Agenda

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[ C L I E N T N A M E ]

Presentation2 Private and Confidential

December,  2014  

Investor Deck Report

2

Disclaimer

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.

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Investment Highlights Largest ECO VLGC fleet, VLGCs represent critical link in the LPG supply chain

Fleet

3 Modern VLGCs, 2 ECO VLGCs, 1 pressurized LPG carrier 17 ECO VLGCs (Delivering Q1 2015 – Q1 2016)

Management Fully Integrated, In-house Commercial & Technical management

Chartering strategy Balanced mix of time charters and spot exposure, targeting high quality counterparties

Key Counterparties

Global presence Stamford, CT (Headquarters), London, UK and Piraeus, Greece

Entry into LPG 2002

Overview:

VLGC Vessel Count

5

20 22

Current Fleet 2015 2016

Average Age (Years)

+15

+2

End of 2014 End of 2015

3.6 1.6

4

Key Investment Highlights

US shale revolution has created a fundamental shift in trade flows

Rapid LPG growth creating tight supply-demand dynamics

VLGCs are a critical link in the global LPG supply chain

Significant built-in growth with the youngest and largest ECO VLGC fleet

Strong balance sheet ensures flexibility and ability to capitalize on growth opportunities

Integrated technical and commercial management with proven track record

Alignment of management and shareholder interest and significant founder investment

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2

3

4

5

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!  Dorian (Hellas), S.A. of Greece was established in 1973, representing the shipping interests of principals with more than a century of shipping experience

!  Entered the LPG market in 2002 through the acquisition of two pressurized vessels followed by four additional acquisitions over the following 18 months

!  Expanded into the VLGC segment by commissioning three newbuildings that were delivered from 2006-2008

!  Our founders and management have collectively invested in excess of US$70m in Dorian LPG since its inception

!  Dorian LPG is the only US headquartered major VLGC owner (Stamford, CT), giving it proximity to major US LPG exporters

Significant market presence with 22 Modern VLGCs and targeting further consolidation

Overview Timeline

Source: Dorian LPG

The Evolution of Dorian LPG

July 2013: Ordered 3 ECO VLGCs at

HHI

1906: Family purchased first steamship, the Marietta

Ralli

1980s: Completed tonnage renewal

program

1959: John C. Hadjipateras &

Sons entered the tanker market

2011: Dorian LPG won Statoil’s Working Safely with Suppliers

Award for ‘Best Shipping Supplier’

2002-2003: Acquisition of small pressurized LPG

carriers 1973: Dorian

(Hellas) established

1950s: Orient Mid-East Lines

pioneered sailings from Great Lakes to

Middle East

2005-2006: Placed order for 4xVLGCs at HHI,

Korea

November 2013: Acquired 13 VLGC

NBs from STNG February 2014:

Exercised option for 3 additional VLGCs

May 2014: Successful IPO on

the NYSE July 2014: Delivery of NB VLGC “Comet” at

HHI

London, UK

Offices Headquarters

Stamford, USA

Piraeus, Greece

Sep. 2014: Delivery of NB VLGC “Corsair”

at HHI

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LPG VLGCs

By-product of natural gas and oil production

Avoids harmful or potentially

dangerous waste Pressure Gas Carriers

(<11,500cbm)

Semi-refrigerated Gas Carriers

(5-23,000cbm)

Fully refrigerated Gas Carriers

(15-84,000cbm)

U.S. LPG exports have created secular supply dynamics -

centered around two long haul

seaborne trade routes

The largest LPG carriers are best

suited for long haul trades

Competitive Petchem feedstock

Source: ExceptionalEnergy.com

Autogas is the most accepted alternative auto

fuel

20% less CO2 than heating oil and 50%

less than coal

Improves local air quality

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VLGCs are a Critical Link in the Global Supply Chain

Production LPG (Propane and Butane) is a by-product of

oil and gas

Shipping VLGCs are the most cost effective means

of long haul LPG transportation

End Use Broad range of end uses for LPG

Oil production and refining (~40%)

Gas production (~60%)

VLGCs

Cooking / Heating

Autogas

Chemical

Industrial

Other

Refinery

Source: Poten & Partners

Ret

ail m

arke

t 60

%

Bul

k m

arke

t 40

%

The most cost effective means of long haul LPG transportation

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VLGC Day Rates at Healthy Levels

Baltic VLGC Rate:

Day

rate

in U

SD/d

ay

"  Increased YOY LPG production and favorable U.S. pricing vs. Middle East pricing

" Rapid increase in VLGC liftings from the USGC (Targa and Enterprise)

"  Increasing arbitrage movements West to East resulting in higher tonne-mile demand

" Demand from India and China absorbing incremental LPG tonnage

Key Drivers of Rate Strength

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000 VLGC Spot TCE

6-Month Trailing Ave. TCE

3-Year Trailing Ave. TCE

9

0

20

40

60

80

2012 2013 2014 2015 2016 2017

VLGC lifting equivalent, per month

US Supply Growth Making LPG Increasingly Competitive

Source: EIA, Bloomberg, Poten & Partners

US LPG Export Terminal Capacity

*Primary VLGC exporting terminals, beyond 2015

New Price Competition

0

10

20

30

2011 2012 2013 2014 2015 2016 2017

mm t/y

Enterprise – Houston* Targa - Galena Park* P66 – Freeport* Sunoco – Marcus Hook* Sunoco – Nederland* Occidental – Ingleside* Trafigura – Corpus Christi Petrogas – Ferndale* DCP - Chesapeake Sea 3 - Newington

"  Significant Investments in LPG export terminal capacity and midstream processing confirm market commitment

to exports

"  Unlike the LNG sector, fewer regulatory approvals

are needed for LPG export terminals

"  NGL Production, in excess of domestic demand, has

kept U.S. LPG prices low relative to the world market and is driving export growth

"  US residential and petchem demand should be

offset by increasing use of ethane and natural gas

VLGC Equivalent Liftings per Month

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US LPG Supply Surging with flat domestic demand

Asian Demand growing (mm Tonnes)

Source: IHS, China, TPH

"  US to become the worlds single largest LPG exporting nation

"  Competitive Pricing:

"  linked to NGL supply demand dynamics not oil

"  Asian LPG demand could absorb excess US supply

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Surge in Chinese PDH Can be Supported by US Exports

" Favorable US LPG pricing linked to associated NGL supply-demand; not just oil production

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

" Panama Canal expansion to reduce US-Asia voyage time by 20 days

Note: Propylene production capacity to VLGC Equivalents of Propane demand: 1 tonne of propylene yields 1.18 tonnes of propane; 1 VLGC equivalent is 44,000 tonnes of propane Source: ICIS, Poten, CNBC.com; 4/10/14, “Riding shale boom, US to become major LPG supplier to China”

93

124 140

153

271

0

2,000

4,000

6,000

8,000

10,000

12,000

0

50

100

150

200

250

300

End 2014 End 2015 End 2016 End 2017 Planned / pending

approvals

New Cumulative Chinese PDH Propane Feedstock

New Cumulative Chinese PDH Propylene Production

Propylene Capacity (000 tonnes)

VLGC Equivalents

-20

0

20

40

60

Jan-10 Jan-11 Jan-12 Jan-13 Jan-14

PDH Margin - US Propane PDH Margin - Global Propane

PDH Margins - Historical Propane Feedstock Required

" Surge in Chinese PDH Supported by US Exports

" Sinopec, Tianjin Bohai, Oriental Energy, Fujain Meide, and Shaoxing Sanyuan Petrochemical have all signed long term supply contracts to US export terminals.

Margin %

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Fleet Built at World Class Korean Shipyards

Source: Clarksons

VLGC Newbuild Deliveries by Shipyard 2006-2016

" 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 8 vessels at HHI since 2004 and maintains a strong relationship

*

60%

7%

7%

13%

13%

HHI is the most active and experienced yard in the design and construction

of gas carriers

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Major Oil Companies Require Experienced Operators

"  Integrated, LPG Company with all Commercial/Technical services in-house. Meets requirements of the most demanding Oil Majors

"  Dedicated, Independent department on HSSEQ (Health, Safety, Security, Environment and Quality)

"  Doubling up crews on VLGCs in order to meet officer matrix requirements for future NB deliveries

"  Creating new training department under HSSEQ focused solely on Dorian SMS familiarization for new crew

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

"  Awarded by Statoil to Dorian for outstanding service and performance and steadfast commitment to HSE over 30 other shipping service providers

Working Safely with Suppliers Award

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2014 2015 2016

Current fleet: Shipyard Sister Vessels

Charter expiration 1H’14 2H’14 1H’15 2H’15 1H’16 2H’16

Captain Nicholas ML A -

Captain John NP A -

Captain Markos NL A Q3 2019

Grendon - -

Comet B Jul’14

Corsair B Sep’14

Firm Newbuildings:

Corvette B Jan’15

Cougar B Q2’15

Cobra B Q2’15

Continental B Q2’15

Concorde B Q2’15

Constitution B Q3’15

Commodore B Q3’15

Cresques C Q3’15

Constellation B Q3’15

Cheyenne B Q3’15

Cratis B Q4’15

Clermont B Q4’15

Chaparral C Q4’15

Commander C Q4’15

Copernicus B Q4’15

Challenger B Q1’16

Caravel B Q1’16

Dorian LPG Fleet Overview

Overview of Vessel Employment Overview of Chartering Strategy

"  4 R Customers and Shareholders:

" Return on capital: mix of long term and spot charters

" Regular employment: fleet utilization

" Risk management: strong counterparty

" Responsive: to customers and the market

Statoil Spot Market

Spot market

Shell, Q3 2014 – Q2 2019

Statoil Shell, Q3 2014 – Q3 2019

Newbuilding vessels

open to spot market

Legend

Current charters

Available days Delivery date

Future charters

Spot Market

Spot Market

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Fleet Designed to Meet Tomorrow’s Regulations

ECA: Emission Control Areas Source: International Maritime Organization Note: Regulations established to limit SOx and particulate matter emissions

3 17 2

Existing Scrubber Ready Scrubber -Already Declared

Dorian LPG will have 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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44.0 46.1

36.5 38.4

25

30

35

40

45

50

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ECO-Vessels Represent Significant Additional Earnings Potential

Source: Hyundai Heavy Industries (HHI), MAN B&W, FT Maritime Services, Company, Managers ¹ Fuel saving assuming loaded condition at 16 knots and Fuel price at USD 450/MT for HFO (Basis AG-East round trip voyage, including port days)

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

Average daily fuel savings of >$3,0001

Optimized Hull Design

Optimized Hull Design

Babcock’s New LGE Cooling Plant "  Greater Re-liquefaction Efficiency "  Ethane in LPG Mix: 8% vs. 2.5% "  Cargo Combinations: 16 vs. 8 "  Cooling Capability: -52º vs. -48ºC

Traditional VLGC Dorian ME-G type NB (ECO)

-17% MAN B&W’s New G-Type Engine

"  Electronic Engine Control "  De-rated, Long Stroke Design "  Improved Propeller Design

Low Friction, Self Polishing Paint

-17%

Fuel Oil Consumption Analysis

Scrubber / Scrubber Ready

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Recent Strategic Business Development Initiatives !  On July 31, 2014, Dorian LPG announced a heads of agreement in principle with Phoenix Tankers Ltd., one of the foremost VLGC operations in Asia, to form a new VLGC pool which should:

"  Expand the Company’s global presence and strengthen its position in the increasingly important Eastern LPG market

"  Accelerate Dorian LPG’s entry into the lucrative Indian trade

!  On July 25, 2014, the Company announced a Memorandum of Understanding with HNA Group Ltd., one of the largest privately held Chinese companies. The key benefits of this relationship are:

"  Enhancement of Dorian LPG’s access to the Chinese market and Chinese LPG importers, significantly improving its access in this growing market

"  Development of relationships with Chinese end users to deepen end market positioning and knowledge

!  Increase overall fleet utilization

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Fleet of 22 VLGCs with 19 ECO newbuilds contracted for delivery 2014–16

Expect to have opportunities to increase exposure through: pooling arrangements, further vessel acquisitions and strategic partnerships with major oil companies and traders

Time chartering strategy creates opportunity for shareholders to realize more value through potential MLP dropdowns

Strong, moderately leveraged balance sheet and stable earnings create opportunities to fund growth or pay dividends

Multiple Pillars for Creating Shareholder Value

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Key Investment Highlights

US shale revolution has created a fundamental shift in trade flows

Rapid LPG growth creating tight supply-demand dynamics

VLGCs are a critical link in the global LPG supply chain

Significant built-in growth with the youngest and largest ECO VLGC fleet

Strong balance sheet ensures flexibility and ability to capitalize on growth opportunities

Integrated technical and commercial management with proven track record

Alignment of management and shareholder interest and significant founder investment

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4

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Statement of Operations (in USD)

Statement of Operations Six Months Ended September 30, 2014

(Unaudited)

Nine Months Ended March 31, 2014

(Audited)

Revenues $ 36,212,051 $ 29,633,700

Voyage expenses 7,143,558 6,670,971

Vessel operating expenses 8,670,968 8,394,959

Management fees – related party 1,125,000 3,122,356

General and administrative expenses 5,094,724 6,620,372

EBITDA 14,177,801 4,825,042

Depreciation and amortization 5,501,080 433,674

Operating income 8,676,721 4,391,368

Other income/(loss), net (1,240,795) (1,557,525)

Net income $ 7,435,926

$ 2,833,843

Time charter equivalent rate (1) $ 42,560 $ 24,402

Daily vessel operating expenses (2) $ 10,771 $ 8,531

Adjusted EBITDA (3) $ 14,965,356 $ 12,137,422

(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 before interest and finance costs, gain/loss on derivatives-net, stock compensation expense and depreciation and amortization and is

used as a supplemental financial measure by management to assess our financial and operating performance.

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Balance Sheet and Cash Flows (in USD)

Balance Sheet September 30, 2014 Unaudited)

March 31, 2014 (Audited)

Cash and cash equivalents $ 283,013,780 $ 279,131,795

Restricted cash, current — 30,948,702

Restricted cash, non-current 4,510,000 4,500,000

Total assets 1,000,601,014 840,245,766

Current portion of long-term debt 9,612,000 9,612,000

Long-term debt – net of current portion 114,300,500 119,106,500

Total liabilities 146,512,239 148,046,334

Total shareholders' equity

$

854,088,775

$

692,199,432 Cash Flows Six Months Ended

September 30, 2014 (Unaudited)

Nine Months Ended March 31, 2014

(Audited)

Net income $ 7,435,926 $ 2,833,843

Adjustments 5,881,491 4,798,718

Changes in operating assets and liabilities (5,400,307) (387,139)

Net cash provided by operating activities 7,917,110 7,236,422

Net cash used in investing activities (153,317,519) (221,434,724)

Net cash provided by financing activities 149,635,260 493,322,093

Effects of exchange rates on cash and cash equivalents (352,866) 8,004

Net increase in cash and cash equivalents $ 3,881,985 $ 279,131,795

www.dorianlpg.com

Investor Deck Report