1. OCTOBER 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
Metrictons(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 is Running Strong
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 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
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 to MT/yr (bbls per day/11.6 * 365)
*Annualized (MM MT/yr): 14.3 21.5 27.2

10. 0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
1/1/10
6/1/10
11/1/10
4/1/11
9/1/11
2/1/12
7/1/12
12/1/12
5/1/13
10/1/13
3/1/14
8/1/14
1/1/15
6/1/15
11/1/15
4/1/16
9/1/16
PADD1 PADD2 PADD3 PADD4 PADD5
0
500
1,000
1,500
2,000
1/1/10
6/1/10
11/1/10
4/1/11
9/1/11
2/1/12
7/1/12
12/1/12
5/1/13
10/1/13
3/1/14
8/1/14
1/1/15
6/1/15
11/1/15
4/1/16
9/1/16
PADD1 PADD2 PADD3 PADD4 PADD5
US LPG Production Positive and Resilient at $50 Oil
10
Propane Production (M bbls/day)
Source: EIA, Dorian LPG Analysis
Gas Production (M bbls/day)
US Propane Stocks (MM bbls)Oil Production by PADD (M bbls/day)
1,000
1,200
1,400
1,600
1,800
2,000
Week1
Week4
Week7
Week10
Week13
Week16
Week19
Week22
Week25
Week28
Week31
Week34
Week37
Week40
Week43
Week46
Week49
Week52
2012 2013 2014 2015 2016

11. 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
11Source: IHS, Dorian LPG Analysis

12. 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
12Source: IOC, FGE

13. Growing Markets for LPG: CHINA
• will be used as
primary fuel source
Annual China LPG imports
13Source: 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

14. 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 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
14

15. 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
15Source: Clarksons Research, Baltic Exchange
Baltic VLGC Daily Spot TCE Rates (M USD) Fleet Utilization
96%
89%
2015
2016
YTD
0
20
40
60
80
100
120
140
Daily VLGC Rate 4 Week Trailing Average 1 Year Trailing Average

16. Propane Divergence from Naphtha
Cost & Freight - Naphtha Asia vs. Saudi CP (USD)
16Source: 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

17. Panama Canal Expansion Theoretical Positive for Arbitrage
17
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 to portray arbitrage effect; Mont Belvieu = $230 pmt vs Cif Japan = $350
Panama / Panama Panama / Cape Cape / Cape *Laden / Ballast

18. Competitive Advantages & Strategy

19. ECO-Vessels Built at World Class Korean Shipyards
Source: Hyundai Heavy Industries (HHI), MAN B&W, FT Maritime Services, 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
19
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 17 vessels at HHI since 2004 and
maintains a strong relationship with both HHI and
DSME
60%
7%
7%
13%
13%
Dorian newbuild deliveries by shipyard (2006-2016)

20. Fleet Designed to Meet Tomorrow’s Regulations
Source: International Maritime Organization
Note: Regulations established to limit SOx and particulate matter emissions; ECA means Emission Controls Areas
3 2 17
Existing 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
20

21. 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
21
“Our mission is to arrange safe, reliable and trouble free transportation”

22. 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
22

23. 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 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 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:
23

24. Financials

25. Statement of Operations Data (USD)
Statement of Operations Data Three Months Ended
June 30, 2016
(Unaudited)
Three Months Ended
June 30, 2015
(Unaudited)
Revenues $ 50,515,776 $ 35,642,460
Voyage expenses 755,804 3,523,073
Vessel operating expenses 16,095,552 6,754,086
Impairment — —
General and administrative expenses 5,611,310 7,214,280
Loss on disposal of assets — 105,549
Other income—related parties 552,901 383,642
EBITDA 28,606,011 18,429,114
Depreciation and amortization 16,192,745 4,857,427
Operating income 12,413,266 13,571,687
Other income/(loss), net (13,704,387) 81,196
Net income $ (1,291,121) $ 13,652,883
Other Financial Data
Time charter equivalent rate (1) $ 26,398 $ 55,474
Daily vessel operating expenses (2) $ 8,040 $ 10,203
Adjusted EBITDA (3) $ 29,576,278 $ 19,400,254
(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. Statement of Operations Data (USD)
Statement of Operations Data Year Ended
March 31, 2016
(Audited)
Year Ended
March 31, 2015
(Audited)
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/(loss), 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 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.
26

27. Balance Sheet Data (USD)
Balance Sheet Data June 30, 2016
(Unaudited)
June 30, 2015
(Unaudited)
Cash and cash equivalents $ 47,321,200 $ 134,715,783
Restricted cash, non-current 50,812,789 36,512,789
Total assets 1,818,212,387 1,240,826,724
Current portion of long-term debt 65,978,785 25,325,629
Long-term debt – net of current portion 731,833,039 299,577,256
Total liabilities 844,336,618 311,247,413
Total shareholders' equity $ 973,875,769 $ 887,763,681
27

28. Cash Flows Data (USD)
Cash Flows Data Three Months Ended
June 30, 2016
(Unaudited)
Three Months Ended
June 30, 2015
(Unaudited)
Net income $ (1,291,121) $ 13,652,883
Adjustments 22,629,829 (1,371,228)
Changes in operating assets and liabilities 8,443,351 13,652,883
Net cash provided by operating activities 29,782,059 16,892,807
Net cash used in investing activities (1,241,826) (207,434,058)
Net cash provided by financing activities (27,553,084) 120,341,194
Effects of exchange rates on cash and cash equivalents (77,911) 94,657
Net Increase/(decrease) in cash and cash equivalents $ 909,238 $ (70,105,400)
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)
28

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