Presentation2. Agenda. Page. Argus Americas LPG Summit - Miami February 5th, Ted Young, CFO

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1 Presentation2 Agenda Page Argus Americas LPG Summit - Miami February 5th, 2015 Ted Young, CFO [CLIENT NAME]

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. 2

3 Overview: Investment Highlights Largest ECO VLGC fleet, VLGCs represent critical link in the LPG supply chain Fleet 3 Modern VLGCs, 3 ECO VLGCs, 1 pressurized LPG carrier 16 ECO VLGCs (Delivering Q2 15 Q1 16) VLGC Vessel Count 20 Management Fully Integrated, In-house Commercial & Technical management Chartering strategy Balanced mix of time charters and spot exposure, targeting high quality counterparties Entry into LPG Current Fleet End 2015 Feb-16 Average Age (Years) Key Counterparties Global presence +2 Stamford, CT (Headquarters), London, UK and Piraeus, Greece End of 2014 End of

4 Trading & Logistics in the International Market Emerging Demand Markets for LPG 4

5 Growing Markets for LPG Turkey China US Virgin Islands Brazil India Thailand Indonesia Mauritius South Africa 5 5

6 Petrochemical Sector Propane Dehydrogena5on Plants 6

7 Surge in Chinese PDH adding to Global Demand Commenced & Planned Chinese PDH Projects Propane Feedstock Required Project Estimated annual total propane required (kta) Operational Tianjin Bohai 790 Yes, 2013 Zhejiang Satelite 540 Yes, 2014 Sanyuan PC Shaoxing Main Application Propylene derivative, Acrylic acid etc. Propylene derivative, Acrylic acid etc. 540 Yes, 2014 Polypropylene Ningbo Haiyue 720 Yes, 2014 Wanhua Chem 900 ZYPC 792 Expected 2015 Expected 2015 Propylene derivative, Acrylic acid etc. Propylene derivative, Acrylic acid etc. Polypropylene VLGC Equivalents New Cumulative Chinese PDH Propane Feedstock New Cumulative Chinese PDH Propylene Production Propylene Capacity (000 tonnes) 12,000 10,000 8,000 6,000 4,000 2,000 Fujain PC 792 Hebei Haiwei 600 Ningbo Fortune Oriental Expected 2016 Expected 2016 Polypropylene Polypropylene 792 Beyond 2016 Polypropylene n There are currently four Chinese PDH plants in operation n Sinopec, Tianjin Bohai, Oriental Energy, Fujain Meide, and Shaoxing Sanyuan Petrochemical have all signed long term supply contracts for US LPG All Planned n PDH importers require high purity propane, best sourced from the US or Middle East n It is estimated that total demand from PDH plants in 2015 will be about 2 million tonnes n China is expected to reduce its reliance on imported polypropylene, which currently accounts for approximately 30% of its demand 0 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 & Partners, CNBC.com; 4/10/14, Riding shale boom, US to become major LPG supplier to China 7

8 Retail Markets 8

9 LPG as a bridge fuel to Natural Gas Peak Shaving strategies Allow users to supplement natural gas for LPG to off set high prices during times of peak demand Japanese power companies have recently considered supplementing larger percentages of LNG with LPG in power generation due to recent drop In price SNG blending systems can be implemented in more remote geographies to quickly convert coal and oil powered power plants to LPG Ideal for customers looking to transition to natural gas but can not wait for infrastructure or supply but wish to convert coal or oil fired generators now 9

10 Thailand & Indonesia Thailand Indonesia Retail demand has increased overall by 1.5mm tons from 2009 to 2014 Newly expanded import terminals could spur more growth Although the 7 year government subsidy was dropped in Dec 2014, the decline in interna5onal prices has supported retail demand Retail demand from the residen5al and commercial sector has increased 110% from 2009 to Government began ini5a5ve to replace kerosene for cooking with LPG mm tons mm tons 10

11 India : Total demand growth for LPG in India increased abt. 18.5% : Government has proac5vely pushed popula5on away from tradi5onal hea5ng/cooking methods by subsidizing LPG 2014: The cap on subsidized cylinders per household was liwed from 9 to 12 Demand expected to increase within residen5al and commercial sector Indian LPG Retail Demand 11

12 Brazil Turkey Brazil is another example of successful government ini5a5ve to switch from tradi5onal hea5ng and cooking fuels to LPG Turkey s LPG demand growth has historically been dominated by autogas demand Growth forecasted to increase from 2% to around 2.5% in 2018 within the residen5al/ commercial sector (higher than expected GDP growth) Autogas demand expected to increase, lower price should facilitate higher rate Large bulk demand increased substan5aly in 2013 with the conversion of Petkim to be able to crack butane with Naphtha Bayegan propane dehydrogena5on plant should be constructred by

13 Power Genera5on 13

14 The Future: Virgin Islands Conversion Project with Vitol Vitol is leading the transforma5on of the power sector in the US Virgin Islands Upon comple5on of the $150 MM project, Virgin Island power consumers can expect savings of up to 30% Current Residen5al prices: 39 cents/kw hour vs. 51 cents in Sep By July, both St. Thomas and St Croix will derive 100% of their electricity needs from propane Green house gas emissions slated to decline 20% St Croix Conversion St Thomas Conversion - VLGCS will deliver the cargo and perform STS to pressure vessels every 3 days (w/ two designated pressure vessels) for discharge at the small berth 14

15 Key Factors Favoring LPG Adoption for Power Generation and Retail Consumption Economic Environmental ü Established produc5on hubs ü Global supply base By-product of natural gas and oil production ü Lower greenhouse gas emissions ü 20% less CO2 than hea5ng oil ü Mari5me and land transport op5ons ü Price compe55ve product ü Low cost last mile infrastructure ü 50% less CO2 than coal ü Safe fuel source ü Avoids harmful and dangerous waste LPG should be the fuel of choice for emerging economies Source: ExceptionalEnergy.com 15

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