BW LPG

Market Update

June 2014

Important information and disclaimer

This presentation has been produced by BW LPG Limited (“BW LPG”) exclusively for information purposes. This presentation may not be reproduced or redistributed, in whole or in part, to any other

person.

Matters discussed in this presentation and any materials distributed in connection with this presentation may constitute or include forward-looking statements. Forward-looking statements are

statements that are not historical facts and may be identified by words such as “anticipates”, “believes”, “continues”, “estimates”, “expects”, “intends”, “may”, “should”, “will” and similar expressions.

These forward-looking statements reflect BW LPG’s reasonable beliefs, intentions and current expectations concerning, among other things, BW LPG’s results of operations, financial condition,

liquidity, prospects, growth and strategies. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance

and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of BW LPG’s markets; the impact of regulatory initiatives; and

the strength of BW LPG’s competitors. Forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.

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 BW LPG’s records and other data available from third parties. Although BW LPG believes that these assumptions were reasonable when

made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are

beyond its control. Forward-looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual results of

operations, financial condition and liquidity of BW LPG or the industry to differ materially from those results expressed or implied in this presentation by such forward-looking statements. No

representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved and you are cautioned not to place any undue influence

on any forward-looking statement.

No representation, warranty or undertaking, express or implied, is made by BW LPG, its affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness

or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither BW LPG nor any of its affiliates or representatives shall have any responsibility or liability

whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. All

information in this presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. In giving this presentation, none of BW

LPG, its affiliates or representatives undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any information or to correct any

inaccuracies in any such information. The information contained in this presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be,

updated to reflect material developments which may occur after the date of the presentation.

The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult its own legal, business, investment or tax adviser as to legal,

business, investment or tax advice. By attending this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of BW LPG and

that you will conduct your own analysis and be solely responsible for forming your own view on the potential future performance of the business of BW LPG. This presentation must be read in

conjunction with the recent financial information and the disclosures therein.

This presentation and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States (within the

meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)). The securities referred to herein have not been and will not be registered under the Securities Act

and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. Any failure to comply with this restriction may constitute a

violation of United States securities laws. BW LPG has not registered and does not intend to register its securities in the United States or to conduct a public offering of shares in the United States.

Copies of this presentation are not being made and may not be distributed or sent, directly or indirectly, in or into the United States, Canada, Australia or Japan, or any other jurisdiction in which such

distribution would be unlawful or would require registration or other measures.

In any EEA Member State other than Norway that has implemented Directive 2003/71/EC (as amended, together with any applicable implementing measures in any Member State, the “Prospectus

Directive”), this presentation is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

For the UK based investors - This presentation is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the

Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this presentation may lawfully be

communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). This presentation must not be acted on or relied on by persons who

are not relevant persons. Any investment or investment activity to which this presentation relates is available only to relevant persons and will be engaged in only with relevant persons.

June 2014 2

Who are we?

Vision

“BW LPG will be a driving force in the growth of the global LPG

marketplace by providing market leadership in marine-based LPG

logistics solutions across the globe.”

BW LPG remains the largest owner / operator of VLGCs, with a fleet of 20

owned VLGCs, 11 charter-in VLGCs, 5 LGCs, and 8 VLGCs on order

We have contracted 8 newbuildings at HHI due 2014 - 2016, of which 1 is

due for delivery in late 2014, 5 in 2015, and 2 in 2016

Our intention is to maintain market leadership through well-timed value-

accretive acquisitions of modern NGL-capable tonnage

BW Group remains our largest shareholder, with just under 45% of our

shares, and providing ship management services

We listed on the OSE on 21-Nov-2013, raising USD 280 million in new equity

at NOK47/share, and presently trade at around NOK86/share (10th June)

Gearing is low at 31% (debt : debt+equity) with a USD 700 million 7-year

secured facility at USD LIBOR + 190bps (USD200m revolver available)

In 2013 we reported TCE income of USD 289 million, EBITDA of USD 136

million, and net profit of USD 131 million, with a dividend of USD 15c / share

We reported TCE income of USD 100 million in Q1 2014, delivering EBITDA

of USD 52 million, and a net profit of USD 35 million

June 2014 3

LPG

value

chain

June 2014 4

BW LPG’s capabilities include storage / logistics

solutions beyond LPG transportation

LPG storage solutions

Malaysia/Indonesia- Berge Frost

(2007 – 2010 Titan)

- BW Challenger

(2010 – 2017 Pertamina)

- BW Clipper

(2010 – 2015 Pertamina)

China (1999 – 2004) - BW Rachel

- BW Ragnhild

- Berge Saga

- Berge Sund

- Berge Sisu

Nigeria- Berge Saga

(2006 – 2009 Caverton/NLNG)

- BW Boss

(2009 – 2010 Caverton/NLNG)

Dominican Republic- Berge Sund

(2006 – 2008 Geogas)

- Berge Summit

(2008 – 2011 Geogas)

Netherlands- BW Prince

(Aug – Dec 2010 Vitol)

- BW Trader

(Sep 2010 – Jan 2011 Vitol)

Vietnam

- Chelsea Bridge

(2007 – 2009 PV Gas)

Brazil

- Berge Eagle

(2002 – 2005 Petrobras)

- Berge Rachel

(2005 – 2008 Petrobras)

- BW Borg

(2008 – 2014 Petrobras)

USG- Dynamic Energy

(Aug – Dec 2010 Vitol)

* On-going

Ecuador

- Berge Ragnhild

(2005 - 2010 Trafigura)

- BW Liberty

(2010 - 2012 Flopec)

- BW Lord

(2012) 9 months

- BW Liberty

(2013) 45-90 days*

Many successful storage projects executed globally, with LPG storage and logistics requirements expected to increase

June 2014 5

LPG market dynamics

Extraction of shale gas produces multiple hydrocarbons: C1 (methane); C2

(ethane); C3 (propane); C4 (butane); and C5 (pentane) among them

LPG products (propane and butane) are used for domestic heating and

cooking (approx. 60% of demand), and industrial applications / petrochemical

feedstock (approx. 40%)

The global supply of LPG and global LPG exports has grown substantially,

driven primarily by LPG production associated with shale gas fields in the US

Average export distances have also grown, with West-to-East (US to North

Asia) cargoes an increasingly important proportion of global exports

Increasing export volumes & distances with limited tonnage has seen

historically strong day rates in 2013 and again in early 2014

VLGC newbuildings are underway and rates are expected to normalize by

late 2016 and eventually (temporarily) to fall below long term historic

averages

June 2014 6

Better US margins on propane (vs. methane) resulting in

a shift to NGL-rich fields

Source: EIA, Poten & Partners

0

5

10

15

20

25

30

35

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

Tri

llio

n c

ub

ic f

eet

Shale gas

Non-shale

Estimates

Strong US natural gas production growth

US is expected to become one of the world’s leading LPG

exporters

US LPG imports/exports (annual volumes)

The outlook for US contribution to LPG export

volumes continues to improve

SINCE IPO WE SEE A STRONGER TREND AND FASTER RAMP-UP

WITH CAPACITY IN THE LOW 20mtpa in 2016

Source: EIA, Poten & Partners June 2014 7

-

5.0

10.0

15.0

20.0

25.0

Imports

Exports

Low US LPG marginal cost of production creates

sustainable export market

Natural gas price (methane) has

decreased with shale gas production

Producers have incentive to develop

fields with higher LPG content (propane

and butane)

US LPG prices have delinked from AG

prices, creating an arbitrage opportunity

This results in a lower delivered LPG

price to Asia, even after terminal and

transportation costs

US exports driven by Increasing volumes of LPG at competitive global prices Comments

Source: Bloomberg

0

5

10

15

20

25

30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

US

D / m

mb

tu

US vs Arabian Gulf propane prices

Propane, US Propane, Arabian Gulf Methane, US (Henry Hub spot price)

June 2014 8

Asian demand is creating increasing transport

mileage (West to East cargoes)

64 63 65

68 70

78

10 13

15

16

18

28

73

76

80

84

88

106

40

50

60

70

80

90

100

110

2008 2009 2010 2011 2012 2015E

Mil

lio

n t

on

ne

s p

er

year

Retail demand Industrial

LPG demand:

Asia-Pacific is the main importer

Increase in LPG demand supported

by retail and industrial consumption

Asian PDH plants contribute to

growing base load demand

Asia-Pacific 55%

Middle East 1%

Europe 24%

Africa 8%

Americas 12%

Retail

(63%)

Mostly propane

Industrial

(37%)

Propane & butane

LPG demand breakdown

Seaborne LPG imports

2012 imports1: 67 million tonnes

∆‘12-’15E:

18.5 mill. mt.

Asia Pacific LPG consumption

0

2

4

6

8

10

12

2013E 2014E 2015E 2016E Beyond2016E

Est.

pro

pa

ne f

eed

ne

ed

(m

illi

on

to

nn

es / y

ear)

Chinese PDH project pipeline

Under construction Planning

Source: Poten & Partners June 2014 9

Fleet and new build orderbook

Global LPG Fleet Size and New Build (2013) VLGC Fleet Profile1

BW LPG fleet growing through 2014-2016

0

5

10

15

20

25

30

35

40

45

Nu

mb

er

of

vessels

BW owned BW chartered Other fleet BW newbuildings Other newbuildings

33 vessels above 20 years and 76 newbuildings on order with 158 on water (2013)

36

2 2

40

2013 2014 2015 2016 Total Fleet(2016)

Net changes to total fleet

BW LPG Fleet Outlook

The first HHI newbuilding is scheduled to deliver in Nov 2014

2 VLGC options were exercised in Feb 2014 for delivery in the

first half of 2016 bringing our total orderbook to 8 vessels

2 expiring time charter-in vessels were each renewed for 12

months further

Focus continues on growth accretive to shareholder value –

timing is critical

76

3

20

0

50

100

150

200

250

VLGC LGC MGC

On Water On Order

47%

15%

35%

Source: Internal

1) Fleet profile and orderbook showing sailing fleet and confirmed orders as of 22 April 2014.

2) The BW LPG fleet timeline assumes that vessels on time charter-in will be redelivered at charter expiry. June 2014 10

Recent transactions indicate asset prices beginning

to reflect the positive rate trend

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

US

D ‘000 p

er

cale

nd

ar

mo

nth

2008 2009 2010 2011 2012 2013 2014

VLGC short term TCE rate development VLGC short term TCE rate & newbuilding prices

Rates by year Rates (LHS) & newbuild prices (RHS)

Source: Poten & Partners

50

55

60

65

70

75

80

85

90

95

100

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14

US

Dm

US

D ‘000 p

er

cale

nd

ar

mo

nth

VLGC - short term TCE VLGC newbuild prices

June 2014 11

Oil companies have strict requirements on crewing

Engineers do not normally have refrigeration knowledge:

If the cargo is a few degrees off, the vessel is rejected by the terminal

Complex cargo operations:

Ship to ship transfer to different ship types, part discharge/loading,

temperature, different phases

Re-liquefaction during voyage:

Crew need to constantly monitor cargo condition and re-liquefy throughout

the voyage

LNG-like complexity with less technology to manage it:

Many of the same challenges as LNG, but with more reliance on crew

knowledge and operational systems rather than automation

LPG requires specialised competencies

35 years of operating experience

to provide market-leading reliability

Experience requirement for top 4 officers

1 vessel 10 vessels BW LPG

(pool of 334 senior officers)

BW LPG onshore (53 technical professionals)

Time on gas carriers 24 years 240 years 4,446 years 816 years

(in the gas industry)

Time in company 8 years 80 years 4,921 years 844 years

June 2014 12

Fleet planning, route and ship allocation

Chartering / contracts

Voyage planning

Speed management

Weather routing and sea current

Port / harbour operations

Steam plant efficiency

Main engine efficiency

Aux engines efficiency and utilisation

Aux boilers efficiency and utilisation

Voyage performance Primary consumers, main and aux engines

Hull condition

Propeller condition

Autopilot and rudder

Trim and draft

Hull appendages and technical modifications

Cargo operations

Thruster operations

Ventilation, HVAC and lights

Insulation and energy losses

Water production

Incineration

Ship performance Secondary energy consumption

Pre-bunkering

During bunkering

Post-bunkering

Performance management

Strategy and tactical plans

Roles and responsibilities

Culture and awareness

Competence and training

Cooperation and communication

Fuel management Management and organisation

Asset quality and operational excellence remain

critical, even in a tightening market

June 2014 13

Market activity to watch in 2014 and beyond

US exports

– Terminal capacity build-out and new commitments (positive trend)

– Proportion of LPG captured finding its way to export markets

– Destinations of US cargoes (increasing average distances)

LPG pricing – ex-AG and ex-US, and the impact of increasing export

volumes (arbitrage holds strongly – rate driver / enabler?)

Energy & feedstock replacement – reaction to potential for long-term

abundant supply of low cost NGLs

Contract structuring (potential for longer duration charters)

Shift from supply-driven commodity to demand-reliant commodity (as global

export volume increases and competition as feedstock intensifies)

Newbuildings: capacity, pricing, delivered quality, and new ordering

(absorption of 2015/16 overbuild in the VLGC fleet)

Second hand disposals and industry consolidation to capitalize on efficiency

of strong operating platforms and to address rate dip on overbuild

Timeline for and impact of Panama Canal expansion (late 2016?)

June 2014 14

2013 income statement • Unaudited figures in USD thousands

1

(Audited) (Audited)

2013 2012

Revenue 449,248 377,859

Voyage expenses (160,516) (153,941)

TCE income 288,732 223,918

Other operating income 886 602

Charter hire expense (60,835) (53,348)

Other operating expenses (92,600) (74,766)

Operating profit before depreciation, amortisation and impairment 136,183 96,406

Loss on disposal of property, plant and equipment (1,905) -

134,278 96,406

Amortisation charge (6,335) (7,095)

Depreciation charge (53,117) (50,395)

Write-back of impairment charge/(impairment charge) - net 56,347 (55,630)

Operating profit/(loss) 131,173 (16,714)

Finance expense – net (5,463) (3,435)

Profit/(loss) before tax and other comprehensive income for the

financial period 125,710 (20,149)

Income tax - -

Profit/(loss) after tax for the financial period 125,710 (20,149)

June 2014 16

(Audited) (Audited)

Balance sheet 2013 2012

Total non-current assets 1,377,574 1,004,814

Total current assets 253,839 114,807

Total assets 1,631,413 1,119,621

Total shareholder’s equity 974,729 4,420

Total non-current liabilities 504,603 66,488

Total current liabilities 152,081 1,048,713

Total liabilities 656,684 1,115,201

Total equity and liabilities 1,631,413 1,119,621

(Audited) (Audited)

Cash flow 2013 2012

Cash flows from operating activities

Profit/(loss) for the financial period 125,710 (20,149)

Adjustments 9,918 116,046

Operating cash flow before working capital changes 135,628 95,897

Changes in working capital (13,416) (52,266)

Cash generated from operations 122,212 43,631

Taxes paid (108) (101)

Net cash provided by operating activities 122,104 43,530

Net cash used in investing activities (424,389) (200,651)

Net cash used by financing activities 390,971 164,559

Net (decrease)/increase in cash and cash equivalents 88,686 7,438

2013 balance sheet and cash flow • Unaudited figures in USD thousands

June 2014 17

Strong board of directors

Andreas Sohmen-Pao - Chairman of the Board CEO of BW Group Board member in BW Offshore and non-executive director of The Hongkong and

Shanghai Banking Corporation Ltd. Board member of The Esplanade Co Ltd (Singapore) and the National Parks Board

(Singapore)

John B. Harrison – Vice Chairman Non-executive Director at BW Group and AIA Group Limited Former Deputy Chairman of public accounting firm KPMG International Fellow of the Institute of Chartered Accountants in England and Wales and a

member of the Hong Kong Institute of Certified Public Accountants

Anders Onarheim - Member of the Board Board member of Reach Subsea and other investment firms Former Managing Director in companies within the investment bank Carnegie

Group Previously worked with SEB, Goldman Sachs and Merrill Lynch

Andreas Beroutsos - Member of the Board Former Senior Managing Director at Eton Park Capital Management Former Director (senior partner) with McKinsey & Company in New York Member of the General Council of the Hellenic Financial Stability Fund

Dato’ Jude P Benny - Member of the Board Managing Partner of Joseph Tan Jude Benny, which he founded in 1988 Named as the Maritime Lawyer of the Year, 2012, for Singapore by Best Lawyers Director of the Maritime and Port Authority of Singapore

Anne Grethe Dalane - Member of the Board Business Process Owner, Sales at Yara International, been with Yara since 2003 Executive positions at Norsk Hydro in Human Resources, Corporate Strategy and

Finance Board experience include Hafslund, EDB Business Partners and Prosafe

Experienced management team

An experienced management team and

international board of directors

Support arrangements leverage BW Group’s strong capabilities at market-based rates to BW Group

No exceptional fee structures (S&P, commercial, financing, newbuilds etc.)

CEO

Nick Gleeson

Exec. Assistant

Tan Tzay Yunn

Financial

Controller & Tax

To be hired

Accountant

To be hired

GM, Financial

Reporting / IR

Oddlaug Os

(Secondment)

Treasury

Manager

Ying Li

Executive, Cash

Management

To be hired

Business

Controller

Pda Phanit

Manager, FP&A

Chew Hui Yen

Accountant

Tan Yen Ting

Corporate

Secretary

To be hired

Manager,

LPG Chartering

Rohit Radhakrishnan

Executive,

LPG Chartering

Igor Koslovski

Executive,

LPG Chartering

Yujiro Tomita

Executive,

LPG Chartering

To be hired

Manager,

Commercial devt

Joel Wee

Manager,

CP Admin

Joanne Chua

Executive,

CP Admin

Veron Chan

Executive,

CP Admin

To be hired

Head of Fleet

Operations

Prodyut Banerjee

Operations

Manager

Kevin Knott

LPG Operations

Glen Motha

LPG Operations

Adrian Lai

LPG Operations

Jimmy Lum

LPG Operations

Marine Goh

LPG Operations

Alex Lau

HR Business

Partner

Eugene Loh

Receptionist

T.B.H.

Executive

Assistant

Leah Phipps

CFO

Vijay Kamath

General Counsel

Prabhat Misra

(Secondment)

CCO

Andrew Hoare

Head of Fleet

Supervision

Sugato Roy

June 2014 18

Management Team

Nicholas Murray Gleeson - Chief Executive Officer Previously CFO of BW Group and BW Gas More than 20 years of business experience in CFO and other senior finance roles Australian Chartered Accountant and holds a Bachelor of Commerce in Accounting from the Australian National University and an

MBA from INSEAD, France

Vijay Kamath - Chief Financial Officer Previously SVP and CCO at FSL AM More than 20 years of experience from banking, financial management, sales and other functions Involved in several capital markets and asset transactions with FSL Master of Management Studies and Bachelor of Science from Goa University, India

Andrew Hoare - Chief Commercial Officer Previously VP Commercial and Operations at BW Maritime More than 20 years of experience in the shipping industry Holds a Masters in Arts in Management with International Relations from the University of St. Andrews, Scotland and an MBA from

Ashridge Management College, City University, London

Sugato Roy - Head of Fleet Supervision Previously Head of Technical Operations at Navig8 Ship Management Started career in 1990 as engineer onboard World Wide Shipping vessels, moving up the ranks to Chief Engineer, taking on the role of

Technical Superintendent in 2001 27 years of shipping experience, on- and offshore

June 2014 19