#1GASLOG LTD. Investor Presentation October 2020#2FORWARD-LOOKING STATEMENTS All statements in this presentation 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 Gas Log Ltd. ("GasLog") or GasLog Partners LP 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. We caution that these forward-looking statements represent our estimates and assumptions only as of the date of this press release, 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 multi-year charter rates, ship values, factors affecting supply and demand of LNG and LNG shipping, including geopolitical events, technological advancements and opportunities for the profitable operations of LNG carriers; fluctuations in charter hire rates, vessel utilization and vessel values; increased exposure to the spot market and fluctuations in spot charter rates; our ability to maximize the use of our vessels, including the re-deployment or disposition of vessels which are not under multi-year charters, including the risk that certain of our vessels may no longer have the latest technology at such time which may impact our ability to secure employment for such vessels as well as the rate at which we can charter such vessels; changes in our operating expenses, including crew wages, maintenance, dry-docking and insurance costs and bunker prices; number of off-hire days and dry-docking requirements including our ability to complete scheduled dry-dockings on time and within budget; planned capital expenditures and availability of capital resources to fund capital expenditures; our ability to maintain long-term relationships and enter into time charters with new and existing customers; disruption to the LNG, LNG shipping and financial markets caused by global shutdown as a result of the COVID-19 pandemic; fluctuations in prices for crude oil, petroleum products and natural gas; changes in the ownership of our charterers; our customers' performance of their obligations under our time charters and other contracts; our future operating performance and expenses, financial condition, liquidity and cash available for dividends and distributions; our ability to obtain debt and equity financing on acceptable terms 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; the time that it may take to construct and deliver newbuildings and the useful lives of our ships; fluctuations in currencies and interest rates; the expected cost of and our ability to comply with environmental and regulatory conditions, including with respect to emissions of air pollutants and greenhouse gases, as well as future changes in such requirements or other actions taken by regulatory authorities, governmental organizations, classification societies and standards imposed by our charterers applicable to our business; risks inherent in ship operation, including the discharge of pollutants; the impact of environmental liabilities on us and the shipping industry, including climate change; our ability to retain key employees and the availability of skilled labour, ship crews and management; potential disruption of shipping routes due to accidents, diseases, pandemics, 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 event; and other risks and uncertainties described in GasLog's and Gas Log Partners' Annual Reports on Form 20-F filed with the SEC on March 6, 2020 and March 3, 2020, respectively, and available at http://www.sec.gov. GasLog and Gas Log Partners undertake no obligation to update or revise any forward-looking statements contained in this press release, 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. The declaration and payment of dividends are at all times subject to the discretion of our board of directors and will depend on, amongst other things, risks and uncertainties described above, restrictions in our credit facilities, the provisions of Bermuda law and such other factors as our board of directors may deem relevant October 2020 | Investor Presentation 2#3GASLOG DELIVERING AN ATTRACTIVE INVESTMENT CASE - 1 World-leading LNG shipping company with history of profitable growth 2 $3.7B of contracted charter revenues with diversified customer base of blue-chip counterparties 3 Delivery of new fuel-efficient vessels will drive earnings and cash flow growth 4 Scheduled amortization provides accelerated de-leveraging of the balance sheet 5 Refinancing of 2021 maturities, common equity private placement and cash collateral release enhance liquidity 6 Robust LNG outlook with positive medium & long-term fundamentals, displacing polluting hydrocarbons (coal, oil etc) 7 Strong focus on ESG disclosure and performance, inaugural Sustainability Report issued in June 2020 October 2020 | Investor Presentation 3#41 GASLOG: A GLOBAL LEADER IN LNG TRANSPORTATION New York London Athens Singapore October 2020 | Investor Presentation Busan (South Korea) 35 Vessels Consolidated fleet (31 on- the-water and four on order) ■GLOG 20 (4 on order) ■ GLOP 15 c.1,800 Employees onshore and offshore $5.4 billion Q2 2020 total assets $3.7 billion Q2 2020 consolidated revenue backlog GLOG $2.9 billion GLOP $0.8 billion 100% Safety record achievement 33 million cbm LNG moved in 2019 4#5STRATEGIC GROUP REVIEW AND OUTLOOK October 2020 | Investor Presentation 5#61 BUSINESS RESILIENCE MANAGES THE CHALLENGES PRESENTED BY COVID-19 1 FOCUSED ON DELIVERING FOR OUR CUSTOMERS ■ All available vessels are currently on charter Fleet uptime of 100% in Q2 2020 excluding dry-docking 2 PROGRESSING OUR GROWTH INITIATIVES ■ GasLog Windsor, GasLog Wales and GasLog Westminster delivered in 2020 on time and on budget - Vessels delivered immediately into multi-year charters at attractive rates - 2021 scheduled deliveries fully debt funded 3 MEASURED RETURN TO NORMAL FOR OUR PERSONNEL ■ Onshore personnel in Greece have returned to the office on rotational basis Acceleration of crew changes but challenges remain ■ COVID-19 free fleet maintained to date October 2020 | Investor Presentation GASLOG WALES HAMILTON CO 6#71 STRATEGIC DECISION TO FURTHER REDUCE COSTS, STREAMLINE DECISION MAKING CONSOLIDATED G&A ($M) 1 Following rapid growth our focus is now on optimizing execution and cost reductions $50 $45 2 Closure of US office, reduction in headcount and board size $40 3 GasLog senior leadership now based in Greece $35 c. $9M (20%) $30 4 Continued focus on additional cost optimizations on both vessel OPEX and G&A FY 2019 Previous 2021 New 2021 October 2020 | Investor Presentation 7#82 $3.7 BILLION OF CONTRACTED REVENUE WITH HIGH QUALITY COUNTERPARTIES TOTAL CONTRACTED REVENUES ($M) GLOG CONTRACTED REVENUES ($M) GLOP CONTRACTED REVENUES ($M) $700 100% $500 100% $300 100% $525 $350 $175 الر 75% $375 75% $225 75% 50% $250 50% $150 50% 25% $125 0% $0 2021 2022 $0 H2 20 Contracted revenues Charter coverage October 2020 | Investor Presentation 25% $75 0% $0 2021 2022 Charter coverage H2 20 Contracted revenues H2 20 2021 Contracted revenues 25% 0% 2022 Charter coverage 8#92 HISTORY OF GROWING CONTRACTED BACKLOG; 15% CAGR SINCE IPO CONTRACTED REVENUE BACKLOG SINCE IPO ($ BILLION) $5.0 $4.0 $3.0 $2.0 $2.6 $2.1 $1.0 $1.2 15% CAGR $4.0 $3.7 $3.7 $3.6 $3.6 $3.1 $0.0 2012 2013 2014 2015 2016 2017 2018 2019 Q2 20 October 2020 | Investor Presentation 9#103 OUR ORGANIC GROWTH CONTINUES TO DELIVER ON TIME AND ON BUDGET GASLOG'S X-DF VESSEL FLEET Vessel Gas Log Ltd. chartered fleet Capacity Propulsion Built (cbm) Charterer 2020 2021 2022 2023 2024 2025 Gas Log Hong Kong(1) X-DF 2018 174,000 TOTAL Gas Log Genoa (1) X-DF 2018 174,000 GasLog Houston (1) X-DF 2018 174,000 Gas Log Gladstone (1) X-DF 2019 174,000 GasLog Warsaw X-DF 2019 180,000 desa Gas Log Windsor (1) X-DF 2020 180,000 centrica GasLog Wales (1) X-DF 2020 180,000 Jera Gas Log Westminster (1) X-DF 2020 180,000 centrica Hull 2300 X-DF CHENIERE 2020 174,000 Hull 2301 X-DF CHENIERE 2021 174,000 Hull 2311 X-DF CHENIERE 2021 180,000 Hull 2312 X-DF CHENIERE 2021 180,000 12 Latest generation X-DF vessels in our fully delivered fleet End 2025 3 End 2027 End 2028 Newbuild X-DFs delivered year to date End 2029 4 End 2029 End 2027 End 2032 End 2027 Newbuild X-DFs delivering Q3 2020 through Q3 2021 October 2020 End 2027 Next newbuild delivery End 2028 End 2028 End 2028 Firm period Optional period Available/short-term charter $145 million Annual EBITDA contribution from our 7 XDF newbuildings delivering Q2 2020 through Q3 2021 $2.5 billion contracted revenue backlog and $265 million annual EBITDA from our fully delivered X-DF fleet October 2020 | Investor Presentation 10#113 FULLY CONTRACTED NEWBUILD FLEET TO DRIVE CASH FLOW GROWTH LTM ADJUSTED EBITDA ($M) AND NUMBER OF NEWBUILD DELIVERIES DURING THE PERIOD $500 $400 $356 $300 $200 $100 $448 3 $461 2 7 Newbuild X-DF vessels 5 $470 delivered during Q1 2018 - Q2 2020 3 3 2 1 0 50 $0 0 2017 2018 2019 Q2 2020 LTM Adjusted EBITDA Newbuild Deliveries October 2020 | Investor Presentation 0 Uncommitted newbuilds delivering Q3 2020 - Q3 2021 11#124 SCHEDULED DEBT AMORTIZATION CONTINUES TO IMPROVE LEVERAGE METRICS BALANCE SHEET METRICS CONSOLIDATED SCHEDULED DEBT AMORTIZATION 2020-23 ($M) (2) 7.1x(1) $300 $3,750 Net debt to trailing 12-month adjusted EBITDA $225 63% Net debt to total capitalization as of Q2 2020 $150 $75 $0 2020 2021 Debt retired Scheduled amortization 2022 CASH ITEMS $173 million Cash and cash equivalents on June 30, 2020 $3,500 $27 million Additional cash released in July $3,250 from collateral on interest rate and currency swaps c.$30 million $3,000 Incremental cash from refinancing of 2021 debt maturities in July 2020 $2,750 2023 $17 million Year-end secured debt balance Remaining cash equity payments due in 2020 on the newbuilds under construction 1. 2. Net debt reflects Q2 2020 ending balance adjusted for subsequent cash released from collateral on interest rate and currency swaps and incremental liquidity from refinancing of 2021 debt maturities Year-end secured debt balance excludes $315 million outstanding related to GasLog's senior unsecured USD bond and approximately $99 million related to. GasLog's senior unsecured NOK bond October 2020 | Investor Presentation 12#135 JULY 2020 REFINANCING ENHANCES LIQUIDITY, REDUCES DEBT SERVICE COST (GLOG: $0.6 billion - 7 vessels and GLOP: $0.5 billion - 6 vessels) 4 new credit facilities totaling $1.1 billion secured by 13 vessels 1 2 Refinances all the Group's 2021 debt maturities, nearest bank maturity in 2024 c.$5 million Total reduction in annual debt service costs c. $30 million Total incremental cash received from 4 new facilities 3 4 Amortization profile of a minimum of 22 years Covenants in line with existing bank credit facilities and NOK 2024 bond Latest refinancing eliminates cross guarantees between GLOG/GLOP LENDERS cíti Nordea nab ING DNB CRÉDIT AGRICOLE ABN AMRO HSBC CREDIT SUISSE BNP PARIBAS R ALPHA BANK 5 October 2020 | Investor Presentation ****** T UniCredit NATIONAL BANK OF GREECE 13#145 TRACK RECORD OF PRUDENT REFINANCING AHEAD OF MATURITY DEBT AMORTIZATION AND MATURITY SCHEDULE: Q3 2020 - Q4 2023 $900 $750 $600 $450 NOK 750M Refinanced in Q4 2019 $300 Now due in 2024 Five vessel facility $150 Refinanced in Q3 2020 Now due in 2025 Legacy facility Refinanced in Q3 2020 Now due in 2025 2021 bank debt Bank financing for 13 vessels due Q2 and Q3 2021, refinanced in Q3 2020 GLOG02 Bond Due Q2 2021, refinanced in Q4 2019 $325 million Senior Notes Due in Q1 2022 GLOP $450m Bank financing for 5 vessels due Q4 2019, refinanced Q1 2019 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 Scheduled amortization *Refinanced bank maturity * Refinanced bond ■Bond maturities c. $9 Billion of capital raised since our IPO from diverse funding sources October 2020 | Investor Presentation 14#15LNG COMMODITY AND LNG SHIPPING MARKET UPDATE October 2020 | Investor Presentation 15#16EU ME China South Korea LNG DEMAND IN Q2 REFLECTS REGIONAL COVID-19 IMPACTS AND ROBUST RECOVERY IN ASIA-PASIFIC LNG DEMAND: Q2 2019 V. Q2 2020 (MT) 2 39% 20% LNG DEMAND: H1 2019 V. H1 2020 (MT) 5 3 1 4% 8% 7% 37% 9% … „il (7%) (9%) (9%) (25%) (46%) (1) (3%) (38%) (5%) (16%) (2%) LNG demand growth year-over- year in Q2 2020 4% LNG demand growth year-over- year in H1 2020 2% Estimated LNG demand growth in 2020, according to Wood Mackenzie CO 6 China ME EU NAM LATAM South Korea Other Asia Japan Other Asia LATAM NAM Japan Source: Poten October 2020 | Investor Presentation 16#17CO 6 HOWEVER, LNG DEMAND IS EXPECTED TO RESUME GROWTH LNG DEMAND GROWTH 2020-2025 (MILLION TONNES) LNG demand growth by region (million tonnes) 50 30 10 10 ■Demand growth by region\country 28% 59% ....l 11% 7% 1% 1% 13% 76 mt Forecasted LNG demand growth 2020-25 3% Compound annual growth in LNG demand 2020-25, according to Wood Mackenzie 72% Percentage of demand growth outside of China, according to Wood Mackenzie (4%) (7%) (10) (10%) Europe NAM ME NE Asia (ex. China) Africa India Bunker LATAM China Fuel SE Asia (ex. India & China) Source: Wood Mackenzie October 2020 | Investor Presentation 17#18CO 6 NEWBUILD ORDERING AT MULTI-YEAR LOWS WITH NO SPECULATIVE ORDERS IN 2020 NUMBER OF NEWBUILD LNG CARRIER ORDERS Q1 2018 - Q3 2020 30 25 20 20 15 10 LO 5 Q1 Q2 Q3 Q4 Q1 Q2 2018 Source: Wood Mackenzie, GasLog estimates October 2020 | Investor Presentation 2019 L.. Q4 Q2 2020 18#19ENVIRONMENTAL, SOCIAL AND GOVERNANCE AMBITIONS October 2020 | Investor Presentation 19#207 SUSTAINABILITY REPORTS UNDERSCORE OUR COMMITMENT TO ESG INITIATIVES 1 Strong commitment from our board toward achieving ESG goals 2 Clear Sustainability roadmap and KPIs 3 Establishes baseline for future enhancements 4 Transparent CO2 emissions data highlights benefits of our newbuild XDFs GASLOG SUSTAINABLE PERFORMANCE 5 Adopted Sustainability Accounting Standards Board (SASB) reporting Sustainability Report 2019 October 2020 | Investor Presentation 20#217 LNG IS THE CLEANEST MARINE FUEL AVAILABLE TODAY LNG ADVANTAGES 21% Reduction CO2 compared with HFO(1) 80%+ Reduction in NOx 99%+ Reduction in SOX CO2 EMISSIONS BY FUEL TYPE 3.5 tonnes of CO2 per tonne of fuel 3.3 2.9 2.7 2.5 Marine diesel Heavy fuel oil LNG IMO TARGETS 40% IMO's target reduction in carbon intensity for shipping by 2030 compared with 2008 70% IMO's target reduction in carbon intensity for shipping by 2050 compared with 2008 GasLog's X-DF fleet meets the IMO's 2030 emissions target through LNG use and more efficient main engines Source: UK Government GHG Conversion Factors, Department for Business, Energy & Industrial Strategy 1. American Bureau of Shipping - Setting the course to low carbon shipping October 2020 | Investor Presentation 21 24#227 NEWBUILD X-DF INVESTMENTS SIGNIFICANTLY REDUCE OUR CARBON FOOTPRINT CO2 EMISSIONS PER TONNE MILE FROM THE GASLOG FLEET IN 2019 40 c. 65% decline 30 20 2019 CO2(g) / Tonmile 10 Steam TFDE X-DF October 2020 | Investor Presentation 65% Decline in CO2 emissions from our latest generation X-DF vessels compared with our modern steam vessels 12 Latest generation X-DF vessels in our fully delivered fleet 22 22#237 THE CORE VALUES UNDERPINNING OUR GOAL TO BE THE LEADING PROVIDER OF LNG SHIPPING SERVICES Strict Code of Business Conduct for all directors, officers and employees Integrity 98% vessel availability in 2019 Reliability Safety Zero LTIs in 2019 97%+ retention rate from our seafarers Teamwork GASLOG ELECTRICIAN Over 33 million CBM of LNG delivered in 2019 GASLO Customer focus Innovation Early adopter of slow speed engine technology October 2020 | Investor Presentation 23 23#24APPENDIX October 2020 | Investor Presentation 24 24#25ORGANIZATIONAL AND OWNERSHIP STRUCTURE Notable investors Public shareholders GASLOG LTD. NYSE: GLOG Livanos Family 41% 51% 20 LNG carriers (1) Onassis Foundation 11% Public unitholders 64% 1099, no K-1 100% of GP, no IDRS 35.6% (2) 1. As of Q2, 2020 2. Includes one vessel secured under a long-term bareboat charter from Lepta Shipping, a subsidiary of Mitsui 3. Inclusive of 2.0% General Partner interest and Class B units owned by GLOG October 2020 | Investor Presentation GASLOG PARTNERS LP NYSE: GLOP 15 LNG carriers 25#26LONG-STANDING, EXPERIENCED MANAGEMENT TEAM AND BOARD OF DIRECTORS Senior Management Paul Wogan Achilleas Tasioulas Paolo Enoizi Nicola Lloyd Jasper Heikens CHIEF EXECUTIVE OFFICER (1) CHIEF FINANCIAL OFFICER CHIEF OPERATING OFFICER GENERAL COUNSEL Since Jan 2013 Since Jul 2020 Since Sep 2019 Since Sep 2014 HEAD OF COMMERCIAL Since Dec 2015 Board of Directors (1) Peter G. Livanos Bruce L. Blythe Donald J. Kintzer Julian Metherell Anthony S. Papadimitriou Kristin Holth 1. Paul Wogan has served as a member of GasLog Ltd.'s board of directors since May, 2015 October 2020 | Investor Presentation 26#27CONTRACT OVERVIEW - $3.7 BILLION OF CONSOLIDATED REVENUE BACKLOG THE GASLOG 5 years Average age (1) LTD. FLEET 7 years Average charter duration (1),(2) THE GASLOG 8 years PARTNERS LP Average age (1) FLEET 2.6 years Average charter duration (1),(2) Vessel Propulsion Built Capacity (cbm) Charterer 2020 2021 2022 2023 2024 Vessel Propulsion Built Capacity (cbm) Charterer 2020 2021 2022 2023 2024 GasLog Ltd. chartered fleet GasLog Partners LP Methane Lydon Volney Steam 2006 145,000 GasLog Salem TFDE 2015 155,000 L Methane Julia Louise(1) TFDE 2010 170,000 End 2026 Methane Alison Victoria Methane Rita Andrea GasLog Sydney Steam 2007 Steam 2006 145,000 145,000 TFDE 2013 155,000 GasLog Singapore TFDE 2010 155,000 SSE End 2031 Methane Jane Elizabeth Steam 2006 145,000 TRAFIGURA GasLog Hong Kong (1) X-DF 2018 174,000 TOTAL End 2025 Methane Heather Sally Steam 2007 145,000 GasLog Genoa (1) X-DF 2018 174,000 End 2027 GasLog Seattle TFDE 2013. 155,000 GasLog Houston (1) X-DF Solaris TFDE 2014 2018 174,000 End 2028 155,000 GasLog Gladstone(1) X-DF 2019 174,000 End 2029 GasLog Santiago(1) TFDE 2013 GasLog Warsaw (1) X-DF 2019 180,000 endesa Methane Shirley Elisabeth Steam 2007 155,000 145,000 TRAFIGURA End 2029 JOVO GasLog Windsor(1) X-DF 2020 180,000 centrica End 2027 GasLog Shanghai TFDE 2013 155,000 GasLog Wales (1) X-DF 2020 180,000 Jera End 2032 GasLog Geneva (1) TFDE 2016 174,000 GasLog Westminster¹¹) X-DF 2020 180.000 centrica End 2027 GasLog Gibraltar(1) TFDE 2016 174,000 CHENIERE Hull 2300 X-DF 2020 174,000 End 2027 Methane Becki Anne(1) TFDE 2010 170,000 Hull 2301 X-DF 2021 174,000 CHENIERE End 2028 GasLog Greece (1) TFDE 2016 174,000 CHENIERE Hull 2311 X-DF 2021 180,000 End 2028 GasLog Glasgow (1) TFDE 2016 174,000 End 2026 End 2026 Hull 2312 X-DF 2021 180,000 CHENIERE End 2028 GasLog Ltd. vessels in the spot market GasLog Chelsea GasLog Savannah GasLog Skagen GasLog Saratoga) TFDE 2010 153,600 Spot TFDE 2010 155,000 Spot TFDE 2013 155,000 Spot TFDE 2014 155,000 Spot Leading energy and petroleum company with market cap. of $99bn, rated AA- by S&P TOTAL - endesa - centrica Jera A major energy player with market cap. of $90bn, rated A+ by S&P Spain's largest utility company with market cap. of $29bn, rated BBB+ by S&P CHENIERE - An international energy, services and solutions company with market cap. of $3bn, rated BBB by S&P Privately owned Japanese LNG upstream player, rated A- by S&P Leading producer of LNG in the US with market cap. of $12bn, rated BB by S&P - TRAFIGURA Privately owned leading trading and logistics business See the Appendix for the footnotes pertaining to the GasLog Ltd. and GasLog Partners fleets As per Q2 2020 1. 2. Average charter duration based on vessels with charters (excludes spot vessels) Firm period Optional period Available/short-term charter ISSE October 2020 | Investor Presentation One of the world's largest independent commodities trading houses Subsidiary of private Chinese investment group Shanghai Gorgeous Investment Development Company 27#28SCHEDULED AMORTIZATION BALANCES OPERATIONAL AND FINANCIAL LEVERAGE EXAMPLE: GASLOG GENOA'S DEBT AMORTIZATION PROFILE(1) GasLog Genoa Debt To Cap (%) 80% 75% 70% 65% 60% Debt / Book value 55% Jun 18 Dec 18 Jun 19 Dec 19 Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 1. Assumes book value as of June 30, 2020 with current depreciation rates October 2020 | Investor Presentation VESSEL METRICS C. 75% Debt-to-book value on delivery in Q1 2018 $53 million Vessel-level debt to be retired during 2018-22 17% Decline in vessel-level debt to book value during 2018-22 March 2027 Expiration of initial charter with Shell, options to extend to 2030-2033 28#29CONSOLIDATED CAPITALIZATION OVERVIEW CAPITALIZATION ($M) SOURCES OF CAPITAL ($M) (in US millions) Long-term Debt Current portion of borrowings (1) June 30, 2020 $465 Non- controlling interests,. $943 Non-current portion of borrowings (1) 2,908 Current portion of lease liabilities 10 Non-current portion of lease liabilities 191 Total Debt Cash Total Net Debt $3,574 (173) Book Equity,. $628 Borrowings, $3,373 $3,401 Non-controlling interests 943 Book equity Total Capitalization 628 Leases, $201 $5,145 Subsequent adjustments Total Net Debt $3,401 Less: Cash released from collateral on swaps (26) Less: Incremental liquidity from refinancing (30) Pro Forma 6/30 Net Debt $3,344 1. Net of unamortized premiums and deferred issuance costs October 2020 | Investor Presentation 29 29#30NON-GAAP FINANCIAL MEASURES Non-GAAP Financial Measures: EBITDA is defined as earnings before depreciation, amortization, financial income and costs, gain/loss on derivatives and taxes. Adjusted EBITDA is defined as EBITDA before foreign exchange gains/losses, impairment loss on vessels, gain/loss on disposal of non-current assets and restructuring costs. Adjusted Profit represents earnings before write-off and accelerated amortization of unamortized loan fees/bond fees and premium, foreign exchange gains/losses, unrealized foreign exchange losses on cash and bond, impairment loss on vessels, gain/loss on disposal of non-current assets, restructuring costs and non-cash gain/loss on derivatives that includes (if any) (a) unrealized gain/loss on derivative financial instruments held for trading, (b) recycled loss of cash flow hedges reclassified to profit or loss and (c) ineffective portion of cash flow hedges. Adjusted EPS represents earnings attributable to owners of the Group before write-off and accelerated amortization of unamortized loan/bond fees and premium, foreign exchange gains/losses, unrealized foreign exchange losses on cash and bond, impairment loss on vessels attributable to the owners of the Group, the swap amendment costs (with respect to cash collateral requirements), gain/loss on disposal of non-current assets, restructuring costs and non-cash gain/loss on derivatives as defined above, divided by the weighted average number of shares outstanding. EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS 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, Adjusted EBITDA, Adjusted Profit and Adjusted EPS 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 purchase and/or to continue to hold our common shares. This is achieved by excluding the potentially disparate effects between periods of, in the case of EBITDA and Adjusted EBITDA, financial costs, gain/loss on derivatives, taxes, depreciation and amortization; in the case of Adjusted EBITDA, foreign exchange gains/losses, impairment loss on vessels, gain/loss on disposal of non-current assets and restructuring costs; and in the case of Adjusted Profit and Adjusted EPS, write-off and accelerated amortization of unamortized loan/bond fees and premium, foreign exchange gains/losses, unrealized foreign exchange losses on cash and bond, impairment loss on vessels, swap amendment costs (with respect to cash collateral requirements), gain/loss on disposal of non-current assets, restructuring costs and non-cash gain/loss on derivatives, which items are affected by various and possibly changing financing methods, financial market conditions, capital structure and historical cost basis, and which items may significantly affect results of operations between periods. In the current period, impairment loss on vessels, gain/loss on disposal of non-current assets, swap amendment costs (with respect to cash collateral requirements) and restructuring costs in particular are excluded from Adjusted EBITDA, Adjusted Profit and Adjusted EPS because impairments of long-lived assets and gain/loss on disposal of non-current assets, which represent the excess of their carrying amount over the amount that is expected to be recovered from them in the future, and swap amendment costs (with respect to cash collateral requirements) and restructuring costs, which reflect specific actions taken by management to improve the Group's future liquidity and profitability, are non-cash charges and items not considered to be reflective of the ongoing operations of the company, respectively, that we believe reduce the comparability of our operating and business performance across periods. In addition, unrealized foreign exchange losses on cash and bond, are separately adjusted in the current period, while in the past foreign exchange losses on cash were included in foreign exchange gains/losses and unrealized foreign exchange losses on bond did not exist. EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS have limitations as analytical tools and should not be considered as alternatives to, or as substitutes for, or superior to, profit, profit from operations, earnings per share or any other measure of operating 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 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, Adjusted EBITDA, Adjusted Profit and Adjusted EPS 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, Adjusted Profit and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as, or similar to, some of the adjustments in this presentation. Our presentation of Adjusted EBITDA, Adjusted Profit and Adjusted EPS should not be construed as an inference that our future results will be unaffected by the excluded items. Therefore, the non-GAAP financial measures as presented below may not be comparable to similarly titled measures of other companies in the shipping or other industries. Distributable cash flow means Adjusted EBITDA, on the basis of the Partnership Performance Results, after considering financial costs for the period, including realized loss on derivatives (interest rate swaps and forward foreign exchange contracts) and excluding amortization of loan fees, lease expense, estimated dry-docking and replacement capital reserves established by the Partnership and accrued distributions on preference units, whether or not declared. Estimated dry-docking and replacement capital reserves represent capital expenditures required to renew and maintain over the long-term the operating capacity of, or the revenues generated by, our capital assets. Distributable cash flow, which is a non-GAAP financial measure, is a quantitative standard used by investors in publicly traded partnerships to assess their ability to make quarterly cash distributions. Our calculation of Distributable cash flow may not be comparable to that reported by other companies. Distributable cash flow has limitations as an analytical tool and should not be considered as an alternative to, or substitute for, or superior to, profit or loss, profit or loss from operations, earnings per unit or any other measure of operating performance presented in accordance with IFRS. The table below reconciles Distributable cash flow to Profit for the period attributable to the Partnership. THE GASLOG LTD. AND GASLOG PARTNERS LP FLEETS 1. The period shown reflects the expiration of the minimum optional period and the maximum optional period. The charterer of the GasLog Santiago may extend the term of this time charter for a period ranging from one to seven years, provided that the charterer provides us with advance notice of declaration. The charterer of the Methane Becki Anne and the Methane Julia Louise has unilateral options to extend the term of the related time charters for a period of either three or five years at their election, 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 GasLog Greece and the GasLog Glasgow has the right to extend the charters for a period of five years at the charterer's option. The charterer of the GasLog Geneva and the GasLog Gibraltar has the right to extend the charter by two additional periods of five and three years, respectively, provided that the charterer provides us with advance notice of declaration. The charterer of the GasLog Houston, the GasLog Genoa and the GasLog Gladstone has the right to extend the charters by two additional periods of three years, provided that the charterer provides us with advance notice of declaration. The charterer of the GasLog Hong Kong has the right to extend the charter for a period of three years, provided that the charterer provides us with advance notice of declaration. The charterer of the GasLog Warsaw has the right to extend the charter by two additional periods of six years, provided that the charterer provides us with advance notice of declaration. The charterer of the GasLog Windsor has the right to extend the charter by three additional periods of two years, provided that the charterer provides us with advance notice of declaration. The charterer of the GasLog Wales has the right to extend the charter by two additional periods of two years, provided that the charterer provides us with advance notice of declaration. The charterer of the GasLog Westminster has the right to extend the charter by three additional periods of two years, provided that the charterer provides us with advance notice of declaration. October 2020 | Investor Presentation 30 50#31GASLOG LTD. - NON-GAAP RECONCILIATIONS Reconciliation of Loss to Adjusted Profit: (Amounts expressed in thousands of U.S. Dollars) Loss for the period Non-cash loss on derivatives Write-off and accelerated amortization of unamortized loan/bond fees Foreign exchange losses (gains), net Restructuring costs Unrealized foreign exchange gains, net on cash and bonds Swap amendment costs (with respect to cash collateral requirements) Loss on disposal of assets Impairment loss on vessels Adjusted Profit For the three months ended June 30, 2019 (10,512) June 30, 2020 For the six months ended June 30, 2019 30,779 218 (13,338) 10,205 (4,613) 51,882 988 June 30, 2020 Reconciliation of Loss to EBITDA and Adjusted EBITDA: (Amounts expressed in thousands of U.S. Dollars) Loss for the period Depreciation Financial costs Financial income Loss on derivatives For the three months ended June 30, 2019 (10,512) June 30, 2020 (13,338) 43,647 For the six months ended June 30, 2019 (4,613) June 30, 2020 (52,775) 85,144 84,998 THE I Reconciliation of Loss Per Share to Adjusted Earnings Per Share: 20,485 (Amounts expressed in thousands of U.S. Dollars, except shares and per share data) (52,775) 80,254 41,350 316 46,897 43,557 80,949 92,404 (230) (1,709) (177) 1,526 30,799 (4,050) EBITDA 106,825 13,467 87,156 (3.168) 51,043 216,615 3,319 Foreign exchange losses/(gains), net 218 402 368 (645) 84,591 201,313 (230) 572 Restructuring costs 1,081 22,454 Loss on disposal of assets 48,625 51,386 572 22,454 107,043 111,665 216,983 225,635 402 368 1,081 (99) 3,319 572 22,454 24,596 Impairment loss on vessels Adjusted EBITDA 1,526 572 22.454 Loss for the period attributable to owners of the Group Plus: Dividend on preference shares Loss for the period available to owners of the Group used in EPS calculation For the three months ended June 30, 2019 (25,998) June 30, 2020 (21,348) June 30, 2019 (36,945) (2,516) (2.516) (28,514) Weighted average number of shares outstanding, basic Loss per share 80,847,127 (0.35) (23,864) 80,848,685 (0.30) Loss for the period available to owners of the Group used in EPS calculation (28,514) (23,864) (5,031) (41,976) 80,836,442 (0.52) (41,976) For the six months ended June 30, 2020 (72,827) (5,032) (77,859) 80,777,346 (0.96) (77,859) Plus: Non-cash loss on derivatives 30,779 10,205 51,882 80,254 Write-off and accelerated amortization of unamortized loan fees bond fees 988 316 Impairment loss on vessels attributable to the owners of the Group Loss on disposal of assets 9,688 572 9,688 572 Swap amendment costs (with respect to cash collateral requirements) 3,319 3,319 Foreign exchange losses (gains), net 218 402 368 (230) Unrealized foreign exchange gains, net on cash and bonds Restructuring costs (99) (4,050) Adjusted profit attributable to owners of the Group Weighted average number of shares outstanding, basic Adjusted earnings per share 2,483 80,847,127 1,081 1,304 80,848,685 1,526 0.03 0.02 11,262 80,836,442 0.14 13,536 80,777,346 0.17 October 2020 | Investor Presentation 31