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Leading the Way Key Financial and Operational Data 2013 2012 US$’000 US$’000

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Leading the Way Key Financial and Operational Data 2013 2012 US$’000 US$’000 BW LPG AnnuAl RepoRt 2013 leAding the WAy Key finanCial and operational data 2013 2012 US$’000 uS$’000 Revenue 449,248 377,859 tCe income 288,732 223,918 operating profit before depreciation, amortisation and impairment 136,183 96,406 operating profit/(loss) 131,173 (16,714) profit/(loss) for the financial year 125,710 (20,149) Cash and cash equivalents 110,907 22,221 Borrowings* 608,589 200,790 total assets 1,631,413 1,119,621 total liabilities 656,684 1,115,201 earnings per share 0.92 not comparable ROE 12.9% not comparable RoCe 9.2% not comparable lGC lGC 17% 15% 2013 eBITDA** 2013 tCe by segment by segment VlGC VlGC 83% 85% notes * Borrowings: Borrowings - non-current 503,362 64,751 Borrowings - current 105,227 136,039 total Borrowings 608,589 200,790 ** eBitdA excludes costs not allocated directly to segments Contents 01 the LPG Value Chain / 03 Vision, Mission, Quality / 04-05 IPO highlights / 06 Chairman’s Statement / 07 CEO’s letter / 08-09 Market and Business Report / 10-11 health, Safety, Security, environment and Quality / 12-14 Senior Management / 15-17 Shareholder information / 18-19 Corporate Social Responsibility / 20-21 Risk Management / 23-25 Board of directors’ Report / 26-29 Board of directors / 31-38 Corporate governance / 103-104 BW LPG’s Fleet list / 105-106 glossary of Shipping terms Annual Report 2013 01 tHe lpG Value chain BW LPG is the leading owner / operator of Very large gas Carriers, which are particularly well suited to high-volume long- distance upstream transportation of liquid petroleum gases (‘LPG’). We also own large gas Carriers which are suitable for medium and long haul transportation and can carry ammonia as well as LPG. our touch points within the value chain typically include export terminals (linked to upstream pipelines and storage facilities) and import terminals (linked to downstream storage and transportation). these vessels are also used in large-scale maritime storage projects - often acting as a floating terminals themselves. our capabilities extend to smaller asset classes suitable to downstream transportation of LPG. PRODUCTION oil and gas production offshore and onshore Nodding donkey Oshore rig Gas pipehead Oil renery pipes Bottling plant Rail gas car Nodding donkey Oshore rig NoddingGas pipehead donkey Oil reneryOshore rig pipes Gas pipeheadBottling plantOil reneryRail gas car pipes Bottling plant Rail gas car Nodding donkey Oshore rig Rail gas car BW Gas Carrier Pressure LPG storage tanks Refrigerated LPG storage tanks LPG coastal tanker Gas pipehead Oil renery pipes Bottling plant NATURAL GAS LIQUIDS SEPARATION oil refinery natural gas fractionation plant LPG bulk road tanker car Storage facilities LPG bulk bottle distribution Natural gas fractionation plant Nodding donkey Oshore rig Gas pipehead Oil reneryBW Gas Carrier pipes BottlingPressure plant LPG storageRail tanks gas car Refrigerated LPG storage tanks LPG coastal tanker BW Gas Carrier Pressure LPG storage tanks Refrigerated LPG storage tanks LPG coastal tanker petroleum Condensates Methane ethane propane Butane pentane BW Gas Carrier Pressure LPG storage tanks Refrigerated LPG storage tanks LPG coastal tanker Agricultural uses Retail consumers Propane dehydrogenation plant LPG bulk road tanker car Storage facilities LPG bulk bottle distribution Natural gas fractionation plant BW Gas Carrier Pressure LPG storage tanks Refrigerated LPG storage tanks LPG LPGcoastal bulkUPSTREAM tanker road tanker car TRANSPORTATIONStorage facilities LPG bulk bottle distribution Natural gas fractionation plant Nodding donkey Oshore rig Gas pipehead Oil renery pipes Bottling plant Rail gas car pipelines Nodding donkey OshoreRail riggas car Gas pipehead Oil renery pipesBW gas CarrierBottling plant Rail gas car Nodding donkey Oshore rig Gas pipehead Oil renery pipes Bottling plant Rail gas car Nodding donkey Oshore rig Gas pipehead Oil renery pipes Bottling plant Rail gas car Nodding donkey Oshore rig Gas pipeheadLPG bulk road tanker carOil reneryStorage facilities pipes LPG bulkAgricultural bottle distributionBottling uses plantRetail consumers NaturalRail gas gas fractionationPropane car dehydrogenation plant plant Agricultural uses LPGRetail bulk consumers road tankerPropane car dehydrogenationStorage plant facilities LPG bulk bottle distribution Natural gas fractionation plant REFINING & STORAGE pressure LPG Refrigerated LPG storage tanks Floating Storage storage tanks Nodding donkey Oshore rig Gas pipehead Oil renery pipes Bottling plant Rail gas car BW Gas Carrier Pressure LPG storage tanks Refrigerated LPG storage tanks LPG coastal tanker AgriculturalBW uses Gas CarrierRetail consumers PropanePressure dehydrogenation LPG storage plant tanks Refrigerated LPG storage tanks LPG coastal tanker BW Gas Carrier Pressure LPG storage tanks Refrigerated LPG storage tanks LPG coastal tanker BW Gas Carrier Pressure LPG storage tanks LPG coastal tanker Refrigerated LPG storage tanks DOWNSTREAM TRANSPORTATION BW Gas Carrier Pressure LPG storage tanks Refrigerated LPG storage tanks LPG coastal tanker Agricultural uses Retail consumers Propane dehydrogenation plant pipelines NoddingLPG bulk donkey road tanker car Oshore rigStorage facilitiesNoddingGas pipehead donkey LPGOil bulk renery bottleOshore LPGdistribution rig bulk pipes roadGas pipeheadtankerBottling Naturalcar plantOil gas renery fractionationRail gas plantcar pipes Bottling plant Rail gas car BW Gas Carrier Pressure LPG storage tanks Refrigerated LPG storage tanks LPG coastal tanker LPG bulk road tanker car Storage facilities LPG bulk bottle distribution Natural gas fractionation plant Nodding donkey Oshore rig LPG bulk road tanker car Storage facilities LPG bulk bottle distributionRail gas car Natural gas fractionation plant LPG bulk roadGas tanker pipehead car StorageOil facilities renery LPG pipes bulk bottle distributionBottling plant Natural gas fractionation plant STORAGE & BOTTLING Nodding donkey Oshore rig Gas pipehead Oil renery pipes Bottling plant Rail gas car Nodding donkey Oshore rig Gas pipehead Oil renery pipes Bottling NoddingplantNodding donkey donkeyRail gasOshore car Oshorerig rig Gas pipeheadGas pipeheadOil reneryOil renery pipes pipes Bottling plantBottling plantRail gas carRail gas car Agricultural uses Retail consumers Propane dehydrogenation plant Storage facilities BW Gas Carrier FloatingPressure Storage LPG storageBW Gas tanks Carrier PressureBottling LPG storage plant tanks LPG coastal tanker LPG coastal tanker NoddingNodding donkey Nodding donkey donkeyOshore Oshorerig Oshorerig Gas pipehead rig Gas pipeheadGasOil pipehead reneryOil reneryOil renery pipes pipesRefrigerated pipesBottling plantBottling plantBottlingRail LPG gas plant carRail gasstorage carRail gas car tanks Refrigerated LPG storage tanks LPG bulk road tanker car Storage facilities LPGLPG bulk roadbulk tanker bottle car distributionStorage facilities LPGNatural bulk bottle gas distributionfractionation plant Natural gas fractionation plant Agricultural uses Retail consumers Propane dehydrogenation plant BW Gas CarrierBW Gas Carrier Pressure PressureLPG storage LPG tanks storage tanksRefrigeratedDISTRIBUTIONRefrigerated LPG storage LPG tanks storage tanks LPG coastalLPG tanker coastal tanker Agricultural uses RetailAgricultural consumers uses PropaneRetail dehydrogenation consumers plant Propane dehydrogenation plant BW Gas CarrierBW Gas CarrierBW Gas Carrier Pressure PressureLPG storage PressureLPG tanks storage LPG tanks storage tanks LPG coastalLPG tanker coastalLPG tanker coastal tanker BW Gas Carrier RefrigeratedRefrigeratedPressure LPG storageRefrigerated LPG LPG tanks storage LPG storage tanks storage tanks tanks Refrigerated LPG storage tanks LPG coastal tanker BW Gas Carrier Pressure LPG storage tanks Refrigerated LPG storage tanks LPG coastal tanker LPG - propane and LPG bulkLPG road bulk tanker road car tanker car Storage facilitiesStorage facilities LPG bulkLPG bottle bulk distribution bottle distribution Natural gas Natural fractionation gas fractionation plant plantLPG bulk bottle BW Gas Carrier Pressure LPG storage tanks Refrigerated LPG storageButane tanks - which comprise LPG coastal tanker distribution LPG bulkLPG road bulk tankerLPG road car bulk tanker road car tankerStorage car facilitiesStorage facilitiesStorage facilitiesLPG bulkLPG bottle bulk distributionLPG bottle bulk distribution bottle distribution Natural gas Natural fractionation gas Natural fractionation plantgas fractionation plant plant the majority of BW LPG’s LPG bulk road tanker carEND USERSStorage facilitiesLPG bulk road tankerLPG bulkcar bottle distributionStorage facilities NaturalLPG bulk gas fractionationbottle distribution plant Natural gas fractionation plant cargoes. AgriculturalAgricultural uses usesRetail consumersRetail consumersPropane Propanedehydrogenation dehydrogenation plant plant Agricultural uses Retail consumers LPG bulk roadPropane tanker car dehydrogenationStorage facilities plant LPG bulk bottle distribution Natural gas fractionationLPG bulk road plant tanker car Storage facilities LPG bulk bottle distribution Natural gas fractionation plant Those natural gas liquids AgriculturalAgricultural uses Agricultural usesRetail uses consumersRetail consumersRetail consumersPropane Propanedehydrogenation Propanedehydrogenation dehydrogenationplant plant plant (‘NGLs’) which fall within Agricultural uses Retail consumers Propane dehydrogenation plant the stated business scope propane of BW LPG. dehydrogenation plant Agricultural uses Retail consumers Agricultural uses Retail consumers
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