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

EBITDA, Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS have limitations as analytical tools and should not be considered as alternatives to, or as substitutes for, profit, profit from operations, earnings per share or any other measure of financial performance presented in accordance with IFRS. These non-GAAP financial measures exclude some, but not all, items that affect profit, and these measures may vary among companies. In evaluating Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA, Adjusted Profit/(loss) and Adjusted EPS should not be construed as an inference that our future results will be unaffected by the excluded items. Therefore, the non-GAAP financial measures as presented below may not be comparable to similarly titled measures of other companies in the shipping or other industries.

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

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

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

Reconciliation of Adjusted Profit/(loss) to Profit/(loss) for the three month periods ended: (All amounts expressed in U.S. Dollars)
				September 30, 2012
				Vessel Ownership Segment				Vessel Management segment				Unallocated/ Eliminations				Total
Profit/(loss) for the period					3,801,910				676,020				(1,553,936	)			2,923,994
Loss on interest rate swaps, net					1,746,781				—				—				1,746,781
Foreign exchange gains					(300,275	)			—				(325,516	)			(625,791	)
Adjusted Profit/(loss) attributable to owners of the Group					5,248,416				676,020				(1,879,452	)			4,044,984
				September 30, 2011
				Vessel Ownership Segment				Vessel Management segment				Unallocated/ Eliminations				Total
Profit/(loss) for the period					6,102,615				41,630				(1,572,670	)			4,571,575
Loss on interest rate swaps, net					232,639				—				—				232,639
Foreign exchange (gains)/losses					(26,070	)			—				35,962				9,892
Adjusted Profit/(loss) attributable to owners of the Group					6,309,184				41,630				(1,536,708	)			4,814,106

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

		September 30, 2011				September 30, 2012
Profit for the period attributable to owners of the Group			4,571,575				2,923,994
Less: Earnings allocated to manager shares and subsidiary manager shares			379,777				—
Earnings attributable to the owners of common shares used in the calculation of basic EPS			4,191,798				2,923,994
Weighted average number of shares outstanding			35,853,200				62,863,166
EPS			0.12				0.05
Adjusted profit for the period attributable to owners of the Group			4,814,106				4,044,984
Less: Adjusted earnings allocated to manager shares and subsidiary manager shares			399,924				—
Adjusted earnings attributable to the owners of common shares used in the calculation of basic EPS			4,414,182				4,044,984
Weighted average number of shares outstanding			35,853,200				62,863,166
Adjusted EPS			0.12				0.06

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