GasLog Ltd. Reports Financial Results For The Quarter Ended September 30, 2012

Outlook

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

Conference Call

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

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

About GasLog Ltd.

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

Forward Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. Risks and uncertainties include, but are not limited to, general LNG and LNG shipping market conditions and trends, including charter rates, ship values, factors affecting supply and demand and opportunities for the profitable operations of LNG carriers; our continued ability to enter into multi-year time charters with our customers; our contracted charter revenue; our customers’ performance of their obligations under our time charters and other contracts; the effect of the worldwide economic slowdown; future operating or financial results and future revenue and expenses; our future financial condition and liquidity; our ability to obtain financing to fund capital expenditures, acquisitions and other corporate activities, and funding by banks of their financial commitments; future, pending or recent acquisitions of ships or other assets, business strategy, areas of possible expansion and expected capital spending or operating expenses; our ability to enter into shipbuilding contracts for newbuilding ships and our expectations about the availability of existing LNG carriers to purchase, as well as our ability to consummate any such acquisitions; our expectations about the time that it may take to construct and deliver newbuilding ships and the useful lives of our ships; number of off-hire days, drydocking requirements and insurance costs; our anticipated general and administrative expenses; fluctuations in currencies and interest rates; our ability to maintain long-term relationships with major energy companies; expiration dates and extensions of charters; our ability to maximize the use of our ships, including the re-employment or disposal of ships no longer under multi-year charter commitments; environmental and regulatory conditions, including changes in laws and regulations or actions taken by regulatory authorities; risks inherent in ship operation, including the discharge of pollutants; availability of skilled labor, ship crews and management; potential disruption of shipping routes due to accidents, political events, piracy or acts by terrorists; and potential liability from future litigation. A further list and description of these risks, uncertainties and other factors can be found in our Prospectus filed April 2, 2012. Copies of the Prospectus, as well as subsequent filings, are available online at www.sec.gov or on request from us. We do not undertake to update any forward-looking statements as a result of new information or future events or developments.

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

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

Unaudited condensed consolidated statements of cash flow For the nine months ended September 30, 2011 and 2012 (All amounts expressed in U.S. Dollars)
											For the nine months ended
											September 30, 2011				September 30, 2012
Cash flows from operating activities:
Profit for the period												14,056,658				1,542,931
Adjustments for:
Depreciation of fixed assets												9,612,638				9,773,311
Share of profit of associate												(1,019,194	)			(761,153	)
Financial income												(41,170	)			(925,124	)
Financial costs												6,947,506				8,846,897
Unrealized foreign exchange losses on cash and cash equivalents and short-term investments												—				176,657
Loss on interest rate swaps, net												232,639				6,993,147
Gain on disposal of subsidiaries												(24,786	)			—
Non-cash employee benefits												3,199,782				3,481,090
												32,964,073				29,127,756
Movements in working capital												(4,378,318)				(8,260,438	)
Cash provided by operations												28,585,755				20,867,318
Interest paid												(6,439,928	)			(8,466,013	)
Net cash from operating activities												22,145,827				12,401,305
Cash flows from investing activities:
Dividends received from associate												1,086,787				950,000
Return of investment from associate												500,000				—
Payments for tangible fixed assets and vessels under construction												(68,536,992	)			(89,933,799	)
Increase in short-term investments												—				(211,347,592	)
Cash transferred on deconsolidation												(56,426	)			—
Financial income received												41,170				181,109
Net cash used in investing activities												(66,965,461	)			(300,150,282	)
Cash flows from financing activities:
Bank loan repayment												(22,947,202	)			(20,554,071	)
Payment of loan issuance costs												(840,000	)			(13,827,574	)
Payments of IPO costs												(42,239	)			(3,515,267	)
Proceeds from sale of common shares (net of underwriting discounts and commissions)												—				314,255,049
Dividend paid												(772,000	)			—
Capital contributions												60,926,075				18,662,935
Net cash from financing activities												36,324,634				295,021,072
Effects of exchange rate changes on cash and cash equivalents												—				(628,385	)
(Decrease)/increase in cash and cash equivalents												(8,495,000	)			6,643,710
Cash and cash equivalents, beginning of the period												23,270,100				20,092,909
Cash and cash equivalents, end of the period												14,775,100				26,736,619

EXHIBIT II

Non-GAAP Financial Measures:

EBITDA represents earnings before interest income and expense, taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA before loss on interest rate swaps and foreign exchange gains/losses. Adjusted Profit/(loss) and Adjusted EPS represent earnings and earnings per share, respectively, before loss on interest rate swaps and foreign exchange gains/losses. EBITDA, Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS, which are non-GAAP financial measures, are used as supplemental financial measures by management and external users of financial statements, such as investors, to assess our financial and operating performance. We believe that these non-GAAP financial measures assist our management and investors by increasing the comparability of our performance from period to period. We believe that including EBITDA, Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS assists our management and investors in (i) understanding and analyzing the results of our operating and business performance, (ii) selecting between investing in us and other investment alternatives and (iii) monitoring our ongoing financial and operational strength in assessing whether to continue to hold our common shares. This increased comparability is achieved by excluding the potentially disparate effects between periods of, in the case of EBITDA and Adjusted EBITDA, interest, taxes, depreciation and amortization and, and in the case of Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS, loss on interest rate swaps and foreign exchange gains/losses, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect results of operations between periods.

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