November 2016

DORIAN LPG ®

Forward-Looking Statements

This Presentation contains certain forward-looking statements relating to the business, future financial performance and results of the Company and/or the industry in which it operates. In particular, this Presentation contains forward-looking statements such as those with respect to cost of construction of the Company’s newbuildings and timing of their delivery, values of the assets of the Company and the potential future revenue and EBITDA these assets may yield under current or future contracts, the potential future revenues and cash flows of the Company, the potential future demand and market for the Company’s assets and the Company’s equity and debt financing requirements and its ability to obtain financing in a timely manner and at favorable terms. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Potential investors are expressly advised that financial projections, such as the revenue and cash flow projections contained herein, cannot be used as reliable indicators of future revenues or cash flows. Neither the Company, nor any of their parent or subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. No obligation is assumed to update any forward-looking statements or to conform these forward-looking statements to our actual results.

Disclaimer

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DLPGFleet GlobalVLGCFleet

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Key Investment Highlights

USshalerevolutionhascreatedafundamentalshiftintradeflows

RapidgrowthinbothLPGsupplyanddemandcreatingnewdynamic

BifurcationofmajorsupplysourcesmakesLPGincreasinglycompetitive

VLGCsareacriticallinkintheglobalLPGsupplychain

Company Overview LPG Industry Overview

*Age Comparison: As of September 30, 2016

Average Fleet Age (Years)*

4

3 Modern VLGCs19 ECO VLGCs

3

StrongmarketpositionwiththeyoungestandlargestECOVLGCfleet

Integratedtechnicalandcommercialmanagementwithproventrackrecord

Conservativebalancesheetensuresflexibilityandabilitytocapitalizeongrowthopportunities

AlignmentofmanagementandshareholderinterestgivensignificantCEOinvestment

Balancedmixoftimechartersandspotexposure,targetinghighqualitycreditcounterparties

GlobalpresencewithofficesinStamford,CT(Headquarters),London,UKandAthens,Greece

Market Summary

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ProductionLPG (Propane and Butane) is a by-product

of oil and gas

ShippingVLGCs are the most cost effective

means of long haul LPG transportation

End UseBroad range of end uses for LPG

VLGCs are a Critical Link in the Global Supply Chain

North America

Latin America

Africa

Middle East

Europe & FSU

Asia

5

Global LPG Trade Continues to Expand

Global Seaborne LPG Liftings Volume

Potential U.S. VLGC Liftings based on Terminal Capacity

-

10

20

30

40

50

60

70

2013 2014 2015 2016 2017 2018

Ann

ual L

iftin

gs

6Source: IHS, Dorian LPG Analysis

0102030405060708090100

2012 2013 2014 2015 YTD2016

Metric

tons(m

illions)

Jan-Sept Annual

Bifurcation of Supply Making LPG Increasingly Competitive

Source: EIA, Bloomberg, IHS

Seaborne LPG by Source

New Price Competition

Significant investment in US export capacity

• Significant investments in LPG export terminal capacity and midstream processing

• Confirms market commitment to exports

• Eliminates bottlenecks related to port infrastructure

Emergence of US LPG has resulted in greater price competition amongst suppliers

• NGL production in excess of domestic demand has kept US LPG prices low relative to the world market

• The result is export growth and further price competition from the Middle East – good for demand

• US residential and petchem demand is expected to be offset by increasing use of ethane and natural gas

7

15% 19% 25% 31%

51% 47%45%

43%

12% 11% 10% 10%8% 11% 10% 8%14% 12% 10% 8%

0%

20%

40%

60%

80%

100%

2013 2014 2015 YTD2016

US ME N.Sea Med Other

150

350

550

750

950

1,150 MontBelvieuSaudiCPAlgeria

North American LPG Export Capacity Up Significantly

Mill

ion

MT/

Year

Announced North American VLGC Export Capacity

More than sufficient LPG export capacity, leaving room for large increases once production ramps back up

Petrogas’ Terminal (Ferndale, WA)• Seasonally stronger in April-Sep, expect

increase in butane cargoes

Sunoco’s Terminal (Marcus Hook, PA)• Now exporting 3-4 VLGC cargoes per month• Consistent supply contracts with offtake

agreements

Philips 66’s Terminal (Freeport, TX)• Capacity for 8 VLGCs/month• Scheduled start up for end Sep/early Oct

2016• Potential to add increased competition to

terminal fees which could boost utilization

Phillips 66’ Terminal (Freeport, TX)

8Source: EIA, Bloomberg, IHS, Publically Available Information

0

5

10

15

20

25

30

35

2015YE 2016YE 2017YE

Enterprise(Houston)

Targa(Houston)

Sunoco(Nederland)

Sunoco(MarcusHook)

Oxy(Ingleside)

Trafigura(CorpusChristi)

PetroGas(Ferndale,WA)

Phillips66(Freeport,TX)

31 31 3235

4138

33 34

48

38 36

27

34

0

10

20

30

40

50

60

Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16

455

685

865

0

200

400

600

800

1,000

2014 2015 2016YTD

US Exports Continue to Grow

US Exports by Year (MM bbls/day)

US VLGC by Month

9Source: IHS, EIA, *Note: Bbls/day converted to MT/yr (bbls per day/11.6 * 365)

*Annualized (MM MT/yr): 14.3 21.5 27.2

Demand Overview

China and India continue to drive demand

• Seaborne LPG imports into China tallied 12.1 mmt in 2015 up 70% from 7.9 mmt in 2014 (2014 was up 100% from 3.9 mmt in 2013)

• China’s residential / commercial demand has been climbing in tandem with its initiative to displace solid biofuels in rural areas

• Seaborne LPG imports into India were up 8% in 2015, from 8,324,550 to 8,970,000.

• The Modi Government has called 2016 “the year of the LPG consumer.”

• Mangalore Import Terminal can now handle VLGCs

• Haldia and Kochi regions could both build new import terminals in the future

10Source: IHS, Dorian LPG Analysis

Growing Markets for LPG: INDIA

• Power conversion

project with Vitol

• By April, LPG will be

used as primary fuel

source

India LPG Import Forecast Indian LPG Consumption Forecast

18.7 M21.0 M

24.0 M

0 M

5 M

10 M

15 M

20 M

25 M

30 M

2015 2016E 2017E

8.9 M

10.5 M

12.5 M

0 M

2 M

4 M

6 M

8 M

10 M

12 M

14 M

2015 2016E 2017E

• TheIndianGovernmentaggressivelypromotingLPGpenetrationinruralareas

• Approximately7MillionnewLPGconsumersaddedbetweenJanuaryandApril

• Nonsubsidizedmarketgrowingduetolowerinternational LPGPrices

• IncreasedtaxongasolinehasalsoledtoincreasedLPGauto-gasconsumption

• Paradip refinerystartupmarkslastmajordomesticsupplyaddition– supportingfurtherimports

11Source: IOC, FGE

Growing Markets for LPG: CHINA

• will be used as

primary fuel source

Annual China LPG imports

12Source: IHS

3.8M

7.8M

11.5M

10.2M

0 M

2 M

4 M

6 M

8 M

10 M

12 M

14 M

2013 2014 2015 2016 YTD

Note: Propylene production capacity to VLGC Equivalents of Propane demand: 1 tonne of propylene requires 1.18 tonnes of propane; 1 VLGC equivalent is 44,000 tonnes of propaneSource: ICIS, Arrow

16

56

106

124

141

0

2,000

4,000

6,000

8,000

10,000

12,000

0

20

40

60

80

100

120

140

160

End 2013 End 2014 End 2015 End 2016 End 2017

New Cumulative Chinese PDH Propane New Cumulative Chinese PDH Propylene Production

PropyleneCapacity(000tonnes)

VLGCEquivalents

Commenced & Planned Chinese PDH Projects Propane Feedstock Required

• It is estimated that total new propane demand from Chinese PDH plants in 2015 was up 185% (from 1.09 to 3.1mm tons)

• PDH importers require high purity propane, best sourced from the US or Middle East

• Sinopec, Tianjin Bohai, Oriental Energy, Fujian Meide, and Shaoxing Sanyuan Petrochemical have all signed long term supply contracts for US LPG

ProjectPolypropyleneproductionkt/year

Operational Main Application

TianjinBohai 600 Operating Propylenederivative,Acrylicacidetc.

NingboHaiyue 600 Operating Propylenederivative,Acrylicacidetc.

SatellitePetchem 450 Operating Polypropylene

Sanyuan Petchem(JVO.E.)

450 Operating Propylenederivative,Acrylicacidetc.

YangtzePetchem 600 Operating Propylenederivative,Acrylicacidetc.

Wanhua Petchem 750 Operating Polypropylene

Hebei Haiwei 500 Expected2016 Polypropylene

Meide Petchem 660 Expected2016 Polypropylene

NingboFortune(O.E.) 660 Expected2017 Polypropylene

Surge in Chinese PDH Adds to Global Demand

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VLGC Day Rates Softer, yet Utilization Remains High

• Incremental VLGC fleet growth has been absorbed without severely impacting utilization thus far (i.e. demand for seaborne transport continues to grow)

• Increased U.S. NGL production at ~$50 crude oil should help to stimulate exports

• Panama Canal expansion may reduce tonne miles near term but should help decrease costs to Asia and thus increase arbitrage movements West to East in the long term

Drivers underlying current rate environment

14Source: Clarksons Research, Baltic Exchange

Baltic VLGC Daily Spot TCE Rates (M USD) Global VLGC Fleet Utilization

96%

88%

2015

2016Oct YTD

0

20

40

60

80

100

120

140

DailyVLGCRate 4WeekTrailingAverage 1YearTrailingAverage

Propane Divergence from Naphtha

Cost & Freight - Naphtha Asia vs. Saudi CP (USD)

15Source: Bloomberg, IHS

0.00

50.00

100.00

150.00

200.00

250.00

300.00

350.00

400.00

450.00

1-1-2016 2-1-2016 3-1-2016 4-1-2016 5-1-2016 6-1-2016 7-1-2016 8-1-2016 9-1-2016 10-1-2016

Cost&FreightSaudiCP Cost&FreightNaphthaAsia

• May was a record import month for China

• Typically takes 3+ months of price divergence before Petchemcrackers switch feedstocks

Panama Canal Expansion Theoretical Positive for Arbitrage

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230 230 230

52.36 52.36 52.36

56 61 67

11.64 6.64 0.64

$-

$100

$200

$300

$400

$500

Price Terminal Cost Freight Cost Arbitrage

Houston-Chiba Arbitrage Analysis by Route (USD)

Current economics favor voyages through the Canal and may provide a catalyst to open the West-East arbitrage

• The Neo-Panama Canal opened June 27th with first VLGC passage

• Reduction in voyage time ex. Houston-Chiba via:• Cape of Good Hope = 40 days• Panama Canal = 25 days

Source: FGE, Dorian LPG AnalysisNote: Theoretical arbitrage used to portray arbitrage effect; Mont Belvieu = $230 pmt vs Cif Japan = $350

Panama/Panama Panama/Cape Cape/Cape *Laden/Ballast

Competitive Advantages & Strategy

ECO-Vessels Built at World Class Korean Shipyards

Source: Hyundai Heavy Industries (HHI), MAN B&W, FT Maritime Services, Company, Managers¹ Fuel saving assuming loaded condition at 16 knots and a HFO price ranging from USD 260-450/MT

Daily fuel savings between $2,000-3,5001

OptimizedHull Design

Low Friction, Self Polishing Paint

Scrubber /Scrubber Ready Babcock’s New LGE Cooling Plant

MAN B&W’s New G-Type Engine

44.046.1

36.538.4

25

30

35

40

45

50

55

Heavy Fuel Oil (HFO)Marine Gas Oil (MGO)

Traditional VLGCDorian ME-G type NB (ECO)

-17%-17%

Fuel Oil Consumption Analysis

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VLGC fleet constructed at top tier yards

• LPG vessels are highly engineered, and exacting technical specifications determine commercial acceptance

• HHI and DSME also design and build some of the world’s most complex offshore vessels and rigs

• Dorian has built 19 vessels at HHI and DSME since 2014 and maintains a strong relationship with both yards

60%

7%

7%

13%

13%

VLGC deliveries by shipyard (2006-2016)

Fleet Designed to Meet Tomorrow’s Regulations

Source: International Maritime OrganizationNote: Regulations established to limit SOx and particulate matter emissions; ECA means Emission Controls Areas

3 2 17

Modern With Scrubber Scrubber Ready

Dorian LPG has the youngest and most modern fleet of ECO VLGCs

Outside an ECA Inside an ECA

0.50% m/m on and after 1 January 2020

0.10% m/m on and after 1 January 2015

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Major Oil Companies Require Experienced Operators

Dorian LPG is a fully integrated LPG shipping company with in-house commercial and technical management services

• Dedicated, independent department for Health, Safety, Security, Environment and Quality

• Meets requirements of the most demanding Oil Majors

• US presence provides proximity to US based Oil Majors and traders and easy access to US export terminals

Working Safely with Suppliers Award

Tanker Company of the Year

Lloyd’s List 2014 Greek Shipping Awards

Long-standing customer relationships

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“Our mission is to arrange safe, reliable and trouble free transportation”

Strategy for Creating Shareholder Value

Ensure fleet remains “best in class” and vessel operations are of the highest quality to deliver superior customer service and low operating costs

Optimize chartering and revenue opportunity through further pooling arrangements and time charters

Strong, moderately leveraged balance sheet creates opportunities to fund growth or pay dividends

Active $100 mm stock buyback program in place

Select strategic partnership opportunities may offer meaningful and accretive growth

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Balanced Chartering Strategy

FY 2017 Time Charter Coverage Spot Market Optimization

• Opportunistic approach to time chartering

• Four VLGCs currently on time charters

• Blue-chip counterparty relationships

27%

73%

TimeCharter Spot

Significant commercial scale through Helios LPG Pool

• Founded by Dorian LPG and Phoenix Tankers in April 2015, the Helios Pool is the 2nd largest LPG pool operator in the world

• Agreement with Oriental Energy Company, a major PDH operator and LPG importer into China

• Helios Pool will operate 8 VLGCs for Oriental Energy Company

• COA with Oriental Energy Company covering LPG shipments from US Gulf Coast

• The Helios Pool currently manages 28 VLGCs, inclusive of the vessels contributed by Oriental Energy Company.

Return on CapitalBalance employment mix

Regular EmploymentHigh fleet utilization

Risk ManagementStrong counterparties

ResponsiveTo customers and the market

The 4 R’s for Customers & Shareholders:

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Financials

Statement of Operations Data (USD)

Statement of Operations Data Three Months Ended Sep 30, 2016

Three Months Ended Sep 30, 2015

Revenues $ 33,611,233 $ 74,946,432

Voyage expenses 466,218 3,541,546

Vessel operating expenses 16,339,345 9,459,889

General and administrative expenses 5,203,915 5,281,535

Other income—related parties 552,922 383,643

EBITDA 12,154,677 57,047,105

Depreciation and amortization 16,365,517 8,303,555

Operating income/(loss) (4,210,840) 48,743,550

Other income/(expenses), net (2,934,748) (7,530,286)

Net income/(loss) $ (7,145,588) $ 41,213,264

OtherFinancialData

Time charter equivalent rate (1) $ 19,137 $ 68,330

Daily vessel operating expenses (2) $ 8,073 $ 8,663

Adjusted EBITDA (3) $ 13,253,766 $ 57,655,360

(1) Our method of calculating time charter equivalent rate is to divide revenue net of voyage expenses by operating days for the relevant time period.(2) Calculated by dividing vessel operating expenses by calendar days for the relevant time period.(3) Represents net income excluding the potentially disparate effects between periods of derivatives, interest and finance costs, stock-based compensation expense, impairment, and depreciation

and amortization expense and is used as a supplemental financial measure by management to assess our financial and operating performance.24

Statement of Operations Data (USD)

Statement of Operations Data Year Ended March 31, 2016

Year Ended March 31, 2015

Revenues $ 289,207,829 $ 104,129,149

Voyage expenses 12,064,682 22,081,856

Vessel operating expenses 47,119,990 21,256,165

Management fees – related party — 1,125,000

Impairment — 1,431,818

General and administrative expenses 29,836,029 14,145,086

Loss on disposal of assets 1,125,395 —

Other income—related parties 1,945,396 93,929

EBITDA 201,007,129 44,183,153

Depreciation and amortization 42,591,942 14,093,744

Operating income 158,415,187 30,089,409

Other income/(expenses), net (28,726,805) (4,828,627)

Net income $ 129,688,382 $ 25,260,782

OtherFinancialData

Time charter equivalent rate (1) $ 55,087 $ 49,655

Daily vessel operating expenses (2) $ 8,581 $ 10,703

Adjusted EBITDA (3) $ 204,865,215 $ 47,346,202(1) Our method of calculating time charter equivalent rate is to divide revenue net of voyage expenses by operating days for the relevant time period.(2) Calculated by dividing vessel operating expenses by calendar days for the relevant time period.(3) Represents net income excluding the potentially disparate effects between periods of derivatives, interest and finance costs, stock-based compensation expense, impairment, and depreciation

and amortization expense and is used as a supplemental financial measure by management to assess our financial and operating performance.25

Cash Flows Data (USD)

Cash Flows Data Six Months Ended September 30, 2016

(Unaudited)

Six Months Ended September 30, 2015

(Unaudited)

Netincome $ (8,436,709) $ 54,866,147

Adjustments 34,611,425 19,599,452

Changesinoperatingassetsandliabilities 18,575,136 (27,623,907)

Netcashprovidedbyoperatingactivities 44,749,852 46,841,692

Netcashusedininvestingactivities (1,354,826) (486,298,974)

Netcash(usedin)/provided by financingactivities (46,229,501) 315,162,225

Effectsofexchangeratesoncashandcashequivalents 4,413 (181,650)

NetIncrease/(decrease)incashandcashequivalents $ (2,830,062) $ (124,476,707)

CashFlowsData Year Ended March 31, 2016

(Audited)

Year Ended March 31, 2015

(Audited)

Netincome $ 129,688,382 $ 25,260,782

Adjustments 59,421,412 19,069,505

Changesinoperatingassetsandliabilities (38,082,294) (18,707,067)

Netcashprovidedbyoperatingactivities 151,027,500 25,623,220

Netcashusedininvestingactivities (910,414,841) (312,326,844)

Netcashprovidedbyfinancingactivities 601,090,409 213,694,591

Effectsofexchangeratesoncashandcashequivalents (112,289) (1,301,579)

Netdecreaseincashandcashequivalents $ (158,409,221) $ (74,310,612)

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Balance Sheet Data (USD)

Balance Sheet Data September 30, 2016(Unaudited)

September 30, 2015(Unaudited)

Cash and cash equivalents $ 43,581,900 $ 80,344,476

Restricted cash, non-current 50,812,789 42,012,789

Total assets 1,786,002,314 1,488,041,949

Current portion of long-term debt 65,978,785 42,360,541

Long-term debt – net of current portion & deferred financing fees 715,158,576 465,828,586

Total liabilities 819,203,609 562,515,117

Total shareholders' equity $ 966,798,705 $ 925,526,832

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Our Mission is to arrange safe, reliable and trouble free transportation