29th WLPGA Forum : Future Market Outlook Florence, Italy

16 November 2016

Forward-looking Statements

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expressions, such as “going forward”. These forward–looking statements reflect BW LPG’s reasonable beliefs, intentions and current expectations concerning, among other things, BW

LPG’s results of operations, financial condition, liquidity, prospects, growth and strategies. Forward–looking statements include statements regarding: objectives, goals, strategies, outlook

and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends;

developments of BW LPG’s markets; the impact of regulatory initiatives; and the strength of BW LPG’s competitors. Forward–looking statements involve risks and uncertainties because

they relate to events and depend on circumstances that may or may not occur in the future. The forward–looking statements in this presentation are based upon various assumptions, many

of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in BW LPG’s records and other

data available from third parties. Although BW LPG believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and

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2

3

Global Leader in Maritime LPG

“BW LPG’s

vision is to be

the global

leader in

maritime LPG.”

Proven

Operating

Platform

Over 38 years

of expertise in

LPG shipping

Preferred

partner for

blue chip

charterers

Proximity to capital

markets & Asian

demand centers

Market leading

financing

Strong financial

position

Largest fleet of

VLGCs

4

VLGC Freight Rates – $ per ton Baltic index currently ~40% lower than all-time average, rates haven’t been this low since 2009

Source: Baltic Exchange

Baltic Index $ Per Ton (Ras Tanura - Chiba)FOR CHART:

Baltic

$ Per Ton as % of

Current $29.2

Last 5 Years Median $65.5 45%

Last 10 Years Median $44.2 66%

All Time Median $41.6 70%

Last 5 Years Average $66.8 44%

Last 10 Years Average $52.2 56%

All Time Average $48.3 61%

-

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

5

VLGC Freight Rates – $ per day There has been no seasonal upturn in 2016, with rates languishing near decade lows through the year

Source: Clarksons

Trailing Ten Year Monthly VLGC Spot Rates ($ Per Day)

-

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

10Y High / Low 10Y Avg. - $36,872 2015 - $88,128 2016 Current - $18,000

6

Historical VLGC Fleet Growth Record net fleet growth of 43 vessels in 2016, pace decelerating from 2018 onwards

Source: Clarksons

Historical VLGC Fleet Development

2008A

2009A

2010A

2011A

2012A

2013A

2014A

2015A

2016A

2017F

2018F

2019F

2020F

-

50

100

150

200

250

300

(5%)

-

5%

10%

15%

20%

25%

2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017F 2018F 2019F 2020F

VLGC Fleet Development (RHS) VLGC Fleet Development Forecast

% VLGC Fleet Growth (LHS) % Fleet Growth Forecast

7

U.S. and Asian Propane Prices & Differentials Relatively strong U.S. prices and weak Asian prices has led to narrowing of arbitrage

Source: Bloomberg

U.S. propane prices are up in 2016… …as they have performed in line with rising crude pricesMont Belvieu propane price ($ per ton) Mont Belvieu as % of WTI

While Asian propane prices are down… …leading to compressed product arbsAFE front month propane price ($ per ton) Front month AFE - spot Mont Belvieu spread ($ per ton)

-

$100

$200

$300

$400

$500

$600

$700

$800

$9002012 2013 2014 2015 2016

-

$20

$40

$60

$80

$100

$120

-

10%

20%

30%

40%

50%

60%

70%

80%

Jan

-12

Ap

r-1

2

Jul-

12

Oct

-12

Jan

-13

Ap

r-1

3

Jul-

13

Oct

-13

Jan

-14

Ap

r-1

4

Jul-

14

Oct

-14

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Mont Belvieu as % of WTI WTI

-

$200

$400

$600

$800

$1,000

$1,200

$1,4002012 2013 2014 2015 2016

-

$100

$200

$300

$400

$500

$600

$7002012 2013 2014 2015 2016

8

U.S. LPG Production and Consumption by Gas 2016 production growth led by refinery production as field production growth has stalled

Source: U.S. Energy Information Administration

U.S. LPG Snapshot (Mt) - November 2016 EIA Short Term Energy Outlook

25.9 31.0

36.0 36.6 37.8

17.8

18.5

17.6 18.4 19.1

14.6

17.1

20.0 20.2

20.5

1.6

1.9

1.6 1.4

1.6

40.1 36.7 36.6 35.1 35.3

5.5

5.7 6.9 6.7 6.2

10.4 11.3 11.7

11.4 10.9

5.8 11.7

18.1 24.5 26.8

59.9

68.5

75.1 76.5 79.0

-

10

20

30

40

50

60

70

80

90

2013Actual 2014Actual 2015Actual 2016Forecast 2017Forecast

C3 Gas Plant Prod. C3 Refinery Prod. C4 Gas Plant Prod. C4 Refinery Prod. C3 Consumption C4 Consumption C4 Blending Net Exports

9

Historical correlation between Brent crude oil &

Asian propane prices Relationship has broken down from >90% in 2014 to 1% in 2016

Correlation of Brent Crude & Asia Propane - 2013 Correlation of Brent Crude & Asia Propane - 2014

Correlation of Brent Crude & Asia Propane - 2015 Correlation of Brent Crude & Asia Propane - 2016

R² = 34%

$700

$750

$800

$850

$900

$950

$1,000

$1,050

$1,100

$1,150

$1,200

$95 $100 $105 $110 $115 $120

Brent Crude ($ Per Barrel)

Prop

ane

AFE

($ P

er T

on)

R² = 93%

$600

$650

$700

$750

$800

$850

$900

$950

$1,000

$80 $85 $90 $95 $100 $105 $110 $115 $120

Brent Crude ($ Per Barrel)

Prop

ane

AFE

($ P

er T

on)

R² = 49%

$300

$350

$400

$450

$500

$550

$600

$650

$30 $35 $40 $45 $50 $55 $60 $65 $70

Brent Crude ($ Per Barrel)

Prop

ane

AFE

($ P

er T

on)

R² = 1%

$250

$270

$290

$310

$330

$350

$370

$390

$410

$430

$450

$25 $30 $35 $40 $45 $50 $55 $60

Brent Crude ($ Per Barrel)

Prop

ane

AFE

($ P

er T

on)

Source: Bloomberg

10

Global LPG Imports Market still growing but at slower pace

Source: IHS Waterborne

Quarterly LPG Imports (Million Metric Tons)

-

5

10

15

20

25

Q1-2013 Q2-2013 Q3-2013 Q4-2013 Q1-2014 Q2-2014 Q3-2014 Q4-2014 Q1-2015 Q2-2015 Q3-2015 Q4-2015 Q1-2016 Q2-2016 Q3-2016

China Japan Korea India Southeast Asia Other

11

Global LPG Exports Market still growing but at slower pace

Source: IHS Waterborne

Quarterly LPG Exports (Million Metric Tons)

-

5

10

15

20

25

Q1-2013 Q2-2013 Q3-2013 Q4-2013 Q1-2014 Q2-2014 Q3-2014 Q4-2014 Q1-2015 Q2-2015 Q3-2015 Q4-2015 Q1-2016 Q2-2016 Q3-2016

Middle East US North Europe Med West Africa Other

12

Select region/country retail LPG consumption per capita Heavily populated SE Asia, Pakistan & sub-Saharan Africa all consume far less LPG

than global average

Source: Argus, WLPGA

2015 Retail LPG Consumption (Kg per Capita)

11.0

8.3

0.6 1.4

3.2

13.3 16.9

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Vietnam Philippines Bangladesh Pakistan Sub-Saharan Africa India China

Population (MM People) Kg/Capita

Global Average - 17.4 kg