing customers as well as new customers;
our contracted charter revenue; our customers’ performance of their
obligations under our time charters and other contracts; the effect of
volatile economic conditions and the differing pace of economic recovery in
different regions of the world; future operating or financial results and
future revenues and expenses; our future financial condition and liquidity;
our ability to obtain financing to fund capital expenditures, acquisitions and
other corporate activities, funding by banks of their financial commitments,
and our ability to meet our obligations under our credit facilities; future,
pending or recent acquisitions of ships or other assets, business strategy,
areas of possible expansion and expected capital spending or operating
expenses; our expectations relating to dividend payments and our ability to
make such payments; our ability to enter into shipbuilding contracts for
newbuildings 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 newbuildings 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
time charter commitments; environmental and regulatory conditions, including
changes in laws and regulations or actions taken by regulatory authorities;
requirements imposed by classification societies; 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
with the SEC on March 27, 2014. 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, 2013 and March 31, 2014

(Amounts expressed in thousands of U.S. Dollars)
                                                          
                                             December 31,     March 31, 2014
                                             2013
Assets
Non-current assets
Goodwill                                     9,511            9,511
Investment in associate                      6,326            6,503
Deferred financing costs                     12,793           13,663
Other non-current assets                     2,659            2,859
Derivative financial instruments             9,145            7,161
Tangible fixed assets                        1,529,720        1,518,815
Vessels under construction and advances      120,295          131,700
for vessels
Total non-current assets                     1,690,449        1,690,212
Current assets
Trade and other receivables                  7,257            2,230
Dividends receivable and due from            2,476            247
related parties
Inventories                                  5,936            4,862
Prepayments and other current assets         2,263            2,825
Short-term investments                       4,500            2,150
Cash and cash equivalents                    103,798          284,835
Total current assets                         126,230          297,149
Total assets                                 1,816,679        1,987,361
Equity and liabilities
Equity
Share capital                                629              761
Contributed surplus                          614,964          813,910
Reserves                                     (3,428       )  (2,530         )
(Accumulated deficit)/Retained earnings      27,368           24,584
Equity attributable to owners of the         639,533          836,725
Group
Current liabilities
Trade accounts payable                       5,735            5,739
Ship management creditors                    8,148            501
Amounts due to related parties               123              79
Derivative financial instruments             14,235           15,051
Other payables and accruals                  30,272           25,044
Borrowings—current portion                   100,320          103,045
Total current liabilities                    158,833          149,459
Non-current liabilities
Derivative financial instruments             2,918            1,572
Borrowings—non-current portion               1,014,754        998,947
Other non-current liabilities                641              658
Total non-current liabilities                1,018,313        1,001,177
Total equity and liabilities                 1,816,679        1,987,361
                                                                             

Unaudited condensed consolidated statements of profit or loss

For the three months ended March 31, 2013 and 2014

(Amounts expressed in thousands of U.S. Dollars, except per share data)
                                                                             
                                         For the three months ended
                                           March 31, 2013    March 31, 2014
Revenues                                   21,777             57,071
Vessel operating and supervision costs     (4,877         )   (16,945        )
Depreciation of fixed assets               (4,240         )   (11,190        )
General and administrative expenses        (6,615         )   (6,263         )
Profit from operations                     6,045              22,673
                                                                             
Financial costs including gain/(loss)      (718           )   (16,803        )
on swaps
Financial income                           179                82
Share of profit of associate               388                397
Total other expense                        (151           )   (16,324        )
Profit for the period                      5,894              6,349
                                                                             
Earnings per share – basic and diluted     0.09               0.09
                                                                             

Unaudited condensed consolidated statements of cash flows

For the three months ended March 31, 2013 and 2014

(Amounts expressed in thousands of U.S. Dollars)
                                                          
                                           For the three months ended
                                           March 31, 2013     March 31, 2014
Cash flows from operating activities:
Profit for the period                      5,894              6,349
Adjustments for:
Depreciation of fixed assets               4,240              11,190
Share of profit of associate               (388           )   (397           )
Financial income                           (179           )   (82            )
Financial costs                            2,832              11,687
Unrealized (gain)/loss on swaps            (3,239         )   3,180
Unrealized foreign exchange losses on
cash and cash equivalents and              939                125
short-term investments
Expense recognized in respect of           —                  180
equity-settled share based payments
                                           10,099             32,232
Movements in working capital               (5,014         )   (4,938         )
Cash provided by operations                5,085              27,294
Interest paid                              (1,953         )   (11,246        )
Net cash from operating activities         3,132              16,048
Cash flows from investing activities:
Payments for tangible fixed assets,
vessels under construction and             (339,737       )   (10,433        )
advances for vessels
Dividends received from associate          750                750
Purchase of short-term investments         (1,469         )   (2,150         )
Maturity of short-term investments         33,600             4,500
Financial income received                  115                79
Net cash used in investing activities      (306,741       )   (7,254         )
Cash flows from financing activities:
Proceeds from bank loans                   272,500            2,681
Bank loan repayments                       (6,958         )   (17,982        )
Payment of loan issuance costs             (2,311         )   (2,649         )
Net proceeds from public offering and      —                  199,451
private placement
Dividends paid                             (6,915         )   (9,133         )
Net cash from financing activities         256,316            172,368
Effects of exchange rate changes on        (679           )   (125           )
cash and cash equivalents
(Decrease)/increase in cash and cash       (47,972        )   181,037
equivalents
Cash and cash equivalents, beginning       110,978            103,798
of the period
Cash and cash equivalents, end of the      63,006             284,835
period
                                                                             

EXHIBIT II

Non-GAAP Financial Measures:

EBITDA is defined as earnings before interest income and expense, realized
gain/(loss) on swaps held for trading, taxes, depreciation and amortization.
Adjusted EBITDA is defined as EBITDA before unrealized loss on swaps and
foreign exchange losses. Adjusted Profit and Adjusted EPS represent earnings
and earnings per share, respectively, before unrealized loss on swaps and
foreign exchange 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, realized gains/(losses) on swaps held for
trading, taxes, depreciation and amortization and, and in the case of Adjusted
EBITDA, Adjusted Profit and Adjusted EPS, unrealized loss on swaps and foreign
exchange 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, or superior to 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:

(Amounts expressed in thousands of U.S. Dollars)

                                         For the three months ended
                                           March 31, 2013    March 31, 2014
Profit for the period                      5,894              6,349
Depreciation of fixed assets               4,240              11,190
Financial costs excluding unrealized       3,957              13,623
gain/(loss) on swaps
Financial income                           (179           )   (82            )
EBITDA                                     13,912             31,080
Unrealized (gain)/loss on swaps            (3,239         )   3,180
Foreign exchange losses, net               590                74
Adjusted EBITDA                            11,263             34,334
                                                                             

Reconciliation of Adjusted Profit to Profit:

(Amounts expressed in thousands of U.S. Dollars)

                                  For the three months ended
                                    March 31, 2013    March 31, 2014
Profit for the period               5,894              6,349
Unrealized (gain)/loss on swaps     (3,239         )   3,180
Foreign exchange losses, net        590                74
Adjusted Profit for the period      3,245              9,603
                                                       

Reconciliation of Adjusted Earnings Per Share to Earnings Per Share:

(Amounts expressed in thousands of U.S. Dollars, except share and per share
data)

                                             Three months ended
                                               March 31, 2013  March 31, 2014
Profit for the period attributable to          5,894            6,349
owners of the Group
Weighted average number of shares              62,863,166       72,868,580
outstanding, basic
EPS                                            0.09             0.09
                                                                
Adjusted profit for the period                 3,245            9,603
attributable to owners of the Group
Weighted average number of shares              62,863,166       72,868,580
outstanding, basic
Adjusted EPS                                   0.05             0.13

Contact:

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