AURORA LPG

Q3 2014, Nov 25 2014

Management

presentation

CEO Børge Johansen

&

CFO Nikolai Jebsen

© Aurora LPG2

DISCLAIMER

THE PRESENTATION AND ITS APPENDICES (JOINTLY THE “PRESENTATION”) HAVE BEEN PREPARED BY AURORA LPG HOLDING ASA (THE “COMPANY”) FOR INFORMATION PURPOSES ONLY. THE RECEIPT OF THIS PRESENTATION IS PERSONAL, AND THE PRESENTATION MAY NOT REPRODUCED, REDISTRIBUTED OR PASSED ON, IN WHOLE OR IN PART, TO ANY OTHER PERSON.

THE PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO PURCHASE OR ACQUIRE ANY SHARES OR OTHER SECURITIES OR FINANCIAL INSTRUMENTS. THE PRESENTATION HAS NOT BEEN REVIEWED OR REGISTERED WITH, OR APPROVED BY, ANY PUBLIC AUTHORITY, STOCK EXCHANGE OR REGULATED MARKET PLACE.

THE CONTENTS OF THE PRESENTATION ARE NOT TO BE CONSTRUED AS LEGAL, BUSINESS, INVESTMENT OR TAX ADVICE. EACH RECIPIENT SHOULD CONSULT WITH ITS OWN PROFESSIONAL ADVISORS FOR ANY SUCH MATTERS AND ADVICE.

THE PRESENTATION DOES NOT GIVE A COMPLETE ACCOUNT OF THE COMPANY, ITS AFFAIRS, FINANCIAL STATUS OR OTHERWISE, OR THE SECURITIES ISSUED BY THE COMPANY. THE COMPANY IS NOT MAKING ANY REPRESENTATION OR WARRANTY, EXPRESSED OR IMPLIED, AS TO THE ACCURACY, RELIABILITY OR COMPLETENESS OF THE PRESENTATION, AND NEITHER THE COMPANY, NOR ANY OF ITS DIRECTORS, OFFICERS OR EMPLOYEES, WILL HAVE ANY LIABILITY TO YOU OR ANY OTHER PERSONS RESULTING FROM YOUR USE OF THE INFORMATION IN THE PRESENTATION. NO PART OF THIS PRESENTATION SHOULD FORM THE BASIS OF OR BE RELIED UPON IN CONNECTION WITH ANY INVESTMENT DECISION OR ANY CONTRACT OR COMMITMENT TO PURCHASE OR SUBSCRIBE FOR ANY SECURITIES.

THERE MAY HAVE BEEN CHANGES IN MATTERS THAT AFFECT THE COMPANY SUBSEQUENT OR PRIOR TO THE DATE OF THE PRESENTATION. NEITHER THE ISSUE NOR DELIVERY OF THE PRESENTATION SHALL UNDER ANY CIRCUMSTANCE CREATE ANY IMPLICATION THAT THE INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT OR PRIOR TO THE DATE HEREOF OR THAT THE AFFAIRS OF THE COMPANY HAVE NOT SINCE OR PRIOR CHANGED. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT ANY INFORMATION INCLUDED HEREIN.

AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION. FURTHERMORE, THE PRESENTATION INCLUDES AND IS BASED ON, AMONG OTHER THINGS, FORWARD-LOOKING INFORMATION AND STATEMENTS. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS ARE BASED ON THE CURRENT EXPECTATIONS, ESTIMATES AND PROJECTIONS OF THE COMPANY OR ASSUMPTIONS BASED ON INFORMATION AVAILABLE TO THE COMPANY. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS REFLECT CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS. THE COMPANY CANNOT GIVE ANY ASSURANCE AS TO THE CORRECTNESS OF SUCH INFORMATION AND STATEMENTS.

THE DISTRIBUTION OF THE PRESENTATION, AS WELL AS ANY PURCHASE, SALE OR TRANSFER OF SECURITIES ISSUED BY THE COMPANY, MAY IN CERTAIN JURISDICTIONS BE RESTRICTED BY LAW, INCLUDING BUT NOT LIMITED TO THE UNITED STATES, CANADA, JAPAN, UNITED KINGDM AND AUSTRALIA. PERSONS INTO WHOSE POSSESSION THIS PRESENTATION MAY COME ARE REQUIRED TO INFORM THEMSELVES ABOUT AND TO COMPLY WITH ALL APPLICABLE LAWS AND REGULATIONS IN FORCE IN ANY JURISDICTION IN OR FROM WHICH IT INVESTS OR RECEIVES OR POSSESSES THIS PRESENTATION. THE PRESENTATION IS NOT DIRECTED TO, OR INTENDED FOR DISTRIBUTION TO OR USE BY, ANY PERSON OR ENTITY THAT IS A CITIZEN, RESIDENT OR LOCATED IN ANY JURISDICTION WHERE SUCH DISTRIBUTION, PUBLICATION OR USE WOULD BE CONTRARY TO LAW OR REGULATION OR WHICH WOULD REQUIRE ANY REGISTRATION OR LICENSING WITHIN SUCH JURISDICTION. IN PARTICULAR, NEITHER THIS PRESENTATION NOR ANY COPY OF IT MAY BE TRANSMITTED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, INTO UNITED STATES, CANADA, JAPAN OR AUSTRALIA.

THE PRESENTATION IS SUBJECT TO NORWEGIAN LAW, AND ANY DISPUTE ARISING IN RESPECT OF THIS PRESENTATION IS SUBJECT TO THE EXCLUSIVE JURISDICTION OF NORWEGIAN COURTS.

© Aurora LPG3

HIGHLIGHTS

Net income of USD 21.9 million

Basic and diluted earnings per share of USD 0.74

US 4 cents per share in E.O /one off items

TCE per day ~USD 109,000

EBITDA USD 24.7 million

Q3 OPEX per day of USD 6,699 (7,097)

Overhead costs adjusted for one offs of approximately USD 1 900 per day

Aurora transformed to a public limited liability company, and listed on the Oslo Axess September 26, 2014

Subsequent events

During Q4 Aurora experienced a non-performing charter party. Full write down would equal approximately

USD 20,000 per vessel day for the quarter

Current Q4 back log estimated at 80% of the vessel days at a TCE rate per day of approximately USD 104,000

Dividend policy under review – company will seek to pay dividends for the fourth quarter 2014

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Revenue reflect very strong commercial performance

of USD 109,000 per day.

Full focus on cost; OPEX and overhead at very acceptable levels.

One off items charged to Administrative expenses amount to USD 1.4 million of which USD 0.9 million is non-cash.

Basic/diluted EPS of USD 0.74 and USD 0.78 adjusted, run rate of USD 3.12 per share.

PROFIT AND LOSS

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New build portfolio of USD 78 million

Sailing fleet booked at USD 233 million

Cash of USD 9.9 million

Book equity of USD 220 million or approximately USD 7.35 per share

Gross debt USD 116 million

Flexible balance sheet• Book equity ratio 65%• Net debt / EBITDA less than 1x

BALANCE SHEET

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Additional USD 31 million invested in the newbuild program – USD 15 million remaining for 2014 (USD 7.5 million in October (paid) and USD 7.5 million in December)

WC build up due to voyages in progress

Debt issuance reflects delivery of the Capricorn

CASH FLOW

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Satisfactory commercial performance and good prospects for a strong Q4

Robust and flexible balance sheet with ample liqudity

Less than 1x leverage

New build program developing as planned

The company is currently in productive dialogue with its commercial banking

group for the funding of the new build program, in addition the company is in

dialogue with various leasing institutions regarding operational/fianncial leases

FINANCIAL SUMMARY

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BASE CASE US LPG PRODUCTION FORECAST

Source: Company research; EIA

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TESTING $75/BBL W/ CAPEX STOP IN HIGH

COST SHALE PLAYS

Source: Company research; EIA

US LPG production (mmbpd) 2014 2015 2016 2017

Previous 1,82 2,09 2,38 2,72

New 1,82 2,06 2,21 2,43

Difference - -0,03 -0,17 -0,29

© Aurora LPG10

GAS WELL ECONOMICS CAN CARRY MUCH

LOWER PRICES

Source: Company research

Marcellus wet today Marcellus wet 2015? Marcellus wet 2016?

Well head BTU x Stream BTU x Stream

Gas well economics Stream USD/mmbtu USD/mmbtu USD/mmbtu

Nat Gas/Ethane 75 % 2,00 2,00 1,50

LPG 25 % 6,00 3,00 3,00

Cost 100 % -2,00 -2,00 -1,50

Profit 1,00 0,25 0,38

Profit margin 50 % 13 % 25 %

Pipe -1,00 -1,00 -1,00

Hub price LPG 7,00 4,00 4,00

Per MT 336 192 192

Per gallon 0,70 0,40 0,40

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ASIA DEMAND

Source: Company research

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ASIA SUPPLY & NET IMPORT

Source: Company research

© Aurora LPG13

Address

Aurora LPG Holding ASA

Dronningen 1

0287 Oslo

Norway

Contact

CEO: Børge F. Johansen mobile +47 41 41 44 44 bfj@auroralpg.com

CFO: Nikolai C.H. Jebsen mobile +47 46 28 22 22 nj@auroralpg.com

COO: Sujoy K. Seal mobile +47 94 81 66 76 sks@auroralpg.com

AURORA LPG HOLDING ASA