Dorian Lpg Ltd. · NYSE:LPG
Dorian Lpg — Merger or Acquisition (June 2018)
8 slides from Dorian Lpg's merger presentation, Jun 15, 2018
Slide 1: Dorian LPG's Response to BW LPG's Unsolicited, Conditional Proposal
Dorian LPG’s Response to BW LPG’s Unsolicited, Conditional Proposal
Slide 2: Disclaimer
Disclaimer This presentation contains “forward-looking statements.” Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” intends,” “| ma, a ” a mi “anticipates, plans,” “believes,” “estimates,” “projects,” “forec
Slide 3: BW LPG Proposal Significantly Undervalues Dorian
BW LPG Proposal Significantly Undervalues Dorian x Undervalues Dorian’s fleet on both an absolute and relative value basis * 86% of Dorian’s fleet is fuel efficient, modern Eco VLGCs + Less than 50% of BW LPG’s owned vessels are Eco + Dorian’s fleet is, on average, 4 years younger Undervalues Dorian
Slide 4: Value Proposed is Not Compelling
Value Proposed is Not Compelling + Proposed exchange ratio does not appropriately value the Dorian fleet + Proposed combination does not properly reflect Dorian’s modern, fuel efficient fleet, superior commercial performance and capital invested to comply with coming regulatory requirements Doria BW
Slide 5: Same Freight Rates and Bunker Costs Yield Very Different TCEs by VLGC Type
Same Freight Rates and Bunker Costs Yield Very Different TCEs by VLGC Type Sten $15,067 (¢ 24% ); $14,000 28% C ) 31% $12,129 $11,774 $11,493 $12,000 $10,000 > é < $8,000 ze $6,000 $4,000 $2,000 2007-2012 Built 78k CBM 2007-2013 Built 83k CBM ——-2006-2010+ Built Korean 82k 2014+ Built Korean 84k CBM
Slide 6: Higher Financial Leverage Increases Risks to our Shareholders
Higher Financial Leverage Increases Risks to our Shareholders 1] Pro Forma Change to 6 Combined Dorian Status ($ in millions) Company") Quo Total Cash@) P| $129 $44 $173 $44 Total Debt $775 $1,273 $2,048 $1,273 Total Debt / Total os eevee! 41.6% 53.6% 48.3% (6.7%) Net Debt / Total Cee 34.6% 51.7% 44
Slide 7: Proposal Launched on Date of Lowest 2018 Closing Price
Proposal Launched on Date of Lowest 2018 Closing Price $9.00 $8.00 $7.57 $722 $7.00 56.96 | -L--!) : $6.96/share represented lowest — price of 2018 $5.00 ANNE 1/15/18 1/30/18 2/4/18 2/28/18 3/15/18 3/30/18 4/13/18 4/28/18 5/13/18 5/28/18 LPG Share Price —=30-Day WAP = —=—=60-Day VWAP. Source: Bloomb
Slide 8: Dual-Listing Unlikely to Increase Share Liquidity
Dual-Listing Unlikely to Increase Share Liquidity We believe the promise of increased liquidity is illusory, as there is limited investor overlap and little reason to believe BW LPG’s existing shareholders would change their currency trading preferences Dorian Top 20 Institutional Holders with BW LP