DORIAN LPG September 2017

DORIAN LPG September 2017

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

Dorian LPG at a Glance Company overview Global presence Dorian LPG is a liquefied petroleum gas 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 order of newbuildings at Hyundai HI. Predecessors have invested in and managed LPG vessels since 2002. The fleet is comprised of 19 ECO-VLGCs and 3 modern VLGCs, with an average age of 3.2 years. 18 of the vessels are currently employed in the Helios LPG Pool, founded by the Company together with Phoenix Tankers in Apr-2015. Average vessel age vs. global fleet The remaining vessels are on time charter contracts to major companies. 8.1 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 was listed on the NYSE in 2014 under the ticker LPG. The Company has a market cap of USD ~380m as of 1-Sept-2017 3.2 Dorian LPG Global VLGC Fleet 1 (1) As of 1-Sept-2017 3

History / Background Number of vessels 1 Dorian LPG announced delivery of its last ECO-VLGC newbuilding, the Caravelle and sale of the Grendon, its last remaining 5,000 cbm pressurized gas carrier Predecessor entities entered the LPG market in 2002 by acquiring two pressurized vessels First VLGC, Captain Markos NL, was delivered Dorian LPG Ltd. established (2013) and the Company listed on NYSE (2014). Dorian LPG raised USD 688 2 million in four rounds from Jul-13 to May-14 22 22 22 4 5 5 6 5 6 6 5 4 4 4 6 1 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Part of predecessor entities Dorian LPG (1) Total LPG vessels on the water; (2) Gross proceeds 4

Experienced Management Team John Hadjipateras Chairman & CEO (Dorian LPG) With Dorian LPG since inception in 2013. Involved with shipping management since 1972. Experience from Peninsular Maritime, Eagle Ocean, Greek Shipping Corp. Committee, SEACOR and more John Lycouris CEO (Dorian LPG USA) With the Company since 2013. Holds strong experience from Peninsular Maritime and Eagle Ocean. Responsibilities include oversight of the entire newbuilding program and teams in Greece, the UK and the US Theodore B. Young CFO (Dorian LPG) Joined Dorian LPG at inception in 2013. Previous experience includes Head of Corporate Development at Eagle Ocean and the buyout firms Irving Place Capital and Harvest Partners Alex Hadjipateras EVP Bus. Devel. (Dorian LPG USA) Joined Dorian LPG in 2013 focusing on business development. Previously responsible for Aframax and VLGC newbuilding at Eagle Ocean, and business development at Avenue A / Razorfish Costas Markakis President & CEO (Dorian LPG Management) Shipping and legal background with more than 30 years experience in executive and top management positions in ship management companies (commercial and operational) 5

The Helios LPG Pool The Helios LPG Pool (the Pool ) was established in April 2015 as a 50-50 partnership between Dorian LPG and Phoenix Tankers, a subsidiary of MOL of Japan The Pool is comprised of 18 Dorian LPG VLGCs, 4 Phoenix VLGCs and 5 Oriental Energy VLGCs, and uses these high-quality assets to offer a complete global LPG maritime solution offering spot freight, TCs, and COAs Dorian LPG has contributed USD 1.1m per vessel in working capital for the Helios Pool 1 Earnings are allocated to each vessel participating in the Pool based on Pool Points, which are awarded to each vessel on the basis of characteristics such as carrying capacity and speed/consumption (1) No debt in the Helios Pool. The contributed cash would be refunded to Dorian LPG (less deduction for fuel on the vessels at the time) if the vessels are withdrawn from the pool. 6

Premium Fleet Fleet overview Type Name CBM Delivered Yard Flag ECO VLGC CARAVELLE 84,000 2016 Hyundai HI Bahamas ECO VLGC CHALLENGER 84,000 2015 Hyundai HI Bahamas ECO VLGC COPERNICUS 84,000 2015 Daewoo SME Bahamas ECO VLGC CHAPARRAL 84,000 2015 Hyundai HI Bahamas ECO VLGC COMMANDER 84,000 2015 Hyundai HI Bahamas ECO VLGC CRATIS 84,000 2015 Daewoo SME Bahamas ECO VLGC CHEYENNE 84,000 2015 Hyundai HI Bahamas ECO VLGC CLERMONT 84,000 2015 Hyundai HI Bahamas ECO VLGC CONSTELLATION 84,000 2015 Hyundai HI Bahamas ECO VLGC CRESQUES 84,000 2015 Daewoo SME Bahamas ECO VLGC COMMODORE 84,000 2015 Hyundai HI Bahamas ECO VLGC CONSTITUTION 84,000 2015 Hyundai HI Bahamas ECO VLGC CONTINENTAL 84,000 2015 Hyundai HI Bahamas ECO VLGC COBRA 84,000 2015 Hyundai HI Bahamas ECO VLGC CONCORDE 84,000 2015 Hyundai HI Bahamas ECO VLGC COUGAR 84,000 2015 Hyundai HI Bahamas ECO VLGC CORVETTE 84,000 2015 Hyundai HI Bahamas ECO VLGC CORSAIR 84,000 2014 Hyundai HI Bahamas ECO VLGC COMET 84,000 2014 Hyundai HI Bahamas Modern VLGC CAPTAIN NICHOLAS ML 82,000 2008 Hyundai HI Bahamas Modern VLGC CAPTAIN JOHN NP 82,000 2007 Hyundai HI Bahamas Modern VLGC CAPTAIN MARKOS NL 82,000 2006 Hyundai HI Bahamas Comments The Company owns and operates 19 ECO- VLGCs and 3 modern VLGCs Average fleet age of 3.2 years 16 of the 22 vessels already equipped with Ballast Water Treatment Systems 2 of the 22 vessels already equipped with scrubbers, and an additional 17 are scrubber ready Captain Markos NL and Captain John NP have recently completed 10 year special surveys In-house technical and commercial management of fleet 18 vessels operate under spot, COA or Time Charter contracts of less than 24 months in the Helios Pool. Remaining 4 vessels on Time Charter contracts All newbuilds delivered and no remaining newbuilding related capital expenditures 7

Vessels Built at Premium Korean Shipyards Total VLGC newbuilding deliveries by shipyard 2006-2017 Comments 14% The Korean yards Hyundai HI ( HHI ) and Daewoo SME ( DSME ) are two of the world's leading shipbuilders 14% Daewoo Hyundai Jiangnan Dorian LPG and it predecessors have built 24 vessels at HHI since 2004 and maintain a strong relationship with its shipyards 8% 6% 58% Kawasaki MHI Nagasaki 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 HHI is the most active and experienced yard in the design and construction of gas carriers 8

LPG Fundamentals What is LPG? Liquefied petroleum gas ("LPG") is a fossil fuel made during natural gas processing and oil refining. LPG is a by product of both oil and natural gas production and more than two-thirds of the LPG people use is extracted directly from the earth. The rest of it is manufactured indirectly from crude oil refining. Why use LPG? LPG is cleaner than coal and oil and an alternative to gasoline. It generates less air pollution and produces fewer emissions of carbon dioxide. 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. AT HOME ON THE GO AT THE FARM AT WORK OTHER Hundreds of millions of people around the world use LPG at home for applications such as cooking and heating. LPG is the preferred alternative automotive transportation fuel and is increasingly being used as a marine fuel. Farmers across the world rely on LPG to meet the challenge of staying competitive in the modern agricultural environment. Millions of businesses rely on LPG. It is the ideal fuel choice for businesses that are not connected to an existing electrical grid. Industries such as aerosol, refrigeration, and chemical feedstock all look to LPG to provide sustainable fuel alternatives. 9

LPG in the Petrochemical Value Chain The LPG value chain Source Processing industries Transport / usage User Natural gas well Gas plant Natural gas LNG liquefaction Pipeline Power generation LPG Petrochemical gases LNG ship Residential/ commercial Industrial Ammonia Auto Oil well Refinery Condensates (CPP) Clean products LPG Vessels Further refining Chemicals Dirty products Agricultural 10

LPG Supply and Export Dynamics

Metric tons (millions) Global Liftings Showing Steady Growth Global liftings (MM Tons) 100 90 80 70 60 50 40 30 20 10 0 89.9 85.1 75.4 61.2 63.7 2012 2013 2014 2015 2016 Annual U.S. waterborne exports Middle East waterborne exports 30 25 20 20.6 25.4 45 40 35 30 32.3 34.9 35.7 38.9 15 10 9.4 13.9 25 20 15 5 10 5 0 2013 2014 2015 2016 0 2013 2014 2015 2016 Source: IHS, EIA, FGE *Note: Bbls/day converted to MT/yr (bbls per day/11.6 * 365) 12

U.S. LPG Has Significantly Increased Its Share of Global Supply A new era of supply Emergence of U.S. as largest exporting nation has forced price competition amongst all suppliers Middle East supply has surprised on the upside with more export growth than expected The Asian market has become increasing reliant on US LPG Seaborne LPG by source 100% 80% 60% 40% 20% 0% 6% 5% 4% 1% 4% 8% 7% 6% 12% 8% 8% 11% 10% 4% 9% 12% 11% 10% 10% 10% 51% 47% 45% 44% 15% 19% 25% 29% 2013 2014 2015 2016 2017 YTD 46% 22% US Middle East N.Sea Med Other Latin America Source: EIA, Bloomberg, IHS, FGE 13

North American Export Capacity Extending Beyond USGC Near term export terminal expansions Firm North American VLGC export capacity (MM Tons/year) Philips 66 s terminal (Freeport, TX) Capacity for 8 VLGCs/month Started up in November 2016 Has increased competition to terminal fees Sunoco s terminal (Marcus Hook, PA) Now exporting 6-9 VLGC cargoes per month Consistent supply contracts with offtake agreements Further expansion in 1Q 2017 will add capacity for another 5 VLGCs/month Petrogas terminal (Ferndale, WA) Outperforming seasonality, expect increase in butane cargoes Operated by Alta gas Altagas terminal (Ridley Island, BC) Final investment decision on October 20, 2016 Entered into Memorandum of Understanding with Astomos energy corporation for purchase of 50% of the propane exported. 40 35 30 25 20 15 10 5 0 2015 2016 2017 Potential U.S. VLGC liftings per month 70 60 57 50 40 38 30 Phillips 66 (Freeport, TX) PetroGas (Ferndale, WA) Trafigura (Corpus Christi) Oxy (Ingleside) Sunoco (Marcus Hook) Sunoco (Netherlands) Targa (Houston) Enterprise Houston 65 East Coast U.S. and West Coast U.S. now covered and expanding, creating new and improved arbitrage opportunities Source: EIA, Bloomberg, IHS, Publicly Available Information 20 10 0 2015 YE 2016 YE 2017 YE 14

Oil & Gas Production (M bbls/day) Propane Production (M bbls/day) Resilient U.S. LPG Production Propane production resilient to volatile oil and gas production (M bbls/day) 12,000 10,000 8,000 6,000 4,000 2,000 0 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Oil Production Gas Production Propane Production 2000 1800 1600 1400 1200 1000 800 600 400 200 0 North American rig count (# rigs) 1200.00 1000.00 800.00 497.00 BH Rig Count 943.00 U.S. Propane production has remained resilient despite decreases in gas production and oil production 600.00 400.00 200.00 NGL values relative to crude have incentivized production of NGL rich fields, such as the Permian field 0.00 Rig count, uncompleted wells, and E&P break evens are all moving favorably for production increases Source: EIA, Dorian LPG Analysis 15

LPG Demand & Consumption

Growing Markets for LPG: CHINA Annual China LPG imports (Tons) 18 M will be used as 16 M primary fuel source 16.1 M 14 M 12 M 12.0 M 10 M 8 M 7.0 M 6 M 4 M 4.2 M 2 M 0 M 2013 2014 2015 2016 Source: FGE 17

Chinese Demand Expanding Far Beyond PDH China LPG demand by sector (MM Tons) 60 China LPG imports by source 50 40 30 20 10 27% 12% 27% Iran US Abu Dhabi Qatar Others 23% 12% 0 2013 2014 2015 2016 2017 (E) 2018 (E) Steam Cracking PDH Gasoline Additives or Blending Residential Others Chinese demand is estimated to increase by 4.6mm MT in 2017 and total import demand by 3mm tons Butane demand from processing plants that use butane-rich LPG as feedstock is expected to increase LPG demand by a combined ~2mm MT in 2017 LPG demand in 2016 was estimated at ~49mm MT. Demand growth in 2017 is forecasted to be ~10% China s residential / commercial demand has been climbing in tandem with its initiative to displace solid biofuels in rural areas Middle Eastern supply alone will not be able to meet demand Source: FGE, Platts 18

Global PDH & Petchems Also Fueling Demand 10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 Illustrative increase from Korean PDH plant Korean LPG Demand by Sector (mmtons) 2013 2014 2015 2016 2017 Petrochemical Feedstocks Road Others Residential Commercial and Public Services Korean market is saturated but saw a major increase in demand this year from a new PDH facility Japan upgrades cracker capacity Japan s Idemitsu Kosan s JV with Mitsui Chemicals recently announced plans to expand the processing of propane at Idemitsu s naphtha cracker The upgrade will boost the Cracker s capacity to process propane as feedstock by three or four times. It will mainly rely on LPG imports for feedstock rather than a small quantity of LPG produced at the plant Europe European petchem giant INEOS announced this June plans to expand its petrochemical infrastructure in Northwest Europe, with large capacity increases in its Rafnes, Norway and Grangemouth, Scotland crackers, as well as a greenfield 750,000 tonnes/year PDH unit in an undisclosed location. PDH importers require high purity propane, best sourced from the US or Middle East Source: FGE 19

The Year of the LPG Consumer : INDIA India LPG import forecast (M Tons) Indian LPG consumption forecast (M Tons) 14 M 25 M 12 M 10 Power M conversion 8 project M with 8.9 Vitol M By April, LPG will be 6 M used as primary fuel 4 M source 2 M 10.0 M 11.5 M 20 M 15 M 10 M 5 M 19.0 M 21.1 M 22.6 M 0 M 2015 2016E 2017E 0 M 2015 2016E 2017E The Modi Government aggressively promoting LPG penetration in rural areas calling 2016 the year of the LPG Consumer Approximately 7 million new LPG consumers added between January and April of 2016 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 Seaborne LPG imports into India were up 8% in 2015, from 8.32mm tons to 8.97mm tons Source: IOC, FGE 20

Indonesia Emerging as a Major Demand Center Indonesian demand (MM Tons) 14 12 10 CAGR: 12.1% 8 6 4 2 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Industry Commercial and Public Services Residential The surge in LPG demand and imports has come on the back of the governments subsidized Kerosene-to-LPG conversion program Lower prices have brought Pertamina s imports back into profit in spite of the subsidy program The program is regionally limited through 2017 with the program being extended further into the eastern islands from 2018 onwards Source: FGE 21

2013 2014 2015 2016 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2013 2014 2015 2016 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Vietnam & Bangladesh Residential Demand to Drive Consumption Vietnam (MM Tons) Bangladesh (MM Tons) 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 0.45 0.40 0.35 0.30 0.25 0.20 0.15 0.10 0.05 - Second largest SE Asia country by population Manufacturing growth and domestic consumption remains strong LPG buyers in Northern Vietnam receive pressure cargoes and have benefitted from the cheaper LPG available from Siam Gas on the back of cheaper Iranian LPG received into its cavern storage in China. This trade appears to have been increasing in 2016 Source: FGE Industry Commercial and Public Services Residential Supply Imports Huge population with potential to drive demand The total market which was around 120,000 MT two years ago now stands at 205,000 MT Domestic gas production will start declining after 2019 and LNG imports will have to start by then Moving forward, the government is encouraging households to convert from natural gas to LPG and has also suspended natural gas supply to commercial sector 22

Power Generation Fueling Demand in Ghana and Virgin Islands Vitol Power Conversion: Virgin Island GE LPG Power Plant: Ghana In late October, the Ghanaian government approved the development of the 400 megawatt Bridge Power plant at Ghana s Tema port. Once both stages have been completed, the power plant will account for 14% of electricity capacity but Ghana has plans to double total capacity, leaving room for further LPG power projects The success of the power generation project could lead to other countries in the continent adopting the model to supplement their insufficient power supplies. Vitol is leading the transformation of the power sector in the US Virgin Islands Upon completion of the $150 MM project, Virgin Island power consumers can expect savings of up to 30% Since July 2016, both St. Thomas and St Croix have derived 100% of their electricity needs from propane Green house gas emissions slated to decline 20% Source: Bloomberg news, VTTI 23

Strong Fundamentals for Continued LPG Adoption Key Factors Favoring LPG Adoption for Power Generation and Retail Consumption Economic Established production hubs Global supply base Maritime and land transport options Price competitive product Low cost last mile infrastructure Environmental Lower greenhouse gas emissions 20% less CO 2 than heating oil 50% less CO 2 than coal Safe fuel source Avoids harmful and dangerous waste LPG should be the fuel of choice for emerging economies Each year, around 3.5 million premature deaths can be attributed to household air pollution resulting from the traditional use of solid fuels, such as fuelwood and charcoal. Four out of five people in sub-saharan Africa rely on the traditional use of solid biomass, mainly fuelwood, for cooking. Nearly 3.1 billion people, or 43% of the global population, still rely on polluting fuels (i.e. biomass, coal, kerosene) and technologies for cooking - a major source of household air pollution. Source: World Health Organization Source: ExceptionalEnergy.com 24

VLGC Shipping Market Dynamics

Continued High VLGC Utilization Baltic VLGC daily spot TCE rates (USD/d) Global VLGC fleet utilization 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 2016 2017 86% 85% Baltic TCE (Daily) 4-Week Trailing Ave Drivers underlying current rate environment Incremental VLGC fleet growth has been absorbed without severely impacting utilization thus far (i.e. demand for seaborne transport continues to grow in excess of fleet growth) The Panama Canal Authority is increasing rates for neo-panamax VLGCs by 29% starting in October 2017. This equates to an increase of ~$2.2/mt. We estimate that 33% of traffic through the expanded canal is VLGCs, second only to container ships. The increased fees, alongside increased competition from other sectors, could result in a reduction in VLGC transits which would increase ton mile demand as those ships would then have to transit around the Cape of Good Hope. Source: Clarksons Research, Baltic Exchange, Panama Canal Authority 26

VLGC Fleet & Orderbook Review VLGC orderbook (2013-Onwards) (# vessels) 50 40 30 20 35 44 15 10 13 8 8 8 10 0 2013 2014 2015 2016 2017 2018 2019 On Order In Service BWTS + IMO low sulphur regulations BWTS Convention Approx. 65-71 VLGCs will be required to DD and subsequently install BWTS between 9/8/2017-1/1/2019 2020 Low Sulphur regulations Suggest 25% increase in bunker cost Dorian LPG s VLGC Fleet is ready: 3 2 17 Modern With Scrubber Scrubber Ready Fleet profile (12/31/17) (# vessels) 140 120 115 100 80 Potential Scrapping Candidates 60 53 40 20 30 17 13 10 0 < 5 5-10 10-15 15-20 20-25 > 25 Source: Clarksons Research, Dorian LPG analysis 27

Financials

Recent Financing Developments: Continuing to Enhance Balance Sheet Flexibility On May 31, 2017, Dorian LPG announced an agreement with its lenders under its $758 million facility to relax certain covenants of the 2015 Debt Facility and have also agreed to release $26.8 million of restricted cash to be applied towards future debt repayments, interest and certain fees. On June 7, 2017, the Company announced that it repaid its RBS debt facility at 96% of the then outstanding principal amount with a new $97 million bridge loan facility from DNB. As part of the refinancing. $6 million of cash previously restricted was released and used as unrestricted cash. On August 25, 2017, the Company announced that it had filed to issue up to $40 million of equity pursuant to an at the market ( ATM ) offering. 29

Statement of Operations Data (USD) Statement of Operations Data Three Months Ended June 30, 2017 (Unaudited) Three Months Ended June 30, 2016 (Unaudited) Revenues $ 41,025,472 $ 50,515,776 Voyage expenses (239,445) (755,804) Vessel operating expenses (16,885,289) (16,095,552) General and administrative expenses (8,534,909) (5,611,310) Other income related parties 633,883 552,901 EBITDA 15,999,712 28,606,011 Depreciation and amortization (16,293,158) (16,192,745) Operating income/(loss) (293,446) 12,413,266 Other income/(expenses), net (6,396,524) (13,704,387) Net loss $ (6,689,970) $ (1,291,121) Other Financial Data Time charter equivalent rate (1) $ 22,735 $ 26,398 Daily vessel operating expenses (2) $ 8,434 $ 8,040 Adjusted EBITDA (3) $ 17,470,829 $ 29,576,278 (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. 30

Statement of Operations Data (USD) Statement of Operations Data Year Ended Mar 31, 2017 (Audited) Year Ended Mar 31, 2016 (Audited) Revenues $ 167,447,171 $ 289,207,829 Voyage expenses (2,965,978) (12,064,682) Vessel operating expenses (66,108,062) (47,119,990) General and administrative expenses (21,732,864) (29,836,029) Loss on disposal of assets (1,125,395) Other income related parties 2,410,542 1,945,396 EBITDA 79,050,809 201,007,129 Depreciation and amortization (65,057,487) (42,591,942) Operating income 13,993,322 158,415,187 Other income/(expenses), net (15,435,137) (28,726,805) Net income/(loss) $ (1,441,815) $ 129,688,382 Other Financial Data Time charter equivalent rate (1) $ 22,037 $ 55,087 Daily vessel operating expenses (2) $ 8,233 $ 8,581 Adjusted EBITDA (3) $ 83,279,670 $ 204,865,215 (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

Cash Flows Data (USD) Cash Flows Data Three Months Ended June 30, 2017 (Unaudited) Three Months Ended June 30, 2016 (Unaudited) Net loss $ (6,689,970) $ (1,291,121) Adjustments 17,109,576 22,629,829 Changes in operating assets and liabilities 1,990,712 8,443,351 Net cash provided by operating activities 12,410,318 29,782,059 Net cash provided by/(used in) investing activities 32,522,604 (1,241,826) Net cash used in financing activities (26,629,624) (27,553,084) Effects of exchange rates on cash and cash equivalents 41,195 (77,911) Net increase in cash and cash equivalents $ 18,344,493 $ 909,238 Cash Flows Data Year Ended March 31, 2017 (Audited) Year Ended March 31, 2016 (Audited) Net income/(loss) $ (1,441,815) $ 129,688,382 Adjustments 46,189,541 59,421,412 Changes in operating assets and liabilities 7,356,042 (38,082,294) Net cash provided by operating activities 52,103,768 151,027,500 Net cash used in investing activities (1,981,022) (910,414,841) Net cash (used in)/provided by financing activities (79,318,882) 601,090,409 Effects of exchange rates on cash and cash equivalents (197,274) (112,289) Net decrease in cash and cash equivalents $ (29,393,410) $ (158,409,221) 32

Balance Sheet Data (USD) Balance Sheet Data June 30, 2017 (Unaudited) June 30, 2016 (Unaudited) Cash and cash equivalents $ 35,363,045 $ 47,321,200 Restricted cash, non-current 18,075,146 50,812,789 Total assets 1,709,526,648 1,818,212,387 Current portion of long-term debt 64,166,665 65,978,785 Long-term debt net of current portion & deferred financing fees 674,665,830 731,833,039 Total liabilities 739,775,585 844,336,618 Total shareholders' equity $ 969,751,063 $ 973,875,769 Balance Sheet Data March 31, 2017 (Audited) March 31, 2016 (Audited) Cash and cash equivalents $ 17,018,552 $ 46,411,962 Restricted cash, non-current 50,874,146 50,812,789 Total assets 1,746,234,880 1,842,178,176 Current portion of long-term debt 65,978,785 66,265,643 Long-term debt net of current portion & deferred financing fees 683,985,463 746,354,613 Total liabilities 770,233,162 856,578,939 Total shareholders' equity $ 976,001,718 $ 985,599,237 33

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