GasLog Ltd Annual Report 2015

FY2015 Annual Report · GasLog Ltd

Loading PDF…

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, 2015
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:
Name of Each Exchange on Which Registered

Title of Each Class

Common Shares, $0.01 par value per share
Series A Preference Shares, $0.01 par value per share

New York Stock Exchange
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, 2015, there were 80,496,499 common shares of the Company’s common stock outstanding

and 4,600,000 Series A Preference shares.

Indicate by check mark if the Company is a well-known seasoned issuer, as defined in Rule 405 of the

Securities 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.

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 file such reports), and (2) has been subject to such filing requirements for the past
90 days.

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

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 files).

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

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 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

Item 17 (cid:2) Item 18 (cid:2)

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

Rule 12b-2 of the Exchange Act).

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

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

Page

ii
ii

1
1
1
33
54
55
83
91
100
101
102

117

118

119
119

119
119
121
121
121
121

122

122
122
122
123

124
124
124
124

F-1

ABOUT THIS REPORT

In this annual report, unless otherwise indicated:
• “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, except that when such terms are used in this
annual report in reference to the common shares or the 8.75% Series A Cumulative
Redeemable Perpetual Preference Shares (the “Preference Shares”), they refer to GasLog
Ltd.;

• “GasLog Partners” or the “Partnership”, refers 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” refers to GasLog Partners GP LLC, the general partner of GasLog

Partners;

• “GasLog LNG Services” refers to GasLog LNG Services Ltd., our wholly owned subsidiary;
• “our vessels” or “our ships” refers to the LNG carriers owned or controlled by the Company

and its subsidiaries, including the LNG carriers owned by GasLog Partners; “our wholly
owned vessels” or “our wholly owned ships” refers to the LNG carriers owned by the
Company and its subsidiaries, excluding any LNG carriers owned by GasLog Partners (in
which we hold the controlling general partner interest as well as limited partner interests) and
its subsidiaries and Egypt LNG Shipping Ltd. (in which we hold a 25.0% equity interest);
• “BG Group” refers to BG Group plc which was acquired by Royal Dutch Shell plc (“Shell”)
on February 15, 2016; “MSL” refers to Methane Services Limited, a subsidiary of BG Group;
“Hyundai” refers to Hyundai Heavy Industries Co., Ltd.; and “Samsung” refers to Samsung
Heavy Industries Co., Ltd.; or, in each case, one or more of their subsidiaries or to such
entities collectively;

• “NYSE” refers to the New York Stock Exchange; and “SEC” refers to the U.S. Securities

and Exchange Commission;

• “dollars” and “$” refers to, and amounts are presented in, U.S. dollars;
• “cbm” refers to cubic meters;
• “Dynagas” refers to Dynagas Ltd. and “Golar” refers to Golar LNG Ltd.; and
• “Mitsui” refers to Mitsui Co., Ltd. and “Lepta Shipping” refers to Lepta Shipping Co., Ltd., a

subsidiary of Mitsui.

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 U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements that address activities, events or developments that
the Company expects, projects, believes or anticipates will or may occur in the future, particularly in
relation to our operations, cash flows, financial position, liquidity and cash available for dividends or
distributions, plans, strategies, business prospects and changes and trends in our business and the
markets in which we operate. 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 forward-looking
statements 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 and outcomes to differ include, but are not limited to,

the following:

• general LNG shipping market conditions and trends, including spot and long-term charter
rates, ship values, factors affecting supply and demand of LNG and LNG shipping and
technological advancements;

• continued low prices for crude oil and petroleum products;
• our ability to enter into time charters with new and existing customers;
• changes in the ownership of our charterers;
• our customers’ performance of their obligations under our time charters;
• our future operating performance, financial condition, liquidity and cash available for

dividends and distributions;

• 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
restrictive covenants and other obligations under our credit facilities;

• future, pending or recent acquisitions of or orders for ships or other assets, business strategy,

areas of possible expansion and expected capital spending or operating expenses;

• 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;
• fluctuations in currencies and interest rates;
• our ability to maintain long-term relationships with major energy companies;
• our ability to maximize the use of our ships, including the re-employment or disposal of ships

not under time charter commitments;

• environmental and regulatory conditions, including changes in laws and regulations or actions

taken by regulatory authorities;

• the expected cost of, and our ability to comply with, governmental regulations and maritime
self-regulatory organization standards, requirements imposed by classification societies and
standards imposed by our charterers applicable to our business;

• 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;
• any malfunction or disruption of information technology systems and networks that our

operations rely on or any impact of a possible cybersecurity breach; 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

[THIS PAGE INTENTIONALLY LEFT BLANK]

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 for each

of the five years in the five-year period ended December 31, 2015. The summary consolidated
financial data of GasLog as of December 31, 2014 and 2015, and for each of the years in the three
year period ended December 31, 2015, is derived from our audited consolidated financial statements
included in “Item 18. Financial Statements”. The selected consolidated financial data as of
December 31, 2011, 2012 and 2013, and for the years ended December 31, 2011 and 2012, is derived
from our audited consolidated financial statements which are not included in this annual report. 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”.

CONSOLIDATED STATEMENT

OF PROFIT OR LOSS

Revenues . . . . . . . . . . . . . . . . . . . . . . . . . .
Vessel operating and supervision

costs . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Voyage expenses and

commissions. . . . . . . . . . . . . . . . . . . . .
Depreciation of fixed assets . . . . . . .
General and administrative

expenses . . . . . . . . . . . . . . . . . . . . . . . .
Profit from operations. . . . . . . . . . . . .
Financial costs. . . . . . . . . . . . . . . . . . . . .
Financial income . . . . . . . . . . . . . . . . . .
(Loss)/gain on swaps . . . . . . . . . . . . . .
Share of profit of associate and

joint venture . . . . . . . . . . . . . . . . . . . .
Gain on disposal of subsidiaries . . .
Total other expenses, net. . . . . . . . . .
Profit for the year. . . . . . . . . . . . . . . . .

Profit attributable to owners of

the Group. . . . . . . . . . . . . . . . . . . . . . .

(Loss)/profit attributable to non-

controlling interest . . . . . . . . . . . . . .

Earnings per share, basic and

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

Weighted average number of

shares, basic(1) . . . . . . . . . . . . . . . . . . .

Weighted average number of

shares, diluted(1) . . . . . . . . . . . . . . . . .

Dividends declared per common

share(1)(2) . . . . . . . . . . . . . . . . . . . . . . . .
Dividends declared per preference
share . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011

Year Ended December 31,
2013
(in thousands of U.S. dollars, except share and per share data)

2012

2014

2015

66,471

68,542

157,240

328,679

415,078

(12,654)

(14,354)

(32,058)

(70,732)

(98,552)

(7,738)
(70,695)

(14,290)
(106,641)

(292)
(12,827)

(15,997)

24,701
(9,631)
42
(2,725)

1,311
25

(10,978)
13,723

14,040

(292)
(13,065)

(20,380)

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

1,078
—

(16,201)
4,250

4,250

(2,861)
(29,322)

(21,598)

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

1,470
—

(14,472)
56,929

56,929

(34,154)

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

1,497
—

(94,595)
50,765

42,161

(317) $

— $

8,604

0.36

0.07

0.91

0.54

(41,282)

154,313
(91,956)
427
(10,332)

1,216
—

(100,645)
53,668

10,829

42,839

0.04

35,837,297

56,093,775

62,863,665

78,633,820

80,496,314

39,101,496

56,695,519

62,863,665

78,800,192

80,610,420

0.22

0.11

0.45

0.50

— $

0.56

1.60

2011

2012

As of December 31,
2013
(in thousands of U.S. dollars)

2014

2015

CONSOLIDATED STATEMENT OF
FINANCIAL POSITION DATA
Cash and cash equivalents . . . . . . . . . . . . .
Short-term investments. . . . . . . . . . . . . . . . .
Restricted cash. . . . . . . . . . . . . . . . . . . . . . . . .
Investment in associate and joint

venture(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tangible fixed assets(4) . . . . . . . . . . . . . . . . .
Vessels under construction . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Borrowings, current portion. . . . . . . . . . . .
Borrowings, non-current portion . . . . . . .
Share capital(1) . . . . . . . . . . . . . . . . . . . . . . . . .
Preferred stock. . . . . . . . . . . . . . . . . . . . . . . . .
Equity attributable to owners of the

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

CONSOLIDATED CASH FLOW

DATA

Net cash provided by operating

activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash used in investing activities. . . .
Net cash provided by financing

activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 20,093
—
—

$110,978
104,674
—

$ 103,798
4,500
—

$ 211,974
28,103
22,826

$ 302,988
6,000
62,718

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

290,414
—
290,414

2011

6,856
426,880
217,322
908,768
25,753
228,515
629
—

603,271
—
603,271

6,326
1,529,720
120,295
1,816,679
100,320
1,014,754
629
—

639,533
—
639,533

6,603
2,809,517
142,776
3,269,971
116,431
1,778,845
810
—

929,391
323,646
1,253,037

2012

Year Ended December 31,
2013
(in thousands of U.S. dollars)

2014

6,274
3,400,270
178,405
4,039,621
636,987
1,737,500
810
46

1,001,674
506,246
1,507,920

2015

$ 27,001
(86,464)

$ 24,918
(212,621)

$ 86,745
(935,516)

148,288
$
(1,386,656)

$ 161,579
(704,052)

56,286

278,811

840,481

1,346,762

634,317

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

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

Average number of managed ships

2011

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

14.0

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(6) . .

2.0
1.5
730
730

2015

21.7

18.2
5.2
6,638
6,097

Year Ended December 31,
2013

2012

2014

14.0

2.0
2.5
732
732

16.9

5.0
1.7
1,832
1,808

20.0

12.4
4.4
4,520
4,392

2011

2012

Year Ended December 31,
2013
(in thousands of U.S. dollars)

2014

2015

OTHER FINANCIAL DATA
EBITDA(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted EBITDA(7) . . . . . . . . . . . . . . . . . . .
Capital expenditures:
Payment for vessels . . . . . . . . . . . . . . . . . . . .
Common share dividend declared(2) . . . .
Preference share dividend declared . . . .

$38,864
38,738

$ 34,594
34,047

$ 102,193
101,617

$ 217,552
217,172

$262,170
262,969

88,036
8,500
—

110,765
6,915
—

1,038,153
28,288
—

1,364,283
39,840
—

728,446
45,078
7,379

(1) Gives effect to the 238-for-1 share split effected on March 13, 2012.

(2) Of the total $8.50 million dividend declared during the year ended December 31, 2011, $0.77 million, 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, 2014 and 2015 were paid in cash.

(3) Consists of our 25.0% ownership interest in Egypt LNG Shipping Ltd. or “Egypt LNG” and our 33.33% ownership

interest in The Cool Pool Limited or “the Cool Pool”. On October 1, 2015, GasLog, Dynagas and Golar signed an LNG
carrier pooling agreement to establish the Cool Pool to market their vessels, which are currently operating in the LNG
shipping spot market. The Cool Pool initially consists of 14 modern, high quality and essentially equivalent vessels powered
by fuel efficient tri fuel diesel electric (“TFDE”) propulsion technology. The three owners’ initial vessels participation in
the Cool Pool was as follows: Dynagas: three vessels; GasLog: three vessels; and Golar: eight vessels. Each vessel owner
continues to be fully responsible for the manning and technical management of their respective vessels. The Cool Pool was
incorporated in September 2015.

(4) Includes delivered ships (including drydocking component of vessel 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, 2015 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, Egypt LNG and Lepta Shipping that are operating under our management.

(6) The operating days for our fleet are the total number of days in a given period that the vessels were in our possession less
the total number of days off-hire not recoverable from the insurers. In 2015, operating days include 174 for our vessels
operating in the Cool Pool. We define days off-hire as days lost to, among other things, operational deficiencies,
drydocking for repairs, maintenance or inspection, equipment breakdowns, special surveys and vessel upgrades, delays due
to accidents, crew strikes, certain vessel detentions or similar problems, our failure to maintain the vessel in compliance
with its specifications and contractual standards or to provide the required crew, or periods of commercial waiting time
during which we do not earn charter hire.

(7) 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 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.

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:

Profit for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation of fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loss/(gain) on swaps. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011

$13,723
12,827
9,631
(42)
2,725

Year Ended December 31,
2012
2014
2013
(in thousands of U.S. dollars)
$ 50,765
70,695
71,579
(274)
24,787

$ 56,929
29,322
27,851
(411)
(11,498)

$ 4,250
13,065
11,670
(1,174)
6,783

2015

$ 53,668
106,641
91,956
(427)
10,332

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

38,864

34,594

102,193

217,552

262,170

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

(126)

(547)

(576)

(380)

799

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

$38,738

$34,047

$101,617

$217,172

$262,969

B. Capitalization and Indebtedness

The following table sets forth our capitalization as of December 31, 2015:

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:
Preferred stock(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share capital(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Contributed surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reserves
Treasury shares(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total capitalization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As of
December 31, 2015
(in thousands
of U.S. dollars)

$ 636,987
1,737,500

2,374,487

46
810
1,020,292
(8,829)
(12,491)
1,846
506,246

1,507,920
$3,882,407

(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 a combination of the Company and 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, 2015 is
$112.19 million) is unsecured. Debt presented does not include our scheduled debt payments since December 31, 2015
totaling $18.28 million and the prepayment of the outstanding debt of GAS-twenty six Ltd. of $230.0 million, following the
completion of the sale and leaseback of the Methane Julia Louise. 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, 2015, are shown net of $33.29 million of loan issuance costs and premium that are

being amortized over the term of the respective borrowings.

(3) Does not include any shares that may be issued under the Company’s 2013 Omnibus Incentive Compensation Plan. At
December 31, 2015, our share capital consisted of 80,496,499 issued and outstanding common shares, 496,627 treasury
shares issued and 4,600,000 Preference Shares issued and outstanding.

C. Reasons for the Offer and Use of Proceeds

Not applicable.

D. Risk Factors

Risks Inherent to Our Business

Our future performance and ability to secure future time charters 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, 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 global commodity
prices, including natural gas, oil and coal as well as other sources of energy. 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, including coal, 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.

In 2015, global crude oil prices were very volatile and fell significantly. Such decline in oil prices

since late 2014 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 LNG
shipping market and the spot rates and medium term charter rates for charters which commence in
the near future. A continued decline in oil prices could adversely affect both the competitiveness of
gas as a fuel for power generation and the market price of gas, to the extent that gas prices are
benchmarked to the price of crude oil.

Some production companies have announced delays or cancellations of certain previously
announced 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.

Unless LNG charter market conditions improve, we may have difficulty in securing charters at
attractive rates and durations on our ships when we are seeking a new charter. Such a failure may
adversely affect our business, financial condition, results of operations and cash flows, including cash
available for dividends to our shareholders, as well as our ability to meet certain of our debt
covenants. 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.”

A continuation of the recent significant declines in natural gas and oil prices may adversely affect
our growth prospects, results of operations and cash flows.

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 and oil;
• 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; and
• the availability and cost of alternative energy sources, including alternate sources of natural

gas in gas importing and consuming countries.

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. In 2015, global crude oil
prices were very volatile and fell significantly. Such decline in oil prices since late 2014 has
depressed natural gas prices and led to a narrowing of the gap in pricing in different geographic
regions.

Given the significant global natural gas and crude oil price decline as referenced above, a
continuation of lower natural gas or oil prices or a further decline in natural gas or oil prices may
adversely affect our business, financial condition, results of operations and cash flows, including cash
available for dividends to our shareholders, as a result of, among other things:

• a reduction in exploration for or development of new natural gas reserves or projects, or the
delay or cancelation of existing projects as energy companies lower their capital expenditures
budgets, which may reduce our growth opportunities;

• low oil prices negatively affecting both the competitiveness of natural gas as a fuel for power

generation and the market price of natural gas, to the extent that natural gas prices are
benchmarked to the price of crude oil;

• lower demand for vessels of the types we own and operate, which may reduce available
charter rates and revenue to us upon redeployment of our vessels following expiration or
termination of existing contracts or upon the initial chartering of vessels;

• customers potentially seeking to renegotiate or terminate existing vessel contracts, or failing to

extend or renew contracts upon expiration;

• the inability or refusal of customers to make charter payments to us due to financial

constraints or otherwise; or

• declines in vessel values, which may result in losses to us upon vessel sales or impairment

charges against our earnings.

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 2018, (ii) the GasLog Chelsea, the GasLog Saratoga and the GasLog Salem, which
operate in the Cool Pool, 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.
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 are currently below historical average
rates. 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, or at the time option extensions are due to be declared, 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.

These factors, among others, have in turn led to a significant shortening of the average duration

of spot charters fixed during 2015, as well as a significant decline in average rates for new spot and
shorter-term LNG charters commencing promptly. Unless LNG charter market conditions improve,
we may have difficulty in securing new charters at attractive rates and durations for the two vessels
that could come off charter during 2016 and those vessels in the Cool Pool. Currently, we have a
total of 1,191 open vessel days during the remainder of 2016, including 978 days for the three vessels
operating in the Cool Pool.

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 early 2016 has driven
significant ordering activity. As of December 31, 2015, the LNG carrier order book totalled
145 vessels, and the delivered fleet stood at 427 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.

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 (“Steam”) 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;
• 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. During the year ended December 31, 2015, the
drydockings of the GasLog Savannah, the GasLog Singapore, the GasLog Chelsea, the Methane
Alison Victoria, the Methane Shirley Elizabeth, the Methane Heather Sally, the Methane Becki Anne
and the Methane Julia Louise were completed. The drydockings of the remainder of our vessels are
expected to be carried out in 2016 (two vessels) and 2018 (five vessels), respectively.

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

GasLog LNG Services, our vessels’ management company, and a substantial number of its staff
are located in Greece. The current economic instability in Greece could disrupt our operations and
have an adverse effect on our business. We have sought to minimize this risk and preserve
operational stability by carefully developing staff deployment plans, an information technology
recovery site, an alternative ship to shore communications plan and funding mechanisms. While we
believe these plans, combined with the international nature of our operations, will mitigate the
impact of any disruption of operations in Greece, we cannot assure you that these plans will be
effective in all circumstances.

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

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 may 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 may 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.

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”, or any amendments or successor agreements, 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 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 natural 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, including cash available
for dividends to our shareholders. 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

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, including cash available for dividends to our
shareholders and could directly impact our ships or our customers.

We currently employ armed guards onboard 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.

A cyber-attack could materially disrupt GasLog’s business.

GasLog’s business operations could be targeted by individuals or groups seeking to sabotage or
disrupt GasLog’s information technology systems and networks, or to steal data. A successful cyber-
attack could materially disrupt GasLog’s operations, including the safety of its operations, or lead to
unauthorized release of information or alteration of information on its systems. Any such attack or
other breach of GasLog’s information technology systems could have a material adverse effect on
GasLog’s business, financial condition, results of operations and cash flows, including cash available
for dividends to our shareholders.

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
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 or the “IFCA”, 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.

On January 16, 2016, the United States suspended certain sanctions against Iran applicable to
non-U.S. companies, such as us, pursuant to the nuclear agreement reached between Iran, China,
France, Germany, Russia, the United Kingdom, the United States and the European Union. To
implement these changes, beginning on January 16, 2016, the United States waived enforcement of
many of the sanctions against Iran’s energy and petrochemical sectors described above, among other
things, including certain provisions of CISADA, ITRA, and IFCA. While non-U.S. companies may
now engage in certain business or trade with Iran that was previously prohibited, the U.S. has the
ability to reimpose sanctions against Iran if, in the future, Iran does not comply with its obligations
under the nuclear agreement.

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, the UK Bribery 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 operate our ships worldwide, requiring our ships to trade in 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”, and the

Bribery Act 2010 of the United Kingdom or the “UK Bribery Act”. 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 and
the UK Bribery Act. 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, financial condition, results of operations and cash flows, including cash available for
dividends to our shareholders. 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.

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 Inherent in an Investment in Us

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 18 LNG carriers that are in operation (including the eight LNG
carriers owned by GasLog Partners) and eight newbuildings on order. 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 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 18 LNG carriers in operation. 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 one customer for nearly all of our revenues. The loss of this customer 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, MSL, a subsidiary of

BG Group, which was acquired by our other customer, Shell on February 15, 2016. For the year
ended December 31, 2015, MSL and Shell accounted for 83.14% and 11.76% of our revenues,
respectively. Following the delivery of our eight new LNG carriers on order, MSL will continue to
be a key customer, as seven of our newbuildings will be chartered to MSL upon delivery for a total
of 21 vessels chartered to MSL. Although MSL’s contractual obligations under the charter
agreements are not impacted by the acquisition, we cannot provide assurance that we will be able to
maintain the same business relationship previously enjoyed with BG Group following its acquisition
by Shell or BG Group. In addition, the acquisition by Shell has increased our customer
concentration because all of our vessels are now chartered to subsidiaries of Shell. Furthermore, 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 our customer 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 on similar terms, 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 MSL 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
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, or under some other of our credit facilities repay the outstanding loan
amount, 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 MSL 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 MSL other than in connection with the sale of a ship,
MSL 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.

We rely exclusively on cash flow generated from charters for our LNG vessels and management

of our and third party LNG vessels. 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 eight 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 eight contracted newbuildings are scheduled to be delivered to us on various dates between

2016 and 2019. 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 business, financial condition, 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 completion of newbuildings could be delayed because of:
• 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;
• 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 business, financial

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

As we take delivery of our newbuildings or any secondhand ships we acquire in the future, 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 or any secondhand ships we acquire in the future,
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 business, financial condition, results

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

eight newbuildings we have on order. We are scheduled to take delivery of the vessels on various
dates between 2016 and 2019. As of December 31, 2015, the total remaining balance of the contract
prices for the eight vessels was $1.45 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 the $1,311.3 million under the financing agreement we
entered into on October 16, 2015, available cash and cash from operations.

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 eight contracted newbuildings. 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 and the eight vessels
acquired from MSL in 2014 and 2015. 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.
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.

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 75.0% (in the case of the

GasLog Partners Credit Facility, must be less than 60.0%);

• 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 110.0%;

• the aggregate amount of all unencumbered cash and cash equivalents must be not less than
the higher of 3.0% of total indebtedness and $20.0 million ($15.0 million under the GasLog
Partners Credit Facility and $50.0 million under the credit facility provided under the facilities
agreement dated October 16, 2015 (the “October 2015 Facility”) and the credit facility
provided under the credit agreement entered into on February 18, 2016 to refinance the
existing indebtedness on five of our contracted vessels of up to $576.50 million (the “Five
Vessel Refinancing”)) after the first drawdown;

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

equal to at least 4.0% 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
120.0% (in the case of the October 2015 Facility, 115.0% for the first two years after each
drawdown and 120.0% at any time thereafter and in the case of the Five Vessel Refinancing,
115.0% until the maturity of the junior tranche and 120.0% at any time thereafter) 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.

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 Bond we are
required to comply with the following financial covenants:

• our total indebtedness divided by our total assets must not exceed 75.0%;
• 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 115.0%;

• the aggregate amount of all unencumbered cash and cash equivalents must be not less than
the higher of 3.0% 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 50.0% 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 2016, 2017 and 2018 of $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, or under certain of our credit facilities repay the outstanding loan
amount. As of December 31, 2015, in connection with the delivery of the GasLog Saratoga and the
GasLog Salem, $21.0 million per vessel has been deposited in a blocked account which amount is
presented under restricted cash because the spot charters that these vessels enter into from time to
time are not considered approved charters by the lenders. In addition, as of December 31, 2015,
$20.0 million and $0.7 million has been presented under restricted cash pursuant to the credit
facilities used to finance the GasLog Savannah and the GasLog Singapore. This requirement was
triggered (a) for GasLog Savannah because the vessel’s new charter party is not considered an
approved charter by the lenders and (b) for GasLog Singapore 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.

On February 25, 2016, a supplemental deed was signed with the lenders of the GAS-eight Ltd.,

GAS-nine Ltd. and GAS-ten Ltd. loan facility, permitting GasLog to withdraw the $21.0 million
maintained in blocked accounts for each of GAS-nine Ltd. and GAS-ten Ltd., the entities which
own the GasLog Saratoga and the GasLog Salem, respectively, provided GasLog has provided an
executed guarantee or letter of credit with a minimum duration of six months. In connection to this,
on February 26, 2016, GasLog entered into two bank guarantees, issued by BNP Paribas S.A. for
GAS-nine Ltd. and GAS-ten Ltd. of $21.0 million each. The bank guarantees bear interest at a
margin and are available for a period of up to two years. Consequently, $42.0 million was
reclassified from restricted cash to cash and cash equivalents.

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

The significant global natural gas and crude oil price decline, amongst other factors referenced

above, have in turn led to a significant shortening of the average duration of spot charters fixed
during 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 that could come off charter during 2016. Currently, we have a total of 1,191 open vessel
days during the remainder of 2016, including 978 days for the three vessels operating in the Cool
Pool. A failure to obtain charters at acceptable rates on these vessels could adversely affect our
business, financial condition, results of operations and cash flows, including cash available for
dividends to our shareholders, as well as our ability to meet certain of our debt covenants later in
2016, 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, could 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. See “Item 5.
Operating and Financial Review and Prospects -B. Liquidity and Capital Resourced—Critical
Accounting Policies—Impairment of Vessels”. 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 in obtaining additional financing, pursuing other business
opportunities and paying dividends to our shareholders.

As of December 31, 2015, we had an aggregate of $2.29 billion of indebtedness outstanding
under eleven credit agreements, of which $645.19 million is repayable within one year which includes
$42.17 million under the revolving credit facility, and we had $113.74 million outstanding under the
Bond which amount is payable in June 2018. As of December 31, 2015 there is an undrawn amount
of $7.83 million from the revolving facility of GAS-two Ltd. from which the balance is available to
be drawn under certain conditions. In addition, there is one loan facility with an aggregate undrawn
amount of $1.3 billion available that will be used to finance a portion of the contract price of eight
of our newbuildings on their 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 or to redeem our Preference Shares 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
(including cumulative dividends payable with respect to our Preference Shares) is subject to the
discretion of our board of directors and the requirements of Bermuda law. The timing and amount
of any dividend or redemption 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 or redeem our Preference Shares will vary based upon, among
other things:

• 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;

• our ability to comply with the specified financial covenants in our loan facilities and the Bond

and as corporate guarantor for certain loan facilities on a consolidated basis;

• our ability to obtain new charters for our vessels at favourable rates;
• the charter hire payments we obtain from our charters as well as our ability to re-charter the

vessels and the rates obtained upon the expiration of our existing charters;

• our fleet expansion and associated uses of our cash as well as any financing requirements;
• the due performance by our charterers of their obligations;
• delays in the delivery of newbuild vessels and the beginning of payments under charters

relating to those vessels;

• the level of our operating costs, such as the costs of crews, lubricants 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 and 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 32.9% equity interest
(including our 2.0% 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.

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 foreign exchange risk. However, we also maintain cash balances in euros, which
amounted to approximately $20.95 million as of December 31, 2015. 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
business, financial condition, results of operations and cash flows, including cash available for
dividends to our shareholders.

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 business, financial condition,
results of operations and cash flows, including cash available for dividends to our shareholders 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, 2015, we
had 20 interest rate swaps in place with a notional amount of $906.38 million. For the 6 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 14 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, 2015, 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
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 25.0% 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 MSL. On
October 29, 2015, Egypt LNG and BG Group mutually agreed to lay up the Methane Nile Eagle for
a period of approximately one year. The charterer continues to pay charter hire costs adjusted for
net savings in operating expenses and insurance as a result of the vessel being laid up.

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 Securities

The price of our equity securities may be volatile.

The price of our equity securities 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;
• 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;
• our payment of cash dividends to our shareholders;
• 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 securities 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 may result in a reduction in demand for
our securities resulting from other relatively more attractive investment opportunities may cause the
trading price of our securities 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

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 equity securities to decline.

Sales of a substantial number of our equity securities in the public market, or the perception

that these sales could occur, may depress the market price for our equity securities. These sales
could also impair our ability to raise additional capital through the sale of our equity securities in
the future.

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 equity securities held by them from

time to time. The number of our equity securities available for sale in the public market will be
limited by restrictions applicable under securities laws.

Our Preference Shares are subordinated to our debt obligations and investors’ interests could be
diluted by the issuance of additional preference shares and by other transactions.

Our Preference Shares are subordinated to all of our existing and future indebtedness. During
the year ended December 31, 2015, we had an average of $2.35 billion of outstanding indebtedness.
Our existing indebtedness restricts, and our future indebtedness may include restrictions on, our
ability to pay dividends to shareholders. Our memorandum of association and bye-laws currently
authorizes the issuance of an unlimited number of preference shares out of the 500,000,000 shares of
share capital in one or more classes or series. The issuance of additional preference shares on a
parity with or senior to our Preference Shares would dilute the interests of the holders of our
Preference Shares, and any issuance of preference shares senior to or on a parity with our
Preference Shares or of additional indebtedness could affect our ability to pay dividends on, redeem
or pay the liquidation preference on our Preference Shares. No provisions relating to our Preference
Shares protect the holders of our Preference Shares in the event of a highly leveraged or other
transaction, including the sale, lease or conveyance of all or substantially all our assets or business,
which might adversely affect the holders of our Preference Shares.

Our Preference Shares rank pari passu with any other class or series of shares established after

the original issue date of the Preference Shares that is not expressly subordinated or senior to the
Preference Shares as to the payment of dividends and amounts payable upon liquidation or
reorganization. If less than all dividends payable with respect to the Preference Shares and any
parity securities are paid, any partial payment shall be made pro rata with respect to shares of
Preference Shares and any parity securities entitled to a dividend payment at such time in
proportion to the aggregate amounts remaining due in respect of such shares at such time.

Holders of our Preference Shares have extremely limited voting rights.

Our common shares are the only class of our shares carrying full voting rights. Holders of the
Preference Shares generally have no voting rights. However, if and whenever dividends payable on
the Preference Shares are in arrears for six or more quarterly periods, whether or not consecutive,
holders of Preference Shares (voting together as a class with all other classes or series of parity
securities upon which like voting rights have been conferred and are exercisable) will be entitled to
elect one additional director to serve on our board of directors, and the size of our board of
directors will be increased as needed to accommodate such change (unless the size of our board of
directors already has been increased by reason of the election of a director by holders of parity
securities upon which like voting rights have been conferred and with which the Preference Shares
voted as a class for the election of such director). The right of such holders of Preference Shares to
elect a member of our board of directors will continue until such time as all accumulated and
unpaid dividends on the Preference Shares have been paid in full. In addition, holders of Preference
Shares are entitled to vote together with holders of common shares on matters related to the
approval of an amalgamation or merger.

The Preference Shares represent perpetual equity interests and holders have no right to receive any
greater payment than the liquidation preference regardless of the circumstances.

The Preference Shares represent perpetual equity interests in us and, unlike our indebtedness,

will not give rise to a claim for payment of a principal amount at a particular date. As a result,
holders of the Preference Shares may be required to bear the financial risks of an investment in the
Preference Shares for an indefinite period of time.

The payment due to a holder of Preference Shares upon a liquidation is fixed at the redemption

preference of $25.00 per share plus accumulated and unpaid dividends to the date of liquidation. If,
in the case of our liquidation, there are remaining assets to be distributed after payment of this
amount, holders of Preference Shares will have no right to receive or to participate in these
amounts. Furthermore, if the market price for Preference Shares is greater than the liquidation
preference, holders of Preference Shares will have no right to receive the market price from us upon
our liquidation.

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 40.7% 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 considerations relating to us and the ownership and disposition of our common shares
and Preference 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 a tax treaty or 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 a tax treaty exemption or a 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 fiscal years ended December 31, 2015 and December 31, 2016. For 2015,
the accrued U.S. source gross transportation tax was $0.01 million. 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 tax 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 tax 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 tax 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 tax 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 tax 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 or Preference 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.

ITEM 4. INFORMATION ON THE COMPANY

A. History and Development of the Company

GasLog was incorporated in Bermuda on July 16, 2003. GasLog 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. 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 MSL 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 MSL 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 100.0%
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,
(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 at an offering price of $31.00 per unit. The total net proceeds after deducting
underwriting discounts and other offering expenses were $133.0 million. GasLog Partners used the
proceeds to partially finance the acquisition from GasLog of the 100.0% ownership interests in
GAS-sixteen Ltd. and GAS-seventeen Ltd., the entities that owned the Methane Rita Andrea and
the Methane Jane Elizabeth, respectively, and to prepay $25.0 million of debt secured by those
carriers in October 2014.

On April 7, 2015, GasLog completed a public offering of 4,600,000 Preference Shares, par value

$0.01 per share, liquidation preference $25.00 per share and priced at $25.00 per share, including
600,000 shares issued upon the exercise in full by the underwriters of their option to purchase
additional Preference Shares. The net proceeds from the offering after deducting underwriting
discounts, commissions and other offering expenses were $110.7 million to be used for general
corporate purposes. The Preference Shares are listed on the New York Stock Exchange under the
symbol “GLOG PR A”.

On June 26, 2015, GasLog Partners completed a follow-on public offering of 7,500,000 common

units at an offering price of $23.90 per unit. The total net proceeds after deducting underwriting
discounts and other offering expenses were $171.83 million. The Partnership used proceeds from the
public offering to partially finance the acquisition from GasLog of 100.0% of the ownership interests
in GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd., the entities that own the
Methane Alison Victoria, the Methane Shirley Elisabeth and the Methane Heather Sally, respectively.
The acquisition closed on July 1, 2015.

As of December 31, 2015, GasLog holds a 32.9% 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 from GasLog an
additional eight vessels and GAS-twenty six Ltd. with its long-term bareboat charter of (and right to
acquire) the Methane Julia Louise (which is subject to a multi-year charter to MSL). 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”.

On October 1, 2015, GasLog, Dynagas and Golar established the Cool Pool to market their

vessels, which are currently operating in the LNG shipping spot market. The Cool Pool allows the
participating owners to optimize the operation of the pool vessels through improved scheduling
ability, cost efficiencies and common marketing. The objective of the Cool Pool is to serve the
transportation requirements of a rapidly growing LNG shipping market by providing customers with
reliable, yet flexible, and innovative solutions to meet their increasingly complex shipping
requirements.

The Cool Pool consists of 14 modern, high quality and essentially equivalent vessels powered by
fuel efficient TFDE propulsion technology. The three owners’ initial vessels eligible for participation
in the Cool Pool are as follows: GasLog: three vessels; Dynagas: three vessels; and Golar: eight
vessels. Each vessel owner continues to be fully responsible for the manning and technical
management of its respective vessels. The Cool Pool will focus exclusively on charters of 12 months’
duration or less. The scheduling of employment opportunities in excess of 12 months will remain the
mandate of the respective vessel owner. If a Cool Pool vessel is scheduled by an owner for a charter
that exceeds 12 months in duration, such vessel will cease to be part of the Cool Pool.

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 an international owner, operator and manager of LNG carriers providing support to
international energy companies as part of their LNG logistics chain. Our owned fleet consists of
26 owned LNG carriers, including 18 ships on the water and eight LNG carriers on order at two of
the world’s leading LNG shipbuilders, Samsung and Hyundai. This includes eight 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. We currently manage and operate 22 LNG carriers including nine of our wholly owned
ships in operation (one is managed by a subsidiary of Shell), the eight ships contributed or sold to
the Partnership, three ships owned by MSL, one additional LNG carrier in which we have a 25.0%
interest and a vessel secured under a long-term bareboat charter from Lepta Shipping, a subsidiary
of Mitsui. We are also supervising the construction of our newbuildings. We have secured multi-year
time and seasonal time charter contracts for seven of our operating ships, the eight ships owned by
the Partnership, seven of our eight newbuildings on order and the one vessel secured under a
long-term bareboat charter with Lepta Shipping. As of December 31, 2015, these contracts are
expected to provide total contracted revenues of $3.7 billion during their initial terms, which expire
between 2016 and 2029.

In addition to our committed order book, we have secured additional fixed price options to
purchase up to six additional LNG carriers from Samsung with delivery dates in 2018 and 2019 that
expire at the end of the first quarter of 2016.We also have a 25.0% 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 MSL.

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 2019. 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 26 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 one
ship), 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
eight contracted newbuildings, our owned fleet will have an average age of 6.2 years, making it one
of the youngest in the industry. By comparison, as of December 31, 2015, the average age for the
global fleet of LNG carriers, including LNG carriers of all sizes, was 11.2 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 15 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 22 ships currently operating under our management.

We have recently begun to investigate entering the floating LNG storage and regasification unit

(“FSRU”) market and signed two front-end engineering design (“FEED”) studies with Keppel
Offshore and Marine Ltd. for the potential conversion of both a Steam and TFDE vessel from our
existing fleet.

Our Fleet

Owned Fleet

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

time charters as of March 11, 2016:

Vessel Name

Year
Built

Cargo
Capacity
(cbm)

Charterer

Propulsion

Charter
Expiration(2)

Optional
Period(3)

1 GasLog Savannah . . . . . . . . . 2010 155,000 BG Group(1)
TFDE September 2016 2017-2023
2 GasLog Singapore . . . . . . . . . 2010 155,000 BG Group(1)
TFDE September 2016 2019-2024
April 2021(4)
3 GasLog Skagen. . . . . . . . . . . . 2013 155,000 BG Group(1)
2026-2031
TFDE
4 GasLog Chelsea . . . . . . . . . . . 2010 153,600 Spot Market(5) TFDE
N/A
N/A
5 GasLog Seattle . . . . . . . . . . . . 2013 155,000
TFDE December 2020 2025-2030
Solaris . . . . . . . . . . . . . . . . . . . . . 2014 155,000
2026-2031
TFDE
6
7 GasLog Saratoga . . . . . . . . . . 2014 155,000 Spot Market(5) TFDE
N/A
8 Methane Lydon Volney . . . . 2006 145,000 BG Group(1)
2023-2025
Steam
9 Methane Becki Anne . . . . . . 2010 170,000 BG Group(1)
2027-2029
TFDE
10 GasLog Salem. . . . . . . . . . . . . 2015 155,000 Spot Market(5) TFDE
N/A

June 2021
N/A
October 2020
March 2024
N/A

Shell
Shell

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

charters as of March 11, 2016:

Cargo
Capacity
(cbm)

Charterer

Vessel Name

Year
Propulsion
Built
1 GasLog Shanghai. . . . . . . . . . . 2013 155,000 BG Group(1) TFDE
2021-2026
2 GasLog Santiago . . . . . . . . . . . 2013 155,000 BG Group(1) TFDE
2021-2026
3 GasLog Sydney. . . . . . . . . . . . . 2013 155,000 BG Group(1) TFDE September 2018(6) 2021-2026
4 Methane Rita Andrea . . . . . . . 2006 145,000 BG Group(1)
2023-2025
5 Methane Jane Elizabeth . . . . 2006 145,000 BG Group(1)
2022-2024
6 Methane Shirley Elisabeth . . 2007 145,000 BG Group(1)
2023-2025
7 Methane Alison Victoria . . . . 2007 145,000 BG Group(1)
2022-2024
8 Methane Heather Sally. . . . . . 2007 145,000 BG Group(1)
2023-2025

April 2020
October 2019
June 2020
December 2019
December 2020

Charter
Expiration(2)
May 2018(6)
July 2018(6)

Steam
Steam
Steam
Steam
Steam

Optional
Period(3)

Bareboat Vessel

Vessel Name

Year
Built

Cargo
Capacity
(cbm)

Charterer

Propulsion

Charter
Expiration(2)

Optional
Period(3)

1 Methane Julia Louise(7) . . . . . . . . . . . 2010 170,000 BG Group(1) TFDE March 2026 2029-2031

(1) Vessels are chartered to a subsidiary of BG Group. BG Group was acquired by Shell on February 15, 2016. This

acquisition does not impact the contractual obligations under the existing charter party agreements.

(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 Singapore has unilateral options to extend the term of the time charter for periods ranging from 30 months
to 90 months. The charterer of the GasLog Savannah has unilateral options to extend the term of the charter for four
consecutive periods ranging from 12 to 27 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 charter 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 charters 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. The charterer of the Methane Becki Anne and the Methane Julia Louise has a unilateral
option to extend the term of the time charters for a period of either three or five years at its election.

(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) Vessels operating in the spot market that participate in the Cool Pool. See “Item 4. Information of the Company—A.

History and Development of the Company.”

(6) Charter expiration was amended based on the agreement signed with BG Group on April 21, 2015. With respect to the

GasLog Sydney whose charter was shortened by eight months under such agreement, if MSL does not exercise the charter
extension options for the GasLog Sydney and GasLog Partners does not enter into a third-party charter for the GasLog
Sydney, GasLog and GasLog Partners intend to enter into a bareboat or time charter arrangement that is designed to
guarantee the total cash distribution from the vessel for any period of charter shortening.

(7) On February 24, 2016, GasLog’s subsidiary, GAS-twenty six Ltd., completed the sale and leaseback of the Methane Julia
Louise with Lepta Shipping. Lepta Shipping has the right to on-sell and lease back the vessel. The vessel was sold to
Lepta Shipping for a total consideration approximately equivalent to its current book value. GasLog has leased back the
vessel under a bareboat charter from Lepta Shipping for a period of up to 20 years. GasLog has the option to re-purchase
the vessel on pre-agreed terms no earlier than the end of year ten and no later than the end of year 17 of the bareboat
charter. The vessel remains on its eleven year charter with MSL.

Newbuilds

Vessel Name

Expected
Delivery(1)

Cargo
Capacity
(cbm)

Charterer

Propulsion(3)

Charter
Expiration(4)

Optional
Period(5)

1 Hull No. 2072 . . . . . . . . . . . . . . . . . Q1 2016 174,000 BG Group(2)
2 Hull No. 2073 . . . . . . . . . . . . . . . . . Q2 2016 174,000 BG Group(2)
3 Hull No. 2102 . . . . . . . . . . . . . . . . . Q3 2016 174,000 BG Group(2)
4 Hull No. 2103 . . . . . . . . . . . . . . . . . Q4 2016 174,000 BG Group(2)
5 Hull No. 2130 . . . . . . . . . . . . . . . . . Q1 2018 174,000 BG Group(2)
6 Hull No. 2131 . . . . . . . . . . . . . . . . . Q1 2019 174,000 BG Group(2)
7 Hull No. 2800 . . . . . . . . . . . . . . . . . Q1 2018 174,000 BG Group(2)
8 Hull No. 2801 . . . . . . . . . . . . . . . . . Q1 2018 174,000

N/A

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

2026
2026
2023
2023
2027
2029
2028
N/A

2031
2031
2028-2031
2028-2031
2030-2033
2032-2035
2031-2034
N/A

(1) Expected delivery quarters are presented.

(2) Vessels are chartered to a subsidiary of BG Group. BG Group was acquired by Shell on February 15, 2016. This

acquisition does not impact the contractual obligations under the existing charter party agreements.

(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 five or
three years each, provided that the charterer provides us with advance notice of declaration. The charterer of Hulls No.
2130, No. 2131 and No. 2800 has the right to extend each of the charters by two consecutive periods of three 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 2016.

Under the omnibus agreement entered into with GasLog Partners and certain of its subsidiaries

in connection with the Partnership’s initial public offering, GasLog Partners has the option to
purchase from us: (i) the Solaris and Hull Nos. 2072, 2073, 2102 and 2103 within 36 months after we
notify the Partnership’s board of directors of the vessel’s acceptance by her charterer, (ii) the
GasLog Seattle and the Methane Lydon Volney within 36 months after the closing of GasLog
Partners’ IPO on May 12, 2014 and (iii) the Methane Becki Anne and the right to acquire GAS-
twenty six Ltd. with its long-term bareboat charter of (and the right to acquire) the Methane Julia
Louise (which is subject to a multi-year charter to MSL) within 36 months after the completion of
its acquisition by GasLog on March 31, 2015. In each case, GasLog Partners’ option to purchase is
at fair market value as determined pursuant to the omnibus agreement.

The key characteristics of our current 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
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 one ship);

• 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 eight contracted newbuildings in 2019, our owned fleet will

have an average age of 6.2 years, making it one of the youngest in the industry, compared to
a current average age of 11.2 years for the global LNG carrier fleet including LNG carriers of
all sizes as of December 31, 2015.

In addition to our owned fleet, we have a 25.0% 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 MSL under a 20-year time charter, which
is subject to extension for up to 10 years at the charterer’s option. On October 29, 2015, Egypt
LNG and BG Group mutually agreed to lay up the Methane Nile Eagle for a period of
approximately one year. The charterer continues to pay charter hire costs adjusted for net savings in
operating expenses and insurance as a result of the vessel being laid up.

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 five LNG

carriers owned by third parties (including the bareboat vessel) in addition to management of the 17
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

Year
Built

Cargo
Capacity
(cbm)

Propulsion

GasLog
Ownership

1 Methane Patricia Camila . . . . . . . . . . . . . . . . . . . . . . 2010 170,000
2 Methane Mickie Harper . . . . . . . . . . . . . . . . . . . . . . . 2010 170,000
3 Methane Kari Elin . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2004 138,000
4 Methane Nile Eagle(1) . . . . . . . . . . . . . . . . . . . . . . . . . 2007 145,000

TFDE
TFDE
Steam
Steam

Ship Owner

BG Group
BG Group
BG Group

—
—
—

25.0% Egypt LNG(1)

(1) The Methane Nile Eagle is owned by Egypt LNG, in which we indirectly hold a 25.0% equity interest. BG Asia Pacific
Pte. Limited, a subsidiary of BG Group, and Eagle Gas Shipping Co. E.S.A., an entity affiliated with the government of
Egypt, have 25.0% and 50.0% 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 four master time charters with MSL that established the general terms under
which the GasLog Singapore, the GasLog Shanghai, the GasLog Santiago, the GasLog Sydney, the
GasLog Skagen and the seven newbuildings identified by Hull numbers 2072, 2073, 2102, 2103, 2130,
2131 and 2800 will be chartered to MSL. 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 MSL in 2014, the two vessels acquired in 2015 and the GasLog Savannah we entered
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.

The GasLog Chelsea, the GasLog Saratoga and the GasLog Salem are operating in the Cool

Pool and from time to time enter into short-term time charters.

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 Singapore, the GasLog Shanghai, the
GasLog Santiago, the GasLog Sydney and the GasLog Skagen began upon delivery of the ships and
will terminate in 2016, 2018, 2018, 2018 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 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 charter for the GasLog Savannah will terminate in September 2016.

The charterer of the GasLog Savannah has unilateral options to extend the term of the charter for
four consecutive periods ranging from 12 to 27 months.

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 MSL 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, MSL 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, MSL 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 MSL will begin upon the

delivery of each ship, which is scheduled for various dates in 2016. Our time charters to MSL for
Hull No. 2130 and Hull No. 2800 will begin three and 14 months, respectively, after the delivery of
the vessels in 2018 and for Hull No. 2131 will begin five months after the delivery of the vessel in
2019. The initial charter terms for the ships will terminate for two ships in 2023, for two ships in
2026, one ship in 2027, one ship in 2028 and one ship in 2029. MSL has options to extend terms of
the charters for Hulls No. 2072 and No. 2073 for up to 5 years, Hulls No. 2102 and No. 2103 for up
to eight years and for Hulls No. 2130, 2131 and 2800 for two consecutive periods of three years
each, all at specified hire rates.

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 periods
ranging from five to ten years at specified hire rates.

The initial term of the time charters for the Methane Becki Anne and the Methane Julia Louise

began upon delivery to GasLog and will terminate in 2024 and 2026. MSL will have options to
extend the term of the time charter for the Methane Becki Anne and the long-term bareboat charter
of the Methane Julia Louise which is now owned by Lepta Shipping and leased back to GasLog, 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, the GasLog Saratoga and the GasLog

Salem 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, or upon earlier
termination of the charter (as described below) plus or minus 30 days. 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
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 breach 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 existing 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.

The Cool Pool

Three of our vessels are operating as part of the Cool Pool established in October 2015, with

Dynagas and Golar. The Cool Pool was established to market certain of each company’s vessels
which are currently operating in the LNG shipping spot market. The Cool Pool allows the
participating owners to optimize the operation of the pool vessels through improved scheduling
ability, cost efficiencies and common marketing. The objective of the Cool Pool is to serve the
transportation requirements of a rapidly growing LNG shipping market by providing customers with
reliable, yet flexible, and innovative solutions to meet their increasingly complex shipping
requirements.

The Cool Pool will focus exclusively on charters of 12 months’ duration or less. The scheduling

of employment opportunities in excess of 12 months will remain the mandate of the respective vessel

owner. If a Cool Pool vessel is scheduled by an owner for a charter that exceeds 12 months in
duration, such vessel will cease to be part of the Cool Pool.

Gross pool revenues represent time charter revenues earned by GasLog vessels participating in

the pool under charter agreements where GasLog contracts directly with charterers. Revenue is
recognised on a monthly basis, when the vessel is made available and services are provided to the
charterer during the period, the amount can be estimated reliably and collection of the related
revenue is reasonably assured.

Voyage expenses and commissions include the net allocation from the pool which represents
GasLog’s share of the net revenues earned from the other pool participants’ vessels less the other
participants’ share of the net revenues earned by GasLog’s vessels included in the pool. Each
participant’s share of the net pool revenues is based on the number of pool points attributable to its
vessels and the number of days such vessels participated in the pool.

The Bareboat Charter

On February 24, 2016, GasLog’s subsidiary, GAS-twenty six Ltd., completed the sale and
leaseback of the Methane Julia Louise with Lepta Shipping. Lepta Shipping has the right to on-sell
and lease back the vessel. The vessel was sold to Lepta Shipping for a total consideration
approximately equivalent to its current book value. GasLog has leased back the vessel under a
bareboat charter from Lepta Shipping for a period of up to 20 years. GasLog has the option to re-
purchase the vessel on pre-agreed terms no earlier than the end of year ten and no later than the
end of year 17 of the bareboat charter. The vessel remains on its eleven year charter with MSL.

Shipbuilding Contracts

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

two newbuildings, respectively, which have an aggregate contract price of approximately $1.62
billion. As of December 31, 2015, the outstanding balance of $1.45 billion in the aggregate was
payable 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, 2015, 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amounts due in three to five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As of
December 31, 2015(1)
(in thousands of U.S. dollars)
$ 720,753
566,750
163,600

$1,451,103

(1) Amounts do not reflect installments of $9.91 million paid in 2016.

The shipbuilding contracts provide for the eight newbuildings to be delivered and ready for

immediate operation on various dates in 2016 through 2019. 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 2016.

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 five ships, which consists of three ships we manage on behalf of MSL, the Methane Nile
Eagle, a ship in which we have a 25.0% ownership interest and the Methane Julia Louise, which we
lease from Lepta Shipping. During the year ended December 31, 2015, ship management services
provided to external customers accounted for approximately 0.63% 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 three LNG carriers in BG Group’s owned fleet and the Methane Nile Eagle, all of which were
constructed at Samsung.

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 five 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, Egypt LNG and Lepta Shipping, 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 be 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,
the GasLog Saratoga and the GasLog Salem 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 in the recent past they have 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.

Seagoing and Shore-Based Employees

As of December 31, 2015 we had 161 full-time employees and contractors based in our offices

in Greece, Monaco, London, New York, Singapore or the newbuildings site in South Korea. In
addition to our shore-based employees and contractors, we had approximately 1,214 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
shore-based personnel. We intend to focus our seafaring 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
personnel with specialized training. We regard attracting and retaining motivated, well-qualified
seagoing and shore-based personnel as a top priority, and we offer our people competitive
compensation packages and training and development opportunities. 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 high retention rates. In 2015, our
retention rate was 96.0% for senior seagoing officers, 98.0% for other seagoing officers and 96.0%
for shore staff.

Although we have historically experienced high employee retention rates, 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 cost pressure on ensuring qualified and well trained crew are available to GasLog.
However, we expect that the impact of cost increases would be mitigated to some extent by certain
provisions in our time charters, including automatic periodic adjustment provisions and cost review
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 classes 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 International Safety Management (“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 years in which we expect to carry out the next or initial

drydockings and special surveys for our owned fleet and the bareboat vessel as of December 31,
2015:

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

Drydocking and
Special Survey

2016
2016
2018
2018
2018
2018
2018
2019
2019
2019
2020
2020
2020
2020
2020
2020
2020
2020
2020
2021
2021
2021
2021
2023
2023
2023
2024

(*) The GasLog Savannah, the Methane Shirley Elisabeth, the Methane Heather Sally, the Methane Julia Louise, the GasLog

Chelsea, the Methane Alison Victoria, the GasLog Singapore and the Methane Becki Anne carried out their initial
drydockings in our fleet in February 2015, March 2015, April 2015, April 2015, May 2015, June 2015, July 2015 and August
2015, respectively.

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
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 90.0% 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

We provide intensive onboard training for our officers and crews to instill a culture of the
highest operational and safety standards. During 2015, GasLog’s fleet experienced three lost time
injuries and three first aid 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
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 expenses 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 our insurance coverage reduction.

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 ships have
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 SOLAS Convention, 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. Ships that transport gas, including LNG carriers, are also subject to
regulations under amendments to SOLAS implementing the International Code for Construction and
Equipment of Ships Carrying Liquefied Gases in Bulk, or the “IGC Code”, and the International
Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or the “ISM
Code”. The ISM Code 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. 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 insurance coverage for affected ships and may result in the denial of access to,
or detention in, some ports.

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. 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 many, 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 became effective in July 2010. These
requirements establish a series of progressive standards to further limit the sulfur content in fuel oil,
which are being phased in between 2012 and 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”. For example, “Tier III” emission standards apply in North American
and U.S. Caribbean Sea ECAs to all marine diesel engines installed on a ship constructed after
January 1, 2016. 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 including certificates evidencing compliance with Annex VI of the
MARPOL Convention.

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 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 carrying more than 2,000 gross tons of oil,
and trading to states that are parties to this convention, must maintain evidence of insurance in an
amount covering the liability of the owner. In jurisdictions where the CLC has not been adopted,
various legislative schemes or common law impose liability 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 on owners and operators of ships 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 $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. 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 purchased such a guarantee in order to provide evidence of financial responsibility and have
received the mandatory certificates of financial responsibility from the U.S. Coast Guard in respect
of all of our delivered ships, we intend to obtain such certificates in the future for each of our
vessels, if 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. 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.

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. 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 0.10% sulfur.
As of January 1, 2016, NOx after-treatment requirements 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 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 BWM 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 35.0% of the gross tonnage
of the world’s merchant shipping. As of February 11, 2016, the date of the most recent related IMO
report, 47 countries representing 34.35% of the world’s shipping tonnage had ratified the convention;
however, the requirement for parties to hold at least 35.0% of the world’s shipping tonnage had yet
to be confirmed. 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, when these new ballast 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, were fully implemented by GasLog as of December 31,
2012. 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.

The European Union has indicated that it intends to propose an expansion of the existing
European Union emissions trading scheme to include emissions of greenhouse gases from marine
ships. 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 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;

• 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 is a holding company incorporated in Bermuda. As of March 11, 2016, it has

39 subsidiaries which are incorporated in the British Virgin Islands, Monaco, Bermuda, the Marshall
Islands, the United States, Singapore and England and Wales. Of our subsidiaries, 26 either own
vessels in our fleet or are parties to contracts to obtain newbuild vessels. Of our subsidiaries 29 are
wholly owned by us and ten are 32.9% 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; the
lease agreement is disclosed and filed with the Greek authorities, and has been entered into on
market rates; (ii) at 81 Kings Road, London SW3 4NX, United Kingdom, which we lease through
our subsidiary GasLog Services UK Ltd.; (iii) at ~24-02B Asia Square Tower 2, Singapore, which we
lease through our subsidiary, GasLog Asia PTE. Ltd.; and (iv) at 885 Third Avenue, New York,
New York 10022, United States, which we lease through our subsidiary, GasLog Services U.S. Inc.

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

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

ITEM 4.A. UNRESOLVED STAFF COMMENTS

Not applicable.

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 18 LNG carriers, including ten ships in operation, six LNG carriers on order at Samsung
and two LNG carriers on order at Hyundai. GasLog is also the general and controlling partner in
GasLog Partners, which owns eight LNG carriers, and GasLog has agreed to lease back one vessel
recently sold to Lepta Shipping, for a period of up to 20 years. We currently manage and operate
22 LNG carriers including nine of our wholly owned vessels in operation (one is managed by a
subsidiary of Shell), the eight ships contributed or sold to the Partnership, the bareboat vessel, three
ships owned by MSL and one additional LNG carrier in which we have a 25.0% interest. We are
also supervising the construction of our newbuildings. We have secured multi-year and seasonal time
charter contracts for seven of our operating ships, the eight ships owned by the Partnership, the
bareboat vessel and seven of our eight newbuildings on order, while three of our ships are operating
in the spot/short-term market. As of December 31, 2015 these contracts are expected to provide
total contracted revenue of $3.7 billion during their initial terms, which expire between 2016 and
2029.

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 2016. We also have a 25.0% 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. On October 29, 2015, Egypt LNG and BG Group mutually agreed to lay up the
Methane Nile Eagle for a period of approximately one year. 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. The
Group’s chief operating decision maker (the “CODM”) being the Chief Executive Officer, reviews
the Group’s operating results on a consolidated basis as one operating segment.

Known Trends

As referenced in the Risk Factors above, in 2015, global crude oil prices were very volatile and

fell significantly. Such decline in oil prices since 2014 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 LNG shipping market and the spot rates and medium term charter
rates for charters which commence in the near future. A continued decline in oil prices could
adversely affect both the competitiveness of gas as a fuel for power generation and the market price
of gas, to the extent that gas prices are benchmarked to the price of crude oil. Some production
companies have announced delays or cancellations of certain previously announced 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. Unless LNG charter market conditions improve, we may have difficulty in securing new
charters at attractive rates and durations for the two vessels that could come off charter during 2016.
Currently, we have a total of 1,191 open vessel days during the remainder of 2016, including
978 days for the three vessels operating in the Cool Pool. 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. However, in 2016, we expect projects coming onstream
will add approximately 40 million tonnes (annualized) of new liquefaction capacity in both Australia
and the U.S. In Australia, Australia Pacific Train 1 (4.5 million tonnes per annum (“mtpa”)) and
Gladstone LNG (7.7 mtpa) have shipped their first cargoes in recent weeks and are expected to
ramp up production through 2016. Other Australian projects due to start up in 2016 include Gorgon
(15.6 mtpa) and Australia Pacific Train 2 (4.5 mtpa), with Wheatstone (8.9 mtpa) and Prelude
(3.6 mtpa) following in 2017. The infrastructure for these projects has now largely been built and the
majority of the volumes for these projects have already been sold.

Sabine Pass, one of five U.S. projects under construction, is expected to export its first cargo

later in 2016. When construction is completed, Sabine Pass will have a total export capacity of
22.5 mtpa and will be the first U.S. project outside of Alaska to export LNG into the global market.
This is a welcome development for the LNG shipping sector as it creates new suppliers, new
customers and new trade routes. The majority of U.S. volumes have already been contracted. Export
of LNG into the Asian and European markets should be positive for tonne mile demand. The U.S.
Gulf Coast to Asia voyage is approximately 9,000 nautical miles through the Panama Canal (which
is not yet open to large LNG carriers). The same voyage around Cape Horn is approximately
13,000 nautical miles. From the U.S. Gulf Coast to northwest Europe, the distance is approximately
5,000 nautical miles. In 2014 and 2015, the average global LNG voyage was approximately
4,000 nautical miles, and thus any voyage in excess of this distance will increase the global average
distance and the need for LNG carriers.

Angola LNG (5.2 mtpa), which has been shut down for over a year for refurbishment and
enhancements, is also due to restart in 2016. The seven vessels that were chartered to Angola LNG
have been operating in the spot market while the plant has been closed, and are expected to be put
back into service for the project in 2016.

With the expected projects coming onstream, encouraging levels of tendering activity for vessels
to transport increased LNG volumes is being noted. We continue to see a future shortfall of vessels
that will be required for the Australian and U.S. projects that have taken final investment decision
and are currently under construction.

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.

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, unless it is recoverable from insurers. 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, 2015 for (a) the seven ships in our wholly owned fleet, the
eight ships in the GasLog Partners’ fleet and the bareboat vessel for which we have secured time
charters and (b) seven of our eight newbuildings on order. 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, 2015. 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 one LNG carrier on order for which we have not yet secured time charter

contracts, revenues from the GasLog Chelsea, the GasLog Saratoga and the GasLog Salem that are
operating in the Cool Pool, 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 one remaining
newbuilding on order which has no time charter in place, the GasLog Chelsea, the GasLog Saratoga,
the GasLog Salem 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 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, 2015

Contracted time charter revenues(1). . . .
Total contracted days(1). . . . . . . . . . . . . . . .
Total available days(2) . . . . . . . . . . . . . . . . .
Total unfixed days(3) . . . . . . . . . . . . . . . . . . .
Percentage of total contracted

days/total available days. . . . . . . . . . . . .

For the Year Ending December 31,

2016

2017

2018

2019

2020-2029

Total

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

$450.46
6,320
7,511
1,191

$482.92
6,417
8,395
1,978

$453.29
6,015
9,186
3,171

$455.36
5,977
9,734
3,757

$1,827,33
22,248
97,011
74,763

$3,669.36
46,977
131,837
84,860

84.14% 76.44% 65.48% 61.40% 22.93% 35.63%

(1) Reflects time charter revenues and contracted days for the seven of our wholly owned ships, the eight ships owned by the
Partnership, the bareboat vessel, and seven of our eight newbuildings on order for which we have secured time charters.
Does not include charter revenues for the vessels operating in the spot/short-term market under the Cool Pool agreement
and the Methane Nile Eagle, in which we hold 25.0% minority interest. Contracted revenue calculations assume: (a) 365
revenue days per annum, with 30 off-hire days when the ship undergoes scheduled drydocking (every five years); (b) all
LNG carriers on order are delivered on schedule; and (c) no exercise of any option to extend the terms of charters. For
time charters that include a fixed operating cost component subject to annual escalation, revenue calculations include that
fixed annual escalation. 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 such charters include an estimate of the amount of the operating cost
component and the management fee component.

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

drydocking. The available days for the vessels operating in the spot/short-term market are included.

(3) Represents available days for ships after the expiration of existing charters (assuming charterers do not exercise any option

to extend the terms of the charters) and the available days for the vessels operating in the spot/short-term market.

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 may 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, which are eliminated on consolidation.

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

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 on consolidation.

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.

Voyage Expenses and Commissions

Under our time charter arrangements, charterers bear substantially all voyage expenses,

including bunker fuel, port charges and canal tolls, but not 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.

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. Management estimates residual value of its vessels to be equal to the product
of its lightweight tonnage (“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 will review scrap rates on
an annual basis.

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 determine to drydock the ships
at an earlier date. In the event a ship is drydocked at an earlier date, the unamortized drydocking
component is written off immediately.

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 share-based
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
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 Interest Rate 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
interest rate swaps in our consolidated statements of profit or loss.

Share of Profit of Associate and Joint Venture

The share of profit of associate and joint venture consists of our share of profits from our
25.0% ownership interest in Egypt LNG, a Bermuda exempted company whose principal asset is the
LNG carrier Methane Nile Eagle and our 33.33% ownership interest in the Cool Pool.

Results of Operations

Year Ended December 31, 2014 Compared to Year Ended December 31, 2015

Year ended December 31,
2015

2014

Change

Amounts are in thousands of U.S. Dollars
Revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vessel operating and supervision costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Voyage expenses and commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation of fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General and administrative expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loss on swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share of profit of associate and joint venture . . . . . . . . . . . . . . . . . . . . . . .
Total other expenses, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit for the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

$328,679
(70,732)
(7,738)
(70,695)
(34,154)

$ 415,078
(98,552)
(14,290)
(106,641)
(41,282)

$ 86,399
(27,820)
(6,552)
(35,946)
(7,128)

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

154,313
(91,956)
427
(10,332)
1,216

8,953
(20,377)
153
14,455
(281)

(94,595)

(100,645)

(6,050)

50,765

8,604

53,668

42,839

2,903

34,235

$ 42,161

$ 10,829

$(31,332)

During the year ended December 31, 2015, we had an average of 18.2 ships operating in our

owned fleet (including ships owned by the Partnership), having 6,097 operating days, an average of
21.7 ships operating under our technical management (including 17.2 of our owned ships) and an
average of 8.3 owned ships under construction supervision. During the year ended December 31,
2014, we had an average of 12.4 ships operating in our owned fleet 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.

Revenues: Revenues increased by 26.29%, or $86.40 million, from $328.68 million during the
year ended December 31, 2014 to $415.08 million during the year ended December 31, 2015. The
increase is mainly attributable to an increase in revenues by $122.02 million due to the full operation
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 which were acquired
from BG Group in April 2014 and June 2014, the acquisition of the Methane Becki Anne and the
Methane Julia Louise which were both acquired from BG Group on March 31, 2015 and the
deliveries of the Solaris, the GasLog Saratoga, and the GasLog Salem on June 30, 2014,
December 16, 2014 and April 30, 2015, respectively. These acquisitions and deliveries resulted in an
increase in operating days. The increase in revenues was partially offset by a decrease of
$13.61 million in earnings of a vessel operating in the spot market and a decrease of $6.71 million in
revenues from all other vessels, as well as a decrease in revenues of $10.20 million caused mainly by
the off-hire days due to the drydockings of our vessels in 2015, as opposed to only one in 2014. The
daily hire rate for the year ended December 31, 2014 was $73,081 as compared to $67,650 for the
year ended December 31, 2015 affected by the decline in the spot market. There was also a decrease
of $5.10 million in revenues from technical management services mainly due to the decrease in the
average number of the managed vessels owned by third parties following the acquisition of the eight
vessels from BG Group and the termination of a project with another customer.

Vessel Operating and Supervision Costs: Vessel operating and supervision costs increased by

39.33%, or $27.82 million, from $70.73 million during the year ended December 31, 2014, to
$98.55 million during the year ended December 31, 2015. The increase is primarily attributable to
the increase in our fleet in the year ended December 31, 2015 compared to 2014, as described above
and increased technical maintenance expenses mainly due to repairs undertaken during eight
drydockings in 2015, as opposed to only one in 2014, partially offset by the decreased average daily

operating cost per vessel from $15,649 per day in 2014 to $14,847 per day in 2015, reflecting the
favorable movement of the EUR/USD exchange rate affecting mainly crew wages.

Voyage Expenses and Commissions: Voyage and commission expenses increased by 84.63%, or
$6.55 million, from $7.74 million during the year ended December 31, 2014, to $14.29 million during
the year ended December 31, 2015. The increase was mainly attributable to the increased operating
days in the year ended December 31, 2015 affecting the commissions on revenue and increased
voyage expenses from the vessels operating in the spot market.

Depreciation: Depreciation increased by 50.83%, or $35.94 million, from $70.70 million during

the year ended December 31, 2014, to $106.64 million during the year ended December 31, 2015.
The increase in depreciation resulted mainly from the increase in the average number of vessels in
our fleet in the year ended December 31, 2015, compared to 2014.

General and Administrative Expenses: General and administrative expenses increased by

20.88%, or $7.13 million, from $34.15 million during the year ended December 31, 2014, to
$41.28 million during the year ended December 31, 2015. The increase is mainly attributable to a
$3.44 million increase in legal fees and other professional services including those related to the
Partnership’s listing requirements, an increase of $0.93 million in personnel related expenses related
to the growth of the Group, an increase of $1.02 million in share-based compensation expense, an
increase of $0.51 million in board of directors’ fees, an increase of $0.40 million in rent and utilities
related to the new offices in London, New York and Singapore and an increase of $0.96 million in
net foreign exchange losses. The above increases were partially offset by a decrease of $0.13 million
in various other expenses.

Financial Costs: Financial costs increased by 28.47%, or $20.38 million, from $71.58 million
during the year ended December 31, 2014, to $91.96 million during year ended December 31, 2015.
The increase is mainly attributable to an increase of $26.31 million in interest expense on loans,
Bond and realized loss on cash flow hedges. During the year ended December 31, 2015, we had an
average of $2,362.58 million of outstanding indebtedness, including the Bond Agreement, having an
aggregate weighted average interest rate of 3.32%, and during the year ended December 31, 2014,
we had an average of $1,613.50 million of outstanding indebtedness with a weighted average interest
rate of 3.26%. These weighted average interest rates include interest expense on loans and cash flow
hedges and interest expense on Bond CCSs.

Loss on Swaps: Loss on swaps decreased by $14.46 million, from $24.79 million for the year
ended December 31, 2014, to $10.33 million for the year ended December 31, 2015. The decrease in
loss is mainly attributable to a decrease of $7.72 million in loss from mark-to-market valuation of
our interest rate swaps carried at fair value through profit or loss, which reflected a loss of
$0.15 million for the year ended December 31, 2015 as compared to a loss of $7.87 million for the
year ended December 31, 2014, a decrease of $1.41 million in realized loss from interest rate swaps
held for trading and a decrease of $5.35 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. In 2015, 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
as compared to December 31, 2014.

Profit for the Year: Profit increased by 5.71%, or $2.90 million, from $50.77 million for the year
ended December 31, 2014, to $53.67 million for the year ended December 31, 2015 as a result of the
aforementioned factors.

Profit Attributable to Owners of the Group: Profit attributable to owners of the Group

decreased by 74.31%, or $31.33 million, from $42.16 million for the year ended December 31, 2014,
to $10.83 million for the year ended December 31, 2015. The decrease in profit attributable to
owners of the Group was affected by the increase in profit attributable to the non-controlling
interest (non-controlling unitholders of GasLog Partners) which reflects GasLog Partners having
been operational for the full financial year in 2015 following its IPO in May 2014.

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

Year ended December 31,
2014

2013

Change

Amounts are in thousands of U.S. Dollars
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vessel operating and supervision costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Voyage expenses and commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation of fixed assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General and administrative expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain/(loss) on swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share of profit of associate and joint venture . . . . . . . . . . . . . . . . . . . . . . . .
Total other expenses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit for the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$157,240
(32,058)
(2,861)
(29,322)
(21,598)

$328,679
(70,732)
(7,738)
(70,695)
(34,154)

$171,439
(38,674)
(4,877)
(41,373)
(12,556)

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

(14,472)
56,929

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

(94,595)
50,765

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

(80,123)
(6,164)

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

—

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 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, 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 ships under
construction supervision.

Revenues: 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 of $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: Vessel operating and supervision costs increased by

120.62%, or $38.67 million, from $32.06 million during the year ended December 31, 2013, to
$70.73 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 and to the increased technical
maintenance expenses due to the planned main engines overhauling for the two vessels delivered in

2010. 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.

Voyage Expenses and Commissions: Voyage and commission expenses increased by 170.63%, or

$4.88 million, from $2.86 million during the year ended December 31, 2013, to $7.74 million during
the year ended December 31, 2014. The increase was mainly attributable to the increased operating
days in the year ended December 31, 2014 and increased voyage expenses from the GasLog Chelsea
while unemployed between the spot/short-term charters.

Depreciation: Depreciation increased by 141.13%, or $41.38 million, from $29.32 million during
the year ended December 31, 2013, to $70.70 million during the year ended December 31, 2014. The
increase in depreciation resulted from the increase in the average number of vessels in our fleet in
the year ended December 31, 2014, compared to 2013.

General and Administrative Expenses: 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: 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 the year ended December 31,
2014. The increase is attributable to an increase of $29.66 million in interest expense on loans, Bond
and cash 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: Loss on swaps increased by $36.29 million, from $11.50 million gain for
the year ended December 31, 2013 to a $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.

Profit Attributable to Owners of the Group: Profit attributable to owners of the Group

decreased by 25.94%, or $14.77 million, from $56.93 million for the year ended December 31, 2013,
to $42.16 million for the year ended December 31, 2014. The decrease in profit attributable to
owners of the Group was affected by the increase in profit attributable to the non-controlling
interest as a result of the completion of the Partnership’s IPO in May 2014 (non-controlling
unitholders of GasLog Partners).

Customers

For the year ended December 31, 2015, we received 83.14% of our revenues from BG Group,

11.76% of our revenues from Shell, 4.96% of our revenues from the spot/short-term market and
0.14% of our revenues from Egypt. For the year ended December 31, 2014, we received 80.10% of
our revenues from BG Group, 11.66% of our revenues from Shell, 7.76% of our revenues from the
spot/short-term market, 0.22% of our revenues from Egypt LNG and 0.26% from another customer.
BG Group was acquired by Shell on February 15, 2016.

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.
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.

B. Liquidity and Capital Resources

As of December 31, 2015, 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 and 2015 follow-on equity offerings and the private placements, operating cash flows and long-
term financings including bank loans and the 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 24 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, 2015, we had $302.99 million of cash and cash equivalents, of which
$4.06 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, $163.85 million was
held in time deposits and $3.52 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 third party vessels under management. Moreover, as of December 31,
2015, we had $6.0 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, 2015, we had $62.72 million in restricted cash in order to comply with the covenants
under three of our credit facilities.

As of December 31, 2015, we had an aggregate of $2.29 billion of indebtedness outstanding

under twelve credit facilities, of which $645.19 million is repayable within one year, including
$42.18 million under the revolving credit facility. As of December 31, 2015, GasLog had
$113.74 million outstanding under the Bond Agreement that is payable in June 2018.

As of December 31, 2015, GasLog had not yet drawn any of the $1.3 billion under its latest

debt financing agreement to partially finance the delivery of our eight newbuildings, since the
relevant funds shall be drawn upon the deliveries of the respective newbuildings, expected in 2016,
2018 and 2019. Additionally, there was an undrawn amount of $7.82 million from the revolving
facility of GAS-two Ltd., which is available to be drawn under certain conditions.

The total contract price for our eight newbuildings on order as of December 31, 2015, was
approximately $1.62 billion, of which $170.63 million was paid as of December 31, 2015. 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 eight newbuildings on various dates in 2016, 2018 and
2019. As of December 31, 2015, the total remaining balance of the contract prices for the eight
newbuildings was $1.45 billion of which $720.75 million is due within twelve months that will be
funded with existing undrawn debt, available cash, cash from operations and other financings we
may enter into.

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 2016.

On February 18, 2016, GasLog entered into the Five Vessel Refinancing to refinance the
existing indebtedness on five of its contracted vessels of up to $576.50 million for debt maturities
which were due in 2016 and 2017. It is comprised of a five-year senior tranche facility of up to
$396.50 million and a two-year bullet junior tranche of up to $180.0 million. The vessels covered by
the Five Vessel Refinancing are the GasLog-owned Methane Lydon Volney and Methane Becki
Anne and the GasLog Partners-owned Methane Alison Victoria, Methane Shirley Elisabeth and
Methane Heather Sally.

On February 24, 2016, GasLog’s subsidiary, GAS-twenty six Ltd., completed the ship sale and
leaseback transaction with Lepta Shipping for the sale and leaseback of the Methane Julia Louise.
Lepta Shipping has the right to on-sell and lease back the vessel. The vessel was sold to Lepta
Shipping for a total consideration approximately equivalent to its current book value. GasLog has
leased back the vessel under a bareboat charter from Lepta Shipping for a period of up to 20 years.
GasLog has the option to re-purchase the vessel on pre-agreed terms no earlier than the end of year
ten and no later than the end of year 17 of the bareboat charter. Following the completion of this
transaction, the outstanding debt of GAS-twenty six Ltd. of $230.0 million was prepaid.

On February 25, 2016, a supplemental deed was signed with the lenders of the GAS-eight Ltd.,

GAS-nine Ltd. and GAS-ten Ltd. loan facility, permitting GasLog to withdraw the $21.0 million
maintained in blocked accounts for each of GAS-nine Ltd. and GAS-ten Ltd., provided GasLog has
provided an executed guarantee or letter of credit with a minimum duration of six months. In
connection to this, on February 26, 2016, GasLog entered into two bank guarantees, issued by BNP
Paribas S.A. for GAS-nine Ltd. and GAS-ten Ltd. of $21.0 million each. The bank guarantees bear
interest at a margin and are available for a period of up to two years. Consequently, $42.0 million
was reclassified from restricted cash to cash and cash equivalents.

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

As of December 31, 2015, our current assets totaled $398.15 million while current liabilities

totaled $734.39 million, resulting in a negative working capital position of $336.24 million. In
February 2016, we signed a debt refinancing of up to $576.50 million with certain financial
institutions to refinance $464.63 million of our current debt plus $111.87 million of our non-current
debt. In addition, following the completion of the sale and leaseback of the Methane Julia Louise,
$50.63 million of our current debt and $179.37 million of our non-current debt was prepaid.

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.

Taking into account generally expected market conditions, we anticipate that cash flow
generated from operations 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.

Cash Flows

Year ended December 31, 2014 compared to the year ended December 31, 2015

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

activities for the periods indicated:

Year ended December 31,

2014

2015

(in thousands of
U.S. dollars)

Net cash provided by operating activities . . . . . . . . . . . . .
Net cash used in investing activities. . . . . . . . . . . . . . . . . . .
Net cash provided by financing activities. . . . . . . . . . . . . .

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

$ 161,579
(704,052)
634,317

Net Cash Provided By Operating Activities

Net cash provided by operating activities increased by $13.29 million, from $148.29 million
during the year ended December 31, 2014, to $161.58 million during the year ended December 31,

2015. The increase was due to an increase of $85.69 million in revenue collections, a decrease of
$1.41 million in realized losses on interest rate swaps held for trading and a decrease in cash from
ship management creditors amounting to $9.10 million, partially offset by an increase of $46.88
million in payments for general and administrative expenses, operating expenses and inventories, an
increase of $14.91 million in cash paid for interest and an increase of $21.12 million in cash
collaterals.

Net Cash Used In Investing Activities

Net cash used in investing activities decreased by $682.61 million, from $1,386.66 million during

the year ended December 31, 2014, to $704.05 million during the year ended December 31, 2015.
The decrease is mainly attributable to a $637.16 million decrease in payments for the construction
costs of newbuildings and the acquisition of second-hand vessels, the net decrease in payments for
short-term investments of $46.02 million and a $0.71 million increase in dividends received from
Egypt LNG, partially offset by an increase of $1.32 million in payments for other tangible assets
relating mainly to depot spares.

Net Cash Provided By Financing Activities

Net cash provided by financing activities decreased by $712.44 million, from $1,346.76 million
during the year ended December 31, 2014, to $634.32 million during the year ended December 31,
2015. The decrease is mainly attributable to a decrease of $874.47 million in proceeds from our
borrowings, a decrease of $349.07 million in proceeds from equity offerings (in 2014, we received net
proceeds of $310.24 million from the public offerings and private placement completed in January
and April 2014 and $323.09 million from GasLog Partners’ initial public offering; in 2015, we
received net proceeds of $111.38 million from the preferred stock issuance and $172.88 million from
GasLog Partners’ public offering), an increase in restricted cash of $17.07 million, an increase of
$37.39 million in dividend payments, an increase in payments of loan issuance costs of $3.47 million
partially offset by a decrease in bank loan repayments of $553.24 million, a $13.22 million decrease
in payments of treasury shares and a decrease of $2.84 million in payments of equity raising costs.

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

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

activities for the periods indicated:

Net cash provided by operating activities . . . . .
Net cash used in investing activities . . . . . . . . . .
Net cash provided by 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)

Net Cash Provided By Operating Activities

Net cash provided by operating activities increased by $61.54 million, from $86.75 million during

the year ended December 31, 2013, to $148.29 million in 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 Provided By Financing Activities

Net cash provided by financing activities increased by $506.28 million, from $840.48 million in
the year ended December 31, 2013, to $1,346.76 million in the year ended December 31, 2014. The
increase is mainly attributable to an increase of $454.27 million in proceeds from our borrowings, the
net proceeds of $309.15 million from the public offerings and private placement in January and
April 2014, the net proceeds of $319.50 million from the GasLog Partners’ IPO and follow-on public
offering, 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.

Credit Facilities

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

2015:

Lender(s)

Subsidiary Party
(Collateral Ship)

Danish Ship Finance
A/S

GAS-one Ltd.
(GasLog Savannah)

Outstanding
Principal
Amount

$119.65 million

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

GAS-two Ltd.
(GasLog Singapore)

Term loan: $85.00
million. Revolving
facility: $42.18
million

GAS-six Ltd.
(GasLog Skagen)

$120.17 million

GAS-seven Ltd.
(GasLog Seattle)

$128.00 million

$410.88 million

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

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

Remaining Payment
Installments as of
December 31, 2014

18 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: 10 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.

15 consecutive quarterly
installments of $2.04 million each,
plus a balloon payment of $89.62
million concurrently with the last
installment in 2019.

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

22 consecutive quarterly
installments of $1.99 million, 24
consecutive quarterly installments
of $2.03 million and 26 consecutive
quarterly installments of $2.03
million with balloon payments of
$87.28 million, $89.16 million and
$89.16 million, respectively, due
with the last installment under
each tranche.

Interest Rate

Maturity

2020

2018

2019

2020

2021
2022

LIBOR +
applicable
margin

Subsidiary Party
(Collateral Ship)

GAS-fifteen Ltd.
(GasLog Chelsea)

Outstanding
Principal
Amount

$86.66 million

$108.50 million

$305.50 million

Interest Rate

Maturity

LIBOR +
applicable
margin

2018

2016

Remaining Payment
Installments as of
December 31, 2014

6 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.(1)

Balloon payment of $305.50
million due in 2016 without
intermediate payments.(1)

$325.0 million

LIBOR +
applicable
margin

2017

Balloon payment of $325.0 million
due in March 2017 without
intermediate payments.(1)

$135.0 million

LIBOR +
applicable
margin

2017

4 consecutive quarterly
installments of $33.75 million,
beginning June 2016 (i.e.
15 months after the signing date).

$427.50 million

LIBOR +
applicable
margin

2019

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

Lender(s)

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

Citibank, N.A.
London Branch

Citibank, N.A.
London Branch
(“GasLog Partners
Assumed Facility”)

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

ABN Amro Bank
N.V., Credit
Agricole Corporate
and Investment
Bank, Deutsche
Bank AG Filiale
Deutschlandgescha¨ ft
and DNB Bank
ASA, London
Branch

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 (GasLog
Partners Credit
Facility)

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)

GAS-twenty six
Ltd. (Methane Julia
Louise) and GAS-
twenty seven Ltd.
(Methane Becki
Anne)

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)

(1) On February 18, 2016, we entered into a $576.50 million refinancing with certain financial institutions (see details below),

to refinance $464.63 million of our current debt plus $111.87 million of our non-current debt.

In addition, on October 16, 2015, GasLog entered into a debt financing agreement with
14 international banks for $1.3 billion to partially finance the delivery of our eight newbuildings
expected to be delivered in 2016, 2018 and 2019. The final commitments were more than two times
oversubscribed from a combination of new and existing lending institutions. The financing is backed
by the Export Import Bank of Korea and the Korea Trade Insurance Corporation, who are either
directly lending or providing cover for over 60.0% of the facility. The loan agreement provides for
four tranches of $412.46 million, $201.09 million, $206.12 million and $491.69 million. The facility
will be also sub-divided into eight loans, one loan per newbuilding vessel, to be provided for each of
the vessels on a pro rata basis under each of the four tranches. Each drawing under the first three
tranches shall be repaid in 24 consecutive semi-annual equal installments commencing six months
after the actual delivery of the relevant vessel according to a 12-year profile. Each drawing under

the fourth tranche shall be repaid in 20 consecutive semi-annual equal installments commencing six
months after the actual delivery of the relevant vessel according to a 20-year profile, with a balloon
payment together with the final installment. Amounts drawn will bear interest at LIBOR plus a
margin.

On February 18, 2016, GasLog entered into the Five Vessel Refinancing for debt maturities

which were due in 2016 and 2017. It is comprised of a five-year senior tranche facility of up to
$396.50 million and a two-year bullet junior tranche of up to $180.0 million. The vessels covered by
the Five Vessel Refinancing are the GasLog-owned Methane Lydon Volney and Methane Becki
Anne and the GasLog Partners-owned Methane Alison Victoria, Methane Shirley Elisabeth and
Methane Heather Sally. ABN AMRO Bank N.V. and DNB (UK) Ltd. were mandated lead arrangers
to the transaction. The other banks in the syndicate are: DVB Bank America N.V., Commonwealth
Bank of Australia, ING Bank N.V., London Branch, Credit Agricole Corporate and Investment
Bank and National Australia Bank Limited. The senior tranche facility provides for four advances of
$72.50 million each and a fifth advance of $106.50 million. Each advance under the senior tranche
shall be repaid in 20 quarterly equal installments commencing three months after the relevant
drawdown dates for the first four advances and 12 months after the relevant drawdown date for the
fifth advance, with a balloon payment together with the final installment. The junior tranche facility
provides for four advances of $30.0 million each and a fifth advance of $60.0 million. Each advance
under the junior tranche shall be repaid in full 24 months after the relevant drawdown dates.
Amounts drawn will bear interest at LIBOR plus a margin (variable margin for the junior tranche).
As of March 11, 2016, no amount was drawn under the Five Vessel Refinancing.

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

Partners Credit Facility guarantees from GasLog Partners and GasLog Partners Holdings
LLC, in the case of the GasLog Partners Assumed Facility, guarantees from us, GasLog
Partners and GasLog Partners Holdings LLC, and in the case of the Five Vessel Refinancing,
guarantees from us, GasLog Partners, GasLog Carriers Ltd. 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 insurance related to

the ship owned by the respective borrower.

Our business is not subject to seasonal borrowing requirements.

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;

• 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 75.0%;
• 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 110.0%;

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

the higher of 3.0% of our total indebtedness and $20.0 million after the first drawdown ($50.0
million under the October 2015 Facility and the Five Vessel Refinancing);

• we are permitted to pay dividends, provided that we hold unencumbered cash and cash

equivalents equal to at least 4.0% 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,

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, or under certain of our credit facilities repay the outstanding loan
amount. As of December 31, 2015, in connection with the delivery of the GasLog Saratoga and the
GasLog Salem, $21.0 million per vessel has been deposited in a blocked account which amount is
presented under restricted cash because the spot charters that the vessels enter into from time to
time are not considered approved charters by the lenders. In addition, as of December 31, 2015,
$20.0 million and $0.7 million has been presented under restricted cash pursuant to the credit
facilities used to finance the GasLog Savannah and the GasLog Singapore. This requirement was
triggered (a) for GasLog Savannah because the vessel’s new charter party is not considered an
approved charter by the lenders and (b) for GasLog Singapore 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.

On February 25, 2016, a supplemental deed was signed with the lenders of the GAS-eight Ltd.,

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, as well as, in certain facilities, default in the event of the cancellation,
rescission, frustration or withdrawal of a charter agreement prior to its scheduled expiration. 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
120.0% (in the case of the October 2015 Facility, 115.0% for the first two years after each
drawdown and 120.0% at any time thereafter and in the case of the Five Vessel Refinancing,
115.0% until the maturity of the junior tranche and 120.0% at any time thereafter) 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, 2015.

GasLog Partners Credit Facility and the Five Vessel Refinancing

The GasLog Partners Credit Facility and the Five Vessel Refinancing are 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 3.0% of total indebtedness or $15.0 million;

• total indebtedness divided by total assets must be less than 60.0%;
• the ratio of EBITDA over debt service obligations (including interest and debt repayments)

on a trailing 12 months basis must be not less than 110.0%; 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 120.0% 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 and the Five Vessel Refinancing also impose 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, 2015.

Senior Unsecured Notes

On June 27, 2013, we issued the NOK 500 million Bond (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 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 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 part as follows: (a) with settlement
date at any time from June 27, 2016 to but not including June 27, 2017 at 105.0% 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 103.0% 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 75.0%;
• the ratio of EBITDA over debt service obligations (including interest and debt repayments)

on a trailing 12 months basis must be not less than 115.0%;

• the aggregate amount of all unencumbered cash and cash equivalents must exceed the higher

of 3.0% 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 50.0% 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 2015, 2016, 2017 and 2018 of $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, 2015.

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 secondhand vessel in 2014 we took delivery of two LNG
carriers and acquired six secondhand vessels and in 2015 we acquired two secondhand vessels and
took delivery of one LNG carrier. During the years ended December 31, 2015, 2014 and 2013, we
funded $0.73 billion, $1.36 billion and $1.04 billion, 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, 2015, our commitments for capital expenditures related to the eight

contracted LNG carriers on order. The outstanding commitment for our eight newbuildings on order

as of December 31, 2015 was approximately $1.45 billion. 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 $1,311.36 million on October 16, 2015,
available cash and cash from operations. 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.
Management estimated residual value of its vessels to be equal to the product of its LWT and an
estimated scrap rate per LWT. Effective October 1, 2015, following management’s annual
reassessment, the estimated scrap rate per LWT was decreased. This change in estimate increased
depreciation expense by $0.14 million for the year ended December 31, 2015 and is expected to
increase the future annual depreciation by $0.58 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.

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 any 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 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 at an earlier
date. In the event a ship is drydocked at an earlier date, the unamortized drydocking component is
written off immediately.

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 secondhand ships,
unless management intends to drydock the vessels earlier as circumstances arise.

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, general 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.

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, 2014 and December 31, 2015.

Vessel

Acquisition Date

GasLog Savannah(5) . . . . . . . . . . . May 2010
GasLog Singapore(5) . . . . . . . . . . .
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)(5) . . . . . . April 2014
Methane Jane Elizabeth(3)(5) . . . . April 2014
Methane Lydon Volney(3)(5) . . . . April 2014
Methane Alison Victoria(4)(5) . . .
June 2014
Methane Shirley Elisabeth(4)(5) . .
June 2014
Methane Heather Sally(4)(5) . . . . .
June 2014
Solaris . . . . . . . . . . . . . . . . . . . . . . . . .
June 2014
GasLog Saratoga . . . . . . . . . . . . . . December 2014
Methane Julia Louise(2)(5) . . . . . . March 2015
Methane Becki Anne(2)(5) . . . . . . . March 2015
GasLog Salem . . . . . . . . . . . . . . . . . April 2015
Total . . . . . . . . . . . . . . . . . . . . . . . . . .

Cargo capacity
(cbm)

Acquisition
cost

Carrying values(1)
(in thousands of U.S. dollars)
December 31,
December 31,
2015
2014

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
170,000
170,000
155,000

$ 229,795
227,252
189,233
189,111
195,429
195,338
162,338
201,198
156,613
156,613
156,613
156,610
156,599
156,599
201,849
204,146
232,334
232,334
204,343

$ 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
—
—
—

$ 196,788
195,644
173,661
174,361
181,194
181,949
154,383
189,521
146,707
146,743
149,226
149,966
150,387
150,468
193,235
198,112
228,959
229,017
200,403

$3,604,347

$2,806,517

$3,390,724

(1) Our vessels are stated at carrying values (see Note 6 to our consolidated financial statements included elsewhere in this

annual report). For the years ended December 31, 2014 and December 31, 2015, no impairment was recorded. However, as
described below, the value in use for each of these ten vessels was higher than the carrying amount of these vessels and
consequently, no impairment loss was recognized.

(2) The vessel was built in 2010.

(3) The vessels were built in 2006.

(4) The vessels were built in 2007.

(5) Indicates vessels for which we believe, as of December 31, 2015, 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 $220.91 million, as of December 31, 2015. However, as described below, the value in use for each of
the ten vessels was higher than the carrying amount of these vessels and consequently, no impairment loss was recognized.

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, 2014 and December 31, 2015.

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 approximate market values for our vessels that have been
received from shipbrokers, which are also commonly used and accepted by our lenders for
determining compliance with the relevant covenants in our credit facilities. 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, 2015, for the ten 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, 2015,
(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 ten
vessels calculated as per above was higher than the carrying amount of these vessels and
consequently, no impairment loss was recognized.

In connection with the impairment testing of our vessels as of December 31, 2015, for the ten
vessels with carrying amounts higher than the estimated charter-free market value, we performed a
sensitivity analysis on the most sensitive and/or subjective assumption that has the potential to affect
the outcome of the impairment exercise, the projected charter hire rate used to forecast future cash
flows for non-contracted days. The following table summarizes the average results of the sensitivity
analysis that we performed.

Average charter
party rate used

$66,693

Average break
even charter
party rate

$58,551

Variance
(Amount)

$8,143

Variance (%)

12%

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 rate 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 and counterparties’ risk included in the discount factor. 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 profit or loss for the current period. Such adjustments could be material. See Note 24 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 (21,660,000 units as of
December 31, 2015). Under the terms of the Partnership Agreement, the Partnership is required to
distribute 100.0% 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 Share-based Compensation

The Group used an accepted valuation methodology to value the Stock Appreciation Rights or

Stock Options. 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 20 of the
consolidated financial statements included elsewhere in this annual report.

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, 2015,
we used cash flow projections based on financial budgets approved by management. 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 1.0% per annum;
• a pre-tax discount rate of 11.0% per annum;
• annual growth rate of 1.0%; and
• 1 euro = 1.15 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

The global seaborne trade of LNG cargoes was approximately 250 mtpa in 2015. This lower

than expected growth came as a halt in production at Yemen partially offset startup of two
terminals in Australia and one in Indonesia. Looking ahead, based on the public announcements of
LNG producers, new LNG production volumes should become available in the 2016-2018 timeframe
from projects in Australia, Malaysia, Cameroon 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.

In 2016, we expect projects coming onstream will have approximately 40 mtpa of new

liquefaction nameplate capacity (annualized) in both Australia and the U.S. In Australia, Australia
Pacific Train 1 (4.5 mtpa) and Gladstone LNG (7.7 mtpa) have shipped their first cargoes in recent
weeks and are expected to ramp up production to full capacity through 2016. Other Australian
projects due to start up in 2016 include Gorgon (15.6 mtpa) and Australia Pacific Train 2
(4.5 mtpa), with Wheatstone (8.9 mtpa) and Prelude (3.6 mtpa) following in 2017. The infrastructure
for these projects has now largely been built and the majority of the volumes for these projects have
already been sold.

Sabine Pass, one of five U.S. projects under construction, is expected to export its first cargo

Gulf Coast to Asia voyage is approximately 9,000 nautical miles through the Panama Canal (which
is not yet open to large LNG carriers). The same voyage around Cape Horn is approximately
13,000 nautical miles. From the U.S. Gulf Coast to northwest Europe, the distance is approximately
5,000 nautical miles. In 2014 and 2015, the average global LNG voyage was approximately
4,000 nautical miles, and thus any voyage in excess of this distance will increase the global average
distance and the need for LNG carriers.

LNG Demand

In 2015, Egypt, Jordan, Pakistan and Poland all imported their first LNG cargoes. In 2016,

Colombia, Ghana, Malta and Uruguay are all expected to commence LNG imports. This
encouraging increase in the number of importers and therefore LNG trade routes is being driven by
low LNG prices, availability of supply and the fast and flexible import solution that floating storage
and regasification units provide.

LNG Chartering Activity

The significant fall in oil prices since 2014 has 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 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 247 charters of LNG vessels were fixed in 2015, compared with 218 in 2014. This

significant increase in chartering activity is a positive sign for the developing LNG shipping market.
Our ability to participate in any future market growth will depend on our ability to access the equity
and debt markets.

Global LNG Fleet

As of December 31, 2015, the global fleet of dedicated LNG carriers stood at 427 ships. In

2015, 27 LNG carriers were delivered, and 17 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.

We believe that the development of new LNG supply projects and growing global demand for

natural gas should support the existing order backlog for vessels and should also drive a need for
more LNG carriers in the future. In addition, LNG project developers are typically large
multinational oil and gas companies that have high standards for safety and reliability and a
preference for modern LNG carriers with fuel-efficient ship design and propulsion, which should
support our ability to obtain new charters over new or less experienced operators. However, various
factors, including changes in prices and demand for LNG can materially affect the competitive
dynamics that currently exist.

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, 2015, 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, 2015 were:

Payments Due by Period

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) . . . . . . . . . . . . . . . . .
Reimbursement expenses(4) . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total

$2,407,774

250,620
8,872
1,451,103
6,435
7,340
3,801

Less than
1 year

1-3 years

3-5 years
(Expressed in thousands of U.S. dollars)
$ 645,194

$ 769,678

$703,022

78,276
4,722
720,753
1,804
—
—

113,860
4,086
566,750
2,614
—
—

50,463
64
163,600
1,239
5,340
3,801

More than
5 years

$289,880

8,021
—
—
778
2,000
—

$4,135,945

$1,450,749 $1,456,988

$927,529

$300,679

(1) The table does not include obligations under the loan agreement we entered into on October 16, 2015 with

14 international banks, for $1,311.36 million. The loan agreement provides for four tranches of $412.46 million,
$201.09 million, $206.12 million and $491.69 million. The facility will be also sub-divided into eight loans, one loan per
newbuilding vessel, to be provided for each of the vessels on a pro rata basis under each of the four tranches. Each
drawing under the first three tranches shall be repaid in 24 consecutive semi-annual equal installments commencing six
months after the actual delivery of the relevant vessel according to a 12-year profile. Each drawing under the fourth
tranche shall be repaid in 20 consecutive semi-annual equal installments commencing six months after the actual delivery
of the relevant vessel according to a 20-year profile, with a balloon payment together with the final installment.

(2) Our interest commitment on long-term debt is calculated based on an assumed average applicable interest rate ranging
from 2.46% to 5.10%, which takes into account average LIBOR of 0.55%, 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 eight vessels from MSL, GasLog through its subsidiaries is guarantor for the acquisition
from MSL of depot spares with an aggregate value of $8.0 million of which depot spares with value $0.66 million have
been acquired as of December 31, 2015. The remaining spares should be acquired before the end of the initial term of the
charter party agreements.

(4) Following execution of a letter agreement between GasLog and MSL, GasLog will reimburse MSL the sum of $2.65

million for value as of November 1, 2015, adjusted for future value through January 2020 up to $3.80 million, allowing for
the future use of the reimbursement amount against the funding of specific MSL projects, such as costs associated with
change orders on LNG newbuildings and or modifications of existing vessels as agreed between the parties. As of
December 31, 2015, the outstanding commitment was $2.67 million.

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 and
Anthony S. Papadimitriou. 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 A. Wogan. . . . . . . . . . . . . . . . . . . . . . . . .
Bruce L. Blythe . . . . . . . . . . . . . . . . . . . . . . . .
Paul J. Collins. . . . . . . . . . . . . . . . . . . . . . . . . .
William M. Friedrich . . . . . . . . . . . . . . . . . . .
Dennis M. Houston . . . . . . . . . . . . . . . . . . . .
Donald J. Kintzer . . . . . . . . . . . . . . . . . . . . . .
Julian R. Metherell. . . . . . . . . . . . . . . . . . . . .
Anthony S. Papadimitriou . . . . . . . . . . . . . .
Philip Radziwill . . . . . . . . . . . . . . . . . . . . . . . .
Simon P. Crowe . . . . . . . . . . . . . . . . . . . . . . . .
Graham Westgarth . . . . . . . . . . . . . . . . . . . . .

57 Chairman and Director
53 Chief Executive Officer and Director
71 Director
79 Director
67 Director
64 Director
68 Director
52 Director
60 Director
35 Director
48 Chief Financial Officer
61 Chief Operating Officer

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 (“CEO”) 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 was appointed to the board of directors of Euronav NV, an independent
owner and operator of oil tankers in 2005 and served until December 2015. Between April 2009 and
July 2014 he was appointed Vice-Chairman of Euronav and from July 2014 to December 2015 he
served as Chairman. Mr. Livanos is a graduate of Columbia University. He is the first cousin of
Philip Radziwill, a member of our board of directors.

Paul A. Wogan has served as our CEO since January 2013 and has been a member of our
board of directors since our annual general meeting in May 2015. 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.

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 20 years, having served as an advisor to the
Livanos family since 1994. For over 30 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. 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. 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
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. 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 (U.S.) Advisory practice and a member of PwC’s national (U.S.) 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 was also a member of the board of directors of GasLog Partners and its audit
committee until March 2015, 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. Mr. Kintzer was appointed
chairman of our Audit & Risk Committee in March 2015.

Julian R. Metherell has been a member of our board of directors since October 2011.
Mr. Metherell was 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. 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 1990. 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.
Mr. Papadimitriou was appointed to the Board of GasLog Partners in May 2015.

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.

Simon P. Crowe has served as our chief financial officer (“CFO”) since April 2013. He has also

served as CFO 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,
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 (“COO”) 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 COO 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 floating
storage and offloading vessels. From 2001 to 2010, Mr. Westgarth served as president of 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. Mr. Westgarth was the chairman of INTERTANKO, an
industry organization, which represents 80.0% of the world’s independent tanker owners and
operators between 2009 and 2014. He is an ex-Master Mariner and graduate of the Columbia
University Senior Executive Development Program.

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 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 aggregate annual fees paid to non-executive directors in 2015 was $2.44 million.

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. We do not have any service contracts with our directors that provide for benefits upon
termination of their services.

For 2015, our executive officers were Paul Wogan, Simon Crowe and Graham Westgarth.
Compensation for our executive officers in 2015 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
dependent on the participant’s organization (band) level. No amounts will be paid under the MIP to
any participant who fails to achieve 50.0% of his or her target individual performance objectives. In
2015, 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 120.0% of the individual’s target payout.
The Company discretionary component may not increase an individual’s payment to more than
200.0% of his or her target payout. The amounts paid to our executive officers in 2015 pursuant to

the MIP were determined based on the following weightings: individual performance (30.0%),
Company performance (50.0%) and Company discretion (20.0%).

The aggregate amount of cash compensation, including cash incentive compensation, paid to our

executive officers for the year ended December 31, 2015 was $3.69 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”. On
April 1, 2015, we granted our executive officers an aggregate of 305,859 stock options and 88,492
restricted stock units under the Plan, with an aggregate fair value as of the grant date of
$3.45 million. The stock options have an exercise price per share of $19.48 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 options 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, 2015 to provide

pension, retirement or similar benefits to our directors or executive officers.

C. Board Practices

Our board of directors consists of ten 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. Five of our ten directors qualify as independent. 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.

Committees of the Board of Directors

Audit and Risk Committee

Our audit and risk committee consists of Messrs. Collins, Friedrich, Houston and Kintzer 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.

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 CEO 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 Wogan, with Mr. Houston 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.

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, 2015, we had 161 full-time employees and contractors, based in our offices

LNG marine transportation is a specialized area requiring technically skilled officers and
personnel with specialized training. We regard attracting and retaining motivated, well-qualified
seagoing and shore-based personnel as a top priority, and we offer our people competitive
compensation packages. In addition, we provide intensive onboard training for our officers and crew
to instill a culture of the highest operational and safety standards. As a result, we have historically
enjoyed high retention rates. In 2015, our retention rate was 96.0% for senior seagoing officers,
98.0% for other officers and 96.0% for shore staff.

Although we have historically experienced high employee retention rates, 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 cost pressure on ensuring qualified and well trained crew are available to us. However,
we expect that the impact of cost increases would be mitigated to some extent by certain provisions
in our time charters, including automatic periodic adjustment provisions and cost review 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”.

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 and Preference Shares as of March 11, 2016 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 5.0% 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 and 4,600,000 Preference Shares outstanding as
of March 11, 2016. 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.

Name of Beneficial Owner
Directors and officers
Peter G. Livanos(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Paul A. Wogan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bruce L. Blythe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Paul J. Collins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
William M. Friedrich . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dennis M. Houston. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Donald J. Kintzer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Julian R. Metherell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Anthony S. Papadimitriou . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Philip Radziwill. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Simon P. Crowe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Graham Westgarth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All directors and officers as a group. . . . . . . . . . . . . . . . . . . . . . . . . . .
Other 5.0% beneficial owners
Alexander S. Onassis Foundation(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fairview Capital Investment Management, LLC(3) . . . . . . . . . . . . .

Common Shares
Beneficially Owned
Number

Preference Shares
Beneficially Owned
Percent

Percent Number

32,731,818
*
*
*
*
*
*
*
*
—
*
*
33,082,073

40.66% —
—
—
—
*
—
*
—
—
—
—
—
41.10% *

*
*
*
*
*
*
*
*
—
*
*

6,987,004
5,519,705

8.68% —
6.86% —

—
—
—
—
*
—
*
—
—
—
—
—
*

—
—

(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 as 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. 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.

(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.

(3) Based on information contained in the Schedule 13G filed with the SEC on February 11, 2016, Fairview Capital

Investment Management, LLC has shared voting and dispositive power over 5,519,705 common shares with Fairview
Capital, Andrew F. Mathieson, Scott W. Clark, and Darlington Partners L.P.

* Less than 1.0%.

In March 2012, we completed a registered public offering of our 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 4, 2016, we had approximately 13,493 shareholders.

Holders of our Preference Shares generally have no voting rights except (i) in respect of
amendments to the Memorandum of Association which would adversely vary the rights of the
Preference Shares or, (ii) in the event that the Company proposes to issue any parity shares if the
cumulative dividends payable on issued and outstanding Preference Shares are in arrears or any
senior shares or (iii) in the event of a proposed amalgamation or merger of the Company. However,
if and whenever dividends payable on the Preference Shares are in arrears for six or more quarterly
periods, whether or not consecutive, holders of Preference Shares (voting together as a class with all
other classes or series of parity securities upon which like voting rights have been conferred and are
exercisable) will be entitled to elect one additional director to serve on our board of directors, and
the size of our board of directors will be increased as needed to accommodate such change (unless
the size of our board of directors already has been increased by reason of the election of a director
by holders of parity securities upon which like voting rights have been conferred and with which the
Preference Shares voted as a class for the election of such director). The right of such holders of
Preference Shares to elect a member of our board of directors will continue until such time as all
accumulated and unpaid dividends on the Preference Shares have been paid in full.

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 11, 2016, had a fleet of eight LNG carriers. As of March 11, 2016, we
hold a 32.90% 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 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

• 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 $19.12 million in 2015.

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;

(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’ IPO 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
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 option to purchase from us: (i) the
Solaris and Hull Nos. 2072, 2073, 2102 and 2103 within 36 months after we notify the Partnership’s
board of directors of the vessel’s acceptance by her charterer, (ii) the GasLog Seattle and the
Methane Lydon Volney within 36 months after the closing of our IPO on May 12, 2014 and (iii) as
provided for under the addendum to the omnibus agreement dated April 21, 2015 among GasLog,
GasLog Partners, the general partner and GasLog Partners Holdings LLC, the Methane Becki Anne
and the right to acquire GAS-twenty six Ltd. with its long-term bareboat charter of (and right to
acquire) the Methane Julia Louise (which is subject to a multi-year charter to MSL) within 36
months after the completion of their acquisition by GasLog on March 31, 2015. In addition, on April
21, 2015, we signed an agreement with MSL to acquire its newbuildings Hull Nos. 2130, 2800 and
2131 to be chartered to MSL upon deliveries in 2018 and 2019 respectively, for average initial terms
of approximately 9.5 years. Within 30 days of the commencement of each charter, we will be
required to offer GasLog Partners an opportunity to purchase each vessel at fair market value as
determined pursuant to the omnibus agreement.

In each case, GasLog Partners’ option to purchase is at fair market value as determined
pursuant to 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 its first 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 (i) 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 (ii) 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
(i) appointed by the Partnership’s general partner prior to its first annual meeting of unitholders
and (ii) 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
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 50.0% 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 20.0% 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 5.0% 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.

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 38.0% 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
20.0% 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.

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.

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.

Egypt LNG

We have a 25.0% 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, 2015 to December 31, 2015, we received a
total of approximately $0.61 million in revenues from Egypt LNG in respect of our vessel
management services. On October 29, 2015, Egypt LNG and BG Group mutually agreed to lay up
the Methane Nile Eagle for a period of approximately one year. The charterer continues to pay
charter hire costs adjusted for net savings in operating expenses and insurance as a result of the
vessel being laid up.

Shipbuilding Commissions

Pursuant to commission agreements with Samsung, commissions due from the shipyard in

relation to the GasLog Shanghai, the GasLog Santiago, the GasLog Sydney, the GasLog Skagen, the
GasLog Seattle, the Solaris, the GasLog Saratoga and the GasLog Salem, such commissions were
paid by Samsung to DryLog Investments Ltd., an affiliate of Ceres Shipping. Upon receipt of the
commissions, DryLog Investments Ltd. forwarded the payments to our ship-owning subsidiaries, after
deducting handling fees for each payment. In the aggregate, these handling fees amounted to less
than $100,000 for the aforementioned vessels.

Unisea Maritime Ltd. Consulting Services Agreement

GasLog entered into a consulting agreement with Unisea Maritime Ltd (“Unisea”), an entity
controlled by the Livanos family, in consideration of the consulting services performed by Unisea in
respect of the recently concluded sale and leaseback transaction for the Methane Julia Louise. Under
the terms of the consulting agreement, GasLog agreed to pay a brokerage commission fee equal to

0.25% of the agreed charter rates under the sale and leaseback transaction plus reasonable expenses
(in line with the Company’s policies). The brokerage commission fee was paid in advance for the
full 20—year period of the bareboat charter, discounted to the date of the agreement at an annual
discount rate of 7.5%.

Other Transactions

For a description of additional related party transactions, see Note 19 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.

Preference Shares Dividend Requirements

Dividends on Preference Shares are payable quarterly on each of January 1, April 1, July 1 and

October 1, as and if declared by our board of directors out of legally available funds for such
purpose. The dividend rate for the Preference Shares is 8.75% per annum per $25.00 of liquidation
preference per share (equal to $2.18750 per annum per share). The dividend rate for the Preference
Shares is 8.50% per annum per $25.00 of liquidation preference per share (equal to $2.125 per
annum per share). The dividend rates are not subject to adjustment. We paid dividends to holders of
our Preference Shares of $0.510417 per share on July 1, 2015 and $0.546875 per share on October 1,
2015 and January 1, 2016.Our Preference Shares dividend payment obligations impact our future
liquidity needs.

Common Shares 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

100

September 8, 2014, and $0.14 per share on December 5, 2014, March 13, 2015, August 20 and
November 19, 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 on our common shares in 2011, 2012,

2013, 2014 and 2015.

Year ended December 31,

Common share dividend declared . . . . . . . . . . . . . . . . .
Preference share dividend declared . . . . . . . . . . . . . . .

$8.50
—

2011

2014

2013

2012
(Expressed in millions of U.S. dollars)
$45.08
— $ 7.38

$28.29
—

$6.91
—

$39.84

2015

Total

$128.62
$ 7.38

B. Significant Changes

See “Item 18. Financial Statements—Note 28. Subsequent Events” below.

ITEM 9. THE OFFER AND LISTING

Trading on the New York Stock Exchange

Since our IPO in the United States in 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Year ended December 31, 2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
First Quarter 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Second Quarter 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Third Quarter 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fourth Quarter 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
First Quarter 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Second Quarter 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Third Quarter 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fourth Quarter 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
First Quarter 2016 (January 1, 2016 to March 11, 2016) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
October 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
November 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
January 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
February 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
March 2016 (March 1, 2016 to March 11, 2016) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$12.54
17.41
31.89
23.41
24.30
31.89
31.54
21.98
20.53
23.41
19.16
12.75
11.71
13.56
11.89
12.75
11.45
8.77
9.50
11.71

$ 8.95
11.93
15.95
7.46
16.24
22.78
22.01
15.95
16.64
19.18
9.02
7.46
5.78
9.02
9.66
11.35
7.46
5.78
6.35
9.57

101

Our Preference Shares have been trading on the New York Stock Exchange under the symbol

“GLOG PR A” since March 31, 2015. The following table shows the high and low closing sales
prices for our Preference Shares during the indicated periods.

Price Range

High

Low

2015 (March 31, 2015 to December 31, 2015). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Second Quarter 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Third Quarter 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fourth Quarter 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
First Quarter 2016 (January 1, 2016 to March 11, 2016) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
October 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
November 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
January 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
February 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
March 2016 (March 1, 2016 to March 11, 2016) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$26.10
25.99
26.10
24.87
22.70
25.60
24.59
24.87
23.84
20.44
20.64
22.70

$18.38
25.15
22.04
18.38
13.75
22.04
23.20
22.00
18.38
13.75
16.82
21.20

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, 2015, the share capital consisted of 80,496,499 issued and outstanding common shares,
par value $0.01 per share, 496,627 treasury shares and 4,600,000 Preference 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.

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.

102

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. Of the Company’s 500 million
authorised shares 4.6 million have been designated 8.75% Series A Cumulative Redeemable
Perpetual Preference Shares.

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 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.

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
10.0% 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

103

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 95.0% 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 50.0% 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 ten 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
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.

104

senior shares or (iii) in the event of a proposed amalgamation or merger of the Company. However,
if and whenever dividends payable on the Preference Shares are in arrears for six or more quarterly
periods, whether or not consecutive, holders of Preference Shares (voting together as a class with all
other classes or series of parity securities upon which like voting rights have been conferred and are
exercisable) will be entitled to elect one additional director to serve on our board of directors, and
the size of our board of directors will be increased as needed to accommodate such change (unless
the size of our board of directors already has been increased by reason of the election of a director
by holders of parity securities upon which like voting rights have been conferred and with which the
Preference Shares voted as a class for the election of such director). The right of such holders of
Preference Shares to elect a member of our board of directors will continue until such time as all
accumulated and unpaid dividends on the Preference Shares have been paid in full.

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 20.0% 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 90.0% 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,

105

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
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 20.0% 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 or merger of a Bermuda company with another company or corporation
(other than certain affiliated companies) requires the amalgamation or merger 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 75.0% of the shareholders voting at such meeting is required
to approve the amalgamation or merger 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

106

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.

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

107

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.

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”.

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”.

108

(g) 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”.

(h) Facility Agreement for up to $450,000,000 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”.

(i) Corporate Guarantee 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”.

(j) Facilities Agreement for $1,311,356,340 Loan Facilities dated October 16, 2015 between

GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., Gas-fourteen Ltd., GAS-twenty two
Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd., GAS-twenty five Ltd., as borrowers,
Citibank, N.A., London Branch, Nordea Bank AB, London Branch, The Export-Import
Bank of Korea, Bank of America, National Association, BNP Paribas, Credit Agricole
Corporate and Investment Bank, Credit Suisse AG, HSBC Bank plc, ING Bank N.V.,
London Branch, KEB Hana Bank, London Branch, KfW IPEX-Bank GmbH, National
Australia Bank Limited, Oversea-Chinese Banking Corporation Limited, Societe Generale
and The Korea Development Bank as mandated lead arrangers with Nordea Bank AB,
London Branch as agent, security agent, global co-ordinator and bookrunner and Citibank
N.A., London Branch as export credit agent, global co-oordinator, bookrunner and export
credit agent co-ordinator, guaranteed by GasLog Ltd. and GasLog Carriers Ltd.; please see
“Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital
Resources—Credit Facilities”.

(k) Senior Facility Agreement dated February 18, 2016, relating to a $396,500,000 loan facility
among GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd.
and GAS-twenty seven Ltd. as borrowers, ABN AMRO Bank N.V. and DNB (UK) Ltd. as
mandated lead arrangers, original lenders and bookrunners, DVB Bank America N.V. as
mandated lead arranger and original lender, Commonwealth Bank of Australia, ING Bank
N.V., London Branch, Credit Agricole Corporate and Investment Bank, National Australia
Bank Limited as original lenders and DNB Bank ASA, London Branch as agent and
security agent; please see “Item 5. Operating and Financial Review and Prospects—B.
Liquidity and Capital Resources—Credit Facilities”.

(l) Junior Facility Agreement dated February 18, 2016, relating to a $180,000,000 loan facility
among GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty one Ltd.
and GAS-twenty seven Ltd. as borrowers, ABN AMRO Bank N.V. and DNB (UK) Ltd. as
mandated lead arrangers, original lenders and bookrunners, DVB Bank America N.V. as
mandated lead arranger and original lender, Commonwealth Bank of Australia, ING Bank
N.V., London Branch, as original lenders and DNB Bank ASA, London Branch as agent
and security agent; please see “Item 5. Operating and Financial Review and Prospects—B.
Liquidity and Capital Resources—Credit Facilities”.

(m) Form of Corporate Guarantee between GasLog Ltd. and DNB Bank ASA, London Branch

(provided in respect of the Junior Facility Agreement and the Senior Facility Agreement,
each dated February 18, 2016); please see “Item 5. Operating and Financial Review and
Prospects—B. Liquidity and Capital Resources—Credit Facilities”.

(n) Form of Corporate Guarantee between GasLog Partners LP and DNB Bank ASA, London
Branch, (provided in respect of the Junior Facility Agreement and the Senior Facility

109

Agreement, each dated February 18, 2016); 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 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.

Material U.S. 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 or Preference Shares.

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 or Preference Shares that
may be applicable to you.

U.S. Taxation of Our Operating Income

We have elected to treat a majority of our subsidiaries as disregarded entities for U.S. Federal
income tax purposes. The entities that are considered disregarded entities for U.S. Federal income
tax purposes should be treated as branches rather than corporations for U.S. Federal income tax
purposes. Currently, no election has been filed to treat GasLog LNG Services Ltd., GasLog Services

110

UK Ltd., GasLog Asia Pte. Ltd., GasLog Investments Ltd., GasLog Monaco S.A.M., GasLog
Shipping Limited, GasLog Shipping Company Ltd., and Egypt LNG Shipping Ltd. as disregarded
entities for U.S. Federal income tax purposes. As a result, these entities and GasLog Services U.S.
Inc. will continue to be treated as corporations for U.S. Federal income tax purposes.

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 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”).

We are currently not entitled to this exemption under Section 883 for any tax 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). For 2015,
the accrued U.S. source gross transportation tax was $0.01 million.

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

111

(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.

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 or Preference
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 (i) 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 or (ii) the trust has a valid election in effect to be treated as a U.S.
Federal income tax purposes.

If a partnership holds our common shares or Preference 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 or Preference Shares, you should
consult your tax advisor.

Distributions on Our Common Shares and Preference Shares

Subject to the discussion of “passive foreign investment companies”, or “PFICs”, below, any

distributions with respect to our common shares or Preference 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
or Preference 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 or Preference 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:

112

(i) our common shares or Preference 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 tax year during which the dividend is paid or the immediately
preceding tax year (see the discussion below under “—PFIC Status and Significant Tax
Consequences”);

(iii) you own our common shares or Preference Shares for more than 60 days in the 121-day
period beginning 60 days before the date on which the common shares or Preference
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.

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 (5% in the case of
Preference Shares). If we pay an extraordinary dividend on our common shares or Preference 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 or Preference
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.

Sale, Exchange or Other Disposition of Common Shares and Preference Shares

Provided that we are not a PFIC for any tax year, you generally will recognize taxable gain or

loss upon a sale, exchange or other disposition of our common shares or Preference 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 taxyear, and
(ii) the excess of such U.S. holder’s modified adjusted gross income for the tax 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 or Preference
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 or Preference 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 tax year in which, after applying certain look-through rules, either:

(i) at least 75% of our gross income including our proportionate share of the gross income of
our vessel-owning subsidiaries for such tax year consists of passive income (e.g., dividends,

113

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 including our proportionate share of the

assets of our vessel-owning subsidiaries during such tax year 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
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 tax year during which our initial public offering occurred and each tax 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 tax 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 tax 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 or
Preference 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 or Preference Shares.

Taxation of U.S. Holders Making 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 tax year that ends with or
within your tax 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 and Preference Shares”). Your adjusted tax basis in our common shares or Preference 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 or Preference 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 or Preference Shares. Even if you make a QEF Election for one
of our tax years, if we were a PFIC for a prior tax year during which you held our common shares
or Preference Shares and for which you did not make a timely QEF Election, you would also be

114

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 tax 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.

Taxation of U.S. Holders Making a Timely “Mark-to-Market” Election

Alternatively, if we were to be treated as a PFIC for any tax year and, as we believe, our
common shares or Preference Shares are treated as “marketable stock”, you would be allowed to
make a “mark-to-market” election with respect to our common shares or Preference 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 taxyear the excess, if any, of the fair market
value of our common shares or Preference Shares at the end of the tax year over your adjusted tax
basis in our common shares or Preference 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 or Preference Shares
over its fair market value at the end of the tax 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 or Preference 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 or Preference Shares
would be treated as ordinary income, and any loss realized on the sale, exchange or other
disposition of the common shares or Preference 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 tax 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 or Preference Shares in a tax year in excess of 125% of the average annual
distributions received by you in the three preceding tax years, or, if shorter, your holding period for
our common shares or Preference Shares) and (ii) any gain realized on the sale, exchange or other
disposition of our common shares or Preference Shares. Under these special rules:

(i) the excess distribution or gain would be allocated ratably over your aggregate holding

period for our common shares or Preference Shares;

(ii) the amount allocated to the current tax year would be taxed as ordinary income; and

(iii) the amount allocated to each of the other tax 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 tax year.

U.S. 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 or Preference

Shares (other than a partnership for U.S. tax purposes) and you are not a U.S. holder.

Distributions on Our Common Shares and Preference 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 or Preference Shares, unless the income arising from
such distribution is effectively connected with your conduct of a trade or business in the

115

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 and Preference 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 or Preference 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 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

tax 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 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 U.S. 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 or Preference 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 or Preference 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 or Preference 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

116

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.

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 24 to our audited consolidated financial statements included elsewhere in this report. Further
information on our exposure to market risk is included in Note 22 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 economic risks and costs
associated with our floating rate debt and 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, 2015

was $1.39 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, 2015 and 2014 by approximately 2.46% or $1.32 million and 1.34% or $0.68 million,
respectively, based upon our debt level during such years.

We expect our sensitivity to interest rate changes to increase in the future as a result of
increased future 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.

117

Interest Rate Swaps

The principal terms of the interest rate swaps are disclosed in Note 24 to our consolidated
financial statements included elsewhere in this annual report. As of December 31, 2015 and 2014,
the notional amount of the swaps designated as cash flow hedging instruments was $389.57 million
and $476.15 million, respectively, and the notional amount of the swaps held for trading was $516.81
million and $491.43 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
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 of officers, and a large portion of our administrative expenses are denominated in euros. As
of December 31, 2015 and 2014, approximately $17.45 million and $13.55 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 10.0% increase in the average euro/dollar exchange rate
would have decreased our profit and cash flows during the years ended December 31, 2015 and 2014
by approximately $7.81 million and $6.89 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.

118

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, 2015. 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, 2015.

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, 2015.

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,
2015 has been audited by Deloitte LLP, an independent registered public accounting firm, as stated
in their report which appears below.

119

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 subsidiaries (the
“Group”) as of December 31, 2015, based on 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 provides 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, 2015, 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, 2015 of the Group and our report dated March 14, 2016 expressed an unqualified
opinion on those financial statements.

/s/ Deloitte LLP

London, United Kingdom

March 14, 2016

120

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 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.
No waivers of the Code of Business Conduct and Ethics have been granted to any person during the
fiscal year ended December 31, 2015.

ITEM 16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Deloitte LLP, an independent registered public accounting firm, has audited our annual

financial statements acting as our independent auditor for the fiscal years ended December 31, 2014
and December 31, 2015.

The chart below sets forth the total amount billed and accrued for Deloitte LLP for services
performed in 2014 and 2015 respectively 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1.86
—

$1.86

$2.31
0.01

$2.32

2015
2014
(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 2014 are fees of $0.32 million, related to the Partnership’s IPO

completed in May 2014 and the fees of $0.15 million related to the Partnership’s follow-on offering
completed in September 2014. Included in the audit fees for 2015 are fees of $0.09 million related to
our public offering of 4,600,000 Preference Shares completed in April 2015 and $0.17 million to the
Partnership’s follow-on offering completed in June 2015.

121

Tax Fees

Tax fees relate to services provided in connection with U.S. corporate tax filings and tax

advisory services.

Audit-Related Fees

No audit-related fees were billed by our principal accountant in 2014 and 2015.

All Other Fees

No other fees were billed by our principal accountant in 2014 and 2015.

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, 2015.

Period
September 2015(1) . . . . . . . . . . . . . . . .
December 2015(1). . . . . . . . . . . . . . . . .
Total. . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Number of
Shares Purchased

Average Price
Paid
per Share ($)

119,984
787,376

907,360

14.95
8.87

9.67

Total Number of
Shares Purchased
as
Part of Publicly
Announced Plans
or Programs

Maximum Number of
Shares that May Yet
Be Purchased Under
the Plans or Programs

—
—

—

—
—

—

(1) 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

Not Applicable

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

122

governance practices differ from the practices required by the NYSE for U.S. companies. 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.

Independence of Directors

The NYSE rules do not require a listed company that is a foreign private issuer to have a
board of directors that is comprised of a majority of independent directors. Under Bermuda law, we
are not required to have a board of directors comprised of a majority of directors meeting the
independence standards described in the NYSE rules. Accordingly, our board of directors is not
required to be and is not comprised of a majority of independent directors. However, our board of
directors has determined that half of our directors, specifically Paul J. Collins, William M. Friedrich,
Dennis M. Houston, Donald J. Kintzer and Anthony S. Papadimitriou, satisfy the independence
standards established by the NYSE as applicable to us.

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.

123

PART III

ITEM 17. FINANCIAL STATEMENTS

Not applicable.

ITEM 18. FINANCIAL STATEMENTS

Reference is made to pages F-1 through F-55 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

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

Form of Restrictive Covenant Agreement(1)

GasLog Ltd. 2013 Omnibus Incentive Compensation Plan(3)

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(4)*

4.9

Corporate Guarantee between GasLog Partners LP and Citibank, N.A., London Branch,
dated November 12, 2014(4)

124

Exhibit No.

4.10

4.11

4.12

4.13

4.14

8.1

12.1

12.2

13.1

13.2

23.1

23.2

Description

Facilities Agreement for $1,311,356,340 Loan Facilities dated October 16, 2015 between
GAS-eleven Ltd., GAS-twelve Ltd., GAS-thirteen Ltd., Gas-fourteen Ltd., GAS-twenty
two Ltd., GAS-twenty three Ltd., GAS-twenty four Ltd., GAS-twenty five Ltd., as
borrowers, Citibank, N.A., London Branch, Nordea Bank AB, London Branch, The
Export-Import Bank of Korea, Bank of America, National Association, BNP Paribas,
Credit Agricole Corporate and Investment Bank, Credit Suisse AG, HSBC Bank plc,
ING Bank N.V., London Branch, KEB Hana Bank, London Branch, KfW IPEX-Bank
GmbH, National Australia Bank Limited, Oversea-Chinese Banking Corporation
Limited, Societe Generale and The Korea Development Bank as mandated lead
arrangers with Nordea Bank AB, London Branch as agent, security agent, global co-
ordinator and bookrunner and Citibank N.A., London Branch as export credit agent,
global co-oordinator, bookrunner and export credit agent co-ordinator, guaranteed by
GasLog Ltd. and GasLog Carriers Ltd.

Senior Facility Agreement dated February 18, 2016, relating to a $396,500,000 loan
facility among GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty
one Ltd. and GAS-twenty seven Ltd. as borrowers, ABN AMRO Bank N.V. and DNB
(UK) Ltd. as mandated lead arrangers, original lenders and bookrunners, DVB Bank
America N.V. as mandated lead arranger and original lender, Commonwealth Bank of
Australia, ING Bank N.V., London Branch, Credit Agricole Corporate and Investment
Bank, National Australia Bank Limited as original lenders and DNB Bank ASA,
London Branch as agent and security agent.

Junior Facility Agreement dated February 18, 2016, relating to a $180,000,000 loan
facility among GAS-eighteen Ltd., GAS-nineteen Ltd., GAS-twenty Ltd., GAS-twenty
one Ltd. and GAS-twenty seven Ltd. as borrowers, ABN AMRO Bank N.V. and DNB
(UK) Ltd. as mandated lead arrangers, original lenders and bookrunners, DVB Bank
America N.V. as mandated lead arranger and original lender, Commonwealth Bank of
Australia, ING Bank N.V., London Branch, as original lenders and DNB Bank ASA,
London Branch as agent and security agent.

Form of Corporate Guarantee between GasLog Ltd. and DNB Bank ASA, London
Branch (provided in respect of the Junior Facility Agreement and the Senior Facility
Agreement, each dated February 18, 2016); please see “Item 5. Operating and Financial
Review and Prospects—B. Liquidity and Capital Resources—Credit Facilities”.

Form of Corporate Guarantee between GasLog Partners LP and DNB Bank ASA,
London Branch (provided in respect of the Junior Facility Agreement and the Senior
Facility Agreement, each dated February 18, 2016); please see “Item 5. Operating and
Financial Review and Prospects—B. Liquidity and Capital Resources—Credit Facilities”.

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

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.

125

(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 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.

(4) 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.

126

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 14, 2016

127

[THIS PAGE INTENTIONALLY LEFT BLANK]

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

GASLOG LTD.

Page

Report of Independent Registered Public Accounting Firm—Deloitte LLP. . . . . . . . . . . . . . . . . . . . .

F-2

Report of Independent Registered Public Accounting Firm—Deloitte Hadjipavlou, Sofianos &
Cambanis S.A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated statements of financial position as of December 31, 2014 and 2015. . . . . . . . . . . . . . .

F-3

F-4

Consolidated statements of profit or loss for the years ended December 31, 2013, 2014 and

2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F-5

Consolidated statements of comprehensive income or loss for the years ended December 31,

2013, 2014 and 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F-6

Consolidated statements of changes in equity for the years ended December 31, 2013, 2014

and 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated statements of cash flow for the years ended December 31, 2013, 2014 and 2015. .

F-7

F-8

Notes to the consolidated financial statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 statements of financial position of GasLog Ltd. and
subsidiaries (the “Group”) as of December 31, 2014 and 2015, and the related consolidated
statements of profit or loss, comprehensive income or loss, changes in equity, and cash flow for each
of the two years in the period ended December 31, 2015. These financial statements are the
responsibility of the Group’s management. Our responsibility is to express an opinion on these
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. 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 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 subsidiaries as of December 31, 2014 and 2015, and the results
of their operations and their cash flows for each of the two years in the period ended December 31,
2015, in conformity with International Financial Reporting Standards (“IFRS”) as issued by the
International Accounting Standards Board (“IASB”).

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, 2015, 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 14, 2016 expressed an unqualified opinion on the Group’s internal control over
financial reporting.

/s/ Deloitte LLP

London, United Kingdom

March 14, 2016

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 profit or loss, comprehensive income
or loss, changes in equity, and cash flow for the year ended December 31, 2013 of Gaslog Ltd. and
its subsidiaries (the “Group”). 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. The Group is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audit 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 audit provides
a reasonable basis for our opinion.

In our opinion, such consolidated financial statements present fairly, the Group’s results of
operations and cash flows for the year 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, 2014 and 2015
(All amounts expressed in thousands of U.S. Dollars)

Assets
Non-current assets
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment in associate and joint venture . . . . . . . . . . . . . . . . . .
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
Preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note December 31, 2014 December 31, 2015

3
5

9
24
6
6

8
19

7
7

10
10
10
11
10

11
4

7
19
24
13
12

24
12

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

9,511
6,274
17,998
28,957
61
3,400,270
178,405
3,641,476

16,079
1,345
6,496
2,519
6,000
62,718
302,988
398,145
4,039,621

46
810
1,020,292
(8,829)
(12,491)
1,846
1,001,674
506,246
1,507,920

12,391
3,524
163
14,243
67,084
636,987
734,392

58,531
1,737,500
1,278
1,797,309
4,039,621

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, 2013, 2014 and 2015
(All amounts expressed in thousands of U.S. Dollars, except per share data)

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

Attributable to:
Owners of the Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note

2013

2014

2015

14
15
6
16

17
17
24
5

157,240
(32,058)
(2,861)
(29,322)
(21,598)

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

(14,472)
56,929

328,679
(70,732)
(7,738)
(70,695)
(34,154)

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

415,078
(98,552)
(14,290)
(106,641)
(41,282)

154,313
(91,956)
427
(10,332)
1,216

(94,595)
50,765

(100,645)
53,668

56,929
—

56,929

42,161
8,604

50,765

10,829
42,839

53,668

0.04

Earnings per share—basic and diluted. . . . . . . . . . . . . . . . . . . . . . . . . .

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, 2013, 2014 and 2015
(All amounts expressed in thousands of U.S. Dollars)

Profit for the year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other comprehensive income/(loss):
Items that may not be reclassified subsequently to profit or loss:
Actuarial gain/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Items that may be reclassified subsequently to profit or loss:
Effective portion of changes in fair value of cash flow hedges,

net of amounts recycled to profit or loss. . . . . . . . . . . . . . . . . . . . . . .
Recycled loss of cash flow hedges reclassified to profit or loss in
relation to derivatives no longer designated as hedges . . . . . . . . .
Other comprehensive income/(loss) for the year. . . . . . . . . . . . . . . . . .
Total comprehensive income for the year . . . . . . . . . . . . . . . . . . . . . . . .

Attributable to:
Owners of the Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note

2013

2014

2015

56,929

50,765

53,668

(202)

4,773

(13,191)

(849)

2,293

7,128

6,641

1,290

(6,752)

467

64,057

44,013

54,135

64,057

32,103
— 11,910

11,296
42,839

64,057

44,013

54,135

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, 2013, 2014 and 2015
(All amounts expressed in thousands of U.S. Dollars, except per share data)

Balance as of January 1, 2013 . . . . . . . . . . .
Dividend paid ($0.45 per share) . . . . . . . . .
Share-based compensation (Note 20) . . . .
Profit for the year. . . . . . . . . . . . . . . . . . . . . . .
Other comprehensive income for the

year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total comprehensive income for the

year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Balance as of 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) . . . . . . . . . . . . . . . .
Share-based compensation (Note 20) . . . .
Settlement of share-based compensation
Treasury shares, net (Note 10) . . . . . . . . . .
Profit for the year. . . . . . . . . . . . . . . . . . . . . . .
Other comprehensive (loss)/income for

the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total comprehensive (loss)/income for

the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Balance as of December 31, 2014 . . . . . . .

Net proceeds from issuance of preferred
stock (Note 4) . . . . . . . . . . . . . . . . . . . . . . . .

Net proceeds from GasLog Partners’

public offering (Note 4) . . . . . . . . . . . . . . .

Dividend paid (common and preferred

shares) (Note 11) . . . . . . . . . . . . . . . . . . . . .

Share-based compensation, net of

accrued dividend (Note 20) . . . . . . . . . . .
Settlement of share-based compensation
Profit for the year. . . . . . . . . . . . . . . . . . . . . . .
Other comprehensive income for the

year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total comprehensive income for the

year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Balance as of December 31, 2015 . . . . . . .

Share
Capital
(Note 10)

Preferred
stock

Contributed
Surplus
(Note 10)

Reserves
(Note 11)

Treasury
shares
(Note 10)

(Accumulated
deficit)/
retained
earnings

Attributable
to owners of
the Group

Non -
controlling
interest

Total

629
—
—
—

—

629

181

—
—
—
—
—
—

—

810

—

—
—
—

—

810

—
—
—
—

—

—
—
—
—
—
—

—

—
—
—

—

621,879
(6,915)
—
—

(11,049)
—
493
—

—

7,128

614,964

(3,428)

308,506

—

—
—
—
—

—

(8,188)
(21,373)
—
56,929

603,271
(28,288)
493
56,929

—

7,128

56,929

27,368

64,057

639,533

— 603,271
(28,288)
—
493
—
56,929
—

—

7,128

64,057

— 639,533

—

308,687

— 308,687

—
—
—
—
—
—

—
—
1,856
(372)

—
—
—
—
— (12,576)
—
—

—
(39,840)
—
—
—
42,161

— 319,036
(7,300)
—
—
—
8,604

(39,840)
1,856
(372)
(12,576)
42,161

319,036
(47,140)
1,856
(372)
(12,576)
50,765

— (10,058)

—

923,470

(12,002)

(12,576)

110,607

—

(13,785)

—
—
—

—

2,791
(85)
—

467

—

—
85
—

—

1,020,292

(8,829)

(12,491)

—

(10,058)

3,306

(6,752)

42,161

29,689

32,103

11,910

44,013

929,391

323,646

1,253,037

—

110,653

— 110,653

— 171,831

171,831

(38,672)

(52,457)

(32,070)

(84,527)

—
—
10,829

—

10,829

1,846

2,791
—
10,829

—
—
42,839

2,791
—
53,668

467

—

467

11,296

42,839

54,135

1,001,674

506,246

1,507,920

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, 2013, 2014 and 2015
(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 and joint venture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unrealized foreign exchange (gains)/losses on cash and cash equivalents and

short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Unrealized (gain)/loss 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2013

2014

2015

56,929

50,765

53,668

29,322
(1,470)
(411)
27,851

70,695 106,641
(1,216)
(1,497)
(427)
(274)
91,956
71,579

(1,013)

218

518

(19,520)
2,293
81
493
94,555

7,836
6,641
(202)
1,856

138
1,290
26
2,872
207,617 255,466

336
16,678

(7,257)
(2,931)
983

(4,675)
(1,838)
(5,455)
1,413
30
24,306
108,336
(21,591)
86,745

(2,054)
1,924
(1,543)
(3,127) (23,172)
220
9,654
212,299 240,495
(64,011) (78,916)
148,288 161,579

Movements in operating assets and liabilities:
Increase in trade and other receivables including related parties, net. . . . . . . . . . . . .
(Increase)/decrease in prepayments and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Increase)/decrease in inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Decrease/(increase) 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 provided by operating activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash flows from investing activities:
Dividends received from associate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,675
Payments for tangible fixed assets and vessels under construction . . . . . . . . . . . . . . . . (1,038,153) (1,364,283) (728,446)
—
Return of contributed capital from associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(55)
(89,823) (74,592)
Purchase of short-term investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
97,007
66,220
Maturity of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial income received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
359
260
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(935,516) (1,386,656) (704,052)
Cash flows from financing activities:
Proceeds from bank loans and bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,026,200 1,480,473 606,000
(656,944) (103,709)
Bank loan repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(22,501) (25,969)
Payment of loan issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payment of equity raising costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,839)
Proceeds from public offerings and private placement (net of underwriting

360
—
(44,969)
145,047
559

(142,649)
(14,782)
—

(4,679)

1,640

—
—

970

discounts and commissions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase in restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from GasLog Partners’ public offerings and issuance of general

partners units (net of underwriting discounts and commissions) . . . . . . . . . . . . . . . .

Proceeds from issuance of preferred stock (net of underwriting discounts and

commissions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchase of treasury shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from stock options exercise. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

— 310,240
—
— (22,826) (39,892)

— 323,087 172,875

—
— (13,221)
273
—
(28,288)

— 111,378
—
—
(47,140) (84,527)

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, 2013, 2014 and 2015
(All amounts expressed in thousands of U.S. Dollars)

2013

2014

2015

Net cash provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 840,481 1,346,762 634,317
(830)
Effects of exchange rate changes on cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . .
(Decrease)/increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
91,014
103,798 211,974
Cash and cash equivalents, beginning of the year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,978
Cash and cash equivalents, end of the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,798
211,974 302,988
Non-cash investing and financing activities (Note 25)
Capital expenditures—net (receivable)/payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity raising costs included in liabilities at the end of the year . . . . . . . . . . . . . . . . . . . . .
Loan issuance costs included in liabilities at the end of the year . . . . . . . . . . . . . . . . . . . . .

1,110
(218)
(7,180) 108,176

12,576
59
247

(691)
—
2,494

7,999
174
903

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, 2013, 2014 and 2015
(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, Singapore 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”), which controls
Blenheim Holdings Ltd. As of December 31, 2015, entities controlled by members of the Livanos
family, including GasLog’s chairman, are deemed to beneficially own approximately 40.7% 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 from
GasLog a 100% ownership interest in GAS-three Ltd., GAS-four Ltd. and GAS-five Ltd., the
entities that own the GasLog Shanghai, the GasLog Santiago and the GasLog Sydney, 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 (“IDRs”) 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 acquired from GasLog 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. On July 1, 2015, the Partnership acquired from GasLog 100% of the ownership
interests in GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd., the entities that own
three 145,000 cbm LNG carriers, the Methane Alison Victoria, the Methane Shirley Elisabeth and the
Methane Heather Sally, respectively, for an aggregate purchase price of $483,000.

As of December 31, 2015, GasLog holds a 32.9% interest (including the 2% interest through
general partner units) in GasLog Partners 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, 2015 the Group’s structure is as follows:

Name

Place of
incorporation

Date of
incorporation

Principal activities

Cargo capacity
(cbm)

Vessel

Delivery date

BVI
Bermuda
Bermuda

Subsidiaries:
GasLog Investments Ltd. . . . . . . . . .
GasLog Carriers Ltd. . . . . . . . . . . . . .
GasLog Shipping Company Ltd. . .
GasLog Partners GP LLC . . . . . . . . Marshall Islands
GasLog Services UK Ltd. . . . . . . . . England and Wales
GasLog Services US Inc. . . . . . . . . .
GasLog Asia Pte Ltd. . . . . . . . . . . . .
GasLog LNG Services Ltd. . . . . . . .
GasLog Monaco S.A.M. . . . . . . . . . .
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-twenty two Ltd.. . . . . . . . . . . . .
GAS-twenty three Ltd. . . . . . . . . . . .
GAS-twenty four Ltd. . . . . . . . . . . . .
GAS-twenty five Ltd.. . . . . . . . . . . . .
GAS-twenty six Ltd.. . . . . . . . . . . . . .
GAS-twenty seven Ltd. . . . . . . . . . . .
GasLog Shipping Limited. . . . . . . . .

Delaware
Singapore
Bermuda
Monaco
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
BVI

July 2003
February 2008
January 2006
January 2014
May 2014
May 2014
May 2015

Holding company
Holding company
Holding company
Holding company
Service company
Service company
Service company

August 2004 Vessel management services
February 2010
February 2008
February 2008
February 2011
March 2011
March 2011
June 2011
June 2011
December 2012
December 2012
July 2013
July 2013
August 2013
January 2014
May 2014
May 2014
June 2014
June 2014
January 2015
January 2015
July 2003

Service company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Dormant

32.9% interest subsidiaries:
GasLog Partners LP . . . . . . . . . . . . . . Marshall Islands
GasLog Partners Holdings LLC . . Marshall Islands
GAS-three Ltd. . . . . . . . . . . . . . . . . . . .
GAS-four Ltd. . . . . . . . . . . . . . . . . . . . .
GAS-five Ltd. . . . . . . . . . . . . . . . . . . . .
GAS-sixteen Ltd. . . . . . . . . . . . . . . . . .
GAS-seventeen Ltd. . . . . . . . . . . . . . .
GAS-nineteen Ltd. . . . . . . . . . . . . . . .
GAS-twenty Ltd. . . . . . . . . . . . . . . . . .
GAS-twenty one Ltd.. . . . . . . . . . . . .

Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda
Bermuda

January 2014
April 2014
April 2010
April 2010
February 2011
January 2014
January 2014
April 2014
April 2014
April 2014

Holding company
Holding company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company
Vessel-owning company

—
—
—
—
—
—
—
—
—
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
174,000
174,000
174,000
174,000
170,000
170,000
—

—
—
155,000
155,000
155,000
145,000
145,000
145,000
145,000
145,000

—
—
—
—
—
—
—
—
—
GasLog Savannah
GasLog Singapore
GasLog Skagen
GasLog Seattle
Solaris
GasLog Saratoga
GasLog Salem
Hull No. 2072
Hull No. 2073
Hull No. 2102
Hull No. 2103
GasLog Chelsea
Methane Lydon Volney
Hull No. 2130
Hull No. 2131
Hull No. 2800
Hull No. 2801
Methane Julia Louise
Methane Becki Anne
—

—
—
—
—
—
—
—
—
—
May 2010
July 2010
July 2013
December 2013
June 2014
December 2014
April 2015
Q1 2016(1)
Q2 2016(1)
Q3 2016(1)
Q4 2016(1)
October 2013
April 2014
Q1 2018(1)
Q1 2019(1)
Q1 2018(1)
Q1 2018(1)
March 2015
March 2015
—

—
—
GasLog Shanghai
GasLog Santiago
GasLog Sydney
Methane Rita Andrea
Methane Jane Elizabeth
Methane Alison Victoria
Methane Shirley Elisabeth
Methane Heather Sally

—
—
January 2013
March 2013
May 2013
April 2014
April 2014
June 2014
June 2014
June 2014

25% interest associates:
Egypt LNG Shipping Ltd. . . . . . . . .

Bermuda

May 2010

Vessel-owning company

145,000

Methane Nile Eagle

December 2007

33.33% joint venture:
The Cool Pool Limited(2) . . . . . . . . . Marshall Islands

September 2015

Service company

—

(i) For newbuildings, expected delivery quarters are presented.

(ii) On October 1, 2015, GasLog, Dynagas Ltd. (“Dynagas”) and Golar LNG Ltd. (“Golar”) signed an LNG carrier pooling
agreement (the “LNG Carrier Pool” or “Pool Agreement”) to market their vessels, which are currently operating in the
LNG shipping spot market.

The LNG Carrier Pool—named the “Cool Pool”—initially consists of 14 modern, high quality and essentially equivalent
vessels powered by fuel efficient tri fuel diesel electric (“TFDE”) propulsion technology. The three owners’ initial vessels
participation in the Cool Pool are as follows: Dynagas: three vessels; GasLog: three vessels; and Golar: eight vessels. Each
vessel owner continues to be fully responsible for the manning and technical management of their respective vessels. For
the operation of the Cool Pool, a Marshall Islands service company named “The Cool Pool Limited” or the “Pool
Manager”, was incorporated in September 2015.

All entities in the Group have a December 31st year end. During 2015 the Group employed an

average of 158 employees (2014: 142 and 2013: 119).

GasLog’s common shares are traded on the New York Stock Exchange (“NYSE”) under the
ticker symbol “GLOG”. GasLog’s 8.75% Series A Cumulative Redeemable Perpetual Preference
Shares (“Preference Shares”) are traded on the NYSE under the ticker symbol “GLOG PR A”.

F-11

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”).

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 that are measured at fair values at the end of
each reporting period, as explained in the accounting policies below. 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. As of December 31, 2015, the Group’s current assets
totaled $398,145 while current liabilities totaled $734,392, resulting in a negative working capital
position of $336,247. In February 2016, the Group signed a debt refinancing of up to $576,500 with
certain financial institutions (Note 28), to refinance $464,625 of its current debt plus $111,875 of its
non-current debt. In addition, following the completion of the sale and leaseback of the Methane
Julia Louise (Note 28), $50,625 of current debt and $179,375 of non-current debt was prepaid.

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 14, 2016, 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 GasLog (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 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

F-12

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.

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.

Investment in joint ventures

A joint arrangement is an arrangement where two or more parties have joint control. Joint
control is established by a contractual arrangement that requires unanimous agreement on decisions
made on relevant activities. Without the presence of joint control, joint arrangements do not exist.

Under IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either

joint operations or joint ventures. The classification depends on the contractual rights and
obligations of each investor, rather than the legal structure of the joint arrangement. The

F-13

arrangement is a joint operation when the contractual agreement provides rights to assets and
obligations for liabilities for those parties sharing joint control. The joint arrangement is a joint
venture when the agreement grants rights to the arrangement’s net assets. The Cool Pool Limited is
a joint venture. Interests in joint ventures are accounted for using the equity method (see
Investment in associates above), after initially being recognized at cost in the consolidated statement
of financial position.

Accounting for revenues and related operating expenses

The Group’s revenues comprise revenues from time charters for the charter hire of its vessels,
gross pool revenues, 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.

Pool revenues are recognized on a gross basis representing time charter revenues earned by
GasLog vessels participating in the pool under charter agreements where GasLog contracts directly
with charterers. Revenue is recognised on a monthly basis, when the vessel is made available and
services are provided to the charterer during the period, the amount can be estimated reliably and
collection of the related revenue is reasonably assured.

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.

Time charter hires received in advance are classified as liabilities until 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.

Accounting for voyage expenses and commissions

Vessel operating costs and voyage expenses and commissions 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. Bunkers consumption represents mainly bunkers consumed during vessels
unemployment and off-hire.

Furthermore and in relation to the vessels participating in the Cool Pool, voyage expenses and

commissions include the net allocation from the pool which represents GasLog’s share of the net
revenues earned from the other pool participants’ vessels less the other participants’ share of the net
revenues earned by GasLog’s vessels included in the pool. Each participant’s share of the net pool
revenues is based on the number of pool points attributable to its vessels and the number of days
such vessels participated in the pool.

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

F-14

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.

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 reclassified 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.

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.

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.

F-15

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 vessels are expensed as incurred, even if
such maintenance and repair occurs during the same time period as 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 profit or loss 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 profit or loss.

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

F-16

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.

• 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

F-17

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

The information provided to the Group’s chief operating decision maker (the “CODM”) being
the Chief Executive Officer, to review the Group’s operating results and allocate resources, is on a
consolidated basis for a single reportable segment. Furthermore, when the Group charters a vessel to
a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of
geographic information is impracticable.

Share-based compensation

Share-based compensation 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 share-based transactions are set out in Note 20.

The fair value determined at the grant date of the equity-settled share-based compensation 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 share-based compensation 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

F-18

outcomes that could require a material adjustment to the carrying amount of the assets or liabilities
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 (21,660,000 units as of December 31, 2015). 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.

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.

Management estimated residual value of its vessels to be equal to the product of its lightweight

tonnage (“LWT”) and an estimated scrap rate per LWT. Effective October 1, 2015, following
management’s annual reassessment, the estimated scrap rate per LWT was decreased. This change in
estimate increased depreciation expense by $144 for the year ended December 31, 2015 and is
expected to increase the future annual depreciation by $577.

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 60 months

F-19

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.

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.

The Group’s estimates of basic market value assume that the vessels are all in seaworthy
condition without a need for repair and if inspected would be certified in class without notations of
any kind. The Group’s estimates are based on approximate market values for vessels that have been
received from shipbrokers, which are also commonly used and accepted by the Group’s lenders for
determining compliance with the relevant covenants in its credit facilities. Vessel values can be
highly volatile, so that the estimates may not be indicative of the current or future basic market
value of the Group’s vessels or prices that could be achieved if it were to sell them.

As of December 31, 2015, the carrying amounts of ten 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, 2015,
(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 the Group’s 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 ten

F-20

vessels calculated as per above was higher than the carrying amount of these vessels and
consequently, no impairment loss was recognized.

Measurement of share-based compensation: As described in Note 20, the Group used an

accepted valuation methodology to value the Stock Appreciation Rights or Stock Options. 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 20.

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: The Group’s 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.

A substantial majority of the Group’s derivative instruments activity relates to the use of
interest rate swaps. The fair value of the Group’s interest rate swap agreements is the estimated
amount that the Group 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 the Group 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 the Group’s 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 the Group’s 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
interest and currency swap agreements.

The fair value of the Group’s interest rate and currency swap agreements are also affected by

changes in its specific credit risk and counterparties’ risk included in the discount factor. 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 the Group’s 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 the Group’s
interest rate swaps. The Group economically hedges the interest rate exposure on a significant
amount of its long-term debt and for long durations. As such, the Group has historically
experienced, and expects to continue to experience, material variations in the period-to-period fair
value of its derivative instruments.

Although the Group measures the fair value of its derivative instruments utilizing the inputs and

assumptions described above, if it were to terminate the agreements at the reporting date, the
amount the Group would pay or receive to terminate the derivative instruments may differ from the
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 profit or loss for the current period. Such adjustments could be material. See Note 24 for the

F-21

effects on the change in fair value of its derivative instruments on the consolidated statements of
profit or loss.

Adoption of new and revised IFRS

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 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 was amended in September 2015 to delay the
effective date to annual periods beginning on or after January 1, 2018 but early adoption is
permitted. Management is currently evaluating the impact of this standard on the Group’s
consolidated financial statements.

In July 2014, the IASB issued the complete version of 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. 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 on the
Group’s consolidated financial statements.

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 anticipates that these amendments will not
have a material impact on the Group’s financial statements.

In January 2016, the IASB issued IFRS 16 Leases, which sets out the principles for the

recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the
customer (“lessee”) and the supplier (“lessor”). IFRS 16 eliminates the classification of leases by
lessees as either operating leases or finance leases and, instead, introduces a single lessee accounting
model. Applying that model, a lessee is required to recognise: (a) assets and liabilities for all leases
with a term of more than 12 months, unless the underlying asset is of low value; and (b) depreciation
of lease assets separately from interest on lease liabilities in the statement of profit or loss. Lessors
continue to classify their leases as operating leases or finance leases, and to account for those two
types of leases differently. IFRS 16 supersedes the previous leases Standard, IAS 17 Leases, and
related Interpretations. The standard is effective from January 1, 2019, with early adoption permitted
only with concurrent adoption of IFRS 15 Revenue from Contracts with Customers. Management is
currently evaluating the impact of this standard 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.

F-22

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, 2015, 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.

The key assumptions used in the value-in-use calculations are as follows:

(i) Average inflation of 1.0% per annum;

(ii) A pre-tax discount rate of 11.0% per annum;

(iii) Annual growth rate of 1.0%; and

(iv) 1 Euro = USD 1.15.

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 and the long-term strategy of the Group.
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 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 and have been allocated
to non-controlling interest.

On April 7, 2015, GasLog completed a public offering of 4,600,000 Preference Shares (including

600,000 shares issued upon the exercise in full by the underwriters of their option to purchase
additional Preference Shares), par value $0.01 per share, liquidation preference $25.00 per share,
which priced at $25.00 per share. The net proceeds from the offering after deducting underwriting
discounts, commissions and other offering expenses were $110,653.

F-23

On June 26, 2015, GasLog Partners completed a public offering of 7,500,000 common units at a

public offering price of $23.90 per unit. The net proceeds from this offering after deducting
underwriting discounts and other offering expenses, were $171,831. In connection with the offering,
the Partnership issued 153,061 general partner units to its general partner in order for GasLog to
retain its 2.0%.

The balance of non-controlling interest as of December 31, 2014 and 2015 is as follows:

2014

2015

Non-controlling interest
As of January 1, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net proceeds from the Partnership’s IPO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net proceeds from the Partnership’s equity offering (September 2014) . . .
Net proceeds from the Partnership’s equity offering (June 2015) . . . . . . . . .
Dividend declared and paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit allocated to non-controlling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other comprehensive income allocated to non-controlling interest . . . . . . .
As of December 31, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

186,029
133,007

— 323,646
—
—
— 171,831
(32,070)
42,839
—

(7,300)
8,604
3,306

323,646

506,246

The profit allocation to non-controlling interest is based on the distribution policy for available

cash stated in the Partnership Agreement and is illustrated in the table below:

Marginal Percentage Interest in Distributions

Total Quarterly
Distribution
Target Amount

Minimum Quarterly Distribution. . . . . . . . . .
First Target Distribution . . . . . . . . . . . . . . . . . .
Second Target Distribution . . . . . . . . . . . . . . .
Third Target Distribution . . . . . . . . . . . . . . . . .
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Above

$0.375
up to $0.43125
$0.43125 up to $0.46875
$0.46875 up to $0.5625
$0.5625

$0.375

Unitholders

General
Partner

Holders of
IDRs

98.0%
98.0%
85.0%
75.0%
50.0%

0%
2.0%
2.0%
0%
2.0% 13.0%
2.0% 23.0%
2.0% 48.0%

2014

2015

Allocation of GasLog Partners’ profit(*)
Partnership’s profit attributable to:
Common unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subordinated unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IDRs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

43,198
8,713
18,135
5,540
291
1,301
— 2,406

14,544

65,040

Partnership’s profit allocated to GasLog . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Partnership’s profit allocated to non-controlling interest . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,940
8,604

22,201
42,839

14,544

65,040

* Includes profits of: (i) GAS-three Ltd., GAS-four Ltd. and GAS-five Ltd. earned after the GasLog Partners’ IPO on May

12, 2014, (ii) GAS-sixteen Ltd. and GAS-seventeen Ltd. for the period after their transfer to the Partnership on September
29, 2014 and (iii) GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. for the period after their transfer to the
Partnership on July 1, 2015.

5. Investment in Associate and Joint Venture

The Group participates in the following associate and joint venture:

F-24

Name

Country of
incorporation

% of
ownership
interest

2014

2015

Nature of
relationship

Measurement
method

Principal activity

Egypt LNG Shipping Ltd.(1) . . . . . . . . . . Bermuda
The Cool Pool Limited(2). . . . . . . . . . . . . Marshall Islands — 33.33% Joint venture Equity method Service company

25% 25% Associate

Equity method Vessel-owning company

(1) Egypt LNG Shipping Ltd. owns and operates a 145,000 cubic meter LNG vessel built in 2007.

(2) The Cool Pool Limited is the commercial manager of the Cool Pool (Note 1).

Investment in associate and joint venture consist of the following:

Associate

2014

2015

Joint Venture
2014
2015

As of January 1, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share of profit of associate and joint venture . . . . . . . . . . . . .
Dividend declared . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
As of December 31, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,326
—
1,497
(1,220)

—
6,603
—
—
1,216
—
(1,600) —

6,603

6,219

—

—
55
—
—

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.

Summarized financial information in respect of the associate and the joint venture 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Associate

2014

2015

Joint Venture
2014
2015

23,732
(15,634)

22,047 — 5,489
(14,589) — (5,324)

138,969
(120,656)

131,440 —
(114,023) —

26,411

6,603

24,875 —

6,219 —

—
—

165

Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total comprehensive income for the year . . . . .
Group’s share in profit. . . . . . . . . . . . . . . . . . . . . . . .

2013

18,619
5,880
5,880

Associate
2014

18,554
5,986
5,986

2015

Joint Venture
2014

2015

2013

18,694 — — 8,336
—
—

4,863 — —
4,863 — —

1,470

1,497

1,216 — —

—

Dividend declared. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Group’s share in dividend. . . . . . . . . . . . . . . . . . . . .

(6,560)

(4,880)

(6,400) — —

1,640

1,220

1,600 — —

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
As of January 1, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transfer from vessels under construction . . . . . . . . . . . . . . .
As of December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transfer from vessels under construction . . . . . . . . . . . . . . .
Fully amortized drydocking component. . . . . . . . . . . . . . . . .
As of December 31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated depreciation
As of January 1, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation of fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . .
As of December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation of fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fully amortized drydocking component. . . . . . . . . . . . . . . . .
As of December 31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net book value
As of December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
As of December 31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Office
property
and other
tangible
assets

Total
tangible
fixed
assets

Total vessels
under
construction

3,084
2,115
—

5,199
7,116
—
—

1,591,821
944,917
405,575

2,942,313
493,049
204,345
(8,137)

120,295
428,056
(405,575)

142,776
239,974
(204,345)
—

Vessels

1,588,737
942,802
405,575

2,937,114
485,933
204,345
(8,137)

3,619,255

12,315

3,631,570

178,405

60,448
70,149

130,597
106,071
(8,137)

228,531

2,806,517

3,390,724

1,653
546

2,199
570
—

2,769

3,000

9,546

62,101
70,695

132,796
106,641
(8,137)

231,300

—
—

—
—
—

—

2,809,517

3,400,270

142,776

178,405

Vessels with an aggregate carrying amount of $3,390,724 as of December 31, 2015

(December 31, 2014: $2,806,517) have been pledged as collateral under the terms of the Group’s
loan agreements (Note 12).

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 (“MSL”), 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.

On March 31, 2015, GasLog acquired two 170,000 cbm tri-fuel diesel electric LNG carriers from

a subsidiary of BG Group for an aggregate cost of $460,000 and chartered those vessels back to
MSL for periods of 9 and 11 years respectively, with further options by the charterer to extend the
term of the time charter for each vessel by either three or five years. The vessels acquired are the
2010-built Methane Becki Anne and Methane Julia Louise. 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 speed more efficiently.

F-26

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 managements’
understanding of the market. Considering the above, the purchase price was allocated in total to
vessel cost.

Vessels under construction

In 2011, GAS-eight Ltd., GAS-nine Ltd. and GAS-ten Ltd. entered into shipbuilding contracts
with Samsung for the construction of three LNG Carriers (155,000 cubic meters each). The Solaris,
the GasLog Saratoga and the GasLog Salem, were delivered on June 30, 2014, December 16, 2014
and April 30, 2015, respectively.

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 quarter of 2018 and 2019, respectively.

In June 2014, GAS-twenty four Ltd. and GAS-twenty five Ltd. entered into shipbuilding
contracts with Hyundai Heavy Industries Co., Ltd. (“Hyundai”) for the construction of two LNG
carriers (174,000 cubic meters each). The vessels are expected to be delivered in the first quarter of
2018.

Vessels under construction represent scheduled advance payments to the shipyards as well as

certain capitalized expenditures. As of December 31, 2015, the Group has paid to the shipyard
$170,634 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 21(b)).

The vessels under construction costs as of December 31, 2014 and 2015 are comprised of:

Progress shipyard installments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Onsite supervision costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shipyard commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Critical spare parts, equipment and other vessel delivery expenses . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As of December 31,

2014

2015

140,824
1,796
(197)
353

170,634
4,289
—
3,482

142,776

178,405

As of December 31,

2014

2015

93,437
117,252
1,285

135,613
163,851
3,524

211,974

302,988

F-27

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 is an amount of $4,056 held in retention accounts as of
December 31, 2015 (December 31, 2014: $3,202), with respect to the next installments and interest
due for the loan facilities of GAS-two Ltd., GAS-nine Ltd and GAS-ten Ltd.

As of December 31, 2015, an amount of $62,718 is classified as restricted cash comprising of
cash held in blocked accounts in order to comply with the covenants under three of the Group’s
credit facilities (Note 12) (December 31, 2014: $22,826).

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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As of December 31,

2014

2,088
939
1,237
8,843
1,210

2015

4,246
1,113
4,405
3,155
3,160

14,317

16,079

As of December 31, 2014 and 2015, no material receivable balances were past due or impaired,

and therefore no allowance was necessary.

9. Other Non-current Assets

An analysis of other non-current assets is as follows:

Accrued revenue from straight-line revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash collaterals on swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As of December 31,
2014

2015

2,526
2,610
649

5,785

1,886
26,343
728

28,957

Cash collaterals on swaps represent cash deposited for the Group’s interest rate swaps and cross

currency swaps (“CCSs”) being the difference between their fair value and an agreed threshold.

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, 2015, the share capital consisted of 80,496,499 issued and outstanding
common shares, par value $0.01 per share, 496,627 treasury shares issued and held by GasLog and
4,600,000 Preference Shares issued and outstanding (December 31, 2014: 80,493,126 issued and
outstanding common shares, par value $0.01 per share and 500,000 treasury shares issued). The

F-28

movements in the number of shares, the share capital, the Preference Shares, the contributed surplus
and the treasury shares are reported in the following table:

Number of
common
shares

Number of shares
Number of
treasury
shares

Number of
Preference
Shares

Amounts

Share
capital

Preferred
stock

Contributed
surplus

Treasury
shares

Outstanding as of January 1, 2013
Dividend declared deducted from
Contributed surplus due to
accumulated deficit . . . . . . . . . . . . .

62,863,166

—

Outstanding as of December 31,

2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,863,166

Issuance of shares (Note 4) . . . . . . . 18,129,960
Purchase of treasury shares . . . . . . .
(520,614)
Treasury shares distributed for
awards exercised in the year
(Note 20) . . . . . . . . . . . . . . . . . . . . . . .

20,614

Outstanding as of December 31,

2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,493,126

—

—
520,614

— 629

—

— 629

— 181
—
—

(20,614)

—

500,000

— 810

Issuance of preference shares

(Note 4) . . . . . . . . . . . . . . . . . . . . . . . .
Dividends declared deducted from

Contributed surplus due to
accumulated deficit . . . . . . . . . . . . .

—

Treasury shares distributed for

awards vested in the year (Note
20). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,373

(3,373)

— 4,600,000

—

Outstanding as of December 31,

2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,496,499

496,627

4,600,000

810

—

—
—

—

621,879

(6,915)

614,964

—

308,506

—
— (13,221)

—

645

923,470

(12,576)

110,607

(13,785)

—

1,020,292

(12,491)

The treasury shares were acquired by GasLog in 2014 from the open market, in relation to the

share-based compensation (Note 20).

11. Equity attributable to owners of the Group

The Group’s net capital comprises of share capital, preferred stock, contributed surplus, treasury

shares, retained earnings and reserves. At December 31, 2014 and 2015, the Group had equity of
$929,391 and $1,001,674, respectively.

F-29

The movements in reserves are reported in the following table:

Balance as of January 1, 2013. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effective portion of changes in fair value of cash flow

hedges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Recycled loss of cash flow hedges reclassified to profit or

loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation (Note 20) . . . . . . . . . . . . . . . . . . . . . . . . .
Actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance as of December 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effective portion of changes in fair value of cash flow

Hedging

(21,820)

4,773

2,293
—
—

(14,754)

hedges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(13,191)

Recycled loss of cash flow hedges reclassified to profit or

loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,641

Employee
benefits

Share-based
compensation
reserve

Total
reserves

—

—
—
62

—

10,739

(11,049)

—

—
493
—

4,773

2,293
493
62

11,232

(3,428)

— (13,191)

—

6,641

Hedging reserve allocated to non-controlling interest

(Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation (Note 20) . . . . . . . . . . . . . . . . . . . . . . . . .
Settlement of share-based compensation . . . . . . . . . . . . . . . . . . . . .
Actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance as of December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effective portion of changes in fair value of cash flow

hedges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Recycled loss of cash flow hedges reclassified to profit or

loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation (Note 20) . . . . . . . . . . . . . . . . . . . . . . . . .
Settlement of share-based compensation . . . . . . . . . . . . . . . . . . . . .
Actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance as of December 31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3,306)
—
—
—
—
—
— (202)

—
1,856
(372)
—

(24,610)

(108)

12,716

(3,306)
1,856
(372)
(202)
(12,002)

(849)

1,290
—
—
—

—

—
—
—
26

—

(849)

—
2,791
(85)
—

1,290
2,791
(85)
26

(24,169)

(82)

15,422

(8,829)

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 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 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.

On February 26, 2015, the board of directors declared a quarterly cash dividend of $0.14 per

common share which was paid on March 13, 2015 to shareholders as of March 10, 2015 for a total
amount of $11,270.

On May 5, 2015, the board of directors declared a quarterly cash dividend of $0.14 per common

share which was paid on May 21, 2015 to shareholders as of May 18, 2015 for a total amount of
$11,270.

On June 19, 2015, the board of directors declared the initial dividend on the Preference Shares
of $0.510417 per share or $2,347 in the aggregate payable on July 1, 2015 to holders as of June 30,
2015. GasLog paid the declared dividend to the transfer agent in June 2015.

F-30

On August 5, 2015, the board of directors declared a quarterly cash dividend of $0.14 per
common share which was paid on August 20, 2015 to shareholders as of August 17, 2015 for a total
amount of $11,270.

On September 18, 2015, the board of directors declared a dividend on the Preference Shares of

$0.546875 per share or $2,515 in the aggregate payable on October 1, 2015 to holders of record as of
September 30, 2015. GasLog paid the declared dividend to the transfer agent in September 2015.

On November 4, 2015, the board of directors declared a quarterly cash dividend of $0.14 per
common share which was paid on November 19, 2015 to shareholders as of November 16, 2015 for a
total amount of $11,270.

On November 17, 2015, the board of directors declared a dividend on the Preference Shares of
$0.546875 per share or $2,515 in the aggregate payable on January 4, 2016 to holders of record as of
December 31, 2015. GasLog paid the declared dividend to the transfer agent on December 29, 2015.

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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As of December 31,
2014
2015

121,824
(5,393)

645,193
(8,206)

116,431
1,804,658
3,504
(29,317)

636,987
1,762,580
2,573
(27,653)

1,778,845

1,737,500

1,895,276

2,374,487

(1) Refer to “Senior Unsecured Notes” disclosed below for details on the premium.

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, 2015 was $119,649 (2014: $127,901) and is repayable in 18
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, 2015.

As of December 31, 2015, pursuant to the aforementioned credit facility $20,000 has been
presented under restricted cash due to the vessel’s new charter party is not considered an approved
charter by the lenders. The amount held is classified as a current asset and will be restricted until
GAS-one Ltd. enters into an acceptable by the lenders replacement charter (Note 7).

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

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

F-31

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. The revolving credit facility is available for
drawing on a fully revolving basis provided the total facility amount drawn post drawdown does not
exceed 72.5% of the vessel’s value, drawings must be in minimum amounts of $5,000 and can be
made 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 Enskilda Banken AB (publ). As
of December 31, 2015, 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, 2015 of the term loan was $85,000 and is repayable in 10 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. GAS-two Ltd. is
also required to maintain at all times minimum liquidity of $1,500 and was in compliance as of
December 31, 2015.

As of December 31, 2015, GAS-two Ltd. has classified in restricted cash an amount of $718

representing the 90% of its free cash pursuant to a specific clause in its loan agreement requiring
such restricted cash in the event that the charterer has not exercised its option to extend the charter,
with effect on and from 12 months prior to expiry of the charter. The amount held is classified as a
current asset and will be restricted until GAS-two Ltd. enters into a replacement charter (Note 7).

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
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, 2015 of the GAS-six Ltd. credit facility
was $120,169 and is repayable in 15 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

F-32

bears interest at LIBOR plus a margin. The borrower is required to have a minimum liquidity of
$1,500 following the loan drawdown date and was in compliance as of December 31, 2015.

(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, 2015 was $128,000 and is repayable in 20 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, on December 10, 2014, GAS-nine Ltd. drew down
$146,000 from the loan facility to partially finance the delivery of the GasLog Saratoga and on
April 24, 2015, GAS-ten Ltd. drew down $146,000 from the loan facility to partially finance the
delivery of the GasLog Salem. The balance outstanding as of December 31, 2015 of the GAS-eight
Ltd. tranche was $131,060 and is repayable in 22 consecutive quarterly installments of $1,990 with
balloon payments of $87,280, the balance outstanding as of December 31, 2015 of the GAS-nine Ltd.
tranche was $137,880 and is repayable in 24 consecutive quarterly installments of $2,030 with balloon
payments of $89,160 and the balance outstanding as of December 31, 2015 of the GAS-ten Ltd.
tranche was $141,940 and is repayable in 26 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 and was in
compliance as December 31, 2015.

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 amount of
$21,000 per vessel 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. As of
December 31, 2015, the amounts held in blocked accounts of $42,000 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

F-33

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, 2015 was $86,660 and is repayable
in six 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. GAS-fifteen Ltd. is also required to maintain at all times minimum liquidity of $1,500 and
was in compliance as of December 31, 2015.

(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, 2015 related to GAS-eighteen Ltd. was $108,500 and is
repayable in full in April 2016 without intermediate payments. GAS-eighteen Ltd, is also required to
maintain at all times minimum liquidity of $1,500 and was in compliance as of December 31, 2015.

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. In connection
with the closing of the Partnership’s acquisition of the three entities that own the Methane Shirley
Elisabeth, the Methane Heather Sally and the Methane Alison Victoria on July 1, 2015, GasLog
Partners and GasLog Partners Holdings LLC were added as corporate guarantors in addition to
GasLog, for the respective loan facility, replacing a previous guarantor, GasLog Carriers Ltd. The
debt of $325,500 was assumed by the Partnership of GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-
twenty one Ltd. Using the proceeds of the equity offering completed in June 2015, GasLog Partners
prepaid $10,000 of the GAS-nineteen Ltd. tranche on September 4, 2015, $5,000 of the GAS-twenty
Ltd. tranche on December 10, 2015 and $5,000 of the GAS-twenty one Ltd. tranche on December
29, 2015. The aggregate balance outstanding under the facility as of December 31, 2015, was
$305,500 and repayable in full in June 2016 without intermediate payments. Each of the borrowers is
required to have a minimum liquidity of $1,500 following the loan drawdown date and was in
compliance as of December 31, 2015.

(i) Citibank, Nordea Bank Finland plc, London Branch, DVB Bank America N.V., ABN Amro
Bank N.V., Skandinaviska Enskilda 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

F-34

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. The aforementioned refinancing was 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. The balance outstanding as of December 31, 2015
was $427,500 and is repayable in 16 equal quarterly installments of $5,625 each and a final balloon
payment of $337,500 payable concurrently with the last quarterly installment in November 2019.

On May 8, 2015, the Partnership entered into a supplemental deed relating to its Citibank N.A.

loan facility, in which the lenders unanimously approved such changes to the facility agreement as
were required to reflect the changes to the charters of three vessels agreed with BG Group on
April 21, 2015. As the aforementioned deed did not result in substantially different terms to the
original loan agreement, the amendments were considered a modification of the existing terms.
Consequently, the additional fees of $515 incurred during the year ended December 31, 2015 have
been accounted for as deferred financing fees and will be amortized over the remaining term of the
loan facility with the effective interest method.

(j) ABN Amro Bank N.V., Commonwealth Bank of Australia, Credit Agricole Corporate and
Investment Bank, Deutsche Bank AG Filiale Deutschlandgescha¨ ft and DNB Bank ASA, London
Branch and ING Bank N.V., London Branch

On March 25, 2015, 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 for the purpose of financing the acquisition of the Methane Becki Anne and
the Methane Julia Louise (Note 6). The available amounts were fully drawn on March 31, 2015.
Both facilities bear interest at LIBOR plus a margin and each of the borrowers is required to have
a minimum liquidity of $1,500 following the loan drawdown date and was in compliance as of
December 31, 2015. The balance outstanding as of December 31, 2015 of the senior secured term
loan facility was $325,000 and is repayable in one bullet installment on the final maturity date in
March 2017. The balance outstanding as of December 31, 2015 of the subordinated term loan facility
was $135,000 and is repayable in four consecutive quarterly installments of $33,750, beginning
15 months after the signing date (June 2016).

Securities covenants and guarantees

The obligations under the aforementioned facilities, with the exception of the subordinated term

loan facility, 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. In relation to the subordinated term loan
facility drawn with Gas-twenty six Ltd. and GAS-twenty seven Ltd., this is secured by second
priority mortgage and assignments. Obligations under the GasLog Partners’ Credit Facility are
facilities guaranteed by the Partnership and GasLog Partners Holdings LLC, obligations under the
GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one Ltd. loan agreement are guaranteed by
GasLog, 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 the majority lenders may request additional security 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, 2015 with the

F-35

exception of a marginal breach of $375 in relation to GAS-eighteen Ltd. (the owner of the Methane
Lydon Volney). The majority lenders under the relevant facility have confirmed that they have no
intention to exercise their right to request additional security.

Committed Loan Facilities

On October 16, 2015, GasLog entered into a debt financing agreement with 14 international

banks for $1,311,356 to partially finance the delivery of the eight newbuildings expected to be
delivered in 2016, 2018 and 2019. The financing is backed by the Export Import Bank of Korea
(“KEXIM”) and the Korea Trade Insurance Corporation (“K-Sure”), who are either directly lending
or providing cover for over 60% of the facility.

The loan agreement provides for four tranches of $412,458, $201,094, $206,115 and $491,690.
The facility will be also sub-divided into eight loans, one loan per newbuilding vessel, to be provided
for each of the vessels on a pro rata basis under each of the four tranches. Each drawing under the
first three tranches shall be repaid in 24 consecutive semi-annual equal installments commencing six
months after the actual delivery of the relevant vessel according to a 12-year profile. Each drawing
under the fourth tranche shall be repaid in 20 consecutive semi-annual equal installments
commencing six months after the actual delivery of the relevant vessel according to a 20-year profile,
with a balloon payment together with the final installment. Amounts drawn will bear interest at
LIBOR plus a margin. The obligations under the aforementioned facilities 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 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 115% of the aggregate outstanding principal balance for the first two years after each
drawdown and below 120% at any time thereafter. The financial covenants are applicable on a
Group level and are substantially the same as those of the remaining GasLog facilities.

As of December 31, 2015, commitment, arrangement, coordination, agency, bookrunner and

legal fees of $17,874 for obtaining the financing are classified under Deferred financing cost in the
statement of financial position and will be reclassified contra to debt on the drawdown dates.

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%
of par plus accrued interest 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 interest 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, 2015 was $112,185, while its fair value was $115,406 based on a
NOK/USD exchange rate of 0.1137 as of December 31, 2015.

F-36

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, 2015.

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,
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 and the bond trustee, as amended, or the “Bond Agreement”, includes a dividend
restriction according to which the Group may not (i) declare or make any dividend payment or
distribution, whether in cash or in kind, (ii) repurchase any of the Group’s shares or undertake other
similar transactions (including, but not limited to, total return swaps related to the Group’s shares),
or (iii) grant any loans or make other distributions or transactions constituting a transfer of value to
the Group’s shareholders (items (i), (ii) and (iii) collectively referred to as the “Distributions”) that

F-37

in aggregate exceed during any calendar year 50% of the Group’s 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 2015, 2016,
2017 and 2018 of $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 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 with all
financial covenants as of December 31, 2015.

Loan Repayment Schedule

The maturity table below reflects the principal repayments of the loans outstanding as of
December 31, 2015 based on the repayment schedule of the respective loan facilities (as described
above):

As of December 31,
2015

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

645,193
769,678
703,022
289,880

2,407,773

The weighted average interest rate for the outstanding loan facilities as of December 31, 2015
was 3.32% (December 31, 2014: 3.30%) excluding the fixed interest rate for the interest rate swaps
where hedge accounting is not applicable (Note 24).

After excluding the unamortised deferred loan issuance costs 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-38

13. Other Payables and Accruals

An analysis of other payables and accruals is as follows:

As of December 31,
2014
2015

Social contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unearned revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued legal and professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued board of directors’ fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued employee costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued off-hire. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued crew costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued financing cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued brokerage commission on vessels’ acquisition . . . . . . . . . . . .
Other accruals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,297
24,180
1,511
585
4,141
10,913
3,030
4,523
476
6,087
—
904

57,647

1,085
30,159
1,030
593
4,955
3,781
5,244
6,207
76
7,713
4,600
1,641

67,084

The unearned revenue represents charter hires received in advance in December 2015 relating

to hire period of January 2016, for 14 vessels (December 2014: 11 vessels).

14. Vessel Operating and Supervision Costs

An analysis of vessel operating and supervision costs is as follows:

For the year ended December 31,
2014

2013

2015

Employee costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Crew wages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Technical maintenance expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provisions and stores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Insurance expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vessels’ tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,178
16,019
5,344
1,966
1,864
—
702
985

32,058

7,789
36,577
12,753
3,199
4,882
188
2,645
2,699

70,732

8,771
49,254
20,364
4,962
7,407
375
3,010
4,409

98,552

15. Voyage Expenses and Commissions

An analysis of voyage expenses and commissions is as follows:

For the year ended December 31,
2014

2013

2015

Brokers’ commissions on revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bunkers consumption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustment for net pool allocation (Note 19). . . . . . . . . . . . . . . .
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,385
1,476
—

2,861

3,554
4,184
—

7,738

4,678
9,577
35

14,290

Bunkers consumption represents mainly bunkers consumed during vessels unemployment and

off-hire.

F-39

16. General and Administrative Expenses

An analysis of general and administrative expenses is as follows:

For the year ended December 31,
2014

2013

2015

Employee costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Board of directors’ fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Rent and utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Travel and accommodation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Legal and professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign exchange differences, net. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Directors’ and officers’ liability insurance . . . . . . . . . . . . . . . . . . . .
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13,276
1,266
493
1,167
1,202
2,996
(661)
557
1,302

21,598

16,344
1,926
1,856
1,780
2,277
7,578
(271)
1,142
1,522

34,154

17,276
2,439
2,872
2,180
2,161
11,014
689
729
1,922

41,282

17. Net Financial Income and Costs

An analysis of financial income and costs is as follows:

For the year ended December 31,
2014

2013

2015

Financial Income
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total financial income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Financial Costs
Amortization and write-off of deferred loan issuance costs

and premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest expense on loans and realized loss on cash flow

411

274

427

3,620

15,362

11,355

hedges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20,415

43,743

68,253

Interest expense on Bond and realized loss on cross

currency swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other financial costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total financial costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,204
612

9,533
2,941

27,851

71,579

11,331
1,017

91,956

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.

18. 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-40

19. 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Due from Cool Pool Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,000
789
—
80

1,869

925
—
249
171

1,345

As of December 31,
2014
2015

Pursuant to a commission agreement with Samsung, commissions due from the shipyard in
relation to the newbuilding orders was paid by Samsung to DryLog Investments Ltd., an affiliate of
Ceres Shipping. Upon receipt of the commissions, DryLog Investments Ltd. forwared the payments
to the vessel-owning subsidiaries, after deducting handling fees for each payment. The outstanding
receivable as of December 31, 2015 is $0 (December 31, 2014: $789). Following the delivery of
GasLog Salem in April 2015, this agreement is no longer in effect.

The amount due from Cool Pool Limited represents net revenue invoiced to GasLog which has

not yet been collected.

Current Liabilities

As of December 31,
2014
2015

Ship management creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amounts due to related parties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

97
181

60
163

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 $163 (December 31, 2014: $181) 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, 2013, 2014 and 2015:

Company

Details

(a)
(b)
(b)
(c)
(d)
(d)
(e)
(e)
(f)

Vessel management
Egypt LNG Shipping Ltd.
Office rent and utilities
Nea Dimitra Property
Other office services
Nea Dimitra Property
Ceres Monaco S.A.M.
Office rent and utilities
Euronav (UK) Agencies Ltd. Office rent and utilities
Euronav (UK) Agencies Ltd.
Seres S.A.
Seres S.A.
C Transport Maritime

Professional services
Catering
Consultancy services
Claims and insurance fee

S.A.M.

Seaflight Aviation Limited
Chartwell Management Inc.

(g)
(g)
(h) Unisea Maritime Ltd.
(i)
(j)
(j)
(j)

Blenheim Holdings Ltd.
Cool Pool Limited
Cool Pool Limited
Cool Pool Limited

Travel expenses
Travel expenses
Office rent and utilities
Professional services
Pool gross revenues
Pool gross bunkers
Adjustment for net pool
allocation

F-41

Statement of
income account

2013

2014

2015

Revenues
General and administrative expenses
General and administrative expenses
General and administrative expenses
General and administrative expenses
General and administrative expenses
General and administrative expenses
General and administrative expenses
General and administrative expenses

General and administrative expenses
General and administrative expenses
General and administrative expenses
General and administrative expenses
Revenues
Voyage expenses and commissions
Voyage expenses and commissions

714
687
—
27
—
—
151
53
86

36
134
—
—
—
—
—

731
758
57
—
150
109
195
53
110

607
704
—
—
646
—
196
42
54

—
—
163
348
—
50
—
38
— 2,469
— 1,838
35
—

(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 its 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. During the year ended December 31, 2014, the
Group reimbursed Nea Dimitra for part of the renovation costs of the Piraeus office spaces.

(c) Through its 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 GasLog Monaco S.A.M. During
the year ended December 31, 2014, no expenses were paid by Ceres Monaco S.A.M.

(d) Through its subsidiary GasLog Services (UK) Ltd., the Group makes payments to Euronav (UK) Agencies Ltd.

(“Euronav UK”), a subsidiary of Euronav NV, whose major shareholder was Mr. Livanos until November 2015, 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, as of December 31, 2014, 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 Services Ltd. pays C Transport Maritime
S.A.M. $10 per owned vessel per annum and $3 per managed vessel per annum. The service agreement was terminated
in 2015.

(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 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.

(i) Blenheim Holdings Ltd. that is controlled by Ceres Shipping (Note 1), requested reimbursement of professional expenses

provided in 2015.

(j) GasLog recognized gross revenues and voyage expenses of $2,469 and $1,838, respectively, from the operation of its
vessels to the Cool Pool during the year ended December 31, 2015. The aforementioned pool results were further
adjusted by $35 to include the net allocation from the pool in accordance with the profit sharing terms specified in the
Pool Agreement.

Compensation of key management personnel

The remuneration of directors and key management was as follows:

For the year ended December 31,
2014

2013

2015

Remuneration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Short-term benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expense recognized in respect of share-based compensation .
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,979
118
349

5,446

6,140
50
1,245

7,435

6,627
94
1,173

7,894

F-42

20. Share-Based Compensation

Omnibus Incentive Compensation Plan

On May 17, 2013, GasLog granted to executives, managers and certain employees of the Group,

Restricted Stock Units (“RSU”) and Stock Appreciation Rights or Stock Options (collectively, the
“SARs”) 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

n/a

325,943 May 17, 2013 April 29, 2023

n/a
13.26

Fair value at
grant date

11.95
2.3753

On April 1, 2014, GasLog granted to executives, managers and certain employees of the Group,
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
286,746 April 1, 2014 March 31, 2024

n/a

n/a
24.00

Fair value at
grant date

22.58
6.0035

On April 1, 2015, GasLog granted to executives, managers and certain employees of the Group,
88,492 RSUs and 305,859 SARs in accordance with the Plan. The RSUs will vest on March 31, 2018
while the SARs will vest incrementally with one-third of the SARs vesting on each of March 31,
2016, 2017 and 2018. 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 . . . . . . . . . . . . . . . . . . . . . . . . . .

88,492 April 1, 2015
305,859 April 1, 2015 March 31, 2025

n/a

n/a
19.48

Fair value at
grant date

19.48
5.6352

In accordance with the terms of the Plan, there are only service condition requirements. The

awards will be settled in cash or in shares at the sole discretion of the compensation committee of
the board of directors. These awards have been treated as equity settled because 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.

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
Group’s initial public offering. The expected dividend is based on management’s expectations of

F-43

future payments on the grant date. The significant assumptions used to estimate the fair value of the
SARs are set out below:

Inputs into the model

Grant date share closing price. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exercise price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected volatility. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected term. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Risk-free interest rate for the period similar to the

expected term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2013

2014

2015

$ 13.26
$ 13.26

$ 24.00
$ 24.00

$ 19.48
$ 19.48

29.31% 29.42%

39.3%

6 years

1.08%

2.03%

1.48%

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.

The fair value of the RSUs in accordance with its 2015 Plan was determined by using the grant
date closing price of $19.48 per share and was not further adjusted since the holders are entitled to
dividends.

Movement in RSUs and SARs

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, 2014 . . . . . . . . .
64,792
Granted during the year . . . . . . . . . . . . . . . . . . .
76,251
Forfeited during the year . . . . . . . . . . . . . . . . . .
(1,374)
Outstanding as of December 31, 2014 . . . . . 139,669
88,492
Granted during the year . . . . . . . . . . . . . . . . . . .
(3,373)
Vested during the year . . . . . . . . . . . . . . . . . . . .
Forfeited during the year . . . . . . . . . . . . . . . . . .
(7,820)
Outstanding as of December 31, 2015 . . . . . 216,968

SARs
Outstanding as of January 1, 2014 . . . . . . . . . 325,943
Granted during the year . . . . . . . . . . . . . . . . . . . 286,746
(20,614)
Exercised during the year . . . . . . . . . . . . . . . . .
(1,722)
Forfeited during the year . . . . . . . . . . . . . . . . . .
Outstanding as of December 31, 2014 . . . . . 590,353
Granted during the year . . . . . . . . . . . . . . . . . . . 305,859
(7,247)
Expired during the year . . . . . . . . . . . . . . . . . . .
(15,737)
Forfeited during the year . . . . . . . . . . . . . . . . . .
Outstanding as of December 31, 2015 . . . . . 873,228

—
—
—

—
—
—
—

—

13.26
24.00
13.26
24.00

18.45
19.48
15.98
19.47

18.81

—
—
—

—
—
—
—

—

—
—
26.89
—

—
—
—
—

—

2.33
—
—

1.82
—
—
—

1.38

9.33
—
—
—

8.78
—
—
—

8.28

774
1,722
(31)

2,465
1,724
(54)
(149)

3,986

774
1,722
(49)
(10)

2,437
1,724
(24)
(81)

4,056

As of December 31, 2015, 291,676 SARs have vested but not been exercised.

On April 1, 2015, GasLog Partners granted to its executives, Restricted Common Units

(“RCUs”) and Performance Common Units (“PCUs”) in accordance with its 2015 Long-Term
Incentive Plan (the “GasLog Partners’ Plan”). The RCUs and PCUs will vest on March 31, 2018

F-44

subject to the recipients’ continued service; vesting of the PCUs is also subject to the achievement of
certain performance targets in relation to total unitholder return. Specifically, the performance
measure is based on the total unitholder return (“TUR”) achieved by the Partnership during the
performance period, benchmarked against the TUR of a selected group of peer companies. TUR
above the 75th percentile of the peer group results in 100% of the award vesting; TUR between the
50th-75th percentile of the peer group results in 50% of award vesting; TUR below the 50th
percentile of the peer group results in none of the award vesting. The holders are entitled to cash
distributions that are accrued and will be settled on vesting.

Awards

Number

Grant date

Fair value at
grant date

RCUs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PCUs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16,999 April 1, 2015
16,999 April 1, 2015

$24.12
$24.12

In accordance with the terms of the GasLog Partners’ Plan, the awards will be settled in cash or

in common units at the sole discretion of the board of directors or such committee as may be
designated by the board to administer the GasLog Partners’ Plan. These awards have been treated
as equity settled because the Partnership has no present obligation to settle them in cash.

Fair value

The fair value of the RCUs and PCUs in accordance with the GasLog Partners’ Plan was
determined by using the grant date closing price of $24.12 per common unit and was not further
adjusted since the holders are entitled to cash distribution.

Movement in RCUs and PCUs

The summary of RCUs and PCUs is presented below:

Number of
awards

Weighted
average
contractual life

Aggregate
fair value

RCUs
Outstanding as of January 1, 2015 . . . . . . . . . . . . . . . . . . . . . .
Granted during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Outstanding as of December 31, 2015. . . . . . . . . . . . . . . . . . .

PCUs
Outstanding as of January 1, 2015 . . . . . . . . . . . . . . . . . . . . . .
Granted during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Outstanding as of December 31, 2015. . . . . . . . . . . . . . . . . . .

—
16,999

16,999

—
16,999

16,999

—
—

2.25

—
—

2.25

—
410

410

—
410

410

The total expense recognized in respect of share-based compensation for the year ended

December 31, 2015 was $2,872 (December 31, 2014: $1,856 and December 31, 2013: $493). The total
accrued cash distribution as of December 31, 2015 is $81 (December 31, 2014: $0) and is included
under “Other non-current liabilities”.

21. Commitments

(a) On December 31, 2014 and 2015 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

As of December 31,

2014

1,005
1,134
694
1,154

3,987

2015

1,804
2,614
1,239
778

6,435

F-45

The rental expense relating to operating leases for the year ended December 31, 2015 was

$1,493 (December 31, 2014: $1,081 and December 31, 2013: $623).

(b) Commitments relating to the vessels under construction (Note 6) on December 31, 2014 and

2015 payable to Samsung and Hyundai were as follows:

As of December 31,
2014
2015

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 . . . . . . . . . . . . . .
Total vessel construction commitment . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

239,285
1,437,433
—

720,753
566,750
163,600

1,676,718

1,451,103

GasLog has issued performance guarantees in favor of Samsung and Hyundai 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, 2014 and December 31, 2015 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 . . . . . . . . . . . . . . . . . . . . . . . . . .

As of December 31,
2014
2015

356,320
639,118
472,672
156,710

399,093
679,971
449,594
277,653

1,624,820

1,806,311

Future gross minimum lease revenues disclosed in the above table excludes the revenues of the

vessels that are under construction as of December 31, 2015 (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.

• In April 2015, GAS-twenty two Ltd., GAS-twenty three Ltd. and GAS-twenty four Ltd.

signed time charter agreements with a subsidiary of BG Group for the employment of the
vessels for average initial terms of approximately 9.5 years, commencing mid-2018 and early
2019.

(d) Related to the acquisition of the six vessels from a subsidiary of BG Group in 2014 and
another two vessels in 2015, the Group is committed to purchase depot spares from BG Group with
an aggregate value of $8,000, of which depot spares with value $660 have been purchased and paid
as of December 31, 2015 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) On November 2, 2015, following execution of a letter agreement between GasLog and MSL

reimbursing MSL the sum of $2,654 for value as of November 1, 2015, adjusted for future value
through January 2020 up to $3,801, allowing for the future use of the reimbursement amount against
the funding of specific MSL projects, such as costs associated with change orders on LNG
newbuildings and or modifications of existing vessels as agreed between the parties. As of
December 31, 2015, the outstanding commitment is $2,673.

F-46

(f) Other Guarantees:

As of December 31, 2015, GasLog LNG Services Ltd. has provided bank guarantees as follows:
• Up to $1,250 (December 31, 2014: $1,250) to third parties relating to the satisfactory

performance of its ship management activities;

• $789 (December 31, 2014: $878) relating to the social security fund for Greek seamen; and
• Bank guarantee of $10 (December 31, 2014: $10) 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.

22. 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, 2015, the Group has hedged 43.61% of its variable rate interest
exposure relating to its existing loan facilities and the Bond by swapping the variable rate to a fixed
rate (December 31, 2014: 53.90%).

The fair value of the interest rate swaps as of December 31, 2015 was estimated as a net
liability of $16,561 (December 31, 2014: $15,444). The effective movement in the fair value of the
interest rate swaps designated as cash flow hedging instruments (Note 24) amounting to $979 loss
(December 31, 2014: $6,515 loss and December 31, 2013: $6,083 gain) 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. As of December 31, 2015, 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 $3,349 (December 31, 2014: $4,405 and December 31, 2013: $4,520). This amount
would have affected other comprehensive income by $1,483 (December 31, 2014: $2,192 and
December 31, 2013: $1,526) and the loss on swaps by $1,866 (December 31, 2014: $2,213 and
December 31, 2013: $2,994). During the year ended December 31, 2015, 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 $1,315 (December 31, 2014: $678 and December 31, 2013:
$221).

Other price risk: The decrease in the fair value of 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

F-47

primarily with respect to general and crew costs denominated in Euros. The Group has entered into
cross currency swaps (Note 24) to hedge its currency exposure from the Bond. In addition,
management monitors the exchange rate fluctuations on a continuous basis. As an indication of the
extent of the Group’s sensitivity to changes in exchange rate, a 10% increase in the average
euro/dollar exchange rate would have decreased the Group’s profit and cash flows during the year
ended December 31, 2015 by $7,813, based upon its expenses during the year (December 31, 2014:
$6,893 and December 31, 2013: $4,118).

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 have been 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 . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . .

December 31, 2015
Trade and other accounts

7,134
181
3,065
—
2.71% 4,954

961
—
29,167
—
65,272
— 2,314

1,573
—
1,235
—
93,886
7,427

—
—
—
—

—
—
—
977

9,668
181
33,467
977
1,400,500 399,054 1,963,666
— 169,023

159,282

15,334

97,714

104,121

1,559,782 400,031 2,176,982

11,877
163
7,584
—
2.97% 7,223

322
—
28,370
—
68,141
— 2,763

192
—
971
—
624,498
8,480

—
—
—
518

—
—
—
760

12,391
163
36,925
1,278
1,467,432 297,551 2,464,845
— 141,960

130,717

26,847

99,596

634,141

1,598,667 298,311 2,657,562

* Excludes Unearned revenue as it is not a financial liability.

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 are settled 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

F-48

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.

December 31, 2014
Interest rate swaps . . . . . . . . . . . . . . . . . . . . . . . .
Cross currency swaps . . . . . . . . . . . . . . . . . . . . .
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

December 31, 2015
Interest rate swaps . . . . . . . . . . . . . . . . . . . . . . . .
Cross currency swaps . . . . . . . . . . . . . . . . . . . . .
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less
than 1
month

540
—

540

152
—

152

1-3 months

3-12 months

1-5 years

5+ years

Total

3,010
448

3,458

2,266
883

3,149

10,693
1,858

12,551

7,053
3,102

10,155

3,954
35,221

39,175

7,355
53,960

61,315

(1,274)

16,923
— 37,527

(1,274)

54,450

(47)
16,779
— 57,945

(47)

74,724

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, the refinancing signed in February 2016
(Note 28), the proceeds from the sale and leaseback transaction completed in February 2016
(Note 28) and 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.

As of December 31,

2014

2015

Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trade and other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends receivable and due from related parties. . . . . . . . . . . . . . . . . . . . . .
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

211,974
28,103
14,317
1,869
22,826
1,174

302,988
6,000
16,079
1,345
62,718
61

For the year ended December 31, 2015, 83.1% of the Group’s revenue was earned from BG
Group and 11.8% from Royal Dutch Shell plc (“Shell”). For the year ended December 31, 2014,
80.1% of the Group’s revenue was earned from BG Group and 11.7% from Shell and for the year
ended December 31, 2013, approximately all of the Group’s revenue was mainly earned from BG
Group and accounts receivable were not collateralized; however, management believes that the
credit risk is partially offset by the creditworthiness of the Group’s counterparties. BG Group was
acquired by Shell on February 15, 2016. This acquisition does not impact the contractual obligations
under the existing charter party agreements. The Group did not experience significant credit losses
on its accounts receivable portfolio during the three years ended December 31, 2015. 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 counterparties.

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.

23. 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-49

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

116,431
1,778,845

1,895,276
1,253,037

636,897
1,737,500

2,374,397
1,507,920

3,148,313

3,882,317

Gearing ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

60.20% 61.16%

As of December 31,
2014
2015

24. 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)

Interest rate swaps. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derivative financial instruments, non-current asset . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The fair value of the derivative liabilities is as follows:

As of December 31,
2014
2015

1,087

1,174

—

As of December 31,
2014
2015

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

8,327
35,282

8,410
56,152

(FVTPL)

Interest rate swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derivative financial instruments, current liability . . . . . . . . . . . . . . . . . . . . . .
Derivative financial instruments, non-current liability . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,291

51,900

16,149
35,751

51,900

8,212

72,774

14,243
58,531

72,774

Interest rate swap agreements

The Group enters into 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-50

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

Trade
Date

Effective
Date

Termination
Date

Fixed
Interest
Rate

Notional Amount

December 31,
2014

December 31,
2015

GAS-two Ltd.
GAS-two Ltd.
GAS-six Ltd.
GAS-nine Ltd.
GAS-nine Ltd.
GAS-ten Ltd.
GAS-ten Ltd.
GAS-fifteen Ltd.(3)

DNB Bank ASA
SEB(1)
Nordea Bank Finland Nov 2011 July 2013
CBA(2)
DNB Bank ASA
SEB(1)
ING Bank N.V.
Citibank

Sept 2013 Feb 2014 April 2018
Sept 2013 Feb 2014 April 2018
July 2018
April 2014 Dec 2014 Dec 2019
April 2014 Dec 2014 Dec 2019
Feb 2020
April 2014 Feb 2015
Feb 2020
May 2014 Feb 2015
Sept 2018
July 2014 Sept 2014

1.69%
1.66%
2.04%
2.23%
2.24%
2.25%
2.23%
0.66%/2.89%

31,667
31,667
69,485
62,500
62,500
62,500
62,500
93,330

—
—
65,074
59,024
59,024
59,893
59,893
86,660

476,149

389,568

(1) Skandinavinska Enskilda Banken AB (publ)

(2) Commonwealth Bank of Australia

(3) 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, 2015.

For the year ended December 31, 2015, the effective portion of changes in the fair value of

derivatives designated as cash flow hedging instruments amounting to $7,279 loss has been
recognized in Other comprehensive income (December 31, 2014: $9,885 loss, December 31, 2013:
$2,459 gain). For the year ended December 31, 2015, a loss of $6,300, was recycled to profit or loss
representing the realized loss on interest rate swaps in relation to the interest expenses component
of the hedge (December 31, 2014: $3,370 loss, December 31, 2013: $3,624 loss).

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

Fixed
Interest
Rate

Notional Amount

December 31,
2014

December 31,
2015

GAS-eight Ltd.
GAS-eight Ltd.
GAS-eight Ltd.
GAS-eight Ltd.
GAS-eight Ltd.
GAS-eight Ltd.
GAS-one Ltd.(1)
GAS-one Ltd.(1)
GAS-six Ltd.(1)
GAS-seven Ltd.(1)
GAS-seven Ltd.(1)
GAS-two Ltd.(1)
GAS-two Ltd.(2)
GAS-two Ltd.(2)

Feb 2012 Mar 2014 Mar 2021
SEB
Feb 2012 Mar 2014 Mar 2021
ING Bank N.V.
May 2012 Mar 2014 Mar 2021
SEB
May 2012 Mar 2014 Mar 2021
ING Bank N.V.
May 2012 Mar 2014 Mar 2021
DNB Bank ASA
CBA
May 2012 Mar 2014 Mar 2021
Danish Ship Finance Oct 2011 Nov 2011 May 2020
June 2013 Aug 2013 May 2020
Danish Ship Finance
July 2019
ABN-AMRO Bank May 2012 July 2013
Nov 2020
Mar 2012 Nov 2013
Credit Suisse AG
April 2014 May 2014 May 2019
Credit Suisse AG
Sept 2013 Feb 2014 April 2018
CBA
Sept 2013 Feb 2014 April 2018
DNB Bank ASA
Sept 2013 Feb 2014 April 2018
SEB

2.26%
2.26%
2.05%
2.05%
2.05%
2.06%
2.10%
2.03%
1.72%
2.23%
1.77%
1.69%
1.69%
1.66%

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

39,263
39,263
12,636
12,636
12,636
12,636
64,095
55,554
55,096
96,000
32,000
28,333
28,333
28,333

516,814

(1) During the year ended December 31, 2015, the amount of the cumulative loss from the period that these hedges were

effective that was recycled to profit or loss was $1,129 (December 31, 2014: $6,641, including the effect from the interest
rate swaps of GAS-three Ltd., GAS-four Ltd. and GAS-five Ltd. terminated in 2014, December 31, 2013: $2,293).

F-51

(2) In 2015, 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, 2015 was $161.

The derivative instruments listed above were not designated as cash flow hedging instruments.
The change in the fair value of these contracts for the year ended December 31, 2015 amounted to
a net loss of $149 (December 31, 2014: $7,873 loss, December 31, 2013: $19,829 gain), which was
recognized against profit or loss in the period incurred and is included in Gain/(loss) on swaps.
During the year ended December 31, 2015, the net loss of $149 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.

Cross currency swap agreements

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
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

GasLog Ltd.

DNB Bank ASA

June 2013

June 2018

GasLog Ltd.

SEB

June 2013

June 2018

GasLog Ltd.

Nordea Bank Finland

June 2013

June 2018

GasLog Ltd.

DNB Bank ASA

April 2014 May 2014

June 2018

GasLog Ltd.

SEB

April 2014 May 2014

June 2018

GasLog Ltd.

Nordea Bank Finland April 2014 May 2014

June 2018

Fixed
Interest
Rate

7.40%

7.41%

7.43%

5.99%

Notional Amount

December 31,
2014

December 31,
2015

27,732

27,731

27,743

27,871

27,732

27,731

27,743

27,871

166,819

For the year ended December 31, 2015, the effective portion of changes in the fair value of

CCSs amounting to a loss of $23,584 has been recognized in Other comprehensive income
(December 31, 2014: $37,722 loss, December 31, 2013: $2,388 loss). For the year ended
December 31, 2015, a loss of $2,714 was recycled to profit or loss representing the realized loss on
CCSs in relation to the interest expenses component of the hedge (December 31, 2014: $60 gain,
December 31, 2013: $106 loss). Additionally, for the year ended December 31, 2015, a gain of
$21,000, was recognized in Other comprehensive income in relation to the retranslation of the Bond
in U.S. dollars as of December 31, 2015 (December 31, 2014: $31,106 gain, December 31, 2013:
$972 gain).

F-52

An analysis of Gain/(loss) on swaps is as follows:

For the year ended
December 31,
2014

2015

2013

Inception loss for cash flow hedges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unrealized gain/(loss) 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(318)
19,829
(5,729)
(2,293)
9

—
(7,873)
(10,310)
(6,641)
37

—
(149)
(8,904)
(1,290)
11

11,498

(24,787)

(10,332)

Fair value measurements

The fair value of the Group’s financial assets and liabilities approximate to their carrying

amounts at the reporting 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
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).

25. Non-cash Items on Statements of Cash Flows

As of December 31, 2015, there were capital expenditures for vessels and vessels under

construction of $12,576 that have not been paid during the year ended December 31, 2015 and were
included in current liabilities (December 31, 2014: $7,999, December 31, 2013: $691, net receivable).

As of December 31, 2015, there were equity raising costs of $59 that have not been paid during

the year ended December 31, 2015 and were included in current liabilities (December 31, 2014:
$174, December 31, 2013: $0).

As of December 31, 2015, there were loan issuance costs of $247 that have not been paid
during the year ended December 31, 2015 and were included in current liabilities (December 31,
2014: $903, December 31, 2013: $2,494).

26. 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

F-53

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, 2015;

however, the effect on the results is insignificant.

27. Earnings per share (“EPS”)

Basic earnings per share 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.

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, unless such potential ordinary shares have an antidilutive effect.

The following reflects the earnings and share data used in the basic and diluted earnings per

share computations:

For the year ended December 31,
2014

2015

2013

Basic earnings per share
Profit for the year attributable to owners of the

Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Dividends on preferred stock . . . . . . . . . . . . . . . . . . . .
Profit for the year available to owners of the Group . .
Weighted average number of shares outstanding, basic
Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted earnings per share
Profit for the year available 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

56,929
—
56,929
62,863,665

42,161
—
42,161
78,633,820

10,829
7,379
3,450
80,496,314

0.91

0.54

0.04

56,929
62,863,665
—

42,161
78,633,820
166,372

3,450
80,496,314
114,106

62,863,665

78,800,192

80,610,420

0.91

0.54

0.04

The Group excluded the dilutive effect of 576,014 SARs and 83,751 RSUs in calculating diluted
EPS for the year ended December 31, 2015, as they were anti-dilutive (December 31, 2014: 285,024
SARs and 74,877 RSUs).

28. Subsequent Events

On February 18, 2016, GasLog entered into a credit agreement to refinance the existing

indebtedness on five of its contracted vessels of up to $576,500 (the “Five Vessel Refinancing”) for
debt maturities which were due in 2016 and 2017. It is comprised of a five-year senior tranche
facility of up to $396,500 and a two-year bullet junior tranche of up to $180,000. The vessels covered
by the Five Vessel Refinancing are the GasLog-owned Methane Lydon Volney and Methane Becki
Anne and the GasLog Partners-owned Methane Alison Victoria, Methane Shirley Elisabeth and
Methane Heather Sally. ABN AMRO Bank N.V. and DNB (UK) Ltd. were mandated lead arrangers

F-54

to the transaction. The other banks in the syndicate are: DVB Bank America N.V., Commonwealth
Bank of Australia, ING Bank N.V., London Branch, Credit Agricole Corporate and Investment
Bank and National Australia Bank Limited.

On February 24, 2016, GasLog’s subsidiary, GAS-twenty six Ltd., completed the ship sale and
leaseback transaction with a subsidiary of Mitsui Co. Ltd. (“Mitsui”) for the sale and leaseback of
the Methane Julia Louise. Mitsui has the right to on-sell and lease back the vessel. The vessel was
sold to Mitsui for a total consideration approximately equivalent to its current book value. GasLog
has leased back the vessel under a bareboat charter from Mitsui for a period of up to 20 years.
GasLog has the option to re-purchase the vessel on pre-agreed terms no earlier than the end of year
ten and no later than the end of year 17 of the bareboat charter. GasLog Partners retains its option
to purchase the special purpose entity that controls the charter revenues of this vessel. This entity,
together with the revenues from the charter, continues to be eligible for dropdown into GasLog
Partners. The vessel remains on its eleven year charter with MSL. This transaction does not meet
the held for sale classification criteria under IFRS 5 Non-current assets held for sale. Following the
completion of this transaction, the outstanding debt of GAS-twenty six Ltd. of $230,000 was prepaid.

In connection to the aforementioned sale and leaseback transaction, GasLog entered into a
consulting agreement with Unisea Maritime (Note 19), under the terms of which GasLog agreed to
pay a brokerage commission fee equal to 0.25% of the agreed charter rates under the sale and
leaseback transaction plus reasonable expenses (incurred in line with the Group policies). The
brokerage commission fee was paid in advance for the full 20-year period of the bareboat charter,
discounted to the date of the agreement at an annual discount rate of 7.5%.

On February 24, 2016, the board of directors declared a quarterly cash dividend of $0.14 per

common share paid on March 17, 2016 to shareholders of record as of March 7, 2016.

On February 25, 2016, a supplemental deed was signed with the lenders of the GAS-eight Ltd.,

GAS-nine Ltd. and GAS-ten Ltd. loan facility, permitting GasLog to withdraw the $21,000
maintained in blocked accounts for each of GAS-nine Ltd. and GAS-ten Ltd. (Note 12), provided
GasLog has an executed guarantee or letter of credit with a minimum duration of six months. In
connection to this, on February 26, 2016, GasLog entered into two bank guarantees, issued by BNP
Paribas S.A. for GAS-nine Ltd. and GAS-ten Ltd. of $21,000 each. The bank guarantees bear
interest at a margin and are available for a period of up to two years. Consequently, $42,000 was
reclassified from Restricted cash to Cash and cash equivalents.

F-55

[THIS PAGE INTENTIONALLY LEFT BLANK]