GasLog Ltd. Q3 2015 Results Presentation November 5, 2015 Not For - PowerPoint PPT Presentation

GasLog Ltd. Q3 2015 Results Presentation November 5, 2015 Not For Redistribution

2 Forward-Looking Statements All statements in this press release that are not statements of historical fact are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, particularly in relation to the Company’s operations, cash flows, financial position, liquidity and cash available for dividends or distributions, plans, strategies and business prospects, and changes and trends in the Company’s business and the markets in which it operates. 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 the Company’s expectations and projections. Accordingly, you should not unduly rely on any forward-looking statements. Factors that might cause future results and outcomes to differ include: • continued low prices for crude oil and petroleum products; • LNG shipping market conditions and trends, including spot and long-term charter rates, ship values, factors affecting supply and demand of LNG and LNG shipping and technological advancements; our ability to enter into time charters with new and existing customers; • changes in the ownership of our charterers; • • our customers’ performance of their obligations under our time charters; • changing economic conditions and the differing pace of economic recovery in different regions of the world; • our future financial condition, liquidity and cash available for dividends and distributions; our ability to obtain financing to fund capital expenditures, acquisitions and other corporate activities, the ability of our lenders to meet their funding • obligations, and our ability to meet the restrictive covenants and other obligations under our credit facilities; • 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 maximize the use of our ships, including the re-employment or disposal of ships not 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; • potential liability from future litigation; and other risks and uncertainties described in the Company’s Annual Report on Form 20-F filed with the SEC on March 26, 2015. Copies of the Annual • Report, as well as subsequent filings, are available online at http://www.sec.gov. The Company does not undertake to update any forward-looking statements as a result of new information or future events or developments except as may be required by law. The declaration and payment of dividends are at all times subject to the discretion of our board of directors and will depend on, amongst other things, risks and uncertainties described above, restrictions in our credit facilities, the provisions of Bermuda law and such other factors as our board of directors may deem relevant.

̶ 3 GasLog Q3 2015 Highlights  Completed second dropdown of three vessels to GasLog Partners for $483m 25% incentive distribution right (IDR) tier reached  Successful launch of “The Cool Pool”  BG Group declared option to extend GasLog Savannah charter  Adjusted EBITDA (1) of $65.7 million (Q3 2014: $68.7 million). Adjusted Profit (1) of $10.8 million (Q3 2014: $26.7 million). Adjusted EPS (1) of ($0.05) (Q3 2014: $0.26)  Successfully closed $1.3 billion financing for GasLog’s 8 newbuild vessels  Quarterly dividend of $0.14 per common share payable on Nov 19, 2015 (1) Adjusted EPS, Adjusted EBITDA and Adjusted Profit 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 the Appendix to these slides

4 Financial Highlights Q3 2015 Q3 2014 (Amounts expressed in millions of U.S. Dollars) Revenues 105.8 99.4 Adjusted EBITDA (1) 65.7 68.7 Net Financials (2) (32.6) (16.3) Adjusted Profit (1) 10.8 26.7 (0.05) 0.26 Adjusted EPS ($/share) (1) 19.0 15.0 Average number of owned vessels (3) 67,122 71,435 Time charter equivalent rate per day ($/day) 90% 99% Utilization (4) 80,496,499 80,931,590 Weighted average number of shares (1) 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 the Appendix to these slides (2) Net Financials consists of Financial Costs, Financial Income and Gain/Loss on Swaps (3) Includes vessels owned by GasLog Partners (4) Utilisation is calculated by taking days on which our vessels are on contract as a percentage of total available days. Utilisation includes the impact of vessels trading in the spot market as well as drydockings and maintenance

5 Key Balance Sheet Items (Amounts expressed in thousands of U.S. Dollars) 30 Sep 15 31 Dec 14 3,419 2,810 Tangible fixed assets 166.6 142.8 Vessels under construction 50.0 28.1 Short-term investments (cash deposits) 380.9 234.8 Cash and cash equivalents (1) 4,094 3,270 Total assets 1,004 929.4 Equity attributable to the owners 503.9 323.7 Non-controlling interest 612.5 116.4 Borrowings: current portion 1,793 1,779 Borrowings: non-current portion 4,094 3,270 Total equity and liabilities (1) Includes restricted cash Note: A full breakdown of the balance sheet is provided in the Appendix and in Q315 Press Release

6 Solid Financial Position  $1.3 billion debt financing with fourteen international banks and Korean export credit agencies − Covering eight vessels, which have staggered deliveries between 2016 and 2019 − Seven of the eight vessels have long-term contracts in place (average duration 8.9 years)  The key highlights of the facility are as follows: − Tenor of up to 12 years with an amortisation profile of 15 years from vessel delivery − Attractive weighted-average margin − Final commitments more than two times oversubscribed  As the vessels deliver, it is anticipated that the equity component will be funded by cash on the balance sheet and operational cash flow  Positive progress on 2016 re-financing

7 Track Record Of Growing Contracted Revenue Pipeline $5.0 +41% $4.0 +29% $3.0 ($bn) +75% $2.0 $1.0 $0.0 Sep-12 Sep-13 Sep-14 Sep-15 Contracted Revenue ($bn)  Track record of consistently adding to GasLog’s long term contracted revenue backlog  $3.8bn revenue backlog provides robust platform for future growth  Confident in our ability to continue strong growth in long-term contracted revenue

8 Second Dropdown Takes IDRs To 25% Tier Annualized Cash Distribution/Unit $2.00 $1.91 25% IDR Tier $1.74 $1.74 $1.74 $1.75 15% IDR Tier $1.50 $1.50 $1.50 $1.25 Q214 Q314 Q414 Q115 Q215 Q315  Completed dropdown of three vessels to GasLog Partners for $483 million in Q315  Distribution increase of 10% moves the payout through the 25% IDR tier − Greater incremental cashflow for GLOG and enhanced sum of the parts valuation  Twelve additional dropdown assets at GasLog to drive future distribution growth