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1 Investor Presentation DORIAN LPG January 2019

2 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. 2

3 years old Dorian LPG at a Glance Company Overview US-Based with a Global Presence 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 was established in 2013 in connection with placing a large newbuilding order at Hyundai HI, although predecessor entities have invested in and managed LPG vessels since 2002 Stamford London Copenhagen Athens The fleet is comprised of 19 ECO-VLGCs and three modern VLGCs, with an average age of 4.6 years 19 vessels are currently employed in the Helios LPG Pool that operates 29 vessels total and was founded by the Company together with Phoenix Tankers in April 2015 The remaining vessels are on time charter contractsto major companies Current VLGC Fleet Age Profile Singapore 9.4 The Company provides in-house commercial and technical management services for all of the vessels in the fleet, including vessels owned by Dorian LPG deployed in the Helios LPG Pool Dorian LPG listed on the NYSE in 2014 underthe ticker LPG Dorian LPG Global Fleet Source: CRSL 1. Excludes ethane carriers 3

4 Dorian LPG Investment Highlights Modern, fuel-efficient fleet Dorian s fleet of 22 VLGCs has an average age of 4.6 yo vs. the global average of 9.4 yo 19 Korean-built ECO vessels fuel efficiency translates to superior earnings power vs. peers The Company is taking a proactive approach and is well positioned for IMO 2020 Increasing Global NGL Production & Exports YTD U.S. and Arabian Gulf seaborne exports continue to grow U.S. NGL production is pushing record levels, showing few signs of slowing down New North American fractionation capacity should increase LPG production and inventories Additional North American export capacity is expected to facilitate increased exports Growing Asian LPG Demand Propane maintains a competitive pricing advantage as a feedstock in Asia vs. Naphtha A wave of new chemical and PDH plants are planned and under construction LPG remains a cost effective retail fuel source in rural China Indian government subsidies to low-income consumers support retail LPG demand VLGC Rate Recover & Orderbook Stability VLGC spot rates have recovered from cyclical lows reached in April 2018 Global fleet utilization has also improved meaningfully Orderbook-to-fleet remains stable at 14% The costs of IMO 2020 are expected to increase vessel scrapping Commercial Scale with the Helios LPG Pool Dorian LPG is one of the three largest operators of VLGC tonnage globally Including the Helios LPG Pool, Dorian commercially manages 32 vessels 1 Scale allows for a mix of spot, COAs, and time charters Solid Financial Position 1. Dorian LPG owns three vessels that are on long-term time charter Dorian LPG is well capitalized to perform through the VLGC shipping cycle The Company s total cash position stands at $83.8mm, including restricted cash as of Oct. Over 90% of Company debt is fixed at attractive rates vs. market No refinancings required until

5 LPG Market Fundamentals

6 The Basics... What is LPG? The LPG Value Chain Liquefied petroleum gas ("LPG") is a combination of C3 (propane) and C4 (butane) Gas production (~60%) LPG shipping Retail (~52%) Both are natural gas liquids ( NGLs ) and are a byproduct of oil and natural gas production Chemical (~23%) These molecules are extracted or cracked through natural gas processing and oil refining Oil production (~40%) Industrial (~10%) Why Use LPG? Engine fuel (~8%) LPG is cleaner than coal and oil and an alternative to gasoline, producing less air pollution and carbon dioxide emissions Refinery (~5%) LPG is also highly portable, making it a convenient source of energy usable in remote places where ordinary gas supplies are unavailable or have been interrupted Other (~2%) Source: WLPGA 6

7 Seaborne LPG Trade Flows Major VLGC Trade Routes = major exporter = major importer Longer Trade Routes Favor Larger VLGCs Very Large Gas Carrier VLGC Large Gas Carrier LGC Medium Gas Carrier MGC Handysize 78K 84K cbm 50K 60K cbm 18K 42K cbm 2K 22K cbm 7

8 Global LPG Supply

9 Metric Tons Metric Tons Metric Tons Seaborne LPG Volumes Continue to Grow Global Liftings Remain Stable MT 2018 YTD % MT 2017 YTD U.S. Waterborne Exports Up 11% YTD Arabian Gulf Waterborne Exports Up 18% YTD MT 24.3 MT 2018 YTD + 11% MT 27.9 MT 2018 YTD + 18% YTD YTD Source: IHS Waterborne Note: YTD values shown through October 31 9

10 U.S. LPG has Increased Global Market Share A New Era of Supply The U.S. has emerged as the largest exporting nation, forcing price competition amongst all suppliers Middle Eastern export growth has surprised to the upside The Asian market has become increasing reliant on U.S. LPG exports Seaborne LPG Exports by Origin Source: IHS Waterborne Note: YTD values shown through October 31 10

11 Evolving U.S. NGL and LPG Seaborne Trade Flows Ethane and Butane Fueling Seaborne NGL Export Growth Mbbl/d 1,400 1,200 1, % +26% J-16 A-16 J-16 O-16 J-17 A-17 J-17 O-17 J-18 A-18 J-18 O-18 Ethane Propane Butane Through October, U.S. NGL exports have increased 14% Y/Y in 2018 YTD propane exports have increased modestly, growing 6% through August However, Butane and ethane exports continue to add upside, showing Y/Y of 47% and 56%, respectively U.S. VLGC Cargoes are Increasingly Landing in India YTD Arbs to the East have been positive for the majority of 2018, allowing Chinese bound cargoes to easily be diverted elsewhere in Asia Chinese PDH and other Asian cracking demand will far outweigh incremental Middle Eastern supply, and force suppliers to look West, boosting ton miles Source: EIA, IHS Waterborne Note: YTD values shown through October 31 11

12 MMbbl MMbbl/d U.S. LPG Likely to Remain Price Competitive Growing U.S. Propane Production Continues at Record Volumes J F M A M J J A S O N D 5-yr Range 2018 Building Inventories Encourages Near-Term Propane Exports Record propane production of MMbbl/d was reached during the last week of December 94 Bcf/d of wet gas was marketed during October Growing oil production in the Permian and Mid-Continent are likely to push NGL production higher NGL-rich gas production in the Utica / Marcellus also continues to grow U.S. propane inventories continued their seasonal build a month longer than observed over the past three years despite strong exports J F M A M J J A S O N D Mont Belvieu pricing now reacts more quickly to international propane prices, making U.S. volumes increasingly competitive for export 5-yr Range 2018 Source: EIA 12

13 New Fractionation Should Push U.S. LPG Production Higher 1.6 MMbbl/d of Additional Frac Capacity is Planned through 2020 Company Project Location Throughput (Mbbl/d) Est. Completion Lone Star NGL Fractionator VI Mont Belvieu 150 1Q19 Targa Resources Train 6 Mont Belvieu 100 2Q19 Enterprise Products Frac 10 Mont Belvieu 150 1Q20 Epic Midstream Robstown Expansion Corpus Christi 100 1Q20 Lone Star NGL Fractionator VII Mont Belvieu 150 1Q20 Oneok MB 5 Mont Belvieu 125 1Q20 Targa Resources Train 7 Mont Belvieu 110 1Q20 Targa Resources Train 8 Mont Belvieu 110 2Q20 Permico Energia El Centro I Corpus Christi 150 4Q20 Permico Energia El Centro II Corpus Christi 150 4Q20 Phillips 66 Sweeny Hub 2 Freeport 150 4Q20 Phillips 66 Sweeny Hub 3 Freeport 150 4Q20 Major Gulf Coast Processing Constraints Should Begin to Ease by 2H19 U.S. NGL production is growing at a record pace, but limited fractionation capacity has constrained purity product growth Growing fractionation capacity at Mont Belvieu should allow midstream players to fractionate more Y-grade product into purity propane and butane for export New capacity at Corpus Christi and Freeport will largely serve Permian volumes Source: EIA, IHS Waterborne 13

14 More North American LPG Export Capacity is Coming 5.7 MTPA of Incremental Export Capacity in 2020, Translates to an Additional Monthly VLGC Cargoes North American LPG Export Capacity Currently Stands at >90% Utilization Corresponding domestic demand growth appears unlikely, necessitating increasing exports to clear the market Energy Transfer s Mariner East II began service this month and is expected to add three to four monthly VLGC cargoes initially, growing to seven to eight by 2021 Enterprise also recently announced the expansion of its Houston export facility by 2H19, adding capacity for an additional 8-9 VLGCs per month Canadian facilities in British Columbia are also expected to start up in 2020 (Ridley Island and Pembina) Source: IHS Waterborne, Company documents, Dorian LPG Estimates 14

15 LPG Demand and Consumption

16 Metric Tons Growing LPG Markets: China 2018 YTD Chinese LPG Imports Have Grown 5.1% Y/Y YTD 2018 YTD Source: NGL Insights Note: YTD values shown through October 31 16

17 China Continues to Drive Asian LPG Demand Our Chinese LPG Demand Outlook Remains Favorable On 23 August, Beijing placed a 25% tariff on U.S. LPG in response to American tariffs on Chinese exports Residential LPG is still required as a substitute for coal in more remote areas, where piped gas infrastructure is too costly to install, but chemicals should account for a growing share of China s LPG demand, especially with the nation s rapidly expanding petrochemical complex Although no new PDH plants started up in China last year, both the 0.7 MTPA Fujian Meide plant and Zhejiang Satellite s 0.5 MTPA expansion are expected to start up in 2H18 China s LPG demand hit 1.7 MMbbl/d in June, assuming 0.5 MMbbl/d of net imports based on Kpler cargo-tracking data State-owned refiners are also starting up an estimated 3.7 MTPA of alkylation units, which should reduce refinery supplies of butane currently sold to stand alone deep-processing units and increase the need for imports China Has Largely Substituted U.S. LPG with MEG Volumes Source: IHS Waterborne Note: YTD values shown through October 31 17

18 MTPA A Second Wave of New Chinese PDH Plants Ten Planned Projects are Expected to add 7.0 MTPA of LPG Demand through 2022 Company Throughput ('000 tons) Est. Completion Soft Packaging Ju Zhen Yuan Satellite Petrochemical Oriental Energy Rongsheng Wanda Petrochemical Oriental Energy Oriental Energy Rongsheng Hongji Petrochemical Chinese PDH margins average $380/ton YTD 2018 and have been operating at high utilization rates since 2017 Domestic Chinese LPG production from deep processing appears to be decreasing LPG production from oil refineries has decreased since 2016 Ongoing government rationalization of refineries may also decrease domestic LPG production even further over the next several years Projected Incremental Chinese Propane Demand Growth from New PDH Plants Source: Wanhua Petrochemical 2019E 2020E 2021E 2022E 18

19 Metric Tons The LPG Nation: India Indian LPG Demand is Steadily Increasing YTD 2018 YTD Government Subsidies are Boosting Consumer Adoption The Indian LPG subsidy is the largest government subsidy scheme in the country s history 55mm LPG retail connections were added from May 2016 to present; another 30mm are planned through March 2020 The government forecasts annual LPG demand to grow by 11-12% over the next five years The Indian Oil Corporation s LPG pipeline between its 300 Mbbl/d Paradip refinery and eastern India is planned to start up in November Part of the pipeline was commissioned in April, making eastern India one of the country s fastest-growing LPG demand centers, increasing by 12.1% y/y in September Source: NGL Insights, FGE, Energy Aspects Note: YTD values shown through October 31 19

20 per MT LPG Cracking Capacity Should Boost Demand A New Wave of Asian Cracking Capacity is Planned FE Propane / Naphtha Spread Has Widened Company Location LPG Required ('000 tons) Est. Completion Lotte Chemical S. Korea Titan Chemicals (expansion) Malaysia $(10) Hanwha Total Petrochemical S. Korea LG Chem S. Korea 1, SP Chemicals China Wanhua Chemical China 2, Sinopec China Gulei Petrochemical China YNCC S. Korea $(20) $(30) $(40) $(50) $(39) $(22) $(19) JG Summit (expansion) Philippines LG Chem S. Korea Hyundai Chemical S. Korea $(60) $(70) $(58) $(64) GS Caltex S. Korea SCG Chemical Vietnam Source: FGE, Bloomberg 20

21 South Korean LPG Demand Expected to Double Over Ten Years South Korean PDH + Flexi Cracker Expansions Daesan Complex LG Chemical Lotte Chemical HTC Hyundai Oilbank New Steam Crackers Growing LPG Demand South Korea Currently has 4.1 MTPA of current cracking capacity Planned South Korean LPG cracking capacity additions and expansions are expected to add 7.3 MTPA of demand by 2023 Ulsan Complex SKG Chemical KPIC S-Oil South Korean supply diversification should help boost U.S. cargoes vs. MEG cargoes Represents significant ton-mileage expansion Yeosu Complex LG Chemical Lotte Chemical YNCC GS Caltex Source: SK Gas 21

22 Dorian LPG

23 A Premium Fleet, Well Prepared for IMO 2020 Young Fleet Allows for a Flexible Approach Towards Compliance Vessel Name Built Retrofit Capable Caravelle 2016 Challenger 2015 Copernicus 2015 Chaparral 2015 Commander 2015 Cratis 2015 Cheyenne 2015 Clermont 2015 Constellation 2015 Cresques 2015 Commodore 2015 Constiution 2015 Continental 2015 Cobra 2015 Concorde 2015 Cougar 2015 Corvette 2015 Corsair 2014 Comet 2014 Capt. Nicholas ML 2008 Scrubber Ready Scrubber Installed Corvette and Concorde are already scrubber equipped Dorian LPG has announced the purchase of up to seven hybrid scrubbers from Clean Marine A/S for ~$20mm, including installation The Company has been at the forefront of evaluating LPG as a marine fuel, completing a feasibility study with the American Bureau of Shipping and signing a letter of intent with Hyundai Heavy Global Services for the upgrade of up to ten vessels Current LPG-HFO fuel cost differential does not yet support the investment required to retrofit vessels for use of LPG as a primary marine fuel Sixteen of Dorian LPG s Eco VLGCs were built with strengthened decks necessary to accommodate LPG fuel tanks in the case of retrofitting for LPG bunkering In-house technical and commercial management Capt. John NP 2007 Capt. Markos NL 2006 Eco Modern 23

24 The Leading VLGC Commercial Platform Dorian LPG Commercially Controls 32 Vessels 1 The Helios LPG Pool is a 50/50 partnership between Dorian LPG and Phoenix Tankers, a subsidiary of MOL of Japan The primary goal of the Pool is to create a critical mass of reliable and efficient VLGCs to allow Helios to provide the most dependable global LPG maritime solution. Offering spot freight, TCs, and COAs facilitates flexibility and affordability, while optimizing earnings for all partners Earnings are allocated to each vessel participating in the Pool based on Pool Points, which are awarded based on vessel characteristics such as carrying capacity and fuel consumption over the relevant period Helios LPG Fleet Composition 1 1. Dorian LPG jointly operates 29 vessels in the Helios LPG Pool 24

25 millions Dorian LPG is a Leader in Fuel Efficiency Average Fuel Consumption by Vessel Profile Dorian LPG s Fleet Composition MT / day Korean Eco Chinese Eco HHI Modern DSME Non-Eco Japanese Laden Ballast 19 Korean-built fuel-efficient Eco VLGCs with an avg. age of 3.1 years 3 HHI-built Non-Eco built VLGCs with an avg. age of 11.0 years Modern fuel-efficient vessels offer a substantial earnings advantage relative to older tonnage Estimated Annual Fuel Cost by Vessel Profile 1 $12.0 $10.0 $8.0 $6.0 $4.0 $4.3 $6.0 $7.6 $6.7 $8.5 $4.8 $5.1 $7.1 $9.0 $10.7 $8.4 $8.1 $6.1 $5.9 $10.3 $2.0 - Korean Eco Chinese Eco HHI Modern DSME Non-Eco Japanese $400 / MT $550 / MT $700 / MT Source: Dorian LPG management estimates 1. Assumes vessels sail 16kts ballast and laden; 36.6 sailing days roundtrip, split evenly ballast and laden; 252 days/year; Japanese vessels sail 15kt laden, equaling a roundtrip voyage of 37.9 days 25

26 VLGC Shipping Market Dynamics

27 TCE / day VLGC Spot Rates Have Recovered from Cyclical Lows Baltic VLGC Daily Spot Rates $40K $30K $20K $10K - F-16 A-16 J-16 A-16 O-16 D-16 F-17 A-17 J-17 A-17 O-17 D-17 F-18 A-18 J-18 A-18 O-18 D-18 Baltic TCE/Day Baltic TCE/Day (4 week trailing avg.) Rate Commentary Fleet Utilization Has Followed Rates Higher The Baltic VLGC Index broke $40/mt in July, the first time since February 2016; rates reached over $47/mt or ~$30,000/day in October We have seen an average of over six liftings monthly from both the U.S. and the Middle East during % 90% 80% 77% 84% 88% Incremental VLGC fleet growth has been absorbed without severely impacting 2018 utilization 70% 1Q18 2Q18 3Q18 Source: Baltic Exchange, Clarksons 27

28 vessels Vessel Supply Remains Balanced Recent VLGC Deliveries and Current Orderbook 50 Orderbook-to-fleet stands at ~14% vessels E 2020E Increasing output from the U.S., Ichthys, and the Middle East should be enough to absorb near-term deliveries Asian buyers will increasingly look to diversify supply away from Iran, likely having a positive effect on utilization and minimizing the impact of new tonnage Delivered On Order VLGC Fleet Age Profile and Potential Scrapping Source: CRSL Note: Excludes ethane carriers < VLGCs have been scrapped in 2018 o 1 ship in 1Q18 (28 yo) o 3 ships in 2Q18 (avg. age of 32 yo) o 1 ship in 3Q18 (28 yo) o 1 ship in 4Q18 (25 yo) 32 potential scrapping candidates, represent ~12% of the current fleet IMO 2020 regulations likely to accelerate scrapping in the near term as compliant fuel increases in price, making less efficient ships uneconomical 28

29 Financials

30 Enhancing Balance Sheet Strength & Flexibility Since November 2017, Dorian LPG Has Completed Six Japanese Financing Arrangements Generating additional liquidity of approximately $63.3 million Lengthening of debt maturities o 3 ECO VLGCs with maturities in (12-13 year tenors) o 3 Captains with maturities in (6-7 year tenors) Fixed interest rates on ECO VLGCs of 4.9% and on the three Captains at 6.0% Very attractive age-adjusted profiles No financial covenants Over 90% of Company Debt is Either Fixed or Hedged at a Current Total Cost of ~4.4% 1 The Company has no refinancing requirements until As of November

31 Statement of Operations (USD) Statement of Operations Data Three Months Ended September 30, 2018 (Unaudited) Three Months Ended September 30, 2017 (Unaudited) Revenues 40,807,542 34,729,021 Voyage expenses (435,224) (1,275,521) Vessel operating expenses (17,375,273) (15,740,438) General and administrative expenses (7,462,726) (5,421,145) Other income related parties 584, ,070 EBITDA 16,118,951 12,929,987 Depreciation and amortization (16,437,653) (16,464,707) Operating loss (318,702) (3,534,720) Other expenses, net (7,854,418) (8,380,416) Net loss (8,173,120) (11,915,136) Other Financial Data Time charter equivalent rate (1) 20,973 18,015 Daily vessel operating expenses (2) 8,585 7,777 Adjusted EBITDA (3) 17,855,615 14,111,332 (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. 31

32 Statement of Operations (USD) Statement of Operations Data Six Months Ended September 30, 2018 (Unaudited) Six Months Ended September 30, 2017 (Unaudited) Revenues 68,451,824 75,754,493 Voyage expenses (535,397) (1,514,966) Vessel operating expenses (34,060,730) (32,625,727) General and administrative expenses (15,866,012) (13,956,054) Other income related parties 1,229,149 1,271,953 EBITDA 19,218,834 28,929,699 Depreciation and amortization (32,702,709) (32,757,865) Operating loss (13,483,875) (3,828,166) Other expenses, net (15,289,803) (14,776,940) Net loss (28,773,678) (18,605,106) Other Financial Data Time charter equivalent rate (1) 18,923 20,334 Daily vessel operating expenses (2) 8,460 8,104 Adjusted EBITDA (3) 23,040,751 31,582,161 (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. 32

33 Statement of Operations (USD) Statement of Operations Data Year Ended Mar 31, 2018 (Audited) Year Ended Mar 31, 2017 (Audited) Revenues 159,334, ,447,171 Voyage expenses (2,213,773) (2,965,978) Vessel operating expenses (64,312,644) (66,108,062) General and administrative expenses (26,186,332) (21,732,864) Other income related parties 2,549,325 2,410,542 EBITDA 69,171,336 79,050,809 Depreciation and amortization (65,329,951) (65,057,487) Operating income 3,841,385 13,993,322 Other expenses, net (24,242,071) (15,435,137) Net loss (20,400,686) (1,441,815) Other Financial Data Time charter equivalent rate (1) 21,966 22,037 Daily vessel operating expenses (2) 8,009 8,233 Adjusted EBITDA (3) 74,515,790 83,279,670 (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. 33

34 Statement of Cash Flows (USD) Cash Flows Data Six Months Ended September 30, 2018 (Unaudited) Six Months Ended September 30, 2017 (Unaudited) Net loss (28,773,678) (18,605,106) Adjustments 34,705,038 35,786,966 Changes in operating assets and liabilities (15,180,103) 15,139,059 Net cash provided by/(used in) operating activities (9,248,743) 32,320,919 Net cash used in investing activities (1,159,583) (385,981) Net cash used in financing activities (34,950,168) (31,050,201) Effects of exchange rates on cash and cash equivalents (129,709) 149,322 Net increase/(decrease) in cash and cash equivalents (45,488,203) 1,034,059 Cash Flows Data Year Ended March 31, 2018 (Audited) Year Ended March 31, 2017 (Audited) Net loss (20,400,686) (1,441,815) Adjustments 65,516,838 46,189,541 Changes in operating assets and liabilities 12,132,951 7,356,042 Net cash provided by operating activities 57,249,103 52,103,768 Net cash provided by/(used in) investing activities 24,574,405 (1,981,022) Net cash provided by/(used in) financing activities 4,671,658 (79,318,882) Effects of exchange rates on cash and cash equivalents (8,042) (197,274) Net increase/(decrease) in cash and cash equivalents 86,487,124 (29,393,410) 34

35 Balance Sheet (USD) September 30, 2018 September 30, 2017 Balance Sheet Data (Unaudited) (Unaudited) Cash and cash equivalents 48,244,169 50,844,921 Restricted cash, non current 35,636,008 18,081,836 Total assets 1,679,160,894 1,698,062,144 Total debt including current portion net of deferred financing fees of $15.5 million and $20.3 million as of September 30, 2018 and 2017, respectively. 726,536, ,784,143 Total liabilities 746,696, ,050,646 Total shareholders' equity 932,464, ,011,498 March 31, 2018 March 31, 2017 Balance Sheet Data (Audited) (Audited) Cash and cash equivalents 103,505,676 17,018,552 Restricted cash, non current 25,862,704 50,874,146 Total assets 1,736,110,156 1,746,234,880 Total debt including current portion net of deferred financing fees of $16.1 million and $20.1 million as of March 31, 2018 and 2017, respectively. 759,103, ,964,248 Total liabilities 776,696, ,233,162 Total shareholders' equity 959,413, ,001,718 35

36 Appendix

37 IMO 2020 Fuel Options Distillate or Blended Fuels High Sulfur Fuels Alternative Fuels New Fuels Type ULSGO 0.1% S, ULSFO 0.5% S Requirements Tank Cleaning with scrubbers only HSFO 3.5% S LNG / LPG / Ethane Hybrid, Bio, GTL, New Newbuilding or with engine retrofit for dual fuel N/A Availability No product yet and no ISO standard Available Available, but not easy to source Experimental stage Pros Compliant operation with no capex or modifications Pricing; no operational change required Compliant and greener solution with lower green house gases and nitrous oxides Green solution Cons Pricing; blended mix of fuels and treated fuel oils Capex; new marine application on vessels; new compliance regulations Higher installation capex; re-supply issues; storage considerations Not commercially available 37