GasLog Partners LP · NYSE:GLOP/PA

GasLog Partners LP — UBS Conference January 2015

29 slides from GasLog Partners LP's conference presentation, January 2015

  1. Slide 1: GasLog Partners LP Investor Presentation

    GASLOG PARTNERS LP Investor Presentation January 2015

  2. Slide 2: Disclaimer

    2 Disclaimer This presentation contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to rely on these forward-looking statements. All statements, other than statements of historical facts, that address activities, events

  3. Slide 3: Overview of GasLog Partners LP

    3 Overview of GasLog Partners LP GasLog Ltd NYSE:GLOG Market Cap: ~$1.5bn(1) 43% (2) 100% of GP and IDRs GasLog Partners LP Q3 2014 Annualized 57% Public NYSE:GLOP Revenue $343 million Market Cap: ~$560mm(1) EBITDA $98 million First Dropdown Transaction Complete 100% 100% 100% 100% 100% GAS-sixteen

  4. Slide 4: Dec 14: GasLog Ltd. Acquires Two Ships from BG Group

    4 Dec 14: GasLog Ltd. Acquires Two Ships from BG Group Methane Becki Anne Methane Julia Louise Acquisition Highlights • GLOG’s third transaction with BG Group in 2014 – Total for 2014: 8 LNG carriers for $1.35 billion; Expected annual EBITDA of ~$150 mm; Average contract duration of 7 Years • Transa

  5. Slide 5: LNG Shipping Market Overview

    LNG SHIPPING MARKET OVERVIEW

  6. Slide 6: Gas And LNG Demand Is Growing

    6 Gas And LNG Demand Is Growing  Significant growth forecast in LNG Gas and LNG Supply Growth  Gas increasing share of the global energy markets — Forecast CAGR to 2025 of c. 2.5%  LNG as a subset of the gas market is growing more rapidly — Forecast CAGR to 2025 of c. 7% LNG – A growing segment o

  7. Slide 7: LNG Demand Set To Almost Double By 2025

    7 LNG Demand Set To Almost Double By 2025 North America Europe Japan, Korea, Taiwan 140 155 89 34 11 9 2014 2025 2014 2025 2014 2025 Global China 438 71 242 20 South America 2014 2025 2014 2025 13 10 Middle East Rest of Asia 2014 2025 89 16 20 4 2014 2025 2014 2025 Note: Units in mmtpa Source: Wood

  8. Slide 8: China's Potential LNG Demand Is Significant

    8 China’s Potential LNG Demand Is Significant Significant gas demand 900  Target 10% gas penetration by 2020 800 26% - OECD 2013 average gas penetration Gas Consumption (Mtpa equiv.)  ~180mtpa LNG equiv. supply gap based on 700 government targets 600  1% increase gas penetration = ~23mtpa LNG ~47

  9. Slide 9: LNG Supply Is Set To Become More Diverse

    LNG Supply Is Set To Become More Diverse With New 9 Supply Regions Emerging N. America West Europe Russia 31 28 4 4 10 0 2014 2025 2014 2025 2014 2025 South East Asia 55 50 N. America East Global 74 445 2014 2025 0 246 2014 2025 Australasia 2014 2025 92 Latin America 27 19 9 Middle East 2014 2025 20

  10. Slide 10: Vessel Demand Forecast

    Vessel Demand Forecast 10 Shortfall of 187 vessels expected by 2020 – $37bn+ of capex Development of LNG Liquefaction Capacity, Future Requirement vs. Current Orderbook 2014-2020 700 350 322 600 300 500 250 mtpa 400 No. ships 200 300 135 200 150 100 100 0 50 Total Plants Under Total Existing FEED/FI

  11. Slide 11: GasLog's Conservative Supply Outlook To 2020

    GasLog’s Conservative Supply Outlook To 2020 11 Canada, East Africa and others provide additional upside Expected US Nameplate Canada Sabine Pass (T1-5) 22.5mtpa Expected Australia Nameplate Minimal supply in our forecasts Cameron 12.0mtpa Curtis 8.5mtpa Freeport 13.2mtpa Gladstone 7.7mtpa Lake Char

  12. Slide 12: LNG Trade Sustained In Lower Oil Price Environment

    12 LNG Trade Sustained In Lower Oil Price Environment Australia Illustrative Costs of US LNG Supply to NE Asia(1)  Many major projects almost complete or well $80 into construction phase (Gorgon, Gladstone, Curtis, Australia Pacific etc) $60 Brent Crude:  Capex largely a sunk cost ~$50/bbl $40 US

  13. Slide 13: Longer Trading Distances Increase Vessel Demand

    Longer Trading Distances Increase Vessel Demand 13 US-Far East trade will increase average trading distances Number of Operating Country-to-Country Average Distance of LNG Trade Routes Trades 180 5,000 160 4,233 140 4,000 3,444 120 3,094 Nautical Miles No. 100 3,000 80 2,000 60 40 1,000 20 0 2003 20

  14. Slide 14: Positive Outlook For LNG Shipping

    Positive Outlook For LNG Shipping 14 Potential shortfall of 187 ships by 2020 LNG Production Growth Momentum  Orderbook Undersupplied  Limited New Entrant Activity  Increased Trade Routes  Significant Increase In Tonne Miles  GasLog has the platform to benefit from changing market dynamics

  15. Slide 15: Overview of GasLog Partners LP

    OVERVIEW OF GASLOG PARTNERS LP

  16. Slide 16: GasLog Partners Since IPO

    GasLog Partners Since IPO 16 The Facts May 2014 January 2015 Fleet of 3 $200 vessels million IPO 5 ships on the water Market capitalisation $420 million Market capitalisation $560 million(1) 100% vessel utilization – zero downtime First dropdown Follow-on equity raise Debt refinancing transaction co

  17. Slide 17: Strategy Of Fixed-Rate Revenue Under Long Term Contract

    Strategy Of Fixed-Rate Revenue Under Long Term 17 Contract  Fixed-fee revenue contracts — No commodity price or project-specific exposure  Charters generate revenue under daily rates — No volume risk  Average remaining charter duration of 4.2 years LNG Carrier Year Built Cargo Capacity (cbm) Char

  18. Slide 18: Multi-Year, Visible Growth Pipeline

    Multi-Year, Visible Growth Pipeline 18 Up to 35 additional dropdown vessels including GasLog 40:17 Vision Option Vessels Further Parent Assets GasLog 40:17 (12 vessels) (10 vessels(1)) (13 vessels) 40 27 17 Current 5 Methane Shirley Elizabeth Methane Alison Victoria Methane Lydon Volney Methane Heat

  19. Slide 19: Delivering Significant Growth In EBITDA And Aggregate Cash Distributions

    Delivering Significant Growth In EBITDA And Aggregate 19 Cash Distributions Adjusted EBITDA(1) ($m) Aggregate Cash Distribution ($m) Represents increase in distributions that Management intends to recommend to the Board. Represents increase in distributions related to the common units issued on Sept

  20. Slide 20: Superior Distribution Growth Profile

    20 Superior Distribution Growth Profile First dropdown successfully completed September 2014 ~15% increase in distribution expected for Q4 2014 from first two vessels acquired 10-15% CAGR of LP distribution per unit from IPO forecast Potential upside to LP distribution per unit CAGR based on potenti

  21. Slide 21: LP Distribution Per Unit Growth Illustration

    21 LP Distribution Per Unit Growth Illustration Illustrative² LP distribution per unit at 10 – 15% CAGR  GLOP's management intends to increase on initial $1.50 per annum distribution recommend to the Board an $3.50 increase in quarterly cash 15% CAGR distribution of approximately 15% $3.00 to an an

  22. Slide 22: Distribution Growth Not Reflected In GLOP's Yield Versus MLP Peers

    Strong Distribution Growth Not Reflected In GLOP’s 22 Yield Versus MLP Peers Q3-2014A to consensus Q4-2016E CAGR distribution per unit 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 0.0% CQH PSXP 2.0% MPLX NEP BWP OILT VLP EQM MMP Current distribution yield SXL TEP 4.0% SEP WES EPD WNRL SUSP TCP TLLP

  23. Slide 23: GLOP Offers A Top Quartile Total Return MLP Investment Opportunity

    GLOP Offers A Top Quartile Total Return MLP 23 Investment Opportunity Total return (current yield plus Q3-2014 to Q4-2016 distribution per unit CAGR) 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% BWP BPL TCP GSJK GLOP RRMS CLMT ACMP TLLP SRLP CMLP OKS ENLK ARLP MMLP GLP OCIR PSXP MEP FELP FGP

  24. Slide 24: Investment Highlights

    24 Investment Highlights Strong operational and financial performance 1  Delivering on our IPO growth commitments Successfully completed first dropdown transaction 4 months after IPO 2  Concurrent follow-on equity offering increased capacity for future additional acquisitions Low risk, highly visi

  25. Slide 25: Appendix

    APPENDIX

  26. Slide 26: Illustrative GLOG Sum-Of-The-Parts

    Illustrative GLOG Sum-Of-The-Parts 26 Building blocks of GLOG value GLOP Value of Delivered cost of PV of net ship cash IDR value¹ LP & GP units GLOG fleet flow prior to GLOP owned by GLOG² (retained or drop down dropped down)³ +$ 0.5 – 0.8 bn +$ 0.4 – 0.6 bn +$ 4.1 bn +$ bn Enterprise Value Q3 GLOG

  27. Slide 27: IDRs Post 25-ship Drop-down

    IDRs Post 25-ship Drop-down 27 Illustrative IDR valuation (based on 25 ship fleet)  At current rates, GLOP generates Illustrative IDR cash flow following fleet drop-down significant EBITDA after all the full fleet has been dropped down EBITDA per ship¹ # ships Total TFDE / LP-2S $21.0m 19 $399.0m 

  28. Slide 28: Illustrative IDR valuation (based on 25 ship fleet)

    28 Illustrative IDR valuation (based on 25 ship fleet) Illustrative IDR valuation (based on 25 ship fleet) Management has prepared the numerical examples on slide 68 to illustrate potential future distributions by GLOP based on the various assumptions specified on that slide. This example is not int

  29. Slide 29: Reconciliation / Non-GAAP Measures

    29 Reconciliation / Non-GAAP Measures Non-GAAP Financial Measures EBITDA is defined as earnings before interest income and expense, gain/loss on swaps, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before foreign exchange gains/losses. Adjusted Profit represents earnings

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