GasLog Partners LP : Q3 2020 Earnings Presentation

GASLOG LTD. AND GASLOG PARTNERS LP

Q3 2020 results

10 November 2020

FORWARD-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 GasLog Ltd. 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 presentation, 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 GasLog 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 GasLog Partners undertake no obligation to update or revise any forward-looking statements contained in this presentation, 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.

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

2

AGENDA

		GasLog LTD. Q3 2020
1		Q3	2020 Opening Remarks: Peter G. Livanos
2		LNG Commodity and LNG Shipping Review and Outlook: Paul Wogan
3		Q3	2020 Review and Outlook: Paul Wogan

4

5

Q3 2020 Financial Review and Outlook: Achilleas Tasioulas Analyst Q&A

GasLog Partners LP Q3 2020

6

7

8

9

Q3 2020 Opening Remarks: Curt Anastasio

Q3 2020 Review and Outlook: Paul Wogan

Q3 2020 Financial Review and Outlook: Achilleas Tasioulas Analyst Q&A

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

3

GASLOG LTD. Q3 2020 OPENING REMARKS

PETER G. LIVANOS, CHAIRMAN OF THE BOARD OF DIRECTORS, GASLOG LTD.

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

4

GASLOG LTD. OPENING REMARKS

1		LNG demand growth projected for decades into the future

2		Significant financial and environmental benefits from our newbuild X-DF investments

3		Chartered fleet will generate approximately $375 million of contracted revenue per annum when fully delivered

4		Additional overhead and operating cost reductions will further improve our free cash flow

5		Focus on deleveraging, cash returns to shareholders as LNG shipping market recovers

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

5

LNG COMMODITY AND LNG SHIPPING REVIEW AND OUTLOOK

PAUL WOGAN, CHIEF EXECUTIVE OFFICER, GASLOG LTD AND GASLOG PARTNERS LP

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

6

SPOT MARKET LIQUIDITY SET ANNUAL RECORD IN JUST NINE MONTHS, SHIPPING

SPOT RATES INCREASING AHEAD OF NORTHERN HEMISPHERE WINTER

NUMBER OF SPOT FIXTURES 2017-2020(1)

500

400

300

200

100

0

	FY 17 FY 18 FY 19	2020 2020 E
				YTD
	Spot (Single Voyage)		Spot (Multi Voyage)

HEADLINE TFDE SPOT RATES ($/DAY)

$200,000
$150,000
$100,000
$50,000
$0
5-Yr Range	3-Yr Avg	2019	2020

111

Total LNGC spot fixtures in Q3 2020

51

TFDE spot fixtures in Q3 2020

28

Steam spot fixtures in Q3 2020

$105,000 per day

Current headline spot rate assessment for TFDE LNGCs

$78,000 per day

Current headline spot rate assessment for ST LNGCs

Source: Poten, Clarksons

1. 2020 E includes data from October 2020 as well as the average fixture count for November/December over the last 3 years

GasLog's variable rate TFDE fleet has captured 70% of the headline rate in 2020

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

7

LNG DEMAND CONTINUING TO GROW IN 2020 DESPITE COVID-19

MONTHLY LNG DEMAND GROWTH BY REGION: 2019 V. 2020 (MT)

6
				COVID-19 impact
4
2
0
(2)
(4)
Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct
Japan	China		South Korea	India	Europe	Rest of World	Net demand growth

Source: Poten

1%

LNG demand growth year-over- year through October 2020

10%

China's LNG demand growth year-over-year through October 2020

7 million

Number of households in China replacing coal for gas heating by the end of October, according to China's Ministry of Ecology and Environment

2%

Estimated LNG demand growth in 2020, according to Wood Mackenzie

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

8

FUTURE LNG DEMAND FORECAST TO BE STRONG AND GEOGRAPHICALLY DIVERSE

LNG DEMAND GROWTH 2021-2026 (MILLION TONNES)

tonnes)(million	60										Demand growth by regioncountry	53%
45
region
30																	22%
by
growth	15															9%	10%
demand
													6%
											5%
						1%	1%
LNG	0
		(2%)
		(6%)
	(15)		ME		NAM		Europe		Africa		JKT		India		LATAM Bunker China Other Asia
																			Fuel

89 mt

Forecasted LNG demand growth 2021-2026

4%

Compound annual growth in LNG demand 2021-2026, according to Wood Mackenzie

78%

Percentage of demand growth outside of China, according to Wood Mackenzie

Source: Wood Mackenzie LNG Tool Q3 2020

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

9

LNG IS THE CLEANEST AND LEAST EXPENSIVE MARINE FUEL AVAILABLE TODAY AND

ADOPTION IS EXPECTEDTO GROW RAPIDLY

CO2 EMISSIONS BY FUEL TYPE(1)

	3.5
of fuel	3.3
CO2 per tonne	3.1
2.9
tonnes of	2.7
	2.5
	Marine	Heavy fuel	LNG
	diesel	oil

2020 AVG BUNKER FUEL PRICES ($/TON)(2)	LNG AS MARINE FUEL 2020-40 (MT)
$450		60
		45
$300
		30
$150
		15
$0		0
LSFO	LNG	2020	2025	2030	2040

Marine fuel is expected to be the 5th largest end market for LNG by 2030

Source: UK Government GHG Conversion Factors, Department for Business, Energy& Industrial Strategy, Wood Mackenzie

1. American Bureau of Shipping - Setting the course to low carbon shipping
2. Basis Singapore for low sulfur fuel oil ("LSFO") and Platts Japan-Korea Market for LNG. Fuel-oil equivalent utilized for LNG where 1 m3 of LNG is equal to 0.484 tons of fuel oil and 1 m3 of LNG is 24.02 mmBTU. Source: Bloomberg

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

10

US LNG EXPORTS ARE RETURNING TO PRE-COVID-19 LEVELS

US LNG CARGOES EXPORTED BY MONTH

90		76			71
60		68
																65
				61
					55
																				45
30					33			28	32
0																										0
	Jan-20Feb-20Mar-20Apr-20May-20Jun-20			Jul-20Aug-20Sep-20Oct-20		Nov-20Dec-20
																				(5)	(3)
																				(25)
(30)					(33)		(37)
																				(50)
(60)										US Cargo Export			US Cargo Cancellation

Source: Poten, GasLog estimates

54%

Percentage of US exports to Asia during Q3 2020

c.2.4x

US shipping multiplier in Q3 2020

0

Cargoes cancelled out of the US for December loading

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

11

SIGNIFICANT LNG INFRASTRUCTURE BUILDOUT SUPPORTING DEMAND GROWTH AND TON MILE EXPANSION

LNG CAPACITY ADDITIONS 2021-26 (MT)

60					120
45					90
30					60
15					30
0					0
2021	2022	2023	2024	2025	2026
NAM		Russia		Africa
Other		Cumulative

Source: Wood Mackenzie LNG Tool Q3 2020

REGAS CAPACITY ADDITIONS 2021-24 (MT)

60			160
45			120
30			80
15			40
0			0
2021	2022	2023	2024
APAC	ME	Other	Cumulative

104 MT

LNG capacity additions during 2021-2026

50%

LNG capacity additions from North America during 2021- 2026

126 MT

LNG regasification capacity additions during 2021-2024

65%

LNG regasification capacity additions from Asia during 2021-2024

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

12

GASLOG LTD. Q3 2020 REVIEW AND OUTLOOK

PAUL WOGAN, CHIEF EXECUTIVE OFFICER, GASLOG LTD

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

13

GASLOG LTD. Q3 2020 HIGHLIGHTS

1

2

3

4

5

6

A minimum of 70% charter coverage for the next 3 years provides revenue and cash flow visibility

GasLog Westminster delivered on time and on budget, GasLog Georgetown to follow this month

Strong operational performance - close to 100% fleet uptime

Sale and leaseback of GasLog Hong Kong opens new capital access in China and enhances liquidity

Appointments of Julian Metherell as Vice Chairman, in addition to his role as Chairman of Safety & Sustainability Committee, and Kristin Holth as Director to our Board

Declared cash dividend of $0.05/sh for Q3 2020

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

14

OUR INBUILT GROWTH CONTINUES TO DELIVER ON TIME AND ON BUDGET

GASLOG LTD.'S X-DF VESSEL FLEET	12
	Latest generation X-DF vessels
	in our fully delivered fleet
	3
	Newbuild X-DFs delivered year
	to date
	4
	Newbuild X-DFs delivering Q4
	2020 through Q3 2021
	November 2020
	Next newbuild delivery
	$265 million
	Annual EBITDA from fully
	delivered X-DF fleet

Approximately $3 billion contracted revenue backlog from our chartered fleet

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

15

REVENUE AND CASH FLOW VISIBILITY IN 2021 FROM OVER 70% CHARTER COVERAGE

GLOG CONTRACTED REVENUES ($M)(1)

GLOG 2021 EBITDA SENSITIVITY, UNFIXED DAYS($M)(2)

$500				100%

$375

75%

$250				50%

$125				25%

$0										0%
9M 2020		Q4 2020	2021	2022	2023

Reported revenues Contracted revenues Charter coverage

	$100
	$80
($m)	$60
EBITDA
Adjusted	$40
	$20
	$0
	$20,000	$30,000	$40,000	$50,000	$60,000
		TCE rate ($/day)

1. Contracted revenues attributable to GasLog Ltd., and excluding those attributable to GasLog Partners LP
2. Assumes daily operating expenses average $14,000 per day and G&A averages approximately $3,800 per day, equivalent to its average over the first 9 months of 2020 as well as 2001 unfixed days in 2021 as of September 30, 2020

Each $5,000 per day increase in TCE generates approximately $10 million of incremental EBITDA in 2021

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

16

GASLOG'S X-DF FLEET MEETS THE IMO'S 2030 EMISSIONS TARGET

GASLOG CO2 PER TON-MILE BY TYPE (2019)

	40
/ Ton*mile	30
(g)	20
2
2019 CO	10
	0
	1 Steam	7 TFDE	12 X-DF

GASLOG CO2 PER TON-MILE2019-2020 YTD

22
20
18
16
14
2019	2020 YTD

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

Investments in modern X-DF vessels are reducing our carbon footprint

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

17

BUSINESS MODEL RESILIENCE DEMONSTRATED IN Q3 2020

1

2

3

DELIVERING FOR OUR CUSTOMERS

• Fleet uptime of nearly 100% in Q3 2020, excluding dry-docking
• • 307 days dry-docking across 5 vessels in Q3 2020
  • Manpower challenges at shipyards due to travel restrictions
• 61 port calls and c.4 million tons of LNG delivered in Q3 2020

GROWTH INITIATIVES UNINTERRUPTED

• GasLog Westminster delivered on time and on budget
• • Vessels delivered immediately into multi-year charters at attractive rates
  • GasLog Georgetown delivering in November and onto charter with Cheniere
• Virtual naming ceremony held on October 26th for GasLog Galveston

OPERATING CONDITIONS FOR OUR FLEET NORMALIZING

• Crew changes accelerating but remain below historic pace
• • Nearly 1,000 crew members rotated in Q3 2020, up from 300 in Q2
  • Unit operating expenses expected to average $14,000 per day in 2020

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

18

GASLOG LTD. Q3 2020 FINANCIAL REVIEW AND OUTLOOK

ACHILLEAS TASIOULAS, CHIEF FINANCIAL OFFICER, GASLOG LTD.

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

19

NEWBUILD DELIVERIES ON ATTRACTIVE MULTI-YEAR CHARTERS OFFSET COVID-19 RELATED DISRUPTIONS TO VESSELS OPERATING IN THE SPOT MARKET

REVENUES ($M)(2)	ADJUSTED EBITDA ($M) (1)(2)
$100			$80

			$84
$80			$60
	$74	$55
	$69	$51
			$43
$60			$40

$40					$20
Q3	Q2		Q3	Q3	Q2		Q3
2019		2020	2019		2020

GASLOG LTD. ADJUSTED EPS ($M) (1)

$0.06

$0.03

$0.02

$0.01

$0.00

Q3Q2Q3

20192020

($0.01)

-$0.03

-$0.06

1. Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures, and should not be used in isolation or as a substitute for GasLog Ltd.'s or GasLog Partners LP's financial results presented in accordance with International Financial Reporting Standards ("IFRS"). For the definition and reconciliation of this measure to the most directly comparable financial measure, please refer to the Appendix to these slides.
2. Includes only the portion wholly attributable to GasLog Ltd. and does not include Revenues or Adjusted EBITDA attributable to GasLog Partners LP. See the Appendix of this presentation for a breakdown of GasLog Ltd.'s consolidated Revenues and Adjusted EBITDA for Q3 2020

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

20

FOCUSED ON CONTINUED OVERHEAD AND OPERATING EXPENSE REDUCTIONS

UNIT OPEX ($/DAY)			UNIT G&A ($/DAY)(1)			INTEREST EXPENSE ON LOANS ($M)(2)
$16,000			$5,000				$60
$15,254
$15,000			$4,500	$4,468			$45	$45
					$4,297				$39
$14,000		$14,000	$4,000				$30
$13,693
				$3,758
$13,000			$3,500				$15
$12,000			$3,000				$0
2017	9M	FY (Est)		9M	FY	9M		9M	9M
		2020		2019		2020		2019	2020

1. Adjusted for one-time restructuring charges related to our previously announced organizational changes including the closure of our Stamford office, headcount reduction in London and closure of our Monaco office
2. Includes only the portion wholly attributable to GasLog Ltd. and does not include interest expense on loans attributable to GasLog Partners LP. See the Appendix of this presentation for a breakdown of GasLog Ltd.'s consolidated interest expense on loans

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

21

CONSOLIDATED BALANCE SHEET, LIQUIDITY AND CAPEX

BALANCE SHEET METRICS SECURED DEBT BALANCE AND AMORTIZATION ($M)(1)

CASH ITEMS

7.7x

$3,750

$173 million

Net debt to trailing 12-month adjusted EBITDA

$3,500

Cash and cash equivalents on September 30, 2020

63%

Net debt to total capitalization as of Q3 2020

c.$266 million

Annual scheduled amortization in 2021-23

$3,250

$3,000

$2,750

2020

2021

2022

2023

Year-end secured debt balance

$47 million

Cash released from collateral on interest rate and currency swaps since March 31, 2020

$26 million

Incremental liquidity from sale and leaseback of GasLog Hong Kong in October 2020

$39 million

Remaining cash equity payments on final 4 newbuilds under construction

1. Year-end secured debt balance excludes $315 million outstanding related to GasLog Ltd.'s senior unsecured USD bond and approximately $99 million related to GasLog Ltd.'s senior unsecured NOK bond as well as finance lease liabilities

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

22

TRACK RECORD OF PRUDENT REFINANCING AHEAD OF MATURITY

DEBT AMORTIZATION AND MATURITY SCHEDULE: 2020 - 2023

$900

Legacy facility

$750

Refinanced in Q3 2020

Now due in 2025

$600

$450

NOK 750M

$300

Refinanced in Q4 2019

$315 million Senior Notes

Now due in 2024

Due in Q1 2022

Five vessel facility

$150

Refinanced in Q3 2020

Now due in 2025

$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

US bond maturity

2021 bank debt

Bank financing for 13 vessels due Q2 and Q3 2021, refinanced in Q3 2020

NOK 750M Bond

Due Q2 2021, refinanced in Q4 2019

GLOP $450m

Bank financing for 5 vessels due Q4 2019, refinanced Q1 2019

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

23

GASLOG LTD. Q3 2020 SUMMARY AND OUTLOOK

1

2

3

4

5

6

Chartered newbuilds delivered to our wholly owned fleet in 2020 drove strong financial performance in Q3

In-built growth is fully contracted, financed and delivering on time and on budget

A minimum of 70% charter coverage for the next 3 years provides revenue and cash flow visibility

Continued initiatives on reducing our overhead and operating cost structure

Sale and leaseback of GasLog Hong Kong opens new capital access in China and enhances liquidity

Robust LNG demand fundamentals with growth projected for many years to come

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

24

ANALYST Q&A

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

25

GASLOG PARTNERS LP Q3 2020 OPENING REMARKS

CURT ANASTASIO, CHAIRMAN OF THE BOARD OF DIRECTORS, GASLOG PARTNERS LP

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

26

GASLOG PARTNERS LP OPENING REMARKS

1		Strategic review of the Partnership's alternatives initiated, to be completed in Q1 2021

2		Proactive measures taken to reduce costs and optimize our corporate structure

3		Cost of capital remains elevated and visibility of our future financial performance is declining

4		COVID-19 clouds the near-term outlook for our fleet at a time when our market exposure will be rising

5		Distribution reduction required to prioritize balance sheet strength and liquidity

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

27

GASLOG PARTNERS Q3 2020 REVIEW AND OUTLOOK

PAUL WOGAN, CHIEF EXECUTIVE OFFICER, GASLOG PARTNERS LP

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

28

GASLOG PARTNERS LP Q3 2020 HIGHLIGHTS

1		Signed charters for two of our steam vessels, including a 3-year charter for the Methane Alison Victoria

2		Repaid $33 million of debt, bringing our total debt repayment for 2020 to $88 million

3		Focused on reducing our cost base and maximizing our fleet's utilization

4		Capital allocation prioritizes debt repayment and liquidity preservation

5		Board and Management have initiated a review of the Partnership's strategic alternatives

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

29

VISIBILITY OF OUR FINANCIAL PERFORMANCE IS DECLINING

GLOP CONTRACTED REVENUES ($M)

$300			100%
$225			75%
$150			50%
$75			25%
$0			0%
Q4 20	2021	2022	2023

Contracted revenues		Charter coverage

1. Assumes vessels are not rechartering of ahead of existing charter expirations

VESSELS EXPOSED TO THE SPOT MARKET(1)

12

9

6

3

0

Q4 20

2021

2022

2023

Steam TFDE

All 5 of our steam ships and 2 TFDEs will end their initial charters with Shell by Q2 2021

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

30

RECENT MULTI-YEAR CHARTER AWARDS REINFORCES NICHE OPPORTUNITIES FOR HIGH QUALITY STEAM LNG CARRIERS

Flexibility: Transport, storage and breakbulk

Size: Smaller parcels match local demand and port restrictions

Timing: Faster access to current low LNG prices

Cost: Competitive for price sensitive emerging market buyers

RECENT CUSTOMER ADDITIONS FOR OUR STEAM FLEET

Myanmar

▪ 1st LNG import in June 2020, supporting power generation

▪ Methane Alison Victoria on charter to CNTIC Vpower for 3 years

Taiwan

• Port restrictions make our ST vessel ideal

Trans shipment hub in Philippines ▪ Port restriction in China

▪ STS hub in Subic Bay

• Methane Shirley Elizabeth on charter to JOVO for 2 years

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

31

GASLOG PARTNERS LP Q3 2020 FINANCIAL REVIEW AND OUTLOOK

ACHILLEAS TASIOULAS, CHIEF FINANCIAL OFFICER, GASLOG PARTNERS LP

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

32

SPOT MARKET EXPOSURE AND 3 DRY-DOCKINGS REFLECTED IN Q3 2020 RESULTS

REVENUES ($M)

$100	$96
$85		$84
			$73
$70
$55
$40
	Q3	Q2	Q3
	2019		2020

ADJUSTED EBITDA ($M)

$80
$72
$65	$60
$50		$47
$35
$20
Q3	Q2	Q3
2019		2020

ADJUSTED EPU ($/UNIT)
$0.60
$0.50
$0.45
	$0.38
$0.30
$0.15		$0.11
$0.00
Q3	Q2	Q3
2019		2020

1. Adjusted EBITDA and adjusted earnings per unit are non-GAAP financial measures and should not be used in isolation or as a substitute for GasLog Partners' financial results presented in accordance with International Financial Reporting Standards ("IFRS" ). For the definition and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with the Partnership Performance Results, please refer to the Appendix to these slides.

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

33

CONTINUED FOCUS ON DEBT REPAYMENT

BALANCE SHEET METRICS

5.1x

Net debt to trailing 12-month

EBITDA

53%

Net debt to total capitalization as of Q3 2020

$109 million

Total available liquidity at end Q3 2020

$110 million

Annual scheduled amortization 2021-23

DEBT BALANCE AND AMORTIZATION 2020-2023 ($M)

$1,400			60%
$1,200			55%
$1,000			50%
$800			45%
2020	2021	2022	2023

Year-end secured debt balance		Debt to capitalization

CASH ITEMS

$88 million

Debt retired during 9M 2020 through scheduled amortization

$425 million

Total scheduled debt amortization by 2023

$0

Committed growth capex

1. Capitalization defined as total assets. Forecast for total capitalization determined using our fleet's depreciation schedule and debt using our amortization schedule.

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

34

A STRATEGIC FOCUS ON DEBT REPAYMENT WILL SIGNIFICANTLY IMPROVE THE CASH

BREAKEVEN OF OUR FLEET OVERTIME

AVG CASH BREAKEVEN: GLOP 155K CBM TFDE ($/DAY)	AVG CASH BREAKEVEN: GLOP 145K CBM ST ($/DAY)
$75,000			$75,000

$60,000		$60,000

$45,000		$45,000

$30,000				$30,000

$15,000		$15,000

$0					$0
OPEX		CAPEX		OPEX			CAPEX

1. Assumes $110 million averaged over 15 vessels with 17-year amortization profile and weighted average interest rate of 2.7%, equivalent to the average during Q3 2020

Each $110M of debt retirement reduces the cash breakeven of our fleet by c.$1,700 per day(1)

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

35

ANALYST Q&A

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

36

APPENDIX

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

37

CONSOLIDATED Q3 FINANCIAL RESULTS

(US$,000 unless otherwise stated)	Q3 2019	Q3 2020		9M 2019	9M 2020
Vessel uptime	100%	100%		100%	100%
Revenues and net pool allocation	165,402	156,729	482,140	481,487
Vessel operating and supervision costs	33,796	39,161		100,124	106,818
Unit opex ($/vessel per day)	13,777	14,261	14,132	13,693
G&A	11,324	14,677		32,873	35,452
Unit G&A ($/vessel per day)(2)	4,449	4,062	4,468	3,758
Adjusted EBITDA(1)	115,034	102,111		332,017	328,180
Financial costs	46,461	41,103	138,865	126,101
Adjusted earnings (loss) per share(1)	0.01	(0.01)		0.15	0.15
Common dividend ($/share)	0.15	0.05	0.45	0.15

1. Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures and should not be used in isolation or as substitutes for GasLog's financial results presented in accordance with IFRS. For the definition and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with IFRS, please refer to the Appendix to these slides
2. Excludes restructuring costs

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

38

GASLOG LTD. CONSOLIDATED REVENUE, ADJUSTED EBITDA AND INTEREST EXPENSE

ON LOANS BREAKDOWN

REVENUES ($M)	ADJUSTED EBITDA ($M)
$200			$150

$160											$120
$120										$73	$90
$96				$84							$60
											$72					$47
$80										$84	$60
$40						$74		$30										$55
$69										$51
						$43
$0											$0
	Q3			Q2		Q3		Q3			Q2		Q3
	2019			2020		2019			2020
				GLOG			GLOP						GLOG			GLOP

INTEREST EXPENSE ON LOANS ($M)

$100

$75

$49

$34

$50

$25	$45
	$39

$0

9M9M

20192020

GLOG GLOP

1. Adjusted EBITDA is a non-GAAP financial measures, and should not be used in isolation or as a substitute for GasLog Ltd.'s or GasLog Partners LP's financial results presented in accordance with International Financial Reporting Standards ("IFRS"). For the definition and reconciliation of this measure to the most directly comparable financial measure, please refer to the Appendix to these slides.

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

39

2020/2021 DRY-DOCKING SCHEDULE

DRY-DOCKING SCHEDULE

	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21
GasLog Partners
Methane Heather Sally(1)	30
GasLog Greece		30
GasLog Glasgow			30
Methane Rita Andrea			40
GasLog Geneva				30
GasLog Gibraltar					30
GasLog Ltd.
GasLog Chelsea	30
GasLog Singapore(2)		55

1. The estimates in this table are management's forecast as of August 5, 2020 and are subject to revision.
2. Includes dry-docking and conversion time to a floating storage unit as well as delivery to the site in Panama

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

40

CONTRACTED AND OPEN DAYS

GLOG CONTRACTED AND OPEN DAYS(1)

2,000

1,600				460	460
137	231	485
1,200

800

1,367	1,331	1,335	1,380
		1,169

400

0

Q4		Q1	Q2			Q3	Q4
2020				2021
		Contracted				Open

1. Excludes dry-docking days

GLOP CONTRACTED AND OPEN DAYS(1)

2,000

1,600
15
1,200				121
				307	552	552
800
1,344		1,199
400					998
					798	798
0
	Q4	Q1	Q2				Q3	Q4
2020				2021
				Contracted					Open

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

41

CONTRACT OVERVIEW - $3.6 BILLION OF CONSOLIDATED REVENUE BACKLOG

THE GASLOG	5 years		7 years		THE GASLOG	8 years	2.6 years
Average age	(1)	Average charter		PARTNERS LP	Average age (1)	Average charter
LTD. FLEET
		duration (1),(2)		FLEET		duration (1),(2)

See the Appendix for the footnotes pertaining to the GasLog Ltd. and GasLog Partners fleets

1. As per Q3 2020
2. Average charter duration based on vessels with charters (excludes spot vessels)

• Leading energy and petroleum company
• A major energy player
• Spain's largest utility company
• An international energy, services and solutions company
• Privately owned Japanese LNG upstream player
• Leading producer of LNG in the US
• Privately owned leading trading and logistics business
• One of the world's largest independent commodities trading houses
• Subsidiary of private Chinese investment group Shanghai Gorgeous Investment Development Company

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

42

NON-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 optimization costs (with respect to cash collateral amendments), 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 optimization costs (with respect to cash collateral amendments), 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 optimization costs (with respect to cash collateral amendments) and restructuring costs in particular are excluded from Adjusted EBITDA, Adjusted Profit and Adjusted EPS because impairment 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 optimization costs (with respect to cash collateral amendments) and restructuring costs, which reflect specific actions taken by management to improve the Group's future liquidity and profitability, are 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 profit attributable to Partnership's operations(1) (as calculated above), 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 three 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. The charterer of the Methane Alison Victoria may extend the term of the related charter by two additional periods of one year, provided that the charterer gives us advance notice of its exercise of any extension option.

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

43

GASLOG LTD. - NON-GAAP RECONCILIATIONS

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

44

GASLOG PARTNERS LP - NON-GAAP RECONCILIATIONS

10 November 2020 | GasLog Ltd. and GasLog Partners Q3 2020 Results Presentation

45