The document provides forward-looking statements about the company's business and the LPG industry. It notes that forward-looking statements are based on opinions and forecasts which are subject to risks and uncertainties. The document also includes a disclaimer that financial projections cannot be used as reliable indicators of future performance, and no assurance is provided that assumptions underlying statements are error-free.

1. November 2016
DORIAN LPG®

2. 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
2

3. 2.27
8.98
0.0
2.0
4.0
6.0
8.0
10.0
DLPG Fleet Global VLGC Fleet
1
2
3
Key Investment Highlights
US shale revolution has created a
fundamental shift in trade flows
Rapid growth in both LPG supply
and demand creating new dynamic
Bifurcation of major supply sources
makes LPG increasingly competitive
VLGCs are a critical link in the global
LPG supply chain
Company Overview LPG Industry Overview
*Age Comparison: As of September 30, 2016
Average Fleet Age (Years)*
4
3 Modern VLGCs
19 ECO VLGCs
3
Strong market position with the youngest and
largest ECO VLGC fleet
Integrated technical and commercial
management with proven track record
Conservative balance sheet ensures flexibility and
ability to capitalize on growth opportunities
Alignment of management and shareholder
interest given significant CEO investment
Balanced mix of time charters and spot exposure,
targeting high quality credit counterparties
Global presence with offices in Stamford, CT
(Headquarters), London, UK and Athens, Greece

4. Market Summary

5. 5
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
VLGCs are a Critical Link in the Global Supply Chain
North America
Latin America
Africa
Middle East
Europe & FSU
Asia
5

6. 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
AnnualLiftings
6Source: IHS, Dorian LPG Analysis
0
10
20
30
40
50
60
70
80
90
100
2012 2013 2014 2015 YTD 2016
Metric tons (millions)
Jan-Sept Annual

7. 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 YTD 2016
US ME N.Sea Med Other
150
350
550
750
950
1,150 Mont Belvieu
Saudi CP
Algeria

8. North American LPG Export Capacity Up Significantly
MillionMT/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 inApril-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
2015 YE 2016 YE 2017 YE
Enterprise (Houston)
Targa (Houston)
Sunoco (Nederland)
Sunoco (Marcus Hook)
Oxy (Ingleside)
Trafigura (Corpus Christi)
PetroGas (Ferndale, WA)
Phillips 66 (Freeport, TX)

9. 31 31 32
35
41
38
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 2016 YTD
US Exports Continue to Grow
US Exports by Year (MM bbls/day)
US VLGC by Month
9Source: IHS, EIA, *Note: Bbls/day converted toMT/yr (bbls per day/11.6* 365)
*Annualized (MM MT/yr): 14.3 21.5 27.2

10. 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

11. 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 M
21.0 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
• The Indian Government aggressively promoting LPG penetration in rural areas
• Approximately 7 Million new LPG consumers added between January and April
• Non subsidized market growing due to lower international LPG Prices
• Increased tax on gasoline has also led to increased LPG auto-gas consumption
• Paradip refinery startup marks last major domestic supply addition – supporting further imports
11Source: IOC, FGE

12. Growing Markets for LPG: CHINA
• will be used as
primary fuel source
Annual China LPG imports
12Source: IHS
3.8 M
7.8 M
11.5 M
10.2 M
0 M
2 M
4 M
6 M
8 M
10 M
12 M
14 M
2013 2014 2015 2016 YTD

13. Note: Propylene production capacity to VLGC Equivalents of Propane demand: 1 tonne of propylene requires 1.18tonnes of propane; 1 VLGC equivalent is 44,000 tonnes of propane
Source: 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
Propylene
Capacity
(000 tonnes)
VLGC
Equivalents
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
Project
Polypropylene
production
kt/year
Operational Main Application
Tianjin Bohai 600 Operating
Propylene derivative,
Acrylic acid etc.
Ningbo Haiyue 600 Operating
Propylene derivative,
Acrylic acid etc.
Satellite Petchem 450 Operating Polypropylene
Sanyuan Petchem (JV
O.E.)
450
Operating
Propylene derivative,
Acrylic acid etc.
Yangtze Petchem 600 Operating
Propylene derivative,
Acrylic acid etc.
Wanhua Petchem 750 Operating Polypropylene
Hebei Haiwei 500
Expected
2016
Polypropylene
Meide Petchem 660
Expected
2016
Polypropylene
Ningbo Fortune (O.E.) 660
Expected
2017
Polypropylene
Surge in Chinese PDH Adds to Global Demand
13

14. 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
2016
Oct YTD
0
20
40
60
80
100
120
140
Daily VLGC Rate 4 Week Trailing Average 1 Year Trailing Average

15. 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 & Freight Saudi CP Cost & Freight Naphtha Asia
• May was a record import month for China
• Typically takes 3+ months of price divergence before Petchem
crackers switch feedstocks

16. Panama Canal Expansion Theoretical Positive for Arbitrage
16
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 Analysis
Note: Theoretical arbitrage used toportray arbitrage effect; Mont Belvieu = $230pmt vs Cif Japan = $350
Panama / Panama Panama / Cape Cape / Cape *Laden / Ballast

17. Competitive Advantages & Strategy

18. ECO-Vessels Built at World Class Korean Shipyards
Source: Hyundai Heavy Industries (HHI), MAN B&W, FT MaritimeServices, Company, Managers
¹ 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
Optimized
Hull Design
Low Friction, Self Polishing Paint
Scrubber /
Scrubber Ready Babcock’s New LGE Cooling Plant
MAN B&W’s New G-Type Engine
44.0
46.1
36.5
38.4
25
30
35
40
45
50
55
Heavy Fuel Oil (HFO)Marine Gas Oil (MGO)
Traditional VLGC
Dorian ME-G type NB (ECO)
-17%
-17%
Fuel Oil Consumption Analysis
18
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)

19. Fleet Designed to Meet Tomorrow’s Regulations
Source: InternationalMaritime Organization
Note: Regulations established tolimit SOx and particulate matter emissions; ECA means EmissionControls 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
19

20. 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
20
“Our mission is to arrange safe, reliable and trouble free transportation”

21. 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
21

22. 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%
Time Charter Spot
Significant commercial scale through Helios LPG Pool
• Founded by Dorian LPG and Phoenix Tankers inApril
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 Capital
Balance employment mix
Regular Employment
High fleet utilization
Risk Management
Strong counterparties
Responsive
To customers and the market
The 4 R’s for Customers & Shareholders:
22

23. Financials

24. 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 andadministrativeexpenses 5,203,915 5,281,535
Other income—related parties 552,922 383,643
EBITDA 12,154,677 57,047,105
Depreciationand amortization 16,365,517 8,303,555
Operatingincome/(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
Other Financial Data
Time charter equivalent rate (1)
$ 19,137 $ 68,330
Daily vessel operatingexpenses (2)
$ 8,073 $ 8,663
AdjustedEBITDA (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

25. 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 – relatedparty — 1,125,000
Impairment — 1,431,818
General andadministrativeexpenses 29,836,029 14,145,086
Loss on disposal ofassets 1,125,395 —
Other income—related parties 1,945,396 93,929
EBITDA 201,007,129 44,183,153
Depreciationand amortization 42,591,942 14,093,744
Operatingincome 158,415,187 30,089,409
Other income/(expenses), net (28,726,805) (4,828,627)
Net income $ 129,688,382 $ 25,260,782
Other Financial Data
Time charter equivalent rate (1) $ 55,087 $ 49,655
Daily vessel operatingexpenses (2)
$ 8,581 $ 10,703
AdjustedEBITDA (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

26. Cash Flows Data (USD)
Cash Flows Data Six Months Ended
September 30, 2016
(Unaudited)
Six Months Ended
September 30, 2015
(Unaudited)
Net income $ (8,436,709) $ 54,866,147
Adjustments 34,611,425 19,599,452
Changes in operating assets and liabilities 18,575,136 (27,623,907)
Net cash provided by operating activities 44,749,852 46,841,692
Net cash used in investing activities (1,354,826) (486,298,974)
Net cash (used in)/provided by financing activities (46,229,501) 315,162,225
Effects of exchange rates on cash and cash equivalents 4,413 (181,650)
Net Increase/(decrease) in cash and cash equivalents $ (2,830,062) $ (124,476,707)
Cash Flows Data Year Ended
March 31, 2016
(Audited)
Year Ended
March 31, 2015
(Audited)
Net income $ 129,688,382 $ 25,260,782
Adjustments 59,421,412 19,069,505
Changes in operating assets and liabilities (38,082,294) (18,707,067)
Net cash provided by operating activities 151,027,500 25,623,220
Net cash used in investing activities (910,414,841) (312,326,844)
Net cash provided by financing activities 601,090,409 213,694,591
Effects of exchange rates on cash and cash equivalents (112,289) (1,301,579)
Net decrease in cash and cash equivalents $ (158,409,221) $ (74,310,612)
26

27. Balance Sheet Data (USD)
Balance Sheet Data September 30, 2016
(Unaudited)
September 30, 2015
(Unaudited)
Cash and cashequivalents $ 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 portionof long-term debt 65,978,785 42,360,541
Long-term debt– netof current portion & deferredfinancingfees 715,158,576 465,828,586
Total liabilities 819,203,609 562,515,117
Total shareholders' equity $ 966,798,705 $ 925,526,832
27

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