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 qualification 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 Thursday, May 17, 2012 to discuss the first quarter 2012 results. The dial-in number is 1-646-254-3361 (New York, NY) and +44 (0)207 784 1036 (London, UK), passcode is 9144302. 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 17, 2012 until 7:00 p.m. Eastern Time on Friday May 25, 2012 (0:00 a.m. London Time on Saturday May 26, 2012). The replay dial-in number is 1-718-354-1112 (New York) and +44 (0)207 111 1244 (London). The replay passcode is 9144302.

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 third parties. 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 expectations relating to dividend payments and our ability to make such payments; 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 this 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 Statements

Unaudited condensed consolidated statements of financial position

As of December 31, 2011 and March 31, 2012

(All amounts expressed in U.S. Dollars)

December 31, 2011

March 31, 2012
Non-current assets
Goodwill 9,511,140 9,511,140
Investment in associate 6,528,087 6,911,374
Derivative financial instruments - 1,463,643
Deferred financing costs 14,289,327 17,239,980
Other non-current assets 871,769 976,364
Tangible fixed assets 438,902,029 436,110,667
Vessels under construction 109,069,864   128,360,996  
Total non-current assets 579,172,216   600,574,164  
Current assets
Trade and other receivables 2,682,820 1,252,376
Dividends receivable and due from related parties 1,273,796 167,562
Inventories 425,266 518,225
Prepayments and other current assets 3,365,697 5,165,245
Cash and cash equivalents 20,092,909   8,292,266  
Total current assets 27,840,488   15,395,674  
Total assets 607,012,704   615,969,838  
Equity and liabilities
Share capital 391,015 391,015
Contributed surplus 300,715,852 319,378,787
Reserves 1,744,417 6,089,280
Accumulated deficit




Equity attributable to owners of the Group 290,413,521   315,592,383  
Current liabilities
Trade accounts payable 1,704,915 2,310,971
Ship management creditors 1,102,272 438,058
Amounts due to related parties 114,069 432,972
Derivative financial instruments 3,451,080 3,647,992
Other payables and accruals 18,541,023 8,283,379
Loans—current portion 24,276,813   24,397,273  
Total current liabilities 49,190,172   39,510,645  
Non-current liabilities
Derivative financial instruments 5,101,234 3,345,523
Loans—non-current portion 256,788,206 249,983,063
Advances from related parties - 3,350,050
Other non-current liabilities 5,519,571   4,188,174  
Total non-current liabilities 267,409,011   260,866,810  
Total equity and liabilities 607,012,704   615,969,838  
Unaudited condensed consolidated statements of income
For the three months ended March 31, 2011 and 2012
(All amounts expressed in U.S. Dollars)

For the three months ended

March 31, 2011

March 31, 2012
Revenues 16,285,695 16,602,387
Vessel operating and supervision costs (3,046,284 ) (3,488,188 )
Depreciation of fixed assets (3,202,450 ) (3,235,208 )
General and administrative expenses (3,020,864 ) (5,184,767 )
Profit from operations 7,016,097   4,694,224  
Financial costs (2,335,220 ) (3,008,430 )
Financial income 23,103 -
Gain on interest rate swaps, net - 101,983
Share of profit of associate 307,461   383,287  
Total other expense (2,004,656 ) (2,523,160 )
Profit for the period 5,011,441   2,171,064  
Attributable to:
Owners of the Group 5,149,924 2,171,064
Non-controlling interest (138,483 ) -  
5,011,441   2,171,064  
Earnings per share – basic and diluted 0.13 0.06
Unaudited condensed consolidated statements of cash flow
For the three months ended March 31, 2011 and 2012
(All amounts expressed in U.S. Dollars)

For the three months ended

March 31, 2011

March 31, 2012
Cash flows from operating activities:
Profit for the period 5,011,441 2,171,064
Adjustments for:
Depreciation of fixed assets 3,202,450 3,235,208
Share of profit of associate (307,461 ) (383,287 )
Financial income (23,103 ) -
Financial costs 2,335,220 3,008,430
Gain on interest rate swaps, net - (101,983 )

Expense recognized in respect of equity-settled sharebased payments
894,917   1,424,404  
Movements in working capital    
Cash provided by operations 1,630,502 5,944,188
Interest paid (2,207,406 ) (2,922,981 )
Net cash (used in) / from operating activities (576,904 ) 3,021,207  
Cash flows from investing activities:
Dividends received from associate 750,000 950,000

Payments for tangible fixed assets and vessels underconstruction
(4,802 ) (21,225,860 )
Financial income 23,103   -  
Net cash from / (used in) investing activities 768,301  


Cash flows from financing activities:
Bank loan repayment (9,248,348 ) (6,850,114 )
Increase in advances from related parties - 3,350,050
Payment of loan issuance costs - (8,980,335 )
Payment of IPO costs - (728,526 )
Capital contributions -   18,662,935  
Net cash (used in) / from financing activities (9,248,348 ) 5,454,010  
Decrease in cash and cash equivalents (9,056,951 ) (11,800,643 )
Cash and cash equivalents, beginning of the period 23,270,100   20,092,909  
Cash and cash equivalents, end of the period 14,213,149 8,292,266


Non-GAAP Financial Measure:

EBITDA represents earnings before interest income and expense, taxes, depreciation and amortization. EBITDA, which is a non-GAAP financial measure, is used as a supplemental financial measure by management and external users of financial statements, such as investors, to assess our financial and operating performance. We believe that EBITDA assists our management and investors by increasing the comparability of our performance from period to period and against the performance of other companies in our industry that provide EBITDA information. We believe that including EBITDA as a financial and operating measure benefits investors in (i) selecting between investing in us and other investment alternatives and (ii) monitoring our ongoing financial and operational strength in assessing whether to continue to hold common shares. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, taxes, depreciation and amortization 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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