Dorian LPG : Presentation - Pareto Conference

Pareto Securities' 30th Annual Energy Conference

September 2023

Disclaimer

Forward-Looking Statements

This presentation contains certain forward-looking statements including analyses and other information based on forecasts of future results and estimates of amounts not yet determinable and statements relating to our future prospects, developments and business strategies. Forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will" and similar terms and phrases, including references to assumptions. 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 our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is not realized. Our actual future results may be materially different from and worse than what we expect. We qualify all of the forward-looking statements by these cautionary statements. We caution readers of this presentation not to place undue reliance on forward-looking statements. Any forward-looking statements contained herein are made only as of the date of this presentation, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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Dorian LPG Overview

Dorian LPG is a liquefied petroleum gas (LPG) shipping company and a leading owner and operator of modern very large gas carriers (VLGCs)

The Company provides in-housecommercial and technical management services for all owned and bareboat-chartered vessels in the fleet

Large commercial footprint with 29 vessels1 and co-manager of the Helios LPG Pool, which operates 27 vessels2 total and is jointly owned with Phoenix Tankers

Modern, fuel-efficientfleet comprised of one dual-fuel ECO VLGC, nineteen ECO VLGCs, one modern VLGC, three chartered-in dual- fuel ECO Panamax VLGCs, one time chartered-in ECO VLGC

14 scrubber fitted ships; 13 technically-managed ships and one chartered-in ship. two additional ships scheduled to be scrubber-fitted

Average age of owned fleet is 8.0 years vs. global fleet average age of 10.4 years

US-Based with Global Presence

Copenhagen

Stamford Athens

Singapore

Current VLGC Fleet Age Profile2

1.	In addition to Dorian's 23 VLGCs in the Helios LPG Pool, two Dorian vessels are on	Source: CRSL	3
	long-term time charter.	2. Excludes Dorian's chartered-in vessels; global fleet excludes ethane carriers
2.	Pool is comprised of 23 Dorian vessels and four Phoenix vessels

U.S. Propane Inventories Approaching Record Levels

Source: EIA	4

U.S. Gas Plant Production Growth Driving U.S. Production Growth and Export Volumes

U.S. Gas Plant NGL Production (M/M Change), mbbl/d	U.S. Gas Plant Propane Production (M/M Change), mbbl/d

U.S. Gas Plant Butane Production (M/M Change), mbbl/d

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Higher oil prices should lead to growing oil and associated gas production, yielding more NGLs, which is reflected in gas plant data.

Wellhead NGL production is expected to increase +6% averaging around 7.0 mmbbl/d in 2023, and +5% in 2024, supported by growth in associated gas plays and increasing gas to oil ratios from maturing basins.

• Increased capacity from infrastructure additions supports positive long-term fundamentals.

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Source: FGE