GasLog Ltd

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F

(Mark One)
(cid:2)
(cid:3)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL
YEAR ENDED DECEMBER 31, 2014
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

(cid:2)
(cid:2)

GasLog Ltd.
(Exact name of Company as specified in its charter)

Not Applicable
(Translation of Company’s name into English)
Bermuda
(Jurisdiction of incorporation or organization)

c/o GasLog Monaco S.A.M.
Gildo Pastor Center
7 Rue du Gabian
MC 98000, Monaco
(Address of principal executive offices)
Nicola Lloyd, General Counsel
c/o GasLog Monaco S.A.M.
Gildo Pastor Center
7 Rue du Gabian
MC 98000, Monaco
Monaco Telephone: +377 97 97 51 15 Facsimile: +377 97 97 51 24
(Name, Address, Telephone Number and Facsimile Number of Company contact person)

SECURITIES REGISTERED OR TO BE REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of Each Class
Common Shares, $0.01 par value per share

Name of Each Exchange on Which Registered
New York Stock Exchange

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None
SECURITIES FOR WHICH THERE IS A REPORTING OBLIGATION PURSUANT TO SECTION 15(d) OF
THE ACT: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of

the period covered by the annual report.

As of December 31, 2014, there were 80,493,126 common shares of the Company’s common stock outstanding.
Indicate by check mark if the Company is a well-known seasoned issuer, as defined in Rule 405 of the Securities

Yes (cid:3) No (cid:2)

Act.

If this report is an annual or transition report, indicate by check mark if the Company is not required to file reports

pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes (cid:2) No (cid:3)

Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to
Yes (cid:3) No (cid:2)
file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the Company has submitted electronically and posted on its corporate Web site, if any,

every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the Company was required to submit and post such
Yes (cid:2) No (cid:2)
files).
Indicate by check mark whether the Company is a large accelerated filer, an accelerated filer, or a non-accelerated filer.

See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer (cid:3)

Accelerated filer (cid:2)
Indicate by check mark which basis of accounting the Company has used to prepare the financial statements

Non-accelerated filer (cid:2)

included in this filing.
U.S. GAAP (cid:2)

International Financial Reporting Standards as issued
by the International Accounting Standards Board (cid:3)

Other (cid:2)

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the
Item 17 (cid:2) Item 18 (cid:2)
Company has elected to follow.
If this is an annual report, indicate by check mark whether the Company is a shell company (as defined in Rule 12b-2 of the
Yes (cid:2) No (cid:3)
Exchange Act).

TABLE OF CONTENTS

ABOUT THIS REPORT
FORWARD-LOOKING STATEMENTS

PART I
ITEM 1.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND
ADVISERS
OFFER STATISTICS AND EXPECTED TIMETABLE
KEY INFORMATION
INFORMATION ON THE COMPANY

ITEM 2.
ITEM 3.
ITEM 4.
ITEM 4.A. UNRESOLVED STAFF COMMENTS
ITEM 5.
ITEM 6.
ITEM 7.
ITEM 8.
ITEM 9.
ITEM 10.
ITEM 11.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
FINANCIAL INFORMATION
THE OFFER AND LISTING
ADDITIONAL INFORMATION
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK
DESCRIPTION OF SECURITIES OTHER THAN EQUITY
SECURITIES

ITEM 12.

PART II
ITEM 13.
ITEM 14.

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY
HOLDERS AND USE OF PROCEEDS
CONTROLS AND PROCEDURES
[RESERVED]

ITEM 15.
ITEM 16
ITEM 16.A. AUDIT COMMITTEE FINANCIAL EXPERT
ITEM 16.B. CODE OF ETHICS
ITEM 16.C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
ITEM 16.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT

ITEM 16.E.

COMMITTEES
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND
AFFILIATED PURCHASERS

ITEM 16.F. CHANGE IN COMPANY’S CERTIFYING ACCOUNTANT
ITEM 16.G. CORPORATE GOVERNANCE
ITEM 16.H. MINE SAFETY DISCLOSURE

PART III
ITEM 17.
ITEM 18.
ITEM 19.

FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
EXHIBITS

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

i

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ii
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1
1
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31
50
51
78
86
95
96
96

111

112

113
113

113
113
115
115
115
115

116

116
116
117
117

118
118
118
118

F-1

ABOUT THIS REPORT

In this annual report, unless otherwise indicated, references to:
• “GasLog”, the “Company”, the “Group”, “we”, “our”, “us” or similar terms refer to GasLog

Ltd. or any one or more of its subsidiaries (including GasLog Partners LP) or their
predecessors, or to such entities collectively;

• “GasLog Partners” or the “Partnership”, refer to GasLog Partners LP, a master limited

partnership formed by GasLog to own, operate and acquire liquefied natural gas, or “LNG”,
carriers under long-term charters, or any one or more of GasLog Partners’ subsidiaries;
• the “general partner” refer to GasLog Partners GP LLC, the general partner of GasLog

Partners;

• “GasLog LNG Services” refer to GasLog LNG Services Ltd., our wholly owned subsidiary;
• “our vessels” or “our ships” refer to the LNG carriers owned or controlled by the Company
and its subsidiaries, including any LNG carriers owned by GasLog Partners; “our wholly
owned vessels” or “our wholly owned ships” refer to the LNG carriers owned by the
Company and its subsidiaries, excluding any LNG carriers owned by GasLog Partners and its
subsidiaries;

• “BG Group” refer to BG Group plc; “Methane Services” refer to Methane Services Limited,

a subsidiary of BG Group; “Hyundai” refer to Hyundai Heavy Industries Co., Ltd.;
“Samsung” refer to Samsung Heavy Industries Co., Ltd.; and “Shell” refer to Royal Dutch
Shell plc; or, in each case, one or more of their subsidiaries or to such entities collectively;
• “NYSE” refer to the New York Stock Exchange; and “SEC” refer to the U.S. Securities and

Exchange Commission;

• “dollars” and “$” refer to, and amounts are presented in, U.S. dollars; and
• “cbm” refer to cubic meters.

FORWARD-LOOKING STATEMENTS

All statements in this annual report that are not statements of historical fact are “forward-

looking statements” within the meaning of the United States Private Securities Litigation Reform
Act of 1995. The disclosure and analysis set forth in this annual report includes assumptions,
expectations, projections, intentions and beliefs about future events in a number of places,
particularly in relation to our operations, cash flows, financial position, plans, strategies, business
prospects, changes and trends in our business and the markets in which we operate. These
statements are intended as “forward- looking statements”. In some cases, predictive, future-tense or
forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”,
“plan”, “potential”, “may”, “should”, “could” and “expect” and similar expressions are intended to
identify forward-looking statements, but are not the exclusive means of identifying such statements.
In addition, we and our representatives may from time to time make other oral or written
statements which are forward-looking statements, including in our periodic reports that we file with
the SEC, other information sent to our security holders, and other written materials. We caution
that these and other forward-looking statements included in this annual report represent our
estimates and assumptions only as of the date of this annual report or the date on which such oral
or written statements are made, as applicable, about factors that are beyond our ability to control or
predict, and are not intended to give any assurance as to future results. Any of these factors or a
combination of these factors could materially affect future results of operations and the ultimate
accuracy of the forward-looking statements. Accordingly, you should not unduly rely on any
forward-looking statements.

Factors that might cause future results to differ include, but are not limited to, the following:
• general LNG shipping market conditions and trends, including charter rates, ship values,

factors affecting supply and demand, technological advancements and opportunities for the
profitable operations of LNG carriers;

ii

• 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;

• 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 ability to make dividend 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;

• 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 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;

• potential liability from future litigation; and
• other factors discussed in “Item 3. Key Information—D. Risk Factors” of this annual report.
We undertake no obligation to update or revise any forward-looking statements contained in

this annual report, whether as a result of new information, future events, a change in our views or
expectations or otherwise, except as required by applicable law. New factors emerge from time to
time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact
of each such factor on our business or the extent to which any factor, or combination of factors,
may cause actual results to be materially different from those contained in any forward-looking
statement.

iii

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

PART I

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

ITEM 3. KEY INFORMATION

A. Selected Financial Data

The following table presents summary consolidated financial and other data of GasLog Ltd. for
each of the five years in the five-year period ended December 31, 2014. The summary consolidated
financial data of GasLog Ltd. as of December 31, 2013 and 2014, and for each of the years in the
three year period ended December 31, 2014, is derived from our audited consolidated financial
statements included in “Item 18. Financial Statements”. The selected consolidated financial data as
of December 31, 2010, 2011 and 2012, and for the years ended December 31, 2010 and 2011, is
derived from our audited consolidated financial statements which are not included in this annual
report. The selected consolidated financial data as of December 31, 2011 has been restated to
account for the retrospective application of the amendments to IAS 19 Employee Benefits adopted
on January 1, 2013 and is derived from our accounting records. Our consolidated financial
statements are prepared and presented in accordance with International Financial Reporting
Standards, or “IFRS”, as issued by the International Accounting Standards Board, or the “IASB”.

This information should be read together with, and is qualified in its entirety by, our

consolidated financial statements and the notes thereto included in “Item 18. Financial Statements”.
You should also read “Item 5. Operating and Financial Review and Prospects”.

1

2010

Year Ended December 31,
2012
(in thousands of U.S. dollars, except share and per share data)

2011

2013

2014

STATEMENT OF PROFIT OR LOSS
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Vessel operating and supervision costs . .
Depreciation of fixed assets . . . . . . . . . . . . .
General and administrative expenses . . . .
Profit from operations . . . . . . . . . . . . . . . . . .
Financial costs . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial income . . . . . . . . . . . . . . . . . . . . . . . .
(Loss)/gain on swaps . . . . . . . . . . . . . . . . . . . .
Share of profit of associate. . . . . . . . . . . . . .
Gain on disposal of subsidiaries. . . . . . . . .
Total other expenses, net . . . . . . . . . . . . . . .
Profit for the year . . . . . . . . . . . . . . . . . . . . . . $

Profit attributable to owners of the

39,832 $
(8,644)
(6,560)
(11,572)

66,471 $
(12,946)
(12,827)
(15,997)

68,542 $
(14,646)
(13,065)
(20,380)

157,240 $
(34,919)
(29,322)
(21,598)

13,056
(5,046)
121
—
1,460
—

24,701
(9,631)
42
(2,725)
1,311
25

(3,465)
9,591 $

(10,978)
13,723 $

20,451
(11,670)
1,174
(6,783)
1,078
—

(16,201)

4,250 $

71,401
(27,851)
411
11,498
1,470
—

(14,472)
56,929 $

328,679
(78,470)
(70,695)
(34,154)

145,360
(71,579)
274
(24,787)
1,497
—

(94,595)
50,765

Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

9,849 $

14,040 $

4,250 $

56,929 $

42,161

(Loss)/profit attributable to non-

controlling interest . . . . . . . . . . . . . . . . . . . . $

(258) $

(317) $

— $

— $

8,604

Earnings per share, basic and

diluted(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

0.25 $

0.36 $

0.07 $

0.91 $

0.54

Weighted average number of shares,

basic(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Weighted average number of shares,

diluted(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends declared per share(1)(2). . . . . . . . $

35,700,000 35,837,297

56,093,775 62,863,665

78,633,820

39,101,496 39,101,496

56,695,519 62,863,665

0.44 $

0.22 $

0.11 $

0.45 $

78,800,192
0.50

2010

2011

As of December 31,
2012
(in thousands of U.S. dollars)

2013

STATEMENT OF FINANCIAL

POSITION DATA

Cash and cash equivalents . . . . . . . . . . . . . . $
Short-term investments. . . . . . . . . . . . . . . . . .
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment in associate(3). . . . . . . . . . . . . . . .
Tangible fixed assets(4) . . . . . . . . . . . . . . . . . .
Vessels under construction . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Borrowings—current portion . . . . . . . . . . . .
Borrowings—non-current portion. . . . . . . .
Share capital(1) . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity attributable to owners of the

Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-controlling interest . . . . . . . . . . . . . . . . .
Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23,270 $
—
—
7,003
450,265
18,700
512,005
22,640
287,597
391

20,093 $
—
—
6,528
438,902
109,070
607,013
24,277
256,788
391

110,978 $
104,674
—
6,856
426,880
217,322
908,768
25,753
228,515
629

103,798 $
4,500
—
6,326
1,529,720
120,295
1,816,679
100,320
1,014,754
629

171,733
9,199
180,932

290,414
—
290,414

603,271
—
603,271

639,533
—
639,533

2010

2011

Year Ended December 31,
2012
(in thousands of U.S. dollars)

2013

2014

211,974
28,103
22,826
6,603
2,809,517
142,776
3,269,971
116,431
1,778,845
810

929,391
323,646
1,253,037

2014

CASH FLOW DATA
Net cash from operating activities. . . . . . . $
Net cash used in investing activities . . . . .
Net cash from financing activities . . . . . . .

25,633 $

(212,806)
203,203

27,001 $
(86,464)
56,286

24,918 $

(212,621)
278,811

86,745 $

148,288
(935,516) (1,386,656)
1,346,762
840,481

2

FLEET DATA(5)
Number of managed ships at end of

period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Average number of managed ships

during period . . . . . . . . . . . . . . . . . . . . . . . . .

Number of owned ships at end of

period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average number of owned ships during
period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average age of owned ships (years) . . . .
Total calendar days for owned fleet. . . . .
Total operating days for owned fleet. . . .

2010

14

10.3

2

1.0
0.5
372
372

2010

Year Ended December 31,
2012

2013

2011

14

14.0

2

2.0
1.5
730
730

14

14.0

2

2.0
2.5
732
732

20

16.9

8

5.0
1.7
1,832
1,808

2011

Year Ended December 31,
2012
(in thousands of U.S. dollars)

2013

2014

21

20.0

16

12.4
4.4
4,520
4,392

2014

OTHER FINANCIAL DATA
EBITDA(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Adjusted EBITDA(6) . . . . . . . . . . . . . . . . . . . .
Capital expenditures:

21,076 $
20,859

38,864 $
38,738

34,594 $
34,047

102,193 $
101,617

217,552
217,172

Payment for vessels . . . . . . . . . . . . . . . . . . .
Dividend declared(2) . . . . . . . . . . . . . . . . . . . . .

228,859
17,250

88,036
8,500

110,765
6,915

1,038,153
28,288

1,364,283
39,840

(1) Gives effect to the 238-for-1 share split effected on March 13, 2012.
(2) Of the total $17.25 million and $8.5 million dividends declared, respectively, during the years ended December 31, 2010

and 2011, $16.77 million and $0.77 million, respectively, was paid in cash and the remainder was contributed to the capital
of the Company by our existing majority shareholder. The dividends declared during the years ended December 31, 2012,
2013 and 2014 were paid in cash.

(3) Consists of our 25% ownership interest in Egypt LNG Shipping Ltd. or “Egypt LNG”.
(4) Includes delivered ships (including drydocking component of ship cost) as well as office property and other tangible assets,

less accumulated depreciation. See Note 6 to our consolidated financial statements included elsewhere in this annual
report.

(5) Presentation of fleet data does not include newbuildings on order during the relevant periods. The data presented

regarding our owned fleet includes only our owned ships delivered prior to December 31, 2014 including the ships owned
by GasLog Partners. The data presented regarding our managed fleet includes our wholly owned vessels as well as ships
owned by GasLog Partners, BG Group and Egypt LNG that are operating under our management.

(6) Non-GAAP Financial Measures:

EBITDA is defined as earnings before depreciation, amortization, interest income and expense, gain/loss on swaps and
taxes. Adjusted EBITDA is defined as EBITDA before foreign exchange gains/losses. EBITDA and Adjusted EBITDA
are non-GAAP financial measures that 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 and Adjusted EBITDA 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 interest, gain/loss on swaps, taxes, depreciation and amortization, and, in the case of
Adjusted EBITDA, 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.
EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered as alternatives to, or as
substitutes for, or superior to profit, profit from operations or any other measure of financial performance presented in
accordance with IFRS. Some of these limitations include the fact that they do not reflect (i) our cash expenditures or
future requirements for capital expenditures or contractual commitments, (ii) changes in, or cash requirements for our
working capital needs and (iii) the significant interest expense, or the cash requirements necessary to service interest or
principal payments, on our debt. Although depreciation and amortization are non-cash charges, the assets being
depreciated and amortized will have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any
cash requirements for such replacements. EBITDA and Adjusted EBITDA are not adjusted for all non-cash income or
expense items that are reflected in our statements of cash flows and other companies in our industry may calculate these
measures differently than we do, limiting their usefulness as a comparative measure.

3

In evaluating Adjusted EBITDA, 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 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)

2010

Profit for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 9,591

Depreciation of fixed assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Financial costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Financial income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Loss/(gain) on swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,560

5,046

(121)

—

Year Ended December 31,
2011
2012
(in thousands of U.S. dollars)
$ 56,929
$13,723

$ 4,250

2013

12,827

9,631

13,065

11,670

29,322

27,851

2014

$ 50,765

70,695

71,579

(42)

(1,174)

(411)

(274)

2,725

6,783

(11,498)

24,787

EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21,076

38,864

34,594

102,193

217,552

Foreign exchange (gains)/losses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(217)

(126)

(547)

(576)

(380)

Adjusted EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20,859

38,738

34,047

101,617

217,172

B. Capitalization and Indebtedness

The following table sets forth our capitalization as of December 31, 2014:

This information should be read in conjunction with “Item 5. Operating and Financial Review

and Prospects”, and our consolidated financial statements and the related notes thereto included
elsewhere in this annual report.

Debt:(1)
Borrowings—current portion(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Borrowings—non-current portion(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity:
Share capital(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Contributed surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Treasury shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total capitalization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As of
December 31, 2014
(in thousands
of U.S. dollars)

$ 116,431
1,778,845

1,895,276

810
923,470
(12,002)
(12,576)
29,689
323,646

1,253,037

$3,148,313

(1) Our indebtedness, other than our NOK 1 billion bond, or the “Bond”, is secured by mortgages on our owned ships and is
guaranteed by the Company or GasLog Partners, in the case of the Partnership’s indebtedness. The Bond (the carrying
amount of which, net of unamortized financing costs as of December 31, 2014 is $132.69 million) is unsecured. Debt
presented does not include our scheduled debt payments totaling $21.58 million since December 31, 2014. See “Item 5.
Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Credit Facilities” for more
information about our credit facilities.

(2) Borrowings presented at December 31, 2014, are shown net of $31.21 million of loan issuance costs and premium that are

being amortized over the term of the borrowings.

(3) Does not include any shares that may be issued under the Company’s 2013 Omnibus Incentive Compensation Plan. At

December 31, 2014, our share capital consisted of 80,493,126 issued and outstanding common shares and 500,000 treasury
shares.

4

C. Reasons for the Offer and Use of Proceeds

Not applicable.

D. Risk Factors

Risks Related to Our Industry

Our future performance depends on continued growth in LNG production and demand for LNG and
LNG shipping.

Our future performance, including our ability to profitably expand our fleet beyond delivery of

our nine contracted newbuildings, will depend on continued growth in LNG production and the
demand for LNG and LNG shipping. A complete LNG project includes production, liquefaction,
storage, regasification and distribution facilities, in addition to the marine transportation of LNG.
Increased infrastructure investment has led to an expansion of LNG production capacity in recent
years, but material delays in the construction of new liquefaction facilities could constrain the
amount of LNG available for shipping, reducing ship utilization. The rate of growth of the LNG
industry has fluctuated due to several factors, including the global economic crisis and continued
economic uncertainty, fluctuations in the price of natural gas and other sources of energy, the
continued acceleration in natural gas production from unconventional sources, including hydraulic
fracturing, in regions such as North America and the highly complex and capital intensive nature of
new or expanded LNG projects, including liquefaction projects. Continued growth in LNG
production and demand for LNG and LNG shipping could be negatively affected by a number of
factors, including:

• continued low prices for crude oil and petroleum products;
• increases in interest rates or other events that may affect the availability of sufficient

financing for LNG projects on commercially reasonable terms;

• increases in the cost of natural gas derived from LNG relative to the cost of natural gas

generally;

• increases in the production levels of low-cost natural gas in domestic natural gas consuming
markets, which could further depress prices for natural gas in those markets and make LNG
uneconomical;

• increases in the production of natural gas in areas linked by pipelines to consuming areas, the
extension of existing, or the development of new pipeline systems in markets we may serve,
or the conversion of existing non-natural gas pipelines to natural gas pipelines in those
markets;

• decreases in the consumption of natural gas due to increases in its price, decreases in the

price of alternative energy sources or other factors making consumption of natural gas less
attractive;

• any significant explosion, spill or other incident involving an LNG facility or carrier;
• infrastructure constraints such as delays in the construction of liquefaction facilities, the

inability of project owners or operators to obtain governmental approvals to construct or
operate LNG facilities, as well as community or political action group resistance to new LNG
infrastructure due to concerns about the environment, safety and terrorism;

• labor or political unrest or military conflicts affecting existing or proposed areas of LNG

production or regasification;

• decreases in the price of LNG, which might decrease the expected returns relating to

investments in LNG projects;

• new taxes or regulations affecting LNG production or liquefaction that make LNG production

less attractive; or

• negative global or regional economic or political conditions, particularly in LNG consuming

regions, which could reduce energy consumption or its growth.

5

Reduced demand for LNG or LNG shipping, or any reduction or limitation in LNG production

capacity, could have a material adverse effect on our ability to secure future time charters upon
expiration or early termination of our current charter arrangements, for any ships for which we have
not yet secured charters, or for any new ships we acquire beyond our contracted newbuildings,
which could harm our business, financial condition, results of operations and cash flows, including
cash available for dividends to our shareholders. In addition, in late 2014 and early 2015, global
crude oil prices fell significantly. A continued decline in oil prices could negatively affect growth in
LNG production and demand.

The significant fall in oil prices over the past six months and the milder than expected Far
Eastern winter have led to substantial declines in the price of LNG and a lack of pricing differential
between the Eastern and Western hemispheres. These factors, among others, have in turn led to a
significant shortening of the average duration of spot charters fixed during the first portion of 2015,
as well as a significant decline in average rates for new spot and shorter-term LNG charters
commencing promptly. In addition, some production companies have announced delays or
cancellations of certain previously announced (but early stage) LNG projects, which, unless offset by
new projects coming on stream, could adversely affect demand for LNG charters over the next few
years, while the amount of tonnage available for charter is expected to increase. Over the next
18 months, unless LNG charter market conditions improve, we may have difficulty in securing new
charters at attractive rates and durations for the two vessels we have operating under short-term
contracts and the three vessels that will either be delivered or could come off charter between April
2015 and the end of 2016. Currently, we have a total of 888 open vessel days during the remainder
of 2015. A failure to obtain charters at acceptable rates on these vessels could adversely affect our
liquidity and results of operations, as well as our ability to meet certain of our debt covenants later
in 2015. During this period, our revenue, cash position and covenant compliance will also be
adversely affected by our need to complete 10 drydockings over the next 18 months. A sustained
decline in charter rates could also adversely affect the market value of our ships, on which certain of
the ratios and financial covenants we are required to comply with are based. See “—Risks Related
to Our Business—Our credit facilities are secured by our ships and contain payment obligations and
restrictive covenants that may restrict our business and financing activities as well as our ability to
pay dividends. A failure by us to meet our obligations under our credit facilities could result in an
event of default under such credit facilities and foreclosure on our ships.”

Demand for LNG shipping could be significantly affected by volatile natural gas prices and the
overall demand for natural gas.

Natural gas prices are volatile and are affected by numerous factors beyond our control,

including but not limited to the following:

• price and availability of crude oil and petroleum products;
• worldwide demand for natural gas;
• the cost of exploration, development, production, transportation and distribution of natural

gas;

• expectations regarding future energy prices for both natural gas and other sources of energy;
• the level of worldwide LNG production and exports;
• government laws and regulations, including but not limited to environmental protection laws

and regulations;

• local and international political, economic and weather conditions;
• political and military conflicts;
• the availability and cost of alternative energy sources, including alternate sources of natural

gas in gas importing and consuming countries; and
• the prevailing price of crude oil in world markets.

6

Natural gas prices have historically varied substantially between regions. This price disparity
between producing and consuming regions supports demand for LNG shipping and any convergence
of natural gas prices would adversely affect demand for LNG shipping.

The significant decline in oil prices over the past six months has depressed natural gas prices
and led to a narrowing of the gap in pricing in different geographic regions, which has adversely
affected the length of voyages in the spot market and the spot rates and medium term charter rates
fixed off prompt dates. A continued decline in oil prices could adversely affect both the
competitiveness of gas as a fuel for power generation and adversely affect the market price of gas,
to the extent that gas prices are benchmarked to the price of crude oil.

Fluctuations in overall LNG demand growth could adversely affect our ability to secure future time
charters.

The LNG trade increased by 2% from 2013 to 2014. This growth was less than expected as a

new project in Angola failed to sustain full operations. Continued economic uncertainty, the current
low oil price environment and the continued acceleration of unconventional natural gas production
have contributed to the delay or cancellation of certain other projects, which, unless offset by new
projects coming on stream, could adversely affect demand for LNG charters over the next few years,
while the amount of tonnage available for charter is expected to increase. These factors could have
an adverse effect on our ability to secure future term charters at acceptable rates.

Our future growth depends on our ability to expand relationships with existing customers, establish
relationships with new customers and obtain new time charter contracts, for which we will face
substantial competition from established companies with significant resources and potential new
entrants.

We are seeking to enter into time charter contracts for (i) one of our newbuildings scheduled
for delivery in 2015 and four of our newbuildings scheduled for delivery in 2017, (ii) the GasLog
Chelsea and the GasLog Saratoga, which operate in the spot market, and (iii) the GasLog Skagen,
which from 2016 will be on a seasonal contract (i.e., employed for seven months and available to
accept other charters for five months per year). We will also seek to enter into new time charter
contracts upon the expiration or early termination of our existing charter arrangements, and upon
any expansion of our fleet of owned ships beyond our contracted newbuildings. One of our principal
objectives is to enter into additional long-term, fixed-rate charters. In addition, we may seek to
expand the customer base for our ship management services. The process of obtaining charters for
LNG carriers is highly competitive and generally involves an intensive screening procedure and
competitive bids, which often extends for several months. We believe LNG carrier time charters are
awarded based upon a variety of factors relating to the ship and the ship operator, including:

• size, age, technical specifications and condition of the ship;
• efficiency of ship operation;
• LNG shipping experience and quality of ship operations;
• shipping industry relationships and reputation for customer service;
• technical ability and reputation for operation of highly specialized ships;
• quality and experience of officers and crew;
• safety record;
• the ability to finance ships at competitive rates and financial stability generally;
• relationships with shipyards and the ability to get suitable berths;
• construction management experience, including the ability to obtain on-time delivery of new

ships according to customer specifications; and

• competitiveness of the bid in terms of overall price.

7

We expect substantial competition for providing marine transportation services for potential
LNG projects from a number of experienced companies, including other independent ship owners as
well as state-sponsored entities and major energy companies that own and operate LNG carriers and
may compete with independent owners by using their fleets to carry LNG for third parties. Some of
these competitors have significantly greater financial resources and larger fleets than we have. A
number of marine transportation companies—including companies with strong reputations and
extensive resources and experience—have entered the LNG transportation market in recent years,
and there are other ship owners and managers who may also attempt to participate in the LNG
market in the future. This increased competition may cause greater price competition for time
charters. As a result of these factors, we may be unable to expand our relationships with existing
customers or to obtain new customers on a profitable basis, if at all, which could have a material
adverse effect on our business, financial condition, results of operations and cash flows, including
cash available for dividends to our shareholders.

Hire rates for LNG carriers may fluctuate substantially and have recently declined significantly. If
rates are lower when we are seeking a new charter, our revenues and cash flows may decline.

Our ability from time to time to charter or re-charter any ship at attractive rates will depend

on, among other things, the prevailing economic conditions in the LNG industry. Hire rates for
LNG carriers may fluctuate over time as a result of changes in the supply-demand balance relating
to current and future ship capacity. This supply-demand relationship largely depends on a number of
factors outside our control. The LNG charter market is connected to world natural gas prices and
energy markets, which we cannot predict. A substantial or extended decline in demand for natural
gas or LNG could adversely affect our ability to charter or re-charter our ships at acceptable rates
or to acquire and profitably operate new ships. Hire rates for newbuildings are correlated with the
price of newbuildings. Hire rates at a time when we may be seeking new charters may be lower
than the hire rates at which our ships are currently chartered. If hire rates are lower when we are
seeking a new charter, our revenues and cash flows, including cash available for dividends to our
shareholders, may decline, as we may only be able to enter into new charters at reduced or
unprofitable rates or may not be able to re-charter our ship, or we may have to secure a charter in
the spot market, where hire rates are more volatile. Prolonged periods of low charter hire rates or
low ship utilization could also have a material adverse effect on the value of our assets.

The significant fall in oil prices over the past six months and the milder than expected Far
Eastern winter have led to substantial declines in the price of LNG and a lack of pricing differential
between the Eastern and Western hemispheres. These factors, among others, have in turn led to a
significant shortening of the average duration of spot charters fixed during the first portion of 2015,
as well as a significant decline in average rates for new spot and shorter-term LNG charters
commencing promptly. Over the next 18 months, unless LNG charter market conditions improve, we
may have difficulty in securing new charters at attractive rates and durations for the two vessels we
have operating under short-term contracts and the three vessels that will either be delivered or could
come off charter between April 2015 and the end of 2016.

An oversupply of LNG carriers may lead to a reduction in the charter hire rates we are able to
obtain when seeking charters in the future which could adversely affect our results of operations
and cash flows.

Driven in part by an increase in LNG production capacity, the market supply of LNG carriers

has been increasing as a result of the construction of new ships. The development of liquefaction
projects in the United States and the anticipated exports beginning in 2015 has driven significant
ordering activity. As of December 31, 2014, the LNG carrier order book totaled 150 vessels, and the
delivered fleet stood at 405 vessels. We believe that this and any future expansion of the global
LNG carrier fleet may have a negative impact on charter hire rates, ship utilization and ship values,
which impact could be amplified if the expansion of LNG production capacity does not keep pace
with fleet growth.

8

If charter hire rates are lower when we are seeking new time charters, our revenues and cash

flows, including cash available for dividends to our shareholders, may decline.

If an active short-term or spot LNG carrier charter market continues to develop, our revenues and
cash flows may become more volatile and may decline following expiration or early termination of
our current charter arrangements.

Most shipping requirements for new LNG projects continue to be provided on a multi-year

basis, though the level of spot voyages and short-term time charters of less than 12 months in
duration has grown in the past few years. If an active short-term or spot charter market continues to
develop, we may enter into short-term time charters upon expiration or early termination of our
current charters, for any ships for which we have not secured charters, or for any new ships we
acquire beyond our contracted newbuildings. As a result, our revenues and cash flows may become
more volatile. In addition, an active short-term or spot charter market may require us to enter into
charters based on changing market prices, as opposed to contracts based on fixed rates, which could
result in a decrease in our revenues and cash flows, including cash available for dividends to our
shareholders, if we enter into charters during periods when the market price for shipping LNG is
depressed.

Further technological advancements and other innovations affecting LNG carriers could reduce the
charter hire rates we are able to obtain when seeking new employment, and this could adversely
impact the value of our assets and our results of operations and cash flows.

The charter rates, asset value and operational life of an LNG carrier are determined by a
number of factors, including the ship’s efficiency, operational flexibility and physical life. Efficiency
includes speed and fuel economy. Flexibility includes the ability to enter harbors, utilize related
docking facilities and pass through canals and straits. Physical life is related to the original design
and construction, the ongoing maintenance and the impact of operational stresses on the asset. Ship
and engine designs are continually evolving. At such time as newer designs are developed and
accepted in the market, these newer vessels may be found to be more efficient or more flexible or
have longer physical lives than our ships. Competition from these more technologically advanced
LNG carriers and the older technology of our steam-powered vessels, as well as any vessels with
older technology which we acquire, could adversely affect our ability to charter or re-charter our
ships and the charter hire rates we will be able to secure when we seek to charter or re-charter our
ships, and could also reduce the resale value of our ships. This could adversely affect our revenues
and cash flows, including cash available for dividends to our shareholders.

Risks associated with operating and managing ocean-going ships could affect our business and
reputation.

The operation and management of ocean-going ships carries inherent risks. These risks include

the possibility of:

• marine disaster;
• piracy;
• environmental accidents;
• adverse weather conditions;
• grounding, fire, explosions and collisions;
• cargo and property loss or damage;
• business interruptions caused by mechanical failure, human error, war, terrorism, disease and

quarantine, or political action in various countries; and

• work stoppages or other labor problems with crew members serving on our ships.
An accident involving any of our owned or managed ships could result in any of the following:
• death or injury to persons, loss of property or environmental damage;

9

• delays in the delivery of cargo;
• loss of revenues from termination of charter contracts or ship management agreements;
• governmental fines, penalties or restrictions on conducting business;
• litigation with our employees, customers or third parties;
• higher insurance rates; and
• damage to our reputation and customer relationships generally.
Any of these results could have a material adverse effect on our business, financial condition,

results of operations and cash flows, including cash available for dividends to our shareholders.

Our insurance may be insufficient to cover losses that may occur to our property or result from our
operations which could adversely affect our results of operations and cash flows.

The operation of any ship includes risks such as mechanical failure, personal injury, collision,

fire, contact with floating objects, property loss or damage, cargo loss or damage and business
interruption due to a number of reasons, including political circumstances in foreign countries,
hostilities and labor strikes. In addition, there is always an inherent possibility of a marine disaster,
including explosion, spills and other environmental mishaps, and other liabilities arising from owning,
operating or managing ships in international trade.

Although we carry protection and indemnity, hull and machinery and loss of hire insurance
covering our owned ships consistent with industry standards, we can give no assurance that we are
adequately insured against all risks or that our insurers will pay a particular claim. We also may be
unable to procure adequate insurance coverage at commercially reasonable rates in the future. Even
if our insurance coverage is adequate to cover our losses, we may not be able to obtain a timely
replacement ship in the event of a loss of a ship. Any uninsured or underinsured loss could harm
our business, financial condition, results of operations and cash flows, including cash available for
dividends to shareholders. Similarly, although we carry ship manager insurance in connection with
our management of third-party ships, we can give no assurance that such insurance will adequately
insure us against all risks associated with our ship management services, that our insurers will pay a
particular claim or that we will be able to procure adequate insurance coverage at commercially
reasonable rates in the future.

In addition, some of our insurance coverage is maintained through mutual protection and

indemnity associations, and as a member of such associations we may be required to make
additional payments over and above budgeted premiums if member claims exceed association
reserves.

The required drydocking of our ships could be more expensive and time consuming than we
anticipate, which could adversely affect our results of operations and cash flows.

Drydockings of our owned ships require significant capital expenditures and result in loss of

revenue while our ships are off-hire. Any significant increase in either the number of off-hire days
due to such drydockings or in the costs of any repairs carried out during the drydockings could have
a material adverse effect on our profitability and our cash flows. We may not be able to accurately
predict the time required to drydock any of our ships or any unanticipated problems that may arise.
If more than one of our ships is required to be out of service at the same time, or if a ship is
drydocked longer than expected or if the cost of repairs during the drydocking is greater than
budgeted, our results of operations and our cash flows, including cash available for dividends to our
shareholders, could be adversely affected. Over the balance of 2015 and 2016, ten of our vessels are
scheduled for drydocking.

10

Changes in global and regional economic conditions could adversely impact our business, financial
condition, results of operations and cash flows.

Weak global or regional economic conditions may negatively impact our business, financial
condition, results of operations and cash flows in ways that we cannot predict. Our ability to expand
our fleet beyond our contracted newbuildings will be dependent on our ability to obtain financing to
fund the acquisition of additional ships. In addition, uncertainty about current and future global
economic conditions may cause our customers to defer projects in response to tighter credit,
decreased capital availability and declining customer confidence, which may negatively impact the
demand for our ships and services and could also result in defaults under our current charters or
termination of our ship management contracts. Global financial markets and economic conditions
have been volatile in recent years and remain subject to significant vulnerabilities. In particular,
despite recent measures taken by the European Union, concerns persist regarding the debt burden
of certain Eurozone countries, including Greece, and their ability to meet future financial
obligations, and the overall stability of the euro. Furthermore, a tightening of the credit markets
may further negatively impact our operations by affecting the solvency of our suppliers or customers
which could lead to disruptions in delivery of supplies such as equipment for conversions, cost
increases for supplies, accelerated payments to suppliers, customer bad debts or reduced revenues.
Similarly, such market conditions could affect lenders participating in our financing agreements,
making them unable to fulfill their commitments and obligations to us. Any reductions in activity
owing to such conditions or failure by our customers, suppliers or lenders to meet their contractual
obligations to us could adversely affect our business, financial position, results of operation and cash
flows, including cash available for dividends to our shareholders.

Disruptions in world financial markets could limit our ability to obtain future debt financing or
refinance existing debt.

Global financial markets and economic conditions have been disrupted and volatile in recent
years. Credit markets as well as the debt and equity capital markets were exceedingly distressed and
at certain times in recent years it was difficult to obtain financing and the cost of any available
financing increased significantly. If global financial markets and economic conditions significantly
deteriorate in the future, we may experience difficulties obtaining financing commitments, including
commitments to refinance our existing debt as substantial balloon payments come due under our
credit facilities, in the future if lenders are unwilling to extend financing to us or unable to meet
their funding obligations due to their own liquidity, capital or solvency issues. As a result, financing
may not be available on acceptable terms or at all. If financing is not available when needed, or is
available only on unfavorable terms, we may be unable to meet our future obligations as they come
due. Our failure to obtain the funds for these capital expenditures could have a material adverse
effect on our business, financial condition, results of operations and cash flows, including cash
available for dividends to our shareholders. In the absence of available financing, we also may be
unable to take advantage of further business opportunities or respond to competitive pressures.

Compliance with safety and other requirements imposed by classification societies may be very
costly and may adversely affect our business.

The hull and machinery of every commercial LNG carrier must be classed by a classification

society. The classification society certifies that the ship has been built and subsequently maintained
in accordance with the applicable rules and regulations of that classification society. Moreover, every
ship must comply with all applicable international conventions and the regulations of the ship’s flag
state as verified by a classification society. Finally, each ship must successfully undergo periodic
surveys, including annual, intermediate and special surveys performed under the classification
society’s rules.

If any ship does not maintain its class, it will lose its insurance coverage and be unable to trade,

and the ship’s owner will be in breach of relevant covenants under its financing arrangements.
Failure to maintain the class of one or more of our ships could have a material adverse effect on

11

our business, financial condition, results of operations and cash flows, including cash available for
dividends to our shareholders.

The LNG shipping industry is subject to substantial environmental and other regulations, which
may significantly limit our operations or increase our expenses.

Our operations are materially affected by extensive and changing international, national, state
and local environmental laws, regulations, treaties, conventions and standards which are in force in
international waters, or in the jurisdictional waters of the countries in which our ships operate and in
the countries in which our ships are registered. These requirements include those relating to
equipping and operating ships, providing security and minimizing or addressing impacts on the
environment from ship operations. We have incurred, and expect to continue to incur, substantial
costs in complying with these requirements, including costs for ship modifications and changes in
operating procedures. We also could incur substantial costs, including cleanup costs, civil and
criminal penalties and sanctions, the suspension or termination of operations and third-party claims
as a result of violations of, or liabilities under, such laws and regulations.

In addition, these requirements can affect the resale value or useful lives of our ships, require a

reduction in cargo capacity, necessitate ship modifications or operational changes or restrictions or
lead to decreased availability of insurance coverage for environmental matters. They could further
result in the denial of access to certain jurisdictional waters or ports or detention in certain ports.
We are required to obtain governmental approvals and permits to operate our ships. Delays in
obtaining such governmental approvals may increase our expenses, and the terms and conditions of
such approvals could materially and adversely affect our operations.

Additional laws and regulations may be adopted that could limit our ability to do business or

increase our operating costs, which could materially and adversely affect our business. For example,
new or amended legislation relating to ship recycling, sewage systems, emission control (including
emissions of greenhouse gases) as well as ballast water treatment and ballast water handling may be
adopted. The United States has recently enacted ballast water management system legislation and
regulations that require more stringent controls of air and water emissions from ocean-going ships.
Such legislation or regulations will require additional capital expenditures or operating expenses
(such as increased costs for low-sulfur fuel) in order for us to maintain our ships’ compliance with
international and/or national regulations. We also may become subject to additional laws and
regulations if we enter new markets or trades.

We also believe that the heightened environmental, quality and security concerns of insurance

underwriters, regulators and charterers will generally lead to additional regulatory requirements,
including enhanced risk assessment and security requirements, as well as greater inspection and
safety requirements on all LNG carriers in the marine transportation market. These requirements
are likely to add incremental costs to our operations, and the failure to comply with these
requirements may affect the ability of our ships to obtain and, possibly, recover from, insurance or
to obtain the required certificates for entry into the different ports where we operate.

Some environmental laws and regulations, such as the U.S. Oil Pollution Act of 1990, or
“OPA”, provide for potentially unlimited joint, several and/or strict liability for owners, operators
and demise or bareboat charterers for oil pollution and related damages. OPA applies to discharges
of any oil from a ship in U.S. waters, including discharges of fuel and lubricants from an LNG
carrier, even if the ships do not carry oil as cargo. In addition, many states in the United States
bordering a navigable waterway have enacted legislation providing for potentially unlimited strict
liability without regard to fault for the discharge of pollutants within their waters. We also are
subject to other laws and conventions outside the United States that provide for an owner or
operator of LNG carriers to bear strict liability for pollution, such as the Convention on Limitation
of Liability for Maritime Claims of 1976, or the “London Convention”.

Some of these laws and conventions, including OPA and the London Convention, may include

limitations on liability. However, the limitations may not be applicable in certain circumstances, such
as where a spill is caused by a ship owner’s or operator’s intentional or reckless conduct. These
limitations are also subject to periodic updates and may otherwise be amended in the future.

12

Compliance with OPA and other environmental laws and regulations also may result in ship

owners and operators incurring increased costs for additional maintenance and inspection
requirements, the development of contingency arrangements for potential spills, obtaining mandated
insurance coverage and meeting financial responsibility requirements.

Climate change and greenhouse gas restrictions may adversely impact our operations and markets.

Due to concern over the risks of climate change, a number of countries and the International

Maritime Organization, or “IMO”, have adopted, or are considering the adoption of, regulatory
frameworks to reduce greenhouse gas emission from ships. These regulatory measures may include
adoption of cap and trade regimes, carbon taxes, increased efficiency standards and incentives or
mandates for renewable energy. Although emissions of greenhouse gases from international shipping
currently are not subject to the Kyoto Protocol to the United Nations Framework Convention on
Climate Change, or the “Kyoto Protocol”, a new treaty may be adopted in the future that includes
additional restrictions on shipping emissions to those already adopted under the International
Convention for the Prevention of Marine Pollution from Ships, or the “MARPOL Convention”.
Compliance with future changes in laws and regulations relating to climate change could increase the
costs of operating and maintaining our ships and could require us to install new emission controls, as
well as acquire allowances, pay taxes related to our greenhouse gas emissions or administer and
manage a greenhouse gas emissions program. Revenue generation and strategic growth opportunities
may also be adversely affected.

Adverse effects upon the oil and natural gas industry relating to climate change, including
growing public concern about the environmental impact of climate change, may also have an effect
on demand for our services. For example, increased regulation of greenhouse gases or other
concerns relating to climate change may reduce the demand for oil and gas in the future or create
greater incentives for use of alternative energy sources. Any long-term material adverse effect on the
oil and gas industry could have significant financial and operational adverse impacts on our business
that we cannot predict with certainty at this time.

We operate our ships worldwide, which could expose us to political, governmental and economic
instability that could harm our business.

Because we operate our ships in the geographic areas where our customers do business, our

operations may be affected by political, governmental and economic conditions in the countries
where our ships operate or where they are registered. Any disruption caused by these factors could
harm our business, financial condition, results of operations and cash flows. In particular, our ships
frequent LNG terminals in countries including Egypt, Equatorial Guinea and Trinidad as well as
transit through the Gulf of Aden and the Strait of Malacca. Economic, political and governmental
conditions in these and other regions have from time to time resulted in military conflicts, terrorism,
attacks on ships, mining of waterways, piracy and other efforts to disrupt shipping. Future hostilities
or other political instability in the geographic regions where we operate or may operate could have
a material adverse effect on our business, financial condition, results of operations and cash flows,
including cash available for dividends to our shareholders. In addition, our business could also be
harmed by tariffs, trade embargoes and other economic sanctions by the United States or other
countries against countries in the Middle East, Southeast Asia or elsewhere as a result of terrorist
attacks, hostilities or diplomatic or political pressures that limit trading activities with those
countries.

Terrorist attacks, international hostilities and piracy could adversely affect our business, financial
condition, results of operations and cash flows.

Terrorist attacks, piracy and the current conflicts in the Middle East, and other current and
future conflicts, may adversely affect our business, financial condition, results of operations and cash
flows, including cash available for dividends to our shareholders. The continuing hostilities in the
Middle East may lead to additional acts of terrorism, further regional conflicts, other armed actions
around the world and civil disturbance in the United States or elsewhere, which may contribute to

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further instability in the global financial markets. These uncertainties could also adversely affect our
ability to obtain additional financing on terms acceptable to us, or at all.

In the past, political conflicts have also resulted in attacks on ships, mining of waterways and

other efforts to disrupt international shipping, particularly in the Arabian Gulf region. Acts of
terrorism and piracy have also affected ships trading in regions such as the South China Sea and the
Gulf of Aden. Since 2008, the frequency of piracy incidents against commercial shipping vessels has
increased significantly, particularly in the Gulf of Aden and off the coast of Somalia. Any terrorist
attacks targeted at ships may in the future negatively materially affect our business, financial
condition, results of operations and cash flows and could directly impact our ships or our customers.

We currently employ armed guards on board certain vessels operating in areas that may be

prone to hijacking or terrorist attacks. The presence of armed guards may increase the risk of
damage, injury or loss of life in connection with any attacks on our vessels, in addition to increasing
crew costs.

We may not be adequately insured to cover losses from acts of terrorism, piracy, regional

conflicts and other armed actions, including losses relating to the employment of armed guards.

LNG facilities, shipyards, ships, pipelines and gas fields could be targets of future terrorist
attacks or piracy. Any such attacks could lead to, among other things, bodily injury or loss of life, as
well as damage to the ships or other property, increased ship operating costs, including insurance
costs, reductions in the supply of LNG and the inability to transport LNG to or from certain
locations. Terrorist attacks, war or other events beyond our control that adversely affect the
production, storage or transportation of LNG to be shipped by us could entitle our customers to
terminate our charter contracts in certain circumstances, which would harm our cash flows and our
business.

Terrorist attacks, or the perception that LNG facilities and LNG carriers are potential terrorist

targets, could materially and adversely affect expansion of LNG infrastructure and the continued
supply of LNG. Concern that LNG facilities may be targeted for attack by terrorists has contributed
significantly to local community and environmental group resistance to the construction of a number
of LNG facilities, primarily in North America. If a terrorist incident involving an LNG facility or
LNG carrier did occur, in addition to the possible effects identified in the previous paragraph, the
incident may adversely affect the construction of additional LNG facilities and could lead to the
temporary or permanent closing of various LNG facilities currently in operation.

In the future, the ships we own or manage could be required to call on ports located in countries
that are subject to restrictions imposed by the United States and other governments.

The United States and other governments and their agencies impose sanctions and embargoes
on certain countries and maintain lists of countries they consider to be state sponsors of terrorism.
For example, in 2010, the United States enacted the Comprehensive Iran Sanctions Accountability
and Divestment Act, or “CISADA”, which expanded the scope of the former Iran Sanctions Act.
Among other things, CISADA expanded the application of the prohibitions imposed by the U.S.
government to non-U.S. companies, such as us, and limits the ability of companies and persons to do
business or trade with Iran when such activities relate to the investment, supply or export of refined
petroleum or petroleum products, as well as LNG.

In 2012, President Obama signed Executive Order 13608, which prohibits foreign persons from

violating or attempting to violate, or causing a violation of any sanctions in effect against Iran or
facilitating any deceptive transactions for or on behalf of any person subject to U.S. sanctions. The
Secretary of the Treasury may prohibit any transactions or dealings, including any U.S. capital
markets financing, involving any person found to be in violation of Executive Order 13608. Also in
2012, the U.S. enacted the Iran Threat Reduction and Syria Human Rights Act of 2012, or the
“ITRA”, which created new sanctions and strengthened existing sanctions. Among other things, the
ITRA intensifies existing sanctions regarding the provision of goods, services, infrastructure or
technology to Iran’s petroleum or petrochemical sector. The ITRA also includes a provision
requiring the President of the United States to impose five or more sanctions from Section 6(a) of

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the Iran Sanctions Act, as amended, on a person the President determines is a controlling beneficial
owner of, or otherwise owns, operates, or controls or insures a vessel that was used to transport
crude oil from Iran to another country and (1) if the person is a controlling beneficial owner of the
vessel, the person had actual knowledge the vessel was so used or (2) if the person otherwise owns,
operates, or controls, or insures the vessel, the person knew or should have known the vessel was so
used. Such a person could be subject to a variety of sanctions, including exclusion from U.S. capital
markets, exclusion from financial transactions subject to U.S. jurisdiction, and exclusion of such
person’s vessels from U.S. ports for up to two years. The ITRA also includes a requirement that
issuers of securities must disclose to the SEC in their annual and quarterly reports filed after
February 6, 2013 whether the issuer or “any affiliate” has “knowingly” engaged in certain sanctioned
activities involving Iran during the timeframe covered by the report. Finally, in January 2013, the
U.S. enacted the Iran Freedom and Counter-Proliferation Act of 2012, which expanded the scope of
U.S. sanctions on any person that is part of Iran’s energy, shipping or shipbuilding sector and
operators of ports in Iran, and imposes penalties on any person who facilitates or otherwise
knowingly provides significant financial, material or other support to these entities.

Although the ships we own and those we manage have not called on ports in countries subject

to sanctions or embargoes or in countries identified as state sponsors of terrorism, including Iran,
North Korea and Syria, we cannot assure you that these ships will not call on ports in these
countries in the future. While we intend to maintain compliance with all sanctions and embargoes
applicable to us, U.S. and international sanctions and embargo laws and regulations do not
necessarily apply to the same countries or proscribe the same activities, which may make compliance
difficult. Additionally, the scope of certain laws may be unclear, and these laws may be subject to
changing interpretations and application and may be amended or strengthened from time to time,
including by adding or removing countries from the proscribed lists. Violations of sanctions and
embargo laws and regulations could result in fines or other penalties and could result in some
investors deciding, or being required, to divest their investment, or not to invest, in us.

Failure to comply with the U.S. Foreign Corrupt Practices Act and other anti-bribery legislation in
other jurisdictions could result in fines, criminal penalties, contract terminations and an adverse
effect on our business.

We may operate in a number of countries throughout the world, including countries known to

have a reputation for corruption. We are committed to doing business in accordance with applicable
anti-corruption laws and have adopted a code of business conduct and ethics which is consistent and
in full compliance with the U.S. Foreign Corrupt Practices Act of 1977, or the “FCPA”. We are
subject, however, to the risk that we, our affiliated entities or our or their respective officers,
directors, employees and agents may take actions determined to be in violation of such anti-
corruption laws, including the FCPA. Any such violation could result in substantial fines, sanctions,
civil and/or criminal penalties, or curtailment of operations in certain jurisdictions, and might
adversely affect our business, results of operations or financial condition. In addition, actual or
alleged violations could damage our reputation and ability to do business. Furthermore, detecting,
investigating, and resolving actual or alleged violations is expensive and can consume significant time
and attention of our senior management.

Reliability of suppliers may limit our ability to obtain supplies and services when needed.

We rely, and will in the future rely, on a significant supply of consumables, spare parts and

equipment to operate, maintain, repair and upgrade our fleet of ships. Delays in delivery or
unavailability of supplies could result in off-hire days due to consequent delays in the repair and
maintenance of our fleet. This would negatively impact our revenues and cash flows. Cost increases
could also negatively impact our future operations, although the impact of significant cost increases
may be mitigated to some extent with respect to the vessels that are employed under charter
contracts with automatic periodic adjustment provisions or cost review provisions.

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Governments could requisition our ships during a period of war or emergency, resulting in loss of
earnings.

The government of a jurisdiction where one or more of our ships are registered could

requisition for title or seize our ships. Requisition for title occurs when a government takes control
of a ship and becomes its owner. Also, a government could requisition our ships for hire.
Requisition for hire occurs when a government takes control of a ship and effectively becomes the
charterer at dictated charter rates. Generally, requisitions occur during a period of war or
emergency, although governments may elect to requisition ships in other circumstances. Although we
would expect to be entitled to government compensation in the event of a requisition of one or
more of our ships, the amount and timing of payments, if any, would be uncertain. A government
requisition of one or more of our ships would result in off-hire days under our time charters and
may cause us to breach covenants in certain of our credit facilities, and could have a material
adverse effect on our business, financial condition, results of operations and cash flows, including
cash available for dividends to our shareholders.

Maritime claimants could arrest our ships, which could interrupt our cash flows.

Crew members, suppliers of goods and services to a ship, shippers or receivers of cargo and

other parties may be entitled to a maritime lien against a ship for unsatisfied debts, claims or
damages. In many jurisdictions, a maritime lienholder may enforce its lien by arresting a ship. The
arrest or attachment of one or more of our ships which is not timely discharged could cause us to
default on a charter or breach covenants in certain of our credit facilities and, to the extent such
arrest or attachment is not covered by our protection and indemnity insurance, could require us to
pay large sums of money to have the arrest or attachment lifted. Any of these occurrences could
have a material adverse effect on our business, financial condition, results of operations and cash
flows, including cash available for dividends to our shareholders.

Additionally, in some jurisdictions, such as the Republic of South Africa, under the “sister ship”
theory of liability, a claimant may arrest both the ship that is subject to the claimant’s maritime lien
and any “associated” ship, which is any ship owned or controlled by the same owner. Claimants
could try to assert “sister ship” liability against one ship in our fleet for claims relating to another of
our ships.

We may be subject to litigation that could have an adverse effect on us.

We may in the future be involved from time to time in litigation matters. These matters may

include, among other things, contract disputes, personal injury claims, environmental claims or
proceedings, toxic tort claims, employment matters and governmental claims for taxes or duties, as
well as other litigation that arises in the ordinary course of our business. We cannot predict with
certainty the outcome of any claim or other litigation matter. The ultimate outcome of any litigation
matter and the potential costs associated with prosecuting or defending such lawsuits, including the
diversion of management’s attention to these matters, could have an adverse effect on us and, in the
event of litigation that could reasonably be expected to have a material adverse effect on us, could
lead to an event of default under certain of our credit facilities.

Risks Related to Our Business

Any limitation in the availability or operation of our ships could have a material adverse effect on
our business, financial condition, results of operations and cash flows.

Our owned fleet consists of 16 LNG carriers that are in operation (including the five LNG
carriers owned by GasLog Partners) and nine newbuildings on order. In addition, in December 2014
we announced an agreement with Methane Services, a subsidiary of BG Group, to purchase two
170,000 cbm tri-fuel diesel electric, or “TFDE”, LNG carriers, and to charter those vessels back to
BG Group for 10 years on average, or the “Pending Vessels Acquisition”. If any of our vessels is
unable to generate revenues for any significant period of time for any reason, including unexpected
periods of off-hire, early charter termination (which could result from damage to our vessels) or

16

failure to secure employment for any vessels for which we have not secured charters, our business,
financial condition, results of operations and cash flows, including cash available for dividends to our
shareholders, could be materially and adversely affected. The impact of any limitation in the
operation of our vessels or any early charter termination would be amplified during the period prior
to delivery of our newbuildings, as a substantial portion of our cash flows and income are dependent
on the revenues earned by the chartering of our 16 LNG carriers in operation and the two vessels
to be acquired under the Pending Vessels Acquisition. In addition, the costs of vessel repairs are
unpredictable and can be substantial. In the event of repair costs that are not covered by our
insurance policies, we may have to pay for such repair costs, which would decrease our earnings and
cash flows, including cash available for dividends to our shareholders.

We depend upon two customers for nearly all of our revenues. The loss of either or both of these
customers would result in a significant loss of revenues and could have a material adverse effect on
our business, financial condition, results of operations and cash flows.

We have historically derived nearly all of our revenues from one customer, Methane Services, a

subsidiary of BG Group. For the year ended December 31, 2014, Methane Services and Shell
accounted for 80.1% and 11.7% of our revenues, respectively. Following the delivery of our nine
new LNG carriers on order and the two ships to be acquired under the Pending Vessels Acquisition,
Methane Services will continue to be a key customer, as four of our newbuildings and the two
vessels to be acquired under the Pending Vessels Acquisition will be chartered to Methane Services
upon delivery for a total of 18 vessels chartered to Methane Services. We could lose a customer or
the benefits of our time charter or ship management arrangements for many different reasons,
including if the customer is unable or unwilling to make charter hire or other payments to us
because of a deterioration in its financial condition, disagreements with us or otherwise. If either or
both of these customers terminates its charters, chooses not to re-charter our ships after the initial
charter terms or is unable to perform under its charters and we are not able to find replacement
charters at reasonably comparable rates, we will suffer a loss of revenues that could have a material
adverse effect on our business, financial condition, results of operations and cash flows, including
cash available for dividends to our shareholders. Our revenues would also be impacted if Methane
Services terminates or is unable to perform under our ship management contracts.

Any charter termination could have a material adverse effect on our business, financial condition,
results of operations and cash flows.

Our charterers have the right to terminate a ship’s time charter in certain circumstances, such

as:

• loss of the ship or damage to it beyond repair;
• if the ship is off-hire for any reason other than scheduled drydocking for a period exceeding
90 consecutive days, or for more than 90 days or 110 days, depending on the charter, in any
one-year period;

• defaults by us in our obligations under the charter; or
• the outbreak of war or hostilities involving two or more major nations, such as the United
States or the People’s Republic of China, that would materially and adversely affect the
trading of the ship for a period of at least 30 days.

A termination right under one ship’s time charter would not automatically give the charterer the

right to terminate its other charter contracts with us. However, a charter termination could
materially affect our relationship with the customer and our reputation in the LNG shipping
industry, and in some circumstances the event giving rise to the termination right could potentially
impact multiple charters. Accordingly, the existence of any right of termination could have a
material adverse effect on our business, financial condition, results of operations and cash flows,
including cash available for dividends to our shareholders.

If we lose a charter, we may be unable to obtain a new time charter on terms as favorable to
us or with a charterer of comparable standing, particularly if we are seeking new time charters at a

17

time when charter rates in the LNG industry are depressed. Consequently, we may have an
increased exposure to the volatile spot market, which is highly competitive and subject to significant
price fluctuations. In the event that we are unable to re-deploy a ship for which a charter has been
terminated, we will not receive any revenues from that ship, and we may be required to pay
expenses necessary to maintain the ship in proper operating condition. In addition, in the event of a
charter termination we could be required under certain of our credit facilities to deposit cash in an
account held with the applicable lender until we have obtained a new time charter on terms
acceptable to such lender, which could restrict our cash available for dividends to our shareholders.

Our ship management agreements may be terminated with limited advance notice.

Unlike our time charters, our ship management agreements with Methane Services, a subsidiary

of BG Group, and Egypt LNG may be terminated at any time by either party with a short period
of advance notice. In the event that a ship management agreement is terminated by Methane
Services other than in connection with the sale of a ship, Methane Services would generally be
entitled to immediately terminate the ship management agreements for the other ships we manage
on its behalf. If a customer were to terminate our ship management agreements, we may be unable
to find new customers for our ship management services or we may choose not to continue
providing ship management services to third-party customers, which could adversely impact our
revenues and cash flows, including cash available for dividends to our shareholders.

Due to our lack of diversification, adverse developments in the LNG transportation industry could
adversely affect our business, particularly if such developments occur at a time when we are seeking
a new charter.

Due to our lack of diversification, an adverse development in the LNG transportation industry
could have a significantly greater impact on our business, particularly if such developments occur at
a time when our ships are not under charter or nearing the end of their charters, than if we
maintained more diverse assets or lines of businesses.

Our contracts for the nine newbuildings we have on order are subject to risks that could cause
delays in the delivery of the ships, which could adversely affect our results of operations and cash
flows.

Our nine contracted newbuildings are scheduled to be delivered to us on various dates between

2015 and 2017. Significant delays in the delivery of one or more of these ships, which are expected
to generate a substantial portion of our contracted revenue in future years, would delay our receipt
of revenues under the related time charters. For prolonged delays, the customer may terminate the
charter and, in addition to the resulting loss of revenues, we may be responsible for additional
substantial liquidated damages, which could adversely affect our anticipated results of operations and
cash flows, including cash available for dividends to our shareholders. In addition, the delivery of
any of these ships with substantial defects or unexpected operational problems could have similar
consequences.

The delivery of a newbuilding could be delayed because of numerous factors, including, but not

limited to:

• shortages of equipment, materials or skilled labor;
• delays in the receipt of necessary construction materials, such as steel, or equipment, such as

engines or generators;

• failure of equipment to meet quality and/or performance standards;
• the shipyards over-committing to new ships to be constructed;
• changes in governmental regulations or maritime self-regulatory organization standards;
• political or economic disturbances;
• financial or operating difficulties experienced by equipment vendors or the shipyards;

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• requests for changes to the original vessel specifications;
• inability to obtain required permits or approvals;
• disputes with the shipyards;
• inability to finance the construction or conversion of the vessels;
• work stoppages and other labor disputes; and
• adverse weather conditions or any other events of force majeure, including war or hostilities
between South Korea, where we have ships on order at Samsung and Hyundai, and North
Korea.

If delivery of a vessel is materially delayed, it could adversely affect our results of operations

and financial condition and our ability to pay dividends to our shareholders.

We cannot assure that we will complete the Pending Vessels Acquisition.

If we cannot complete the purchase of either of the two ships to be acquired under the Pending
Vessels Acquisition for any reason, we may use our available funds for alternative general corporate
purposes, including the acquisition of other ships. Any alternative use of funds may not generate as
much cash flow as the ships to be acquired in the Pending Vessels Acquisition. For more
information on the Pending Vessels Acquisition, see “Item 4. Information on the Company—B.
Business Overview—Our Fleet”.

As we take delivery of our newbuildings, we will need to expand our staff and crew. If we cannot
recruit and retain employees and provide adequate compensation, our business, financial condition,
results of operations and cash flows may be adversely affected.

Our ability to acquire and retain customers depends on a number of factors, including our
ability to man our vessels with masters, officers and crews of suitable experience in operating LNG
carriers. As we take delivery of our newbuildings, we expect to hire a significant number of
seafarers qualified to man and operate our new vessels, as well as additional shoreside personnel. As
the global LNG carrier fleet continues to grow, we expect the demand for technically skilled and
experienced officers and crew to increase. This could lead to an industry-wide shortfall of qualified
personnel, resulting in increased crew costs, which could constrain our ability to recruit suitable
employees to operate our LNG carriers within our budget parameters.

Material increases in crew costs could adversely affect our results of operations and cash flows.

In addition, if we cannot recruit and retain sufficient numbers of quality on-board seafaring
personnel, we may not be able to fully utilize our expanded fleet, which could have a material
adverse effect on our business, financial condition, results of operations and cash flows, including
cash available for dividends to our shareholders.

We must make substantial capital expenditures to acquire the nine newbuildings we have on order
and any additional ships we may acquire in the future.

We are obligated to make substantial capital expenditures to fund our commitments for the nine

newbuildings we have on order. We are scheduled to take delivery of the vessels on various dates
between 2015 and 2017. As of March 25, 2015, the total remaining balance of the contract prices for
the nine vessels was $1.66 billion, which amounts are payable under each shipbuilding contract in
installments upon the attainment of certain specified milestones. The largest portion of the purchase
price for each vessel will come due upon its delivery to us from the shipyard. We intend to fund
these commitments with available cash, cash from operations, existing undrawn debt under one
senior secured credit facility with an aggregate undrawn amount of $146.0 million as of March 25,
2015 and other financings we may enter into. As of March 25, 2015, financing was not secured for
$1.5 billion related to the remaining balance of the contract price of eight of our vessels.

On March 25, 2015, in connection with the Pending Vessels Acquisition, GasLog, through its
vessel-owning subsidiaries GAS-twenty six Ltd. and GAS-twenty seven Ltd., entered into a senior

19

secured term loan facility of up to $325.0 million with ABN Amro Bank N.V., Commonwealth Bank
of Australia, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale
Deutschlandgescha¨ ft, DNB Bank ASA, London Branch and ING Bank N.V., London Branch, and a
subordinated term loan facility of up to $135.0 million with ABN Amro Bank N.V., Credit Agricole
Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgescha¨ ft and DNB Bank
ASA, London Branch.

To the extent that we are unable to draw down the amounts committed under our credit
facilities, whether due to our failure to comply with the terms of such facilities or the lenders’
failure to fund the committed amounts, we will need to find alternative financing. If we are unable
to find alternative financing, we will not be capable of funding all of our commitments for capital
expenditures relating to our nine contracted newbuildings and the Pending Vessels Acquisition. In
the event that we fail to meet our payment obligations under a shipbuilding contract, we would be
in default under the applicable contract and the shipbuilder would have the option of cancelling the
contract and retaining any previously funded installment payments, which could have a material
adverse effect on our business, financial condition, results of operations and cash flows, including
cash available for dividends to our shareholders.

In addition, we may choose to make substantial capital expenditures to expand the size of our
fleet in the future. In order to exercise our options with Samsung to purchase up to six additional
newbuildings, we would need to obtain financing on terms acceptable to us. We expect to finance
the cost of any new vessels through available cash, cash from operations and debt or equity
financings. Our ability to obtain bank financing or to access the capital markets may be limited by
our financial condition at the time of any such financing or offering, as well as by adverse market
conditions resulting from, among other things, general economic conditions, changes in the LNG
industry and further contingencies and uncertainties that are beyond our control. Even if we are
successful in obtaining necessary funds, the terms of any debt financings could limit our ability to
further expand our fleet and to pay dividends to our shareholders.

We may have difficulty further expanding our fleet in the future.

We may expand our fleet beyond our contracted newbuildings by ordering additional

newbuildings or by making selective acquisitions of high-quality secondhand vessels to the extent
that they are available in the same way that we acquired the GasLog Chelsea, the six vessels
acquired from Methane Services in 2014, and will acquire the two ships under the Pending Vessels
Acquisition. Our future growth will depend on numerous factors, some of which are beyond our
control, including our ability to:

• identify attractive ship acquisition opportunities and consummate such acquisitions;
• obtain newbuilding contracts at acceptable prices;
• obtain required equity and debt financing on acceptable terms;
• secure charter arrangements on terms acceptable to our lenders;
• expand our relationships with existing customers and establish new customer relationships;
• recruit and retain additional suitably qualified and experienced seafarers and shore-based

employees;

• continue to meet technical and safety performance standards;
• manage joint ventures; and
• manage the expansion of our operations to integrate the new ships into our fleet.
During periods in which charter rates are high, ship values are generally high as well, and it
may be difficult to consummate ship acquisitions or enter into shipbuilding contracts at favorable
prices. In addition, any ship acquisition we complete may not be profitable at or after the time of
acquisition and may not generate cash flows sufficient to justify the investment. We may not be
successful in executing any future growth plans, and we cannot give any assurances that we will not
incur significant expenses and losses in connection with such growth efforts.

20

Our credit facilities are secured by our ships and contain payment obligations and restrictive
covenants that may restrict our business and financing activities as well as our ability to pay
dividends. A failure by us to meet our obligations under our credit facilities could result in an
event of default under such credit facilities and foreclosure on our ships.

Our credit facilities impose, and any future credit facility we enter into will impose, operating

and financial restrictions on us and our subsidiaries. These restrictions in our credit facilities
generally limit our shipowning subsidiaries’ ability to, among other things:
• incur additional indebtedness, create liens or provide guarantees;
• provide any form of credit or financial assistance to, or enter into any non-arms’ length

transactions with, us or any of our affiliates;

• sell or otherwise dispose of assets, including our ships;
• engage in merger transactions;
• enter into, terminate or amend any charter;
• amend our shipbuilding contracts;
• change the manager of our ships;
• undergo a change in ownership; or
• acquire assets, make investments or enter into any joint venture arrangements outside of the

ordinary course of business.

Our credit facilities also impose certain restrictions relating to us and our other subsidiaries,

including restrictions that limit our ability to make any substantial change in the nature of our
business or to engage in transactions that would constitute a change of control, as defined in the
relevant credit facility, without repaying all of our indebtedness in full, or to allow our largest
shareholders to reduce their shareholding in us below specified thresholds.

Our credit facilities also impose specified financial covenants that apply to us and our
subsidiaries on a consolidated basis or, in the case of the GasLog Partners’ $450.0 million credit
facility, or the “GasLog Partners credit facility”, to GasLog Partners and its subsidiaries on a
consolidated basis. These financial covenants generally include the following:

• net working capital (excluding the current portion of long-term debt) must be not less than $0

(not included in the GasLog Partners credit facility);

• total indebtedness divided by our total assets must not exceed 75% (in the case of the

GasLog Partners credit facility, must be less than 60%);

• the ratio of EBITDA over our debt service obligations (including interest and debt

repayments) on a trailing 12 months basis must be not less than 110%;

• the aggregate amount of all unencumbered cash and cash equivalents must be not less than

the higher of 3% of total indebtedness and $20.0 million (in the case of the GasLog Partners
credit facility, $15.0 million) after the first drawdown;

• being permitted to pay dividends, provided that unencumbered cash and cash equivalents

equal to at least 4% of total indebtedness, subject to no event of default having occurred or
occurring as a consequence of the payment of such dividends (in the case of the GasLog
Partners credit facility, permitted to pay dividends subject to no event of default having
occurred or resulting from such payment); and

• market value adjusted net worth must be not less than $350.0 million (not included in the

GasLog Partners credit facility).

In addition, our credit facilities contain covenants requiring us and certain of our subsidiaries to
maintain the aggregate of (i) the market value, on a charter exclusive basis, of the mortgaged vessel
or vessels and (ii) the market value of any additional security provided to the lenders, not less than
120% of the then outstanding amount under the applicable facility and any related swap exposure. If
we fail to comply with these covenants and are not able to obtain covenant waivers or modifications,
our lenders could require us to make prepayments or provide additional collateral sufficient to bring

21

us into compliance with such covenants, and if we fail to do so our lenders could accelerate our
indebtedness.

Further, under the NOK denominated bond agreement signed on June 25, 2013, between
GasLog Ltd. and the bond trustee, as amended, or the “Bond Agreement”, for our NOK 500
million bond, we are required to comply with the following financial covenants:
• our total indebtedness divided by our total assets must not exceed 75%;
• the ratio of EBITDA over our debt service obligations (including interest and debt

repayments) on a trailing 12 months basis must be not less than 110%;

• the aggregate amount of all unencumbered cash and cash equivalents must be not less than
the higher of 3% of our total indebtedness and $20.0 million after the first drawdown; and

• our market value adjusted net worth must at all times be not less than $350.0 million.
The Bond Agreement also includes a dividend restriction according to which we may not

(i) declare or make any dividend payment or distribution, whether in cash or in kind, (ii) repurchase
any of our shares or undertake other similar transactions (including, but not limited to, total return
swaps related to our shares), or (iii) grant any loans or make other distributions or transactions
constituting a transfer of value to our shareholders (items (i), (ii) and (iii) collectively referred to as
the “Distributions”) that in aggregate exceed during any calendar year 50% of our consolidated net
profit after taxes based on the audited annual accounts for the previous financial year (any
unutilized portion of the permitted dividend pursuant to the above may not be carried forward).
Notwithstanding the above, we are permitted to make Distributions up to an aggregate maximum
per share, for the years 2014, 2015, 2016, 2017 and 2018 of $0.70/share, $1.00/share, $1.10/share,
$1.20/share and $1.30/share, respectively, provided that total indebtedness divided by total assets
(giving pro forma effect for the distribution) does not exceed 67.5% immediately after the
Distribution is made, the ratio of EBITDA over debt service obligations on a trailing 12 months
basis ending the quarter immediately prior to that in which the Distribution is made is not less than
115.0% and no event of default would result from such distribution. The Bond Agreement also
prohibits GasLog from providing any debt or committed debt availability to GasLog Partners in
excess of $75.0 million.

Certain of our credit facilities also contain vessel employment conditions, pursuant to which we
could be required in the event of a charter termination or in certain other circumstances to deposit
cash in an account held with the applicable lender until we have obtained a new time charter on
terms acceptable to such lender. In addition, we are required under one of our facilities to deposit
$21.0 million in a blocked account prior to each drawdown in respect of the two vessels to be
financed by the facility until the time that an acceptable charter party agreement has been entered
into after the delivery date of the respective vessels. As of December 31, 2014, an amount has been
drawn in connection with the delivery of the GasLog Saratoga and the $21.0 million has been
deposited in a blocked account in connection with such drawdown which amount is presented under
restricted cash. In addition, as of December 31, 2014, $1.83 million has been presented under
restricted cash pursuant to the credit facility used to finance the GasLog Savannah. This
requirement was triggered because the vessel’s charterer has not exercised its option to extend its
time charter within 12 months of the charter’s scheduled termination date.

Our ability to comply with covenants and restrictions contained in our financing arrangements

may be affected by events beyond our control, including prevailing economic, financial and industry
conditions. A failure to comply with covenants and restrictions or to meet our payment and other
obligations could lead to defaults under our credit facilities which could cause our payment
obligations to be accelerated. We may not have, or be able to obtain, sufficient funds to make these
accelerated payments. Because obligations under our financing arrangements are secured by our
ships and are guaranteed by our ship-owning subsidiaries, if we are unable to repay debt under our
financing arrangements, the lenders could seek to foreclose on those assets, which would materially
and adversely impact our business, financial condition, results of operations and cash flows, including
cash available for dividends to our shareholders. In addition, a default under one of our credit
facilities could result in the cross-acceleration of our other indebtedness. For more information

22

regarding our credit facilities, please read “Item 5. Operating and Financial Review and Prospects—
B. Liquidity and Capital Resources—Credit Facilities”.

The significant fall in oil prices over the past six months and the milder than expected Far
Eastern winter have led to substantial declines in the price of LNG and a lack of pricing differential
between the Eastern and Western hemispheres. These factors, among others, have in turn led to a
significant shortening of the average duration of spot charters fixed during the first portion of 2015,
as well as a significant decline in average rates for new spot and shorter-term LNG charters
commencing promptly. Over the next 18 months, unless LNG charter market conditions improve, we
may have difficulty in securing new charters at attractive rates and durations for the two vessels we
have operating under short-term contracts and the three vessels that will either be delivered or could
come off charter between April 2015 and the end of 2016. Currently, we have a total of 888 open
vessel days during the remainder of 2015. A failure to obtain charters at acceptable rates on these
vessels could adversely affect our liquidity and results of operations, as well as our ability to meet
certain of our debt covenants later in 2015, particularly the required ratio of EBITDA to debt
service and the minimum cash requirement.

Ship values may fluctuate substantially, which could result in an impairment charge, impact our
compliance with the covenants in our loan agreements and, if the values are lower at a time when
we are attempting to dispose of ships, could cause us to incur a loss.

Values for ships can fluctuate substantially over time due to a number of different factors,

including:

• prevailing economic conditions in the natural gas and energy markets;
• a substantial or extended decline in demand for LNG;
• the level of worldwide LNG production and exports;
• changes in the supply-demand balance of the global LNG carrier fleet;
• changes in prevailing charter hire rates;
• the physical condition of the ship;
• the size, age and technical specifications of the ship;
• demand for LNG carriers; and
• the cost of retrofitting or modifying existing ships, as a result of technological advances in
ship design or equipment, changes in applicable environmental or other regulations or
standards, customer requirements or otherwise.

If the market value of our ships declines, we may be required to record an impairment charge
in our financial statements, which could adversely affect our results of operations. In addition, any
such deterioration in market value of our ships may trigger a breach of some of the covenants
contained in our credit facilities. If we do breach such covenants and we are unable to remedy the
relevant breach, our lenders could accelerate our indebtedness and seek to foreclose on the ships in
our fleet securing those credit facilities. In addition, if a charter contract expires or is terminated by
the customer, we may be unable to re-deploy the affected ships at attractive rates and, rather than
continue to incur costs to maintain and finance them, we may seek to dispose of them. Any
foreclosure on our ships, or any disposal by us of a ship at a time when ship prices have fallen,
could result in a loss and could materially and adversely affect our business, financial condition,
results of operations and cash flows, including cash available for dividends to our shareholders.

Our debt levels may limit our flexibility to obtain additional financing and pursue other business
opportunities.

As of December 31, 2014, we had an aggregate of $1.79 billion of indebtedness outstanding
under nine credit agreements, of which $121.82 million is repayable within one year which includes
$42.17 million under the revolving credit facility, and we had $134.74 million outstanding under the
Bond which amount is payable in June 2018. As of December 31, 2014 there is an undrawn amount

23

of $7.83 million from the revolving facility of GAS-two Ltd. from which and the balance is available
to be drawn under certain conditions. In addition, there is one loan facility with an aggregate
undrawn amount of $146.0 million available that will be used to finance a portion of the contract
price of one of our newbuildings on its delivery. We may incur additional indebtedness in the future
as we grow our fleet. This level of debt could have important consequences to us, including the
following:

• our ability to obtain additional financing, if necessary, for working capital, capital

expenditures, ship acquisitions or other purposes may be impaired or such financing may not
be available on favorable terms;

• our costs of borrowing could increase as we become more leveraged;
• we will need a substantial portion of our cash flow to make principal and interest payments
on our debt, reducing the funds that would otherwise be available for operations, future
business opportunities and dividends to our shareholders;

• our debt level may make us more vulnerable than our competitors with less debt to
competitive pressures or a downturn in our industry or the economy generally; and

• our debt level may limit our flexibility in responding to changing business and economic

conditions.

Our ability to service our debt depends upon, among other things, our future financial and
operating performance, which will be affected by prevailing economic conditions and financial,
business, regulatory and other factors, some of which are beyond our control. If our operating
results are not sufficient to service our current or future indebtedness, we will be forced to take
actions such as reducing or delaying our business activities, acquisitions, investments or capital
expenditures, selling assets, restructuring or refinancing our debt or seeking additional equity capital
or bankruptcy protection. We may not be able to effect any of these remedies on satisfactory terms,
or at all.

Our ability to obtain additional debt financing for future acquisitions of ships or to refinance our
existing debt may depend on the creditworthiness of our charterers and the terms of our future
charters.

Our ability to borrow against the ships in our existing fleet and any ships we may acquire in the
future largely depends on the value of the ships, which in turn depends in part on charter hire rates
and the ability of our charterers to comply with the terms of their charters. The actual or perceived
credit quality of our charterers, and any defaults by them, may materially affect our ability to obtain
the additional capital resources that we will require to purchase additional ships and to refinance our
existing debt as balloon payments come due, or may significantly increase our costs of obtaining
such capital. Our inability to obtain additional financing or committing to financing on unattractive
terms could have a material adverse effect on our business, financial condition, results of operations
and cash flows, including cash available for dividends to our shareholders.

Our ability to pay dividends may be limited by the amount of cash we generate from operations, by
restrictions in our credit facilities and by additional factors unrelated to our profitability.

We intend to pay regular quarterly dividends. The declaration and payment of any dividend is

subject to the discretion of our board of directors and the requirements of Bermuda law. The timing
and amount of any dividend payments will be dependent on our earnings, financial condition, cash
requirements and availability, restrictions in our debt agreements, the provisions of Bermuda law
and other factors. The amount of cash we generate from operations and the actual amount of cash
we will have available for dividends will vary based upon, among other things:

• our earnings, financial condition and cash requirements;
• restrictions in our credit facilities, Bond Agreement and other financing agreements;
• the provisions of Bermuda law affecting the payment of dividends to shareholders;

24

• the charter hire payments we obtain from our charters as well as the rates obtained from

future charters;

• our fleet expansion and associated uses of our cash as well as any financing requirements;
• delays in the delivery of newbuildings and the commencement of payments under charters

relating to those ships;

• the level of our operating costs, such as the costs of crews and insurance, as well as the costs

of repairs, maintenance or modifications of our ships;

• the number of unscheduled off-hire days for our fleet as well as the timing of, and number of

days required for, scheduled drydocking of our ships;

• prevailing global and regional economic or political conditions;
• changes in interest rates;
• the effect of governmental regulations and maritime self-regulatory organization standards on

the conduct of our business;

• changes in the basis of taxation of our activities in various jurisdictions;
• modification or revocation of our dividend policy by our board of directors; and
• the amount of any cash reserves established by our board of directors.
For information regarding the dividend payment restrictions in our financing agreements, see

“—Risks Related to Our Business—Our credit facilities are secured by our ships and contain
payment obligations and restrictive covenants that may restrict our business and financing activities
as well as our ability to pay dividends. A failure by us to meet our obligations under our credit
facilities could result in an event of default under such credit facilities and foreclosure on our ships.”

The amount of cash we generate from our operations may differ materially from our profit or

loss for the period, which will be affected by non-cash items. We may incur other expenses or
liabilities that could reduce or eliminate the cash available for dividends.

Under Bermuda law, a company may not declare or pay dividends if there are reasonable
grounds for believing that: (i) the company is, or would after the payment be, unable to pay its
liabilities as they become due; or (ii) the realizable value of the company’s assets would thereby be
less than its liabilities. Under our bye-laws, each common share is entitled to dividends as and when
any such dividends are declared by our board of directors.

As a result of these and the other factors mentioned above, we may pay dividends during
periods when we record losses and may not pay dividends during periods when we record a profit.
We can give no assurance that dividends will be paid in the future.

We are a holding company and we depend on the ability of our subsidiaries, including GasLog
Partners, to distribute funds to us in order to satisfy our financial obligations and to make
dividend payments.

We are a holding company. Our subsidiaries conduct substantially all of our operations and own

all of our operating assets, including our ships. We have no significant assets other than the equity
interests in our subsidiaries, including GasLog Partners, in which we hold a 42.5% equity interest
(including our 2% general partner interest) as well as all of the incentive distribution rights. As a
result, our ability to pay our obligations and to make dividend payments depends entirely on our
subsidiaries and their ability to distribute funds to us, including cash distributions and management
and administrative services fees received from GasLog Partners. The ability of a subsidiary to make
these distributions could be affected by a claim or other action by a third party, including a creditor,
or by the law of its jurisdiction of incorporation which regulates the payment of dividends. Other
factors which may impact the value of our equity interest in GasLog Partners and its ability to
distribute funds to us are described in its public filings with the SEC. If we are unable to obtain
funds from our subsidiaries, our board of directors may exercise its discretion not to declare or pay
dividends.

25

Fluctuations in exchange rates and interest rates could result in financial losses for us.

Fluctuations in currency exchange rates and interest rates may have an impact on our financial

performance. We receive virtually all of our revenues in dollars, while some of our operating
expenses, including employee costs and certain crew costs, are denominated in euros. As a result, we
are exposed to a foreign exchange risk. However, we also maintain cash balances in euros, which
amounted to approximately $0.53 million as of December 31, 2014. Although we monitor exchange
rate fluctuations on a continuous basis, we do not currently hedge movements in currency exchange
rates. As a result, there is a risk that currency fluctuations will have a negative effect on our cash
flows and results of operations.

In addition, we are exposed to a market risk relating to fluctuations in interest rates because
our credit facilities bear interest costs at a floating rate based on London Interbank Offered Rate,
or LIBOR. Significant increases in LIBOR could adversely affect our cash flows, results of
operations and ability to service our debt. Although we use interest rate swaps from time to time to
reduce our exposure to interest rate risk, we hedge only a portion of our outstanding indebtedness.
There is no assurance that our derivative contracts will provide adequate protection against adverse
changes in interest rates or that our bank counterparties will be able to perform their obligations.

The derivative contracts used to hedge our exposure to fluctuations in interest rates could result in
reductions in our shareholders’ equity as well as charges against our profit.

We enter into interest rate swaps from time to time for purposes of managing our exposure to
fluctuations in interest rates applicable to floating rate indebtedness. As of December 31, 2014, we
had 20 interest rate swaps in place with a notional amount of $967.58 million. For the 8 interest rate
swaps that have been designated as cash flow hedging instruments, the changes in the fair value of
the contracts are recognized in our statement of other comprehensive income or loss as cash flow
hedge gains or losses for the period, and could affect compliance with the market value adjusted net
worth covenants in our credit facilities. In addition, the changes in the fair value of the 12 derivative
contracts that have not been designated as cash flow hedging instruments are recognized in our
statement of profit or loss. Changes in the fair value of any derivative contracts that do not qualify
for treatment as cash flow hedges for financial reporting purposes would affect, among other things,
our profit, earnings per share and affect compliance with the market value adjusted net worth
covenants in our credit facilities.

In June 2013 and April 2014, we entered into six Cross Currency Swaps, or “CCSs”, to

exchange interest payments and principal on maturity on the same terms as the Bond Agreement, in
order to hedge the variability of the functional currency equivalent cash flows on the bond. As of
December 31, 2014, the six CCSs had a notional amount of $166.82 million and qualified as cash
flow hedging instruments for accounting purposes. The effective portion of changes in the fair value
of CCSs is recognized in other comprehensive income while the ineffective portion impacts the
statement of profit or loss for the period.

There is no assurance that our derivative contracts will provide adequate protection against

adverse changes in interest rates or that our bank counterparties will be able to perform their
obligations. In addition, as a result of the implementation of new regulation of the swaps markets in
the United States, the European Union and elsewhere over the next few years, the cost and
availability of interest rate and currency hedges may increase or suitable hedges may not be
available.

Our earnings and business are subject to the credit risk associated with our contractual
counterparties.

We enter into, among other things, time charters, ship management agreements and other
contracts with our customers, shipbuilding contracts and refund guarantees relating to newbuildings,
credit facilities and commitment letters with banks, insurance contracts and interest rate swaps. Such
agreements subject us to counterparty credit risk. The ability and willingness of each of our
counterparties to perform its obligations under a contract with us will depend upon a number of

26

factors that are beyond our control and may include, among other things, general economic
conditions, the condition of the natural gas and LNG markets and charter hire rates. Should a
counterparty fail to honor its obligations under agreements with us, we could sustain significant
losses which in turn could have a material adverse effect on our business, financial condition, results
of operations and cash flows, including cash available for dividends to our shareholders.

Our business depends on certain of our senior executives who are subject to increasing demands as
a result of our growth and who may not necessarily continue to work for us.

Increasing demands are placed on our management as a result of our growth. As we expand
operations, we must monitor our operations, control costs and maintain quality control. In addition,
the provision of management services to our publicly traded subsidiary, GasLog Partners, has
increased the complexity of our business and placed additional demands on our management. Our
success depends to a significant extent upon the abilities and the efforts of our Chairman, Peter G.
Livanos, and certain of our senior executives. Mr. Livanos has substantial experience in the shipping
industry and has worked with us for many years. He and certain of our senior executives are
important to the execution of our business strategies and to the growth and development of our
business. If Mr. Livanos or one or more of our senior executives ceased to be affiliated with us, we
may be unable to recruit other employees with equivalent talent and experience, and our business
and financial condition could suffer.

We are a partial owner of Egypt LNG. The dividends we receive on account of our ownership
interest may decline in the future and we may have to write down the value of our investment.

We currently own a 25% stake in Egypt LNG, an entity whose principal asset is the LNG
carrier Methane Nile Eagle, which is currently operating under a 20-year time charter with Methane
Services, a subsidiary of BG Group. The declaration and payment of dividends by Egypt LNG is
subject to the discretion of its board of directors, which we do not control, as well as other
restrictions, including a minimum cash reserve requirement. As a result, the dividends we receive on
account of our ownership interest may decline in the future, which would adversely impact our cash
flows, including cash available for dividends to our shareholders. In the event of an adverse change
in the operating results of Egypt LNG resulting from, among other things, unscheduled off-hire days,
damage to or loss of the Methane Nile Eagle or early termination of the ship’s charter, we would
expect the amount of dividends we receive to be reduced or eliminated, and we may be required to
record an impairment of our investment. The loss may limit our ability to borrow against our assets
for future credit and could also adversely affect our share price. In addition, we have entered into a
shareholders’ agreement with the other shareholders of Egypt LNG that imposes restrictions,
including preemption rights, on each party’s ability to transfer, grant any security interest over or
otherwise dispose of its ownership interest.

Risks Related to Our Common Shares

The price of our common shares may be volatile.

The price of our common shares may be volatile and may fluctuate due to factors including:
• actual or anticipated fluctuations in quarterly and annual results;
• fluctuations in the seaborne transportation industry, including fluctuations in the LNG carrier

market;

• mergers and strategic alliances in the shipping industry;
• changes in governmental regulations or maritime self-regulatory organizations standards;
• shortfalls in our operating results from levels forecasted by securities analysts;
• our payment of dividends;
• announcements concerning us or our competitors;

27

• the failure of securities analysts to publish research about us, or analysts making changes in

their financial estimates;
• general economic conditions;
• terrorist acts;
• future sales of our shares or other securities;
• investors’ perceptions of us and the LNG shipping industry;
• the general state of the securities markets; and
• other developments affecting us, our industry or our competitors.
Securities markets worldwide are experiencing significant price and volume fluctuations. The
market price for our common shares may also be volatile. This market volatility, as well as general
economic, market or political conditions, could reduce the market price of our common shares
despite our operating performance.

Increases in interest rates may cause the market price of our common shares to decline.

An increase in interest rates may cause a corresponding decline in demand for equity

investments in general. Any such increase in interest rates or reduction in demand for our common
shares resulting from other relatively more attractive investment opportunities may cause the trading
price of our common shares to decline.

We are a “foreign private issuer” under NYSE rules, and as such we are entitled to exemption from
certain NYSE corporate governance standards, and you may not have the same protections afforded
to shareholders of companies that are subject to all of the NYSE corporate governance
requirements.

We are a “foreign private issuer” under the securities laws of the United States and the rules of

the NYSE. Under the securities laws of the United States, “foreign private issuers” are subject to
different disclosure requirements than U.S. domiciled registrants, as well as different financial
reporting requirements. Under the NYSE rules, a “foreign private issuer” is subject to less stringent
corporate governance requirements. Subject to certain exceptions, the rules of the NYSE permit a
“foreign private issuer” to follow its home country practice in lieu of the listing requirements of the
NYSE, including (i) the requirement that a majority of the board of directors consist of independent
directors, (ii) the requirement that the nominating/corporate governance committee be composed
entirely of independent directors and have a written charter addressing the committee’s purpose and
responsibilities, (iii) the requirement that the compensation committee be composed entirely of
independent directors and have a written charter addressing the committee’s purpose and
responsibilities and (iv) the requirement of an annual performance evaluation of the
nominating/corporate governance and compensation committees.

As permitted by these exemptions, as well as by our bye-laws and the laws of Bermuda, we

have one or more non-independent directors serving as committee members on our compensation
committee and our corporate governance and nominating committee. As a result, non-independent
directors may, among other things, participate in fixing the compensation of our management,
making share and option awards and resolving governance issues regarding our Company.

Accordingly, in the future you may not have the same protections afforded to shareholders of

companies that are subject to all of the NYSE corporate governance requirements.

Future sales of our equity securities could cause the market price of our common shares to decline.

Sales of a substantial number of our common shares in the public market, or the perception
that these sales could occur, may depress the market price for our common shares. These sales could
also impair our ability to raise additional capital through the sale of our equity securities in the
future.

28

In the future we may issue additional equity securities which may be pari passu with or senior
to our common shares. The issuance by us of additional common shares or other equity securities
that are contractually or structurally pari passu with or senior to our common shares would have the
following effects:

• our shareholders’ proportionate ownership interest in us will decrease;
• the dividend amount payable per share on our common shares may be lower;
• the relative voting strength of each previously outstanding common share may be diminished;

and

• the market price of our common shares may decline.
Our shareholders also may elect to sell large numbers of shares held by them from time to
time. The number of our common shares available for sale in the public market will be limited by
restrictions applicable under securities laws.

Entities controlled by members of the Livanos family are our principal shareholders and can
effectively control the outcome of most matters on which our shareholders are entitled to vote; their
interests may be different from yours.

Entities controlled by members of the Livanos family, including our Chairman, may be deemed
to beneficially own approximately 39.7% of our issued and outstanding common shares. As a result
of shareholding, Mr. Livanos can effectively control the outcome of most matters on which our
shareholders are entitled to vote, including the election of our entire board of directors and other
significant corporate actions. The interests of these shareholders may be different from yours.

Provisions in our organizational documents may have anti-takeover effects.

Our bye-laws contain provisions that could make it more difficult for a third party to acquire us

without the consent of our board of directors. These provisions require an affirmative vote of a
majority of the votes attaching to all issued and outstanding shares to approve any merger,
consolidation, amalgamation or similar transactions. Our bye-laws also provide for restrictions on the
time period in which directors may be nominated.

These provisions could make it difficult for our shareholders to replace or remove our current

board of directors or could have the effect of discouraging, delaying or preventing an offer by a
third party to acquire us, even if the third party’s offer may be considered beneficial by many
shareholders. As a result, shareholders may be limited in their ability to obtain a premium for their
shares.

Tax Risks

In addition to the following risk factors, you should read “Item 10. Additional Information—E.

Tax Considerations” for a more complete discussion of the material Bermuda and U.S. Federal
income tax consequences of owning and disposing of our common shares.

We will have to pay tax on U.S.-source income, which would reduce our earnings.

Under the United States Internal Revenue Code of 1986, as amended, or the “Code”, the U.S.
source gross transportation income of a ship-owning or chartering corporation, such as ourselves, is
subject to a 4% U.S. Federal income tax without allowance for deduction, unless that corporation
qualifies for exemption from tax under Section 883 of the Code and the Treasury Regulations
promulgated thereunder. U.S. source gross transportation income consists of 50% of the gross
shipping income that is attributable to transportation that begins or ends, but that does not both
begin and end, in the United States.

We do not currently qualify for this statutory tax exemption, and therefore we are subject to

the 4% U.S. Federal income tax described above. We do not expect any resulting U.S. tax liability
to be material or materially reduce the earnings available for distribution to our shareholders for the

29

fiscal years ended December 31, 2014 and December 31, 2015. Changes to our business could change
this expectation and in such circumstances we may attempt to qualify for the exemption from tax
under Section 883. For a more detailed discussion, see the section entitled “Item 10. Additional
Information—E. Tax Considerations—United States Federal Income Tax Considerations—U.S.
Taxation of Our Operating Income”.

If we were treated as a “passive foreign investment company”, certain adverse U.S. Federal income
tax consequences could result to U.S. shareholders.

A foreign corporation will be treated as a “passive foreign investment company”, or “PFIC”, for
U.S. Federal income tax purposes if at least 75% of its gross income for any taxable year consists of
certain types of “passive income”, or at least 50% of the average value of the corporation’s assets
produce or are held for the production of those types of “passive income”. For purposes of these
tests, “passive income” includes dividends, interest, gains from the sale or exchange of investment
property and rents and royalties other than rents and royalties that are received from unrelated
parties in connection with the active conduct of a trade or business. For purposes of these tests,
income derived from the performance of services does not constitute “passive income”. U.S.
shareholders of a PFIC are subject to a disadvantageous U.S. Federal income tax regime with
respect to the income derived by the PFIC, the distributions they receive from the PFIC and the
gain, if any, they derive from the sale or other disposition of their shares in the PFIC. If we are
treated as a PFIC for any taxable year, we will provide information to U.S. shareholders who
request such information to enable them to make certain elections to alleviate certain of the adverse
U.S. Federal income tax consequences that would arise as a result of holding an interest in a PFIC.

Based on our method of operation, we do not believe that we are a PFIC for this taxable year.
In this regard, we intend to treat the gross income we derive or are deemed to derive from our time
chartering activities as services income, rather than rental income. Accordingly, we believe that our
income from our time chartering activities does not constitute “passive income”, and the assets that
we own and operate in connection with the production of that income do not constitute passive
assets.

There is, however, no legal authority under the PFIC rules addressing our proposed method of
operation. Accordingly, the U.S. Internal Revenue Service, or the “IRS”, or a court of law may not
accept our position, and there is a risk that the IRS or a court of law could determine that we are a
PFIC. Moreover, we could constitute a PFIC for a future taxable year if there were to be changes in
the nature and extent of our operations.

If the IRS were to find that we are or have been a PFIC for any taxable year, U.S.

shareholders would face adverse tax consequences. Under the PFIC rules, unless those shareholders
make certain elections available under the Code, such shareholders would be liable to pay U.S.
Federal income tax at the then prevailing income tax rates on ordinary income plus interest upon
excess distributions and upon any gain from the disposition of our common shares, as if the excess
distribution or gain had been recognized ratably over the shareholder’s holding period. Please read
“Item 10. Additional Information—E. Tax Considerations—United States Federal Income Tax
Considerations—Taxation of United States Holders—PFIC Status and Significant Tax Consequences”
for a more detailed discussion of the U.S. Federal income tax consequences to U.S. shareholders if
we are treated as a PFIC.

The enactment of proposed legislation could affect whether dividends paid by us constitute qualified
dividend income eligible for the preferential rate.

Legislation has been proposed in the United States Senate that would deny the preferential rate
of U.S. Federal income tax currently imposed on qualified dividend income with respect to dividends
received from a non-U.S. corporation, unless the non-U.S. corporation either is eligible for benefits
of a comprehensive income tax treaty with the United States or is created or organized under the
laws of a foreign country which has a comprehensive income tax system. Because Bermuda has not
entered into a comprehensive income tax treaty with the United States and imposes only limited
taxes on corporations organized under its laws, it is unlikely that we could satisfy either of these

30

requirements. Consequently, if this legislation were enacted in its current form the preferential rate
of U.S. Federal income tax discussed under the heading “Item 10. Additional Information—E. Tax
Considerations—United States Federal Income Tax Considerations—Taxation of United States
Holders—Distributions on Our Common Shares” may no longer be applicable to dividends received
from us. It is not possible to predict with certainty whether or in what form the proposed legislation
will be enacted.

ITEM 4. INFORMATION ON THE COMPANY

A. History and Development of the Company

GasLog Ltd. was incorporated in Bermuda on July 16, 2003. GasLog Ltd. and its subsidiaries
are primarily engaged in the ownership, operation and management of vessels in the LNG market,
providing maritime services for the transportation of LNG on a worldwide basis and LNG vessel
management services. The Group conducts its operations through its vessel-owning subsidiaries and
through its vessel management services subsidiary.

Our company and its founders have a long history in shipping and in LNG carriers. Our largest

shareholder is Ceres Shipping Ltd. or “Ceres Shipping”, whose founding family’s shipping activities
commenced more than 100 years ago and who is currently controlled by our Chairman, Peter G.
Livanos. The late Mr. George P. Livanos, father of our current Chairman, established the
predecessor to Ceres Shipping. Ceres Shipping also has interests in tankers, dry bulk carriers and
containerships. Ceres Shipping entered the LNG sector in 2001 by undertaking the management of
BG Group’s owned fleet of LNG carriers through our subsidiary GasLog LNG Services, and in 2003
GasLog Ltd. was incorporated. Until 2010, when we took delivery of the GasLog Savannah and the
GasLog Singapore, our business principally consisted of providing technical ship management
services, as well as plan approval and construction supervision services for newbuilding LNG
carriers. As a result, we have had a longer presence in LNG shipping than many other independent
owners currently operating in the sector. Our members of senior management have an average of
28 years of shipping expertise. For a description of our historical and current capital expenditures,
see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—
Capital Expenditures”.

On April 4, 2012, we completed our initial public offering, or “IPO”, and our common shares
began trading on the NYSE on March 30, 2012 under the ticker symbol “GLOG”. On January 22,
2014, GasLog completed a follow-on public offering of 10,925,000 common shares (including
1,425,000 common shares in relation to the over-allotment option exercised in full by the
underwriters) and a concurrent private placement of 2,317,460 common shares at the public offering
price to certain of its directors and officers and one of its major shareholders. The offering and
private placement resulted in net proceeds of $199.02 million, which were used to partially finance
the acquisition of the first three ships acquired from Methane Services, a subsidiary of BG Group, in
2014. On April 16, 2014, GasLog completed a second follow-on public offering of 4,887,500 common
shares (including 637,500 common shares in relation to the over-allotment option exercised in full by
the underwriters). The offering resulted in net proceeds of $109.94 million, which were used to
partially finance the acquisition of the additional three ships acquired from Methane Services in
2014.

On May 12, 2014, our subsidiary GasLog Partners completed an IPO of 9,660,000 common units

(including 1,260,000 units in relation to the over-allotment option exercised in full by the
underwriters), resulting in net proceeds of $186.03 million. GasLog Partners is a Marshall Islands
master limited partnership formed by us to own and operate LNG carriers under long-term charters.
Its common units representing limited partner interests are traded on the NYSE under the ticker
symbol “GLOP”. Concurrently with the initial public offering, GasLog Partners acquired a 100%
ownership interest in GAS-three Ltd., GAS-four Ltd. and GAS-five Ltd., the entities that owned the
GasLog Shanghai, the GasLog Santiago and the GasLog Sydney, from GasLog, in exchange for
(i) 162,358 common units and 9,822,358 subordinated units issued to GasLog representing a 49.8%
ownership interest and all of the incentive distribution rights that entitle GasLog to increasing
percentages of the cash that the Partnership distributes in excess of $0.43125 per unit per quarter,

31

(ii) 400,913 general partner units issued to GasLog Partners GP LLC, a wholly owned subsidiary of
GasLog, representing a 2.0% general partner interest and (iii) $65.70 million of cash consideration
paid directly to us from the offering proceeds. In addition to the cash consideration of $65.70 million
paid to us, GasLog Partners used the $186.03 million net proceeds of its IPO to (a) prepay $82.63
million of debt plus accrued interest of $0.42 million and (b) make a payment of $2.28 million
(including $0.27 million accrued interest) to settle the mark-to-market loss on termination of one
interest rate swap and reduction of a second interest rate swap in connection with the
aforementioned debt prepayment. The balance of $35.00 million was retained by GasLog Partners
for general corporate purposes.

On September 29, 2014, GasLog Partners completed a follow-on public offering of 4,500,000

common units, resulting in net proceeds of $133.01 million. In connection with the offering, the
Partnership’s general partner, a wholly owned subsidiary of GasLog, paid $2.85 million to GasLog
Partners in exchange for 91,837 general partner units to maintain its 2.0% general partner interest in
the Partnership. GasLog Partners used the proceeds to partially finance the acquisition from GasLog
of the 100% ownership interests in GAS-sixteen Ltd. and GAS-seventeen Ltd., the entities that
owned the Methane Rita Andrea and the Methane Jane Elizabeth, respectively, for a cash payment of
$118.2 million, assumed indebtedness of $217.0 million and to prepay $25.0 million of debt secured
by those carriers in October 2014.

As of March 25, 2015, GasLog holds a 42.5% interest in the Partnership and, as a result of its

ownership of the general partner and the fact that the general partner elects the majority of the
Partnership’s directors in accordance with the Partnership’s partnership agreement, or the
“Partnership Agreement”, GasLog, has the ability to control the Partnership’s affairs and policies.
Consequently, GasLog Partners is consolidated in the Group’s financial statements.

As described elsewhere herein, GasLog Partners holds options to acquire an additional

10 vessels from GasLog, and upon the closing of the Pending Vessels Acquisition, will have certain
rights to acquire those vessels from us as well. In general, we would expect the exercise of these
options to be beneficial to GasLog, as it can be expected to reduce our consolidated indebtedness
and, if GasLog Partners increases its per unit distributions, increase the return on our incentive
distribution rights (although our common unit interest will be diluted by any GasLog Partners equity
issuance). GasLog Partners will determine whether, and when, to exercise any of the options and
rights that it holds. The timing of those decisions will depend in part on the price and availability of
debt and equity financing to GasLog Partners. See “Item 7. Major Shareholders and Related Party
Transactions—B. Related Party Transactions—Relationship with GasLog Partners—Omnibus
Agreement”.

We maintain our principal executive offices at Gildo Pastor Center, 7 Rue du Gabian,

MC 98000, Monaco. Our telephone number at that address is +377 97 97 51 15. We are registered
with the Registrar of Companies in Bermuda under registration number 33928. We maintain a
registered office in Bermuda at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda.

B. Business Overview

Overview

We are a growth-oriented international owner, operator and manager of LNG carriers providing
support to international energy companies as part of their LNG logistics chain. After giving effect to
the Pending Vessels Acquisition, our owned fleet will consist of 27 owned LNG carriers, including
18 ships on the water and nine LNG carriers on order at two of the world’s leading LNG
shipbuilders, Samsung and Hyundai. This includes five LNG carriers in operation that are owned by
our NYSE-listed subsidiary GasLog Partners, with which we have entered into certain agreements
governing our relationship, including purchase options for certain of our ships. After giving effect to
the Pending Vessels Acquisition, we will manage and operate 21 LNG carriers, which include 17 of
our ships on the water, three ships owned or leased by Methane Services, a subsidiary of BG Group,
a leading participant in the global energy and natural gas markets, and one additional LNG carrier
in which we have a 25% interest. We are also supervising the construction of our newbuildings. We

32

have multi-year time charter contracts for 14 of our ships that have been delivered, four of our
newbuildings on order and the two vessels to be acquired under the Pending Vessels Acquisition.
From December 31, 2014, these contracts are expected to provide total contracted revenue of
$3.2 billion during their initial terms, which expire between 2015 and 2026.

In addition to our committed order book, we have options to purchase up to six additional
LNG carriers from Samsung that expire at the end of the first quarter of 2015. We intend to seek to
extend these options. We also have a 25% interest in an additional ship, the Methane Nile Eagle, a
2007-built LNG carrier technically managed by us that is currently operating under a 20-year time
charter to Methane Services, a subsidiary of BG Group.

Our current time charters have initial terms of up to 10 years and include options that permit
the charterers to extend the terms for successive periods under hire rate provisions. We will continue
to evaluate the attractiveness of longer and shorter-term chartering opportunities as the commercial
characteristics of the LNG carrier industry evolve. We have structured our order book of new LNG
carriers to have staggered delivery dates, facilitating a smooth integration of the ships into our fleet
as well as significant annual growth through 2017. This has the additional advantage of spreading
our exposure to the re-employment of these ships over several years upon expiration of their current
charters.

Each of our 27 owned LNG carriers is designed with a capacity of between approximately
145,000 cbm and 174,000 cbm. We believe this size range maximizes their operational flexibility, as
these ships are compatible with most existing LNG terminals around the world. All but one of the
LNG carriers in our owned fleet are of the same specifications (in groups of ten, eight, six and two
ships), which allows us to benefit from economies of scale and operating efficiencies in ship
construction, crew training, crew rotation and shared spare parts. Upon delivery of the last of our
nine contracted newbuildings and after giving effect to the Pending Vessels Acquisition, our owned
fleet will have an average age of 5.0 years, making it one of the youngest in the industry. By
comparison, as of March 25, 2015, the average age for the global fleet of LNG carriers, including
LNG carriers of all sizes, is 11.1 years.

Our wholly owned subsidiary, GasLog LNG Services, exclusively handles the technical

management of our fleet, including plan approval for new ship orders, supervision of ship
construction and planning and supervision of drydockings, as well as technical operations, crewing,
training, maintenance, regulatory and classification compliance and health, safety, security and
environmental, or “HSSE”, management and reporting. As the sole technical manager of BG
Group’s owned fleet of LNG carriers for over 13 years, we have established a track record for the
efficient, safe and reliable operation of LNG carriers, which is evidenced by our safety performance
and the limited off-hire days of the 21 ships currently operating under our management.

Our Fleet

Owned Fleet

The following table presents information about our wholly owned vessels and their associated

time charters as of March 25, 2015, after giving effect to the Pending Vessels Acquisition:

33

Year
Built

Cargo
Capacity
(cbm)

Vessel Name

Charterer(1)
1 GasLog Savannah . . . . . . . . 2010 155,000 BG Group
2 GasLog Singapore . . . . . . . . 2010 155,000 BG Group
3 GasLog Skagen. . . . . . . . . . . 2013 155,000 BG Group
4 GasLog Chelsea . . . . . . . . . . 2010 153,600 Spot Market
5 GasLog Seattle . . . . . . . . . . . 2013 155,000
Solaris . . . . . . . . . . . . . . . . . . . . 2014 155,000
6
7 GasLog Saratoga . . . . . . . . . 2014 155,000 Spot Market
8 Methane Lydon Volney . . . 2006 145,000 BG Group
9 Methane Shirley Elisabeth 2007 145,000 BG Group
10 Methane Alison Victoria . . 2007 145,000 BG Group
11 Methane Heather Sally. . . . 2007 145,000 BG Group
12 Methane Becki Anne* . . . . 2010 170,000 BG Group
13 Methane Julia Louise* . . . . 2010 170,000 BG Group

Shell
Shell

Propulsion

Charter
Expiration(2)

Optional
Period(3)

April 2021(4)
N/A

TFDE September 2015
TFDE September 2016
TFDE
TFDE
TFDE December 2020
TFDE
TFDE
Steam
Steam
Steam December 2019
Steam December 2020
TFDE
TFDE

June 2021
N/A
October 2020
June 2020

2024(5)
2026(5)

2018-2023
2019-2024
2026-2031
N/A
2025-2030
2026-2031
N/A
2023-2025
2023-2025
2022-2024
2023-2025
2027-2029(5)
2029-2031(5)

The following table presents information about GasLog Partners’ fleet and their associated time

charters as of March 25, 2015:

Vessel Name
1 GasLog Shanghai. . . . . . . . . . .
2 GasLog Santiago . . . . . . . . . . .
3 GasLog Sydney . . . . . . . . . . . . .
4 Methane Rita Andrea . . . . . . .
5 Methane Jane Elizabeth. . . . .

Year
Built

Cargo
Capacity
(cbm)

Charterer(1)

Propulsion

2013 155,000 BG Group
2013 155,000 BG Group
2013 155,000 BG Group
2006 145,000 BG Group
2006 145,000 BG Group

TFDE
TFDE
TFDE
Steam
Steam

Charter
Expiration(2)

January 2018
March 2018
May 2019
April 2020
October 2019

Optional
Period(3)

2021-2026
2021-2026
2022-2027
2023-2025
2022-2024

* Denotes ships to be acquired from Methane Services, a subsidiary of BG Group, pursuant to the Pending Vessels

Acquisition. Currently, these ships are managed by the Company. See “—Pending Vessels Acquisitions”.

(1) Vessels are chartered to a subsidiary of BG Group or a subsidiary of Shell, as applicable.

(2) Indicates the expiration of the initial term.

(3) The period shown reflects the expiration of the minimum optional period and the maximum optional period. The charterer
of the GasLog Savannah and the GasLog Singapore has unilateral options to extend the term of the time charters for
periods ranging from 30 months to 90 months. The charterer of the GasLog Skagen has unilateral options to extend the
term of the charter for up to ten years, on a seasonal charter basis. The charterer of the GasLog Seattle and the Solaris
has unilateral options to extend the term of the time charters for periods ranging from 5 to 10 years, provided that the
charterer provides us with advance notice of declaration of any option in accordance with the terms of the applicable
charter. The charterer of the Methane Lydon Volney has a unilateral option to extend the term for a period of either three
or five years at its election. In addition, the charterer of the Methane Shirley Elisabeth, the Methane Heather Sally and the
Methane Alison Victoria has a unilateral option to extend the term of two of the related time charters for a period of
either three or five years at its election. The charterer of the GasLog Shanghai, GasLog Santiago and GasLog Sydney may
be extended for up to two extension periods of three or four years at the charterer’s option, and each charter requires that
the charterer provide us with 90 days’ notice before the charter expiration of its exercise of any extension option. The
charterer of the Methane Rita Andrea and the Methane Jane Elizabeth may extend either or both of these charters for one
extension period of three or five years, and each charter requires that the charterer provide us with advance notice of its
exercise of any extension option.

(4) Time charter provides for full employment for three years and a subsequent five year seasonal charter under which the

ship is employed for seven months and available to accept other charters for five months.

(5) Indicates the expected terms of the charters to be entered into with Methane Services in connection with the Pending

Vessels Acquisition. The charterer is expected to have a unilateral option to extend the term for a period of either three
or five years at its election.

Pending Vessels Acquisition

On December 22, 2014, GasLog entered into an agreement with Methane Services, a subsidiary
of BG Group, to acquire two LNG carriers, the Methane Becki Anne and the Methane Julia Louise,
for a purchase price of $460.0 million. The vessels will be chartered back to Methane Services for
periods of nine and eleven years, respectively, with further options for the charterer to extend the

34

term of the time charter for each vessel by either three or five years. GasLog supervised their
construction and has technically managed both ships since their delivery to BG Group in 2010. They
have TFDE propulsion and on-board reliquefaction plants, which enable the vessels to operate on
gas at a wider range of speeds more efficiently. On March 25, 2015, in connection with the Pending
Vessels Acquisition, GasLog, through its vessel-owning subsidiaries GAS-twenty six Ltd. and GAS-
twenty seven Ltd., entered into a senior secured term loan facility of up to $325.0 million with ABN
Amro Bank N.V., Commonwealth Bank of Australia, Credit Agricole Corporate and Investment
Bank, Deutsche Bank AG Filiale Deutschlandgescha¨ ft, DNB Bank ASA, London Branch and ING
Bank N.V., London Branch, and a subordinated term loan facility of up to $135.0 million with ABN
Amro Bank N.V., Credit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale
Deutschlandgescha¨ ft and DNB Bank ASA, London Branch.

The closing of the transaction is subject to the satisfaction of certain conditions. GasLog expects

the transaction to close by the end of March 2015. In connection with the Pending Vessels
Acquisition, GasLog and GasLog Partners have agreed that GasLog Partners will have the option,
exercisable at any time within 36 months after the closing of the Pending Vessels Acquisition, to
purchase the vessels acquired by GasLog under the Pending Vessels Acquisition at their fair market
value, as determined under the omnibus agreement under the same terms that apply to the 10 other
vessels over which GasLog Partners hold options granted by GasLog. This agreement supersedes the
provision under the omnibus agreement that would otherwise have required us to offer to GasLog
Partners, within 30 days of the completion of the Pending Vessels Acquisition, an opportunity to
purchase such vessels at the acquisition price paid to Methane Services plus certain administrative
costs, and would have allowed GasLog Partners 30 days to respond to such offer. There can be no
assurance that the Pending Vessels Acquisition will close, or that GasLog Partners will ultimately
acquire the vessels.

Vessel Name

Newbuilds

Date of
Delivery(1)

Cargo
Capacity
(cbm)

Charterer(2)

Propulsion(3)

Charter
Expiration(4)

Optional
Period(5)

N/A

1 Hull No. 2044. . . . . . . . . . . . . . . . . Q2 2015 155,000
2 Hull No. 2072. . . . . . . . . . . . . . . . . Q1 2016 174,000 BG Group
3 Hull No. 2073. . . . . . . . . . . . . . . . . Q2 2016 174,000 BG Group
4 Hull No. 2102. . . . . . . . . . . . . . . . . Q3 2016 174,000 BG Group
5 Hull No. 2103. . . . . . . . . . . . . . . . . Q4 2016 174,000 BG Group
6 Hull No. 2130. . . . . . . . . . . . . . . . . Q2 2017 174,000
7 Hull No. 2131. . . . . . . . . . . . . . . . . Q3 2017 174,000
8 Hull No. 2800. . . . . . . . . . . . . . . . . Q3 2017 174,000
9 Hull No. 2801. . . . . . . . . . . . . . . . . Q4 2017 174,000

N/A
N/A
N/A
N/A

TFDE
TFDE
TFDE
TFDE
TFDE
LP-2S
LP-2S
LP-2S
LP-2S

N/A
2026
2026
2023
2023
N/A
N/A
N/A
N/A

N/A
2031
2031
2028-2031
2028-2031
N/A
N/A
N/A
N/A

(1) Expected delivery quarters are presented.

(2) Vessels are chartered to a subsidiary of BG Group.

(3) References to “LP-2S” refer to dual-fuel two-stroke engine propulsion.

(4) Indicates the expiration of the initial term.

(5) The charterer of Hulls No. 2072 and 2073 has the right to extend the charters for a period of five years at the charterer’s

option. The charterer of Hulls No. 2102 and 2103 has the right to extend the charters by two additional periods of three or
five years each, provided that the charterer provides us with advance notice of declaration.

The Company also currently holds options to purchase up to six 174,000 cbm newbuildings from
Samsung, each of which would be built against a very high specification, with delivery dates in 2018
and 2019. Such options expire at the end of the first quarter of 2015. We intend to seek to extend
these options.

The key characteristics of our owned fleet include the following:
• each ship is sized at between approximately 145,000 cbm and 174,000 cbm capacity, which

places our ships in the medium- to large-size class of LNG carriers; we believe this size range

35

maximizes their operational flexibility, as these ships are compatible with most existing LNG
terminals around the world, and minimizes excess LNG boil-off;

• all but one of our ships, including the newbuilds, are of the same specifications (in groups of

ten, eight, six and two ships);

• each ship is double-hulled, which is standard in the LNG industry;
• each ship has a membrane containment system incorporating current industry construction

standards, including guidelines and recommendations from Gaztransport and Technigaz (the
designer of the membrane system) as well as updated standards from our classification society;

• each of our ships is modern steam powered or has TFDE or dual-fuel two-stroke engine

propulsion technology;

• Bermuda is the flag state of each ship;
• each of our delivered ships has received, and each of our newbuildings is expected to receive,

an ENVIRO+ notation from our classification society, which denotes compliance with its
published guidelines concerning the most stringent criteria for environmental protection
related to design characteristics, management and support systems, sea discharges and air
emissions; and

• upon delivery of the last of our nine contracted newbuildings in 2017, our owned fleet will

have an average age of 5.0 years, making it one of the youngest in the industry, compared to
a current average age of 11.1 years for the global LNG carrier fleet including LNG carriers of
all sizes as of March 25, 2015.

In addition to our owned fleet, we have a 25% ownership interest in Egypt LNG, an entity
whose principal asset is the Methane Nile Eagle. The Methane Nile Eagle is a 145,000 cbm LNG
carrier that was built in 2007. It is currently chartered to Methane Services, a subsidiary of BG
Group under a 20 year time charter, which is subject to extension for up to 10 years at the
charterer’s option.

We continually evaluate short and long-term charter opportunities for our vessels, including the

newbuildings for which we do not currently have charters fixed. Our discussions with potential
charterers are at various stages of advancement; however, we cannot provide assurance that we will
conclude any particular charter or, if concluded, the charter rate that will apply.

Managed Fleet

Through GasLog LNG Services, we provide technical ship management services for six LNG

carriers owned by third parties, including the two vessels to be acquired under the Pending Vessels
Acquisition, in addition to management of the 15 LNG carriers currently operating in our owned
fleet (the Solaris is managed by a subsidiary of Shell). We supervised the construction by Samsung
of each LNG carrier in our managed fleet, and each ship has operated under our technical
management since its delivery from the shipyard with the exception of the Solaris.

The following table provides information about our managed ships:

Vessel Name
1 Methane Becki Anne* . . . . . . . . . . . . . . . . . . . . .
2 Methane Julia Louise*. . . . . . . . . . . . . . . . . . . . .
3 Methane Patricia Camila . . . . . . . . . . . . . . . . . .
4 Methane Mickie Harper . . . . . . . . . . . . . . . . . . .
5 Methane Kari Elin . . . . . . . . . . . . . . . . . . . . . . . .
6 Methane Nile Eagle(1). . . . . . . . . . . . . . . . . . . . . .

Year
Built

2010
2010
2010
2010
2004
2007

Cargo
Capacity
(cbm)

170,000
170,000
170,000
170,000
138,000
145,000

Propulsion

GasLog
Ownership

TFDE
TFDE
TFDE
TFDE
Steam
Steam

—
—
—
—
—
25%

Ship Owner

BG Group
BG Group
BG Group
BG Group
BG Group
Egypt LNG(1)

* Denotes ships to be acquired from Methane Services, a subsidiary of BG Group, pursuant to the Pending Vessels

Acquisition. See “—Pending Vessels Acquisitions”.

36

(1) The Methane Nile Eagle is owned by Egypt LNG, in which we indirectly hold a 25% equity interest. BG Asia Pacific Ptd.
Limited, a subsidiary of BG Group, and Eagle Gas Shipping Co. E.S.A., an entity affiliated with the government of Egypt,
have 25% and 50% equity interests, respectively, in Egypt LNG.

Ship Time Charters

We provide the services of our owned ships under time charters. A time charter is a contract
for the use of the ship for a specified term at a daily hire rate. Under a time charter, the ship owner
provides crewing and other services related to the ship’s operation, the cost of which is covered by
the hire rate, and the customer is responsible for substantially all of the ship voyage costs (including
bunker fuel, port charges and canal fees and LNG boil-off).

We entered into three master time charters with Methane Services, a subsidiary of BG Group,

that established the general terms under which the GasLog Savannah, the GasLog Singapore, the
GasLog Shanghai, the GasLog Santiago, the GasLog Sydney, the GasLog Skagen and the four
newbuildings identified by Hull numbers 2072, 2073, 2102 and 2103 will be chartered to Methane
Services, a subsidiary of BG Group. We enter into separate confirmation memorandums for each
ship in order to supplement the master time charter and specify the charter term, extension options
(if any), hire rate and other provisions applicable to each ship’s charter. For the six vessels acquired
from Methane Services in 2014 we entered, and for the vessels to be acquired under the Pending
Vessels Acquisition we will enter, into separate time charters for each vessel.

We have entered into maiden voyage time charter agreements and time charter agreements with

a subsidiary of Shell, establishing the terms under which the GasLog Seattle and the Solaris will be
chartered to Shell.

Since delivery to GasLog, the GasLog Chelsea and the GasLog Saratoga have been trading in
the LNG shipping spot market. In 2014 the GasLog Chelsea vessel completed one short-term time
charter and commenced a second short-term time charter. The GasLog Saratoga is currently
completing its first short-term charter since delivery to us.

The following discussion describes the material terms of the time charters for our owned ships.

Initial Term, Extensions and Redelivery

The initial terms of the time charters for the GasLog Savannah, the GasLog Singapore, the

GasLog Shanghai, the GasLog Santiago, the GasLog Sydney and the GasLog Skagen began upon
delivery of the ships and will terminate in 2015, 2016, 2018, 2018, 2019 and 2021, respectively. The
charter for the GasLog Skagen provides for full employment for three years and a subsequent five
year seasonal charter under which the ship is employed for seven months and available to accept
other charters for five months. The charterer has options to extend the terms of the charters as
follows: for the GasLog Savannah and the GasLog Singapore for up to 7.5 years; for the GasLog
Shanghai, the GasLog Santiago and the GasLog Sydney, for up to 8 years; for the GasLog Skagen
for up to 10 years (on the seasonal charter basis); in each case at specified hire rates.

The initial term of the time charters for the Methane Lydon Volney, the Methane Rita Andrea,

the Methane Jane Elizabeth, the Methane Shirley Elisabeth, the Methane Alison Victoria and the
Methane Heather Sally began upon delivery to GasLog following their acquisition from Methane
Services in 2014, and will terminate on various dates in 2019 and 2020. For the Methane Lydon
Volney, the Methane Rita Andrea and the Methane Jane Elizabeth, Methane Services has the option
to extend the term of two of the time charters for a period of either three or five years beyond the
initial charter expiration date. For the other vessels, Methane Services has the option to extend the
term of the time charters for two of the ships for an additional period of either three or five years
beyond the initial charter expiration date.

Our time charters for the four newbuildings that will be chartered to Methane Services will

begin upon the delivery of each ship, which is scheduled for various dates in 2016. The initial
charter terms for the ships will terminate for two ships in 2026 and for two ships in 2023. Methane
Services has options to extend terms of the charters for Hulls No. 2072 and No. 2073 for up to
5 years and Hulls No. 2102 and No. 2103 for up to 8 years, all at specified hire rates.

37

The initial term of the time charter for the GasLog Seattle and the Solaris began upon delivery
of the ship following an initial period during which the ships operated under a maiden voyage time
charter, the purpose of which was to facilitate completion by Shell of an operational discharge
inspection of the ship. The time charters for the GasLog Seattle and the Solaris will terminate in
2020 and 2021, respectively. In each case, Shell has options to extend the charter terms for up to
10 years at specified hire rates.

The initial term of the time charters for the two vessels to be acquired under the Pending

Vessels Acquisition will begin upon delivery to GasLog and will terminate in 2024 and 2026.
Methane Services will have options to extend the term of the time charters for the Methane Becki
Anne and the Methane Julia Louise ships for an additional period of either three or five years
beyond the initial charter expiration date.

The terms and period for fixtures of the GasLog Chelsea and the GasLog Saratoga vary from

charter to charter, as is the nature of trading in the spot market.

Our time charters provide for redelivery of the ship to us at the expiration of the term, as such
term may be extended upon the charterer’s exercise of its extension options (if any), or upon earlier
termination of the charter (as described below). Under all of our charters, the charterer has the
right to extend the term for most periods in which the ship is off-hire, as described below. Our
charter contracts do not provide the charterers with options to purchase our ships during or upon
expiration of the charter term.

Hire Rate Provisions

“Hire rate” refers to the basic payment from the customer for use of the ship. Under all of our

time charters, the hire rate is payable to us monthly in advance in U.S. dollars. Depending on the
time charter contract, there are three methods by which the daily hire rate for our owned ships is
determined:

• Under the first method, the hire rate includes two components—a capital cost component and
an operating cost component. The capital cost component relates to the cost of the ship’s
purchase and is a fixed daily amount that is structured to provide a return on our invested
capital. Some of the charters provide for the capital cost component to increase by a specified
amount during any option period. The operating cost component is a fixed daily amount that
increases annually at a fixed percentage. Although the daily amount of the operating cost
component is fixed (subject to a specified annual increase), it is intended to correspond to the
costs of operating the ship and related expenses. In the event of a material increase or
decrease in the actual costs we incur in operating the ship, a clause in the charter provides
each party the right in certain circumstances to seek a review and potential adjustment of the
operating cost component. Under one of our time charters, the hire rate for an initial period
of three years is as discussed above and the subsequent five years are a seasonal charter
under which the ship is committed for seven consecutive months at a fixed monthly charter
hire (one component) and available to accept other charters for the remaining five months.
• Under the second method, the hire rate includes only one component that is a fixed daily

amount that will either remain the same, increase or decrease by a specified amount during
any option period as compared to the firm period.

• Under the third method, the hire rate for an initial period of up to two years, at the

charterer’s option, will be set at the prevailing market rate for a comparable ship, subject to a
cap and a floor. Following such initial period, the hire rate will be calculated based on three
components—a capital cost component, an operating cost component and a ship management
fee. The capital cost component is a fixed daily amount, which will increase by a specified
amount during any option period. The daily amount of the operating cost component, which
is intended to fully pass-through to the charterer the costs of operating the ship, is set
annually and adjusted at the end of each year to compensate us for the actual costs we incur
in operating the ship. Drydocking expenses are budgeted in advance and are reimbursed by
the charterers immediately following a drydocking. The ship management fee is a daily

38

amount set in line with industry practice for fees charged by ship managers and is intended to
compensate us for management of the ship.

The hire rates for each of our ships may be reduced if the ship does not perform to certain of

its specifications or if we are in breach of our obligations under the charter. We have had no
instances of hire rate reductions since the first two of our owned ships commenced operations in
2010.

Off-Hire

When a ship is “off-hire”—or not available for service—a time charterer generally is not

required to pay the hire rate, and we remain responsible for all costs, including the cost of any LNG
cargo lost as boil-off during such off-hire periods. Our time charters provide an annual allowance
period for us to schedule preventative maintenance work on the ship. A ship generally will be
deemed off-hire under our time charters if there is a specified time outside of the annual allowance
period when the ship is not available for the charterer’s use due to, among other things, operational
deficiencies (including the failure to maintain a certain guaranteed speed), drydocking for repairs,
maintenance or inspection, equipment breakdowns, deficiency of personnel or neglect of duty by the
ship’s officers or crew, deviation from course, or delays due to accidents, quarantines, ship
detentions or similar problems. We have obtained loss of hire insurance to protect us against loss of
income as a result of a ship being off-hire. See “—Risk of Loss, Insurance and Risk Management—
Loss of Hire Insurance”.

All ships are drydocked at least once every five years as required by the ship’s classification

society for a special survey. Our ships are considered to be off-hire under our time charters during
such periods.

Termination and Cancellation

Under our time charters, each party has certain termination rights which include, among other
things, the automatic termination of a charter upon loss of the relevant ship. Either party may elect
to terminate a charter upon the occurrence of specified defaults or upon the outbreak of war or
hostilities involving two or more major nations, such as the United States or the People’s Republic
of China, if such war or hostilities materially and adversely affect the trading of the ship for a
period of at least 30 days. In addition, our charterers have the option to terminate a charter if the
relevant ship is off-hire for any reason other than scheduled drydocking for a period exceeding
90 consecutive days, or for more than 90 days or 110 days, depending on the charter, in any
one-year period. Certain of our charters give the charterer a termination option for shorter periods
of off-hire, if such off-hire is due to an uncured breach of our obligations to maintain the applicable
ship.

In addition to its termination rights, Shell has the right to convert the time charter with respect
to the relevant ship into a bareboat charter upon the occurrence of specified defaults or in the event
that Shell’s quality assurance review is not successfully completed upon delivery of the ship.

All of the time charters applicable to our newbuildings permit the charterer to cancel the
charter in the event of a prolonged delay in the delivery of the ship from the shipyard, and in
certain circumstances obligate us to pay liquidated damages to the charterer in the event of a less
significant delivery delay. However, the cancellation and liquidated damages provisions in our
charters are structured to mirror the provisions of our contracts with the shipyard, giving us the right
to receive liquidated damages from the shipyard or cancel the shipbuilding contract in the same
circumstances that would trigger the charterer’s right to cancel the charter contract or receive
liquidated damages because of delivery delays.

Shipbuilding Contracts

We have entered into shipbuilding contracts with Samsung and Hyundai in respect of seven and

two newbuildings, respectively, which have an aggregate contract price of approximately $1.82
billion. As of March 25, 2015, the outstanding balance of $1.66 billion in the aggregate was payable

39

under each contract in installments upon steel cutting, keel laying and launching of the ship, with
the largest portion of the purchase price for each ship coming due upon its delivery. All of our
obligations under the shipbuilding contracts are payable in U.S. dollars.

As of December 31, 2014, our remaining payment obligations under the shipbuilding contracts

were as follows:

Amounts due in less than one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amounts due in one to three years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As of
December 31, 2014(1)
(in thousands of U.S. dollars)
$ 239,285
1,437,433

Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,676,718

(1) Amounts do not reflect installments of $19.96 million paid in 2015.

The shipbuilding contracts provide for the nine newbuildings to be delivered and ready for
immediate operation on various dates in 2015 through 2017. The shipbuilding contracts require
Samsung and Hyundai to pay us liquidated damages in the event of certain delays in the delivery of
a ship unless such delays are attributable to a force majeure event, and in the event of a prolonged
delay we would have the right to cancel the contract and receive a refund of any installment
payments previously made on the ship.

In the event that we fail to meet our payment obligations under a shipbuilding contract, we
would be in default under the applicable contract and would be obligated to pay interest under the
contract. If such a default by us were to continue for more than five business days, the delivery date
of the applicable ship would be delayed by one day for each day that we remain in default, and if a
default by us were to continue for more than 15 business days, Samsung and Hyundai would have
the option of cancelling the applicable shipbuilding contract and retaining any installment payments
previously funded by us under the contract.

In addition to our newbuildings on order, we have options with Samsung to order up to six
additional LNG carriers. The option contracts expire at the end of the first quarter of 2015. We
intend to seek to extend these options.

Ship Management Services and Construction Supervision

Management of our owned fleet, which includes plan approval for new ship orders, supervision

of ship construction and planning and supervision of drydockings, as well as technical operations,
crewing, training, maintenance, regulatory and classification compliance and HSSE management and
reporting, is provided in-house by our wholly owned subsidiary, GasLog LNG Services, an entity
incorporated in Bermuda with an office in Piraeus, Greece. In addition to management of our
owned fleet, through GasLog LNG Services we provide technical ship management services for a
fleet of six ships, which consists of five ships we manage on behalf of Methane Services, a subsidiary
of BG Group (two of which will be acquired under the Pending Vessels Acquisition) and the
Methane Nile Eagle, a ship in which we have a 25% ownership interest. During the year ended
December 31, 2014, ship management services provided to external customers accounted for
approximately 2.34% of our consolidated revenues.

Construction Supervision

We supervise and manage the construction of our newbuildings through GasLog LNG Services.
We have employees on-site in South Korea whose responsibilities include inspecting the ships under
construction for non-conformities, attending trials of the ship and its machinery and equipment,
consulting with the shipyard in the event of any modifications to the ship’s specifications, reviewing
the shipyard’s choice of suppliers and sub-contractors and keeping our management informed of the
progress of the construction. Through GasLog LNG Services, we also supervised the construction of
the 5 LNG carriers in BG Group’s owned fleet and the Methane Nile Eagle, all of which were
constructed at Samsung.

40

Technical and Operational Management

Pursuant to ship management agreements, through GasLog LNG Services we manage the day-
to-day aspects of ship operations, including crewing, training, employing armed guards for transport
in certain high-risk areas, insurance, maintenance and repair, procurement of supplies and
equipment, regulatory and classification compliance and HSSE management and reporting, as well as
drydocking under certain charters, for our owned fleet (with the exception of the Solaris) and for
the 6 ships in our managed fleet not owned by us. We utilize certain third-party sub-contractors and
suppliers in carrying out our technical management responsibilities. In the case of ships owned by
BG Group and Egypt LNG, the crewing and other operational costs are fully passed-through to the
ship owner, and for our technical management services the customers pay us a management fee per
ship per month.

In connection with our ship management services, we also enter into consultant service

agreements pursuant to which we provide specialized services relating to the management of LNG
carriers. These services include the development and installation of a ship’s ship management system,
which includes installing onboard hardware and software systems and providing related training to
the ship’s personnel.

The terms of our ship management agreements and related contracts permit the customer to

terminate our services for any reason upon a short period of advance notice, and both parties have
termination rights upon the occurrence of specified defaults. In the event of the loss of a ship, or
the owner’s sale of a ship to a third party, the ship management agreement in respect of the ship
would terminate automatically. Under our ship management agreements with BG Group, in some
circumstances BG Group would obligated to reimburse us for certain crew support and severance
costs incurred as a result of a termination of the ship management agreement by BG Group.

Competition

We operate in markets that are highly competitive and based primarily on supply and demand.
Generally, competition for LNG time charters is based primarily on price, ship availability, size, age,
technical specifications and condition, LNG shipping experience, quality and efficiency of ship
operations, shipping industry relationships and reputation for customer service, and technical ability
and reputation for operation of highly specialized ships. In addition, through the GasLog Chelsea
and the GasLog Saratoga we operate in the spot market that covers short-term charters of one year
or less.

Although we believe that we are one of the few independent owners that focus on newly-built,

technically advanced LNG carriers and provide in-house technical management of the fleet, other
independent shipping companies also own and operate, and in some cases manage, LNG carriers and
have new ships under construction. There are other ship owners and managers who may also
attempt to participate in the LNG market in the future. We believe that our strategy of focusing on
charter contracts with initial terms of five to ten years, as well as the scale of our technical ship
management operations, differentiates us to some extent from other independent owners.

In addition to independent owners, some of the major oil and gas producers own LNG carriers
and have in the recent past contracted for the construction of new LNG carriers. National gas and
shipping companies also have large fleets of LNG carriers that have expanded and may continue to
expand. Some of these companies may compete with independent owners by using their fleets to
carry LNG for third parties.

Crewing and Employees

As of December 31, 2014 we had 137 full-time employees and 20 contractors and outsourced

employees, all of whom are based in our offices in Greece, Monaco, London, New York or the
newbuildings site in South Korea. In addition to our shoreside employees and sub-contractors, we
had approximately 1,130 seafaring staff serving on our owned and managed ships. These seafarers
are retained through crewing agencies based in Ukraine, the Philippines and Spain or, in the case of
Greek seafarers, through short-term employment contracts. As we take delivery of our newbuildings,

41

we expect to retain a significant number of additional seafarers qualified to man and operate our
new ships, as well as additional shoreside personnel. We intend to focus our hiring efforts in the
Ukrainian, Philippine and Spanish markets, where we have crewing agency agreements in place, and
in Greece.

LNG marine transportation is a specialized area requiring technically skilled officers and crew

with specialized training. We regard attracting and retaining motivated, well-qualified seagoing
personnel as a top priority, and we offer our crew competitive compensation packages. In addition,
we provide intensive onboard training for our officers and crews to instill a culture of the highest
operational and safety standards. As a result, we have historically enjoyed a high retention rate
among our officers and other seafarers. In 2014, our retention rate was 92.0% for senior officers,
95.0% for other officers and 97.9% for shore staff.

Although we have historically experienced a high retention rate for our seafarers, the demand

for technically skilled officers and crews to serve on LNG carriers has been increasing as the global
fleet of LNG carriers continues to grow. This increased demand has and may continue to put
inflationary pressure on crew costs. However, we expect that the impact of cost increases would be
mitigated to some extent by certain provisions in our time charters, including review provisions and
cost pass-through provisions.

Classification, Inspection and Maintenance

Every large, commercial seagoing ship must be “classed” by a classification society. The
classification society certifies that the ship is “in class”, signifying that the ship has been built and
maintained in accordance with the rules of the classification society and complies with applicable
rules and regulations of the ship’s country of registry and the international conventions of which that
country is a member. In addition, where surveys are required by international conventions and
corresponding laws and ordinances of a flag state, the classification society will undertake them on
application or by official order, acting on behalf of the authorities concerned. The classification
society also undertakes on request other surveys and checks that are required by regulations and
requirements of the flag state. These surveys are subject to agreements made in each individual case
and/or to the regulations of the country concerned.

To ensure each ship is maintained in accordance with classification society standards and for

maintenance of the class certificate, regular and extraordinary surveys of hull and machinery,
including the electrical plant, and any special equipment classed are required to be performed
periodically. Surveys are based on a five-year cycle that consists of annual surveys, intermediate
surveys that are typically completed between the second and third years of every five-year cycle, and
comprehensive special surveys (also known as class renewal surveys) that are completed at each fifth
anniversary of the ship’s delivery.

All areas subject to surveys as defined by the classification society are required to be surveyed

at least once per five-year class cycle, unless shorter intervals between surveys are otherwise
prescribed. All ships are also required to be drydocked at least once during every five-year class
cycle for inspection of their underwater parts and for repairs related to inspections. If any defects
are found, the classification surveyor will issue a “recommendation” which must be rectified by the
ship owner within prescribed time limits. We intend to drydock our ships at five-year intervals that
coincide with the completion of the ship’s special survey.

Most insurance underwriters make it a condition for insurance coverage that a ship be certified

as “in class” by a classification society that is a member of the International Association of
Classification Societies. All but one of our delivered ships is certified by the American Bureau of
Shipping, or “ABS”; the other delivered ship is certified by the Det Norske Veritas. Each ship has
been awarded ISM certification and is currently “in class”. Under our shipbuilding contracts, all of
our contracted newbuildings must be certified prior to delivery to us.

The following table lists the dates by which we expect to carry out the drydockings and special

surveys for our owned fleet as of December 31, 2014:

42

Ship Name
GasLog Savannah(*). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Chelsea. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Methane Rita Andrea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Methane Jane Elizabeth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Methane Heather Sally . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Methane Shirley Elisabeth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Methane Alison Victoria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Skagen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Seattle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Shanghai
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Santiago . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Sydney . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Solaris
Methane Lydon Volney(*)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Saratoga . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hull No. 2044. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hull No. 2072. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hull No. 2073. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hull No. 2102. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hull No. 2103. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hull No. 2130. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hull No. 2131. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hull No. 2800. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hull No. 2801. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Drydocking and
Special Survey

2015
2015
2015
2015
2015
2015
2015
2015
2018
2018
2018
2018
2018
2019
2019
2019
2020
2021
2021
2021
2021
2022
2022
2022
2022

(*) The Methane Lydon Volney and the GasLog Savannah carried out their initial drydockings in our fleet in November 2014

and February 2015, respectively, ahead of schedule and within budget.

Risk of Loss, Insurance and Risk Management

The operation of any ship has inherent risks. These risks include mechanical failure, personal
injury, collision, property loss or damage, ship or cargo loss or damage and business interruption due
to a number of reasons, including mechanical failure, political circumstances in foreign countries,
hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster,
including explosion, spills and other environmental mishaps, and the liabilities arising from owning
and operating ships in international trade.

We maintain hull and machinery insurance on all our owned ships against marine and war risks

in amounts that we believe to be prudent to cover such risks, as well as loss of hire insurance
against loss of income as a result of a ship being off-hire or otherwise suffering a loss of operational
time for events falling under our hull and machinery insurance. In addition, we maintain protection
and indemnity insurance on all our owned ships up to the maximum insurable limit available at any
given time. We also maintain ship manager insurance in respect of our managed fleet. While we
believe that our insurance coverage will be adequate, not all risks can be insured, and there can be
no guarantee that we will always be able to obtain adequate insurance coverage at reasonable rates
or at all, or that any specific claim we may make under our insurance coverage will be paid.

Hull & Machinery Marine Risks Insurance and Hull & Machinery War Risks Insurance

We maintain hull and machinery marine risks insurance and hull and machinery war risks
insurance on our owned ships, which cover loss of or damage to a ship due to marine perils such as
collisions, fire or lightning, and loss of or damage to a ship due to war perils such as acts of war,
terrorism or piracy. Each of our ships is insured under these policies for a total amount that exceeds

43

what we believe to be its fair market value. We also maintain hull disbursements and increased
value insurance policies covering each of our owned ships, which provide additional coverage in the
event of the total or constructive loss of a ship. Our marine risks insurance policies contain
deductible amounts for which we will be responsible, but there are no deductible amounts under our
war risks policies or our total loss policies.

Loss of Hire Insurance

We maintain loss of hire insurance to protect us against loss of income as a result of a ship
being off-hire or otherwise suffering a loss of operational time for events falling under the terms of
our hull and machinery insurance or hull and machinery war risks insurance. Under our loss of hire
policy, our insurer will pay us the hire rate agreed in respect of each ship for each day, in excess of
a certain number of deductible days, for the time that the ship is out of service as a result of
damage, for a maximum of 180 days. The number of deductible days for the ships in our fleet is
14 days per ship.

Additionally, we buy piracy loss of hire and kidnap and ransom insurance when our ships are
ordered to sail through the Indian Ocean to insure against potential losses relating to the hijacking
of a ship and its crew by pirates.

Protection and Indemnity Insurance

Protection and indemnity insurance is typically provided by a protection and indemnity
association, or “P&I association”, and covers third-party liability, crew liability and other related
expenses resulting from injury to or death of crew, passengers and other third parties, loss of or
damage to cargo, third-party claims arising from collisions with other ships (to the extent not
recovered by the hull and machinery policies), damage to other third-party property, pollution
arising from oil or other substances and salvage, towing and other related costs, including wreck
removal.

Our protection and indemnity insurance covering our owned ships is provided by P&I
associations that are members of the International Group of Protection and Indemnity Clubs, or
“International Group”. The thirteen P&I associations that comprise the International Group insure
approximately 90% of the world’s commercial tonnage and have entered into a pooling agreement
to reinsure each association’s liabilities. Insurance provided by a P&I association is a form of mutual
indemnity insurance.

Our protection and indemnity insurance is currently subject to limits of $3 billion per ship per

event in respect of liability to passengers and seamen, $2 billion per ship per event in respect of
liability to passengers, and $1 billion per ship per event in respect of liability for oil pollution.

As a member of a P&I association, we will be subject to calls payable to the P&I association

based on the International Group’s claim records as well as the claim records of all other members
of the P&I association of which we are a member.

Safety Performance

GasLog provides intensive onboard training for its officers and crews to instill a culture of the
highest operational and safety standards. During 2014, our fleet experienced no personal injuries or
restricted work cases.

Permits and Authorizations

We are required by various governmental and quasi-governmental agencies to obtain certain
permits, licenses, financial assurances and certificates with respect to our ships. The kinds of permits,
licenses, financial assurances and certificates required will depend upon several factors, including the
waters in which the ship operates, the nationality of the ship’s crew and the age of the ship. We
have obtained all permits, licenses, financial assurances and certificates currently required to operate

44

our ships. Additional laws and regulations, environmental or otherwise, may be adopted which could
limit our ability to do business or increase the cost of our doing business.

Environmental and Other Regulation

The carriage, handling, storage and regasification of LNG are subject to extensive laws and
regulations relating to the protection of the environment, health and safety and other matters. These
laws and regulations include international conventions and national, state and local laws and
regulations in the countries where our ships now or in the future will operate, or where our ships
are registered. Compliance with these laws and regulations may entail significant expense and may
impact the resale value or useful lives of our ships. Our ships may be subject to both scheduled and
unscheduled inspections by a variety of governmental, quasi-governmental and private organizations,
including the local port authorities, national authorities, harbor masters or equivalent, classification
societies, flag state administrations (countries of registry) and charterers. Our failure to maintain
permits, licenses, certificates or other authorizations required by some of these entities could require
us to incur substantial costs or result in the temporary suspension of the operation of one or more
of our ships or lead to the invalidation or reduction of our insurance coverage.

We believe that our ships are operated in material compliance with applicable environmental
laws and regulations and that our ships in operation have all material permits, licenses, certificates
or other authorizations necessary for the conduct of our operations. In fact, each of our delivered
ships have received, and each of our nine newbuildings on order is expected to receive, an
ENVIRO, an ENVIRO+ or a CLEAN notation from our classification societies, which denote
compliance with their published guidelines concerning stringent criteria for environmental protection
related to design characteristics, management and support systems, sea discharges and air emissions.
Because environmental laws and regulations are frequently changed and may impose increasingly
stricter requirements, however, it is difficult to accurately predict the ultimate cost of complying with
these requirements or the impact of these requirements on the resale value or useful lives of our
ships. Moreover, additional legislation or regulation applicable to the operation of our ships that
may be implemented in the future, such as in response to a serious marine incident like the 2010
Deepwater Horizon oil spill in the Gulf of Mexico, could negatively affect our profitability.

International Maritime Regulations

The IMO, the United Nations agency for maritime safety and the prevention of pollution by
ships, has adopted several international conventions that regulate the international shipping industry,
including the International Convention on Civil Liability for Oil Pollution Damage, the International
Convention on Civil Liability for Bunker Oil Pollution Damage, and the MARPOL Convention. The
MARPOL Convention establishes environmental standards relating to oil leakage or spilling, garbage
management, sewage, air emissions, handling and disposal of noxious liquids and the handling of
harmful substances in packaged form. The International Safety Management Code for the Safe
Operation of Ships and for Pollution Prevention, or “ISM Code”, promulgated by the IMO,
requires, among other things, that the party with operational control of a ship develop an extensive
safety management system, including the adoption of a policy for safety and environmental
protection setting forth instructions and procedures for operating its ships safely and also describing
procedures for responding to emergencies. Through GasLog LNG Services, we have developed a
safety management system for our ships that meets these requirements.

Ships that transport gas, including LNG carriers, are also subject to regulation under the
International Gas Carrier Code, or “IGC Code”, published by the IMO. The IGC Code prescribes
design and construction standards for ships involved in the transport of gas. Compliance with the
IGC Code must be evidenced by a Certificate of Fitness for the Carriage of Liquefied Gases of
Bulk. Each of our ships is in compliance with the IGC Code and each of our newbuilding contracts
requires that the ship receive certification that it is in compliance with applicable regulations before
it is delivered. Non- compliance with the IGC Code or other applicable IMO regulations may
subject a ship owner or a bareboat charterer to increased liability, may lead to decreases in available

45

insurance coverage for affected ships and may result in the denial of access to, or detention in, some
ports.

In September 1997, the IMO adopted Annex VI to MARPOL to address air pollution from
ships. Annex VI came into force on May 19, 2005. It sets limits on sulfur oxide and nitrogen oxide
emissions from ship exhausts and prohibits deliberate emissions of ozone depleting substances, such
as chlorofluorocarbons. Annex VI also includes a global cap on the sulfur content of fuel oil and
allows for special areas to be established with more stringent controls on sulfur emissions. Annex VI
has been ratified by some, but not all, IMO member states. In October 2008, the Marine
Environment Protection Committee, or “MEPC”, of the IMO approved amendments to Annex VI
regarding particulate matter, nitrogen oxide and sulfur oxide emissions standards. These amendments
entered into force in July 2010. They seek to reduce air pollution from ships by establishing a series
of progressive standards to further limit the sulfur content in fuel oil, which would be phased in by
2020, and by establishing new tiers of nitrogen oxide emission standards for new marine diesel
engines, depending on their date of installation. Additionally, more stringent emission standards
could apply in coastal areas designated as Emission Control Areas, or “ECAs”. The European
Union Directive 2005/EC/33, which became effective on January 1, 2010, parallels Annex VI and
requires ships to use reduced sulfur content fuel for their main and auxiliary engines. Our owned
ships currently in operation comply with the relevant legislation and have the relevant certificates,
and we intend to take all necessary steps to obtain International Air Pollution Prevention certificates
evidencing compliance with Annex VI requirements for all of our ships.

Although the United States is not a party, many countries have ratified the International
Convention on Civil Liability for Oil Pollution Damage, 1969, as amended, or the “CLC”. Under
this convention and depending on whether the country in which the damage results is a party to the
1992 Protocol to the CLC, a ship’s registered owner is strictly liable for pollution damage caused in
the territorial waters of a contracting state by discharge of persistent oil, subject under certain
circumstances to certain defenses and limitations. Ships trading to states that are parties to these
conventions must provide evidence of insurance covering the liability of the owner. In jurisdictions
where the CLC has not been adopted, various legislative schemes or common law govern, and
liability is imposed either on the basis of fault or in a manner similar to the CLC.

The IMO also has adopted the International Convention on Civil Liability for Bunker Oil
Pollution Damage, or the “Bunker Convention”, which imposes liability on ship owners for pollution
damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel and requires
registered owners of ships over 1,000 gross tons to maintain insurance for pollution damage in an
amount equal to the limits of liability under the applicable national or international limitation
regime. We maintain insurance in respect of our owned ships that satisfies these requirements.

Noncompliance with the ISM Code or with other IMO regulations may subject a ship owner or

bareboat charterer to increased liability, may lead to decreases in available insurance coverage for
affected ships and may result in the denial of access to, or detention in, some ports, including
United States and European Union ports.

United States

Oil Pollution Act and CERCLA

Because our ships could trade with the United States or its territories or possessions and/or

operate in U.S. waters, our operations could be impacted by OPA, which establishes an extensive
regulatory and liability regime for environmental protection and cleanup of oil spills, and the
Comprehensive Environmental Response, Compensation and Liability Act, or “CERCLA”, which
imposes liability for cleanup and natural resource damage from the release of hazardous substances
(other than oil). Under OPA, ship owners, operators and bareboat charterers are responsible parties
who are jointly, severally and strictly liable (unless the spill results solely from the act or omission of
a third party, an act of God or an act of war) for all containment and clean-up costs and other
damages arising from oil spills from their ships. OPA currently limits the liability of responsible
parties with respect to ships over 3,000 gross tons to the greater of $2,000 per gross ton or

46

$17,088,000 per double hull ship and permits individual states to impose their own liability regimes
with regard to oil pollution incidents occurring within their boundaries. Some states have enacted
legislation providing for unlimited liability for discharge of pollutants within their waters. CERCLA
applies to owners and operators of ships and contains a similar liability regime. Liability under
CERCLA is limited to the greater of $300 per gross ton or $5.0 million for ships carrying a
hazardous substance as cargo and the greater of $300 per gross ton or $0.5 million for any other
ship.

These limits of liability do not apply under certain circumstances, however, such as where the

incident is caused by violation of applicable U.S. Federal safety, construction or operating
regulations, or by the responsible party’s gross negligence or willful misconduct. In addition, a
marine incident that results in significant damage to the environment, such as the Deepwater
Horizon oil spill, could result in amendments to these limitations or other regulatory changes in the
future. We maintain the maximum pollution liability coverage amount of $1 billion per incident for
our owned ships. We also believe that we will be in substantial compliance with OPA, CERCLA
and all applicable state regulations in the ports where our ships will call.

OPA also requires owners and operators of ships to establish and maintain with the National
Pollution Fund Center of the U.S. Coast Guard evidence of financial responsibility sufficient to meet
the limit of their potential strict liability under the act. Such financial responsibility can be
demonstrated by providing a guarantee from an appropriate guarantor, who can release the required
guarantee to the National Pollution Fund Center against payment of the requested premium. We
have received the mandatory certificates of financial responsibility from the U.S. Coast Guard in
respect of all of our delivered ships and intend to receive such certificates in the future for each of
our ships required to have them.

Clean Water Act

The U.S. Clean Water Act of 1972, or “CWA”, prohibits the discharge of oil, hazardous
substances and ballast water in U.S. navigable waters unless authorized by a duly-issued permit or
exemption, and imposes strict liability in the form of penalties for any unauthorized discharges. The
CWA also imposes substantial liability for the costs of removal, remediation and damages and
complements the remedies available under OPA and CERCLA. Furthermore, most U.S. states that
border a navigable waterway have enacted environmental pollution laws that impose strict liability
on a person for removal costs and damages resulting from a discharge of oil or a release of a
hazardous substance. These laws may be more stringent than U.S. Federal law.

The United States Environmental Protection Agency, or “EPA”, has enacted rules requiring
ballast water discharges and other discharges incidental to the normal operation of certain ships
within United States waters to be authorized under the Ship General Permit for Discharges
Incidental to the Normal Operation of Ships, or the “VGP”. To be covered by the VGP, owners of
certain ships must submit a Notice of Intent, or “NOI”, at least 30 days before the ship operates in
United States waters. Compliance with the VGP could require the installation of equipment on our
ships to treat ballast water before it is discharged or the implementation of other disposal
arrangements, and/or otherwise restrict our ships from entering United States waters. In March 2013,
the EPA published a new VGP that includes numeric effluent limits for ballast water expressed as
the maximum concentration of living organisms in ballast water expressed as the maximum
concentration of living organisms in ballast water. The new VGP requirements also are the subject
of litigation by certain environmental groups seeking more stringent ballast water requirements. In
addition, the new VGP also imposes a variety of changes for non-ballast water discharges including
more stringent Best Management Practices for discharges of oil-to-sea interfaces in an effort to
reduce the toxicity of oil leaked into U.S. water. We have submitted NOIs for all of our delivered
ships and intend to submit NOIs for our ships in the future where required and do not believe that
the costs associated with obtaining and complying with the VGP will have a significant impact on
our operations.

47

Clean Air Act

The U.S. Clean Air Act of 1970, as amended by the Clean Air Act Amendments of 1977 and
1990, or the “CAA”, requires the EPA to promulgate standards applicable to emissions of volatile
organic compounds and other air contaminants. Our ships may be subject to vapor control and
recovery requirements for certain cargoes when loading, unloading, ballasting, cleaning and
conducting other operations in regulated port areas and emission standards for so-called
“Category 3” marine diesel engines operating in U.S. waters. The marine diesel engine emission
standards are currently limited to new engines beginning with the 2004 model year. On April 30,
2010, the EPA adopted final emission standards for Category 3 marine diesel engines equivalent to
those adopted in the amendments to Annex VI to MARPOL, which will apply in two stages,
beginning in 2011 and 2016. However, our tri-fuel diesel electric LNG carriers have the ability to
burn natural gas as fuel to power the ship, which can significantly reduce relevant emissions
compared with steam-powered ships.

The CAA also requires states to adopt State Implementation Plans, or “SIPs”, designed to
attain national health-based air quality standards in primarily major metropolitan and/or industrial
areas. Several SIPs regulate emissions resulting from ship loading and unloading operations by
requiring the installation of vapor control equipment. The MEPC has designated as an ECA the
area extending 200 miles from the territorial sea baseline adjacent to the Atlantic/Gulf and Pacific
coasts and the eight main Hawaiian Islands and the Baltic Sea, North Sea and Caribbean Sea, under
the Annex VI amendments. Fuel used by vessels operating in the ECA cannot exceed 1.0% sulfur,
dropping to 0.1% sulfur in 2015. From 2016, NOx after-treatment requirements will also apply. Our
vessels can store and burn low-sulfur fuel oil or alternatively burn natural gas which contains no
sulfur. Additionally, burning natural gas will ensure compliance with IMO tier III NOx emission
limitations without the need for after-treatment. Charterers must supply compliant fuel for the
vessels before ordering vessels to trade in areas where restrictions apply. As a result, we do not
expect such restrictions to have a materially adverse impact on our operations or costs.

Other Environmental Initiatives

U.S. Coast Guard regulations adopted under the U.S. National Invasive Species Act, or
“NISA”, impose mandatory ballast water management practices for all ships equipped with ballast
water tanks entering U.S. waters, which could require the installation of equipment on our ships to
treat ballast water before it is discharged or the implementation of other port facility disposal
arrangements or procedures, and/or otherwise restrict our ships from entering U.S. waters. In June
2012, the U.S. Coast Guard rule establishing standards for the allowable concentration of living
organisms in ballast water discharged in U.S. waters and requiring the phase-in of Coast Guard
approved ballast water management systems, or “BWMS” became effective. The Coast Guard will
review the practicability of implementing a more stringent ballast water discharge standard and
publish the results no later than January 1, 2016. The rule requires installation of Coast Guard
approved BWMS (none of which have received full approval by the Coast Guard to date) by new
vessels constructed on or after December 1, 2013 and existing vessels as of their first drydocking
after January 1, 2016. Several states have adopted legislation and regulations relating to the
permitting and management of ballast water discharges.

At the international level, the IMO adopted an International Convention for the Control and
Management of Ships’ Ballast Water and Sediments in February 2004, or the “BWM Convention”.
The Convention’s implementing regulations call for a phased introduction of mandatory ballast water
exchange requirements, to be replaced in time with mandatory concentration limits. The BWM
Convention will not enter into force until 12 months after it has been adopted by 30 states, the
combined merchant fleets of which represent not less than 35% of the gross tonnage of the world’s
merchant shipping. To date, a sufficient number of countries have not adopted this convention for it
to enter into force. However, the IMO’s Marine Environment Protection Committee passed a
resolution in March 2010 encouraging the ratification of the Convention and calling upon those
countries that have already ratified to encourage the installation of ballast water management
systems. While we believe that our delivered ships comply with existing requirements, if new ballast

48

water treatment requirements are instituted, the cost of compliance could increase for ocean carriers.
It is difficult to accurately predict the overall impact of such a requirement on our operations.

Our vessels may also become subject to the International Convention on Liability and

Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances
by Sea, 1996 as amended by the Protocol to the HNS Convention, adopted in April 2010, or “HNS
Convention,” if it is entered into force. The HNS Convention creates a regime of liability and
compensation for damage from hazardous and noxious substances, or “HNS”, including a two-tier
system of compensation composed of compulsory insurance taken out by shipowners and HNS Fund
which comes into play when the insurance is insufficient to satisfy a claim or does not cover the
incident. To date, the HNS Convention has not been ratified by a sufficient number of countries to
enter into force.

Greenhouse Gas Regulations

The MEPC of IMO adopted two new sets of mandatory requirements to address greenhouse gas

emissions from ships at its July 2011 meeting. The Energy Efficiency Design Index requires a
minimum energy efficiency level per capacity mile and is applicable to new vessels, and the Ship
Energy Efficiency Management Plan is applicable to currently operating vessels. The requirements,
which entered into force in January 2013, could cause us to incur additional compliance costs. To
meet the requirements, we have an agreement with ABS for the development of a Company Energy
Efficiency Management Plan and the Ship-specific Energy Efficiency Management Plan based on
certain documents issued by the IMO. The IMO is also considering the development of a market-
based mechanism for greenhouse gas emissions from ships, but it is impossible to predict the
likelihood that such a standard might be adopted or its potential impact on our operations at this
time.

Requirements to monitor, report and verify carbon dioxide emissions from vessels calling to EU

ports are under contemplation for adoption by the European Parliament. In the United States, the
EPA has issued a finding that greenhouse gases endanger the public health and safety and has
adopted regulations under the CAA to limit greenhouse gas emissions from certain mobile sources
and proposed regulations to limit greenhouse gas emissions from certain large stationary sources.
Although the mobile source emissions do not apply to greenhouse gas emissions from ships, the
EPA is considering a petition from the California Attorney General and environmental groups to
regulate greenhouse gas emissions from ocean-going ships. Any passage of climate control legislation
or other regulatory initiatives by the IMO, the European Union, the United States or other
countries where we operate, or any treaty adopted at the international level to succeed the Kyoto
Protocol, that restrict emissions of greenhouse gases could require us to make significant financial
expenditures that we cannot predict with certainty at this time.

We believe that LNG carriers, which have the inherent ability to burn natural gas to power the
ship, and in particular LNG carriers like ours that utilize fuel-efficient diesel electric propulsion, can
be considered among the cleanest of large ships in terms of emissions.

Ship Security Regulations

A number of initiatives have been introduced in recent years intended to enhance ship security.
On November 25, 2002, the Maritime Transportation Security Act of 2002, or “MTSA”, was signed
into law. To implement certain portions of the MTSA, the U.S. Coast Guard issued regulations in
July 2003 requiring the implementation of certain security requirements aboard ships operating in
waters subject to the jurisdiction of the United States. Similarly, in December 2002, amendments to
SOLAS created a new chapter of the convention dealing specifically with maritime security. This
new chapter came into effect in July 2004 and imposes various detailed security obligations on ships
and port authorities, most of which are contained in the newly created International Ship and Port
Facilities Security Code, or “ISPS Code”. Among the various requirements are:

• on-board installation of automatic information systems to enhance ship-to-ship and ship-to-

shore communications;

49

• on-board installation of ship security alert systems;
• the development of ship security plans; and
• compliance with flag state security certification requirements.
The U.S. Coast Guard regulations, intended to align with international maritime security
standards, exempt non-U.S. ships from MTSA ship security measures, provided such ships have on
board a valid “International Ship Security Certificate” that attests to the ship’s compliance with
SOLAS security requirements and the ISPS Code. We have implemented the various security
measures required by the IMO, SOLAS and the ISPS Code and have approved ISPS certificates and
plans certified by the applicable flag state on board all our ships.

C. Organizational Structure

GasLog Ltd. is a holding company incorporated in Bermuda. As of March 25, 2015, it has 39
subsidiaries which are incorporated in the British Virgin Islands, Monaco, Bermuda, the Marshall
Islands, the United States and England and Wales (37 as of December 31, 2014). Of our
subsidiaries, 27 either own vessels in our fleet or are parties to contracts to obtain newbuild vessels
or acquire secondhand vessels. Of our subsidiaries 30 are wholly owned by us and seven are 42.5%
owned by us. A list of our subsidiaries is set forth in Exhibit 8.1 to this annual report.

D. Property, Plant and Equipment

Other than our ships, we do not own any material property. Our vessels are subject to priority
mortgages, which secure our obligations under our various credit facilities. For information on our
vessels, see “Item 4. Information on the Company—B. Business Overview—Our Fleet”. For further
details regarding our credit facilities, refer to “Item 5. Operating and Financial Review and
Prospects—B. Liquidity and Capital Resources—Credit Facilities”.

We occupy office space at 7 Rue du Gabian, MC 98000, Monaco, which is provided pursuant to

a lease agreement between our subsidiary, GasLog Monaco S.A.M., and a third-party property
owner. We also occupy office space at (i) 69 Akti Miaouli, Piraeus, GR 185 37, Greece, which we
lease through our subsidiary GasLog LNG Services from an entity controlled by Ceres Shipping,
(ii) at 81 Kings Road, London SW3 4NX, United Kingdom, which we lease through our subsidiary
GasLog Services UK Ltd., and (iii) at 885 Third Avenue, New York, New York 10022, United
States, which we lease through our subsidiary, GasLog Services US Inc. The lease agreement is
disclosed and filed with the Greek authorities, and has been entered into on market rates.

For more information about the contractual arrangements for our office space in Piraeus and

London, see “Item 7. Major Shareholders and Related Party Transactions—B. Related Party
Transactions”.

ITEM 4.A. UNRESOLVED STAFF COMMENTS

Not applicable.

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ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The following discussion of our financial condition and results of operations should be read in
conjunction with the financial statements and the notes to those statements included elsewhere in this
annual report. This discussion includes forward-looking statements that involve risks and uncertainties.
As a result of many factors, such as those set forth under “Item 3. Key Information—D. Risk Factors”
and elsewhere in this annual report, our actual results may differ materially from those anticipated in
these forward-looking statements. Please see the section “Forward-Looking Statements” at the
beginning of this annual report.

We are an international owner, operator and manager of LNG carriers. Our wholly owned fleet

consists of 20 LNG carriers, including 11 ships in operation (excluding the two vessels under the
Pending Vessels Acquisition), seven LNG carriers on order at Samsung and 2 LNG carriers on
order at Hyundai. GasLog is also the general and controlling partner in GasLog Partners, which
owns five LNG carriers. We currently manage and operate 21 LNG carriers including 10 of our
wholly owned vessels in operation (one is managed by a subsidiary of Shell), the five ships
contributed or sold to the Partnership, five ships owned by a subsidiary of BG Group and one
additional LNG carrier in which we have a 25% interest. We are also supervising the construction of
our newbuildings. We have secured multi-year and seasonal time charter contracts for nine of our
operating ships, the five ships owned by the Partnership and four of our 9 newbuildings on order,
while two of our ships are operating in the spot/short-term market. As of December 31, 2014 these
contracts are expected to provide total contracted revenue of $2.64 billion during their initial terms,
which expire between 2015 and 2026. After giving effect to the Pending Vessels Acquisition, total
contracted revenue is increased to $3.23 billion.

In addition to our committed order book, we also secured additional fixed priced options from
Samsung on up to six further 174,000 cbm newbuildings with delivery dates in 2018 and 2019. The
option contracts expire at the end of the first quarter of 2015. We intend to seek to extend these
options. We also have a 25% interest in an additional ship, the Methane Nile Eagle, a 2007-built
LNG carrier owned by Egypt LNG and technically managed by us. It is currently operating under a
20-year time charter to a subsidiary of BG Group. The information about our owned fleet presented
in this report does not include our ownership interest in the Methane Nile Eagle.

We generate revenues by chartering our ships to customers on multi-year time charters, seasonal

time charters and spot/short-term charters and by providing technical ship management services,
including crewing, training, maintenance, regulatory and classification compliance and HSSE
management and reporting through our wholly owned subsidiary GasLog LNG Services. Beginning
on January 1, 2014, due to the growth in our owned fleet and the decrease in revenues and profit
earned by GasLog LNG Services as a percentage of consolidated revenue and profit (representing
approximately 6% and 0.5% of consolidated revenues and profit, respectively, for the year ended
December 31, 2014), the Group’s chief operating decision maker (the “CODM”) being the Chief
Executive Officer, started to review the Group’s operating results on a consolidated basis as one
operating segment. As of December 31, 2013, the Group had two operating segments as the CODM
was making decisions about allocating resources and assessing performance on the basis of the vessel
ownership and the vessel management segments.

Recent Developments

The significant fall in oil prices over the past six months and the milder than expected Far
Eastern winter have led to substantial declines in the price of LNG and a lack of pricing differential
between the Eastern and Western hemispheres. These factors, among others, have in turn led to a
significant shortening of the average duration of spot charters fixed during the first portion of 2015,
as well as a significant decline in average rates for new spot and shorter-term LNG charters
commencing promptly. In addition, some production companies have announced delays or
cancellations of certain previously announced (but early stage) LNG projects, which, unless offset by
new projects coming on stream, could adversely affect demand for LNG charters over the next few
years, while the amount of tonnage available for charter is expected to increase. Over the next
18 months, unless LNG charter market conditions improve, we may have difficulty in securing new

51

charters at attractive rates and durations for the two vessels we have operating under short-term
contracts and the three vessels that will either be delivered or could come off charter between
April 2015 and the end of 2016. Currently, we have a total of 888 open vessel days during the
remainder of 2015. A failure to obtain charters at acceptable rates on these vessels could adversely
affect our liquidity and results of operations, as well as our ability to meet certain of the covenants
in our credit facilities later in 2015, particularly the covenants relating to the required ratio of
EBITDA to debt service and the minimum cash requirement. During this period, our revenue, cash
position and covenant compliance will also be adversely affected by our need to complete 10
drydockings over the next 18 months. For further details regarding our credit facilities, see “Item 5.
Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Credit
Facilities”.

A. Operating Results

Factors Affecting Our Results of Operations

We believe the principal factors that will affect our future results of operations include:
• the number of LNG carriers in our owned and managed fleets;
• the timely delivery of our ships under construction;
• our ability to maintain good working relationships with our existing customers and our ability

to increase the number of our customers through the development of new working
relationships;

• the performance of our charterers;
• the supply-demand relationship for LNG shipping services;
• our ability to successfully re-employ the ships we own, including our LNG carriers on order,

at economically attractive rates;

• the effective and efficient technical management of the ships under our management;
• our ability to obtain acceptable debt financing in respect of our capital commitments;
• our ability to obtain and maintain regulatory approvals and to satisfy technical, health, safety

and compliance standards that meet our customers’ requirements; and

• economic, regulatory, political and governmental conditions that affect shipping and the LNG
industry, which include changes in the number of new LNG importing countries and regions,
as well as structural LNG market changes impacting LNG supply that may allow greater
flexibility and competition of other energy sources with global LNG use.

In addition to the general factors discussed above, we believe certain specific factors have

impacted, or will impact, our results of operations. These factors include:

• the hire rate earned by our owned ships;
• unscheduled off-hire days;
• the fees we receive for construction supervision and technical ship management services;
• the level of our ship operating expenses, including crewing costs, insurance and maintenance

costs;

• our access to capital required to acquire additional ships and/or to implement our business

strategy;

• our level of debt, the related interest expense and the timing of required payments of

principal;

• mark-to-market changes in interest rate swaps and foreign currency fluctuations; and
• the level of our general and administrative expenses, including salaries and costs of

consultants.

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Principal Components of Revenues and Expenses

Revenues

Our revenues are driven primarily by the number of LNG carriers in our owned fleet, the
amount of daily charter hire that they earn under time charters and the number of operating days
during which they generate revenues. These factors, in turn, are affected by our decisions relating to
ship acquisitions and disposals, the amount of time that our ships spend in drydock undergoing
repairs, maintenance and upgrade work, the age, condition and technical specifications of our ships
as well as the relative levels of supply and demand in the LNG carrier charter market. Under the
terms of some of our time charter arrangements, the operating cost component of the daily hire rate
is intended to correspond to the costs of operating the ship. Accordingly, we will receive additional
revenue under certain of our time charters through an annual escalation of the operating cost
component of the daily hire rate and, in the event of more material increases in a ship’s operating
costs, we may be entitled to receive additional revenues under those charters. Under some of the
other time charter arrangements, most of our operating costs are passed-through to the charterer in
the form of an adjustment to the operating cost component of the daily hire rate. We believe these
adjustment provisions provide substantial protection against significant cost increases. See “Item 4.
Information on the Company—B. Business Overview—Ship Time Charters—Hire Rate Provisions”
for a more detailed discussion of the hire rate provisions of our charter contracts.

Our LNG carriers are employed through time charter contracts. Revenues under our time
charters are recognized when services are performed, revenue is earned and the collection of the
revenue is reasonably assured. The charter hire revenue is recognized on a straight-line basis over
the term of the relevant time charter. We do not recognize revenue during days when the ship is
off-hire. Advance payments under time charter contracts are classified as liabilities until such time as
the criteria for recognizing the revenue are met.

The table below provides additional information about our contracted charter revenues based on
contracts in effect as of December 31, 2014 for (a) the nine ships in our wholly owned fleet and the
five ships in the GasLog Partners’ fleet for which we have secured time charters, (b) four of our
newbuildings on order and (c) the short-term charter party agreements of GasLog Chelsea and
GasLog Saratoga. Other than the assumptions reflected in the footnotes to the table, including our
assumption that our newbuildings are delivered on schedule, the table does not reflect events
occurring after December 31, 2014. The table reflects only our contracted charter revenues for the
ships in our owned fleet for which we have secured time charters, and it does not reflect the costs
or expenses we will incur in fulfilling our obligations under the charters, nor does it include other
revenues we may earn, such as revenues for technical management of customer-owned ships. In
particular, the table does not reflect any time charter revenues for our five LNG carriers on order
for which we have not yet secured time charter contracts, revenues from the GasLog Chelsea and
the GasLog Saratoga after the estimated completion of its short-term charter party agreements, any
additional ships we may acquire in the future, nor does it reflect the options under our time charters
that permit our charterers to extend the time charter terms for successive multi-year periods. The
entry into time charter contracts for the five remaining newbuildings on order which have no time
charters in place, the GasLog Chelsea, the GasLog Saratoga and any additional ships we may
acquire or the exercise of options extending the terms of our existing charters, would result in an
increase in the number of contracted days and the contracted revenue for our fleet in the future.
Although the contracted charter revenues are based on contracted charter hire rate provisions, they
reflect certain assumptions, including assumptions relating to future ship operating costs. We
consider the assumptions to be reasonable as of the date of this report, but if these assumptions
prove to be incorrect, our actual time charter revenues could differ from those reflected in the table.
Furthermore, any contract is subject to various risks, including performance by the counterparties or
an early termination of the contract pursuant to its terms. If the charterers are unable or unwilling
to make charter payments to us, or if we agree to renegotiate charter terms at the request of a
charterer or if contracts are prematurely terminated for any reason, we would be exposed to
prevailing market conditions at the time, and our results of operations and financial condition may
be materially adversely affected. Please see “Item 3. Key Information—D. Risk Factors”. For these

53

reasons, the contracted charter revenue information presented below is not fact and should not be
relied upon as being necessarily indicative of future results, and readers are cautioned not to place
undue reliance on this information. Neither the Company’s independent auditors, nor any other
independent accountants, have compiled, examined or performed any procedures with respect to the
information presented in the table, nor have they expressed any opinion or any other form of
assurance on such information or its achievability, and assume no responsibility for, and disclaim any
association with, the information in the table.

Contracted Charter Revenues and Days from Time Charters as of December 31, 2014

Contracted time charter

revenues(1)(2)(3)(4)(5) . . . . . . . . . . . . . . . . . . .
Total contracted days(1). . . . . . . . . . . . . . . .
Total available days(6) . . . . . . . . . . . . . . . . .
Total unfixed days(7) . . . . . . . . . . . . . . . . . . .
Percentage of total contracted

days/total available days(1) . . . . . . . . . . .

For the Year Ending December 31,

2015

2016

2017

2018

2019-2026

Total

(in millions of U.S. dollars, except days and percentages)

$356.32
4,958
5,846
888

$387.33
5,283
6,839
1,556

$423.60
5,687
8,154
2,467

$372.88
5,009
8,975
3,966

$1,102.72
13,979
71,819
57,840

$2,642.85
34,916
101,633
66,717

84.81% 77.25% 69.75% 55.81% 19.46% 34.35%

(1) Reflects time charter revenues and contracted days for the nine LNG carriers delivered to us in 2010, 2013 and 2014, the
six LNG carriers acquired from BG Group in April and June 2014, the secondhand vessel acquired in 2013 and the four
LNG carriers on order for which we have secured time charters. Calculations assume (i) that all the LNG carriers on
order are delivered on schedule and (ii) 30 off-hire days when the ship undergoes scheduled drydocking. Does not include
charter revenues for the Methane Nile Eagle, in which we hold a 25% minority interest.

(2) Our ships are scheduled to undergo drydocking once every five years. Revenue calculations assume 365 revenue days per

ship per annum, with 30 off-hire days when the ship undergoes scheduled drydocking.

(3) For time charters that include a fixed operating cost component subject to annual escalation, revenue calculations include

that fixed annual escalation.

(4) For time charters that give the charterer the option to set the charter hire rate at prevailing market rates during an initial
portion of the time charter’s term, revenue calculations assume that the charterer does not elect such option. Revenue
calculations for these charters include an estimate of the amount of the operating cost component and the management fee
component.

(5) Revenue calculations assume no exercise of any option to extend the terms of charters.

(6) Available days represent total calendar days after deducting 30 off-hire days when the ship undergoes scheduled

drydocking.

(7) Represents available days for the five newbuildings (which do not have secured time charters), plus available days for

other ships after the expiration of existing charters (assuming charterers do not exercise any option to extend the terms of
charters).

The revenues of GasLog LNG Services, our wholly owned subsidiary, are driven primarily by
the number of ships operating under our technical management and the amount of the fees we earn
for each of these ships as well as the amount of fees that we earn for plan approval and
construction supervision of newbuilding LNG carriers. In addition to revenues from external
customers, GasLog LNG Services receives revenues for technical management, plan approval and
construction supervision services provided to our owned fleet. These revenues are eliminated in the
consolidation of our accounts.

Revenue from ship management and ship construction project supervision contracts is
recognized in the statement of profit or loss when earned and when it is probable that future
economic benefits will flow to us and such benefits can be measured reliably.

Vessel Operating and Supervision Costs

Vessel operating and supervision costs of our owned fleet consist of two components: voyage

expenses and ship operating expenses. Under our time charter arrangements, charterers bear
substantially all voyage expenses, including bunker fuel, port charges and canal tolls, but not

54

commissions, which we have historically paid to unaffiliated ship brokers based on a flat fee per
ship. Commissions are recognized as expenses on a pro rata basis over the duration of the period of
the time charter.

We are generally responsible for ship operating expenses, which include costs for crewing,
insurance, repairs, modifications and maintenance, including drydocking, lubricants, spare parts and
consumable stores and other miscellaneous expenses, as well as the associated cost of providing
these items and services. However, as described above, the hire rate provisions of our time charters
are intended to reflect the operating costs borne by us. Our charters contain provisions that
significantly reduce our exposure to increases in operating costs, including review provisions and cost
pass-through provisions. Ship operating expenses are recognized as expenses when incurred.

In addition, we pay fees to GasLog LNG Services in connection with our own newbuildings on

order for plan approval and construction supervision services provided by GasLog LNG Services and
to cover third-party expenses incurred by GasLog LNG Services in respect of the newbuildings.
These fees, other than any inter-segment profit, are capitalized as part of the asset value of our
ships. The fees paid for technical ship management services, which are considered vessel operating
and supervision costs of our owned fleet (and corresponding revenues of GasLog LNG Services), are
eliminated in the consolidation of our accounts.

Vessel operating and supervision costs of GasLog LNG Services include staff costs, such as
salaries, social security and training for the technical management team and project specialists, and
project-related expenses.

Depreciation of Fixed Assets

The majority of our consolidated depreciation expenses relate to the cost of our ships. We

depreciate the cost of our ships on the basis of two components: a vessel component and a
drydocking component. The vessel component is depreciated on a straight-line basis over the
expected useful life of each ship, based on the cost of the ship less its estimated residual value. We
estimate the useful lives of our ships to be 35 years from the date of delivery from the shipyard.
Second-hand vessels are depreciated from the date of their acquisition through their remaining
estimated useful life. Furthermore, until September 30, 2014, management estimated residual value
of our ships to be 10% of the initial ship cost. Effective October 1, 2014, following management’s
reassessment based on developments in the LNG scrapping market which provide more reliable data
points, the residual value of each vessel is equal to the product of its lightweight tonnage, or
“LWT”, and an estimated scrap rate per LWT, which represents our estimate of the market value of
the ship at the end of its useful life.

We must periodically drydock each of our ships for inspection, repairs and maintenance and any

modifications to comply with industry certification or governmental requirements. All our ships are
required to be drydocked for these inspections at least once every five years. At the time of delivery
of a ship, we estimate the drydocking component of the cost of the ship, which represents the
estimated cost of the ship’s first drydocking based on our historical experience with similar types of
ships. The drydocking component of the ship’s cost is depreciated over five years, in case of new
ships, and until the next drydocking for secondhand ships unless we intend to drydock the ships
earlier as circumstances arise.

General and Administrative Expenses

General and administrative expenses consist principally of personnel costs for administrative and

support staff, board of directors fees, expense recognized in connection with equity-settled
compensation, rent, utilities, travel expenses, legal expenses, other professional services and
consultants, training for crew familiarization and other advisor costs.

Financial Costs

We incur interest expense on the outstanding indebtedness under our existing credit facilities,

Bond Agreement and our swap arrangements that qualify for treatment as cash flow hedges for

55

financial reporting purposes, which we include in our financial costs. Financial costs also include
amortization of other loan issuance costs incurred in connection with establishing our credit facilities.
We will incur additional interest expense and other borrowing costs in the future on our outstanding
borrowings and under the undrawn or future borrowings and commitments. For a description of our
credit facilities, including our loan agreements, see “Item 5. Operating and Financial Review and
Prospects—B. Liquidity and Capital Resources—Credit Facilities”.

Interest expense and the amortization of loan issuance costs that relate directly to a specific
loan to finance an LNG carrier under construction and are incurred during the construction period
are capitalized as part of the cost of the ship. Otherwise, interest expense and amortization of loan
issuance costs are expensed as incurred.

Financial Income

Financial income consists of interest income, which will depend on the level of our cash

deposits, investments and prevailing interest rates. Interest income is recognized on an accrual basis.

(Loss)/Gain on Swaps

Any gain or loss derived from the fair value of the swaps at their inception, the ineffective
portion of changes in the fair value of the swaps that meet hedge accounting criteria and net interest
on interest rate swaps held for trading, the movement in the fair value of the interest rate swaps
that have not been designated as hedges and the amortization of the cumulative unrealized loss for
the interest rate swaps that hedge accounting was discontinued are presented as gain or loss on
swaps in our consolidated statements of profit or loss.

Share of Profit of Associate

The share of profit of associate consists of our share of profits from our 25% ownership interest

in Egypt LNG, a Bermuda exempted company whose principal asset is the LNG carrier Methane
Nile Eagle.

Results of Operations

Year Ended December 31, 2014 Compared to Year Ended December 31, 2013

Amounts are in thousands of U.S. Dollars

Year ended December 31,
2014

2013

Change

Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vessel operating and supervision costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation of fixed assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General and administrative expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain/(loss) on swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share of profit of associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total other expenses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit for the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$157,240
(34,919)
(29,322)
(21,598)

$328,679
(78,470)
(70,695)
(34,154)

$171,439
(43,551)
(41,373)
(12,556)

71,401
(27,851)
411
11,498
1,470

145,360
(71,579)
274
(24,787)
1,497

73,959
(43,728)
(137)
(36,285)
27

(14,472)

(94,595)

(80,123)

56,929

50,765

(6,164)

Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit attributable to owners of the Group . . . . . . . . . . . . . . . . . . . . . . . . . .

—

8,604

8,604

$ 56,929

$ 42,161

$ (14,768)

During the year ended December 31, 2014, we had an average of 12.4 ships operating in our

owned fleet (including ships owned by the Partnership), having 4,392 operating days, an average of
20.0 ships operating under our technical management (including 11.9 of our owned ships) and an
average of 3.50 owned ships under construction supervision. During the year ended December 31,

56

2013, we had an average of 5.0 ships operating in our owned fleet having 1,808 operating days, an
average of 16.9 ships operating under our technical management (including our 5.0 owned ships) and
an average of 4.2 owned ships under construction supervision.

Revenues:

Consolidated revenues increased by 109.03%, or $171.44 million, from $157.24 million during the

year ended December 31, 2013 to $328.68 million during the year ended December 31, 2014. The
increase is mainly attributable to an increase in revenues by $92.05 million due to the deliveries of
the Methane Rita Andrea, the Methane Jane Elizabeth, the Methane Lydon Volney, the Methane
Shirley Elisabeth, the Methane Heather Sally, and the Methane Alison Victoria acquired from BG
Group in April and June 2014, an increase of $74.59 million due to the full year’s operation during
the year ended December 31, 2014 of the GasLog Shanghai, the GasLog Santiago, the GasLog
Sydney, the GasLog Skagen, the GasLog Chelsea and the GasLog Seattle which were delivered on
January 28, 2013, March 25, 2013, May 30, 2013, July 25, 2013, October 4, 2013 and December 9,
2013, respectively and a further increase in revenues of $12.32 million due to the delivery of the
Solaris on June 30, 2014. These deliveries resulted in an increase in operating days. The increase in
consolidated revenues was partially offset by $1.12 million caused by the off-hire days due to
damage to the propulsion system of the GasLog Singapore, $1.51 million caused by the off-hire days
due to the drydocking of the Methane Lydon Volney which took place in November 2014 and $0.55
million due to the damage to the propeller on the Methane Heather Sally and the other off-hires of
$0.21 million. There was also a decrease of $4.13 million in revenues from technical management
services mainly due to the decrease in the number of the managed vessels owned by third parties.

Vessel Operating and Supervision Costs:

Consolidated vessel operating and supervision costs increased by 124.71%, or $43.55 million,
from $34.92 million during the year ended December 31, 2013 to $78.47 million during the year
ended December 31, 2014. The increase is primarily attributable to an increase of $40.94 million
deriving from the operating expenses of the six vessels delivered in 2013, the Solaris and the
GasLog Saratoga delivered on June 30, 2014 and December 16, 2014, respectively, to the six vessels
acquired from BG Group in 2014, to the increased technical maintenance expenses due to the
planned main engines overhauling for the two vessels delivered in 2010 and increased voyage
expenses from the GasLog Chelsea while unemployed between the spot/short-term charters. In
addition there was an increase of $2.61 million in employee costs related to new employees hired in
order to fulfill the requirements of the fleet growth.

General and Administrative Expenses:

Consolidated general and administrative expenses increased by 58.10%, or $12.55 million, from

$21.60 million during the year ended December 31, 2013 to $34.15 million during the year ended
December 31, 2014. The increase is mainly attributable to a $4.65 million increase in legal fees and
other professional services including external assistance for Sarbanes-Oxley Act compliance and the
Partnership’s listing requirements, an increase in personnel related expenses of $3.07 million related
to the growth of the Group, an increase in equity-settled compensation expense of $1.36 million, an
increase in travel and accommodation expenses of $1.08 million related to the Group’s expansion in
London and New York, an increase of $0.61 million in rent and utilities related to the new offices in
London and New York, an increase in directors and officers insurance of $0.59 million mostly
related to the additional cost derived from the Partnership’s requirements, an increase in board of
director’s fees of $0.66 million and an increase in various other expenses of $0.53 million.

Financial Costs:

Consolidated financial costs increased by 157.02%, or $43.73 million, from $27.85 million during

the year ended December 31, 2013 to $71.58 million during year ended December 31, 2014. The
increase is attributable to an increase of $29.66 million in interest expense on loans, bond and cash

57

flow hedges. During the year ended December 31, 2014, we had an average of $1,613.50 million of
outstanding indebtedness including our Bond Agreement, having an aggregate weighted average
interest rate of 3.26%, and during the year ended December 31, 2013, we had an average of $715.92
million of outstanding indebtedness with a weighted average interest rate of 3.25%. These weighted
average interest rates include interest expense on loans and cash flow hedges and interest expense
on bond and CCSs. The increase in financial costs was further affected by an increase in
amortization of loan fees by $11.74 million mainly deriving from the $9.02 million write off of fees
relating to the repayment of the loans used to finance the GasLog Shanghai, the GasLog Santiago,
the GasLog Sydney, the Methane Rita Andrea and the Methane Jane Elizabeth that were terminated
during the year ended December 31, 2014. Finally there was an increase in finance costs of $2.33
million mainly deriving from the other loan fees including the termination of the aforementioned
loans.

Gain/(loss) on Swaps:

Consolidated loss on swaps increased by $36.29 million, from $11.50 million gain for the year
ended December 31, 2013 to $24.79 million loss for the year ended December 31, 2014. The increase
in loss is attributable to an increase of $27.70 million in loss from mark-to-market valuation of our
interest rate swaps which are carried at fair value through profit or loss, an increase of $4.35 million
in loss that was reclassified from equity to the statement of profit or loss related to the interest rate
swaps for which hedge accounting was discontinued and an increase of $4.58 million in realized loss
from interest rate swaps held for trading. The increase of $27.70 million in loss from mark-to-market
valuation reflected a loss of $7.87 million for the year ended December 31, 2014 as compared to a
gain of $19.83 million for the year ended December 31, 2013. In 2014, the loss derived from the fact
that the LIBOR yield curve, which was used to calculate the present value of the estimated future
cash flows, was lower than the agreed fixed interest rates resulting in an increase in derivative
liabilities from interest rate swaps held for trading.

Profit for the Year:

Consolidated profit decreased by 10.82%, or $6.16 million, from $56.93 million for the year
ended December 31, 2013, to $50.77 million for the year ended December 31, 2014 as a result of the
aforementioned factors.

Year Ended December 31, 2013 Compared to Year Ended December 31, 2012

Amounts are in thousands of U.S. Dollars

Year ended December 31,
2013

2012

Change

Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vessel operating and supervision costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation of fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Loss)/gain on swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share of profit of associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total other expenses, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit for the period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit attributable to owners of the Group . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 68,542
(14,646)
(13,065)
(20,380)

$157,240
(34,919)
(29,322)
(21,598)

$ 88,698
(20,273)
(16,257)
(1,218)

20,451
(11,670)
1,174
(6,783)
1,078

71,401
(27,851)
411
11,498
1,470

(16,201)

(14,472)

4,250

56,929

—

—

50,950
(16,181)
(763)
18,281
392

1,729

52,679

—

$ 4,250

$ 56,929

$ 52,679

During the year ended December 31, 2013, we had an average of 5.0 ships operating in our
owned fleet having 1,808 operating days, an average of 16.9 ships operating under our technical

58

management (including our 5.0 owned ships) and an average of 4.2 owned ships under construction
supervision. During the year ended December 31, 2012, we had an average of 2.0 ships operating in
our owned fleet having 732 operating days, an average of 14.0 ships operating under our technical
management (including our 2.0 owned ships) and an average of 4.6 ships under construction
supervision.

Revenues:

Consolidated revenues increased by 129.41%, or $88.70 million, from $68.54 million during the
year ended December 31, 2012, to $157.24 million during the year ended December 31, 2013. The
increase is attributable to an increase of $89.13 million due to the deliveries 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,
2103 and December 9, 2013, respectively and the commencement of their charter party agreements,
partially offset by a decrease in revenue from vessel management services of $0.43 million due to
the decrease in the performance bonus we received from BG Group for the management of its ships
of $0.25 million and a decrease of $0.18 million in revenues earned from all other management
services.

Vessel Operating and Supervision Costs:

Consolidated vessel operating and supervision costs increased by 138.36%, or $20.27 million,
from $14.65 million during the year ended December 31, 2012, to $34.92 million during the year
ended December 31, 2013. The increase is mainly attributable to an increase of $20.09 million in
vessel operating expenses primarily due to operating expenses of the six vessels delivered in 2013
and increased technical maintenance expenses due to the planned underwater inspections and
maintenance of the main engines of the two vessels delivered in 2010 and an increase of $0.18
million in employee costs.

General and Administrative Expenses:

Consolidated general and administrative expenses increased by 5.99%, or $1.22 million, from
$20.38 million during the year ended December 31, 2012, to $21.60 million during the year ended
December 31, 2013. The increase is mainly attributable to an increase of $2.28 million in personnel
related expenses related to the growth of the Group, an increase of $0.85 million in legal and
professional services, an increase in board of directors fees of $0.40 million and an increase of $0.37
million in all other expenses, partially offset by a decrease of $2.68 million in equity-settled
compensation expense because the old plan vested fully upon completion of our IPO in April 2012
while the amortization for the 2013 plan started on April 29, 2013.

Financial Costs:

Consolidated financial costs increased by 138.65%, or $16.18 million, from $11.67 million during
the year ended December 31, 2012, to $27.85 million during the year ended December 31, 2013. The
increase is attributable to an increase of $12.84 million in interest expense on loans, bond and cash
flow hedges. During the year ended December 31, 2013, we had an average of $715.92 million of
outstanding indebtedness with a weighted average interest rate of 3.25% including our Bond
Agreement, while during the year ended December 31, 2012 we had an average of $269.10 million
of outstanding indebtedness with a weighted average interest rate of 3.94%. These weighted average
interest rates include interest expense on loans and cash flow hedges and interest expense on bond
and CCSs. The increase in financial costs was further affected by an increase in amortization of loan
fees by $2.89 million mainly relating to the new loans drawn during the year ended December 31,
2013 and an increase of $0.45 million in other financial costs.

59

Financial Income:

Consolidated financial income decreased by 64.96%, or $0.76 million, from $1.17 million for the
year ended December 31, 2012 to $0.41 million for the year ended December 31, 2013. The decrease
is mainly attributable to decreased interest income from our decreased average fixed time deposits.

Gain/(loss)on Swaps:

Consolidated gain on swaps increased by $18.28 million, from $6.78 million loss for the year

ended December 31, 2012 to $11.50 million gain for the year ended December 31, 2013. The
increase in gain is attributable to an increase of $24.45 million in gain from mark-to-market
valuation of our interest rate swaps which are carried at fair value through profit or loss and a
decrease of $1.74 million in loss at inception for cash flow hedges, partially offset by an increase of
$2.29 million in loss that was reclassified from equity to the statement of profit or loss related to the
interest rate swaps for which hedge accounting was discontinued and an increase of $5.73 million in
realized loss from interest rate swaps held for trading. The increase of $24.45 million in gain from
mark-to-market valuation reflected a gain of $19.83 million for the year ended December 31, 2013 as
compared to a loss of $4.62 million for the year ended December 31, 2013. In 2013, hedge
accounting for seven interest rate swaps was discontinued because the effectiveness criteria were not
met. These swaps were reclassified from interest rate swaps designated as cash flow hedging
instruments to interest rate swaps held for trading resulting in a higher notional amount. The
increase in the notional amount and the increase in the LIBOR yield curve, which was used to
calculate the present value of the estimated future cash flows, resulted in a positive movement in the
fair value of the swaps classified as held for trading by $19.83 million.

Share of Profit of Associate:

Consolidated share of profits from our interest in Egypt LNG increased by 36.11%, or $0.39
million, from $1.08 million during the year ended December 31, 2012, to $1.47 million during the
year ended December 31, 2013 mainly because of the scheduled drydocking in 2012, which resulted
in lower revenues associated with the off-hire days and increased repairs and maintenance normally
undertaken during the drydocking period.

Profit for the Year:

Consolidated profit increased by $52.68 million, from $4.25 million for the year ended
December 31, 2012, to $56.93 million for the year ended December 31, 2013, as a result of the
aforementioned factors.

Customers

For the year ended December 31, 2014, we received 80.1% of our revenues from BG Group,
11.7% of our revenues from Shell, 7.8% of our revenues from the spot/short-term market, 0.2% of
our revenues from Egypt LNG and 0.2% from another customer. For the year ended December 31,
2013, we received 90.7% of our revenues from BG Group, 0.5% of our revenues from Egypt LNG,
an entity in which we have a 25% ownership interest, 1.3% of our revenues from Shell, 6.9% of our
revenues from various charterers in the spot/short-term market and 0.6% from another customer.

Seasonality

Since our owned ships are mainly employed under multi-year, fixed-rate charter arrangements,
seasonal trends do not materially impact the revenues earned by our vessels during the year. In the
future, seasonality may impact the revenues of our ships operating under spot/short-term or seasonal
charter arrangements. Seasonality also does not have a significant impact on revenues earned by our
management services, as we provide technical ship management and ship construction supervision
services under fixed-rate agreements.

Additionally, our business is not subject to seasonal borrowing requirements.

60

B. Liquidity and Capital Resources

As of December 31, 2014, GasLog has financed its capital requirements with contributions from
its pre-IPO shareholders, proceeds from our IPO and the GasLog Partners’ IPO, proceeds from the
2014 follow-on equity offerings and the private placements, operating cash flows and long-term
financings including bank loans and the NOK bond offering. Our primary liquidity needs are to fund
our ship-operating expenses, finance the purchase and construction of our newbuildings, purchase
secondhand vessels, service our existing debt and pay dividends. In monitoring our working capital
needs, we project our charter hire income and ships’ maintenance and running expenses, as well as
debt service obligations, and seek to maintain adequate cash reserves in order to address any budget
overruns, if any.

We anticipate that our primary sources of funds will be available cash, cash from operations and

borrowings under existing and new loan agreements. We may seek to raise additional common or
other forms of equity, subject in each case to market conditions. We believe that these sources of
funds will be sufficient to meet our liquidity needs, although there can be no assurance that we will
be able to obtain future debt and equity financing on terms acceptable to us.

Our funding and treasury activities are intended to balance investment returns in order to
maintain appropriate liquidity. Cash and cash equivalents are held primarily in U.S. dollars. In June
2013 and April 2014, we entered into six CCSs to exchange interest payments and principal on
maturity on the same terms as the Bond Agreement and designated the CCSs as hedges of the
variability of the USD functional currency equivalent cash flows on the bond. Refer to Note 23 to
our audited consolidated financial statements included elsewhere in this annual report for details on
our swap arrangements.

In 2012, the Company adopted what it considers to be appropriate risk management policies to

be used as a guideline in managing risks arising from our business and treasury activities. The
Treasury Policies and Procedures aim to ensure that: responsibilities for treasury activities are
delegated appropriately; treasury risks are identified, quantified and actively managed in a timely
manner; and treasury transactions are properly authorized, controlled, reported and monitored.

In addition, during 2012 the Company established a set of Counterparty Risk Policies and

Procedures formalizing our counterparty credit risk management process with an aim to protect
against unwarranted credit exposures and to seek to manage counterparty risk. The purpose of the
Counterparty Risk Policies and Procedures is to: provide general principles to guide counterparty
credit risk management process; identify and actively manage counterparty risks; and delegate
authority to approve additional counterparty risk on the Company.

As of December 31, 2014, we had $211.97 million of cash and cash equivalents, of which $3.20

million was held in a retention account in connection with the next installment and interest payment
due under the credit facilities entered into by some of our subsidiaries, $117.25 million was held in
time deposits and $1.29 million was held in ship management client accounts. The funds in the ship
management client accounts were held on behalf of customers of GasLog LNG Services in order to
cover obligations of vessels under management. Moreover, as of December 31, 2014, we had $28.1
million held in time deposits with an initial duration of more than three months but less than a year
that have been classified as short-term investments. In addition, as of December 31, 2014, we had
$22.8 million in restricted cash in order to comply with the covenants under two of our credit
facilities.

As of December 31, 2014, we had an aggregate of $1.79 billion of indebtedness outstanding

under nine credit facilities, of which $121.82 million is repayable within one year, including $42.17
million under the revolving credit facility. As of December 31, 2014, GasLog had $134.74 million
outstanding under the NOK Bond Agreement that is payable in June 2018.

As of December 31, 2014 there was 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 undrawn amount of $146.0 million that will be used to finance a portion of
the contract price of one newbuilding that is expected to be delivered in April 2015 subject to
satisfaction of customary closing conditions, as well as undrawn loan amounts available under a

61

$325.0 million senior secured term loan facility and a $135.0 million subordinated two-year loan
facility in relation to the financing of the Pending Vessels Acquisition. For more details, see
“—Capital Expenditures”.

The total contract price for our nine newbuildings on order as of December 31, 2014, was
approximately $1.82 billion, of which $140.82 million was paid as of December 31, 2014. The balance
is payable under each shipbuilding contract in installments upon the attainment of certain specified
milestones, with the largest portion of the purchase price for each ship coming due upon its delivery.
We are scheduled to take delivery of the nine newbuildings on various dates in 2015, 2016 and 2017.
As of December 31, 2014, the total remaining balance of the contract prices for the nine
newbuildings was $1.68 billion of which $239.29 million is due within twelve months that will be
funded with available cash, cash from operations, existing undrawn debt and other financings we
may enter into. The contract price for the two vessels that GasLog has agreed to acquire from
Methane Services is $460.0 million, which will be funded by the two credit facilities entered into in
connection with the Pending Vessels Acquisition.

In addition, we have secured additional fixed priced options from Samsung on up to six further

174,000 cbm newbuildings with delivery dates in 2018 and 2019. The option contracts expire at the
end of the first quarter of 2015. We intend to seek to extend these options. In the event we decide
to exercise these options, we expect to finance the costs with cash from operations and a
combination of debt and equity financing.

As our fleet expands, we will evaluate changes to the quarterly dividend consistent with our

cash flow and liquidity position. Our policy is to pay dividends in amounts that will allow us to
retain sufficient liquidity to fund our obligations as well as execute our business plan going forward.
Our board of directors will determine the timing and amount of all dividend payments, based on
various factors, including our earnings, financial condition, cash requirements and availability,
restrictions in our credit facilities and the provisions of Bermuda law. Accordingly, we cannot
guarantee that we will be able to pay quarterly dividends. See “Item 3. Key Information—D. Risk
Factors” and “Item 8. Financial Information—A. Consolidated Financial Statements and Other
Financial Information—Dividend Policy” for a discussion of risks related to our ability to pay
dividends.

Working Capital Position

We anticipate that our primary sources of funds will be available cash, cash from operations and

borrowings under existing and new loan agreements. We may seek to raise additional common or
other forms of equity. We believe that these sources of funds will be sufficient to fund our
operations, including our working capital requirements, and to make the required principal and
interest payments on our indebtedness during the next 12 months; however, there can be no
assurance that we will be able to obtain future debt and equity financing on terms acceptable to us.

As of December 31, 2014, our current assets totaled $288.49 million while current liabilities

totaled $201.36 million, resulting in a positive working capital position of $87.13 million.

Cash Flows

Year ended December 31, 2014 compared to the year ended December 31, 2013

The following table summarizes our net cash flows from operating, investing and financing

activities for the periods indicated:

Net cash from operating activities . . . . . . . . . . . . . . . . . . .
Net cash used in investing activities . . . . . . . . . . . . . . . . .
Net cash from financing activities . . . . . . . . . . . . . . . . . . .

$86,745
(935,516)
840,481

$
148,288
(1,386,656)
1,346,762

Year ended December 31,

2013

2014

(in thousands of
U.S. dollars)

62

Net Cash From Operating Activities

Net cash from operating activities increased by $61.54 million, from $86.75 million during the
year ended December 31, 2013 to $148.29 million during the year ended December 31, 2014. The
increase was due to an increase of $173.82 million in revenue collections, partially offset by
unfavorable changes in cash from ship management creditors amounting to $14.16 million, an
increase of $46.15 million in payments for general and administrative expenses, operating expenses
and inventories, an increase of $42.42 million in cash paid for interest including the payment of
$4.63 million for the termination of the swap contracts related to the GasLog Shanghai, the GasLog
Santiago and the GasLog Sydney facilities and $4.78 million premium paid to enter into the three
CCSs, an increase of $4.58 million in realized losses on interest rate swaps held for trading and an
increase of $4.97 million in movement in cash collaterals.

Net Cash Used In Investing Activities

Net cash used in investing activities increased by $451.14 million, from $935.52 million during
the year ended December 31, 2013 to $1,386.66 million during the year ended December 31, 2014.
The increase is mainly attributable to a $324.56 million increase in payments for the construction
costs of newbuildings and the acquisition of second-hand vessels, an increase of $1.57 million in
payments for other fixed assets, the net increase in payments for short-term investments of $123.68
million, the $1.03 million decrease in dividends and return of capital received from Egypt LNG and
a decrease of $0.30 million in interest income received.

Net Cash From Financing Activities

Net cash from financing activities increased by $506.28 million, from $840.48 million during the
year ended December 31, 2013 to $1,346.76 million during the year ended December 31, 2014. The
increase is mainly attributable to an increase of $454.27 million in proceeds from our borrowings, the
$309.15 million from the net proceeds from the public offerings and private placement in January
and April 2014, the net proceeds from the GasLog Partners’ IPO and follow-on public offering of
$319.50 million, partially offset by an increase of $514.29 million in bank loan repayments, an
increase of $22.83 million in restricted cash, $12.95 million payments for treasury shares, $18.85
million increase in dividend payments and $7.72 million increase in payment of loan issuance costs.

Year ended December 31, 2013 compared to the year ended December 31, 2012

The following table summarizes our net cash flows from operating, investing and financing

activities for the periods indicated:

Net cash from operating activities . . . . . . . . . . . . . . . . . . . . . .
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . .
Net cash from financing activities. . . . . . . . . . . . . . . . . . . . . . .

$ 24,918
(212,621)
278,811

$ 86,745
(935,516)
840,481

Year ended December 31,

2012
2013
(in thousands of U.S.
dollars)

Net Cash From Operating Activities

Net cash from operating activities increased by $61.83 million, from $24.92 million during the
year ended December 31, 2012, to $86.75 million in the year ended December 31, 2013. The increase
was due to an increase of $93.78 million in revenue collections, favorable changes in cash from ship
management creditors amounting to $7.55 million and a decrease of $4.71 million in security
collaterals, partially offset by an increase of $28.04 million in payments for general and
administrative expenses, operating expenses and inventories, an increase of $10.45 million in cash
paid for interest and $5.73 million in realized losses on interest rate swaps held for trading.

63

Net Cash Used In Investing Activities

Net cash used in investing activities increased by $722.90 million, to $935.52 million in the year
ended December 31, 2013, from $212.62 million in the year ended December 31, 2012. The increase
is mainly attributable to a $928.46 million increase in payments for the construction costs of
newbuildings and the acquisition of the second hand vessel, a decrease of $0.46 million in interest
income received partially offset by a $1.08 million decrease in payments for other tangible assets, the
net decrease in short-term investments of $203.90 million, an increase of $0.69 million of dividends
we received from Egypt LNG and $0.36 million we received from Egypt LNG as a return of capital.

Net Cash From Financing Activities

Net cash from financing activities increased by $561.67 million, from $278.81 million in the year
ended December 31, 2012, to $840.48 million in the year ended December 31, 2013. The increase is
mainly attributable to $1,026.20 million drawn from our bank loan facilities and the bond (2012: nil)
and a decrease of $1.44 million in payment of loan issuance costs, partially offset by an increase of
$21.37 million in dividend payments and an increase of $115.19 million in bank loan repayments.
The cash from financing activities in the year ended December 31, 2012 was further affected by the
net IPO proceeds of $310.74 million and the capital contributions received from our pre-IPO
shareholders of $18.66 million (2013: nil).

64

Credit Facilities

The following summarizes certain terms of the nine outstanding facilities as of December 31,

2014:

Lender(s)

Danish Ship
Finance A/S

DNB Bank
ASA, UBS
AG, National
Bank of Greece
S.A.,
Commonwealth
Bank of
Australia and
Skandinaviska
Enskilda
Banken AB
(publ)

Nordea Bank
Finland Plc,
London
Branch, ABN
AMRO Bank
N.V. and
Citibank
International
Plc, London
Branch

Credit Suisse
AG

DnB Bank
ASA,
Commonwealth
Bank of
Australia,
Danish Ship
Finance A/S,
ING Bank N.V.
and
Skandinaviska
Enskilda
Banken AB
(publ)

Citibank N.A.,
London
Branch,
Citibank
International
Plc. and DVB
America N.V.

Citibank, N.A.
London Branch

Citibank, N.A.
London Branch

Subsidiary Party
(Collateral Ship)

GAS-one Ltd.
(GasLog
Savannah)

GAS-two Ltd.
(GasLog
Singapore)

Outstanding
Principal
Amount

$127.90 million

Term loan:
$95.00 million
Revolving
facility: $42.18
million

Interest Rate

Maturity

LIBOR +
applicable
margin

LIBOR +
applicable
margin

2020

2018

Remaining Payment
Installments as of
December 31, 2014

22 consecutive quarterly installments in
the amount of $2.06 million each, plus
a balloon payment in the amount of
$82.52 million due in May 2020.

Term loan: 14 consecutive quarterly
installments in the amount of $2.50
million each, plus a balloon payment in
the amount of $60.00 million due in
May 2018 Revolving facility: It is
available for drawing on a fully
revolving basis in minimum amounts of
$5.00 million until three months prior
to the maturity date in May 2018. Total
revolving facility of $50.00 million.

GAS-six Ltd.
(GasLog Skagen)

$128.32 million

LIBOR +
applicable
margin

2019

19 consecutive quarterly installments of
$2.00 million each, plus a balloon
payment of $89.62 million concurrently
with the last installment in 2019.

2020

2021

2018

2016

2016

24 consecutive quarterly installments of
$2.00 million, with a balloon payment
of $88.00 million due with the last
installment in 2020.

26 consecutive quarterly installments of
$1.99 million and 28 consecutive
quarterly installments of $2.03 million
with balloon payments of $87.28 million
and $89.16 million, respectively, due
with the last installment under each
tranche.

8 semi-annual installments of $3.34
million, with a balloon payment of
$66.65 million due with the last
installment in 2018.

Balloon payment of $108.50 million due
in 2016 without intermediate payments.

Balloon payment of $325.50 million due
in 2016 without intermediate payments.

GAS-seven Ltd.
(GasLog Seattle)

$136.00 million

$285.02 million

GAS-eight Ltd.
and GAS-nine
Ltd. (Solaris,
GasLog Saratoga)

LIBOR +
applicable
margin

LIBOR +
applicable
margin

GAS-fifteen Ltd.
(GasLog Chelsea)

$93.33 million

$108.50 million

$325.50 million

GAS-eighteen
Ltd. (Methane
Lydon Volney)

GAS-nineteen
Ltd. (Methane
Alison Victoria)
GAS-twenty Ltd.
(Methane Shirley
Elizabeth) GAS-
twenty one Ltd.
(Methane Heather
Sally)

LIBOR +
applicable
margin

LIBOR +
applicable
margin

LIBOR +
applicable
margin

65

Outstanding
Principal
Amount

$450.00 million

Interest Rate

Maturity

LIBOR +
applicable
margin

2019

Remaining Payment
Installments as of
December 31, 2014

20 consecutive quarterly installments of
$5.63 million and a balloon payment of
$337.5 million together with the final
quarterly payment.

Subsidiary Party
(Collateral Ship)

GAS-three Ltd.
(GasLog
Shanghai), GAS-
four Ltd.(GasLog
Santiago), GAS-
five Ltd. (GasLog
Sydney), GAS-
sixteen Ltd.
(Methane Rita
Andrea), GAS-
seventeen Ltd.
(Methane Jane
Elizabeth)

Lender(s)

Citibank, N.A.,
London
Branch, Nordea
Bank Finland
plc, London
Branch, DVB
Bank America
N.V., ABN
Amro Bank
N.V.,
Skandinaviska
Enskilda
Banken AB
(publ), BNP
Paribas

In addition, through our subsidiaries, we have entered into one loan agreement in connection
with the financing of a portion of the contract price of one contracted newbuilding. Borrowing under
this facility will be drawn upon delivery of the ship, which is scheduled for the second quarter of
2015, and will be secured by a mortgage on the ship. The following summarizes certain terms of the
facility as of December 31, 2014:

Subsidiary Party
(Collateral Ship)

Committed
Amount

GAS-ten Ltd.
(Hull 2044)

Up to $146.00
million

Expected
Drawdown
Date(s)

Q2 2015

Interest Rate Maturity

LIBOR +
applicable
margin

2022

Payment
Installments
Schedule

28 consecutive
quarterly installments
of $2.03 million, with
a balloon payment of
$89.16 million, due
with the last
installment under
each tranche.

Lender(s)

DnB Bank
ASA,
Commonwealth
Bank of
Australia,
Danish Ship
Finance A/S,
ING Bank N.V.
and
Skandinaviska
Enskilda
Banken AB
(publ)

On March 25, 2015, in connection with the Pending Vessels Acquisition, GasLog, through its
vessel-owning subsidiaries GAS-twenty six Ltd. and GAS-twenty seven Ltd., entered into a senior
secured term loan facility of up to $325.0 million with ABN Amro Bank N.V., Commonwealth Bank
of Australia, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale
Deutschlandgescha¨ ft, DNB Bank ASA, London Branch and ING Bank N.V., London Branch, and a
subordinated term loan facility of up to $135.0 million with ABN Amro Bank N.V., Credit Agricole
Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgescha¨ ft and DNB Bank
ASA, London Branch, each with a two year maturity. The senior secured term loan facility will be
repaid in one installment on the final maturity date. The subordinated term loan facility will be
repaid in four consecutive quarterly installments of $16.88 million, beginning 15 months after the
signing date, with a balloon payment of $67.50 million on the final maturity date. Amounts drawn
will bear interest at LIBOR plus a margin.

Our credit facilities are secured as follows:
• first priority mortgages over the ships owned by the respective borrowers;
• guarantees from us and our subsidiary GasLog Carriers Ltd. or in the case of the GasLog

Partners credit facility, guarantees from GasLog Partners and GasLog Partners Holdings LLC;

• for certain of our facilities, a pledge or a negative pledge of the share capital of the

respective borrower; and

• for certain of our facilities, a first priority assignment of all earnings and insurances related to

the ship owned by the respective borrower.

Our business is not subject to seasonal borrowing requirements.

66

Covenants and Events of Default

General

Our credit facilities impose certain operating and financial restrictions on us. These restrictions

generally limit our subsidiaries’ ability to, among other things:

• incur additional indebtedness, create liens or provide guarantees;
• provide any form of credit or financial assistance to, or enter into any non-arms’ length

transactions with, us or any of our affiliates;

• sell or otherwise dispose of assets, including our ships;
• engage in merger transactions;
• enter into, terminate or amend any charter;
• amend our shipbuilding contracts;
• change the manager of our ships;
• undergo a change in ownership; or
• acquire assets, make investments or enter into any joint venture arrangements outside of the

ordinary course of business.

Our credit facilities (with the exception of the GasLog Partners credit facility) also impose

specified financial covenants that apply to us and our subsidiaries on a consolidated basis. These
financial covenants include the following:

• our net working capital (excluding the current portion of long-term debt) must be not less

than $0;

• our total indebtedness divided by our total assets must not exceed 75%;
• the ratio of EBITDA over our debt service obligations (including interest and debt

repayments) on a trailing 12 months basis must be not less than 110%;

• the aggregate amount of all unencumbered cash and cash equivalents must be not less than

the higher of 3% of our total indebtedness and $20.0 million after the first drawdown;
• we are permitted to pay dividends, provided that we hold unencumbered cash and cash

equivalents equal to at least 4% of our total indebtedness, subject to no event of default
having occurred or occurring as a consequence of the payment of such dividends; and
• our market value adjusted net worth must at all times be not less than $350.0 million.
Our credit facilities also impose certain restrictions relating to us and our other subsidiaries,

including restrictions that limit our ability to make any substantial change in the nature of our
business or to engage in transactions that would constitute a change of control, as defined in the
relevant credit facility, without repaying all of our indebtedness in full, or to allow our largest
shareholders to reduce their shareholding in us below specified thresholds.

Certain of our credit facilities also contain vessel employment conditions, pursuant to which we
could be required in the event of a charter termination or in certain other circumstances to deposit
cash in an account held with the applicable lender until we have obtained a new time charter on
terms acceptable to such lender. In addition, we are required under one of our facilities for the
GasLog Saratoga and the Hull number 2044, to maintain $21.0 million per vessel in blocked
accounts until the time that an acceptable charter party agreement has been entered into after the
delivery of the respective vessels. As of December 31, 2014, an amount has been drawn in
connection with the delivery of the GasLog Saratoga and the $21.0 million has been deposited in a
blocked account in connection with such drawdown which amount is presented under restricted cash.
In addition, as of December 31, 2014, $1.83 million has been presented under restricted cash
pursuant to the credit facility used to finance the GasLog Savannah. This requirement was triggered
because the vessel’s charterer has not exercised its option to extend its time charter within 12
months of the charter’s scheduled termination date.

67

Our credit facilities contain customary events of default, including nonpayment of principal or

interest, breach of covenants or material inaccuracy of representations, default under other material
indebtedness and bankruptcy. In addition, our credit facilities contain covenants requiring us and
certain of our subsidiaries to maintain the aggregate of (i) the market value, on a charter exclusive
basis, of the mortgaged vessel or vessels and (ii) the market value of any additional security
provided to the lenders, not less than 120% of the then outstanding amount under the applicable
facility and any related swap exposure. If we fail to comply with these covenants and are not able to
obtain covenant waivers or modifications, our lenders could require us to make prepayments or
provide additional collateral sufficient to bring us into compliance with such covenants, and if we fail
to do so our lenders could accelerate our indebtedness.

Compliance with the financial covenants is required on a semi-annual basis and we were in

compliance as of December 31, 2014.

GasLog Partners Credit Facility

The GasLog Partners credit facility is subject to specified financial covenants that apply to us

on GasLog Partners’ consolidated basis. These financial covenants include the following:

• the aggregate amount of all unencumbered cash and cash equivalents must be not less than

the higher of 3% of total indebtedness or $15.0 million;

• total indebtedness divided by total assets must be less than 60%;
• the ratio of EBITDA over debt service obligations (including interest and debt repayments)

on a trailing 12 months basis must be not less than 110%; and

• the Partnership is permitted to declare or pay any dividends or distributions, subject to no
event of default having occurred or occurring as a consequence of the payment of such
dividends or distributions.

The GasLog Partners credit facility contains customary events of default, including nonpayment
of principal or interest, breach of covenants or material inaccuracy of representations, default under
other material indebtedness and bankruptcy as well as an event of default in the event of the
cancellation, rescission, frustration or withdrawal of a charter agreement prior to its scheduled
expiration. In addition, the GasLog Partners credit facility contains covenants requiring us and
certain of our subsidiaries to maintain the aggregate of (i) the market value, on a charter exclusive
basis, of the mortgaged vessel or vessels and (ii) the market value of any additional security
provided to the lenders, not less than 120% of the then outstanding amount under the applicable
facility and any related swap exposure. If GasLog Partners fails to comply with these covenants and
is not able to obtain covenant waivers or modifications, its lenders could require it to make
prepayments or provide additional collateral sufficient to bring it into compliance with such
covenants, and if it fails to do so its lenders could accelerate our indebtedness.

The GasLog Partners credit facility also imposes certain restrictions relating to the Partnership,

including restrictions that limit its ability to make any substantial change in the nature of its business
or to the corporate structure without approval from the lenders.

Compliance with the financial covenants is required on a semi-annual basis. GasLog Partners

was in compliance with the respective financial covenants as of December 31, 2014.

Senior Unsecured Notes

On June 27, 2013, we issued a senior unsecured bond of NOK 500 million (or $83.21 million

based on the exchange rate on June 27, 2013) that will mature on June 27, 2018. On May 2, 2014,
we closed a follow-on issue of the Norwegian bond of NOK 500.00 million (or $83.61 million based
on the exchange rate on closing date) at a premium of $4.18 million (based on the exchange rate on
closing date). The total outstanding balance of the Norwegian bond, including the follow-on issue
amounts to NOK 1 billion. The bond bears interest at NIBOR plus margin. Interest payments shall
be made in arrears on a quarterly basis. The carrying amount of the Bond, net of unamortized
financing costs, as of December 31, 2014 is $132.69 million. We may redeem the bond in whole or in

68

part as follows: (a) with settlement date at any time from June 27, 2016 to but not including June
27, 2017 at 105.00% of par plus accrued interests on redeemed amount, (b) with settlement date at
any time from June 27, 2017 to but not including December 27, 2017 at 103.00% of par plus accrued
interests on redeemed amount, and (c) with settlement date at any time from December 27, 2017 to
but not including the maturity date at 101.75% of par plus accrued interests on redeemed amount.

As issuer of the Bond we are required to comply with the financial covenants listed below:
• total indebtedness divided by total assets must not exceed 75%;
• the ratio of EBITDA over debt service obligations (including interest and debt repayments)

on a trailing 12 months basis must be not less than 110%;

• the aggregate amount of all unencumbered cash and cash equivalents must exceed the higher

of 3% of total indebtedness and $20.0 million after the first drawdown; and

• the Group’s market value adjusted net worth must at all times be not less than $350.0 million.
In addition, we are not permitted to (i) declare or make any dividend payment or distribution,
whether in cash or in kind, (ii) repurchase any of our shares or undertake other similar transactions
(including, but not limited to, total return swaps related to our shares), or (iii) grant any loans or
make other distributions or transactions constituting a transfer of value to our shareholders (items
(i), (ii) and (iii) collectively referred to as the “Distributions”) that in aggregate exceed during any
calendar year 50% of our consolidated net profit after taxes based on the audited annual accounts
for the previous financial year (any unutilized portion of the permitted dividend pursuant to the
above may not be carried forward). In the amendment to the Bond Agreement signed in November
2014, certain covenants were revised in order to reflect our growth and the anticipated growth of
GasLog Partners. Under the amended agreement, (a) notwithstanding the restriction on Distributions
described above, we are permitted to make Distributions up to an aggregate maximum per share, for
the years 2014, 2015, 2016, 2017 and 2018 of $0.70/share, $1.00/share, $1.10/share, $1.20/share and
$1.30/share, respectively, provided that total indebtedness divided by total assets (giving pro forma
effect for the Distribution) does not exceed 67.5% immediately after the Distribution is made, the
ratio of EBITDA over debt service obligations on a trailing 12 months basis ending the quarter
immediately prior to that in which the Distribution is made is not less than 115.0% and no event of
default would result from such Distribution, (b) the amount of debt or committed debt availability
that we provide to GasLog Partners cannot exceed $75.0 million and (c) we agreed to pay a one-
time fee of 1.0% of the face value of the Bond.

Compliance with the Bond covenants is required at all times and we were in compliance as of

December 31, 2014.

Quantitative and Qualitative Disclosures About Market Risk

For information about our exposure to market risks, see “Item 11. Quantitative and Qualitative

Disclosures About Market Risk”.

Capital Expenditures

We make capital expenditures from time to time in connection with the expansion and
operation of our owned fleet. In 2010 we took delivery of two LNG carriers, in 2013 we took
delivery of six LNG carriers and acquired a second hand vessel and in 2014 we took delivery of two
LNG carriers and acquired six second hand vessels. During the years ended December 31, 2014,
2013 and 2012, we funded $1.36 billion, $1.04 billion and, $109.35 million, respectively, of
construction and delivery costs, including installment payments on newbuildings, with funds
borrowed under credit facilities and the bond, capital contributions from our pre-IPO shareholders,
proceeds from our IPO and the GasLog Partners’ IPO and proceeds from follow-on equity offerings
and private placements.

As of December 31, 2014, our commitments for capital expenditures related to the nine

contracted LNG carriers on order. The outstanding commitment for our nine newbuildings on order
as of December 31, 2014 was approximately $1.68 billion. In addition, the aggregate purchase price

69

for the two vessels under the Pending Vessels Acquisition is $460.0 million and is payable upon
completion of the transaction. Amounts are payable under each shipbuilding contract in installments
upon the attainment of certain specified milestones in each ship’s construction, with the largest
portion of the purchase price for each ship coming due upon its delivery.

We intend to fund these commitments with borrowings under the senior secured credit facility

we have entered into with an aggregate undrawn amount of $146.0 million as of March 25, 2014, the
senior secured term loan facility of up to $325.0 million and the subordinated term loan facility of
up to $135.0 million, each entered into on March 25, 2015, new debt agreements, existing cash and
the proceeds from equity financings we may enter into. In the event we decide to exercise our
options to order up to six additional ships from Samsung, we expect to finance the costs with cash
from operations and a combination of debt and equity financing.

To the extent that we are unable to draw down the amounts committed under our credit

facilities, we will need to find alternative financing. If we are unable to find alternative financing, we
will not be capable of funding all of our commitments for capital expenditures relating to our
contracted newbuildings and secondhand vessels, which could adversely impact our ability to pay
dividends to our shareholders, and materially adversely affect our results of operations and financial
condition.

Critical Accounting Policies

The discussion and analysis of our financial condition and results of operations is based upon

our consolidated financial statements, which have been prepared in accordance with IFRS as issued
by the IASB. The preparation of those financial statements requires us to make estimates and
judgments that affect the reported amounts of assets and liabilities, revenues and expenses and
related disclosure at the date of our financial statements. Actual results may differ from these
estimates under different assumptions and conditions. Critical accounting policies are those that
reflect significant judgments of uncertainties and potentially result in materially different results
under different assumptions and conditions. We have described below what we believe are our most
critical accounting policies, because they generally involve a comparatively higher degree of
judgment in their application. For a description of all our principal accounting policies, see Note 2
to our consolidated financial statements included elsewhere in this annual report.

Ship Cost, Lives and Residual Value

When determining ship cost, we recognize both the installment payments paid to the shipyard
along with any directly attributable costs of bringing the ships to their working condition incurred
during the construction periods as ship costs. Directly attributable costs incurred during the ship
construction period consist of capitalized borrowing costs, commissions, on-site supervision costs,
costs for sea trials, certain spare parts and equipment, lubricants and other ship delivery expenses.
Any vendor discounts are deducted from the cost of our ships. Subsequent expenditures for
conversions and major improvements are also capitalized when the recognition criteria are met.

The ship cost component is depreciated on a straight-line basis over the expected useful life of

each ship, based on the cost of the ship less its estimated residual value. We estimate the useful
lives of our ships to be 35 years from the date of delivery from the shipyard, which we believe is
within industry standards and represents the most reasonable useful life for each of our ships.
Furthermore, until September 30, 2014, we estimated the residual values of our ships to be 10% of
the initial ship cost. Effective October 1, 2014, following management’s reassessment based on
developments in the LNG scrapping market which provide more reliable data points, the residual
value of each vessel is equal to the product of its LWT and an estimated scrap rate per LWT, which
represents our estimate of the current market value of the ship at the end of its useful life. This
change in estimate increased depreciation expense by $0.17 million for the year ended December 31,
2014, and is expected to increase future annual depreciation by $0.76 million. The estimated residual
value of our ships may not represent the fair market value at any one time partly because market
prices of scrap values tend to fluctuate. We might revise our estimate of the residual values of our
ships in the future in response to changing market conditions.

70

An increase in the estimated useful lives of our ships or in their residual value would have the

effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in
the useful life of our ships or their residual value would have the effect of increasing the annual
depreciation charge and possibly resulting in an impairment charge.

When we are faced with regulations that place significant limitations on the ability of one of

our ships to trade on a worldwide basis, we adjust the ship’s useful life to end at the date such
regulations become effective.

We must periodically drydock each of our ships for inspection, repairs and any modifications.

At the time of delivery of a ship from the shipyard or acquisition from the previous owner, we
estimate the drydocking component of the cost of the ship, representing estimated costs to be
incurred during the first drydocking at the drydock yard for a special survey and parts and supplies
used in making required major repairs that meet the recognition criteria, based on our historical
experience with similar types of ships.

We use judgment when estimating the period between drydockings performed, which can result

in adjustments to the estimated amortization of the drydocking expense. If a ship is disposed of
before its next drydocking, the remaining balance of the deferred drydock is written off and forms
part of the gain or loss recognized upon disposal of ships in the period of disposal. We expect that
our ships will be required to be drydocked approximately 60 months after their delivery from the
shipyard and thereafter every 60 months our ships will be required to undergo special or
intermediate surveys and be drydocked for major repairs and maintenance that cannot be performed
while the ships are operating. We amortize our estimated drydocking expenses for the first special
survey over five years, in case of new ships, and until the next drydocking for second hand ships,
unless management intends to drydock the vessels earlier as circumstances arise. On October 1,
2014, the Group decided to accelerate the amortization of the drydocking component of eight of its
vessels, as management is planning to drydock the vessels earlier than initially scheduled. This
change in estimate increased depreciation expense by $0.39 million for the year ended December 31,
2014, and is expected to increase the depreciation expense by $0.04 million for the year ended
December 31, 2015 and decrease the depreciation expense by $0.43 million for the year ended
December 31, 2016.

Costs that will be capitalized as part of the future drydockings will include a variety of costs
incurred directly attributable to the drydock and costs incurred to meet classification and regulatory
requirements, as well as expenses related to the dock preparation and port expenses at the drydock
shipyard, drydocking shipyard expenses, expenses related to hull, external surfaces and decks,
expenses related to machinery and engines of the vessel, as well as expenses related to the testing
and correction of findings related to safety equipment on board. Drydocking costs do not include
vessel operating expenses such as replacement parts, crew expenses, provisions, lubricants
consumption, insurance, management fees or management costs during the drydocking period.
Expenses related to regular maintenance and repairs of our vessels are expensed as incurred, even if
such maintenance and repair occurs during the same time period as our drydocking.

Ordinary maintenance and repairs that do not extend the useful life of the asset are expensed

as incurred.

Impairment of Vessels

At the end of each reporting period we perform an assessment of whether there is any
indication that our vessels may be impaired by considering both internal and external sources of
information. If any such indication exists, the recoverable amount of vessels is estimated in order to
determine the extent of the impairment loss, if any. Recoverable amount is the higher of fair value
less costs to sell and value in use.

71

The table below sets forth in U.S. dollars (i) the historical acquisition cost of our vessels and

(ii) the carrying value of each of our vessels as of December 31, 2013 and December 31, 2014.

Vessel

Acquisition Date

GasLog Savannah(*) . . . . . . . . . . . . . . May 2010
GasLog Singapore(*) . . . . . . . . . . . . . July 2010
GasLog Shanghai . . . . . . . . . . . . . . . . January 2013
GasLog Santiago . . . . . . . . . . . . . . . . . March 2013
GasLog Sydney . . . . . . . . . . . . . . . . . . May 2013
GasLog Skagen . . . . . . . . . . . . . . . . . . July 2013
GasLog Chelsea(2) . . . . . . . . . . . . . . . . October 2013
GasLog Seattle . . . . . . . . . . . . . . . . . . . December 2013
Methane Rita Andrea(3)(*). . . . . . . . . April 2014
Methane Jane Elizabeth(3)(*) . . . . . . April 2014
Methane Lydon Volney(3)(*). . . . . . . April 2014
Methane Alison Victoria(4)(*) . . . . . . June 2014
Methane Shirley Elizabeth(4)(*) . . . . June 2014
Methane Heather Sally(4)(*) . . . . . . . June 2014
Solaris . . . . . . . . . . . . . . . . . . . . . . . . . . . June 2014
GasLog Saratoga. . . . . . . . . . . . . . . . . December 2014
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cargo capacity
(cbm)

Acquisition
cost

Carrying values(1)
(in thousands of U.S. dollars)
December 31,
December 31,
2014
2013

155,000
155,000
155,000
155,000
155,000
155,000
153,600
155,000
145,000
145,000
145,000
145,000
145,000
145,000
155,000
155,000

$ 229,947
227,244
189,169
189,048
195,366
195,275
162,310
201,135
156,613
156,613
158,955
156,610
156,642
156,612
201,628
203,947

$ 207,011
205,663
184,229
184,886
192,061
192,812
161,085
200,542
—
—
—
—
—
—
—
—

$ 200,743
199,398
178,962
179,659
186,671
187,420
156,031
195,161
152,367
152,339
154,731
153,395
153,493
153,684
198,768
203,695

$2,937,114

$1,528,289

$2,806,517

(1) Our vessels are stated at carrying values (see Note 2 to our consolidated financial statements included elsewhere in this

annual report). For the years ended December 31, 2013 and December 31, 2014, no impairment was recorded.

(2) The vessel was built in 2010.

(3) The vessels were built in 2006.

(4) The vessels were built in 2007.

* Indicates vessels for which we believe, as of December 31, 2014, the basic charter-free market value is lower than the

vessel’s carrying value. We believe that the aggregate carrying value of these vessels exceeds their aggregate basic charter-
free market value by $82.15 million, as of December 31, 2014.

Except where indicated, the market value of each vessel individually, and all vessels in the

aggregate, exceeds the carrying value of that vessel, and all vessels in the aggregate, as of
December 31, 2013 and December 31, 2014.

Our estimates of basic market value assume that our vessels are all in good and seaworthy
condition without need for repair and if inspected would be certified in class without notations of
any kind. Our estimates are based on information available from various industry sources, which
may include:

• reports by industry analysts and data providers that focus on our industry and related

dynamics affecting vessel values;

• news and industry reports of similar vessel sales;
• news and industry reports of sales of vessels that are not similar to our vessels where we have
made certain adjustments in an attempt to derive information that can be used as part of our
estimates;

• approximate market values for our vessels or similar vessels that we have received from

shipbrokers, whether solicited or unsolicited, or that shipbrokers have generally disseminated;

• offers that we may have received from potential purchasers of our vessels; and
• vessel sale prices and values of which we are aware through both formal and informal

communications with shipowners, shipbrokers, industry analysts and various other shipping
industry participants and observers.

72

Because we obtain information from various industry and other sources, our estimates of basic
market value are inherently uncertain. In addition, vessel values can be highly volatile, so that our
estimates may not be indicative of the current or future basic market value of our vessels or prices
that we could achieve if we were to sell them.

As of December 31, 2014, for the eight vessels with carrying amounts higher than the estimated

charter-free market value we concluded that events and circumstances triggered the existence of
potential impairment of these vessels. As a result, the Group performed the impairment assessment
of the Group’s vessels by comparing the discounted projected net operating cash flows for these
vessels to their carrying value. The significant factors and assumptions the Group used in its
discounted projected net operating cash flow analysis included, among others, operating revenues,
off-hire revenues, drydocking costs, operating expenses, management fees estimates and the discount
rate. Revenue assumptions were based on contracted time charter rates up to the end of life of the
current contract of each vessel as well as the estimated average time charter equivalent rates for the
remaining life of the vessel after the completion of its current contract. The estimated daily time
charter equivalent rates used for non-contracted revenue days are based on a combination of
(i) recent charter market rates, (ii) conditions existing in the LNG market as of December 31, 2014,
(iii) historical average time charter rates, based on publications by independent third party maritime
research services, and (iv) estimated future time charter rates, based on publications by independent
third party maritime research services that provide such forecasts. Recognizing that the LNG
industry is cyclical and subject to significant volatility based on factors beyond our control,
management believes the use of revenue estimates, based on the combination of factors (i) to (iv)
above, to be reasonable as of the reporting date. In addition, the Group used an annual operating
expenses escalation factor and estimates of scheduled and unscheduled off-hire revenues based on
historical experience. All estimates used and assumptions made were in accordance with the Group’s
internal budgets and historical experience of the shipping industry. The value in use for the eight
vessels calculated as per above was higher than the carrying amount of these vessels and
consequently, no impairment loss was recognized.

Fair Value of Derivative Financial Instruments

Our risk management policies permit the use of derivative financial instruments to manage
interest rate risk and foreign exchange risk. Changes in fair value of derivative financial instruments
that are not designated as cash flow hedges for accounting purposes are recognized in the
consolidated profit or loss.

A substantial majority of the fair value of our derivative instruments and the change in fair
value of our derivative instruments from period to period result from our use of interest rate swap
agreements. The fair value of our interest rate swap agreements is the estimated amount that we
would receive or pay to terminate the agreements at the reporting date, taking into account current
interest rates and the current credit worthiness of both us and the swap counterparties. The
estimated amount is the present value of estimated future cash flows, being equal to the difference
between the benchmark interest rate and the fixed rate in the interest rate swap agreement,
multiplied by the notional principal amount of the interest rate swap agreement at each interest
reset date.

The fair value of our interest and currency swap agreements at the end of each period are most

significantly affected by the interest rate implied by market-observable data such as LIBOR yield
curve, and forward foreign exchange rates. While the fair value of our interest and currency swap
agreements are typically more sensitive to changes in short-term rates, significant changes in the
long-term benchmark interest and foreign exchange rates also materially impact our interest and
currency swap agreements.

The fair value of our interest and currency swap agreements are also affected by changes in our

specific credit risk included in the discount factor. Following the implementation of IFRS 13 Fair
Value Measurement on January 1, 2013, the Group adjusts its derivative liabilities fair value to
reflect its own credit risk and the counterparties’ risk. The estimate of the Group’s credit risk is
based on the credit rating of other companies in the LNG industry where publicly available, the

73

rating of the global transportation industry where the shipping industry is included and the feedback
that the Group receives from its lenders as part of the margin setting for the new loan agreements.
The counterparties’ credit risk is estimated either by using the credit default swap rates obtained
from public information or, if not available, by using the credit rating of the counterparties.

The LIBOR yield curve and our specific credit risk are expected to vary over the life of the
interest rate swap agreements. The larger the notional amount of the interest rate swap agreements
outstanding and the longer the remaining duration of the interest rate swap agreements, the larger
the impact of any variability in these factors will be on the fair value of our interest rate swaps. We
economically hedge the interest rate exposure on a significant amount of our long-term debt and for
long durations. As such, we have historically experienced, and we expect to continue to experience,
material variations in the period-to-period fair value of our derivative instruments.

Although we measure the fair value of our derivative instruments utilizing the inputs and

assumptions described above, if we were to terminate the agreements at the reporting date, the
amount we would pay or receive to terminate the derivative instruments may differ from our
estimate of fair value. If the estimated fair value differs from the actual termination amount, an
adjustment to the carrying amount of the applicable derivative asset or liability would be recognized
in earnings for the current period. Such adjustments could be material. See Note 23 to our
consolidated financial statements included elsewhere in this annual report for the effects on the
change in fair value of our derivative instruments on our consolidated statements of profit or loss.

Classification of the Partnership Interests

The non-controlling interests in the Partnership comprise the portion of the Partnership’s

common units that are not directly or indirectly held by GasLog (14,160,000 units as of
December 31, 2014). Under the terms of the Partnership Agreement, the Partnership is required to
distribute 100% of available cash (as defined in the Partnership Agreement) with respect to each
quarter within 45 days of the end of the quarter to the partners. Available cash can be summarized
as cash and cash equivalents less an amount equal to cash reserves established by the Partnership’s
board of directors to (i) provide for the proper conduct of the business of the Partnership (including
reserves for future capital expenditures and for anticipated future credit needs of the Partnership)
subsequent to such quarter, (ii) comply with applicable law or any loan agreement, security
agreement, mortgage, debt instrument or other agreement or obligation to which any Partnership
group member is a party or by which it is bound or its assets are subject and/or (iii) provide funds
for certain distributions relating to future periods.

In reaching a judgment as to whether the non-controlling interests in the Partnership should be

classified as liabilities or equity interests, management has considered the wide discretion of the
Partnership’s board of directors to determine whether any portion of the amount of cash available to
the Partnership constitutes available cash and that it is possible that there could be no available
cash. In the event that there is no available cash, as determined by the Partnership’s board of
directors, the Partnership does not have a contractual obligation to make a distribution. Accordingly,
management has concluded that the non-controlling interests do not represent a contractual
obligation on the Partnership to deliver cash and therefore should be classified as equity within the
financial statements.

Measurement of Equity-Settled Employee Benefits Expense

The Group used an accepted valuation methodology to value the Stock Appreciation Rights

granted in 2013 and 2014. The inputs are based on observable market data and management’s
estimates. Details of the valuation methodology and significant assumptions used are set out in Note
19 of the consolidated financial statements included elsewhere in this annual report.

74

Impairment of Goodwill

We review goodwill for impairment at least annually. For the purpose of impairment testing,

goodwill has been allocated to the cash-generating unit representing our management company,
GasLog LNG Services, which was acquired by us in 2005.

In order to determine whether goodwill has been impaired, we estimate the value-in-use of the

cash-generating unit to which goodwill has been allocated. The value-in-use calculation requires us to
estimate the future cash flows expected to arise from the cash-generating unit and also a suitable
discount rate in order to calculate present value representing recoverable amount of the cash-
generating unit. In determining the value-in-use of the cash-generating unit as of December 31, 2014,
we used cash flow projections based on financial budgets approved by us covering a four-year
period. Growth assumptions were based on estimates and considered the number of ships expected
to be under our management for which contracts were in place at the end of each year. The key
assumptions used in the value-in-use calculations are as follows:

• average inflation of 2% per annum;
• a pre-tax discount rate of 10.5% per annum;
• annual growth rate of 1.5%; and
• 1 euro = 1.26 U.S. dollars.
We assessed the recoverable amount of goodwill at the end of each annual reportable period

and concluded that goodwill associated with our cash-generating unit was not impaired. We believe
that any reasonably possible further change in the key assumptions on which the recoverable amount
is based would not cause the carrying amount of the cash-generating unit to exceed its recoverable
amount.

Recent Accounting Pronouncements

See Note 2 to our consolidated financial statements included elsewhere in this report.

C. Research and Development, Patents and Licenses, etc.

We incur from time to time expenditures relating to inspections for acquiring new vessels. Such

expenditures are insignificant and are expensed as they are incurred.

D. Trend Information

LNG Supply

Between 2013 and 2014, the global trade of LNG cargoes grew 2% to over 240 million tons per

annum, or “mtpa”. This limited potential growth came as the early start of the PNG LNG project
offset production disruption in Angola. Toward the end of the year, new trains in Algeria and
Australia commenced operation, though the real growth impact from the latter will begin in 2015.
Looking ahead, some production companies have announced delays or cancellations of certain
previously announced (but early stage) LNG projects which, unless offset by new projects coming on
stream, could adversely affect demand for LNG charters as described below. Based on the public
announcements of major LNG producers, new LNG production volumes should become available in
the 2015-2018 timeframe from projects in Australia, Malaysia, Indonesia and the United States. Of
these countries, Australia and the United States are set to experience significant production growth
and are expected to be in the top three global LNG exporters (along with Qatar) by 2020. Very
large gas discoveries offshore East Africa and in Canada may drive significant future LNG exports
from these regions.

LNG Demand

Volumes grew for many of the key LNG importers in 2014—Japan, China, Brazil, Singapore

and Mexico all experienced growth. An additional number of new sources of LNG demand are

75

expected to emerge in 2015. Pakistan, Egypt, Jordan, Poland and Uruguay are all expected to
commence import operations by July. The new trade routes that emerge as result of new importers
entering the market could give rise to potential shipping requirements.

LNG Chartering Activity

The significant fall in oil prices over the past six months and the milder than expected Far
Eastern winter have led to substantial declines in the price of LNG and a lack of pricing differential
between the Eastern and Western hemispheres. These factors, among others, have in turn led to a
significant shortening of the average duration of spot charters fixed during the first portion of 2015,
as well as a significant decline in average rates for new spot and shorter-term LNG charters
commencing promptly. In addition, some production companies have announced delays or
cancellations of certain previously announced (but early stage) LNG projects, which, unless offset by
new projects coming on stream, could adversely affect demand for LNG charters over the next few
years, while the amount of tonnage available for charter is expected to increase.

Approximately 218 charters of LNG vessels were fixed in 2014, compared with 140 in 2013.
However, the significant fall in oil prices over the past six months and the milder than expected Far
Eastern winter have led to substantial declines in the price of LNG and a lack of pricing differential
between the Eastern and Western hemispheres. These factors have led to a significant shortening of
the average duration of spot charters fixed during the first portion of 2015, as well as a significant
decline in average rates for new spot and shorter-term LNG charters commencing promptly.

Global LNG Fleet

As of December 31, 2014, the global fleet of dedicated LNG carriers stood at 405 ships. In

2014, 34 LNG carriers were delivered, and 66 orders were placed. This high level of ordering was
driven in part by the significant developments in plans for new liquefaction projects, particularly in
the United States. Three 1960s and 1970s built LNG carriers were reportedly sold for scrap and two
were converted for use as LNG production units in 2014.

The statements in this “Trend Information” section are forward-looking statements based on
management’s current expectations and certain material assumptions and, accordingly, involve risk
and uncertainties that could cause actual results, performance and outcomes to differ materially from
those expressed herein. See “Item 3. Key Information—D. Risk Factors” of this annual report.

E. Off-Balance Sheet Arrangements

As of December 31, 2014, we do not have any transactions, obligations or relationships that

should be considered off-balance sheet arrangements.

F. Tabular Disclosure of Contractual Obligations

Our contractual obligations as of December 31, 2014 were:

Borrowing obligations(1) . . . . . . . . . . . . . . . .
Interest on borrowing obligations and

swaps(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Loan arrangement fees and

commitments . . . . . . . . . . . . . . . . . . . . . . . . .
Shipbuilding contracts . . . . . . . . . . . . . . . . . .
Operating lease obligations . . . . . . . . . . . . .
Purchase of depot spares(3) . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payments Due by Period(4)

Total

$1,926,482

Less than
1 year

3-5 years
1-3 years
(Expressed in thousands of U.S. dollars)
$824,098
$ 593,297
$121,824

More than
5 years

$387,263

269,295

64,680

115,088

73,264

16,263

1,898
1,676,718
3,987
5,340

1,898
239,285
1,005
—

—
1,437,433
1,134
—

—
—
694
2,000

—
—
1,154
3,340

$3,883,720

$428,692

$2,146,952

$900,056

$408,020

76

(1) The table does not include obligations under the loan agreement we entered into through our subsidiary on December 23,

2011 with DNB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S ING Bank N.V. and
Skandinaviska Enskilda Banken AB (publ), for $146.0 million. The first installment payment for this tranche will be due
three months after the delivery of the newbuilding (GAS-ten Ltd.) scheduled for 2015 that will serve as collateral under
the facility.

(2) Our interest commitment on long-term debt is calculated based on an assumed average applicable interest rate ranging

from 0.33% to 3.26%, which takes into account LIBOR of 0.26%, and the applicable margin spreads in our various debt
agreements and our fixed-rate interest rate swaps associated with each debt.

(3) Following the acquisition of the six vessels from Methane Services, GasLog through its subsidiaries is guarantor for the
acquisition from Methane Services of depot spares with an aggregate value of $6.0 million of which depot spares with
value $0.66 million have been acquired as of December 31, 2014. The remaining spares should be acquired before the end
of the initial term of the charter party agreements. The table does not include the depot spares of the ships that will be
acquired under the Pending Vessels Acquisition.

(4) The table does not include the aggregate cost of $460.0 million for the ships that will be acquired under the Pending
Vessels Acquisition and the obligations under the senior secured term loan facility of up to $325.0 million and the
subordinated term loan facility of up to $135.0 million, each entered into on March 25, 2015, to finance this acquisition.

77

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

A. Directors and Senior Management

The following table sets forth information regarding our directors and executive officers. The

business address of each of our executive officers and directors listed below is Gildo Pastor Center,
7 Rue du Gabian, MC 98000, Monaco. Our telephone number at that address is +377 97 97 51 15.
Members of our board of directors are elected annually, and each director elected holds office for a
one-year term. The following directors have been determined by our board of directors to be
independent: Paul J. Collins, William M. Friedrich, Dennis M. Houston, Donald J. Kintzer, Anthony
S. Papadimitriou and Robert D. Somerville. Officers are elected from time to time by vote of our
board of directors and hold office until a successor is elected.

Name

Age

Position

Peter G. Livanos . . . . . . . . . . . . . . . . . . . . . . .
Paul Wogan . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Simon Crowe. . . . . . . . . . . . . . . . . . . . . . . . . . .
Graham Westgarth . . . . . . . . . . . . . . . . . . . . .
Bruce L. Blythe . . . . . . . . . . . . . . . . . . . . . . . .
Paul J. Collins. . . . . . . . . . . . . . . . . . . . . . . . . .
William M. Friedrich . . . . . . . . . . . . . . . . . . .
Dennis M. Houston . . . . . . . . . . . . . . . . . . . .
Donald J. Kintzer . . . . . . . . . . . . . . . . . . . . . .
Julian Metherell . . . . . . . . . . . . . . . . . . . . . . . .
Anthony S. Papadimitriou . . . . . . . . . . . . . .
Philip Radziwill . . . . . . . . . . . . . . . . . . . . . . . .
Robert D. Somerville . . . . . . . . . . . . . . . . . .

56 Chairman and Director
52 Chief Executive Officer
47 Chief Financial Officer
60 Chief Operating Officer
70 Director
78 Director
66 Director
63 Director
67 Director
51 Director
59 Director
34 Director
71 Director

Certain biographical information about each of these individuals is set forth below.

Peter G. Livanos is our Chairman and a member of our board of directors. Mr. Livanos
founded our subsidiary GasLog LNG Services in 2001 and has been a director of our subsidiary
GasLog Partners since the closing of its initial public offering in May 2014. He has served as our
Chairman since the Company was incorporated in July 2003 and he held the role of Chief Executive
Officer from January 2012 until January 2013. Mr. Livanos is the chairman and sole shareholder of
Ceres Shipping, an international shipping group. He also serves as chairman of several of Ceres
Shipping’s subsidiaries, including DryLog Ltd., a company engaged in dry bulk shipping investments.
In 1989 Mr. Livanos formed Seachem Tankers Ltd., which in 2000 combined with Odfjell ASA
(later renamed Odfjell SE). He served on the board of directors of Odfjell SE until 2008.
Mr. Livanos is the chairman of the board of directors of Euronav NV, an independent owner and
operator of oil tankers. Mr. Livanos is a graduate of Columbia University. He is the first cousin of
Philip Radziwill, a member of our board of directors.

Paul Wogan has served as our Chief Executive Officer since January 2013. From 2008 until
February 2012, Mr. Wogan served as senior independent director of Clarksons PLC. From 2000 to
2008, Mr. Wogan worked for Teekay Corporation, where from November 2003 to March 2008 he
served as president of Teekay Tanker Services, with responsibility for the company’s fleet of crude
and product tankers. Prior to joining Teekay Corporation, Mr. Wogan served as chief executive
officer of Seachem Tankers Ltd. Mr. Wogan is also a director of The United Kingdom Mutual
Steam Ship Assurance Association (Bermuda) Limited and from 2009 to 2014 was a non-executive
director of Sure Wind Marine Ltd., a company that owns and operates vessels that provide services
to the offshore wind industry. Mr. Wogan is a graduate of Exeter University and has an MBA from
Cranfield School of Management.

Simon Crowe has served as our Chief Financial Officer since April 2013. He has also served as
Chief Financial Officer of our subsidiary GasLog Partners since its inception. From 2009 until 2012,
Mr. Crowe was chief financial officer of Subsea 7, an engineering, construction and services
contractor to the offshore energy industry. Subsea 7 is a global business, listed on the Norwegian
Stock Exchange that employs 12,000 people and operates in over 15 countries. Prior to 2009,

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Mr. Crowe worked for Transocean Ltd., the world’s largest offshore drilling contractor, most
recently as vice president, strategy and planning, and prior to that as Finance Director for
Transocean Ltd.’s Europe and Africa operations. Mr. Crowe is a member of the Chartered Institute
of Management Accountants. Mr. Crowe holds a degree in physics from the University of Liverpool.

Graham Westgarth has served as our Chief Operating Officer since June 2013. He previously
served as our Executive Vice President, Operations and Strategy, from January 2013 until June 2013.
He has also served as Chief Operating Officer of our subsidiary GasLog Partners since its inception.
From 1999 through 2012, Mr. Westgarth was a member of the Senior Leadership team of Teekay
Shipping, most recently serving as executive vice president of innovation, technology and projects of
Teekay Shipping, which included commercial and operational responsibility for a number of FSO’s.
From 2001 to 2010, Mr. Westgarth served as president, Teekay Marine Services with responsibility
for 5,000 sea and shore staff and the technical management of 200 vessels. During this period he
also served as chief executive officer of Teekay Petrojarl following its acquisition by Teekay
Corporation. From 1987 to 1999, Mr. Westgarth was employed by Maersk Company Limited, the
last 5 years of which he served as General Manager of the Maersk UK flag fleet. From 2009 to
2014, Mr. Westgarth was the chairman of INTERTANKO, an industry organization, which
represents 80% of the world’s independent tanker owners and operators. Mr. Westgarth’s sea service
includes serving in various ranks with Common Bros, Rowbotham Tankers, and Maersk Company
Limited. He was promoted to Master at age 29 and subsequently served on crude/product carriers,
LPG and chemical carriers. He is a graduate of the Columbia University Senior Executive
Development Program.

Bruce L. Blythe has been a member of our board of directors since October 2011. Mr. Blythe

has been involved in the shipping industry for over 15 years, having served as an advisor to the
Livanos family since 1994. For nearly 20 years, Mr. Blythe has served as an advisor on finance and
strategy to the chairman and chief executive officer of Ford Motor Company and to the Ford family,
and prior to his service as an advisor he was employed in various strategic and financial positions at
Ford Motor Company. Mr. Blythe serves as a director of Ceres Shipping, our largest shareholder, as
well as Drylog Ltd. Mr. Blythe holds an M.B.A. in finance and transportation and a B.A. in
business administration from Pennsylvania State University.

Paul J. Collins has been a member of our board of directors since October 2011. Mr. Collins

retired as Vice Chairman and member of the Management Committee of Citigroup Inc. in
September 2000. From 1985 to 1998, Mr. Collins served as a director of Citicorp and its principal
subsidiary Citibank; from 1988 to 1998 he served as vice chairman of those entities. Mr. Collins
currently serves as a trustee of the University of Wisconsin Foundation and The Glyndebourne Arts
Trust. He is also a member of the Advisory Board of Welsh, Carson, Anderson & Stowe, a private
equity firm. He was previously a director of Kimberly-Clark Corporation, Nokia Corporation, BG
Group and Enstar Group and a member of the Supervisory Board of Actis Capital LLP. Mr. Collins
is a graduate of the University of Wisconsin and holds an M.B.A. from the Harvard Business
School.

William M. Friedrich has been a member of our board of directors since October 2011 and

currently serves as our senior independent director. From 1995 until his retirement in 2008,
Mr. Friedrich was employed at BG Group plc. Mr. Friedrich held several senior executive positions
during his 14 year tenure at BG Group, including serving as executive director and deputy chief
executive from 2000 until 2008, with primary responsibility for BG Group’s overall strategy function
as well as oversight of the company’s business development activities and various company-wide
organizational and human resource matters. Between 2000 and 2005, his position at BG Group also
included the role of General Counsel. Prior to joining BG Group, Mr. Friedrich was a partner at
Shearman & Sterling LLP. He holds a J.D. from Columbia Law School and a B.A. from Union
College.

Dennis M. Houston has been a member of our board of directors since June 2013. At the time

he joined our board, Mr. Houston had approximately 40 years of experience in the downstream
sector of the oil and gas industry. Mr. Houston retired from Exxon Mobil on May 31, 2010, after
over 35 years with Exxon and then Exxon Mobil. His positions at retirement were Executive Vice

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President Refining & Supply Company, Chairman and President of ExxonMobil Sales & Supply
LLC, and Chairman of Standard Tankers Bahamas Limited. Mr. Houston serves as a director of
PBF Energy Inc., Argus Media Limited L.L.C. and ABS Group and is an active member of several
other energy related organizations. He holds a B.S. in Chemical Engineering from the University of
Illinois and an Honorary Doctorate of Public Administration Degree from Massachusetts Maritime
Academy.

Donald J. Kintzer has been a member of our board of directors since November 2014. Since

2008, Mr. Kintzer has been a business advisor and executive mentor (including an association with
Korora Partners Inc.). He is a retired partner of PricewaterhouseCoopers LLP, or “PwC”, having
retired in 2008 after an association of over 31 years. He was admitted to the partnership in 1988 and
served in various roles and locations during his career. From 2005 to 2008, he was the leader
(managing partner) of PwC’s West Region (US) Advisory practice and a member of PwC’s national
(US) leadership team. Mr. Kintzer is a member of the board of directors of California Bank of
Commerce and a member of the board of governors of Lawrence Livermore National Security, LLC
and Los Alamos National Security, LLC. He is also a member of the board of directors of GasLog
Partners and its audit committee, and served as a member of its conflicts committee until his
appointment to our Board in November 2014 and as audit committee chairman until March 2015.
He is a certified public accountant (inactive) and a member of the American Institute of Certified
Public Accountants and the California Society of CPAs. Mr. Kintzer received an A.B. from
Lafayette College and an M.B.A. from Pennsylvania State University. Prior to graduate school, Mr.
Kintzer served as an officer in the United States Air Force.

Julian Metherell has been a member of our board of directors since October 2011.

Mr. Metherell is the chief financial officer and a director of Genel Energy plc, a leading
independent oil and gas exploration and production company operating in the Kurdistan Region of
Iraq. Genel Energy plc is the successor to Vallares Plc, a publicly listed acquisition company which
Mr. Metherell co-founded in April 2011. Mr. Metherell also serves as a director of Euronav NV.
From 1999 to 2011, Mr. Metherell was a partner at The Goldman Sachs Group, Inc., where he
served as chief executive officer of the UK investment banking division. Prior to joining Goldman
Sachs, Mr. Metherell was a director in the European energy group at Dresdner Kleinwort, a
London-based investment bank. Mr. Metherell is a graduate of Manchester University, where he
received a B.Sc. degree, and of Cambridge University, where he received an M.B.A.

Anthony S. Papadimitriou has been a member of our board of directors since November 2011,

when he was designated by the Onassis Foundation to serve as one of our directors.
Mr. Papadimitriou is the managing partner of the law firm A.S. Papadimitriou and Partners, a
position he has held since 1992. From 1986 until 2005, Mr. Papadimitriou served as legal counsel for
Olympic Shipping & Management S.A, an affiliate of the Onassis Foundation, and since 1995 he has
been the coordinator of the Executive Committee of the commercial activities controlled by the
Onassis Foundation. In addition, Mr. Papadimitriou has been a member of the board of directors of
the Alexander S. Onassis Public Benefit Foundation since 1988, serving as the president of the board
since 2005. Mr. Papadimitriou also serves as a director of Global Finance S.A., a Greek investment
firm. Mr. Papadimitriou is a graduate of the Athens University Law School and holds a postgraduate
degree in maritime and transport law from the University Aix-en-Provence, a B.Sc. from the London
School of Economics and a Ph.D. from the National and Kapodistrian University of Athens.

Philip Radziwill has been a member of our board of directors since October 2011. Mr. Radziwill

also serves as an advisor of SCP Clover Maritime, a company that manages assets and investments
of the Radziwill family, including the family’s investment in the Company. From 2006 to 2009,
Mr. Radziwill was employed in the equity group at Moore Capital Management LLC, a private
investment management firm based in New York, where he focused on a long/short equity strategy
within the energy industry. Prior to joining Moore Capital Management, Mr. Radziwill was
employed as an investment banker at Goldman, Sachs & Co. within the Industrial & Natural
Resources group. Mr. Radziwill is a graduate of Brown University. He is the first cousin of Peter G.
Livanos, our Chairman.

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Robert D. Somerville has been a member of our board of directors since November 2011.
Mr. Somerville was employed at ABS, the second-largest marine classification society in the world
for over 30 years. From 2004 until 2011 he served as the company’s chairman and chief executive
officer, and from 2011 to 2013 he served as the company’s chairman. Mr. Somerville currently serves
as a member of the board of directors of Maine Maritime Academy, Keppel Offshore & Marine
Limited and Knightsbridge Tankers. Mr. Somerville is a graduate of Maine Maritime Academy,
where he received a B.Sc. degree in Marine Engineering. He has also received honorary degrees
from the Webb Institute in New York and Maine Maritime Academy.

Board Leadership Structure

Our board leadership structure consists of our Chairman, the senior independent director and

the chairmen of our board committees. Our operational management is headed by our Chief
Executive Officer, or “CEO”. Mr. Wogan, as CEO, is responsible for the day-to-day operations of
the Company, which includes decisions relating to the Company’s general management and control
of its affairs and business and works with our board in developing our business strategy. The board
of directors does not have a policy mandating that the roles of CEO and Chairman be held by
separate individuals, but believes that at this time the separation of such roles is appropriate and
beneficial to shareholders.

William M. Friedrich, who serves as our senior independent director, acts as a liaison to

facilitate communication between independent directors and our Chairman to ensure that the board
functions in an effective manner.

B. Compensation of Directors and Senior Management

Our non-executive directors receive:
• an annual fee of $120,000;
• an additional annual fee of $20,000 to the senior independent director;
• additional annual fees of $100,000 to the Chairman of the board, $50,000 to the chairman of
the audit and risk committee and $20,000 to the chairmen of the compensation committee,
corporate governance and nominating committee and HSSE committee;

• additional annual fees of $25,000 to each member of the audit and risk committee and
$10,000 to each member of the compensation committee, corporate governance and
nominating committee and HSSE committee (in each case other than the chairmen of such
committees); and

• additional annual fees of $20,000 to each board member who also serves as a board member
of GasLog Partners (in lieu of direct compensation from GasLog Partners for such service).

The annual fee paid to non-executive directors in 2014 was $100,000.

The board of directors may determine that a portion of the above fees will be paid in shares

rather than cash.

In addition, our directors receive reimbursement for their out-of-pocket expenses including
travel costs and other short-term benefits. We do not have any service contracts with our directors
that provide for benefits upon termination of their services.

For 2014, our executive officers were Paul Wogan, Simon Crowe and Graham Westgarth.
Compensation for our executive officers in 2014 consisted of base salary and employee benefits that
are generally provided to employees, including eligibility to receive a cash incentive bonus pursuant
to our Management Incentive Plan, or “MIP”. The MIP provides all shore-based personnel (which
includes our executive officers) an opportunity to earn a cash incentive payment based on a target
percentage of the participant’s annual base salary, subject to the achievement of pre-established
individual and Company performance objectives, as well as a factor based on Company discretion.
Each participant’s target percentage of annual base salary and the weightings assigned to the
individual and Company performance objectives and the Company discretionary component are

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dependent on the participant’s organization (band) level. No amounts will be paid under the MIP to
any participant who fails to achieve 50% of his or her target individual performance objectives. In
2014, the Company performance objectives were measured against three equally-weighted key
business indicators: Free Cash Flow per Share, Absolute Return on Invested Capital and three-year
rolling average Relative Total Shareholder Return. In addition, Company performance is evaluated
against a safety factor based on Personal Safety, Significant Incidents and Leading Indicators, in
which a failure to meet the safety target may result in a reduction of the Company performance
payout factor. Under the individual and Company performance objectives, stretch goals are
established, which, if met, can result in a payout of up to 120% of the individual’s target payout.
The Company discretionary component may not increase an individual’s payment to more than
200% of his or her target payout. The amounts paid to our executive officers in 2014 pursuant to
the MIP were determined based on the following weightings: individual performance (30%),
Company performance (50%) and Company discretion (20%).

The aggregate amount of cash compensation, including cash incentive compensation, paid to our

executive officers for the year ended December 31, 2014 was $3.68 million.

In addition, each of our executive officers was eligible to receive equity-based compensation

awards in accordance with the 2013 Omnibus Incentive Compensation Plan, or the “Plan”. In
April 1, 2014, we granted our executive officers an aggregate of 210,271 stock appreciation rights
and 55,908 restricted stock units under the Plan, with an aggregate fair value as of the grant date of
$2.52 million. The stock appreciation rights have an exercise price per share of $24.00 and will vest
in three equal annual installments, beginning on the first anniversary of the grant date, subject to
the recipient’s continued service. The restricted stock units vest on the third anniversary of the grant
date, subject to the recipient’s continued service. The stock appreciation rights and the restricted
stock units may be settled in cash or common shares, or a combination thereof, at our discretion.

We generally determine during the February meeting of the board of the directors each year

which individuals, if any, will be eligible to receive equity-based compensation awards under the
Plan for such year and the amount of awards each participant will be eligible to receive. In addition,
we intend to grant such awards on April 1 of such year (or, should April 1 of such year fall on a
weekend or bank holiday, on the first business day thereafter).

We did not set aside or accrue any amounts in the year ended December 31, 2014 to provide

pension, retirement or similar benefits to our directors or executive officers.

C. Board Practices

Our board of directors consists of 10 members. The board of directors may change the number

of directors to not less than three, nor more than fifteen. Each director shall be elected to serve
until the next annual meeting of shareholders or until his successor is elected or appointed, except in
the event of removal, death, disability, disqualification or resignation. A vacancy on the board
created by removal, death, disability, disqualification or resignation of a director, or as a result of an
increase in the size of the board, may be filled by the shareholders or by the board of directors.

We are a “foreign private issuer” under the securities laws of the United States and the rules of

the NYSE. Under the securities laws of the United States, “foreign private issuers” are subject to
different disclosure requirements than U.S. domiciled registrants, as well as different financial
reporting requirements. Under the NYSE rules, a “foreign private issuer” is subject to less stringent
corporate governance requirements. Subject to certain exceptions, the rules of the NYSE permit a
“foreign private issuer” to follow its home country practice in lieu of the listing requirements of the
NYSE, including (i) the requirement that a majority of the board of directors consist of independent
directors, (ii) the requirement that the nominating committee be composed entirely of independent
directors and have a written charter addressing the committee’s purpose and responsibilities, (iii) the
requirement that the compensation committee be composed entirely of independent directors and
have a written charter addressing the committee’s purpose and responsibilities and (iv) the
requirement of an annual performance evaluation of the nominating and corporate governance and
compensation committees. A majority of our board of directors qualify as independent. We have one
or more non-independent directors serving as committee members on our compensation committee

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and our corporate governance and nominating committee. As a result, non-independent directors
may, among other things, participate in fixing the compensation of our management, making share
and option awards and resolving governance issues regarding our Company. Accordingly, in the
future you may not have the same protections afforded to shareholders of companies that are
subject to all of the NYSE corporate governance requirements.

Committees of the Board of Directors

Audit and Risk Committee

Our audit and risk committee consists of Messrs. Collins, Friedrich, Houston, Kintzer and

Somerville, with Mr. Kintzer serving as the committee chairman. Mr. Collins served as the
committee chairman from November 2011 until March 2015. Our board of directors has affirmatively
determined that each of these individuals meets the definition of “independent director” for
purposes of serving on an audit committee under applicable SEC and NYSE rules. Mr. Collins and
Mr. Kintzer each qualifies as an “audit committee financial expert”. The audit and risk committee is
responsible for:

• the appointment and compensation (subject to any required shareholder approval or

authorization) and retention and oversight of independent auditors and determining whether
any non-audit services will be performed by such auditor;

• assisting the board of directors in overseeing our financial reporting process, the integrity of

our financial statements, the independent auditors’ qualifications, independence and
performance, the performance of our internal audit and financial risk management
departments and our compliance with legal and regulatory requirements;

• annually reviewing the independent auditors’ report describing the auditing firm’s internal

quality-control procedures, and any material issues raised by the most recent internal quality-
control review, or peer review, of the auditing firm;

• discussing with management and the independent auditors, and making recommendations to

our board regarding the approval of, the annual audited financial statements and any periodic
financial statements;

• discussing earnings press releases, as well as financial information and earnings guidance
provided to analysts and rating agencies, with management and the independent auditors;

• discussing policies with respect to financial risk assessment and risk management and

monitoring our financial risk and risk management systems;

• meeting periodically and separately with management, our internal audit department and the

independent auditors;

• reviewing with the independent auditors any audit problems or difficulties and management’s

responses;

• setting clear hiring policies for employees or former employees of the independent auditors;
• annually reviewing the adequacy of the audit and risk committee’s written charter;
• periodically reviewing the budget, responsibilities and organizational structure of the internal

audit department;

• establishing procedures for the consideration of all related-party transactions, including

matters involving potential conflicts of interest;

• reporting regularly to the full board of directors; and
• handling such other matters that are specifically delegated to the audit and risk committee by

the board of directors from time to time.

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Compensation Committee

Our compensation committee consists of Messrs. Blythe, Collins, Metherell and Radziwill, with
Mr. Metherell serving as the committee chairman. The compensation committee is responsible for:
• making recommendations to the full board of directors with respect to the compensation of
directors, senior management, the head of internal audit and other managerial employees
reporting to the CEO;

• overseeing and making recommendations to the full board of directors with respect to any of

the Company’s long-term incentive plans, including any equity-based compensation plans to be
adopted; and

• handling such other matters that are specifically delegated to the compensation committee by

the board of directors from time to time.

Corporate Governance and Nominating Committee

Our corporate governance and nominating committee consists of Messrs. Blythe, Friedrich,
Livanos and Papadimitriou, with Mr. Friedrich serving as the committee chairman. The corporate
governance and nominating committee is responsible for:

• identifying and recommending candidates, consistent with criteria approved by the full board

of directors, for nomination to be elected by shareholders at annual meetings and for
approval of the board of directors to fill board vacancies as and when they arise between
annual meetings, as well as putting in place short- and long-term succession plans for senior
management and the Chief Executive Officer’s direct reports;

• developing and recommending to the full board of directors corporate governance guidelines

applicable to the Company and keeping such guidelines under review;

• overseeing self-evaluations conducted by the board of directors and its committees and

overseeing evaluations of senior management; and

• handling such other matters that are specifically delegated to the corporate governance and

nominating committee by the board of directors from time to time.

Health, Safety, Security and Environmental Committee

Our health, safety, security and environmental, or “HSSE”, committee consists of Messrs.
Houston, Livanos and Somerville, with Mr. Somerville serving as the committee chairman. The
HSSE committee is responsible for:

• overseeing the Company’s top-level HSSE policies (including those relating to operational

risks);

• reviewing the Company’s HSSE policies (including those relating to operational risks) on an

annual basis and recommending changes to such policies to the Company’s management team;
• based on reports from management, evaluating the effectiveness of the Company’s systems to

achieve the established HSSE policies;

• receiving reports from management relating to any serious accidents or fatalities and
reviewing recommended actions to be taken by management in connection therewith;

• overseeing whether the Company’s HSSE policies take appropriate account of internal and

external developments and expectations;

• evaluating and overseeing the quality of reporting systems required by third parties on HSSE

related matters; and

• assessing the systems within the Company for ensuring compliance with HSSE related laws,

regulations and policies.

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Senior Independent Director

Mr. Friedrich, an independent director, currently serves as our senior independent director. Our

senior independent director is responsible for:

• presiding at board and shareholder meetings if the Chairman of the board is absent;
• meeting with the other members of the board without the Chairman present on at least an

annual basis in order to evaluate and appraise the performance of the Chairman;

• chairing the corporate governance and nominating committee when considering succession to

the role of the Chairman of the board;

• chairing meetings of our independent directors;
• acting as a liaison, if required, to facilitate communication between independent directors and

our Chairman, Chief Executive Officer and any member of senior management; and
• performing such other functions as the board may direct or request from time to time.

Corporate Governance

The board of directors and our Company’s management engage in an ongoing review of our
corporate governance practices in order to oversee our compliance with the applicable corporate
governance rules of the NYSE and the SEC.

We have adopted a Code of Business Conduct and Ethics for all directors, officers, employees

and agents of the Company.

This document and other important information on our governance are posted on our website
and may be viewed at http://www.gaslogltd.com. The information contained on or connected to our
website is not a part of this annual report. We will also provide a paper copy of any of these
documents upon the written request of a shareholder at no cost. Shareholders may direct their
requests to the attention of our General Counsel, c/o GasLog Monaco S.A.M., Gildo Pastor Center,
7 Rue du Gabian, MC 98000, Monaco.

D. Employees

As of December 31, 2014, we had 137 full-time employees and 20 contractors and outsourced

employees, all of whom are based in our offices in Greece, Monaco, London, New York or the
newbuildings site in South Korea. In addition to our shoreside employees and sub-contractors, we
had approximately 1,130 seafaring staff serving on our owned and managed ships. These seafarers
are retained through crewing agencies based in Ukraine, the Philippines and Spain or, in the case of
Greek seafarers, through short-term employment contracts. As we take delivery of our newbuildings,
we expect to retain a significant number of additional seafarers qualified to man and operate our
new ships, as well as additional shoreside personnel. We intend to focus our hiring efforts in the
Ukrainian, Philippine and Spanish markets, where we have crewing agency agreements in place, and
in Greece. The number of our shoreside employees, sub-contractors and seafaring staff increased
significantly in 2014 due to the contracted expansion of our fleet.

LNG marine transportation is a specialized area requiring technically skilled officers and crew

with specialized training. We regard attracting and retaining motivated, well-qualified seagoing
personnel as a top priority, and we offer our crew competitive compensation packages. In addition,
we provide intensive onboard training for our officers and crews to instill a culture of the highest
operational and safety standards. As a result, we have historically enjoyed a high retention rate
among our officers and other seafarers. In 2014, our retention rate was 92.0% for senior officers,
95.0% for other officers and 97.9% for shore staff.

Although we have historically experienced a high retention rate for our seafarers, the demand

for technically skilled officers and crews to serve on LNG carriers has been increasing as the global
fleet of LNG carriers continues to grow. This increased demand has and may continue to put
inflationary pressure on crew costs. However, we expect that the impact of cost increases would be

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mitigated to some extent by certain provisions in our time charters, including review provisions and
cost pass-through provisions.

E. Share Ownership

The common shares beneficially owned by our directors and executive officers and/or entities

affiliated with these individuals is disclosed in “Item 7. Major Shareholders and Related Party
Transactions—A. Major Shareholders” below. For information regarding arrangements for involving
the employees in the capital of the company, see “Item 6. Directors, Senior Management and
Employees—B. Compensation of Directors and Senior Management—Equity Compensation Plans”.

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

A. Major Shareholders

The following table sets forth certain information regarding the beneficial ownership of our

outstanding common shares as of March 25, 2015 held by:

• each of our executive officers;
• each of our directors;
• all our directors and officers as a group; and
• each holder known to us to beneficially own 5% or more of our shares;
Beneficial ownership is determined in accordance with SEC rules. Percentage computations are
based on an aggregate of 80,496,499 common shares outstanding as of March 25, 2015. Each issued
and outstanding common share will entitle the shareholder to one vote. Information for certain
holders is based on their latest filings with the SEC or information delivered to us. Except as noted
below, the address of all shareholders, officers and directors identified in the table and the
accompanying footnotes below is in care of our principal executive offices.

Identity of Person or Group
Officers and directors
Peter G. Livanos(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Paul Wogan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Simon Crowe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Graham Westgarth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bruce L. Blythe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Paul J. Collins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
William M. Friedrich . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dennis M. Houston . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Donald J. Kintzer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Julian Metherell. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Anthony S. Papadimitriou. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Philip Radziwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Robert D. Somerville . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All officers and directors as a group (thirteen persons) . . . . . . . . . . . . . . . . . . . . . . .
Other 5% beneficial owners
Alexander S. Onassis Foundation(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Common Shares
Beneficially Held

Number
of Shares

Percentage

31,944,442
*
*
*
*
*
*
*
—
*
*
—
*
32,207,742

39.68%
*
*
*
*
*
*
*
—
*
*
—
*
40.01%

6,667,004

8.28%

(1) By virtue of common shares held (a) directly, (b) indirectly through Blenheim Holdings Ltd., or “Blenheim Holdings”, in

which Mr. Livanos has a majority ownership interest, (c) indirectly through several entities whose share capital is owned by
Mr. Livanos and (d) by several entities of which Mr. Livanos and/or members of his family are beneficiaries and for which
Mr. Livanos serves an officer and/or a board member. Mr. Livanos disclaims beneficial ownership of the shares held by the
entities referenced in (d). Mr. Livanos can effectively control the Company through direct and indirect ownership interests.

86

Mr. Livanos’s ownership interest changed in connection with the purchase by Blenheim Holdings of certain outstanding
manager shares in January 2012, and a transfer by Blenheim Holdings of 657,090 shares to one of its minority shareholders
in March 2014 in exchange for such shareholder’s interest in Blenheim Holdings. In September 2014, Blenheim Holdings
entered into a margin loan facility agreement pursuant to which it pledged 6,000,000 shares to secure its obligations under
the margin loan agreement.

(2) By virtue of common shares held indirectly through its wholly owned subsidiary, Olympic LNG Investments Ltd. A portion
of the shares were acquired from the Company in a private placement in January 2014. The Alexander S. Onassis Public
Benefit Foundation is the sole beneficiary of the assets and income of the Onassis Foundation, and as a result may be
deemed to have indirect beneficial ownership of the shares.

* Less than 1%.

In March 2012, we completed a registered public offering of our shares of common shares and

our common shares began trading on the NYSE. Our major shareholders have the same voting
rights as our other shareholders. As of March 18, 2015, we had approximately 18,700 shareholders.

B. Related Party Transactions

Relationship with GasLog Partners

GasLog Partners was formed by us in January 2014 to own, operate and acquire LNG carriers

engaged in LNG transportation under long-term charters, which we define as charters of five full
years or more. In May 2014, the Partnership completed its initial public offering and its common
units began trading on the NYSE. The Partnership conducts its operations through its vessel-owning
subsidiaries and as of March 25, 2015, had a fleet of five LNG carriers. As of March 25, 2015, we
hold a 42.5% interest in the Partnership and, as a result of our ownership of the general partner,
and the fact that the general partner elects the majority of the Partnership’s directors in accordance
with the Partnership Agreement, we have the ability to control the Partnership’s affairs and policies.

Quarterly Cash Dividends

We are entitled to distributions on our general and limited partner interests in GasLog Partners.
These interests consist of common units, subordinated units, incentive distribution rights and general
partner interests. Under the Partnership Agreement, during the subordination period, the holders of
the common units will have the right to receive distributions of available cash from operating surplus
in an amount equal to the minimum quarterly distribution of $0.375 per unit per quarter, plus any
arrearages in the payment of minimum quarterly distribution on the common units from prior
quarters, before any distributions of available cash from operating surplus may be made on the
subordinated units.

The amount of the minimum quarterly distribution is $0.375 per unit or $1.50 unit per unit on

an annualized basis and is made in the following manner, during the subordination period:

• first, 98.0% to the common unitholders, pro rata, and 2.0% to the general partner until each

common unit has received a minimum quarterly distribution of $0.375;

• second, 98.0% to the common unitholders, pro rata, and 2.0% to the general partner, until

each common unit has received an amount equal to any arrearages in payment of the
minimum quarterly distribution on the common units for prior quarters during the
subordination period; and

• third, 98.0% to the holders of subordinated units, pro rata, and 2.0% to the general partner

until each subordinated unit has received a minimum quarterly distribution of $0.375.

We currently hold all of the incentive distribution rights in GasLog Partners. Incentive

distribution rights represent the right to receive an increasing percentage of quarterly distributions of
available cash from operating surplus after the minimum quarterly distribution and the target
distribution levels have been achieved.

If for any quarter:
• GasLog Partners has distributed available cash from operating surplus to the common and
subordinated unitholders in an amount equal to the minimum quarterly distribution; and

87

• GasLog Partners has distributed available cash from operating surplus on outstanding common

units in an amount necessary to eliminate any cumulative arrearages in payment of the
minimum quarterly distribution;

then, GasLog Partners will distribute any additional available cash from operating surplus for that
quarter among the unitholders and the general partner in the following manner:

• first, 98.0% to all unitholders, pro rata, and 2.0% to the general partner, until each unitholder

receives a total of $0.43125 per unit for that quarter;

• second, 85.0% to all unitholders, pro rata, 2.0% to the general partner and 13.0% to the

holders of the incentive distribution rights, pro rata, until each unitholder receives a total of
$0.46875 per unit for that quarter;

• third, 75.0% to all unitholders, pro rata, 2.0% to the general partner and 23.0% to the

holders of the incentive distribution rights, pro rata, until each unitholder receives a total of
$0.5625 per unit for that quarter; and

• thereafter, 50.0% to all unitholders, pro rata, 2.0% to the general partner and 48.0% to the

holders of the incentive distribution rights, pro rata.

In each case, the amount of the target distribution set forth above is exclusive of any
distributions to common unitholders to eliminate any cumulative arrearages in payment of the
minimum quarterly distribution. The percentage interests set forth above assume that the general
partner maintains its 2.0% general partner interest and that the Partnership does not issue additional
classes of equity securities.

As holder of the 2.0% general partner interest in GasLog Partners, we are entitled to 2.0% of
all distributions made by GasLog Partners prior to its liquidation. The general partner, our wholly
owned subsidiary, has the right, but not the obligation, to contribute a proportionate amount of
capital to GasLog Partners to maintain its 2.0% general partner interest if the Partnership issues
additional units.

We received total distributions from GasLog Partners of $6.03 million in 2014 since the

completion of its IPO in May 2014.

Omnibus Agreement

On May 12, 2014, we entered into an omnibus agreement with GasLog Partners and certain of

its subsidiaries. The following discussion describes certain provisions of the omnibus agreement.

Noncompetition; Five-Year Vessel Restricted Business Opportunities

Under the omnibus agreement, we have agreed, and have caused our controlled affiliates (other
than GasLog Partners, its general partner and its subsidiaries) to agree, not to acquire, own, operate
or charter any LNG carrier with a cargo capacity greater than 75,000 cbm engaged in oceangoing
LNG transportation under a charter for five full years or more. For purposes of this section, we
refer to these vessels, together with any related charters, as “Five-Year Vessels” and to all other
LNG carriers, together with any related charters, as “Non-Five-Year Vessels”. In the event that we
acquire, operate or put under charter a Five-Year Vessel, then we will be required, within 30
calendar days after the consummation of the acquisition or the commencement of the operations or
charter, to notify GasLog Partners and offer it the opportunity to purchase such Five-Year Vessel at
fair market value. The restrictions in this paragraph will not prevent us or any of our controlled
affiliates (other than GasLog Partners and its subsidiaries) from:

(1) acquiring, owning, operating or chartering Non-Five-Year Vessels;

(2) acquiring one or more Five-Year Vessels if we promptly offer to sell the vessel to GasLog
Partners for the acquisition price plus any administrative costs (including re-flagging and
reasonable legal costs) associated with the transfer to GasLog Partners at the time of the
acquisition;

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(3) putting a Non-Five-Year Vessel under charter for five full years or more if we offer to sell
the vessel to GasLog Partners for fair market value (x) promptly after the time it becomes
a Five-Year Vessel and (y) at each renewal or extension of that charter for five full years or
more;

(4) acquiring one or more Five-Year Vessels as part of the acquisition of a controlling interest

in a business or package of assets and owning, operating or chartering those vessels;
provided, however, that:

(a) if less than a majority of the value of the business or assets acquired is attributable to

Five-Year Vessels, as determined in good faith by our board of directors, we must offer
to sell such vessels to GasLog Partners for their fair market value plus any additional
tax or other similar costs that we incur in connection with the acquisition and the
transfer of such vessels to GasLog Partners separate from the acquired business; and

(b) if a majority or more of the value of the business or assets acquired is attributable to
Five-Year Vessels, as determined in good faith by our board of directors, we must
notify GasLog Partners of the proposed acquisition in advance. Not later than 30 days
following receipt of such notice, GasLog Partners will notify us if it wishes to acquire
such vessels in cooperation and simultaneously with us acquiring the Non-Five-Year
Vessels. If GasLog Partners does not notify us of its intent to pursue the acquisition
within 30 days, we may proceed with the acquisition and then offer to sell such vessels
to GasLog Partners as provided in (a) above;

(5) acquiring a non-controlling equity ownership, voting or profit participation interest in any

company, business or pool of assets;

(6) acquiring, owning, operating or chartering any Five-Year Vessel if GasLog Partners does
not fulfill its obligation to purchase such vessel in accordance with the terms of any
existing or future agreement;

(7) acquiring, owning, operating or chartering a Five-Year Vessel subject to the offers to

GasLog Partners described in paragraphs (2), (3) and (4) above pending its determination
whether to accept such offers and pending the closing of any offers it accepts;

(8) providing ship management services relating to any vessel;

(9) owning or operating any Five-Year Vessel that we owned on the closing date of GasLog
Partners’ initial public offering and that was not part of its fleet as of such date; or

(10) acquiring, owning, operating or chartering a Five-Year Vessel if GasLog Partners has

previously advised us that it consents to such acquisition, ownership, operation or charter.

If we or any of our controlled affiliates (other than GasLog Partners, its general partner or its

subsidiaries) acquires, owns, operates or charters Five-Year Vessels pursuant to any of the
exceptions described above, we may not subsequently expand that portion of our business other than
pursuant to those exceptions. However, such Five-Year Vessels could eventually compete with
GasLog Partners’ vessels upon their re-chartering.

In addition, under the omnibus agreement GasLog Partners has agreed, and has caused its
subsidiaries to agree, to acquire, own, operate or charter Five-Year Vessels only. The restrictions in
this paragraph will not:

(1) prevent GasLog Partners or any of its subsidiaries from owning, operating or chartering any
Non-Five-Year Vessel that was previously a Five-Year Vessel while owned by GasLog
Partners or any of its subsidiaries;

(2) prevent GasLog Partners or any of its subsidiaries from acquiring Non-Five-Year Vessels as

part of the acquisition of a controlling interest in a business or package of assets and
owning, operating or chartering those vessels; provided, however, that:

(a) if less than a majority of the value of the business or assets acquired is attributable to

Non-Five-Year Vessels, as determined in good faith by GasLog Partners, the
Partnership must offer to sell such vessels to us for their fair market value plus any

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additional tax or other similar costs that GasLog Partners incurs in connection with the
acquisition and the transfer of such vessels to us separate from the acquired business;
and

(b) if a majority or more of the value of the business or assets acquired is attributable to

Non-Five-Year Vessels, as determined in good faith by GasLog Partners, the
Partnership must notify us of the proposed acquisition in advance. Not later than
30 days following receipt of such notice, we must notify GasLog Partners if we wish to
acquire the Non-Five-Year Vessels in cooperation and simultaneously with GasLog
Partners acquiring the Five-Year Vessels. If we do not notify GasLog Partners of our
intent to pursue the acquisition within 30 days, the Partnership may proceed with the
acquisition and then offer to sell such vessels to us as provided in (a) above;

(3) prevent GasLog Partners or any of its subsidiaries from acquiring, owning, operating or
chartering any Non-Five-Year Vessels subject to the offer to us described in paragraph
(2) above, pending our determination whether to accept such offer and pending the closing
of any offer we accept; or

(4) prevent GasLog Partners or any of its subsidiaries from acquiring, owning, operating or
chartering Non-Five-Year Vessels if we have previously advised the Partnership that we
consent to such acquisition, ownership, operation or charter.

If GasLog Partners or any of its subsidiaries acquires, owns, operates or charters Non-Five-Year

Vessels pursuant to any of the exceptions described above, neither the Partnership nor any
subsidiary may subsequently expand that portion of its business other than pursuant to those
exceptions.

During the 30-day period after our notice and offer of an opportunity to purchase a Five-Year

Vessel, we and GasLog Partners will negotiate in good faith to reach an agreement on the fair
market value (and any applicable break-up costs) of the relevant vessel. If we do not reach an
agreement within such 30-day period, a mutually-agreed upon investment banking firm, ship broker
or other expert advisor will be engaged to determine the fair market value (and any applicable
break-up costs) of the relevant vessel and other outstanding terms, and GasLog Partners will have
the option, but not the obligation, to purchase the relevant vessel on such terms. GasLog Partners’
ability to consummate the acquisition of such Five-Year Vessel from us will be subject to obtaining
any consents of governmental authorities and other non-affiliated third parties and to all agreements
existing with respect to such Five-Year Vessel. Under the omnibus agreement, we will indemnify
GasLog Partners against losses arising from the failure to obtain any consent or governmental
permit necessary to own or operate the fleet in substantially the same manner that the vessels were
owned and operated by us immediately prior to the Partnership’s acquisition of such vessels. See
“—Indemnification”.

Upon a change of control of GasLog Partners or its general partner, the noncompetition
provisions of the omnibus agreement will terminate immediately. Upon a change of control of
GasLog, the noncompetition provisions of the omnibus agreement applicable to us will terminate at
the time that is the later of the date of the change of control and the date on which all of our
outstanding subordinated units have converted to common units. On the date on which a majority of
GasLog Partners’ directors ceases to consist of directors that were (1) appointed by the Partnership’s
general partner prior to its first annual meeting of unitholders and (2) recommended for election by
a majority of the Partnership’s appointed directors, the noncompetition provisions applicable to us
shall terminate immediately.

LNG Carrier Purchase Options

Under the omnibus agreement, GasLog Partners has the right to purchase any of the GasLog

Seattle, the Solaris, the Methane Lydon Volney, the Methane Shirley Elisabeth, the Methane Heather
Sally and the Methane Alison Victoria and Hull numbers 2072, 2073, 2102 and 2103 from GasLog
within 36 months after we notify the Partnership’s board of directors of a vessel’s acceptance by its
charterer (or, in the case of the GasLog Seattle, the Methane Lydon Volney, the Methane Shirley

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Elisabeth, the Methane Heather Sally and the Methane Alison Victoria, 36 months after the closing of
the Partnership’s IPO, which occurred on May 12, 2014) at fair market value as determined in
accordance with the provisions of the omnibus agreement. If we and GasLog Partners are unable to
agree upon the fair market value of any of these optional vessels, the respective fair market values
will be determined by a mutually acceptable investment banking firm, ship broker or other expert
advisor, and GasLog Partners will have the right, but not the obligation, to purchase the vessel at
such price. GasLog Partners’ ability to consummate the acquisition of such vessels from us will be
subject to obtaining any consents of governmental authorities and other non-affiliated third parties
and to all agreements existing as of the closing date in respect of such vessels.

On the date on which a majority of GasLog Partners’ directors ceases to consist of directors

that were (1) appointed by the Partnership’s general partner prior to our its annual meeting of
unitholders and (2) recommended for election by a majority of the Partnership’s appointed directors,
the LNG carrier purchase options shall terminate immediately.

Rights of First Offer

Under the omnibus agreement, we and our subsidiaries have granted to GasLog Partners a right

of first offer on any proposed sale, transfer or other disposition of any Five-Year Vessels or Non-
Five-Year Vessels owned by us. Under the omnibus agreement, GasLog Partners and its subsidiaries
have agreed to grant a similar right of first offer to us for any Five-Year Vessels they might own.
These rights of first offer will not apply to a (1) sale, transfer or other disposition of vessels between
any affiliated subsidiaries or pursuant to the terms of any current or future charter or other
agreement with a charter party or (2) merger with or into, or sale of substantially all of the assets
to, an unaffiliated third party.

Prior to engaging in any negotiation regarding any vessel disposition with respect to a Five-Year

Vessel with an unaffiliated third party or any Non-Five-Year Vessel, we or GasLog Partners, as the
case may be, will deliver a written notice to the other relevant party setting forth the material terms
and conditions of the proposed transaction. During the 30-day period after the delivery of such
notice, we and GasLog Partners, as the case may be, will negotiate in good faith to reach an
agreement on the transaction. If we do not reach an agreement within such 30-day period, we or
GasLog Partners, as the case may be, will be able within the next 180 calendar days to sell, transfer,
dispose or re-charter the vessel to a third party (or to agree in writing to undertake such transaction
with a third party) on terms generally no less favorable to us or GasLog Partners, as the case may
be, than those offered pursuant to the written notice. Our ability to consummate the acquisition of
such Five-Year Vessel from GasLog Partners will be subject to obtaining any consents of
governmental authorities and other non-affiliated third parties and to all agreements existing in
respect of such Five-Year Vessel.

Upon a change of control of GasLog Partners or its general partner, the right of first offer

provisions of the omnibus agreement will terminate immediately. Upon a change of control of us,
the right of first offer provisions applicable to GasLog under the omnibus agreement will terminate
at the time that is the later of the date of the change of control and the date on which all of
GasLog Partners’ outstanding subordinated units have converted to common units. On the date on
which a majority of GasLog Partners’ directors ceases to consist of directors that were (1) appointed
by the Partnership’s general partner prior to its first annual meeting of unitholders and (2)
recommended for election by a majority of the Partnership’s appointed directors, the provisions
related to the rights of first offer granted to the Partnership by us shall terminate immediately.

For purposes of the omnibus agreement, a “change of control” means, with respect to any
“applicable person”, any of the following events: (a) any sale, lease, exchange or other transfer (in
one transaction or a series of related transactions) of all or substantially all of the applicable
person’s assets to any other person, unless immediately following such sale, lease, exchange or other
transfer such assets are owned, directly or indirectly, by the applicable person; (b) the consolidation
or merger of the applicable person with or into another person pursuant to a transaction in which
the outstanding voting securities of the applicable person are changed into or exchanged for cash,
securities or other property, other than any such transaction where (i) the outstanding voting

91

securities of the applicable person are changed into or exchanged for voting securities of the
surviving person or its parent and (ii) the holders of the voting securities of the applicable person
immediately prior to such transaction own, directly or indirectly, not less than a majority of the
outstanding voting securities of the surviving person or its parent immediately after such transaction;
and (c) a “person” or “group” (within the meaning of Sections 13(d) or 14(d)(2) of the Securities
Exchange Act of 1934, or the “Exchange Act”), other than us or our affiliates with respect to the
general partner, being or becoming the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Exchange Act) of more than 50% of all of the then outstanding voting securities of the
applicable person, except in a merger or consolidation which would not constitute a change of
control under clause (b) above.

Indemnification

Under the omnibus agreement, we will indemnify GasLog Partners after the closing of its IPO

for a period of five years (and we will indemnify the Partnership for a period of at least three years
after its purchase of any vessels subject to purchase options, if applicable) against certain
environmental and toxic tort liabilities with respect to the vessels that are contributed or sold to the
Partnership to the extent arising prior to the time such vessels were contributed or sold to the
Partnership. Liabilities resulting from a change in law after the closing of the IPO are excluded from
the environmental indemnity. There is an aggregate cap of $5 million on the amount of indemnity
coverage provided by us for environmental and toxic tort liabilities. No claim may be made unless
the aggregate dollar amount of all claims exceeds $500,000, in which case we are liable for claims
only to the extent such aggregate amount exceeds $500,000.

We will also indemnify GasLog Partners for liabilities related to:
• certain defects in title to GasLog Partners’ initial fleet and any failure to obtain, prior to the
time they were contributed to the Partnership, certain consents and permits necessary to
conduct the Partnership’s business, which liabilities arise within three years after the closing of
the Partnership’s IPO; and

• certain tax liabilities attributable to the operation of the assets contributed or sold to the

Partnership prior to the time they were contributed or sold.

Restrictive Covenant Agreement

On April 4, 2012, Peter G. Livanos and Blenheim Holdings entered into a Restrictive Covenant
Agreement with us, pursuant to which Mr. Livanos is prohibited from directly or indirectly owning,
operating or managing LNG vessels, other than pursuant to his involvement with us. The restrictions
will terminate in the event that Mr. Livanos ceases to beneficially own at least 20% of our issued
and outstanding share capital.

Notwithstanding these restrictions, Mr. Livanos is permitted to engage in the following activities:
• passive ownership (a) of minority interests in any business that is not primarily engaged in

owning, operating or managing LNG vessels or (b) constituting less than 5% of any publicly
listed company; and

• non-passive participation in a business that acquires an interest in the ownership, operation or

management of LNG vessels, provided that as promptly as reasonably practicable either
(A) the business enters into an agreement to dispose of such competitive activity and such
disposition is completed within a reasonable time, or (B) Mr. Livanos’s participation in such
business is changed so as to satisfy the exception for passive ownership of minority interests
in a business that is not primarily engaged in a competitive activity.

The restrictions described above do not apply to transactions by independent fund managers not

acting under the direction or control of Mr. Livanos or Blenheim Holdings.

In addition, under the terms of the restrictive covenant agreement, Mr. Livanos and Blenheim
Holdings agreed that, subject to the exceptions described below, they would not sell or dispose of

92

any of our common shares owned by them as of the date of the agreement for a period of
18 months following the closing of GasLog’s IPO.

As noted above, Mr. Livanos and Blenheim Holdings are permitted under the terms of the
restrictive covenant agreement to dispose of our common shares in the following circumstances:

• pursuant to any transfer by Blenheim Holdings to its shareholders (including any division of
the ownership interests in Blenheim Holdings of Mr. Livanos and members of the Radziwill
family), provided that the transferee or transferees agree to be bound by the share transfer
restrictions of the restrictive covenant agreement;

• pursuant to any private sale to a strategic investor in the Company, provided that the

strategic investor agrees to be bound by the share transfer restrictions of the restrictive
covenant agreement;

• in connection with any sale or transfer that would result in a change in control of the

Company, provided that such change in control has been approved by our board of directors;
and

• in transactions relating to shares acquired following the effective date of the restrictive

covenant agreement.

For purposes of the restrictive covenant agreement, a “change of control” means Mr. Livanos
and Blenheim Holdings cease to beneficially own, in the aggregate, at least 38% of the issued and
outstanding share capital of the Company. The share transfer restrictions described above will
terminate as to any person that ceases to beneficially own, or does not beneficially own, at least
20% of our issued and outstanding share capital.

Registration Rights Agreement

On April 4, 2012, we entered into a registration rights agreement with certain of our

shareholders, pursuant to which we granted such shareholders and their transferees the right, under
certain circumstances and subject to certain restrictions, including restrictions included in the lock-up
agreements to which they will be a party, to require us to register under the Securities Act of 1933,
as amended, our common shares held by those persons. Under the registration rights agreement,
certain of our shareholders and their transferees have the right to request us to register the sale of
shares held by them on their behalf and may require us to make available shelf registration
statements permitting sales of shares into the market from time to time over an extended period.
While these demand registration rights are subject to certain timing and other restrictions, there is
no limit on the number of times a shareholder may exercise such rights. In addition, those persons
have the ability to exercise certain piggyback registration rights in connection with registered
offerings initiated by us. In March 2014, in response to a Demand Registration Request (as defined
in the Registration Rights Agreement), the Company filed a Registration Statement on Form F-3
registering the common shares entitled to registration rights in addition to other common shares held
by the Company’s directors and officers.

Subscription Agreements

On January 16, 2014, we entered into subscription agreements with certain of our directors and

officers for a concurrent private placement of 2,317,460 common shares at a price of $15.75 per
share.

Indemnification Agreements

We have entered into indemnification agreements with our directors and officers which provide,

among other things, that we will indemnify our directors and officers, under the circumstances and
to the extent provided for therein, for expenses, damages, judgments, fines, settlements and fees that
they may be required to pay in actions or proceedings to which they are or may be made a party by
reason of such person’s position as a director, officer, employee or other agent of the Company,
subject to, and to the maximum extent permitted by, applicable law.

93

Office Space and Related Arrangements

Through our subsidiary GasLog LNG Services, we lease our office space in Piraeus, Greece
from an entity controlled by Ceres Shipping, Nea Dimitra Ktimatikh Kai Emporikh S.A. The lease
agreement is filed with the Greek authorities, and has been entered into on market rates.

We leased our office space in London, England until August 2014 from Unisea Maritime
Limited, an entity controlled by our chairman, Peter Livanos. We paid a fixed bi-monthly fee that
was consistent with market rates for use of the office space and receptionist services.

GasLog LNG Services has also entered into an agreement with Seres S.A., an entity controlled

by the Livanos family, for the latter to provide catering services to the staff based in our Piraeus
office. Amounts paid pursuant to the agreement are generally less than €10 per person per day, but
are slightly higher on special occasions. In addition, GasLog LNG Services has entered into an
agreement with Seres S.A. for the latter to provide telephone and documentation services for our
staff based in Piraeus. Amounts paid pursuant to the agreement are less than €100,000 per year.

Through our subsidiary GasLog Monaco S.A.M., we made payments to Ceres Monaco S.A.M.,

an affiliate of Ceres Shipping, for our office space in Monaco. Ceres Monaco S.A.M. leased
operating space pursuant to a service agreement with a third-party property owner, and we occupied
a portion of the leased space. The service level agreement was terminated in April 2012 when
GasLog Monaco S.A.M. signed a rent agreement directly with the third party property owner. The
amount of $0.03 million charged in the year ended December 31, 2013 related to reimbursement of
certain expenses paid by Ceres Monaco S.A.M. on behalf of GasLog Monaco S.A.M. During the
year ended December 31, 2014, no expenses were paid by Ceres Monaco S.A.M. on behalf of
GasLog Monaco S.A.M.

Egypt LNG

We have a 25% ownership interest in Egypt LNG, whose principal asset is the LNG carrier

Methane Nile Eagle, which is currently operating under a 20-year time charter with a subsidiary of
BG Group. Through our subsidiary GasLog LNG Services, we supervised the construction of the
Methane Nile Eagle, which was delivered from the shipyard in 2007. Pursuant to a ship management
agreement between GasLog LNG Services and Egypt LNG, the vessel has operated under our
technical management since its delivery. From January 1, 2014 to December 31, 2014, we received a
total of approximately $0.73 million in revenues from Egypt LNG in respect of our vessel
management services.

Insurance Brokerage

We procure insurance for our ships through C Transport Maritime S.A.M., an affiliate of Ceres
Shipping, which has a dedicated insurance function. This relationship is covered by an insurance and
claims handling agreement under which we pay C Transport Maritime S.A.M. $10,000 per owned
ship per annum and $3,000 per managed ship per annum, which we believe is consistent with market
rates.

Shipbuilding Commissions

Pursuant to commission agreements with Samsung, commissions due from the shipyard in

relation to one of our newbuilding orders and the GasLog Saratoga will be paid and for the GasLog
Shanghai, the GasLog Santiago, the GasLog Sydney, the GasLog Skagen, the GasLog Seattle and
the Solaris such commissions were paid by Samsung to DryLog Investments Ltd., an affiliate of
Ceres Shipping. Upon receipt of the commissions, DryLog Investments Ltd. forwards the payments
to our ship-owning subsidiaries, after deducting handling fees for each payment. In the aggregate,
these handling fees will amount to less than $100,000 for the one newbuilding on order, the GasLog
Shanghai, the GasLog Santiago, the GasLog Sydney, the GasLog Skagen, the GasLog Seattle, the
Solaris and the GasLog Saratoga.

94

Other Transactions

For a description of additional related party transactions, see Note 18 to our consolidated

financial statements included elsewhere in this annual report.

Procedures for Review and Approval of Related Party Transactions

Related party transactions, which means transactions in which the Company or one of its

subsidiaries is a participant and any of the Company’s directors, executive officers or significant
shareholders, or any members of their immediate families or entities controlled by them, have a
direct or indirect interest, will be subject to review and approval or ratification by our audit and risk
committee in accordance with the Related Party Transaction Policy adopted by such committee.

C. Interests of Experts and Counsel

Not applicable.

ITEM 8. FINANCIAL INFORMATION

A. Consolidated Statements and Other Financial Information

See “Item 18. Financial Statements” below.

Legal Proceedings

We have not been involved in any legal proceedings that we believe may have a significant
effect on our business, financial position, results of operations or liquidity, and we are not aware of
any proceedings that are pending or threatened that may have a material effect on our business,
financial position, results of operations or liquidity. From time to time, we may be subject to legal
proceedings and claims in the ordinary course of business, principally property damage and personal
injury claims. We expect that these claims would be covered by insurance, subject to customary
deductibles. However, those claims, even if lacking merit, could result in the expenditure of
significant financial and managerial resources.

Dividend Policy

We paid our first cash dividend since becoming a public company in March 2012 on December

17, 2012 in an amount of $0.11 per share. We have subsequently paid dividends to holders of our
common shares of $0.11 per share on March 25, 2013, June 11, 2013 and September 13, 2013, $0.12
per share on December 9, 2013, March 25, 2014, June 11, 2014 and September 8, 2014, and $0.14
per share on December 5, 2014 and March 13, 2015.

As our fleet expands, we will evaluate changes to the quarterly dividend consistent with our

cash flow and liquidity position. Our policy is to pay dividends in amounts that will allow us to
retain sufficient liquidity to fund our obligations as well as execute our business plan going forward.
The declaration and payment of any dividend is subject to the discretion of our board of directors
and the requirements of Bermuda law. In addition, our credit facilities impose limitations on our
ability to pay dividends. Our board of directors will determine the timing and amount of all
dividend payments, based on various factors, including our earnings, financial condition, cash
requirements and availability, restrictions in our credit facilities and the provisions of Bermuda law.
Accordingly, we cannot guarantee that we will be able to pay quarterly dividends. See “Item 3. Key
Information—D. Risk Factors—Risks Related to Our Business” for a discussion of risks related to
our ability to pay dividends.

Set out below is a table showing the dividends declared in 2010, 2011, 2012, 2013 and 2014.

Year ended December 31,

Dividends declared. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$17.25

2010

95

2012

2011
(Expressed in millions of U.S. dollars)
$39.84
$8.50

$28.29

$6.91

2013

2014

Total

$100.79

B. Significant Changes

See “Item 18. Financial Statements—Note 26. Subsequent Events” below.

ITEM 9. THE OFFER AND LISTING

Trading on the New York Stock Exchange

Since our IPO in the United States on March 30, 2012, our common shares have been listed on

the NYSE under the symbol “GLOG”. The following table shows the high and low closing sales
prices for our common shares during the indicated periods.

Price Range

High

Low

Year ended December 31, 2012 (March 30, 2012 to December 31, 2012) . . . . . . . . . . . .
Year ended December 31, 2013. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Year ended December 31, 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
First Quarter 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Second Quarter 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Third Quarter 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fourth Quarter 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
First Quarter 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Second Quarter 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Third Quarter 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fourth Quarter 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
First Quarter 2015 (January 1, 2015 to March 24, 2015) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
October 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
November 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
January 2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
February 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
March 1, 2015 to March 24, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$12.54
17.41
31.89
13.30
13.91
15.17
17.41
24.30
31.89
31.54
21.98
20.53
25.70
21.98
21.62
21.38
20.08
20.53
19.64

$ 8.95
11.93
15.95
12.10
11.93
12.63
14.11
16.24
22.78
22.01
15.95
16.64
22.01
17.03
17.64
15.95
16.64
18.51
18.26

ITEM 10. ADDITIONAL INFORMATION

A. Share Capital

Our authorized share capital consists of 500,000,000 shares, par value $0.01 per share. As of
December 31, 2014, the share capital consisted of 80,493,126 issued and outstanding common shares,
par value $0.01 per share and 500,000 treasury shares.

Pursuant to our bye-laws, subject to any resolution of the shareholders to the contrary, our
board of directors is authorized to issue any of our authorized but unissued common shares. There
are no limitations on the right of non-Bermudians or non-residents of Bermuda to hold or vote our
shares.

B. Memorandum of Association

We are an exempted company incorporated under the laws of Bermuda. We are registered with
the Registrar of Companies in Bermuda under registration number 33928. We were incorporated on
July 16, 2003 under the name Gaslog Ltd. We effected a change of name from “Gaslog Ltd.” to
“GasLog Ltd.” on August 23, 2011 in compliance with the Companies Act. Our registered office is
located at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda.

The objects of our business are unrestricted, and the Company has the capacity of a natural

person. We can therefore undertake activities without restriction on our capacity.

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Common Shares

Holders of our common shares have no pre-emptive, redemption, conversion or sinking fund
rights. Holders of our common shares are entitled to one vote per share on all matters submitted to
a vote of holders of common shares. Unless a different majority is required by law or by our bye-
laws, resolutions to be approved by holders of our common shares require approval by a simple
majority of votes cast at a meeting at which a quorum is present.

In the event of our liquidation, dissolution or winding up, the holders of our common shares are

entitled to share equally and ratably in our assets, if any, remaining after the payment of all of our
debts and liabilities, subject to any liquidation preference on any issued and outstanding preference
shares.

Preference Shares

Pursuant to Bermuda law and our bye-laws, our board of directors by resolution may establish
one or more series of preference shares having such number of shares, designations, dividend rates,
relative voting rights, conversion or exchange rights, redemption rights, liquidation rights and other
relative participation, optional or other special rights, qualifications, limitations or restrictions as may
be fixed by the board without any further shareholder approval.

Dividend Rights

Under Bermuda law, a company may not declare or pay dividends if there are reasonable
grounds for believing that: (i) the company is, or would after the payment be, unable to pay its
liabilities as they become due; or (ii) the realizable value of its assets would thereby be less than its
liabilities. Under our bye-laws, each common share is entitled to dividends if, as and when dividends
are declared by our board of directors.

Any cash dividends payable to holders of our common shares listed on the NYSE will be paid

to American Stock Transfer & Trust Company, LLC, our transfer agent in the United States for
disbursement to those holders.

Variation of Rights

If at any time we have more than one class of shares, the rights attaching to any class, unless
otherwise provided for by the terms of issue of the relevant class, may be varied with the sanction
of a resolution passed by a majority of the issued shares of such class. Our bye-laws specify that the
creation or issue of shares ranking equally with existing shares will not, unless expressly provided by
the terms of issue of existing shares, vary the rights attached to existing shares.

Transfer of Shares

Our board of directors may in its absolute discretion and without assigning any reason refuse to

register the transfer of a share that it is not fully paid. Our board of directors may also refuse to
recognize an instrument of transfer of a share unless it is accompanied by the relevant share
certificate and such other evidence of the transferor’s right to make the transfer as our board of
directors shall reasonably require. In addition, our board of directors may refuse to register the
transfer of a share unless all applicable consents, authorizations and permissions of any governmental
body or agency in Bermuda have been obtained. Subject to these restrictions, a holder of common
shares may transfer the title to all or any of his common shares by completing a form of transfer in
the form set out in our bye-laws (or as near thereto as circumstances admit) or in such other
common form as the board may accept. The instrument of transfer must be signed by the transferor
and transferee, although in the case of a fully paid share our board of directors may accept the
instrument signed only by the transferor.

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Meetings of Shareholders

We are required to convene at least one general meeting of shareholders each calendar year.
Bermuda law provides that a special general meeting of shareholders may be called by the board of
directors of a company and must be called upon the request of shareholders holding not less than
10% of the paid-up capital of the company carrying the right to vote at general meetings. Bermuda
law also requires that shareholders be given at least five days’ advance notice of a general meeting,
but an unintentional failure notice to any person does not invalidate the proceedings at a meeting.
Our bye-laws provide that the Chairman or our board of directors may convene an annual general
meeting or a special general meeting. Under our bye-laws, at least 10 days’ notice of an annual
general meeting or a special general meeting must be given to each shareholder entitled to vote at
such meeting. This notice requirement is subject to the ability to hold such meetings on shorter
notice if such notice is agreed: (i) in the case of an annual general meeting, by all of the
shareholders entitled to attend and vote at such meeting; or (ii) in the case of a special general
meeting, by a majority in number of the shareholders entitled to attend and vote at the meeting
holding not less than 95% in nominal value of the shares entitled to vote at such meeting. The
quorum required for a general meeting of shareholders is one or more persons present in person
throughout the meeting and representing in person or by proxy in excess of 50% of all issued and
outstanding common shares. General meetings can be convened at a location in or outside of
Bermuda. Our bye-laws provide that our board of directors may, but is not required to, make
arrangements permitting shareholders to participate in general meetings by such telephonic,
electronic or other communications facilities or means as permit all persons participating in the
meeting to communicate with each other simultaneously and instantaneously.

Access to Books and Records and Dissemination of Information

Members of the general public have a right to inspect public documents of the Company

available at the office of the Registrar of Companies in Bermuda. These documents include the
Company’s memorandum of association, including its objects and powers, and certain alterations to
the memorandum of association. Our shareholders have the additional right to inspect the bye-laws
of the Company, minutes of general meetings and the Company’s audited financial statements, which
must be presented to the annual general meeting. The Company’s register of members is also open
to inspection by shareholders and by members of the general public without charge. The register of
members is required under Bermuda law to be open for inspection for not less than two hours in
any business day (subject to the ability of a company to close the register of members for not more
than thirty days in a year). The Company is required to maintain its share register in Bermuda but
may, subject to the provisions of the Companies Act, establish a branch register outside of Bermuda.
The Company is required to keep at its registered office a register of directors and officers that is
open for inspection for not less than two hours in any business day by members of the public
without charge. Bermuda law does not, however, provide a general right for shareholders to inspect
or obtain copies of any other corporate records.

Election and Removal of Directors

Our bye-laws provide that our board shall consist of no less than three directors and no more

than fifteen directors, as the board of directors may from time to time determine. Our board of
directors consists of eight directors.

Any shareholder wishing to propose for election as a director someone who is not an existing
director or is not proposed by our board must give notice of the intention to propose the person for
election. Where a director is to be elected at an annual general meeting, that notice must be given
not less than 90 days nor more than 120 days before the anniversary of the last annual general
meeting prior to the giving of the notice or, in the event the annual general meeting is called for a
date that is not 30 days before or after such anniversary, the notice must be given not later than
10 days following the earlier of the date on which notice of the annual general meeting was posted
to shareholders or the date on which public disclosure of the date of the annual general meeting was
made. Where a director is to be elected at a special general meeting that notice must be given not

98

later than 10 days following the earlier of the date on which notice of the special general meeting
was posted to shareholders or the date on which public disclosure of the date of the special general
meeting was made.

A director may be removed by the shareholders, provided notice of the shareholders’ meeting
convened to remove the director is given to the director. The notice must contain a statement of the
intention to remove the director and must be served on the director not less than 14 days before the
meeting. The director is entitled to attend the meeting and be heard on the motion for his or her
removal.

Proceedings of Board of Directors

Our bye-laws provide that our business is to be managed and conducted by our board of

directors. Bermuda law requires that our directors be individuals, but there is no requirement in our
bye-laws or Bermuda law that directors hold any of our shares. There is also no requirement in our
bye-laws or Bermuda law that our directors must retire at a certain age.

The remuneration of our directors is determined by the board of directors, and there is no

requirement that a specified number or percentage of “independent” directors must approve any
such determination. Our directors may also be paid all travel, hotel and other expenses properly
incurred by them in connection with our business or their duties as directors.

Director Conflicts of Interest

Any conflict of interest question involving one or more of the Company’s directors will be

resolved by the audit and risk committee of the board of directors.

In the event that a director has a direct or indirect interest in any contract or arrangement with

the Company, provided that the director discloses such interest as required by Bermuda law, such
director is entitled under our bye-laws to vote in respect of any such contract or arrangement in
which he or she is interested unless he or she is disqualified from voting by the Chairman of our
board of directors. In the event that the Chairman has disclosed a direct or indirect interest in a
contract or arrangement with us, the determination as to whether the Chairman and any other
interested director should be disqualified from voting will be made by a majority of the disinterested
directors.

Bermuda law prohibits any director (including the spouse or children of the director or any
company of which such director, spouse or children own or control more than 20% of the capital or
loan debt) from borrowing from us (except loans made to directors who are bona fide employees or
former employees pursuant to an employees’ share scheme) unless shareholders holding 90% of the
total voting rights have consented to the loan.

Indemnification of Directors and Officers

Section 98 of the Companies Act provides generally that a Bermuda company may indemnify its

directors, officers and auditors against any liability which by virtue of any rule of law would
otherwise be imposed on them in respect of any negligence, default, breach of duty or breach of
trust, except in cases where such liability arises from fraud or dishonesty of which such director,
officer or auditor may be guilty in relation to the company. Section 98 further provides that a
Bermuda company may indemnify its directors, officers and auditors against any liability incurred by
them in defending any proceedings, whether civil or criminal, in which judgment is awarded in their
favor or in which they are acquitted or granted relief by the Supreme Court of Bermuda pursuant to
section 281 of the Companies Act.

We have adopted provisions in our bye-laws that provide that we shall indemnify our officers
and directors in respect of their actions and omissions, except in respect of their fraud or dishonesty.
Our bye-laws provide that the shareholders waive all claims or rights of action that they might have,
individually or in right of the Company, against any of the Company’s directors or officers for any
act or failure to act in the performance of such director’s or officer’s duties, except in respect of any

99

fraud or dishonesty of such director or officer. Section 98A of the Companies Act permits us to
purchase and maintain insurance for the benefit of any officer or director in respect of any loss or
liability attaching to him in respect of any negligence, default, breach of duty or breach of trust,
whether or not we may otherwise indemnify such officer or director. We have purchased and
maintain directors’ and officers’ liability insurance for such purpose. We have also entered into
indemnification agreements with our directors and officers. See “Item 7. Major Shareholders and
Related Party Transactions—B. Related Party Transactions”.

Amendment of Memorandum of Association and Bye-laws

Bermuda law provides that the memorandum of association of a company may be amended by

a resolution passed at a general meeting of shareholders. Our bye-laws provide that no bye-law shall
be rescinded, altered or amended, and no new bye-law shall be made, unless it shall have been
approved by a resolution of our board of directors and by a resolution of our shareholders including
the affirmative votes of at least a majority of all issued and outstanding shares.

Under Bermuda law, the holders of an aggregate of not less than 20% in par value of a

company’s issued share capital or any class thereof have the right to apply to the Supreme Court of
Bermuda for an annulment of any amendment of the memorandum of association adopted by
shareholders at any general meeting, other than an amendment which alters or reduces a company’s
share capital as provided in the Companies Act. Where such an application is made, the amendment
becomes effective only to the extent that it is confirmed by the Bermuda court. An application for
an annulment of an amendment of the memorandum of association must be made within twenty-one
days after the date on which the resolution altering the company’s memorandum of association is
passed and may be made on behalf of persons entitled to make the application by one or more of
their number as they may appoint in writing for the purpose. No application may be made by
shareholders voting in favor of the amendment.

Amalgamations, Mergers and Business Combinations

The amalgamation of a Bermuda company with another company or corporation (other than
certain affiliated companies) requires the amalgamation agreement to be approved by the company’s
board of directors and by its shareholders. Unless the company’s bye-laws provide otherwise, the
approval of 75% of the shareholders voting at such meeting is required to approve the
amalgamation agreement, and the quorum for such meeting must be two persons holding or
representing more than one-third of the issued shares of the company. Our bye-laws provide that a
merger or an amalgamation must only be approved by the affirmative votes of a majority of the
votes attaching to all issued and outstanding shares entitling the shareholder to vote on such
resolutions.

Under Bermuda law, in the event of an amalgamation or merger of a Bermuda company with

another company or corporation, a shareholder of the Bermuda company who did not vote in favor
of the amalgamation or merger and who is not satisfied that fair value has been offered for such
shareholder’s shares may, within one month of notice of the shareholders’ meeting, apply to the
Supreme Court of Bermuda to appraise the fair value of those shares.

Shareholder Suits

Class actions and derivative actions are generally not available to shareholders under Bermuda

law. The Bermuda courts, however, would ordinarily be expected to permit a shareholder to
commence an action in the name of a company to remedy a wrong to the company where the act
complained of is alleged to be beyond the corporate power of the company or illegal, or would
result in the violation of the company’s memorandum of association or bye-laws. Furthermore,
consideration would be given by a Bermuda court to acts that are alleged to constitute a fraud
against the minority shareholders or, for instance, where an act requires the approval of a greater
percentage of the company’s shareholders than that which actually approved it.

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When the affairs of a company are being conducted in a manner that is oppressive or

prejudicial to the interests of some part of the shareholders, one or more shareholders may apply to
the Supreme Court of Bermuda, which may make such order as it sees fit, including an order
regulating the conduct of the company’s affairs in the future or ordering the purchase of the shares
of any shareholders by other shareholders or by the company.

Our bye-laws contain a provision which provides that in the event any dispute arises concerning

the Companies Act or out of our bye-laws, including whether there has been a breach of the
Companies Act or our bye-laws by an officer or director, any such dispute shall be subject to the
exclusive jurisdiction of the Supreme Court of Bermuda. In addition, our bye-laws contain a
provision by virtue of which our shareholders waive any claim or right of action that they have, both
individually and on our behalf, against any director or officer in relation to any action or failure to
take action by such director or officer, except in respect of any fraud or dishonesty of such director
or officer.

Capitalization of Profits and Reserves

Pursuant to our bye-laws, our board of directors may (i) capitalize any part of the amount of

our share premium or other reserve accounts or any amount credited to our profit and loss account
or otherwise available for distribution by applying such sum in paying up unissued shares to be
allotted as fully paid bonus shares pro rata (except in connection with the conversion of shares) to
the shareholders; or (ii) capitalize any sum standing to the credit of a reserve account or sums
otherwise available for dividend or distribution by paying up in full, partly paid or nil paid shares of
those shareholders who would have been entitled to such sums if they were distributed by way of
dividend or distribution.

Calls on Shares and Forfeiture

In the event of any issuance by the Company of shares that are not fully paid, our board of
directors may make such calls as it thinks fit upon the holders of such partly paid shares in respect
of any amounts unpaid on such shares (and not made payable at fixed times by the terms and
conditions of issue). If a call on partly paid shares is not paid on or before the day appointed for
payment thereof, the holder of such shares may at the discretion of our board of directors be liable
to pay the Company interest on the amount of such call and our board of directors may direct the
secretary of the Company to forward such shareholder a notice in writing demanding payment. If
the requirements of such notice are not complied with, any such share may at any time thereafter,
until the payment of all amounts due, be forfeited by a resolution of our board of directors to that
effect, and such share shall thereupon become the property of the Company and may be disposed of
as our board of directors shall determine.

Untraced Shareholders

Our bye-laws provide that our board of directors may forfeit any dividend or other monies

payable in respect of any shares that remain unclaimed for six years from the date when such
monies became due for payment. In addition, we are entitled to cease sending dividend warrants and
checks by post or otherwise to a shareholder if such instruments have been returned undelivered to,
or left uncashed by, such shareholder on at least two consecutive occasions or, following one such
occasion, reasonable enquires have failed to establish the shareholder’s new address. This entitlement
ceases if the shareholder claims a dividend or cashes a dividend check or a warrant.

Certain Provisions of Bermuda Law

We have been designated by the Bermuda Monetary Authority as a non-resident for Bermuda
exchange control purposes. This designation allows us to engage in transactions in currencies other
than the Bermuda dollar, and there are no exchange control restrictions on our ability to transfer
funds (other than funds denominated in Bermuda dollars) in and out of Bermuda or to pay
dividends to U.S. residents who are holders of our common shares.

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The Bermuda Monetary Authority has given its consent for the issue and free transferability of

all our common shares to and between non-residents of Bermuda for exchange control purposes,
provided that our shares remain listed on an appointed stock exchange, which includes the NYSE.
Approvals or permissions given by the Bermuda Monetary Authority do not constitute a guarantee
by the Bermuda Monetary Authority as to our performance or our creditworthiness. Accordingly, in
giving such consent or permissions, the Bermuda Monetary Authority shall not be liable for the
financial soundness, performance or default of our business or for the correctness of any opinions or
statements expressed in this annual report. Certain issues and transfers of common shares involving
persons deemed resident in Bermuda for exchange control purposes require the specific consent of
the Bermuda Monetary Authority.

In accordance with Bermuda law, share certificates are only issued in the names of companies,
partnerships or individuals. In the case of a shareholder acting in a special capacity (for example as
a trustee), certificates may, at the request of the shareholder, record the capacity in which the
shareholder is acting. Notwithstanding such recording of any special capacity, we are not bound to
investigate or see to the execution of any such trust. We will take no notice of any trust applicable
to any of our shares, whether or not we have been notified of such trust.

C. Material Contracts

The following is a summary of each material contract, other than contracts entered into in the

ordinary course of business, to which we or any of our subsidiaries is a party, for the two years
immediately preceding the date of this annual report. Such summaries are not intended to be
complete and reference is made to the contracts themselves, which are exhibits to this annual report.

(a) Registration Rights Agreement among GasLog Ltd. and the shareholders named therein,
dated as of April 4, 2012; please see “Item 7. Major Shareholders and Related Party
Transactions—B. Related Party Transactions—Registration Rights Agreement”.

(b) Facility Agreement dated December 23, 2011, relating to a $435,000,000 loan facility among

GAS-eight Ltd., GAS-nine Ltd. and GAS-ten Ltd. as borrowers, DnB Bank ASA,
Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and
Skandinaviska Enskilda Banken AB (publ) as mandated lead arrangers, the financial
institutions listed in Schedule 1 thereto as lenders, the financial institutions listed in
Schedule 1 thereto as hedging providers and DnB Bank ASA as bookrunner, agent and
security agent; please see “Item 5. Operating and Financial Review and Prospects—B.
Liquidity and Capital Resources—Credit Facilities”.

(c) Master Time Charter Party among GAS-one Ltd., GAS-two Ltd., GAS-three Ltd., GAS-

four Ltd., GAS-five Ltd., GAS-six Ltd. and Methane Services Limited, dated May 9, 2011;
please see “Item 4. Information on the Company—B. Business Overview—Ship Time
Charters”.

(d) Appendix to the Private Agreement of Professional Hiring (English translation), dated

December 1, 2010 and October 1, 2011, between Nea Dimitra Ktimatikh Kai Emporikh S.A.
and GasLog LNG Services Ltd.; please see “Item 7. Major Shareholders and Related Party
Transactions—B. Related Party Transactions—Office Space and Related Arrangements”.

(e) Form of Indemnification Agreement for the Company’s directors and certain officers; please

see “Item 7. Major Shareholders and Related Party Transactions—B. Related Party
Transactions—Indemnification Agreements”.

(f) Restrictive Covenant Agreement among GasLog Ltd., Peter G. Livanos and Blenheim

Holdings Ltd., dated April 4, 2012; please see “Item 7. Major Shareholders and Related
Party Transactions—B. Related Party Transactions—Restrictive Covenant Agreement”.

(g) Form of Subscription Agreement; please see “Item 7. Major Shareholders and Related Party

Transactions—B. Related Party Transactions—Subscription Agreement”.

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(h) GasLog Ltd. 2013 Omnibus Incentive Compensation Plan; please see “Item 6. Directors,

Senior Management and Employees—B. Compensation of Directors and Senior
Management—Equity Compensation Plans”.

(i) Facility Agreement for up to $450,000,0000 Loan Facility dated November 12, 2014 among
GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd. and GAS-seventeen Ltd.
as borrowers, Citibank, N.A., London Branch, Nordea Bank Finland Plc, London Branch,
DVB Bank America N.V., ABN Amro Bank N.V., Skandinaviska Enskilda Banken AB
(Publ) and BNP Paribas, as mandated lead arrangers, the financial institutions listed in
Schedule 1 thereto as lenders, Citibank, N.A., London Branch as bookrunner and security
agent, and Citibank International Limited as agent and security trustee; please see “Item 5.
Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Credit
Facilities”.

(j) Deed between GasLog Partners LP and Citibank, N.A., London Branch, dated November
12, 2014; please see “Item 5. Operating and Financial Review and Prospects—B. Liquidity
and Capital Resources—Credit Facilities”.

D. Exchange Controls and Other Limitations Affecting Security Holders

Under Bermuda law, there are currently no restrictions on the export or import of capital,
including foreign exchange controls or restrictions that affect the remittance of dividends, interest or
other payments to non-resident holders of our common shares.

We have been designated by the Bermuda Monetary Authority as a non-resident for Bermuda
exchange control purposes. This designation allows us to engage in transactions in currencies other
than the Bermuda dollar, and there are no exchange control restrictions on our ability to transfer
funds (other than funds denominated in Bermuda dollars) in and out of Bermuda or to pay
dividends to U.S. residents who are holders of our common shares.

Under Bermuda law, “exempted” companies are companies formed for the purpose of
conducting business outside Bermuda from a principal place of business in Bermuda. As an
exempted company, we may not, without a license or consent granted by the Minister of Finance,
participate in certain business transactions, including transactions involving Bermuda landholding
rights and the carrying on of business of any kind, for which we are not licensed in Bermuda.

E. Tax Considerations

Bermuda Tax Considerations

The following discussion summarizes the material Bermuda tax consequences to us of our
activities and, subject to the limitations described above, to you as a holder of our common shares.
At the present time, there is no Bermuda income or profits tax, withholding tax, capital gains tax,
capital transfer tax, estate duty or inheritance tax payable by us or by our shareholders in respect of
our shares. We have obtained an assurance from the Minister of Finance of Bermuda under the
Exempted Undertakings Tax Protection Act 1966 of Bermuda, as amended, that, in the event that
any legislation is enacted in Bermuda imposing any tax computed on profits or income, or computed
on any capital asset, gain or appreciation or any tax in the nature of estate duty or inheritance tax,
such tax shall not, until March 31, 2035, be applicable to us or to any of our operations or to our
shares, debentures or other obligations except insofar as such tax applies to persons ordinarily
resident in Bermuda or is payable by us in respect of real property owned or leased by us in
Bermuda. Given the limited duration of the Bermuda Minister of Finance’s assurance, we cannot
assure you that we will not be subject to any Bermuda tax after March 31, 2035.

United States Federal Income Tax Considerations

The following discussion summarizes the material U.S. Federal income tax consequences to us
of our activities and, subject to the limitations described above, to you as a holder of our common
shares.

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The following discussion of U.S. Federal income tax matters is based on the Code, judicial
decisions, administrative pronouncements, and existing and proposed regulations issued by the U.S.
Department of the Treasury, all of which are subject to change, possibly with retroactive effect. This
discussion does not address any U.S. state or local taxes. You are encouraged to consult your own
tax advisor regarding the particular U.S. Federal, state and local and foreign income and other tax
consequences of acquiring, owning and disposing of our common shares that may be applicable to
you.

U.S. Taxation of Our Operating Income

Our subsidiaries have elected (or are in the process of electing) to be treated as disregarded
entities for U.S. Federal income tax purposes. As a result, for purposes of the discussion below, our
subsidiaries are treated as branches rather than as separate corporations.

U.S. Taxation of Shipping Income

Subject to the discussion of “effectively connected” income below, unless we are exempt from

U.S. Federal income tax under the rules contained in Section 883 of the Code, we will be subject to
U.S. Federal income tax under the rules of Section 887 of the Code, which would impose on us a
4% U.S. income tax in respect of our U.S. source gross transportation income (without the
allowance for deductions).

For this purpose, U.S. source gross transportation income includes 50% of the shipping income
that is attributable to transportation that begins or ends (but that does not both begin and end) in
the United States. Shipping income attributable to transportation exclusively between non-U.S. ports
is generally not subject to any U.S. income tax.

For this purpose, “shipping income” means income that is derived from:

(i) the use of ships;

(ii) the hiring or leasing of ships for use on a time, operating or bareboat charter basis;

(iii) the participation in a pool, partnership, strategic alliance, joint operating agreement or

other joint venture we directly or indirectly own or participate in that generates such
income; or

(iv) the performance of services directly related to those uses.

Under Section 883 of the Code and the regulations thereunder, we will be exempt from U.S.

Federal income tax on our U.S. source gross transportation income if:

(i) we are organized in a foreign country (the “country of organization”) that grants an

“equivalent exemption” to corporations organized in the United States; and

(ii) either

(a) more than 50% of the value of our shares is owned, directly or indirectly, by

individuals who are “residents” of our country of organization or of another foreign
country that grants an equivalent exemption to corporations organized in the United
States (the “50% Ownership Test”), or

(b) our common shares are “primarily and regularly traded on an established securities

market” in our country of organization, in another country that grants an equivalent
exemption to U.S. corporations, or in the United States (the “Publicly-Traded Test”).

Bermuda, the jurisdiction in which we are incorporated, grants an equivalent exemption to U.S.

corporations. Therefore, we will be eligible for the exemption under Section 883 of the Code if we
satisfy either the 50% Ownership Test or the Publicly-Traded Test. Although we have satisfied the
50% Ownership Test in the past, it may be difficult or impossible for us to establish that we satisfy
the 50% Ownership Test because our common shares will be traded on the NYSE and will be
widely held.

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As to the Publicly-Traded Test, the regulations under Section 883 of the Code provide, in
pertinent part, that stock of a foreign corporation will be considered to be “primarily traded” on an
established securities market in a country if the number of shares of each class of stock that is
traded during any taxable year on all established securities markets in that country exceeds the
number of shares in each such class that is traded during that year on established securities markets
in any other single country. We believe that our common shares, which are, and will continue to be,
the sole class of our issued and outstanding stock, is, and will continue to be, “primarily traded” on
NYSE, which is an established securities market for these purposes.

The Publicly-Traded Test also requires our common shares to be “regularly traded” on an
established securities market. Since our common shares, listed on the NYSE, are our only class of
outstanding stock, this test will be satisfied if (i) our common shares are traded on the market, other
than in minimal quantities, on at least 60 days during the taxable year (or 1/6 of the days in a short
taxable year); and (ii) the aggregate number of shares of our common shares traded on such market
during the taxable year is at least 10% of the average number of shares of our common shares
outstanding during such year (as appropriately adjusted in the case of a short taxable year). We
believe we satisfy, and will continue to satisfy, the trading frequency and trading volume tests.
However, even if we do not satisfy both tests, these tests are deemed satisfied if our common shares
are traded on an established securities market in the United States and are regularly quoted by
dealers making a market in such shares. We believe this is and will continue to be the case.

Notwithstanding the foregoing, we will satisfy the Publicly-Traded Test only if we can establish
that among the group of persons who each own, either actually or constructively under certain stock
attribution rules, 5% or more of our common shares, or “5% Shareholders”, there are sufficient
“qualified shareholders” to demonstrate that non-qualified 5% Shareholders cannot own 50% or
more of our common shares for more than half the number of days during the taxable year. In
order to satisfy this requirement, a sufficient number of 5% Shareholders must verify that they are
qualified shareholders by providing certain information to us, including information about their
countries of residence for tax purposes and their actual and/or constructive ownership of our
common shares. We do not currently satisfy the foregoing requirements of the Publicly Traded Test.

We are currently not entitled to this exemption under Section 883 for any taxable year. As a

result, we are subject to the 4% U.S. Federal income tax under Section 887 on our U.S. source
gross transportation income (subject to the discussion of “effectively connected income” below). In
2014, we did not have any U.S. source gross transportation income, and we do not currently expect
to incur any material U.S. federal income tax liability on our income.

Because we are unable to qualify for the exemption under Section 883, our U.S. source gross

transportation income in future years that is considered to be “effectively connected” with the
conduct of a U.S. trade or business is subject to the U.S. corporate income tax currently imposed at
rates of up to 35% (net of applicable deductions). In addition, we may be subject to the 30% U.S.
“branch profits” tax on earnings effectively connected with the conduct of such trade or business, as
determined after allowance for certain adjustments, and on certain interest paid or deemed paid
attributable to the conduct of our U.S. trade or business.

Our U.S. source gross transportation income would be considered effectively connected with the

conduct of a U.S. trade or business only if:

(i) we had, or were considered to have, a fixed place of business in the United States involved

in the earning of U.S. source gross transportation income; and

(ii) substantially all of our U.S. source gross transportation income was attributable to regularly
scheduled transportation, such as the operation of a ship that followed a published schedule
with repeated sailings at regular intervals between the same points for voyages that begin or
end in the United States.

We believe that we will not meet these conditions because we will not have, or permit

circumstances that would result in having, such a fixed place of business in the United States or any
ship sailing to or from the United States on a regularly scheduled basis.

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In addition, income attributable to transportation that both begins and ends in the United States

is not subject to the tax rules described above. Such income is subject to either a 30% gross-basis
tax or to U.S. corporate income tax on net income at rates of up to 35% (and the branch profits tax
discussed above). Although there can be no assurance, we do not expect to engage in transportation
that produces shipping income of this type.

Taxation of Gain on Sale of Shipping Assets

Regardless of whether we qualify for the exemption under Section 883 of the Code, we will not

be subject to U.S. income taxation with respect to gain realized on a sale of a ship, provided the
sale is considered to occur outside of the United States (as determined under U.S. tax principles). In
general, a sale of a ship will be considered to occur outside of the United States for this purpose if
title to the ship (and risk of loss with respect to the ship) passes to the buyer outside of the United
States. We expect that any sale of a ship will be so structured that it will be considered to occur
outside of the United States.

Taxation of United States Holders

You are a “U.S. holder” if you are a beneficial owner of our common shares and you are a U.S.

citizen or resident, a U.S. corporation (or other U.S. entity taxable as a corporation), an estate the
income of which is subject to U.S. Federal income taxation regardless of its source, or a trust if a
court within the United States is able to exercise primary jurisdiction over the administration of the
trust and one or more U.S. persons have the authority to control all substantial decisions of the trust.

If a partnership holds our common shares, the tax treatment of a partner will generally depend

upon the status of the partner and upon the activities of the partnership. If you are a partner in a
partnership holding our common shares, you should consult your tax advisor.

Distributions on Our Common Shares

Subject to the discussion of “passive foreign investment companies”, or “PFICs”, below, any
distributions with respect to our common shares that you receive from us generally will constitute
dividends to the extent of our current or accumulated earnings and profits (as determined under
U.S. tax principles). Distributions in excess of our earnings and profits will be treated first as a
nontaxable return of capital to the extent of your tax basis in our common shares (on a dollar-for-
dollar basis) and thereafter as capital gain.

Because we are not a U.S. corporation, if you are a U.S. corporation (or a U.S. entity taxable
as a corporation), you will not be entitled to claim a dividends-received deduction with respect to
any distributions you receive from us.

Dividends paid with respect to our common shares will generally be treated as “passive category
income” for purposes of computing allowable foreign tax credits for U.S. foreign tax credit purposes.

If you are an individual, trust or estate, dividends you receive from us should be treated as
“qualified dividend income” taxed at a maximum preferential rate of 15% or 20%, depending on the
income level of the individual, provided that:

(i) our common shares are readily tradable on an established securities market in the United

States (such as the NYSE);

(ii) we are not a PFIC for the taxable year during which the dividend is paid or the

immediately preceding taxable year (see the discussion below under “—PFIC Status and
Significant Tax Consequences”);

(iii) you own our common shares for more than 60 days in the 121-day period beginning

60 days before the date on which the common shares become ex-dividend;

(iv) you are not under an obligation to make related payments with respect to positions in

substantially similar or related property; and

(v) certain other conditions are met.

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Special rules may apply to any “extraordinary dividend”. Generally, an extraordinary dividend is

a dividend in an amount that is equal to (or in excess of) 10% of your adjusted tax basis (or fair
market value in certain circumstances) in a share of our common shares. If we pay an extraordinary
dividend on our common shares that is treated as qualified dividend income and if you are an
individual, estate or trust, then any loss derived by you from a subsequent sale or exchange of such
common shares will be treated as long-term capital loss to the extent of such dividend.

There is no assurance that dividends you receive from us will be eligible for the preferential tax
rates applicable to qualified dividend income. Dividends you receive from us that are not eligible for
the preferential tax rates will be taxed at ordinary income rates.

In addition, even if we are not a PFIC, under proposed legislation, dividends of a corporation
incorporated in a country without a “comprehensive income tax system” paid to U.S. holders who
are individuals, estates or trusts would not be eligible for the 15% or 20% maximum tax rate.
Although the term “comprehensive income tax system” is not defined in the proposed legislation, we
believe this rule would apply to us because we are incorporated in Bermuda. As of the date hereof,
it is not possible to predict with certainty whether or in what form this proposed legislation will be
enacted.

Sale, Exchange or Other Disposition of Common Shares

Provided that we are not a PFIC for any taxable year, you generally will recognize taxable gain
or loss upon a sale, exchange or other disposition of our common shares in an amount equal to the
difference between the amount realized by you from such sale, exchange or other disposition and
your tax basis in such shares. Such gain or loss will be treated as long-term capital gain or loss if
your holding period is greater than one year at the time of the sale, exchange or other disposition.
Such capital gain or loss will generally be treated as U.S. source income or loss, as applicable, for
U.S. foreign tax credit purposes. Your ability to deduct capital losses against ordinary income is
subject to limitations.

Unearned Income Medicare Contribution Tax

Each U.S. holder who is an individual, estate or trust is generally subject to a 3.8% Medicare
tax on the lesser of (i) such U.S. holder’s “net investment income” for the relevant taxable year, and
(ii) the excess of such U.S. holder’s modified adjusted gross income for the taxable year over a
certain threshold (which in the case of individuals will be between $125,000 and $250,000, depending
on the individual’s circumstances). For this purpose, net investment income generally includes
dividends on and capital gains from the sale, exchange or other disposition of our common shares,
subject to certain exceptions. You are encouraged to consult your own tax advisor regarding the
applicability of the Medicare tax to your income and gains from your ownership of our common
shares.

PFIC Status and Significant Tax Consequences

In General

Special U.S. income tax rules apply to you if you hold shares in a non-U.S. corporation that is
classified as a PFIC for U.S. income tax purposes. In general, under Section 1297 of the Code, we
will be treated as a PFIC in any taxable year in which, after applying certain look-through rules,
either:

(i) at least 75% of our gross income for such taxable year consists of “passive income”

(e.g., dividends, interest, capital gains and rents derived other than in the active conduct of
a rental business); or

(ii) at least 50% of the average value of our assets during such taxable year consists of “passive

assets” (i.e., assets that produce, or are held for the production of, passive income).

Income we earn, or are deemed to earn, in connection with the performance of services will not
constitute passive income. By contrast, rental income will generally constitute passive income (unless

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we are treated under certain special rules as deriving our rental income in the active conduct of a
trade or business).

There are legal uncertainties involved in determining whether the income derived from time
chartering activities constitutes rental income or income derived from the performance of services. In
Tidewater Inc. v. United States, 565 F.2d 299 (5th Cir. 2009), the Fifth Circuit held that income
derived from certain time chartering activities should be treated as rental income rather than
services income for purposes of a provision of the Code relating to foreign sales corporations. In
recently published guidance, however, the IRS stated that it disagreed with the holding in Tidewater,
and specified that time charters should be treated as service contracts. Since we have chartered all
our ships to unrelated charterers on the basis of time charters and since we expect to continue to do
so, we believe that we are not a PFIC. We have received an opinion from our counsel, Cravath,
Swaine & Moore LLP, that (i) the income we receive from time chartering activities and assets
engaged in generating such income should not be treated as passive income or assets, respectively,
and (ii) for the taxable year during which our initial public offering occurred and each taxable year
thereafter, we should not be a PFIC. This opinion is based and its accuracy is conditioned on
representations, valuations and projections provided by us regarding the nature of our assets, income
and charters to our counsel. While we believe these representations, valuations and projections to be
accurate, the shipping market is volatile and no assurance can be given that they will continue to be
accurate. Moreover, we have not sought, and we do not expect to seek, an IRS ruling on this
matter. As a result, the IRS or a court could disagree with our position. No assurance can be given
that this result will not occur. In addition, although we intend to conduct our affairs in a manner to
avoid, to the extent possible, being classified as a PFIC with respect to any taxable year, we cannot
assure you that the nature of our operations will not change in the future, or that we can avoid
PFIC status in the future.

If we were to be treated as a PFIC for any taxable year, you generally would be subject to one
of three different U.S. Federal income tax regimes, as discussed below, depending on whether or not
you make certain elections. Additionally, for each year during which you own our common shares,
we are a PFIC and the total value of all PFIC stock that you directly or indirectly own exceeds
certain thresholds, you will be required to file IRS Form 8621 with your U.S. Federal income tax
return to report your ownership of our common shares.

Taxation of U.S. Holders That Make a Timely QEF Election

If we were a PFIC and if you make a timely election to treat us as a “Qualifying Electing
Fund” for U.S. tax purposes (a “QEF Election”), you would be required to report each year your
pro rata share of our ordinary earnings and our net capital gain for our taxable year that ends with
or within your taxable year, regardless of whether we make any distributions to you. Such income
inclusions would not be eligible for the preferential tax rates applicable to qualified dividend income
(as discussed above under “Taxation of United States Holders—Distributions on Our Common
Shares”). Your adjusted tax basis in our common shares would be increased to reflect such taxed
but undistributed earnings and profits. Distributions of earnings and profits that had previously been
taxed would result in a corresponding reduction in your adjusted tax basis in our common shares
and would not be taxed again once distributed. You generally would recognize capital gain or loss
on the sale, exchange or other disposition of our common shares. Even if you make a QEF Election
for one of our taxable years, if we were a PFIC for a prior taxable year during which you held our
common shares and for which you did not make a timely QEF Election, you would also be subject
to a more adverse regime described below under “—Taxation of U.S. Holders That Make No
Election”.

You would make a QEF Election by completing and filing IRS Form 8621 with your U.S.
income tax return for the year for which the election is made in accordance with the relevant
instructions. If we were to become aware that we were to be treated as a PFIC for any taxable year,
we would notify all U.S. holders of such treatment and would provide all necessary information to
any U.S. holder who requests such information in order to make the QEF Election described above
with respect to us.

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Taxation of U.S. Holders That Make a Timely “Mark-to-Market” Election

Alternatively, if we were to be treated as a PFIC for any taxable year and, as we believe, our

common shares are treated as “marketable stock”, you would be allowed to make a “mark-to-
market” election with respect to our common shares, provided you complete and file IRS Form 8621
with your U.S. income tax return for the year for which the election is made in accordance with the
relevant instructions. If that election is made, you generally would include as ordinary income in
each taxable year the excess, if any, of the fair market value of our common shares at the end of
the taxable year over your adjusted tax basis in our common shares. You also would be permitted
an ordinary loss in respect of the excess, if any, of your adjusted tax basis in our common shares
over its fair market value at the end of the taxable year (but only to the extent of the net amount
previously included in income as a result of the mark-to-market election). Your tax basis in our
common shares would be adjusted to reflect any such income or loss amount. Gain realized on the
sale, exchange or other disposition of our common shares would be treated as ordinary income, and
any loss realized on the sale, exchange or other disposition of the common shares would be treated
as ordinary loss to the extent that such loss does not exceed the net mark-to-market gains previously
included by you.

Taxation of U.S. Holders That Make No Election

Finally, if we were treated as a PFIC for any taxable year and if you did not make either a
QEF Election or a mark-to-market election for that year, you would be subject to special rules with
respect to (i) any excess distribution (that is, the portion of any distributions received by you on our
common shares in a taxable year in excess of 125% of the average annual distributions received by
you in the three preceding taxable years, or, if shorter, your holding period for our common shares)
and (ii) any gain realized on the sale, exchange or other disposition of our common shares. Under
these special rules:

(i) the excess distribution or gain would be allocated ratably over your aggregate holding

period for our common shares;

(ii) the amount allocated to the current taxable year would be taxed as ordinary income; and

(iii) the amount allocated to each of the other taxable years would be subject to tax at the

highest rate of tax in effect for the applicable class of taxpayer for that year, and an
interest charge for the deemed deferral benefit would be imposed with respect to the
resulting tax attributable to each such other taxable year.

United States Federal Income Taxation of Non-U.S. Holders

You are a “non-U.S. holder” if you are a beneficial owner of our common shares (other than a

partnership for U.S. tax purposes) and you are not a U.S. holder.

Distributions on Our Common Shares

You generally will not be subject to U.S. income or withholding taxes on a distribution received

from us with respect to our common shares, unless the income arising from such distribution is
effectively connected with your conduct of a trade or business in the United States. If you are
entitled to the benefits of an applicable income tax treaty with respect to that income, that income
generally is taxable in the United States only if it is attributable to a permanent establishment
maintained by you in the United States.

Sale, Exchange or Other Disposition of Our Common Shares

You generally will not be subject to U.S. income tax or withholding tax on any gain realized

upon the sale, exchange or other disposition of our common shares, unless:

(i) the gain is effectively connected with your conduct of a trade or business in the United

States. If you are entitled to the benefits of an applicable income tax treaty with respect to

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that gain, that gain generally is taxable in the United States only if it is attributable to a
permanent establishment maintained by you in the United States; or

(ii) you are an individual who is present in the United States for 183 days or more during the

taxable year of disposition and certain other conditions are met.

Gain that is effectively connected with the conduct of a trade or business in the United States

(or so treated) generally will be subject to U.S. Federal income tax (net of certain deductions) at
regular U.S. Federal income tax rates. If you are a corporate non-U.S. holder, your earnings and
profits that are attributable to the effectively connected income (subject to certain adjustments) may
be subject to an additional U.S. branch profits tax at a rate of 30% (or such lower rate as may be
specified by an applicable tax treaty).

United States Backup Withholding and Information Reporting

In General

In general, if you are a non-corporate U.S. holder, dividend payments (or other taxable
distributions) made within the United States will be subject to information reporting requirements
and backup withholding tax if you:

(i) fail to provide us with an accurate taxpayer identification number;

(ii) are notified by the IRS that you have failed to report all interest or dividends required to

be shown on your Federal income tax returns; or

(iii) in certain circumstances, fail to comply with applicable certification requirements.

If you are a non-U.S. holder, you may be required to establish your exemption from
information reporting and backup withholding by certifying your status on IRS Form W-8BEN,
W-8BEN-E, W-8ECI or W-8IMY, as applicable.

If you sell our common shares to or through a U.S. office or broker, the payment of the sales

proceeds is subject to both U.S. backup withholding and information reporting unless you certify
that you are a non-U.S. person, under penalties of perjury, or you otherwise establish an exemption.
If you sell our common shares through a non-U.S. office of a non-U.S. broker and the sales
proceeds are paid to you outside the United States, then information reporting and backup
withholding generally will not apply to that payment.

However, U.S. information reporting requirements (but not backup withholding) will apply to a

payment of sales proceeds, even if that payment is made outside the United States, if you sell our
common shares through a non-U.S. office of a broker that is a U.S. person or has certain other
connections with the United States.

Backup withholding tax is not an additional tax. Rather, you generally may obtain a refund of

any amounts withheld under backup withholding rules that exceed your income tax liability by
accurately completing and timely filing a refund claim with the IRS.

Tax Return Disclosure

U.S. individuals that hold certain specified foreign financial assets (which include shares in a

foreign corporation) are subject to U.S. return disclosure obligations (and related penalties for
failure to disclose). Such U.S. individuals are required to file IRS Form 8938 with their U.S. Federal
income tax returns. You are encouraged to consult your own tax advisors concerning the filing of
IRS Form 8938.

F. Dividends and Paying Agents

Not applicable.

G. Statement by Experts

Not applicable.

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H. Documents on Display

We are subject to the informational requirements of the Exchange Act. In accordance with
these requirements, we file reports and other information as a foreign private issuer with the SEC.
You may inspect and copy our public filings without charge at the public reference facilities
maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330 for further information about the public reference room. You may obtain copies of
all or any part of such materials from the SEC upon payment of prescribed fees. You may also
inspect reports and other information regarding companies, such as us, that file electronically with
the SEC without charge at a web site maintained by the SEC at http://www.sec.gov.

I. Subsidiary Information

Not applicable.

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to various market risks, including interest rate and foreign currency exchange

risks. The Group makes use of derivative financial instruments such as interest rate swaps to
maintain the desired level of exposure arising from these risks.

A discussion of our accounting policies for derivative financial instruments is included in Note 2

to our audited consolidated financial statements included elsewhere in this report. Further
information on our exposure to market risk is included in Note 21 to our audited consolidated
financial statements included elsewhere in this report.

The following analyses provide quantitative information regarding our exposure to market risks.

Interest Rate Risk

We are subject to market risks relating to changes in interest rates because we, through our
subsidiaries, have floating rate debt outstanding. Significant increases in interest rates could adversely
affect our operating margins, results of operations and our ability to service our debt. From time to
time, we have used interest rate swaps to reduce our exposure to market risk from changes in
interest rates. The principal objective of these contracts is to minimize the risks and costs associated
with our floating rate debt and is not for speculative or trading purposes. We expect to continue to
use interest rate swaps in the future as we deem appropriate to manage our exposure to interest rate
risk.

The aggregate principal amount of our outstanding floating rate debt as of December 31, 2014

was $1.79 billion. As an indication of the extent of our sensitivity to interest rate changes, an
increase in LIBOR by 10 basis points would have decreased our profit during the years ended
December 31, 2014 and 2013 by approximately 1.34% or $0.68 million and 0.39% or $0.22 million,
respectively, based upon our debt level during such years.

We expect our exposure to interest rate changes to increase in the future as a result of an
increase in our borrowings under our current and future loan agreements. Borrowings under these
floating rate debt facilities will be used to finance a portion of the contract prices of our
newbuildings on order.

Interest Rate Swaps

The principal terms of the interest rate swaps are disclosed in Note 23 to our consolidated
financial statements included elsewhere in this annual report. As of December 31, 2014 and 2013,
the notional amount of the swaps designated as cash flow hedging instruments was $476.15 million
and $307.43 million, respectively, and the notional amount of the swaps held for trading was $491.43
million and $630.19 million, respectively.

Under these swap transactions, the bank counterparty effects quarterly floating-rate payments to

the Company for the relevant amount based on the three-month U.S. dollar LIBOR, and the

111

Company effects quarterly payments to the bank on the relevant amount at the respective fixed
rates.

Foreign Currency Exchange Risk

We generate all of our revenue in U.S. dollars, and the majority of our expenses, including debt

repayment obligations under our credit facilities and a portion of our administrative expenses, are
denominated in U.S. dollars. However, a portion of the ship operating expenses, primarily crew
wages, and a large portion of our administrative expenses, are denominated in euros. As of
December 31, 2014 and 2013, approximately $13.55 million and $12.99 million, respectively, of our
outstanding liabilities were denominated in euros.

Depreciation in the value of the U.S. dollar relative to the euro will increase the U.S. dollar

cost of us paying expenses denominated in euros. Accordingly, there is a risk that currency
fluctuations will have a negative effect on our cash flows. As an indication of the extent of our
sensitivity to changes in exchange rate, a 10% increase in the average euro/dollar exchange rate
would have decreased our profit and cash flows during the years ended December 31, 2014 and 2013
by approximately $6.89 million and $4.12 million, respectively, based upon our expenses during such
years. We do not currently hedge movements in currency exchange rates, but our management
monitors exchange rate fluctuations on a continuous basis. We may seek to hedge this currency
fluctuation risk in the future. We expect our exposure to movements in currency exchange rates to
increase in the future as our fleet increases.

Inflation and Cost Increases

We do not expect inflation to have a significant impact on us in the current economic
environment and foreseeable future, other than potentially in relation to crew costs. LNG
transportation is a specialized area and the number of LNG carriers has increased rapidly in recent
years. As a result, there has been an increased demand for qualified crews, which has and will
continue to put inflationary pressure on crew costs. The impact of cost increases would be mitigated
to some extent by certain provisions in our time charters, including review provisions and cost pass-
through provisions.

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

Not applicable.

112

PART II

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

There has been no material default in the payment of principal, interest, sinking or purchase
fund installments or any other material default relating to the Group’s debt. There have been no
arrears in payment of dividends on, or material delinquency with respect to, any class of preference
shares of the Group.

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND
USE OF PROCEEDS

None.

ITEM 15. CONTROLS AND PROCEDURES

A. Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial

Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and
procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of December
31, 2014. Based on our evaluation, the Chief Executive Officer and the Chief Financial Officer have
concluded that our disclosure controls and procedures were effective as of December 31, 2014.

B. Management’s Annual Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal controls over
financial reporting, as such term is defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act and
for the assessment of the effectiveness of internal control over financial reporting. Our internal
controls over financial reporting are designed under the supervision of our Chief Executive Officer
and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with
International Financial Reporting Standards.

Our internal control over financial reporting includes those policies and procedures that:
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of our financial statements in accordance with IFRS,
and that our receipts and expenditures are being made in accordance with authorizations of our
management and directors; and (iii) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of our assets that could have a material
effect on the financial statements.

Because of the inherent limitations of internal controls over financial reporting, misstatements

may not be prevented or detected on a timely basis. Also, projections of any evaluation of the
effectiveness of the internal control over financial reporting to future periods are subject to the risk
that the controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

Our management conducted an evaluation of the effectiveness of our internal control over

financial reporting using criteria issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO) in the Internal Control-Integrated Framework (2013 framework).
Based on the evaluation, our management concluded that our internal control over financial
reporting was effective as of December 31, 2014.

The Company’s independent registered public accounting firm has issued an attestation report

on the Company’s internal control over financial reporting.

C. Attestation Report of the Registered Public Accounting Firm

The effectiveness of the Company’s internal control over financial reporting as of December 31,
2014 has been audited by Deloitte LLP, an independent registered public accounting firm, as stated
in their report which appears below.

113

To the Board of Directors and Shareholders of GasLog Ltd.

Hamilton, Bermuda

We have audited the internal control over financial reporting of GasLog Ltd. and its subsidiaries
(the “Group”) as of December 31, 2014, based on the criteria established in Internal Control—
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission. The Group’s management is responsible for maintaining effective internal control over
financial reporting and for its assessment of the effectiveness of internal control over financial
reporting, included in the accompanying Management’s Annual Report on Internal Control Over
Financial Reporting. Our responsibility is to express an opinion on the Group’s internal control over
financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an understanding of internal
control over financial reporting, assessing the risk that a material weakness exists, testing and
evaluating the design and operating effectiveness of internal control based on the assessed risk, and
performing such other procedures as we considered necessary in the circumstances. We believe that
our audit and the report of the other auditors provide a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed by, or under the
supervision of, the company’s principal executive and principal financial officers, or persons
performing similar functions, and effected by the company’s board of directors, management, and
other personnel to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles. A company’s internal control over financial reporting includes those policies
and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a
material effect on the financial statements.

Because of the inherent limitations of internal control over financial reporting, including the
possibility of collusion or improper management override of controls, material misstatements due to
error or fraud may not be prevented or detected on a timely basis. Also, projections of any
evaluation of the effectiveness of the internal control over financial reporting to future periods are
subject to the risk that the controls may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the Group maintained, in all material respects, effective internal control over
financial reporting as of December 31, 2014, based on the criteria established in Internal Control—
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission.

We have also audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States) the consolidated financial statements as of and for the year ended
December 31, 2014 of the Group and our report dated March 25, 2015 expressed an unqualified
opinion on those financial statements.

/s/ Deloitte LLP

London, United Kingdom

March 25, 2015

114

D. Changes in Internal Control over Financial Reporting

During the period covered by this annual report, we have made no changes to our internal
control over financial reporting that have materially affected or are reasonably likely to materially
affect our internal control over financial reporting.

ITEM 16. [RESERVED]

ITEM 16.A. AUDIT COMMITTEE FINANCIAL EXPERT

Paul J. Collins and Donald J. Kintzer, whose biographical details are included in “Item 6.

Directors, Senior Management and Employees—A. Directors and Senior Management”, each
qualifies as an “audit committee financial expert”. Our board of directors has affirmatively
determined that Mr. Collins and Mr. Kintzer meet the definition of “independent director” for
purposes of serving on an audit committee under applicable SEC and NYSE rules.

ITEM 16.B. CODE OF ETHICS

We have adopted a Code of Business Conduct and Ethics for all directors, officers, employees

and agents of the Company, a copy of which is posted on our website and may be viewed at
http://www.gaslogltd.com. The information contained on or connected to our website is not a part of
this annual report. We will also provide a paper copy of this document upon the written request of
a shareholders at no cost. Shareholders may direct their requests to the attention of our General
Counsel, c/o GasLog Monaco S.A.M., Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco.
No waivers of the Code of Business Conduct and Ethics have been granted to any person during the
fiscal year ended December 31, 2014.

ITEM 16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Deloitte Hadjipavlou, Sofianos & Cambanis S.A., an independent registered public accounting

firm, has audited our annual financial statements acting as our independent auditor for the fiscal
year ended December 31, 2013. Deloitte LLP, an independent registered public accounting firm, has
audited our annual financial statements acting as our independent auditor for the fiscal year ended
December 31, 2014.

The chart below sets forth the total amount billed and accrued for Deloitte Hadjipavlou,
Sofianos & Cambanis S.A. and Deloitte LLP for services performed in 2013 and 2014 and breaks
down these amounts by the category of service. The fees paid to our principal accountant were
approved in accordance with the pre-approval policies and procedures described below.

Audit fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Audit-related fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$0.87
0.01
0.04

$0.92

$1.86
—
—

$1.86

2014
2013
(Expressed in millions
of U.S. Dollars)

Audit Fees

Audit fees represent compensation for professional services rendered for the audit of the
consolidated financial statements of the Company and the audit of the financial statements for its
individual subsidiary companies, fees for the review of the quarterly financial information, as well as
in connection with the review of registration statements and related consents and comfort letters,
and any other services required for SEC or other regulatory filings.

Included in the audit fees for 2013 and 2014 are fees of $0.2 million and $0.32 million,

respectively, related to the Partnership’s IPO completed in May 2014. Included in the audit fees for

115

2014 are fees of $0.25 million related to our follow-on equity offerings completed in January 2014
and April 2014 and to the Partnership’s follow-on offering completed in September 2014.

Tax Fees

Tax fees relate to services provided in connection with U.S. corporate tax filings and tax

advisory services.

Audit-related Fees

Audit-related fees for 2013 relate to the provision of certain internal control consulting services

relating to the Company’s readiness project in connection with the Sarbanes-Oxley Act.

All Other Fees

No other fees were billed by our principal accountant in 2013 and 2014.

Pre-approval Policies and Procedures

Our Audit and Risk Committee is responsible for the appointment, compensation (subject to

any required shareholder approval or authorization), retention and oversight of the work of the
independent auditors. The Audit and Risk committee is also responsible for reviewing and approving
in advance the retention of the independent auditors for the performance of all audit and lawfully
permitted non-audit services.

ITEM 16.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

None.

ITEM 16.E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS

Set forth below are all purchases of our common shares by us and our affiliated purchasers for

the period ended December 31, 2014.

Period

June 2014. . . . . . . . . . . . . . . . . . . . . .
September 2014. . . . . . . . . . . . . . . .
November 2014 . . . . . . . . . . . . . . . .
December 2014 . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . .

Total Number of
Shares Purchased
20,614(1)
500,000(1)
325,000(2)
71,000(2)
916,614

Total Number of
Shares Purchased
as
Part of Publicly
Announced Plans
or Programs

Average Price
Paid
per Share ($)

Maximum Number of
Shares that May Yet
Be Purchased Under
the Plans or Programs

31.34
25.15
21.57
15.67

23.29

—
—
—
—

—

—
—
—
—

—

(1) The Company purchased these shares in open-market transactions. The 20,614 shares purchased in June 2014 were reissued
by the Company in July 2014 pursuant to awards granted under the Plan. The 500,000 shares are being held as treasury
shares.

(2) Entities controlled by Peter Livanos, for his own benefit and the benefit of his immediate family members, acquired these
shares in open-market transactions. Mr. Livanos may be deemed to beneficially own these shares as a result of his control
of these entities. These shares are reflected in Mr. Livanos’ share ownership included in “Item 7. Major Shareholders and
Related Party Transactions—Major Shareholders”.

ITEM 16.F. CHANGE IN COMPANY’S CERTIFYING ACCOUNTANT

Deloitte Hadjipavlou, Sofianos & Cambanis S.A. served as our independent auditor for the
fiscal years ended December 31, 2013 and December 31, 2012. In March 2014, our audit committee

116

and board of directors, respectively, approved the engagement of Deloitte LLP to audit our financial
statements for the fiscal year ending December 31, 2014.

ITEM 16.G. CORPORATE GOVERNANCE

Statement of Significant Differences Between Our Corporate Governance Practices and the
New York Stock Exchange Corporate Governance Standards for U.S. Non-Controlled Issuers

Overview

Pursuant to certain exceptions for foreign private issuers, we are not required to comply with
certain of the corporate governance practices followed by U.S. companies under the NYSE listing
standards. However, pursuant to Section 303.A.11 of the NYSE Listed Company Manual and the
requirements of Form 20-F, we are required to state any significant ways in which our corporate
governance practices differ from the practices required by the NYSE. We believe that our
established practices in the area of corporate governance are in line with the spirit of the NYSE
standards and provide adequate protection to our shareholders. The significant differences between
our corporate governance practices and the NYSE standards applicable to listed U.S. companies are
set forth below.

Corporate Governance, Nominating and Compensation Committee

Pursuant to NYSE Rules 303A.04 and 303A.05, the NYSE requires that a listed U.S. company
have a nominating/corporate governance committee and a compensation committee, each composed
entirely of independent directors. As permitted under Bermuda law, we have one or more non-
independent directors serving as committee members on our compensation committee and our
corporate governance and nominating committee.

NYSE Rules 303A.02 and 303A.05 contain independence requirements for compensation
committee directors and compensation committee advisers for U.S. listed companies, as required by
the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Bermuda law does not
have similar requirements, therefore we may not adhere to these new requirements.

ITEM 16.H. MINE SAFETY DISCLOSURE

Not applicable.

117

PART III

ITEM 17. FINANCIAL STATEMENTS

Not applicable.

ITEM 18. FINANCIAL STATEMENTS

Reference is made to pages F-1 through F-52 included herein by reference.

ITEM 19. EXHIBITS

Exhibit No.

Description

1.1

1.2

1.3

2.1

4.1

4.2

4.3

4.4

4.5

4.6

4.7

4.8

4.9

4.10

8.1

12.1

12.2

Amended Memorandum of Association of GasLog Ltd.(1)

Bye-laws of GasLog Ltd.(1)

Amendment to the Bye-laws of GasLog Ltd.(2)

Specimen Share Certificate(1)

Form of Registration Rights Agreement(1)

Facility Agreement dated December 23, 2011, relating to a $435,000,000 loan facility
among GAS-eight Ltd., GAS-nine Ltd. and GAS-ten Ltd. as borrowers, DnB Bank
ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and
Skandinaviska Enskilda Banken AB (publ) as mandated lead arrangers, the financial
institutions listed in Schedule 1 thereto as lenders, the financial institutions listed in
Schedule 1 thereto as hedging providers and DnB Bank ASA as bookrunner, agent and
security agent(1)*

Master Time Charter Party among GAS-one Ltd., GAS-two Ltd., GAS-three Ltd.,
GAS-four Ltd., GAS-five Ltd., GAS-six Ltd. and Methane Services Limited, dated
May 9, 2011(1)*

Appendix to the Private Agreement of Professional Hiring (English translation), dated
December 1, 2010 and October 1, 2011, between Nea Dimitra Ktimatikh Kai Emporikh
S.A. and GasLog LNG Services Ltd.(1)

Form of Indemnification Agreement for the Company’s directors and certain officers(1)

Form of Restrictive Covenant Agreement(1)

Form of Subscription Agreement(3)

GasLog Ltd. 2013 Omnibus Incentive Compensation Plan(4)

Facility Agreement for up to $450,000,0000 Loan Facility dated November 12, 2014
among GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd. and
GAS-seventeen Ltd. as borrowers, Citibank, N.A., London Branch, Nordea Bank
Finland Plc, London Branch, DVB Bank America N.V., ABN Amro Bank N.V.,
Skandinaviska Enskilda Banken AB (Publ) and BNP Paribas, as mandated lead
arrangers, the financial institutions listed in Schedule 1 thereto as lenders, Citibank,
N.A., London Branch as bookrunner and security agent, and Citibank International
Limited as agent and security trustee(5)*

Deed between GasLog Partners LP and Citibank, N.A., London Branch, dated
November 12, 2014(5)

List of Subsidiaries of GasLog Ltd.

Rule 13a-14(a)/15d-14(a) Certification of GasLog Ltd.’s Chief Executive Officer

Rule 13a-14(a)/15d-14(a) Certification of GasLog Ltd.’s Chief Financial Officer

118

Exhibit No.

13.1

13.2

23.1

23.2

Description

GasLog Ltd. Certification of Paul Wogan, Chief Executive Officer, pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the U.S. Sarbanes-Oxley
Act of 2002

GasLog Ltd. Certification of Simon Crowe, Chief Financial Officer, pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the U.S. Sarbanes-Oxley
Act of 2002

Consent of Deloitte Hadjipavlou, Sofianos & Cambanis S.A.

Consent of Deloitte LLP

(1) Previously filed as an exhibit to GasLog Ltd.’s Registration Statement on Form F-1 (File No. 333-179034), declared
effective by the SEC on March 29, 2012, and hereby incorporated by reference to such Registration Statement.

(2) Previously filed as an exhibit to GasLog Ltd.’s Report on Form 6-K (File No. 001-35466), filed with the SEC on May 24,

2013, and hereby incorporated by reference to such Report.

(3) Previously filed as an exhibit to GasLog Ltd.’s Annual Report on Form 20-F (File No. 001-35466), filed with the SEC on

March 27, 2014, and hereby incorporated by reference to such Report.

(4) Previously filed as an exhibit to GasLog Ltd.’s Registration Statement on Form S-8 (File No. 333-187020), filed with the
SEC on March 4, 2013, or an amendment thereto, and hereby incorporated by reference to such Registration Statement.

(5) Previously filed as an exhibit to GasLog Partners LP’s Annual Report on Form 20-F (File No. 001-36433), filed with the

SEC on February 17, 2015, and hereby incorporated by reference to such Report.

* Confidential material has been redacted and complete exhibits have been separately filed with the Securities and Exchange

Commission.

The registrant hereby agrees to furnish to the SEC upon request a copy of any instrument relating to long-term debt that
does not exceed 10% of the total assets of the Company and its subsidiaries.

119

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that
it has duly caused and authorized the undersigned to sign this annual report on its behalf.

SIGNATURE

GASLOG LTD.,

By /s/ PAUL WOGAN

Name: Paul Wogan
Title: Chief Executive Officer

Dated: March 25, 2015

120

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

GASLOG LTD.

Report of Independent Registered Public Accounting Firm—Deloitte LLP. . . . . . . . . . . . . . . . . . . . .
Report of Independent Registered Public Accounting Firm—Deloitte Hadjipavlou, Sofianos &
Cambanis S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated statements of financial position as of December 31, 2013 and 2014. . . . . . . . . . . . . . .
Consolidated statements of profit or loss for the years ended December 31, 2012, 2013 and

2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated statements of comprehensive income or loss for the years ended December 31,

2012, 2013 and 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated statements of changes in equity for the years ended December 31, 2012, 2013

and 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated statements of cash flow for the years ended December 31, 2012, 2013 and 2014. .
Notes to the consolidated financial statements for the years ended December 31, 2012, 2013

Page

F-2

F-3
F-4

F-5

F-6

F-7
F-8

and 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-10

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of GasLog Ltd.

Hamilton, Bermuda

We have audited the accompanying consolidated statement of financial position of GasLog Ltd. and
subsidiaries (the “Group”) as of December 31, 2014, and the related consolidated statements of
profit or loss, comprehensive income or loss, changes in equity, and cash flows for the year ended
December 31, 2014. These consolidated financial statements are the responsibility of the Group’s
management. Our responsibility is to express an opinion on the consolidated financial statements
based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, such consolidated financial statements present fairly, in all material respects, the
financial position of GasLog Ltd. and subsidiaries as of December 31, 2014, and the results of their
operations and their cash flows for the year then ended in conformity with International Financial
Reporting Standards as issued by the International Accounting Standards Board.

We have also audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), the Group’s internal control over financial reporting as of
December 31, 2014, based on the criteria established in Internal Control—Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our
report dated March 25, 2015 expressed an unqualified opinion on the Group’s internal control over
financial reporting.

/s/ Deloitte LLP

London, United Kingdom

March 25, 2015

F-2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of
GasLog Ltd.
Hamilton, Bermuda

We have audited the accompanying consolidated statement of financial position of GasLog Ltd. and
its subsidiaries (the “Group”) as of December 31, 2013, and the related consolidated statements of
profit or loss, comprehensive income or loss, changes in equity, and cash flows for each of the two
years in the period ended December 31, 2013. These consolidated financial statements are the
responsibility of the Group’s management. Our responsibility is to express an opinion on the
consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material
misstatement. The Group is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s
internal control over financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.

In our opinion, such consolidated financial statements present fairly, in all material respects, the
financial position of GasLog Ltd. and its subsidiaries as of December 31, 2013, and the results of
their operations and their cash flows for each of the two years in the period ended December 31,
2013, in conformity with International Financial Reporting Standards as issued by the International
Accounting Standards Board.

/s/ Deloitte Hadjipavlou, Sofianos & Cambanis S.A.

Athens, Greece

February 28, 2014

F-3

GasLog Ltd. and its Subsidiaries

Consolidated statements of financial position
As of December 31, 2013 and 2014
(All amounts expressed in thousands of U.S. Dollars)

Note December 31, 2013 December 31, 2014

Assets
Non-current assets
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment in associate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred financing costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other non-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tangible fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vessels under construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total non-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Current assets
Trade and other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends receivable and due from related parties . . . . . . . . . . . . . . . . . . . .
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prepayments and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity and liabilities
Equity
Share capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Contributed surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Treasury shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity attributable to owners of the Group . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trade accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ship management creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amounts due to related parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other payables and accruals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Borrowings—current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-current liabilities
Derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Borrowings—non-current portion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other non-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total non-current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total equity and liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3
5

9
23
6
6

8
18

7
7

10
10

10

11
4

7
18
23
13
12

23
12

9,511
6,326
12,793
2,659
9,145
1,529,720
120,295
1,690,449

7,257
2,476
5,936
2,263
4,500
—
103,798
126,230
1,816,679

629
614,964
(3,428)
—
27,368
639,533
—
639,533

5,735
8,148
123
14,235
30,272
100,320
158,833

2,918
1,014,754
641
1,018,313
1,816,679

9,511
6,603
6,120
5,785
1,174
2,809,517
142,776
2,981,486

14,317
1,869
4,953
4,443
28,103
22,826
211,974
288,485
3,269,971

810
923,470
(12,002)
(12,576)
29,689
929,391
323,646
1,253,037

9,668
1,285
181
16,149
57,647
116,431
201,361

35,751
1,778,845
977
1,815,573
3,269,971

The accompanying notes are an integral part of these consolidated financial statements.

F-4

GasLog Ltd. and its Subsidiaries

Consolidated statements of profit or loss
For the years ended December 31, 2012, 2013 and 2014
(All amounts expressed in thousands of U.S. Dollars, except per share data)

Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vessel operating and supervision costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation of fixed assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General and administrative expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Loss)/gain on swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share of profit of associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total other expenses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Attributable to:
Owners of the Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Earnings per share—basic and diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25

Note

2012

2013

2014

14
6
15

16
16
23
5

68,542
(14,646)
(13,065)
(20,380)

20,451
(11,670)
1,174
(6,783)
1,078

157,240
(34,919)
(29,322)
(21,598)

71,401
(27,851)
411
11,498
1,470

328,679
(78,470)
(70,695)
(34,154)

145,360
(71,579)
274
(24,787)
1,497

(16,201)

(14,472)

(94,595)

4,250

56,929

50,765

4,250
—

4,250

0.07

56,929
—

56,929

42,161
8,604

50,765

0.91

0.54

The accompanying notes are an integral part of these consolidated financial statements.

F-5

GasLog Ltd. and its Subsidiaries

Consolidated statements of comprehensive income or loss
For the years ended December 31, 2012, 2013 and 2014
(All amounts expressed in thousands of U.S. Dollars)

Profit for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other comprehensive (loss)/income:
Items that may not be reclassified subsequently to profit or loss:
Actuarial (loss)/gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Items that may be reclassified subsequently to profit or loss:
Effective portion of changes in fair value of cash flow hedges . . . . . . . . . . . . . . . . . . . .
Recycled loss of cash flow hedges reclassified to profit or loss. . . . . . . . . . . . . . . . . . . .
Other comprehensive (loss)/income for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total comprehensive (loss)/income for the year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Attributable to:
Owners of the Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note

2012

2013

2014

4,250 56,929

50,765

(48)

62

(202)

23
23

(15,993) 4,773 (13,191)
6,641

— 2,293

(16,041) 7,128
(11,791) 64,057

(6,752)
44,013

(11,791) 64,057

32,103
— 11,910

—

(11,791) 64,057

44,013

The accompanying notes are an integral part of these consolidated financial statements.

F-6

GasLog Ltd. and its Subsidiaries

Consolidated statements of changes in equity
For the years ended December 31, 2012, 2013 and 2014
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)

Share
Capital
(Note 10)

Contributed
Surplus
(Note 10)

Equity-
settled
employee
benefits
reserve

Other
reserves
(Note 11)

Treasury
shares
(Note 10)

Attributable
to owners
of the Group

Non-
controlling
interest

Balance at January 1, 2012. .

391

(Accumulated
deficit)/
retained
earnings

(12,438)

—

—

—

—
4,250

290,493

18,663

(6,915)

309,653

3,168
4,250

—

(16,041)

4,250

(11,791)

(8,188)

603,271

(21,373)

(28,288)

—
56,929

—

493
56,929

7,128

56,929

64,057

27,368

639,533

Total

290,493

18,663

(6,915)

309,653

3,168
4,250

(16,041)

(11,791)

603,271

(28,288)

493
56,929

7,128

64,057

639,533

—

—

—

—

—
—

—

—

—

—

—
—

—

—

—

Capital contributions . . . . . . . .
Dividend declared ($0.11

per share). . . . . . . . . . . . . . . . .

Net proceeds from initial
public offering (“IPO”)
and private placement
(Note 4) . . . . . . . . . . . . . . . . . .

Recognition of share based

payments (Note 15) . . . . . . .
Profit for the year. . . . . . . . . . .
Other comprehensive loss

for the year . . . . . . . . . . . . . . .

Total comprehensive (loss)/

income for the year . . . . . . .

Balance at December 31,

2012 . . . . . . . . . . . . . . . . . . . . . .

Dividend declared

($0.45 per share) . . . . . . . . . .

Recognition of share based

payments (Note 15) . . . . . . .
Profit for the year. . . . . . . . . . .
Other comprehensive

income for the year . . . . . . .

Total comprehensive income
for the year . . . . . . . . . . . . . . .

Balance at December 31,

2013 . . . . . . . . . . . . . . . . . . . . . .

Net proceeds from public
offerings and private
placement (Note 4) . . . . . . .

Net proceeds from GasLog
Partners LP (“GasLog
Partners”) public offerings
(Note 4) . . . . . . . . . . . . . . . . . .
Dividend paid (Note 11) . . . .
Recognition of share based

payments (Note 15) . . . . . . .

Settlement of share based

payments. . . . . . . . . . . . . . . . . .

Treasury shares, net

(Note 10) . . . . . . . . . . . . . . . . .
Profit for the period . . . . . . . .
Other comprehensive

(loss)/income for the year.

Total comprehensive

(loss)/income for the year.

Balance at December 31,

2014 . . . . . . . . . . . . . . . . . . . . . .

300,716

18,663

(6,915)

—

—

238

309,415

—
—

—

—

—
—

—

—

7,571

(5,747)

—

—

—

3,168
—

—

—

—

—

—

—
—

(16,041)

(16,041)

629

621,879

10,739

(21,788)

—

—
—

—

—

(6,915)

—
—

—

—

—

493
—

—

—

—

—
—

7,128

7,128

629

614,964

11,232

(14,660)

—

—
—

—

—

181

308,506

—
—

—

—

—
—

—

—

—
—

—

—

—
—

—

—

—

—
—

1,856

(372)

—
—

—

—

—

—

—

—

—
—

—

—

—

—

—
—

—

—

—

—

—
—

—

—

—

308,687

—

308,687

—
(39,840)

—
(39,840)

319,036
(7,300)

319,036
(47,140)

—

—

1,856

(372)

(12,576)
42,161

—

(10,058)

—

—

—
8,604

3,306

1,856

(372)

(12,576)
50,765

(6,752)

42,161

32,103

11,910

44,013

— (12,576)
—
—

—
42,161

(10,058)

(10,058)

—

—

810

923,470

12,716

(24,718)

(12,576)

29,689

929,391

323,646

1,253,037

The accompanying notes are an integral part of these consolidated financial statements.

F-7

GasLog Ltd. and its Subsidiaries

Consolidated statements of cash flow
For the years ended December 31, 2012, 2013 and 2014
(All amounts expressed in thousands of U.S. Dollars)

Cash flows from operating activities:
Profit for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments for:
Depreciation of fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share of profit of associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unrealized foreign exchange (gains)/losses on cash and cash equivalents and short-term
investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Unrealized loss/(gain) on interest rate swaps held for trading including ineffective

portion of cash flow hedges and loss at inception. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Recycled loss of cash flow hedges reclassified to profit or loss. . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-cash defined benefit obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-cash employee benefits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Movements in operating assets and liabilities:
Decrease/(increase) in trade and other receivables including related parties, net . . . . . . . . .
Decrease/(increase) in prepayments and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Increase)/decrease in inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Increase)/decrease in other non-current assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase in other non-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase in accounts payable and other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash provided by operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash from operating activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash flows from investing activities:
Dividends received from associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payments for tangible fixed assets and vessels under construction. . . . . . . . . . . . . . . . . . . . . . . .
Return of contributed capital from associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchase of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Maturity of short-term investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial income received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash used in investing activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash flows from financing activities:
Proceeds from bank loans and bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bank loan repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payment of loan issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payment of equity raising costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from public offerings and private placement (net of underwriting discounts

and commissions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase in restricted cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from GasLog Partners’ public offering and issuance of general partners units

(net of underwriting discounts and commissions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchase of treasury shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from stock options exercise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital contributions received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash from financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effects of exchange rate changes on cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase/(decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents, beginning of the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents, end of the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2012

2013

2014

4,250

56,929

50,765

13,065
(1,078)
(1,174)
11,670

29,322
(1,470)
(411)
27,851

70,695
(1,497)
(274)
71,579

(628)

(1,013)

218

6,783
—
36
3,481
36,405

528
55
(55)
(3,199)
11
2,318
36,063
(11,145)
24,918

(19,520)
2,293
81
493
94,555

(4,675)
(1,838)
(5,455)
1,413
30
24,306
108,336
(21,591)
86,745

7,836
6,641
(202)
1,856
207,617

(7,257)
(2,931)
983
(3,127)
336
16,678
212,299
(64,011)
148,288

950
(110,765)
—
(307,915)
204,091
1,018
(212,621)

1,640
(1,038,153)
360
(44,969)
145,047
559
(935,516)

970
(1,364,283)
—
(89,823)
66,220
260
(1,386,656)

— 1,026,200
(142,649)
(14,782)
—

(27,455)
(16,222)
(3,515)

1,480,473
(656,944)
(22,501)
(4,679)

314,255
—

—
—
—
(6,915)
18,663
278,811
(223)
90,885
20,093
110,978

—
—

310,240
(22,826)

—
—
—
(28,288)
—
840,481
1,110
(7,180)
110,978
103,798

323,087
(13,221)
273
(47,140)
—
1,346,762
(218)
108,176
103,798
211,974

The accompanying notes are an integral part of these consolidated financial statements.

F-8

GasLog Ltd. and its Subsidiaries

Consolidated statements of cash flow
For the years ended December 31, 2012, 2013 and 2014
(All amounts expressed in thousands of U.S. Dollars)

Non cash investing and financing activities
Capital expenditures—net payable/(receivable) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity raising costs included in liabilities at the end of the year . . . . . . . . . . . . . . . . . . . . . . . . . .
Loan issuance costs included in liabilities at the end of the year. . . . . . . . . . . . . . . . . . . . . . . . . .

2,326
125
3,368

(691) 7,999
— 174
903

2,494

2012

2013

2014

The accompanying notes are an integral part of these consolidated financial statements.

F-9

GasLog Ltd. and its Subsidiaries

Notes to the consolidated financial statements
For the years ended December 31, 2012, 2013 and 2014
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)

1. Organization and Operations

GasLog Ltd. (“GasLog”) was incorporated in Bermuda on July 16, 2003. GasLog and its
subsidiaries (the “Group”) are primarily engaged in the ownership, operation and management of
vessels in the liquefied natural gas (“LNG”) market, providing maritime services for the
transportation of LNG on a worldwide basis and LNG vessel management services. The Group
conducts its operations through its vessel-owning subsidiaries and through its vessel management
services subsidiary. The Group’s operations are carried out from offices in Piraeus, London, New
York, and Monaco. The registered office of GasLog is Clarendon House, 2 Church Street, Hamilton
HM 11, Bermuda. GasLog’s chairman, Peter G. Livanos, is GasLog’s largest shareholder through his
ownership of Ceres Shipping Ltd. (“Ceres Shipping”) an entity also registered in Bermuda that
controls Blenheim Holdings Ltd., which as of December 31, 2014, held a 36.9% interest in GasLog.
As of December 31, 2014, entities controlled by members of the Livanos family, including GasLog’s
chairman, are deemed to beneficially own approximately 39.7% of GasLog’s issued and outstanding
common shares. As a result of his ownership of GasLog’s common shares, Mr. Livanos can
effectively control the outcome of most matters on which GasLog’s shareholders are entitled to vote.

On May 12, 2014, GasLog Partners LP (“GasLog Partners” or the “Partnership”), a subsidiary

of GasLog, completed its initial public offering (the “GasLog Partners’ IPO”) with the sale and
issuance of 9,660,000 common units (including 1,260,000 units in relation to the overallotment option
exercised in full by the underwriters), resulting in net proceeds of $186,029 and representing a 48.2%
ownership interest. Concurrently with the GasLog Partners’ IPO, the Partnership acquired a 100%
ownership interest in GAS-three Ltd., GAS-four Ltd. and GAS-five Ltd. from GasLog, in exchange
for (i) 162,358 common units and 9,822,358 subordinated units issued to GasLog representing a
49.8% ownership interest and all of the incentive distribution rights that entitle GasLog to increasing
percentages of the cash that the Partnership distributes in excess of $0.43125 per unit per quarter,
(ii) 400,913 general partner units issued to GasLog Partners GP LLC (the “general partner”), a
wholly owned subsidiary of GasLog, representing a 2.0% general partner interest and (iii) $65,695 of
cash consideration paid directly to GasLog from the GasLog Partners’ IPO proceeds.

On September 29, 2014, the Partnership completed a follow-on public offering of 4,500,000
common units at a public offering price of $31.00 per unit. The net proceeds from this offering after
deducting underwriting discounts and other offering expenses were $133,007. In connection with the
offering, the Partnership’s general partner, a wholly owned subsidiary of GasLog, paid $2,847 to
GasLog Partners in exchange for 91,837 general partner units to maintain its 2.0% general partner
interest in the Partnership. The total net proceeds to GasLog Partners of $135,854 were used to
partially finance the acquisition from GasLog of 100% of the ownership interests in GAS-sixteen
Ltd. and GAS-seventeen Ltd., the entities that own the 145,000 cbm LNG carriers, the Methane Rita
Andrea and the Methane Jane Elizabeth, respectively, for an aggregate purchase price of $328,000
and to prepay $24,947 of debt secured by those carriers in October 2014.

As of December 31, 2014, GasLog holds a 42.5% interest in the Partnership and, as a result of
its ownership of the general partner and the fact that the general partner elects the majority of the
Partnership’s directors in accordance with the Partnership Agreement, GasLog has the ability to
control the Partnership’s affairs and policies. Consequently, GasLog Partners is consolidated in the
Group’s financial statements.

F-10

The accompanying consolidated financial statements include the financial statements of GasLog
and its subsidiaries. Unless indicated otherwise, the subsidiaries listed below were 100% held (either
directly or indirectly) by GasLog. As of December 31, 2014 the Group’s structure was as follows:

Name

Place of
incorporation

Date of
incorporation

Principal activities

Cargo capacity
(cbm)

Vessel

Delivery date

Holding company
July 2003
February 2008 Holding company

—
—

—
—

—
—

Subsidiaries:
GasLog Investments Ltd. . . . . . . . . . . BVI
GasLog Carriers Ltd. . . . . . . . . . . . . . . Bermuda
GasLog Shipping Company

Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bermuda

GasLog Partners GP LLC. . . . . . . . . Marshall Islands
GasLog Services UK Ltd. . . . . . . . . . England and Wales May 2014
May 2014
GasLog Services US Inc. . . . . . . . . . . Delaware
August 2004
GasLog LNG Services Ltd.. . . . . . . . Bermuda
February 2010 Service company
GasLog Monaco S.A.M. . . . . . . . . . . . Monaco
February 2008 Vessel-owning company
GAS-one Ltd. . . . . . . . . . . . . . . . . . . . . . Bermuda
February 2008 Vessel-owning company
GAS-two Ltd. . . . . . . . . . . . . . . . . . . . . . Bermuda
February 2011 Vessel-owning company
GAS-six Ltd. . . . . . . . . . . . . . . . . . . . . . . Bermuda
Vessel-owning company
March 2011
GAS-seven Ltd. . . . . . . . . . . . . . . . . . . . Bermuda
Vessel-owning company
March 2011
GAS-eight Ltd. . . . . . . . . . . . . . . . . . . . . Bermuda
Vessel-owning company
June 2011
GAS-nine Ltd. . . . . . . . . . . . . . . . . . . . . Bermuda
June 2011
GAS-ten Ltd.. . . . . . . . . . . . . . . . . . . . . . Bermuda
Vessel-owning company
December 2012 Vessel-owning company
GAS-eleven Ltd. . . . . . . . . . . . . . . . . . . Bermuda
December 2012 Vessel-owning company
GAS-twelve Ltd. . . . . . . . . . . . . . . . . . . Bermuda
Vessel-owning company
July 2013
GAS-thirteen Ltd. . . . . . . . . . . . . . . . . . Bermuda
Vessel-owning company
July 2013
GAS-fourteen Ltd. . . . . . . . . . . . . . . . . Bermuda
August 2013
GAS-fifteen Ltd. . . . . . . . . . . . . . . . . . . Bermuda
Vessel-owning company
January 2014 Vessel-owning company
GAS-eighteen Ltd. . . . . . . . . . . . . . . . . Bermuda
Vessel-owning company
April 2014
GAS-nineteen Ltd. . . . . . . . . . . . . . . . . Bermuda
Vessel-owning company
April 2014
GAS-twenty Ltd. . . . . . . . . . . . . . . . . . . Bermuda
Vessel-owning company
April 2014
GAS-twenty one Ltd. . . . . . . . . . . . . . Bermuda
Vessel-owning company
May 2014
GAS-twenty two Ltd. . . . . . . . . . . . . . Bermuda
Vessel-owning company
May 2014
GAS-twenty three Ltd. . . . . . . . . . . . . Bermuda
Vessel-owning company
June 2014
GAS-twenty four Ltd. . . . . . . . . . . . . . Bermuda
Vessel-owning company
June 2014
GAS-twenty five Ltd. . . . . . . . . . . . . . Bermuda
GasLog LNG Employee Incentive

—
January 2006 Holding company
—
January 2014 Holding company
—
Service Company
—
Service Company
Vessel management services —
—
155,000
155,000
155,000
155,000
155,000
155,000
155,000
174,000
174,000
174,000
174,000
153,600
145,000
145,000
145,000
145,000
174,000
174,000
174,000
174,000

Scheme Ltd.. . . . . . . . . . . . . . . . . . . . . Bermuda

GasLog Shipping Limited . . . . . . . . . BVI
42.5% interest subsidiaries:
GasLog Partners LP. . . . . . . . . . . . . . . Marshall Islands
GasLog Partners Holdings LLC. . . Marshall Islands
GAS-three Ltd.. . . . . . . . . . . . . . . . . . . . Bermuda
GAS-four Ltd.. . . . . . . . . . . . . . . . . . . . . Bermuda
GAS-five Ltd. . . . . . . . . . . . . . . . . . . . . . Bermuda
GAS-sixteen Ltd. . . . . . . . . . . . . . . . . . . Bermuda
GAS-seventeen Ltd. . . . . . . . . . . . . . . . Bermuda
25% interest associates:
Egypt LNG Shipping Ltd. . . . . . . . . . Bermuda

June 2008
July 2003

Dormant
Dormant

January 2014 Holding company
Holding company
April 2014
Vessel-owning company
April 2010
April 2010
Vessel-owning company
February 2011 Vessel-owning company
January 2014 Vessel-owning company
January 2014 Vessel-owning company

—
—

—
—
155,000
155,000
155,000
145,000
145,000

—
—
—
—
—
—
May 2010
July 2010
July 2013
December 2013
June 2014
December 2014
Q2 2015(1)
Q1 2016(1)
Q2 2016(1)
Q3 2016(1)
Q4 2016(1)
October 2013

—
—
—
—
—
—
GasLog Savannah
GasLog Singapore
GasLog Skagen
GasLog Seattle
Solaris
GasLog Saratoga
Hull No. 2044
Hull No. 2072
Hull No. 2073
Hull No. 2102
Hull No. 2103
GasLog Chelsea
Methane Lydon Volney April 2014
Methane Alison Victoria
June 2014
Methane Shirley Elisabeth June 2014
Methane Heather Sally
June 2014
Q2 2017(1)
Hull No. 2130
Q3 2017(1)
Hull No. 2131
Q3 2017(1)
Hull No. 2800
Q4 2017(1)
Hull No. 2801

—
—

—
—

—
—
—
—
GasLog Shanghai
January 2013
GasLog Santiago
March 2013
GasLog Sydney
May 2013
Methane Rita Andrea
April 2014
Methane Jane Elizabeth April 2014

May 2010

Vessel-owning company

145,000

Methane Nile Eagle

December 2007

(1) For newbuildings, expected delivery dates are presented.

All entities in the Group have a December 31st year end. During 2014 the Group employed an

average of 142 employees (2013: 119 and 2012: 110).

Following the completion of the Group’s IPO on April 4, 2012 (Note 4), GasLog’s common
shares began trading on the New York Stock Exchange (“NYSE”) on March 30, 2012 under the
ticker symbol “GLOG”.

2. Significant Accounting Policies

Statement of compliance

The consolidated financial statements of GasLog and its subsidiaries have been prepared in

accordance with International Financial Reporting Standards (the “IFRS”) as issued by the
International Accounting Standards Board (the “IASB”).

F-11

Basis of preparation and approval

The consolidated financial statements have been prepared on the historical cost basis, except for

the revaluation of derivative financial instruments recorded at fair value at the end of each year.
Historical cost is generally based on the fair value of the consideration given in exchange for goods
and services.

Going concern

In considering going concern management has reviewed the Group’s future cash requirements,

covenant compliance and earnings projections. Management anticipates that the Group’s primary
sources of funds will be available cash, cash from operations and borrowings under existing and new
loan agreements. The Group may also seek to raise additional equity. Management believes that
these sources of funds will be sufficient for the Group to meet its liquidity needs and comply with
its banking covenants for at least twelve months from the end of the reporting period and therefore
it is appropriate to prepare the financial statements on a going concern basis.

The principal accounting policies are set out below.

The financial statements are expressed in U.S. dollars (“USD”), which is the functional currency

of the Group’s subsidiaries because their vessels operate in international shipping markets in which
revenues and expenses are primarily settled in USD, and the Group’s most significant assets and
liabilities are paid for and settled in USD.

On March 25, 2015, the financial statements were authorized on behalf of GasLog’s board of

directors for issuance and filing.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of GasLog and

entities controlled by the company (its subsidiaries). Control is achieved where GasLog:

• has power over the investee;
• is exposed, or has rights, to variable returns from its involvement with the investee; and
• has the ability to use its power to affect its returns.
Income and expenses of subsidiaries acquired or disposed of during the year are included in the

consolidated financial statements from the date control is obtained and up to the date control
ceases. Acquisitions of businesses, including entities under common control, are accounted for using
the acquisition method.

All intra-group transactions, balances, income and expenses are eliminated in full on

consolidation.

The other investors in subsidiaries in which the Group has less than 100% interest hold a non-

controlling interest in the net assets of these subsidiaries. Non-controlling interest is stated at the
non-controlling interest’s proportion of the net assets of the subsidiaries where the Group has less
than 100% interest. Subsequent to initial recognition the carrying amount of non-controlling interest
is increased or decreased by the non-controlling interest’s share of subsequent changes in the equity
of such subsidiaries. Total comprehensive income is attributed to a non-controlling interest even if
this results in the non-controlling interest having a deficit balance.

Changes in the Group’s ownership interests in subsidiaries that do not result in the Group
losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of
the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their
relative interests in the subsidiaries. Any difference between the amount by which the non-
controlling interests are adjusted and the fair value of the consideration paid or received is
recognized directly in equity and attributed to owners of the Group.

F-12

Goodwill

Goodwill arising in a business combination is recognized as an asset at the date that control is
acquired (the acquisition date). Goodwill is measured as the excess of the sum of the consideration
transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the
acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date
fair value of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the
Group’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the
consideration transferred, the amount of any non-controlling interests in the acquiree and the fair
value of the acquirer’s previously held equity interest in the acquiree (if any), the excess is
recognized immediately in the consolidated statement of profit or loss as a bargain purchase gain.

Goodwill is not amortized but is reviewed for impairment at least annually. For the purpose of

impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to
benefit from the synergies of the combination. Cash-generating units to which goodwill has been
allocated are tested for impairment annually, or more frequently when there is an indication that the
unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying
amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill
allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying
amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a
subsequent period.

On disposal of a subsidiary, the attributable amount of goodwill is included in the determination

of the profit or loss on disposal.

Investment in associates

An associate is an entity over which the Group has significant influence and that is neither a

subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but is not control or joint control over those
policies.

The results, assets and liabilities of associates are included in these financial statements using

the equity method of accounting, except when the investment is classified as held for sale, in which
case it is accounted for under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
An impairment assessment of investments in associates is performed when there is an indication that
the asset has been impaired or the impairment losses recognized in prior years no longer exist.

When the Group’s share of losses exceeds the carrying amount of the investment, the

investment is reported at nil value and recognition of losses is discontinued except to the extent of
the Group’s commitment.

Accounting for revenues and related operating expenses

The Group’s revenues comprise revenues from time charters for the charter hire of its vessels,

management fees, project supervision income and other income earned during the period in
accordance with existing contracts.

Revenue from vessel management and vessel construction project supervision contracts is
recognized when earned and when it is probable that future economic benefits will flow to the
Group and such a benefit can be measured reliably.

A time charter represents a contract entered into for the use of a vessel for a specific period of

time and a specified daily charter hire rate. Time charter revenue is recognized as earned on a
straight-line basis over the term of the relevant time charter starting from the vessel’s delivery to the
charterer, except for the off-hire period, when a charter agreement exists, the vessel is made
available and services are provided to the charterer and collection of the related revenue is
reasonably assured. Unearned revenue includes cash received prior to the balance sheet date relating
to services to be rendered after the balance sheet date. Accrued revenue represents income
recognized in advance as a result of the straight-line revenue recognition in respect of charter
agreements that provide for varying charter rates.

F-13

Time charter hires received in advance are classified as liabilities until such time as the criteria

for recognizing the revenue as earned are met.

Under a time charter arrangement the vessel operating expenses such as management fees, crew

wages, provisions and stores, technical maintenance and insurance expenses and broker’s
commissions are paid by the vessel owner, whereas voyage expenses such as bunkers, port expenses,
agents’ fees, and extra war risk insurance are paid by the charterer.

Vessel operating costs are expensed as incurred, with the exception of commissions, which are

recognized on a pro-rata basis over the duration of the period of the time charter.

Financial income and costs

Interest income is recognized on an accrual basis. Dividend income is recognized when the right

to receive payment is established.

Interest expense, other borrowing costs and realized loss on interest rate swaps are recognized

on an accrual basis. Interest expense and other borrowing costs incurred during the vessel
construction period, and relating directly to the vessel, are capitalized as part of the cost of the
vessel.

Foreign currencies

Transactions in currencies other than the USD are recognized at the rates of exchange

prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and
liabilities denominated in other currencies are retranslated into USD at the rates prevailing at that
date. All resulting exchange differences are recognized in the consolidated statement of profit or loss
in the period in which they arise.

Borrowing costs

Borrowing costs, including interest expense and amortization of loan issuance costs, directly
attributable to a loan to finance a vessel under construction, and representing an asset that takes a
substantial period of time to get ready for its intended use or sale, are added to the cost of the
vessel until such time as the vessel is substantially ready for its intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending

expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All
other borrowing costs are expensed as incurred.

Deferred financing costs for undrawn facilities

Commitment, arrangement, structuring, legal and agency fees incurred for obtaining new loans
or refinancing existing facilities are recorded as deferred loan issuance costs and classified contra to
debt while the fees incurred for the undrawn facilities are classified under non-current assets in the
statement of financial position and are classified contra to debt on the drawdown dates.

Deferred financing costs are deferred and amortized to financial costs over the term of the

relevant loan, using the effective interest method. When the relevant loan is terminated or
extinguished, the unamortized loan fees are written-off in the consolidated statement of profit or
loss.

Vessels under construction

Vessels under construction are presented at cost less identified impairment losses, if any. Costs
include shipyard installment payments and other vessel costs incurred during the construction period
that are directly attributable to the acquisition or construction of the vessels, including borrowing
costs incurred during the construction period.

Upon completion of the construction, the vessels are presented on the statement of financial
position in accordance with the “Tangible fixed assets: Property, plant and equipment” policy as
described below.

F-14

Tangible fixed assets: Property, plant and equipment

Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated

impairment loss. The initial cost of an asset comprises its purchase price and any directly
attributable costs of bringing the asset to its working condition.

The cost of a LNG vessel is split into two components, a “vessel component” and a

“drydocking component”. Depreciation for the vessel component is calculated on a straight-line
basis, after taking into account the estimated residual values, over the estimated useful life of this
major component of the vessels. Residual values are based on management’s estimation about the
amount that the Group would currently obtain from disposal of its vessels, after deducting the
estimated costs of disposal, if the vessels were already of the age and in the condition expected at
the end of their useful life.

The LNG vessels are required to undergo a drydocking overhaul every five years to restore
their service potential and to meet their classification requirements that cannot be performed while
the vessels are operating. The drydocking component is estimated at the time of a vessel’s delivery
from the shipyard or acquisition from the previous owner and is measured based on the estimated
cost of the first drydocking subsequent to its acquisition, based on the Group’s historical experience
with similar types of vessels. For subsequent drydockings actual costs are capitalized when incurred.
The drydocking component is depreciated over the period of five years in case of new vessels, and
until the next drydocking for secondhand vessels.

Costs that will be capitalized as part of the future drydockings will include a variety of costs
incurred directly attributable to the drydock and costs incurred to meet classification and regulatory
requirements, as well as expenses related to the dock preparation and port expenses at the drydock
shipyard, drydocking shipyard expenses, expenses related to hull, external surfaces and decks, and
expenses related to machinery and engines of the vessel, as well as expenses related to the testing
and correction of findings related to safety equipment on board. Drydocking costs do not include
vessel operating expenses such as replacement parts, crew expenses, provisions, lubricants
consumption, insurance, management fees or management costs during the drydocking period.
Expenses related to regular maintenance and repairs of our vessels are expensed as incurred, even if
such maintenance and repair occurs during the same time period as our drydocking.

The expected useful lives of all long-lived assets are as follows:

Vessel

LNG vessel component . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 years
Drydocking component . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 years
Furniture, computer, software and other office equipment . . 3-5 years
Leasehold improvements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 years (or remaining term of the

lease)

Management estimates the useful life of its vessels to be 35 years from the date of initial
delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition
through their remaining estimated useful life.

The useful lives of all assets and the depreciation method are reviewed annually to ensure that

the method and period of depreciation are consistent with the expected pattern of economic benefits
from items of property, plant and equipment. The residual value is also reviewed at each financial
period-end. If expectations differ from previous estimates, the changes are accounted for
prospectively in earnings in the period of the change and future periods.

Ordinary maintenance and repairs that do not extend the useful life of the asset are expensed

as incurred.

When assets are sold, they are derecognized and any gain or loss resulting from their disposal is

included in earnings.

F-15

Impairment of tangible fixed assets

All assets are reviewed for impairment whenever events or changes in circumstances indicate

that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an
asset exceeds its recoverable amount, an impairment loss is recognized in the consolidated statement
of profit or loss. The recoverable amount is the higher of an asset’s fair value less cost of disposal
and “value in use”. The fair value less cost of disposal is the amount obtainable from the sale of an
asset in an arm’s length transaction less the costs of disposal, while “value in use” is the present
value of estimated future cash flows expected to arise from the continuing use of an asset and from
its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or,
if it is not possible, for the cash-generating unit. Each vessel is considered to be a separate cash-
generating unit. The fair value of the vessels is estimated from market-based evidence by appraisal
that is normally undertaken by professionally qualified brokers.

Provisions

Provisions are recognized when the Group has a present obligation (legal or constructive) as a
result of a past event, it is probable that the Group will be required to settle the obligation, and a
reliable estimate can be made of the amount of the obligation. The amount recognized as a
provision is the best estimate of the consideration required to settle the present obligation at the
end of the reporting period, taking into account the risks and uncertainties surrounding the
obligation. Where a provision is measured using the cash flows estimated to settle the present
obligation, its carrying amount is the present value of those cash flows. When some or all of the
economic benefits required to settle a provision are expected to be recovered from a third party, a
receivable is recognized as an asset if it is virtually certain that reimbursement will be received and
the amount of the receivable can be measured reliably.

Inventories

Inventories represent lubricants on board the vessel and in the event of vessels unemployment
the bunkers on board the vessel. Inventories are stated at the lower of cost calculated on a first in,
first out basis, and net realizable value.

Financial instruments

Financial assets and liabilities are recognized when the Group becomes a party to the
contractual provisions of the instrument. All financial instruments are initially recognized at fair
value. Transaction costs that are directly attributable to the acquisition or issue of financial assets
and financial liabilities (other than financial assets and financial liabilities at fair value through profit
or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as
appropriate, on initial recognition.
• Cash and cash equivalents
Cash represents cash on hand and deposits with banks which are repayable on demand. Cash
equivalents represent short-term, highly liquid investments which are readily convertible into
known amounts of cash with original maturities of three months or less at the time of purchase
that are subject to an insignificant risk of change in value.
• Restricted cash
Restricted cash comprises cash held that is not available for use by the Group including cash
held in blocked accounts in order to comply with the covenants under the Group’s credit
facilities.
• Short-term investments
Short-term investments represent short-term, highly liquid time deposits placed with financial
institutions which are readily convertible into known amounts of cash with original maturities of
more than three months but less than 12 months at the time of purchase that are subject to an
insignificant risk of change in value.

F-16

• Trade receivables
Trade receivables are carried at the amount expected to be received from the third party to
settle the obligation. Bad debts are written off during the period in which they are identified.
An estimate is made for doubtful receivables based on a review of all outstanding amounts at
each reporting date.
• Borrowings
Borrowings are measured at amortized cost, using the effective interest method. Any difference
between the proceeds (net of transaction costs) and the settlement of the borrowings is
recognized in the statement of profit or loss over the term of the borrowings.
• Derivative financial instruments
The Group enters into a variety of derivative financial instruments to economically hedge its
exposure to interest rate and foreign exchange rate risks, including interest rate swaps and cross
currency swaps.

Derivative financial instruments are initially recognized at fair value, and are subsequently
remeasured to their fair value at each reporting date. The resulting changes in fair value are
recognized in the consolidated statement of profit or loss immediately unless the derivative is
designated and effective as a hedging instrument, in which event the timing of the recognition in
the consolidated statement of profit or loss depends on the nature of the hedge relationship.
Derivatives are presented as assets when their valuation is favorable to the Group and as
liabilities when unfavorable to the Group.

The Group’s criteria for classifying a derivative instrument in a hedging relationship include:
(1) the hedging instrument is expected to be highly effective in achieving offsetting changes in
fair value or cash flows attributable to the hedged risk; (2) the effectiveness of the hedge can be
reliably measured; (3) there is adequate documentation of the hedging relationships at the
inception of the hedge; and (4) for cash flow hedges, the forecasted transaction that is the
hedged item in the hedging relationship must be considered highly probable.

The effective portion of changes in the fair value of derivatives that are designated and qualify
as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to
the ineffective portion is recognized immediately in the consolidated statement of profit or loss.
Amounts previously recognized in other comprehensive income and accumulated in equity are
reclassified to the consolidated statement of profit or loss in the periods when the hedged item
affects profit or loss, in the same line item as the recognized hedged item. Hedge accounting is
discontinued when the Group terminates the hedging relationship, when the hedging instrument
expires or is sold, terminated or exercised, or when it no longer qualifies for hedge accounting.

Any gain or loss accumulated in equity at that time remains in equity and is recognized in the
consolidated statement of profit or loss when the hedged item affects the consolidated statement
of profit or loss. When a forecast transaction designated as the hedged item in a cash flow
hedge is no longer expected to occur, the gain or loss accumulated in equity is recycled
immediately to the consolidated statement of profit or loss.

Segment Information

Beginning on January 1, 2014, due to the growth in owned fleet, the decrease in revenues and

profit earned by GasLog LNG Services Ltd. as a percentage of consolidated revenue and profit, and
the acquisition of six of the vessels that were under our technical management (Note 6), the Group’s
chief operating decision maker (the “CODM”) being the Chief Executive Officer, started to review
the Group’s operating results on a consolidated basis as one operating segment. As of December 31,
2013, the Group had two operating segments as the CODM was making decisions about allocating
resources and assessing performance on the basis of the vessel ownership and the vessel management
segments.

F-17

Share-based payment arrangements

Equity-settled share-based payments to employees and others providing similar services are

measured at the fair value of the equity instruments on the grant date. Details regarding the
determination of the fair value of equity-settled share-based transactions are set out in Note 19.

The fair value determined at the grant date of the equity-settled share-based payments is
expensed on a straight-line basis over the vesting period, based on the Group’s estimate of equity
instruments that will eventually vest, with a corresponding increase in equity. At the end of each
reporting period, the Group revises its estimate of the number of equity instruments expected to
vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated
statement of profit or loss such that the cumulative expense reflects the revised estimate, with a
corresponding adjustment to the equity-settled employee benefits reserve.

Critical accounting judgments and key sources of estimation uncertainty

The preparation of consolidated financial statements in conformity with IFRS requires
management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting periods. The Group’s
management evaluates whether estimates should be made on an ongoing basis, utilizing historical
experience, consultation with experts and other methods management considers reasonable in the
particular circumstances. However, uncertainty about these assumptions and estimates could result in
outcomes that could require a material adjustment to the carrying amount of the asset or liability in
the future.

Critical accounting judgments:

In the process of applying GasLog’s accounting policies, management has made the following

judgments, apart from those involving estimations, that had the most significant effect on the
amounts recognized in the consolidated financial statements.

Classification of the non-controlling interests: The non-controlling interests in the Partnership
comprise the portion of the Partnership’s common units that are not directly or indirectly held by
GasLog (14,160,000 units as of December 31, 2014). Under the terms of the partnership agreement,
the Partnership is required to distribute 100% of available cash (as defined in the partnership
agreement) with respect to each quarter within 45 days of the end of the quarter to the partners.
Available cash can be summarized as cash and cash equivalents less an amount equal to cash
reserves established by the Partnership’s board of directors to (i) provide for the proper conduct of
the business of the Partnership (including reserves for future capital expenditures and for anticipated
future credit needs of the Partnership) subsequent to such quarter, (ii) comply with applicable law or
any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation
to which any Partnership member is a party or by which it is bound or its assets are subject and/or
(iii) provide funds for certain distributions relating to future periods.

In reaching a judgment as to whether the non-controlling interests in the Partnership should be

classified as liabilities or equity interests, management has considered the wide discretion of the
board of directors of the Partnership to determine whether any portion of the amount of cash
available to the Partnership constitutes available cash and that it is possible that there could be no
available cash. In the event that there is no available cash, as determined by the Partnership’s board
of directors, the Partnership does not have a contractual obligation to make a distribution.
Accordingly, management has concluded that the non-controlling interests do not represent a
contractual obligation on the Partnership to deliver cash and therefore should be classified as equity
within the financial statements.

Key sources of estimation uncertainty are as follows:

Vessel lives and residual value: Vessels are stated at cost, less accumulated depreciation. The

estimates and assumptions that have the most significant effect on the vessel carrying amount relate
to the estimation of the useful life of an LNG vessel of 35 years and the residual value.

F-18

An increase in the estimated useful life of a vessel or in its residual value would have the effect
of decreasing the annual depreciation charge and an increase in the estimated useful life of a vessel
would also extend the annual depreciation charge into later periods. A decrease in the useful life of
a vessel or its residual value would have the effect of increasing the annual depreciation charge.

Up to September 30, 2014, management estimated residual value of its vessels to be 10% of the

initial vessels’ cost. Effective October 1, 2014, following management’s reassessment the residual
value of each vessel is determined by the product of its lightweight tonnage (“LWT”) and an
estimated scrap rate per LWT, which represents management’s estimate of the market value of the
vessel at the end of its useful life. This change in estimate increased depreciation expense by $171
for the year ended December 31, 2014 and is expected to increase the future annual depreciation by
$762.

If regulations place significant limitations over the ability of a vessel to trade on a worldwide
basis, the vessel’s useful life will be adjusted to end at the date such regulations become effective.
The estimated residual value of a vessel may not represent the fair market value at any one time
partly because market prices of scrap rates tend to fluctuate.

Vessel cost: The Group recognizes drydocking costs as a separate component of the vessel’s
carrying amount and amortizes the drydocking cost on a straight-line basis over the estimated period
until the next drydocking. If the vessel is disposed of before the next drydocking, the remaining
balance of the drydock is written-off and forms part of the gain or loss recognized upon disposal of
vessels in the period of disposal. The Group expects that its vessels will be required to be drydocked
in approximately 60 months after their delivery from the shipyard, and thereafter every 30 or 60
months will be required to undergo special or intermediate surveys and drydocked for major repairs
and maintenance that cannot be performed while the vessels are operating. The Group amortizes its
estimated drydocking expenses for the first special survey over five years, in case of new vessels, and
until the next drydocking for secondhand vessels unless the Group intends to drydock the vessels
earlier as circumstances arise. Management estimates the drydocking component on acquisition of a
vessel, as costs to be incurred during the first drydocking at the drydock yard, subsequent to its
acquisition, for a special survey and parts and supplies used in making such repairs that meet the
recognition criteria, based on historical experience with similar types of vessels. For subsequent
drydockings actual costs are capitalized when incurred. On October 1, 2014, the Group decided to
accelerate the amortization of the drydocking component of eight of its vessels as management is
planning to drydock the vessels earlier than initially scheduled. This change in estimate increased
depreciation expense by $388 and is expected to increase the depreciation expense by $41 for the
year ending December 31, 2015 and decrease the depreciation expense by $429 for the year ending
December 31, 2016 due to the acceleration of the current drydocking component.

Impairment of vessels: The Group evaluates the carrying amounts of its vessels to determine

whether there is any indication that those vessels have suffered an impairment loss. If any such
indication exists, the recoverable amount of vessels is estimated in order to determine the extent of
the impairment loss, if any.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset for which the estimates of future cash flows have not been adjusted. The
projection of cash flows related to vessels is complex and requires management to make various
estimates including future charter rates, vessel operating expenses and the discount rate. All of these
items have been historically volatile. In assessing the fair value less cost to sell of the vessel, the
Group obtains vessel valuations from independent and internationally recognized ship brokers on an
annual basis or when there is an indication that an asset or assets may be impaired. If an indication
of impairment is identified, the need for recognizing an impairment loss is assessed by comparing
the carrying amount of the vessel to the higher of the fair value less cost to sell and the value in
use.

F-19

Our estimates of basic market value assume that our vessels are all in seaworthy condition
without a need for repair and if inspected would be certified in class without notations of any kind.
Our estimates are based on information available from various industry sources, which may include:

• reports by industry analysts and data providers that focus on our industry and related

dynamics affecting vessel values;

• news and industry reports of sales of similar vessels;
• news and industry reports of sales of vessels that are not similar to our vessels, where we

have made certain adjustments in an attempt to derive information that can be used as part
of our estimates;

• approximate market values for our vessels or similar vessels that we have received from

shipbrokers, whether solicited or unsolicited, or that shipbrokers have generally disseminated;

• offers that we may have received from potential purchasers of our vessels; and
• vessel sale prices and values of which we are aware through both formal and informal
communications with vessel owners, vessel brokers, industry analysts and various other
shipping industry participants and observers.

As of December 31, 2014, the carrying amounts of eight vessels were higher than the estimated

charter free market value and the Group concluded that events and circumstances triggered the
existence of potential impairment of these vessels. As a result, the Group performed the impairment
assessment of the Group’s vessels by comparing the discounted projected net operating cash flows
for these vessels to their carrying value. The significant factors and assumptions the Group used in
its discounted projected net operating cash flow analysis included, among others, operating revenues,
off-hire revenues, drydocking costs, operating expenses, management fees estimates and the discount
rate. Revenue assumptions were based on contracted time charter rates up to the end of life of the
current contract of each vessel as well as the estimated average time charter equivalent rates for the
remaining life of the vessel after the completion of its current contract. The estimated daily time
charter equivalent rates used for non-contracted revenue days are based on a combination of (i)
recent charter market rates, (ii) conditions existing in the LNG market as of December 31, 2014,
(iii) historical average time charter rates, based on publications by independent third party maritime
research services, and (iv) estimated future time charter rates, based on publications by independent
third party maritime research services that provide such forecasts. Recognizing that the LNG
industry is cyclical and subject to significant volatility based on factors beyond our control,
management believes the use of revenue estimates, based on the combination of factors (i) to (iv)
above, to be reasonable as of the reporting date. In addition, the Group used an annual operating
expenses escalation factor and estimates of scheduled and unscheduled off-hire revenues based on
historical experience. All estimates used and assumptions made were in accordance with the Group’s
internal budgets and historical experience of the shipping industry. The value in use for the eight
vessels calculated as per above was higher than the carrying amount of these vessels and
consequently, no impairment loss was recognized.

Measurement of equity-settled share-based payments expense: As described in Note 19, the
Group used an accepted valuation methodology to value the Stock Appreciation Rights granted in
2013 and 2014. The inputs are based on observable market data and management’s estimates.
Details of the valuation methodology and significant assumptions used are set out in Note 19.

Impairment of goodwill: Determining whether goodwill is impaired requires an estimation of
the recoverable amount, which is the higher of fair value less costs to sell and value in use, of the
cash-generating units to which goodwill has been allocated. The value in use calculation requires the
Group to estimate the future cash flows expected to arise from the cash-generating unit(s) and a
suitable discount rate in order to calculate present value. Details of the impairment analysis are set
out in Note 3. No impairment loss was recognized for any of the periods presented.

Fair value of derivative financial instruments: Our risk management policies permit the use of

derivative financial instruments to manage interest rate risk and foreign exchange risk. Changes in
fair value of derivative financial instruments that are not designated as cash flow hedges for
accounting purposes are recognized in the consolidated statement of profit or loss.

F-20

A substantial majority of our derivative instruments activity relates to our use of interest rate
swaps. The fair value of our interest rate swap agreements is the estimated amount that we would
receive or pay to terminate the agreements at the reporting date, taking into account current interest
rates and the current credit worthiness of both us and the swap counterparties. The estimated
amount is the present value of estimated future cash flows, being equal to the difference between
the benchmark interest rate and the fixed rate in the interest rate swap agreement, multiplied by the
notional principal amount of the interest rate swap agreement at each interest reset date.

The fair value of our interest and currency swap agreements at the end of each period are most

significantly affected by the interest rate implied by market-observable data such as LIBOR yield
curve, and forward foreign exchange rates. While the fair value of our interest and currency swap
agreements are typically more sensitive to changes in short-term rates, significant changes in the
long-term benchmark interest and foreign exchange rates also materially impact our interest and
currency swap agreements.

The fair value of our interest and currency swap agreements are also affected by changes in our

specific credit risk included in the discount factor. Following the implementation of IFRS 13 Fair
Value Measurement on January 1, 2013, the Group adjusts its derivative liabilities fair value to
reflect its own credit risk and its counterparties’ risk. The estimate of the Group’s credit risk is
based on the credit rating of other companies in the LNG industry where publicly available, the
rating of the global transportation industry where the shipping industry is included and the feedback
that the Group receives from its lenders as part of the margin setting for the new loan agreements.
The counterparties’ credit risk is estimated either by using the credit default swap rates obtained
from public information or, if not available, by using the credit rating of the counterparties.

The LIBOR yield curve and our specific credit risk are expected to vary over the life of the
interest rate swap agreements. The larger the notional amount of the interest rate swap agreements
outstanding and the longer the remaining duration of the interest rate swap agreements, the larger
the impact of any variability in these factors will be on the fair value of our interest rate swaps. We
economically hedge the interest rate exposure on a significant amount of our long-term debt and for
long durations. As such, we have historically experienced, and we expect to continue to experience,
material variations in the period-to-period fair value of our derivative instruments.

Although we measure the fair value of our derivative instruments utilizing the inputs and

assumptions described above, if we were to terminate the agreements at the reporting date, the
amount we would pay or receive to terminate the derivative instruments may differ from our
estimate of fair value. If the estimated fair value differs from the actual termination amount, an
adjustment to the carrying amount of the applicable derivative asset or liability would be recognized
in earnings for the current period. Such adjustments could be material. See Note 23 for the effects
on the change in fair value of our derivative instruments on our consolidated statements of profit or
loss.

Adoption of new and revised IFRS

(a) Standards and interpretations adopted in the current period

The following standards and amendments relevant to the Group were effective in the current

period:

In December 2011, the IASB issued amendments to IAS 32 Financial Instruments: Presentation,
which clarifies some of the requirements for offsetting financial assets and financial liabilities on the
statement of financial position. As the Group did not have any assets and liabilities that qualified
for offsetting, the application of the IAS 32 amendments which are effective for the fiscal year
beginning on January 1, 2014, with retrospective application required, did not have any impact on
the consolidated financial statements.

In May 2013, the IASB issued amendments to IAS 36 Impairment of Assets on the impairment
of non-financial assets. These amendments remove the requirement of disclosure of the recoverable
amount of an asset or cash generated unit when there is no impairment loss and require disclosure
of how the fair value less costs of disposal has been measured when an impairment loss has been

F-21

recognized or reversed during the period. The amendments of IAS 36 which are effective for the
fiscal year beginning on January 1, 2014, with retrospective application required, did not have any
impact on the Group’s consolidated financial statements.

In June 2013, the IASB published a limited scope amendment to IAS 39 Financial Instruments:
Recognition and Measurement and the forthcoming chapter on hedge accounting in IFRS 9 Financial
Instruments. This amendment provides some relief from the requirement to cease hedge accounting
when a derivative is required to be novated to a central counterparty or entity acting in a similar
capacity, under certain circumstances. The amendment of IAS 39 and IFRS 9 that is effective for
the fiscal year beginning on January 1, 2014, with retrospective application required, did not have
any impact on the Group’s consolidated financial statements.

(b) Standards and amendments in issue not yet adopted

At the date of authorization of these financial statements, the following standards and

amendments relevant to the Group were in issue but not yet effective:

In October 2010, the IASB reissued IFRS 9 Financial Instruments. IFRS 9 specifies how an
entity should classify and measure financial assets and financial liabilities. The new standard requires
all financial assets to be subsequently measured at amortized cost or fair value depending on the
business model of the legal entity in relation to the management of the financial assets and the
contractual cash flows of the financial assets. The standard also requires a financial liability to be
classified as either at fair value through profit or loss or at amortized cost. In addition a new hedge
accounting model was introduced, that is designed to be more closely aligned with how entities
undertake risk management activities when hedging financial and non-financial risk exposures. In
July 2014, the complete version of IFRS 9 was issued. The standard is effective for accounting
periods beginning on or after January 1, 2018 but early adoption is permitted. Management is
currently evaluating the impact of this standard.

In November 2013, the IASB issued amendments to IAS 19 Employee Benefits to clarify the
requirements that relate to how contributions from employees or third parties that are linked to
service should be attributed to periods of service. In addition, it permits a practical expedient if the
amount of the contributions is independent of the number of years of service, in that contributions,
can, but are not required, to be recognized as a reduction in the service cost in the period in which
the related service is rendered. The amended standard is effective for annual periods beginning on
or after July 1, 2014. Management anticipates that this amendment will not have a material impact
on the Group’s financial statements.

In December 2013, the IASB issued the Annual Improvements to IFRSs-2010-2012 Cycle, which
includes changes to IFRS 2 Share-based Payment, IFRS 3 Business Combination, IFRS 8 Operating
Segments, IFRS 13 Fair Value Measurement, IAS 16 Property, Plant and Equipment, IAS 38
Intangible Assets and IAS 24 Related Party Disclosures. These amendments are effective for annual
periods beginning on or after July 1, 2014. Management anticipates that these amendments will not
have a material impact on the Group’s financial statements.

In December 2013, the IASB issued the Annual Improvements to IFRSs-2011-2013 Cycle, which
includes changes to IFRS 1 First-time Adoption of International Financial Standards, IFRS 3 Business
Combinations, IFRS 13 Fair Value Measurement and IAS 40 Investment Property. These amendments
are effective for annual periods beginning on or after July 1, 2014. Management anticipates that
these amendments will not have any impact on the Group’s financial statements.

In May 2014, the IASB issued IFRS 15 Revenue from Contracts with Customers, which applies
to all contracts with customers: the main exceptions are leases, financial instruments and insurance
contracts. IFRS 15 specifies how and when an IFRS reporter will recognize revenue as well as
requiring such entities to provide users of financial statements with more informative, relevant
disclosures. The standard supersedes IAS 18 Revenue, IAS 11 Construction Contracts and a number
of revenue-related interpretations. The standard is effective for annual periods beginning on or after
January 1, 2017 but early adoption is permitted. Management is currently evaluating the impact of
this standard on the Group’s consolidated financial statements.

F-22

In September 2014, the IASB published Sale or Contribution of Assets between an Investor and

its Associate or Joint Venture as amendments to IFRS 10 Consolidated Financial Statements and
IAS 28 Investment in Associate and Joint Ventures. The amendments address a conflict between the
requirements of IFRS 10 and IAS 28 and clarify that in a transaction involving an associate or joint
venture the extent of gain or loss recognition depends on whether the assets sold or contributed
constitute a business. They are effective for annual periods beginning on or after January 1, 2016,
with earlier application being permitted. Management is currently evaluating the impact of this
standard.

In September 2014, the IASB issued the Annual Improvements to IFRSs-2012-2014 Cycle, which

includes changes to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, IFRS 7
Financial Instruments: Disclosures, IAS 19 Employee Benefits and IAS 34 Interim Financial
Reporting. These amendments are effective for annual periods beginning on or after July 1, 2016.
Management anticipates that these amendments will not have any impact on the Group’s financial
statements.

In December 2014, the IASB issued amendments on IAS 1 Presentation of Financial Statements

to address perceived impediments to preparers exercising their judgment in presenting financial
reports. The amendment of IAS 1 provide clarification to the preparers that: (i) the information
provided should not be obscured by aggregating or providing immaterial information, (ii) the list of
line items to be presented in the statements can be disaggregated and aggregated as relevant and
(iii) understandability and comparability should be considered when determining the order of the
notes. These amendments are effective for annual periods beginning on or after January 1, 2016.
Management anticipates that these amendments will not have any material impact on the Group’s
financial statements.

The impact of all other IFRS standards and amendments issued but not yet adopted is not

expected to be material.

3. Goodwill

Goodwill resulted from the acquisition in 2005 of Ceres LNG Services Ltd., the vessel

management company, which represents a cash-generating unit. On September 30, 2011, Ceres LNG
Services Ltd. was renamed “GasLog LNG Services Ltd.” As of December 31, 2014, the Group
assessed the recoverable amount of goodwill, and concluded that goodwill associated with the
Group’s vessel management company was not impaired. The recoverable amount of the vessel
management operations is determined based on a value-in-use calculation which uses cash flow to be
generated based on financial budgets approved by management covering a four year period until
2018.

The key assumptions used in the value-in-use calculations are as follows:

(i) Average inflation of 2% per annum;

(ii) A pre-tax discount rate of 10.5% per annum;

(iii) Annual growth rate of 1.5%; and

(iv) 1 Euro = USD 1.26.

Growth is based on the number of vessels expected to be under management based on the
shipbuilding contracts in place at the end of the year. Management believes that any reasonably
possible further change in the key assumptions on which recoverable amount is based would not
cause the carrying amount of the cash-generating unit to exceed its recoverable amount.

4. Equity Transactions

On March 29, 2012, the Group entered into (i) an underwriting agreement with a group of

underwriters to sell 23,500,000 shares of the Group’s common shares at a public offering price of
$14.00 per share, for an aggregate public offering price of $329,000 and (ii) subscription agreements
with certain of the Group’s directors and officers for a concurrent private placement of 261,670
shares of the Group’s common shares at the public offering price of $14.00 per share.

F-23

The Group completed its IPO and concurrent private placement on April 4, 2012, at which time
the Group issued 23,761,670 common shares. The net proceeds from the IPO and concurrent private
placement, including the underwriting discount of $18,095 and offering costs of $4,915, was $309,653.

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. GasLog
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. The net proceeds from the public
offering and the concurrent private placement, after deducting underwriting discounts and offering
expenses, were $199,016.

On April 16, 2014, GasLog completed a 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 from
the public offering, after deducting underwriting discounts and other offering expenses, were
approximately $109,940.

On May 12, 2014, the Partnership completed its IPO with the sale and issuance of 9,660,000
common units, resulting in net proceeds of $186,029 and representing a 48.2% ownership interest
(Note 1). GasLog Partners used the net IPO proceeds to (a) pay $65,695 directly to GasLog as cash
consideration for the contribution of GAS-three Ltd., GAS-four Ltd. and GAS-five Ltd., (b) prepay
$82,634 of debt plus accrued interest of $416 and (c) make a payment of $2,285 (including $271
accrued interest) to settle the mark-to-market loss on termination of one interest rate swap and
reduction of a second interest rate swap in connection with the aforementioned debt prepayment.
The balance of $35,000 was retained by the Partnership for general corporate purposes. The net
proceeds from the GasLog Partners’ IPO of $186,029 were received in cash and have been allocated
to non-controlling interest.

On September 29, 2014, GasLog Partners completed a follow-on public offering of 4,500,000
common units at a public offering price of $31.00 per unit. The net proceeds from this offering after
deducting underwriting discounts and other offering expenses were $133,007 (Note 1) and have been
allocated to non-controlling interest.

The balance of non-controlling interest as of December 31, 2014 was as follows:

Non-controlling interest

At January 1, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net proceeds from the GasLog Partners’ IPO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net proceeds from follow-on public offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividend declared and paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit allocated to non-controlling interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other comprehensive income allocated to non-controlling interest . . . . . . . . . . . . . . . . .
At December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—
186,029
133,007
(7,300)
8,604
3,306

323,646

5. Investment in Associate

Investment in associate consists of the following:

At January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Return of investment from associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share of profit of associate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividend declared. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
At December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2013

2014

6,856
(360)
1,470
(1,640)

6,326
—
1,497
(1,220)

6,326

6,603

During the year ended December 31, 2013, the Group’s associate, Egypt LNG Shipping Ltd.,
distributed $1,440 in excess of its accumulated retained earnings. The portion of such distribution
related to the Group was $360.

F-24

At December 31, 2013 and 2014 the Group participated in the following associate:

Name

Effective
Interest

Country of
Incorporation

Principal
activity

Egypt LNG Shipping Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25.00% Bermuda

Shipping LNG sector

Egypt LNG Shipping Ltd. owns and operates a 145,000 cubic meter LNG vessel built in 2007.

Summarized financial information in respect of Egypt LNG Shipping Ltd. is set out below.

Current
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-current
Total non-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total non-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Group’s share of associate’s net assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As of December 31,

2013

2014

21,146
(13,257)

23,732
(15,634)

143,851
(126,435)

138,969
(120,656)

25,305
6,326

26,411
6,603

For the year ended
December 31,
2013

2014

2012

Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total comprehensive income for the year. . . . . . . . . . . . . . . . . . . . . . . . . .
Group’s share of associate’s profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16,722
4,312
4,312

18,619
5,880
5,880

18,554
5,986
5,986

1,078

1,470

1,497

Dividend declared . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Group’s share of associate’s dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3,000)

(6,560)

(4,880)

750

1,640

1,220

F-25

6. Tangible Fixed Assets and Vessels Under Construction

The movements in tangible fixed assets and vessels under construction are reported in the

following table:

Cost
At January 1, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transfer from vessels under construction . . . . . . . . . . . . . . .
At December 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transfer from vessels under construction . . . . . . . . . . . . . . .
At December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated depreciation
At January 1, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation of fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . .
At December 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation of fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . .
At December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net book value
At December 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
At December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Office
property
and other
tangible
assets

Total
tangible
fixed
assets

Total vessels
under
construction

2,738
346
—

3,084
2,115
—

5,199

1,153
500

1,653
546

2,199

1,431
3,000

459,659
162,646
969,516

1,591,821
944,917
405,575

2,942,313

32,779
29,322

62,101
70,695

132,796

217,321
872,490
(969,516)

120,295
428,056
(405,575)

142,776

—
—
—

—
—

1,529,720
2,809,517

120,295
142,776

Vessels

456,921
162,300
969,516

1,588,737
942,802
405,575

2,937,114

31,626
28,822

60,448
70,149

130,597

1,528,289
2,806,517

Vessels with an aggregate carrying amount of $2,806,517 as of December 31, 2014 (December

31, 2013: $1,528,289) have been pledged as collateral under the terms of the Group’s loan
agreements (Note 12).

In September 2013, GAS-fifteen Ltd. entered into a memorandum of agreement to acquire the
STX Frontier, a 2010-built 153,600 cubic meters LNG Carrier from STX Pan Ocean LNG Pte. Ltd.,
a Singapore based company. The vessel that was renamed to GasLog Chelsea was delivered on
October 4, 2013.

On April 10, 2014, GasLog acquired three 145,000 cbm steam-powered LNG carriers and on

June 4, 2014, June 11, 2014, and June 25, 2014, acquired another three 145,000 cbm steam-powered
LNG carriers from a subsidiary of BG Group plc (“BG Group”) for an aggregate cost of $936,000
(from which $930,000 was paid at closing of these deliveries while the payment of the remaining
$6,000 will be made upon receipt of the relevant spares and before the end of the initial term of the
charter party agreements) and chartered those vessels back to Methane Services Limited, a
subsidiary of the BG Group, for an average six year initial terms. The vessels acquired are the 2006
built Methane Rita Andrea, the Methane Jane Elizabeth and the Methane Lydon Volney, and the
2007 built Methane Shirley Elisabeth, the Methane Heather Sally and the Methane Alison Victoria.
GasLog supervised the construction of all six vessels at Samsung Heavy Industries Co. Ltd.
(“Samsung”) shipyard in Korea, for BG Group and has provided technical management for the ships
since delivery.

The acquisition of the aforementioned vessels was treated as an asset acquisition based on the

absence of processes attached to the inputs. In addition, management considered that the charter
party agreements entered into approximate market rates and has concluded that the contracted daily
charter rate approximates the fair value on the transaction completion dates, taking into account
that the rates agreed with BG Group were in arms’ length negotiations and management’s
understanding of the market. Considering the above, the purchase price was allocated in total to
vessel cost.

F-26

In December 2014, GasLog entered into an agreement with an affiliate of BG Group to acquire

two LNG carriers, the Methane Becki Anne and the Methane Julia Louise, for a purchase price of
$460,000, which is subject to the satisfaction of certain conditions, including the completion of
definitive documentation. The vessels will be chartered back to BG Group for periods of nine and
11 years with further options by the charterer to extend the term of the time charter for each vessel
by either three or five years. GasLog supervised their construction and has technically managed both
ships since their delivery to BG Group in 2010. They have tri-fuel diesel electric propulsion and on-
board reliquefaction plants, which enable the vessels to operate on gas at a wider range of speeds
more efficiently. GasLog expects the transaction to close at the end of March 2015. GasLog and
GasLog Partners have agreed that GasLog Partners will have the option, exercisable at any time
within 36 months after the closing of the transaction, to purchase the vessels acquired by GasLog
under the transaction at their fair market value, as determined under the omnibus agreement under
the same terms that apply to the 10 other vessels over which GasLog Partners hold options granted
by GasLog. This agreement supersedes the provision under the omnibus agreement that would
otherwise have required GasLog to offer to GasLog Partners, within 30 days of the completion of
the transaction, an opportunity to purchase such vessels at the acquisition price paid to Methane
Services plus certain administrative costs, and would have allowed GasLog Partners 30 days to
respond to such offer.

Vessels under construction

In May 2010, GAS-three Ltd. and GAS-four Ltd. entered into shipbuilding contracts for the
construction of two LNG carriers (155,000 cubic meters each) with Samsung. The first vessel, the
GasLog Shanghai, was delivered on January 28, 2013 and the second vessel, the GasLog Santiago,
was delivered on March 25, 2013.

In 2011, GAS-five Ltd., GAS-six Ltd., GAS-seven Ltd., GAS-eight Ltd., GAS-nine Ltd. and
GAS-ten Ltd. entered into shipbuilding contracts with Samsung for the construction of six LNG
Carriers (155,000 cubic meters each). The first five vessels, the GasLog Sydney, the GasLog Skagen,
the GasLog Seattle, the Solaris and the GasLog Saratoga, were delivered on May 30, 2013, July 25,
2013, December 9, 2013, June 30, 2014 and December 16, 2014, respectively. The last vessel is
scheduled to be delivered in 2015.

In January 2013, GAS-eleven Ltd. and GAS-twelve Ltd. entered into shipbuilding contracts with

Samsung for the construction of two LNG carriers (174,000 cubic meters each). The vessels are
expected to be delivered in the first half of 2016.

In August 2013, GAS-thirteen Ltd. and GAS-fourteen Ltd. entered into shipbuilding contracts

with Samsung for the construction of two LNG carriers (174,000 cubic meters each). The vessels are
expected to be delivered in the second half of 2016.

In May 2014, GAS-twenty two Ltd. and GAS-twenty three Ltd. entered into shipbuilding
contracts with Samsung for the construction of two LNG carriers (174,000 cubic meters each). The
vessels are expected to be delivered in the first and second half of 2017, respectively.

In June 2014, GAS-twenty four Ltd. and GAS-twenty five Ltd. entered into shipbuilding

contracts with Hyundai Heavy Industries Co., Ltd for the construction of two LNG carriers (174,000
cubic meters each). The vessels are expected to be delivered in the second half of 2017.

Vessels under construction represent scheduled advance payments to the shipyards as well as

certain capitalized expenditures. As of December 31, 2014, the Group has paid to the shipyard
$140,824 for the vessels that are under construction and expects to pay the remaining installments as
they come due upon each vessel’s keel laying, launching and delivery (Note 20(b)).

F-27

The vessels under construction costs as of December 31, 2013 and 2014 are comprised of:

Progress shipyard installment payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Onsite supervision costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shipyard commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Spare parts, equipment and other vessel delivery expenses . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

119,174
1,169
(589)
541

140,824
1,796
(197)
353

120,295

142,776

At December 31,
2013
2014

7. Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of the following:

Current accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Time deposits (with original maturities of three months or less) . . . . . . . . .
Ship management client accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

At December 31,
2013
2014

66,868
28,782
8,148

93,437
117,252
1,285

103,798

211,974

Ship management client accounts represent amounts provided by the clients of GasLog LNG
Services Ltd. in order to enable the Group to cover obligations of vessels under management. A
compensating balance is held as a current liability.

Included in Current accounts there was an amount of $3,202 held in retention accounts as of
December 31, 2014 (2013: $3,090), with respect to the next installments and interest due for the loan
facilities of GAS-one Ltd., GAS-two Ltd. and GAS-nine Ltd.

As of December 31, 2014, an amount of $22,826 is classified as restricted cash comprising of
cash held in blocked account in order to comply with the covenants under two of the Group’s credit
facilities (Note 12).

8. Trade and Other Receivables

An analysis of the trade and other receivables is as follows:

Trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
VAT receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Insurance claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

At December 31,
2013

2014

3,831
362
1,860
192
1,012

7,257

2,088
939
1,237
8,843
1,210

14,317

As of December 31, 2013 and 2014, no material receivable balances were past due or impaired,

and therefore no allowance was necessary.

F-28

9. Other Non-current Assets

An analysis of other non-current assets is as follows:

At December 31,
2014
2013

Accrued revenue from straight-line revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash collaterals on swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Guarantee claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other guarantees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,221

2,526
— 2,610
—
649

155
283

2,659

5,785

10. Share Capital

GasLog’s authorized share capital consists of 500,000,000 shares with a par value $0.01 per

share.

As of December 31, 2014, the share capital consisted of 80,493,126 issued and outstanding

common shares, par value $0.01 per share and 500,000 treasury shares (December 31, 2013:
62,863,166 common shares, par value $0.01 per share). The movements in the number of shares, the
share capital, the contributed surplus and the treasury shares are reported in the following table:

Number of Shares

Number of
common shares

Number of
treasury shares

Total

Share capital

Amounts
Contributed
surplus

Treasury
shares

36,091,510

— 36,091,510

391

300,716

3,009,986
—

—
—

3,009,986
—

Outstanding as of January 1, 2012. . . . . . .
Conversion of manager shares

(Note 19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital contributions . . . . . . . . . . . . . . . . . . . .
Dividend declared deducted from
Contributed surplus due to
accumulated deficit . . . . . . . . . . . . . . . . . . .
Issuance of shares (Note 4) . . . . . . . . . . . . .

—
23,761,670

—
—
— 23,761,670

— 62,863,166

Outstanding as of December 31, 2012 . . .

62,863,166

Dividend declared deducted from
Contributed surplus due to
accumulated deficit . . . . . . . . . . . . . . . . . . .

—

—

—

Outstanding as of December 31, 2013 . . .

62,863,166

— 62,863,166

Issuance of shares (Note 4) . . . . . . . . . . . . .
Purchase of treasury shares. . . . . . . . . . . . . .
Shares issued for stock options

exercise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18,129,960
(520,614)

— 18,129,960
—

520,614

20,614

(20,614)

—

Outstanding as of December 31, 2014 . . .

80,493,126

500,000

80,993,126

—
18,663

(6,915)
309,415

621,879

(6,915)

614,964

—

—
—

—
—

—

—

—

308,506

—
— (13,221)

—

645

923,470

(12,576)

—
—

—
238

629

—

629

181
—

—

810

The treasury shares were acquired by GasLog in 2014 in relation to the share-based payment

(Note 19).

11. Equity attributable to owners of the Group

The Group’s net capital comprises of share capital, contributed surplus, treasury shares, retained

earnings, equity-settled employee benefits reserve and other reserves. At December 31, 2013 and
2014, the Group had equity of $639,533 and $929,391, respectively.

F-29

The movements in other reserves are reported in the following table:

Balance at January 1, 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effective portion of changes in fair value of cash flow hedges . . . . . . . . . .
Actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance at December 31, 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effective portion of changes in fair value of cash flow hedges . . . . . . . . . .
Recycled loss of cash flow hedges reclassified to profit or loss . . . . . . . . . .
Actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance at December 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effective portion of changes in fair value of cash flow hedges . . . . . . . . . .
Recycled loss of cash flow hedges reclassified to profit or loss . . . . . . . . . .
Hedging reserve allocated to non-controlling interest (Note 4) . . . . . . . . . .
Actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance at December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Hedging

(5,827)
(15,993)
—

(21,820)
4,773
2,293
—

(14,754)
(13,191)
6,641
(3,306)
—

(24,610)

Employee
benefits

80
—
(48)

32
—
—
62

94
—
—
—
(202)

(108)

Total
other
reserves

(5,747)
(15,993)
(48)

(21,788)
4,773
2,293
62

(14,660)
(13,191)
6,641
(3,306)
(202)

(24,718)

Dividend distribution

On February 27, 2014, the board of directors declared a quarterly cash dividend of $0.12 per
common share which was paid on March 25, 2014 to shareholders of record as of March 10, 2014 for
a total amount of $9,133.

On May 13, 2014, the board of directors declared a quarterly cash dividend of $0.12 per

common share which was paid on June 11, 2014 to shareholders as of May 27, 2014 for a total
amount of $9,719.

On August 19, 2014, the board of directors declared a quarterly cash dividend of $0.12 per
common share which was paid on September 8, 2014 to shareholders of record as of September 2,
2014 for a total amount of $9,720.

On November 19, 2014, the board of directors declared a quarterly cash dividend of $0.14 per
common share which was paid on December 5, 2014 to shareholders as of December 1, 2014 for a
total amount of $11,268.

12. Borrowings

An analysis of the borrowings is as follows:

Amounts due within one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: unamortized deferred loan issuance costs . . . . . . . . . . . . . . . . . . . . . . .
Borrowings—current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amounts due after one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plus: unamortized premium(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: unamortized deferred loan issuance costs . . . . . . . . . . . . . . . . . . . . . . .
Borrowings—non-current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

At December 31,
2013
2014

104,751
(4,431)

121,824
(5,393)

100,320
1,033,488
—
(18,734)

116,431
1,804,658
3,504
(29,317)

1,014,754
1,115,074

1,778,845
1,895,276

(1) Refer to “Senior Unsecured Notes” disclosed below for the premium.

F-30

Bank Loans-secured

(a) Danish Ship Finance A/S loan

In March 2008 GAS-one Ltd. entered into a bank loan facility of up to $174,033 with Danish
Ship Finance A/S in order to partially finance the construction of an LNG vessel. On March 9, 2012,
GAS-one Ltd. entered into an amending and restating agreement with Danish Ship Finance A/S.
The amendment defines that the guarantors are GasLog and GasLog Carriers Ltd. The balance
outstanding as of December 31, 2014 was $127,901 (2013: $136,152) and is repayable in 22
consecutive quarterly installments of $2,063 together with a final balloon payment of $82,516 payable
concurrently with the last installment in May 2020. The loan bears interest at LIBOR plus a margin.
GAS-one Ltd. is also required to maintain at all times minimum liquidity of $1,500 and was in
compliance as of December 31, 2014.

As of December 31, 2014, GAS-one Ltd. has classified in restricted cash an amount of $1,826
representing the 90% of its free cash pursuant to a specific clause in its loan agreement providing
for the charterers to have exercised their option to extend their charter, with effect on and from
12 months prior to the expiry of the charter. The amount held is classified as a current asset and
will be restricted until GAS-one Ltd. enters into a replacement charter (Note 7).

(b) DNB Bank ASA, UBS AG, National Bank of Greece S.A., Commonwealth Bank of Australia
and Skandinaviska Ensklida Banken AB (publ) loan

On November 17, 2009, GAS-two Ltd. refinanced the then existing loan of $80,000 by entering

into a syndicated loan agreement of up to $147,500 with DnB Nor Bank ASA, National Bank of
Greece and UBS AG. The first draw-down on the new facility was $80,000 and was used to repay
the existing facility. The post-delivery tranche of up to $67,500 was drawn upon delivery of the
vessel (GasLog Singapore).

On March 14, 2012, GAS-two Ltd. entered into an amending and restating agreement with

respect to the syndicate facility with DnB Bank ASA (formerly known as DnB Nor Bank ASA),
National Bank of Greece and UBS AG. The amendment defines that the guarantors are GasLog
and GasLog Carriers Ltd.

On May 17, 2013, GAS-two Ltd. signed a loan agreement with DNB Bank ASA, acting through
its London Branch, UBS AG, National Bank of Greece S.A., Commonwealth Bank of Australia and
Skandinaviska Enskilda Banken AB (publ) for a term loan facility of up to $110,000 and a revolving
credit facility of up to $50,000 for the purpose of refinancing the facility of GAS-two Ltd. with DnB
Nor Bank ASA, National Bank of Greece and UBS AG which was due to mature in March 2014
(“existing facility”) and for general corporate purposes. Total amount drawn under the term loan
and the revolving credit facility should not exceed 72.5% of the vessel’s value. The revolving credit
facility is available for drawing on a fully revolving basis in minimum amounts of $5,000 until three
months prior to the maturity date in May 2018. On May 28, 2013, GAS-two Ltd. drew down
$110,000 from the term loan facility and repaid the outstanding amount of the existing facility of
$101,443. On September 25, 2013, GAS-two Ltd. drew down $39,494 from the revolving credit
facility. On January 27, 2014, GAS-two Ltd. drew down $2,681 from the revolving credit facility with
DNB Bank ASA, acting through its London Branch, UBS AG, National Bank of Greece S.A.,
Commonwealth Bank of Australia and Skandinaviska Ensklida Banken AB (publ). As of
December 31, 2014, the undrawn amount from the revolving facility was $7,825 and the balance
outstanding was $42,175 which is classified under current liabilities. The balance outstanding as of
December 31, 2014 of the term loan was $95,000 and is repayable in 14 consecutive quarterly
installments of $2,500 together with a final balloon payment of $60,000 payable concurrently with
the last installment in May 2018. The loan bears interest at LIBOR plus a margin.

(c) DnB Bank ASA and Export-Import Bank of Korea

On March 14, 2012, GAS-three Ltd. and GAS-four Ltd. entered into a loan agreement of up to

$272,500 with DnB Bank ASA and the Export-Import Bank of Korea in order to partially finance
the acquisition of two LNG vessels. On January 18, 2013 and March 19, 2013, GAS-three Ltd. and

F-31

GAS-four Ltd. drew down $272,500 in total from the loan facility for the financing of the GasLog
Shanghai and the GasLog Santiago. Both loans bore interest at LIBOR plus a margin. In connection
with GasLog Partners’ IPO on May 12, 2014, the credit facility was amended to, among other things,
permit GasLog to contribute GAS-three Ltd. and GAS-four Ltd. to the Partnership and add GasLog
Partners Holdings LLC, as a guarantor. On November 19, 2014, the outstanding amount of $246,432
for both tranches under the credit facility, was fully repaid.

(d) Nordea Bank Finland PLC, ABN Amro Bank N.V. and Citibank International PLC syndicated
loan

On October 3, 2011, GAS-five Ltd. and GAS-six Ltd. entered into a loan agreement of up to
$277,000 with Nordea Bank Finland PLC, ABN Amro Bank N.V. and Citibank International PLC in
order to partially finance the acquisition of two LNG vessels. The loan agreement provided for two
equal tranches that were drawn on May 24, 2013 and July 19, 2013 for the financing of the GasLog
Sydney and the GasLog Skagen, respectively. In connection with the GasLog Partners’ IPO on
May 12, 2014, the credit facility entered was amended to, among other things, (1) divide the facility
into two separate facilities on substantially the same terms as the initial facility, with one of the
facilities executed by GAS-five Ltd. for the portion allocated to the GasLog Sydney, (2) permit
GasLog’s contribution of GAS-five Ltd. to the Partnership and (3) add GasLog Partners Holdings
LLC as a guarantor and remove GasLog Carriers Ltd., a wholly owned subsidiary of GasLog, as
guarantor in connection with the GAS-five Ltd. facility. In connection with these amendments, the
Partnership prepaid $82,634 of the new GAS-five Ltd. facility with proceeds of the initial public
offering. On November 19, 2014, the outstanding amount of $48,225 under the GAS-five Ltd credit
facility was fully repaid. The balance outstanding as of December 31, 2014 of the GAS-six Ltd.
credit facility was $128,316 and is repayable in 19 consecutive quarterly installments of $2,037
together with a final balloon payment of $89,618 payable concurrently with the last installment in
July 2019. The loan bears interest at LIBOR plus a margin. The Borrower is required to have a
minimum liquidity of $1,500 following the loan drawdown date.

(e) Credit Suisse AG

On January 18, 2012 GAS-seven Ltd. entered into a loan agreement of up to $144,000 with

Credit Suisse AG, for the purpose of financing one of the newbuilding vessels. The agreement
provides for a single tranche that was drawn on December 4, 2013 for the financing of the GasLog
Seattle. The loan bears interest at LIBOR plus a margin. The balance outstanding as of December
31, 2014 was $136,000 and is repayable in 24 consecutive quarterly installments of $2,000 together
with a final balloon payment of $88,000 payable concurrently with the last installment in December
2020.

(f) DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V.
and Skandinaviska Enskilda Banken AB (publ)

On December 23, 2011, GAS-eight Ltd., GAS-nine Ltd. and GAS-ten Ltd. entered into a loan

agreement (the “Principal Agreement”) for a senior secured credit facility of up to $435,000 with
DnB Bank ASA, Commonwealth Bank of Australia, Danish Ship Finance A/S, ING Bank N.V. and
Skandinaviska Enskilda Banken AB (publ) for the purpose of financing three of the newbuilding
vessels. The loan agreement provides for three tranches, to be drawn upon delivery of each
newbuilding vessel. On June 24, 2014, GAS-eight Ltd. drew down $143,000 from the loan facility, to
partially finance the delivery of the Solaris and on December 10, 2014, GAS-nine Ltd. drew down
$146,000 from the loan facility to partially finance the delivery of the GasLog Saratoga. The balance
outstanding as of December 31, 2014 of the GAS-eight Ltd. tranche was $139,020 and is repayable
in 26 consecutive quarterly installments of $1,990 with balloon payments of $87,280, and the balance
outstanding as of December 31, 2014 of the GAS-nine Ltd. tranche was $146,000 and is repayable in
28 consecutive quarterly installments of $2,030 with balloon payments of $89,160. The loan bears
interest at LIBOR plus a margin. Each of the borrowers is required to have a minimum liquidity of
$1,500 following the loan drawdown date.

F-32

On October 23, 2014, GasLog received a waiver letter from DNB Bank ASA, acting as agent of

the loan facility of GAS-eight Ltd., GAS-nine Ltd. and GAS-ten Ltd., relating to the failure of
GAS-nine Ltd. and GAS-ten Ltd. to secure relevant charter parties as required by the
aforementioned loan facility. The waiver permits (subject to proper documentation being executed)
the drawdown of the relevant tranches notwithstanding that the charter arrangements have not been
secured. Subsequent to the waiver letter, on December 2, 2014 a supplemental deed was signed with
the lenders which among other amendments to the Principal Agreement requested for an aggregate
amount of $21,000 to be maintained in blocked accounts until the time that an acceptable charter
party agreement has been entered into after the delivery date of the respective vessels. The amounts
held in blocked accounts were classified as restricted cash under current assets (Note 7).

As the aforementioned waiver did not result in substantially different terms to the Principal
Agreement, the amendments are considered a modification of the existing terms. Consequently the
additional fees incurred during the year ended December 31, 2014 which amounted to $250 have
been accounted as deferred financing fees and will be amortized over the remaining term of the loan
facility.

(g) Citibank N.A., London Branch, Citibank International Plc. and DVB America N.V.

On September 25, 2013, GAS-fifteen Ltd. signed a loan agreement with Citibank N.A., London

Branch and Citibank International Plc., for a term loan facility of $100,000 to partially finance the
acquisition of the GasLog Chelsea drawn on September 26, 2013. In October 2013, Citibank
International Plc., the existing lender of the GAS-fifteen Ltd. facility, transferred $50,000 of the
outstanding facility to DVB Bank America N.V. There was no other change to the terms of the
original agreement. The balance outstanding as of December 31, 2014 was $93,330 and is repayable
in eight semi-annual installments of $3,335 together with a final balloon payment of $66,650 payable
concurrently with the last installment in September 2018. The loan bears interest at LIBOR plus a
margin.

(h) Citibank, N. A. London Branch

On April 1, 2014, in connection with the acquisition of the three LNG carriers from BG Group
(Note 6), GAS-sixteen Ltd., GAS-seventeen Ltd. and GAS-eighteen Ltd. signed a loan agreement of
$325,500 with Citibank, N.A. London Branch acting as security agent and trustee for and on behalf
of the other finance parties. The loan had a two year maturity without intermediate payments
bearing interest at LIBOR plus a margin and was drawn on April 9, 2014, to partially finance the
deliveries of the Methane Rita Andrea, the Methane Jane Elizabeth and the Methane Lydon Volney.
In connection with the closing of the Partnership’s acquisition of the two entities that own the
Methane Rita Andrea and the Methane Jane Elizabeth on September 29, 2014, GasLog entered into
a supplemental deed to the facility agreement dated April 1, 2014 that, among other things,
permitted the Partnership (or its subsidiary) to acquire GAS-sixteen Ltd. and GAS-seventeen Ltd.
from GasLog and required, as a condition precedent to such acquisition, the Partnership and
GasLog Partners Holdings LLC to guarantee the obligors obligations under the facility. The debt of
$217,000 was assumed by the Partnership for the acquisition of GAS-sixteen Ltd. and GAS-
seventeen Ltd. On October 9, 2014, the Partnership prepaid $25,000 from the proceeds of the
follow-on equity offering. The assumed balance of $192,000 was fully repaid on November 19, 2014.
The balance outstanding as of December 31, 2014 related to GAS-eighteen Ltd. was $108,500 and is
repayable in full in April 2016 without intermediate payments.

On May 14, 2014, in connection with the acquisition of the three additional LNG carriers from
BG Group (Note 6), GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. signed a loan
agreement of $325,500 with Citibank N.A. London Branch, acting as security agent and trustee for
and on behalf of the other finance parties. The loan has a two year maturity without intermediate
payments bearing interest at LIBOR plus a margin and $108,500 was drawn on June 3, 2014, on
June 10, 2014 and on June 24, 2014 to partially finance the deliveries of the Methane Shirley
Elisabeth, the Methane Heather Sally and the Methane Alison Victoria respectively. The aggregate

F-33

balance outstanding under the facility as of December 31, 2014, was $325,500 and is repayable in full
in June 2016 without intermediate payments.

(i) Citibank, Nordea Bank Finland plc, London Branch, DVB Bank America N.V., ABN Amro
Bank N.V., Skandinaviska Ensklida Banken AB and BNP Paribas

On November 12, 2014, GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., GAS-sixteen Ltd.,

GAS-seventeen Ltd, GasLog Partners and GasLog Partners Holdings LLC entered in a loan
agreement with Citibank acting as security agent and trustee for and on behalf of the other finance
parties mentioned above, for a credit facility for up to $450,000 (the “GasLog Partners’ Credit
Facility”) for the purpose of refinancing in full the existing debt facilities. The agreement provides
for a single tranche that was drawn on November 18, 2014. The credit facility bears interest at
LIBOR plus a margin and is repayable in 20 equal quarterly installments of $5,625 each and a final
balloon payment of $337,500 together with the last quarterly installment in 2019. The balance
outstanding as of December 31, 2014 was $450,000. The aforementioned refinancing is considered an
extinguishment of the existing debt facilities. Consequently, the unamortized loan fees of $9,019 were
written off to profit or loss for the year ended December 31, 2014.

Securities covenants and guarantees

The obligations under the aforementioned facilities are or with respect to the undrawn facility

will be secured by a first priority mortgage over the vessels, a pledge of the share capital of the
respective vessel owning companies and a first priority assignment of earnings related to the vessels,
including charter revenue, management revenue and any insurance and requisition compensation.
Obligations under the GasLog Partners’ Credit Facility are facilities guaranteed by the Partnership
and GasLog Partners Holdings LLC, while obligations under the remaining facilities are guaranteed
by GasLog and GasLog Carriers Ltd. The facilities include customary respective covenants, and
among other restrictions the facilities include a fair market value covenant pursuant to which an
event of default could occur under the facilities if the aggregate fair market value of the collateral
vessels (without taking into account any charter arrangements) were to fall below 120% of the
aggregate outstanding principal balance under the facilities and any negative marked-to market value
arising under any hedging transaction. The Group was in compliance with the required minimum
security coverage as of December 31, 2014.

Committed Loan Facilities

On December 19, 2014, the Group accepted two commitment letters from DnB Bank ASA,
acting through its London Branch, for a senior secured term loan facility of up to $325,000 and a
subordinated term loan facility of up to $135,000 with a two year maturity, for the purpose of
financing the two ships to be acquired from BG Group. The senior secured term loan facility will be
repaid in one bullet installment on the final maturity date and the subordinated term loan facility
will be repaid in four consecutive quarterly installments of $16,875, beginning 15 months after the
signing date, with a balloon payment equal to $67,500 payable on the final maturity date. Amounts
drawn will bear interest at LIBOR plus a margin.

Senior Unsecured Notes

On June 27, 2013, GasLog issued a senior unsecured bond of NOK 500,000 (or $83,206 based

on the exchange rate on June 27, 2013) that will mature on June 27, 2018. On May 2, 2014, GasLog
closed a follow-on issue of the Norwegian bond of NOK 500,000 (or $83,612 based on the exchange
rate on closing date) at a premium of $4,180 (based on the exchange rate on closing date). The total
outstanding balance of the Norwegian bond, including the follow-on issue (the “Bond”) amounts to
NOK 1 billion.

The Bond bears interest at NIBOR plus margin. Interest payments shall be made in arrears on

a quarterly basis. GasLog may redeem the Bond in whole or in part as follows (Call Option): (a)
with settlement date at any time from June 27, 2016 to but not including June 27, 2017 at 105.00%

F-34

of par plus accrued interests on redeemed amount, (b) with settlement date at any time from June
27, 2017 to but not including December 27, 2017 at 103.00% of par plus accrued interests on
redeemed amount, and (c) with settlement date at any time from December 27, 2017 to but not
including the maturity date at 101.75% of par plus accrued interests on redeemed amount.

The carrying amount of the Bond, net of unamortized financing costs and unamortized
premium, as of December 31, 2014 was $132,685, while its fair value was $133,353 based on a
NOK/USD exchange rate of 0.1347 as of December 31, 2014.

Corporate guarantor financial covenants

GasLog Partners’ financial covenants

GasLog Partners as corporate guarantor for the GasLog Partners Credit Facility is subject to
specified financial covenants on a consolidated basis. These financial covenants include the following
as defined in the agreements:

(i)

the aggregate amount of all unencumbered cash and cash equivalents must be not less than
the higher of 3% of total indebtedness or $15,000;

(ii)

total indebtedness divided by total assets must be less than 60%;

(iii) the ratio of EBITDA over debt service obligations (including interest and debt repayments)

on a trailing 12 months basis must be not less than 110%; and

(iv) the Partnership is permitted to declare or pay any dividends or distributions, subject to no
event of default having occurred or occurring as a consequence of the payment of such
dividends or distributions.

The GasLog Partners Credit Facility also imposes certain restrictions relating to GasLog
Partners, including restrictions that limit its ability to make any substantial change in the nature of
its business or to change the corporate structure without approval from the lenders.

Compliance with the financial covenants is required on a semi-annual basis. GasLog Partners

was in compliance with the respective financial covenants as of December 31, 2014.

GasLog’s financial covenants

GasLog, as corporate guarantor for the loan facilities listed above except for the GasLog
Partners Credit Facility, is subject to specified financial covenants on a consolidated basis. GasLog
Carriers Ltd. is not subject to any financial covenants.

The financial covenants include the following:

(i) net working capital (excluding the current portion of long-term debt) must be not less than

$0;

(ii)

total indebtedness divided by total assets must not exceed 75%;

(iii) the ratio of EBITDA over debt service obligations (including interest and debt repayments)

on a trailing 12 months basis must be not less than 110%;

(iv) the aggregate amount of all unencumbered cash and cash equivalents must be not less than

the higher of 3% of total indebtedness or $20,000 after the first drawdown;

(v) GasLog is permitted to pay dividends, provided that the Group holds unencumbered cash
and cash equivalents equal to at least 4% of its total indebtedness subject to no event of
default having occurred or occurring as a consequence of the payment of such dividends;
and

(vi) the Group’s market value adjusted net worth must at all times be not less than $350,000.

The credit facilities also impose certain restrictions relating to GasLog, including restrictions
that limit its ability to make any substantial change in the nature of its business or to engage in
transactions that would constitute a change of control, as defined in the relevant credit facility,

F-35

without repaying all of the Group’s indebtedness in full, or to allow the Group’s largest shareholders
to reduce their shareholding in GasLog below specified thresholds.

GasLog as issuer of the Bond is required to comply with the financial covenants (ii), (iii), (iv)
and (vi) listed above. In addition, the NOK denominated bond agreement signed on June 25, 2013,
between GasLog Ltd. and the bond trustee, as amended, or the “Bond Agreement”, includes a
dividend restriction according to which we may not (i) declare or make any dividend payment or
distribution, whether in cash or in kind, (ii) repurchase any of our shares or undertake other similar
transactions (including, but not limited to, total return swaps related to our shares), or (iii) grant any
loans or make other distributions or transactions constituting a transfer of value to our shareholders
(items (i), (ii) and (iii) collectively referred to as the “Distributions”) that in aggregate exceed
during any calendar year 50% of our consolidated net profit after taxes based on the audited annual
accounts for the previous financial year (any unutilized portion of the permitted dividend pursuant
to the above may not be carried forward). On November 14, 2014, GasLog signed an amendment to
its Bond Agreement to revise the covenants to reflect GasLog’s growth and the anticipated growth
of GasLog Partners. Under the amended agreement (a) GasLog is permitted to make Distributions
up to an aggregate maximum per share, for the years 2014, 2015, 2016, 2017 and 2018 of $0.70/share,
$1.00/share, $1.10/share, $1.20/share and $1.30/share, respectively, provided that total indebtedness
divided by total assets (giving pro forma effect for the Distribution) does not exceed 67.5%
immediately after the Distribution is made, the ratio of EBITDA over debt service obligations on a
trailing 12 months basis ending the quarter immediately prior to that in which the Distribution is
made is no less than 115.0% and no event of default would result from such Distribution, (b) the
amount of debt or committed debt availability that GasLog provides to GasLog Partners cannot
exceed $75,000, and (c) GasLog has agreed to pay a one-time fee of 1.0% of the face value of the
Bond.

As the above mentioned amendments to the covenants did not result in substantially different
terms to the Bond Agreement, the amendments are considered a modification of the terms of the
Bond Agreement. Consequently the additional fees incurred during the year ended December 31,
2014 which amounted to $2,557 have been accounted as deferred financing fees and will be
amortized over the remaining term of the Bond Agreement.

Compliance with the loan financial covenants is required on a semi-annual basis while
compliance for the Bond covenants is required at all times. The Group was in compliance as of
December 31, 2014.

Loan Repayment Schedule

The maturity table below reflects the principal repayments of the loans outstanding as of
December 31, 2014 based on the repayment schedule of the respective loan facilities (as described
above):

At December 31, 2014

Not later than one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Later than one year and not later than three years . . . . . . . . . . . . . . . . . . . . .
Later than three year and not later than five years . . . . . . . . . . . . . . . . . . . . .
Later than five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

121,824
593,297
824,098
387,263

1,926,482

The weighted average interest rate for the outstanding loan facilities as of December 31, 2014
was 3.30% (December 31, 2013: 3.36%) excluding the fixed interest rate for the interest rate swaps
that hedge accounting is not applicable (Note 23).

The carrying amount of the Group’s bank debt recognized in the consolidated financial

statements approximates its fair value since the debt bears interest at a variable interest rate.

F-36

13. Other Payables and Accruals

An analysis of other payables and accruals is as follows:

At December 31,
2013
2014

Social contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unearned revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued legal and professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued board of directors’ fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued employee costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued off-hire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued crew costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other accruals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued financing cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

951
14,236
1,054
328
4,064

1,297
24,180
1,511
585
4,141
— 10,913
3,030
5,427
476
6,087

1,704
1,004
2,350
4,581

30,272

57,647

The unearned revenue represents charter hires received in advance in December 2014 relating

to January 2015, for 11 vessels (December 2013: 6 vessels).

The accrued off-hire balance as of December 31, 2014, consists of (i) accrued loss of hire as per

the terms of the relevant charter party agreements, and (ii) cargo and fuel consumption during off-
hire that are paid by the owner and have not yet been invoiced by the charterers.

14. Vessel Operating and Supervision Costs

An analysis of vessel operating and supervision costs is as follows:

For the year ended
December 31,
2013

2014

2012

Employee costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Crew wages. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technical maintenance expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provisions and stores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Insurance expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Brokers’ commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bunkers consumption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vessels’ tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,999
5,942
1,683
588
729
292

5,178
16,019
5,344
1,966
1,864
1,385
— 1,476
—
—
702
261
985
152

7,789
36,577
12,753
3,199
4,882
3,554
4,184
188
2,645
2,699

14,646

34,919

78,470

F-37

15. General and Administrative Expenses

An analysis of general and administrative expenses is as follows:

For the year ended
December 31,
2013

2014

2012

Employee costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Board of directors’ fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Recognition of share-based payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Rent and utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Travel and accommodation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Legal and professional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign exchange differences, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Managers’ liability insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10,996
865
3,168
1,194
1,320
2,082
(643)
794
604

13,276
1,266
493
1,167
1,202
2,929
(661)
557
1,369

16,344
1,926
1,856
1,780
2,277
7,578
(271)
1,142
1,522

20,380

21,598

34,154

16. Net Financial Income and Costs

An analysis of financial income and costs is as follows:

For the year ended
December 31,
2013

2014

2012

Financial Income
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total financial income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,174

1,174

411

411

274

274

Financial Costs
Amortization and write-off of deferred loan issuance costs . . . . . . . .
Interest expense on loans and realized loss on cash flow hedges . .
Interest expense on Bond and realized loss on cross currency

swaps. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other financial costs—including termination fees . . . . . . . . . . . . . . . . . .
Total financial costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

726
10,781

3,620
20,415

15,362
43,743

— 3,204
612

163

9,533
2,941

11,670

27,851

71,579

During the year ended December 31, 2014, an amount of $9,019 representing the write-off of

the unamortized deferred loan issuance costs in connection with the refinancing of the Partnership’s
credit facilities (Note 12) is included in Amortization and write-off of deferred loan issuance costs.

17. Contingencies

Various claims, suits and complaints, including those involving government regulations, arise in

the ordinary course of the shipping business. In addition, losses may arise from disputes with
charterers, environmental claims, agents and insurers and from claims with suppliers relating to the
operations of the Group’s vessels. Currently, management is not aware of any such claims or
contingent liabilities requiring disclosure in the consolidated financial statements.

F-38

18. Related Party Transactions

The Group had the following balances with related parties which have been included in the

consolidated statements of financial position:

Dividends receivable and due from related parties

Dividends receivable from associate (Note 5) . . . . . . . . . . . . . . . . . . . . . .
Commission for newbuildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

At December 31,

2013

750
1,715
11

2,476

2014

1,000
789
80

1,869

Pursuant to a commission agreement with Samsung, commissions due from the shipyard in
relation to the newbuilding orders will be paid by Samsung to DryLog Investments Ltd., an affiliate
of Ceres Shipping. Upon receipt of the commissions, DryLog Investments Ltd. will forward the
payments to the vessel-owning subsidiaries, after deducting handling fees for each payment. The
outstanding receivable as of December 31, 2014 is $789 (December 31, 2013: $1,715).

The other receivables due from related parties of $80 (December 31, 2013: $11) are due from
various related entities for payments processed and paid to various vendors on their behalf by the
Group, as well as management and accounting services performed by GasLog LNG Services Ltd.

Current Liabilities

At December 31,
2013
2014

Ship management creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amounts due to related parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

282
123

97
181

Ship management creditors’ liability comprises cash collected from Egypt LNG Shipping Ltd. to

cover the obligations of its vessel under the Group’s management.

Amounts due to related parties of $181 (December 31, 2013: $123) are expenses paid by a
related party on behalf of the Group and payables to other related parties for the office lease and
other operating expenses.

The Group had the following transactions with related parties which have been included in the

consolidated statements of profit or loss for the years ended December 31, 2012, 2013 and 2014:

Company

Details

Statement of
income account

2012

2013

2014

Revenues
Vessel management
(a) Egypt LNG Shipping Ltd.
General and administrative expenses
Office rent and utilities
(b) Nea Dimitra Property
Internet line and other office services General and administrative expenses
(b) Nea Dimitra Property
General and administrative expenses
(c) Ceres Monaco S.A.M.
Office rent and utilities
General and administrative expenses
(d) Euronav (UK) Agencies Ltd. Office rent and utilities
General and administrative expenses
(d) Euronav (UK) Agencies Ltd.
General and administrative expenses
(e)
General and administrative expenses
(e)
General and administrative expenses
(f) C Transport Maritime S.A.M. Claims and Insurance fee
General and administrative expenses
(g)
General and administrative expenses
(g) Chartwell Management Inc.
General and administrative expenses
(h) Unisea Maritime Ltd.

Travel expenses
Travel expenses
Office rent and utilities

Professional services
Catering
Consultancy services

Seaflight Aviation Limited

Seres S.A.
Seres S.A.

806
653
7
169
—
—
137
82
56
30
666
—

731
714
758
687
57
—
27
—
— 150
— 109
195
53
110
—
348
50

151
53
86
36
134
—

(a) One of the Group’s subsidiaries, GasLog LNG Services Ltd. provides vessel management services to Egypt LNG Shipping

Ltd., the LNG vessel owning company, in which another subsidiary, GasLog Shipping Company Ltd., holds a 25%
ownership interest.

(b) Through the subsidiary GasLog LNG Services Ltd., the Group leases office space in Piraeus, Greece, from an entity
controlled by Ceres Shipping, Nea Dimitra Ktimatikh Kai Emporikh S.A. In addition, until March 2012, the Group
reimbursed Nea Dimitra for part of the costs of the building’s internet line. Since April 2012, the internet line has been
provided by a third party. During the year ended December 31, 2014, the Group reimbursed Nea Dimitra for part of the
renovation costs of the Piraeus office spaces.

F-39

(c) Through the subsidiary GasLog Monaco S.A.M., the Group makes payments to Ceres Monaco S.A.M., an affiliate of
Ceres Shipping, for its office space in Monaco. Ceres Monaco S.A.M. leases operating space pursuant to a service
agreement with a third-party property owner, and the Group occupies a portion of the leased space. In connection with
the office space arrangements, the subsidiary GasLog Monaco S.A.M. has entered into a service level agreement with
Ceres Monaco S.A.M. The service level agreement was terminated in April 2012 when GasLog Monaco S.A.M. signed a
rent agreement directly with the third party property owner. The amount charged in the year ended December 31, 2013
relates to reimbursement of some expenses paid by Ceres Monaco S.A.M. on behalf of the GasLog Monaco S.A.M.
During the year ended December 31, 2014, no expenses were paid by Ceres Monaco S.A.M.

(d) Through the subsidiary GasLog Services (UK) Ltd., the Group makes payments to Euronav (UK) Agencies Ltd.

(“Euronav UK”), a subsidiary of Euronav NV, whose major shareholder is Mr. Livanos, for the use of its office space in
London. Euronav UK leases operating space pursuant to a service agreement with a third-party property owner and the
Group occupies a portion of the leased space. The Group pays Euronav UK £223 per year for the office space plus a
stamp duty, which reflects a pro rata portion of the fees payable to the third-party property owner determined based on
the amount of occupied space. In addition, the Group reimbursed Euronav UK for part of the legal fees and other
professional charges relating to the execution of the lease agreement.

(e) GasLog LNG Services has also entered into an agreement with Seres S.A., an entity controlled by the Livanos family, for
the latter to provide catering services to the staff based in the Piraeus office. Amounts paid pursuant to the agreement are
generally less than Euro 10 per person per day, but are slightly higher on special occasions. In addition, GasLog LNG
Services has entered into an agreement with Seres S.A. for the latter to provide human resources, telephone and
documentation services for the staff based in Piraeus.

(f) The Group through one of its subsidiaries, GasLog LNG Services Ltd., procured insurance for the vessels through C

Transport Maritime SAM, an affiliate of Ceres Shipping, which has a dedicated insurance function. From July 1, 2011, this
relationship is covered by a service agreement under which GasLog LNG Service Ltd. pays C Transport Maritime S.A.M.
$10 per owned vessel per annum and $3 per managed vessel per annum.

(g) Seaflight Aviation Limited and Chartwell Management Inc. are entities controlled by the Livanos family, which provide

travel services to GasLog’s directors and officers.

(h) Through GasLog Ltd. the Group made payments to Unisea Maritime Ltd. (“Unisea Maritime”), an affiliate of Ceres
Shipping, for the use of its office space in London. Unisea Maritime leased operating space pursuant to a service
agreement with a third-party property owner and the Group occupied a portion of the leased space from January to
August 2014. The Group paid Unisea Maritime £4 per month for its office space in London, which reflects a pro rata
portion of the fees payable to the third-party owner determined based on the amount of occupied space.

Compensation of key management personnel

The remuneration of directors and key management was as follows:

Remuneration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Short-term benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expense recognized in respect of equity-settled share based
payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,276
127

2,263

6,666

4,979
118

349

5,446

6,140
50

1,245

7,435

For the year ended December 31,
2012
2014
2013

Peter G. Livanos, served as our chief executive officer for the period January 7, 2012 until

January 8, 2013 and received a nominal salary of one euro.

In July 2011, GasLog’s board of directors approved the award of a special bonus of $3,800 in

the aggregate to certain key members of management for their achievements in the successful
negotiation of commercial terms and conditions with the shipyard for the construction of two of the
Group’s newbuilding vessels (the GasLog Shanghai and the GasLog Santiago). The special bonus is
directly related to the services provided by these key members of management during the vessel
construction contract negotiations phase and is not related to any other services provided to the
Group by these key members of management. The special bonus therefore represents an employee
benefit directly attributable to the construction of the vessels and it is included in Vessels. A portion
of the special bonus was accelerated and paid in January 2012, in connection with the resignation of
GasLog’s former chief executive officer. A total amount of $1,672 was paid during the year ended
December 31, 2013 (December 31, 2012: $1,843). As of December 31, 2013 and December 31, 2014,
there are no outstanding obligations in respect of the special bonus.

19. Share-Based Payments

Pre IPO Incentive Plan

On January 1, 2010, GasLog granted its manager and subsidiary manager shares to its key
management personnel, including executives and senior employees (the “Beneficiaries”) of GasLog

F-40

(2,541,602 manager shares) and GasLog LNG Services Ltd. (859,894 subsidiary manager shares), in
order for the Beneficiaries to have a strong incentive to perform their responsibilities under their
respective contracts of employment. In accordance with the terms of the grant, the Beneficiaries had
full voting, participation in earnings and dividend rights, but they could not sell, assign, transfer or
otherwise dispose of in whole or in part, any of the legal title or beneficial ownership of the shares
issued to the Beneficiary or their nominee, until the completion of the IPO.

In January 2012 the former chief executive officer of GasLog, Jeppe Jensen, resigned from his

executive position and his position on the board of directors. In connection with his resignation,
GasLog entered into a separation agreement with Mr. Jensen pursuant to which the 801,346
manager shares held by Mr. Jensen were immediately converted to common shares and were
purchased by Blenheim Holdings Ltd. Immediately prior to the completion of the IPO on April 4,
2012, all outstanding manager shares and subsidiary manager shares vested immediately and were
converted into common shares.

Both conversions resulted in the accelerated recognition of $1,795 of compensation expense,

which was charged to earnings in 2012.

Omnibus Incentive Compensation Plan

On May 17, 2013, GasLog granted to executives, managers and certain employees of GasLog
and GasLog LNG Services Ltd., Restricted Stock Units (“RSU”) and Stock Appreciation Rights
(“SAR”) in accordance with its 2013 Omnibus Incentive Compensation Plan (the “Plan”). The RSUs
will vest on April 29, 2016 while the SARs will vest incrementally with one-third of the SARs
vesting on each of April 29, 2014, 2015 and 2016. The compensation cost for the SARs is recognized
on an accelerated basis as though each separately vesting portion of the SARs is a separate award.
Prior to the exercise date the holders will not have any voting rights and will not be entitled to
dividends or other distributions.

The grant date was determined to be May 17, 2013, being the date the Group provided each

concerned employee with the relevant agreements, which include information about the grant date,
vesting and exercise periods, number of RSUs and SARs awarded, the exercise price in the case of
SARs, and other information and which were signed by the employee as evidence of acceptance.

Awards

Number

Grant date

Expiry date

Exercise price

RSUs . . . . . . . . . . . . . . . . . . . . . . . . . . .
SARs . . . . . . . . . . . . . . . . . . . . . . . . . . .

64,792 May 17, 2013 April 29, 2016
352,943 May 17, 2013 April 29, 2023

n/a
13.26

Fair value at
grant date

11.95
2.3753

On April 1, 2014, GasLog Ltd. granted to executives, managers and certain employees of
GasLog Ltd. and GasLog LNG Services Ltd., 76,251 RSUs and 286,746 SARs in accordance with
the Plan. The RSUs will vest on March 31, 2017 while the SARs will vest incrementally with one-
third of the SARs vesting on each of March 31, 2015, 2016 and 2017. The compensation cost for the
SARs is recognized on an accelerated basis as though each separately vesting portion of the SARs is
a separate award. Prior to the exercise date the holders will not have any voting rights and will not
be entitled to dividends or other distributions.

Awards

Number

Grant date

Expiry date

Exercise price

RSUs . . . . . . . . . . . . . . . . . . . . . . . . . .
SARs . . . . . . . . . . . . . . . . . . . . . . . . . .

76,251 April 1, 2014 March 31, 2017
286,746 April 1, 2014 March 31, 2024

n/a
24.00

Fair value at
grant date

22.58
6.0035

In accordance with the terms of the Plan, there are only service condition requirements. The

awards will be settled in cash or in shares which is at the sole discretion of the compensation
committee of the board of directors and hence these have been treated as equity settled, as the
Group has no present obligation to settle in cash. The amount to be settled for each SAR exercised
is computed in each case, as the excess, if any, of the fair market value (the closing price of shares)
on the exercise date over the exercise price of the SAR.

F-41

Fair value

The fair value of the SARs has been calculated based on the Modified Black-Scholes-Merton

method. Expected volatility was based on historical share price volatility for the period since the
IPO. The expected dividend is based on management’s expectations of future payments on the grant
date. The significant assumptions used to estimate the fair value of the SARs is set out below:

Inputs into the model

2013

2014

Grant date share closing price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exercise price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected volatility. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected term. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Risk-free interest rate for the period similar to the expected term . . . . .

$ 13.26
$ 13.26

$ 24.00
$ 24.00

29.31% 29.42%

6 years

6 years

1.08%

2.03%

The fair value of the RSUs in accordance with its 2013 Plan was determined by using the grant
date closing price of $13.26 per share and adjusting for the effect of the expected dividends to which
holders of RSUs are not entitled using a risk-free interest rate of 0.4% for the three years until the
expiry of the RSUs, which resulted in a fair value of $11.95 per RSU.

The fair value of the RSUs in accordance with its 2014 Plan was determined by using the grant

date closing price of $24.00 per share and adjusting for the effect of the expected dividends which
holders of RSUs are not entitled using a risk-free interest rate of 0.91% for the three years until the
expiry of the RSUs which resulted in a fair value of $22.58 per RSU.

Movement in RSUs and SARs during the period

The summary of RSUs and SARs is presented below:

Weighted
average
exercise price
per share

Weighted
average share
price at the
date of exercise

Number of
awards

Weighted
average
contractual life

Aggregate
fair value

RSUs
Outstanding as of January 1, 2013 . . . . . . .
Granted during the period . . . . . . . . . . . . . . .
Outstanding as of December 31, 2013 . . .
64,792
76,251
Granted during the period . . . . . . . . . . . . . . .
Forfeited during the period . . . . . . . . . . . . . .
(1,374)
Outstanding as of December 31, 2014 . . . 139,669

—
64,792

SARs
Outstanding as of January 1, 2013 . . . . . . .
—
Granted during the period . . . . . . . . . . . . . . . 325,943
Outstanding as of December 31, 2013 . . . 325,943
Granted during the period . . . . . . . . . . . . . . . 286,746
(20,614)
Exercised during the period . . . . . . . . . . . . .
Forfeited during the period . . . . . . . . . . . . . .
(1,722)
Outstanding as of December 31, 2014 . . . 590,353

—
—

—
—
—

—

—
13.26

13.26
24.00
13.26
24.00

18.45

—
—

—
—
—

—

—
—

—
—
26.89
—

—

—
—

2.33
—
—

1.82

—
—

9.33
—
—
—

8.78

—
774

774
1,722
(31)

2,465

—
774

774
1,722
(49)
(10)

2,437

As of December 31, 2014, 99,836 SARs have been vested but not exercised.

The total expense recognized in respect of equity-settled employee benefits for the year ended

December 31, 2014 is $1,856 (December 31, 2013: $493 and December 31, 2012: $3,168).

F-42

20. Commitments

(a) At December 31, 2013 and 2014 the Group had the following commitments as lessee

relating to buildings under operating leases:

Not later than one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Later than one year and not later than three years . . . . . . . . . . .
Later than three years and not later than five years . . . . . . . . . .
More than five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total operating lease commitment . . . . . . . . . . . . . . . . . . . . . . . . . . . .

At December 31,

2013

644
477
—
—

1,121

2014

1,005
1,134
694
1,154

3,987

(b) Commitments relating to the vessels under construction (Note 6) at December 31, 2013 and

2014 payable to Samsung were as follows:

Not later than one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Later than one year and not later than three years . . . . . . . .
Total vessel construction commitment. . . . . . . . . . . . . . . . . . . . . .

At December 31,

2013

376,950
897,856

1,274,806

2014

239,285
1,437,433

1,676,718

GasLog has issued performance guarantees in favor of Samsung for the outstanding

commitments relating to the vessels under construction.

(c) Future gross minimum revenues upon collection of hire under non-cancellable time charter
agreements for vessels in operation as of December 31, 2013 and December 31, 2014 are as follows
(30 off-hire days are assumed when each vessel will undergo scheduled drydocking; in addition early
delivery of the vessels by the charterers or any exercise of the charterers’ options to extend the
terms of the charters are not accounted for):

Not later than one year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Later than one year and not later than three years . . . . . . . . . .
Later than three years and not later than five years . . . . . . . . .
Later than five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total future gross minimum charter hire . . . . . . . . . . . . . . . . . . . .

At December 31,

2013

195,771
347,042
206,693
114,635

864,141

2014

356,320
639,118
472,672
156,710

1,624,820

Future gross minimum lease revenues disclosed in the above table excludes the revenues of the

vessels that are under construction as of December 31, 2014 (Note 6). For these vessels, the
following charter party agreements have been signed:

• In January 2013, GAS-eleven Ltd. and GAS-twelve Ltd. signed time charter agreements with
a subsidiary of BG Group for the employment of the vessels for ten years starting from the
date of their delivery, with charterer options to extend the agreements for additional periods.

• In August 2013, GAS-thirteen Ltd. and GAS-fourteen Ltd. signed time charter agreements
with a subsidiary of BG Group for the employment of the vessels for seven years starting
from the date of their delivery, with charterer options to extend the agreements for additional
periods.

(d) Related to the acquisition of the six vessels from a subsidiary of BG Group (Note 6), the
Group is committed to purchase from BG Group depot spares with an aggregate value of $6,000, of
which $660 have been purchased and paid as of December 31, 2014 and are included in Tangible
fixed assets (Note 6). The remaining spares should be acquired before the end of the initial term of
the charter party agreements.

(e) Other Guarantees

F-43

As of December 31, 2014, GasLog LNG Services Ltd. has provided bank guarantees as follows:
• Up to $1,250 (December 31, 2013: $1,250) to third parties relating to the satisfactory

performance of its ship management activities;

• $878 (December 31, 2013: $895) relating to the social security fund for Greek seamen; and
• Bank guarantee of $10 (December 31, 2013: $20) to the Greek Ministry of Finance relating to
the satisfactory performance of the obligations arising under Greek laws 89/1967, 378/1968 as
amended by law 814/1978.

21. Financial Risk Management

The Group’s activities expose it to a variety of financial risks, including market price risk,

liquidity risk and credit risk. The Group’s overall risk management program focuses on the
unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s
financial performance. The Group makes use of derivative financial instruments such as interest rate
swaps to moderate certain risk exposures.

Market risk

Interest rate risk: Interest rate risk is the risk that interest costs will fluctuate due to changes in

market interest rates. The Group’s financial income and operating cash flows fluctuate based on
changes in market interest rates as the Group has loans that bear interest at floating rates. The
Group uses interest rate swaps to manage its exposure to interest rate movements on bank
borrowings. At December 31, 2014, the Group has hedged 53.90% of its variable rate interest
exposure relating to its existing and undrawn loan facilities and the Bond by swapping the variable
rate for a fixed rate (December 31, 2013: 64.83%).

The fair value of the interest rate swaps at December 31, 2014 was estimated as a loss of
$15,444 (December 31, 2013: $5,725). The effective movement in the fair value of the interest rate
swaps designated as cash flow hedging instruments (Note 23) amounting to $6,515 loss
(December 31, 2013: $6,083 gain and December 31, 2012: $15,993 loss) was recognized directly in
equity.

Interest rate sensitivity analysis: The interest rate swap agreements described below are subject

to market risk as they are recorded at fair value in the statement of financial position at year end.
The fair value of interest rate swaps liabilities increases when interest rates decrease and decreases
when interest rates increase. At December 31, 2014, if interest rates had increased or decreased by
10 basis points with all other variables held constant, the positive/(negative) impact, respectively, on
the fair value of the interest rate and cross currency swaps would have amounted to approximately
$4,405 (December 31, 2013: $4,520 and December 31, 2012: $3,806). This amount would have
affected the other comprehensive income by $2,192 (December 31, 2013: $1,526 and December 31,
2012: $3,031) and the loss on swaps by $2,213 (December 31, 2013: $2,994 and December 31, 2012:
$776). During the year ended December 31, 2014, if interest rates had increased or decreased by
10 basis points with all other variables held constant, the increase/(decrease), respectively, in interest
expense on the un-hedged portion of the Group’s loans would have amounted to approximately
$678 (December 31, 2013: $221 and December 31, 2012: $119).

Other price risk: The decrease in the fair value Egypt LNG Shipping Ltd., in response to
unfavorable market conditions resulting in a decrease in charter rates and vessel values, could
negatively impact the value of the Group’s investment in associate. Therefore, management might
conclude that impairment is necessary in the future.

Currency risk: Currency risk is the risk that the value of financial instruments will fluctuate due

to changes in foreign exchange rates. Currency risk arises when future commercial transactions and
recognized assets and liabilities are denominated in a currency that is not the Group’s functional
currency. The Group is exposed to foreign exchange risk arising from various currency exposures
primarily with respect to general and crew costs denominated in Euros. The Group has entered into
cross currency swaps (Note 23) to hedge its currency exposure from the Bond. In addition,

F-44

management monitors the exchange rate fluctuations on a continuous basis. As an indication of the
extent of our sensitivity to changes in exchange rate, a 10% increase in the average euro/dollar
exchange rate would have decreased our profit and cash flows during the year ended December 31,
2014 by $6,893, based upon our expenses during the year (December 31, 2013: $4,118 and
December 31, 2012: $2,653).

Liquidity risk

Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match.

An unmatched position potentially enhances profitability, but can also increase the risk of losses.
The Group minimizes liquidity risk by maintaining sufficient cash and cash equivalents and by
having available adequate amounts of undrawn credit facilities. The Group is not significantly
exposed to liquidity risk resulting from the commitments under the vessel construction contracts as
bank facilities will be contracted to meet the obligations.

The following tables detail the Group’s expected cash flows for its non-derivative financial

liabilities. The tables have been drawn up based on the undiscounted cash flows of financial
liabilities based on the earliest date on which the Group can be required to pay. The table includes
both interest and principal cash flows. Variable future interest payments were determined based on
an average LIBOR plus the margins applicable to the Group’s loans at the end of each year
presented.

Weighted-
average
effective
interest
rate

Less
than 1
month

1-3 months 3-12 months

1-5 years

5+ years

Total

December 31, 2014
Trade and other accounts payable . . . . . .
Due to related parties . . . . . . . . . . . . . . . . . .
Other payables and accruals . . . . . . . . . . . .
Other non-current liabilities. . . . . . . . . . . . .
Variable interest loans . . . . . . . . . . . . . . . . . .
Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,134
—
181
—
— 27,245
—
—
2.71% 4,954
—

—

961
—
29,167
—
65,272
2,314

1,573
—
1,235
—
93,886
7,427

—
—
—
—

9,668
—
181
—
— 57,647
977
977
1,400,500 399,054 1,963,666
— 169,023

159,282

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

— 39,514

97,714

104,121

1,559,782 400,031 2,201,162

December 31, 2013
Trade and other accounts payable . . . . . .
Due to related parties . . . . . . . . . . . . . . . . . .
Other payables and accruals . . . . . . . . . . . .
Other non-current liabilities. . . . . . . . . . . . .
Variable interest loans . . . . . . . . . . . . . . . . . .
Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,156
—
—
106
— 18,998
—
—
2.71% 2,291
—

—

1,764
17
8,935
—
59,843
1,478

815
—
2,339
—
66,442
4,517

—
—
—
—

5,735
—
—
123
— 30,272
641
641
646,950 398,981 1,174,507
— 109,219
103,224

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

— 24,551

72,037

74,113

750,174 399,622 1,320,497

The amounts included above for variable interest rate instruments is subject to change if
changes in variable interest rates differ from those estimates of interest rates determined at the end
of the reporting period.

The following tables detail the Group’s expected cash flows for its derivative financial liabilities.

The table has been drawn up based on the undiscounted contractual net cash inflows and outflows
on derivative instruments that settle on a net basis. When the amount payable or receivable is not
fixed, the amount disclosed has been determined by reference to the projected interest rates as
illustrated by the yield curves existing at the end of the reporting period. The undiscounted
contractual cash flows are based on the contractual maturities of the derivatives.

F-45

December 31, 2014
Interest rate swaps. . . . . . . . . . . . . . . . . . . . . . . .
Cross current swaps . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

December 31, 2013
Interest rate swap . . . . . . . . . . . . . . . . . . . . . . . .
Cross currency swaps . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less
than 1
month

540
—

540

856
—

856

1-3 months

3-12 months

1-5 years

5+ years

Total

3,010
448

3,458

2,038
74

2,112

10,693
1,858

12,551

11,056
272

11,328

3,954
35,221

39,175

(1,274) 16,923
— 37,527

(1,274) 54,450

2,073
2,531

4,604

(11,474)

4,549
— 2,877

(11,474)

7,426

The Group expects to be able to meet its current obligations resulting from financing and

operating its vessels using the liquidity existing at year end and the cash generated by operating
activities. The Group expects to be able to meet its long-term obligations resulting from financing its
vessels through cash generated from operations.

Credit risk

Credit risk is the risk that a counterparty will fail to discharge its obligations and cause a
financial loss. The Group is exposed to credit risk in the event of non-performance by any of its
counterparties. To limit this risk, the Group deals exclusively with financial institutions and
customers with high credit ratings.

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trade and other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends receivable and due from related parties . . . . . . . . . . . .
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

At December 31,

2013

103,798
4,500
7,257
2,476
—
9,145

2014

211,974
28,103
14,317
1,869
22,826
1,174

For the year ended December 31, 2014, approximately 80% of the Group’s revenue and for
each of the years ended December 31, 2013 and 2012, approximately all of the Group’s revenue was
mainly earned from one customer and accounts receivable were not collateralized; however,
management believes that the credit risk is partially offset by the creditworthiness of the Group’s
counterparty. The Group did not experience significant credit losses on its accounts receivable
portfolio during the three years ended December 31, 2014. The carrying amount of financial assets
recorded in the consolidated financial statements represents the Group’s maximum exposure to
credit risk. Management monitors exposure to credit risk, and they believe that there is no
substantial credit risk arising from the Group’s counter parties.

The credit risk on liquid funds and derivative financial instruments is limited because the
counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

22. Capital Risk Management

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue

as a going concern, to ensure that it maintains a strong credit rating and healthy capital ratios in
order to support its business and maximize shareholders value.

F-46

The Group monitors capital using a gearing ratio, which is total debt divided by total equity

plus total debt. The gearing ratio is as follows:

Borrowings—current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Borrowings—non-current portion . . . . . . . . . . . . . . . . . . . . . . . . . .
Total debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total debt and equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

December 31,

2013

100,320
1,014,754

1,115,074
639,533

1,754,607

2014

116,431
1,778,845

1,895,276
1,253,037

3,148,313

Gearing ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

63.55%

60.20%

23. Derivative Financial Instruments

The fair value of the derivative assets is as follows:

Derivative assets designated and effective as hedging instruments

carried at fair value

Interest rate swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derivative assets carried at fair value through profit or loss

(FVTPL)

At December 31,

2013

2014

96

87

Interest rate swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derivative financial instruments, non-current asset . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9,049

9,145

9,145

9,145

1,087

1,174

1,174

1,174

The fair value of the derivative liabilities is as follows:

Derivative liabilities designated and effective as hedging

instruments carried at fair value

Interest rate swaps. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cross currency swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derivative liabilities carried at fair value through profit or loss

(FVTPL)

Interest rate swaps. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derivative financial instruments, current liability . . . . . . . . . . . . . . . .
Derivative financial instruments, non-current liability . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

At December 31,

2013

2014

5,526
2,283

9,344

17,153

14,235
2,918

17,153

8,327
35,282

8,291

51,900

16,149
35,751

51,900

Interest rate swap agreements

The Group enters into fixed interest rate swap agreements which convert the floating interest

rate exposure into a fixed interest rate in order to hedge a portion of the Group’s exposure to
fluctuations in prevailing market interest rates. Under the interest rate swaps, the bank counterparty
effects quarterly floating-rate payments to the Group for the notional amount based on the three-
month U.S. dollar LIBOR, and the Group effects quarterly payments to the bank on the notional
amount at the respective fixed rates.

F-47

Interest rate swaps designated as cash flow hedging instruments

The principal terms of the interest rate swaps designated as cash flow hedging instruments were

as follows:

Subsidiary

Counterparty

SEB(1)
CBA(2)

GAS-two Ltd. . . . . . . . DNB Bank ASA
GAS-two Ltd. . . . . . . .
GAS-two Ltd. . . . . . . .
GAS-five Ltd.(3) . . . . . Nordea Bank Finland
GAS-five Ltd.(4) . . . . . Nordea Bank Finland
GAS-six Ltd. . . . . . . . . Nordea Bank Finland
GAS-nine Ltd. . . . . . .
GAS-nine Ltd. . . . . . . DNB Bank ASA
GAS-ten Ltd. . . . . . . .
GAS-ten Ltd. . . . . . . .
GAS-fifteen Ltd.(5) . .

SEB(1)
ING
Citibank

CBA(2)

Trade
Date

Effective
Date

Termination
Date

Feb 2014
Sept 2013
Feb 2014
Sept 2013
Sept 2013
Feb 2014
Nov 2011 May 2013
Nov 2011 May 2013
Nov 2011
July 2013
April 2014 Dec 2014
April 2014 Dec 2014
Feb 2015
April 2014
Feb 2015
May 2014
Sept 2014
July 2014

April 2018
April 2018
April 2018
May 2018
May 2018
July 2018
Dec 2019
Dec 2019
Feb 2020
Feb 2020
Sept 2018

Fixed
Interest
Rate

1.69%
1.66%
1.69%
2.04%
1.96%
2.04%
2.23%
2.24%
2.25%
2.23%
0.66% 2.89%

Notional Amount

December 31,
2013

December 31,
2014

34,167
34,167
34,167
58,235
72,794
73,897
—
—
—
—
—

31,667
31,667
—
—
—
69,485
62,500
62,500
62,500
62,500
93,330

307,427

476,149

(1) Skandinavinska Enskilda Banken AB (publ)

(2) Commonwealth Bank of Australia

(3) The Group terminated the swap agreement on May 8, 2014 by paying its fair value on that date, being $1,501 plus accrued
interest of $199. The cumulative loss of $1,113 from the period that hedging was effective was recycled to the profit or loss
as a result of the debt being repaid in the year ended December 31, 2014.

(4) The Group decreased the notional amount of the swap agreement by $21,935 on May 8, 2014 by paying the fair value of
the reduced amount on that date, being $512 plus accrued interest of $73. The cumulative loss of $356 from the period
that hedging was effective was recycled to profit or loss in the year ended December 31, 2014. Subsequently, the hedge
accounting for the remaining portion was discontinued.

(5) The fixed interest rate is agreed at 0.66% until September 2016 and at 2.89% from September 2016 to September 2018.

The derivative instruments listed above qualified as cash flow hedging instruments for

accounting purposes as of December 31, 2014.

For the year ended December 31, 2014, the effective portion of changes in the fair value of

derivatives designated as cash flow hedging instruments amounting to $6,515 loss has been
recognized in Other comprehensive income (December 31, 2013: $6,083 gain, December 31, 2012:
$15,993 loss).

F-48

Interest rate swaps held for trading

The principal terms of the interest rate swaps held for trading were as follows:

Subsidiary

Counterparty

Trade
Date

Effective
Date

Termination
Date

CBA

SEB
GAS-eight Ltd. . . . . . . . . .
ING Bank N.V.
GAS-eight Ltd. . . . . . . . . .
SEB
GAS-eight Ltd. . . . . . . . . .
GAS-eight Ltd. . . . . . . . . .
ING Bank N.V.
GAS-eight Ltd. . . . . . . . . . DNB Bank ASA
GAS-eight Ltd. . . . . . . . . .
GAS-one Ltd.(3) . . . . . . . . . Danish Ship Finance
GAS-one Ltd.(3) . . . . . . . . . Danish Ship Finance
GAS-three Ltd.(1) . . . . . . . DNB Bank ASA
GAS-four Ltd.(1) . . . . . . . . DNB Bank ASA
GAS-six Ltd.(3) . . . . . . . . . . ABN-AMRO Bank
GAS-seven Ltd.(3) . . . . . . .
GAS-seven Ltd.(4) . . . . . . .
GAS-five Ltd.(2) . . . . . . . . . Nordea Bank Finland
GAS-two Ltd.(4) . . . . . . . . .

Credit Suisse AG
Credit Suisse AG

CBA

Feb 2012 Mar 2014
Feb 2012 Mar 2014
May 2012 Mar 2014
May 2012 Mar 2014
May 2012 Mar 2014
May 2012 Mar 2014
Nov 2011
Oct 2011
Aug 2013
June 2013
April 2012
Jan 2013
April 2012 Mar 2013
July 2013
May 2012
Mar 2012
Nov 2013
April 2014 May 2014
Nov 2011 May 2013
Feb 2014
Sept 2013

Mar 2021
Mar 2021
Mar 2021
Mar 2021
Mar 2021
Mar 2021
May 2020
May 2020
Jan 2018
Mar 2018
July 2019
Nov 2020
May 2019
May 2018
April 2018

Fixed
Interest
Rate

2.26%
2.26%
2.05%
2.05%
2.05%
2.06%
2.10%
2.03%
1.45%
1.50%
1.72%
2.23%
1.77%
1.96%
1.69%

Notional Amount

December 31,
2013

December 31,
2014

43,500
43,500
14,000
14,000
14,000
14,000
72,936
63,217
90,234
90,234
62,566
108,000
—
—
—

630,187

41,684
41,684
13,416
13,416
13,416
13,416
68,516
59,385
—
—
58,831
102,000
34,000
—
31,667

491,431

(1) In 2013, hedge accounting for these interest rate swaps was discontinued because the effectiveness criteria were not met.
The amount of the cumulative loss from the period that the hedges were effective, that was recycled to profit or loss for
the year ended December 31, 2014, was $886 (December 31, 2013: $655). The Group terminated these swap agreements in
November 2014 by paying their fair value on that date, being $1,559 plus accrued interest of $172. The unamortized
cumulative loss of $2,346 from the period that hedging was effective was recycled to the profit or loss as a result of the
debt being repaid.

(2) In 2014, hedge accounting for this interest rate swap was discontinued because the effectiveness criteria were not met. The
amount of the cumulative loss from the period that the hedge was effective that was recycled to profit or loss for the year
ended December 31, 2014 was $108. The Group terminated the swap agreement in November 2014 by paying its fair value
on that date, being $1,062 plus accrued interest of $173. The unamortized cumulative loss of $662 from the period that
hedging was effective was recycled to the profit or loss as a result of the debt being repaid.

(3) In 2013, hedge accounting for these interest rate swaps was discontinued because the effectiveness criteria were not met.
The amount of the cumulative loss from the period that the hedges were effective that was recycled to profit or loss for
the year ended December 31, 2014 was $1,088 (December 31, 2013: $1,638).

(4) In 2014, hedge accounting for these interest rate swaps was discontinued because the effectiveness criteria were not met.
The amount of the cumulative loss from the period that the hedges were effective that was recycled to profit or loss for
the year ended December 31, 2014 was $82.

The derivative instruments listed above were not designated as cash flow hedging instruments.
The change in the fair value of these contracts as of December 31, 2014 amounted to a net loss of
$7,873 (December 31, 2013: $19,829 gain, December 31, 2012: $4,619 loss), which was recognized
against earnings in the period incurred and is included in (Loss)/gain on swaps. During the year
ended December 31, 2014, the net loss of $7,873 derived mainly from the fact that the LIBOR yield
curve, which was used to calculate the present value of the estimated future cash flows, was lower
than the agreed fixed interest rates resulting in an increase in derivative liabilities from interest rate
swaps held for trading. During the year ended December 31, 2013, the net gain of $19,829 derived
from the fact that hedge accounting for seven interest rate swaps was discontinued because the
effectiveness criteria were not met. The increase in the notional amount and the increase in the
LIBOR yield curve, resulted in a positive movement in the fair value of the swaps classified as held
for trading.

Cross currency swap agreements (“CCS”)

The Group enters into CCSs which convert the floating interest rate exposure and the
variability of the USD functional currency equivalent cash flows into a fixed interest rate and

F-49

principal on maturity, in order to hedge the Group’s exposure to fluctuations deriving from its senior
unsecured notes.

In June 2013, GasLog entered into three CCSs to exchange interest payments and principal on

maturity on the same terms as the NOK Bond (Note 12), thereby hedging the variability of the
USD functional currency equivalent cash flows on the Bond.

In April 2014, GasLog entered into three CCSs to exchange interest payments and principal on
maturity on the same terms as the additional NOK Bond (Note 12), thereby hedging the variability
of the USD functional currency equivalent cash flows on the Bond.

The CCSs qualified as cash flow hedging instruments for accounting purposes.

The principal terms of the CCSs designated as cash flow hedging instruments were as follows:

Company

Counterparty

Trade
Date

Effective
Date

Termination
Date

June 2013
June 2013
GasLog Ltd. . . . . . . . . . . . . DNB Bank ASA
June 2013
June 2013
GasLog Ltd. . . . . . . . . . . . .
June 2013
June 2013
GasLog Ltd. . . . . . . . . . . . . Nordea Bank Finland
April 2014 May 2014
GasLog Ltd. . . . . . . . . . . . . DNB Bank ASA
April 2014 May 2014
GasLog Ltd. . . . . . . . . . . . .
GasLog Ltd. . . . . . . . . . . . . Nordea Bank Finland April 2014 May 2014

SEB

SEB

June 2018
June 2018
June 2018
June 2018
June 2018
June 2018

Fixed
Interest
Rate

7.40%
7.41%
7.43%
5.99%
5.99%
5.99%

Notional Amount

December 31,
2013

December 31,
2014

27,732
27,731
27,743
—
—
—

83,206

27,732
27,731
27,743
27,871
27,871
27,871

166,819

For the year ended December 31, 2014, the effective portion of changes in the fair value of

CCSs amounting to a loss of $37,782 has been recognized in Other comprehensive income
(December 31, 2013: $2,282 loss). Additionally, for the year ended December 31, 2014, a gain of
$31,106, was reclassified to profit or loss to offset the amount recognized from the retranslation of
the Bond in U.S. dollars as of December 31, 2014 (December 31, 2013: $972 gain).

An analysis of (Loss)/gain on swaps is as follows:

For the year ended
December 31,
2013

2014

2012

Inception loss for cash flow hedges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unrealized (loss)/gain on interest rate swaps held for trading . . . . .
Realized loss on interest rate swaps held for trading. . . . . . . . . . . . . .
Recycled loss of cash flow hedges reclassified to profit or loss. . . .
Ineffective portion of cash flow hedges . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2,060)
(318)
(4,619) 19,829
— (5,729)
— (2,293)
9

(104)

—
(7,873)
(10,310)
(6,641)
37

(6,783) 11,498

(24,787)

Fair value measurements

The fair value of the Group’s financial assets and liabilities approximate to their carrying

amounts at the balance sheet date.

The fair value of the interest rate swaps at the end of reporting period was determined by
discounting the future cash flows using the interest rate yield curves at the end of reporting period
and the credit risk inherent in the contract. The fair value of the CCSs at the end of the reporting
period was determined by discounting the future cash flows that are estimated based on forward
exchange rates and contract forward rates, discounted at a rate that reflects the credit risk of the
counterparties. The Group uses its judgment to make assumptions that are primarily based on
market conditions for the estimation of the counterparty risk and the Group’s own risk that are
considered for the calculation of the fair value of the interest rate and cross currency swaps. The
interest rate swaps and CCSs meet Level 2 classification, according to the fair value hierarchy as
defined by IFRS 13 Fair Value Measurement. There were no financial instruments in Levels 1 or 3

F-50

and no transfers between Levels 1, 2 or 3 during the periods presented. The definitions of the levels,
provided by IFRS 13 are based on the degree to which the fair value is observable:

• Level 1 fair value measurements are those derived from quoted prices in active markets for

identical assets or liabilities;

• Level 2 fair value measurements are those derived from inputs other than quoted prices

included within Level 1 that are observable for the asset or liability, either directly (i.e., as
prices) or indirectly (i.e., derived from prices); and

• Level 3 fair value measurements are those derived from valuation techniques that include

inputs for the asset or liability that are not based on observable market data (unobservable
inputs).

24. Taxation

Under the laws of the countries of the Group’s domestication/incorporation and/or vessels’
registration, the Group is not subject to tax on international shipping income. However, it is subject
to registration and tonnage taxes, which are included in vessel operating and supervision costs in the
consolidated statement of profit or loss.

Under the United States Internal Revenue Code of 1986, as amended (the “Code”), the U.S.
source gross transportation income of a ship-owning or chartering corporation, such as GasLog, is
subject to a 4% U.S. Federal income tax without allowance for deduction, unless that corporation
qualifies for exemption from tax under Section 883 of the Code and the Treasury Regulations
promulgated thereunder. U.S. source gross transportation income consists of 50% of the gross
shipping income that is attributable to transportation that begins or ends, but that does not both
begin and end, in the United States.

The Group did not qualify for this exemption for the three years ended December 31, 2014;

however, the effect on the results is insignificant.

25. Earnings per share

Basic earnings per share (“EPS”) was calculated by dividing the net profit for the year

attributable to the owners of the common shares by the weighted average number of common shares
issued and outstanding during the year. Manager shares and subsidiary manager shares contained the
right to receive non-forfeitable dividends (whether paid or unpaid) and participated equally with
common shares in undistributed earnings and therefore were participating securities and, thus, are
included in the two-class method of computing basic earnings per share for 2012. In 2013 and 2014,
there were no participating securities as the manager shares and subsidiary manager shares were
converted to common shares prior to the completion of the IPO.

Diluted EPS is calculated by dividing the profit for the year attributable to the owners of the

Group by the weighted average number of all potential ordinary shares assumed to have been
converted into common shares.

F-51

The following reflects the earnings and share data used in the basic and diluted earnings per

share computations:

For the year ended December 31,
2013

2012

2014

Basic earnings per share
Profit for the year attributable to owners of the Group . . . . . . . .
Less: Undistributed gain allocated to manager shares and

subsidiary manager shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Earnings attributable to the owners of common shares

(including common A shares) used in the calculation of
basic EPS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Weighted average number of shares outstanding, basic . . . . . . . . .
Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted earnings per share
Profit for the year attributable to owners of the Group used in
the calculation of diluted EPS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Weighted average number of shares outstanding, basic . . . . . . . . .
Dilutive potential ordinary shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Weighted average number of shares used in the calculation of

diluted EPS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,250

56,929

42,161

45

—

—

4,205
56,093,775

56,929
62,863,665

42,161
78,633,820

0.07

0.91

0.54

4,250
56,093,775
601,744

56,929
62,863,665
—

42,161
78,633,820
166,372

56,695,519

62,863,665

78,800,192

0.07

0.91

0.54

The Group excluded the dilutive effect of 285,024 SARs and 74,877 RSUs in calculating diluted
EPS for the year ended December 31, 2014, as they were anti-dilutive (December 31, 2013: 325,943
SARs and 64,792 RSUs).

26. Subsequent Events

On February 26, 2015, the Board of Directors declared a quarterly cash dividend of $0.14 per

common share paid on March 13, 2015 to shareholders of record as of March 10, 2015.

On March 25, 2015, in connection with the Pending Vessels Acquisition, GasLog, through its
vessel-owning subsidiaries GAS-twenty six Ltd. and GAS-twenty seven Ltd., entered into a senior
secured term loan facility of up to $325,000 with ABN Amro Bank N.V., Commonwealth Bank of
Australia, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale
Deutschlandgescha¨ ft, DNB Bank ASA, London Branch and ING Bank N.V., London Branch, and a
subordinated term loan facility of up to $135,000 with ABN Amro Bank N.V., Credit Agricole
Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgescha¨ ft and DNB Bank
ASA, London Branch, pursuant to the commitment letters with DNB Bank ASA, London Branch
dated December 19, 2014 (Note 12), for the purpose of financing the two ships to be acquired from
BG Group. The obligations under the senior secured term loan facility and the subordinated term
loan facility are secured by a first and second priority mortgage, respectively, over each of the
relevant vessels and are guaranteed by GasLog and GasLog Carriers Ltd.

F-52

The following companies are subsidiaries of GasLog Ltd. as of March 25, 2015:

SUBSIDIARIES OF GASLOG LTD.

Name of Subsidiary

Jurisdiction of
Incorporation

Proportion of
Ownership
Interest

EXHIBIT 8.1

BVI
Monaco
Bermuda
Bermuda
Bermuda
Bermuda
BVI
Delaware, U.S.

Gaslog Investments Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Monaco S.A.M.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog LNG Services Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog LNG Employee Incentive Scheme Ltd. . . . . . . . . . . . . . . . . . . .
GasLog Carriers Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Shipping Company Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Shipping Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Services US Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Services UK Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . England and Wales
GAS-one Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-two Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-six Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-seven Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-eight Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-nine Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-ten Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-eleven Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-twelve Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-thirteen Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-fourteen Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-fifteen Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-eighteen Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-nineteen Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-twenty Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-twenty one Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-twenty two Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-twenty three Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-twenty four Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-twenty five Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-twenty six Ltd.(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-twenty seven Ltd.(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Partners GP LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Partners LP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GasLog Partners Holdings LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-three Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-four Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-five Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-sixteen Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GAS-seventeen Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Marshall Islands
Marshall Islands
Marshall Islands
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda

(1) Incorporated in January 2015.

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
42.5%
42.5%
42.5%
42.5%
42.5%
42.5%
42.5%

EXHIBIT 12.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Paul Wogan, certify that:

1. I have reviewed this annual report on Form 20-F of GasLog Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or

omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by
this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash
flows of the company as of, and for, the periods presented in this report;

4. The company’s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f)) for the company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the company, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and

presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such
evaluation; and

(d) Disclosed in this report any change in the company’s internal control over financial

reporting that occurred during the period covered by the annual report that has materially
affected, or is reasonably likely to materially affect, the company’s internal control over
financial reporting; and

5. The company’s other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the company’s auditors and the audit committee of
the company’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal

control over financial reporting which are reasonably likely to adversely affect the
company’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who

have a significant role in the company’s internal control over financial reporting.

By:

Dated: March 25, 2015
/s/ Paul Wogan
Name: Paul Wogan
Title: Chief Executive Officer

EXHIBIT 12.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Simon Crowe, certify that:

1. I have reviewed this annual report on Form 20-F of GasLog Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or

omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by
this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash
flows of the company as of, and for, the periods presented in this report;

4. The company’s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f)) for the company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the company, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and

presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such
evaluation; and

(d) Disclosed in this report any change in the company’s internal control over financial

reporting that occurred during the period covered by the annual report that has materially
affected, or is reasonably likely to materially affect, the company’s internal control over
financial reporting; and

5. The company’s other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the company’s auditors and the audit committee of
the company’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal

control over financial reporting which are reasonably likely to adversely affect the
company’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who

have a significant role in the company’s internal control over financial reporting.

By:

Dated: March 25, 2015
/s/ Simon Crowe
Name: Simon Crowe
Title: Chief Financial Officer

EXHIBIT 13.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report on Form 20-F of GasLog Ltd., a corporation organized
under the laws of Bermuda (the “Company”), for the period ending December 31, 2014, as filed
with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned
officer of the Company certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities

Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial

condition and results of operations of the Company as of, and for, the periods presented in the
report.

The foregoing certification is provided solely for purposes of complying with the provisions of

Section 906 of the Sarbanes-Oxley Act of 2002 and is not intended to be used or relied upon for
any other purpose.

By:

Date: March 25, 2015
/s/ Paul Wogan
Name: Paul Wogan
Title: Chief Executive Officer

EXHIBIT 13.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report on Form 20-F of GasLog Ltd., a corporation organized
under the laws of Bermuda (the “Company”), for the period ending December 31, 2014, as filed
with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned
officer of the Company certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities

Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial

condition and results of operations of the Company as of, and for, the periods presented in the
report.

The foregoing certification is provided solely for purposes of complying with the provisions of

Section 906 of the Sarbanes-Oxley Act of 2002 and is not intended to be used or relied upon for
any other purpose.

By:

Date: March 25, 2015
/s/ Simon Crowe

Name: Simon Crowe
Title: Chief Financial Officer

EXHIBIT 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement Nos. 333-188817 and
333-194894 on Form F-3 and No. 333-187020 on Form S-8, of our report dated February 28, 2014,
relating to the consolidated financial statements of GasLog Ltd. (the “Company”) as of
December 31, 2013 and for the two years in the period then ended, appearing in this Annual Report
on Form 20-F of the Company for the year ended December 31, 2014.

/s/ Deloitte Hadjipavlou, Sofianos & Cambanis S.A.

Athens, Greece

March 25, 2015

EXHIBIT 23.2

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement Nos. 333-188817 and
333-194894 on Form F-3 and No. 333-187020 on Form S-8, of our reports dated March 25, 2015,
relating to the consolidated financial statements of GasLog Ltd. (the “Company”) as of and for the
year ended December 31, 2014, and the effectiveness of GasLog Ltd.’s internal control over financial
reporting as of December 31, 2014, appearing in this Annual Report on Form 20-F of the Company
for the year ended December 31, 2014.

/s/ Deloitte LLP

London, United Kingdom

March 25, 2015