Aurora LPG Holding ASA

Unaudited Condensed Interim Financial Statements Q1 2016

2 Contents Highlights of operational review... 3 Unaudited consolidated income statement for the first quarter of 2016, first quarter 2015 and full year 2015.. 4 Unaudited consolidated other comprehensive income for the first quarter of 2016, first quarter 2015 and full year 2015... 5 Unaudited consolidated balance sheet as of March 31, 2016, March 31, 2015 and year end 2015... 6 Unaudited consolidated statement of changes in equity for the three month and twelve months period ended March 31, 2015 and December 31, 2015 and for the three months period ended March 31, 2016... 7 Unaudited consolidated statement of cash flow for the first quarter of 2016, first quarter of 2015 and full year 2015... 8

3 Highlights of operational review For the first quarter of 2016 Aurora s vessels averaged a time charter equivalent of USD 65,800 per vessel day (2015: USD 68,500) resulting in an EBITDA of USD 16.6 million (2015: USD 16.6 million). The time charter equivalent result is impacted by changes to the voyage and chartering portfolio, which positively impacted the quarter by slightly above USD 10,000 per vessel day. As of the date of this report all the Company s vessels are trading in the spot market. Net income was USD 14.2 million or USD 0.49 per share (2015: USD 13.9 million or USD 0.47). Aurora reports OPEX of approximately USD 6,541 per vessel day (2015: USD 7,060), administrative costs of USD 1,709 per vessel day (2015: USD 1,855) and commercial costs of USD 168 per day (2015: USD 780). Cash and cash equivalents at the end of the period was USD 26 million. The Company paid a dividend for the fourth quarter of USD 0.10 per share on March 10, 2016. The Company repurchased a total of 136,785 shares in the first quarter to an equivalent of USD 1.2 million. Remaining purchase amounts under the authority granted by the general meeting is 1,981,132 shares or 7% of total shares. Aurora Wilhelmsen Ship Management commenced operations for Auroras delivered new build vessels during the quarter. The Company took delivery of three new builds in the first quarter; Aurora Balder, Aurora Njord and Aurora Var. A gross amount of USD 150 million was drawn down on credit facilitates with Credit Suisse, ABN AMRO and Kexim. The Company has signed the term sheet for the financing of its sixth new build vessel and the refinancing of the debt on Taurus, Leo and Capricorn. The two transactions are planned to be conducted in one USD 150 million four tranche facility with ABN, NIBC and SEB at terms representing improvements compared to the existing facility on Taurus, Leo and Capricorn and similar terms compared to the company s new build facilities with Credit Suisse, ABN and Kexim.

4 Unaudited consolidated income statement for the first quarter of 2016, first quarter 2015 and full year 2015 (Amounts in thousands USD) Q1 2016 Q1 2015 2015 Voyage revenue 15 521 9 721 Time Charter revenue 6 140 6 140 Pool revenue 18 998-69 137 Total revenue 18 998 21 661 84 998 Voyage expenses - -3 234-3 200 Ship Operating expenses -1 890-1 906-7 808 Commercial management expenses -48-211 -624 Loss on receivables - - -2 556 Administrative expenses -494-501 -2 910 Depreciation -2 384-2 196-8 790 Total operating expenses -4 817-8 047-25 887 Other gain - 784 784 Operating profit 14 181 14 398 59 894 Finance income 265 140 1 219 Finance expenses -295-614 -1 935 Profit before income tax expense 14 151 13 924 59 178 Tax expense - - - Net income 14 151 13 924 59 178 Earnings per share (basic) 0.49 0.47 2.02 Earnings per share (diluted) 0.49 0.47 2.02

5 Unaudited consolidated other comprehensive income for the first quarter of 2016, first quarter 2015 and full year 2015 Q1 2016 Q1 2015 2015 Net income 14 151 13 924 59 178 Change in fair value of available-forsale financial assets - - - Reclassification of gain previously recognized in other comprehensive income related to sale of availablefor-sale financial assets - -142 - -142 Other comprehensive income - -142-142 Total comprehensive income 14 151 13 782 59 036

6 Unaudited consolidated balance sheet as of March 31, 2016, March 31, 2015 and year end 2015 (Amounts in thousands USD) Notes Q1 2016 Q1 2015 2015 ASSETS Newbuildings 3 75 289 95 592 154 685 Vessels and equipment 3 461 406 230 039 223 501 Other non-current assets 160 181 161 Total non-current assets 536 855 325 812 378 347 Cash and cash equivalents 26 059 25 301 31 269 Derivative financial asset - 80 80 Inventories 448 1 312 246 Voyage in progress - 6 479 - Accounts receivable - 2 942 - Pool receivable 4 472 2 525 4 589 Other current assets 3 418 1 654 1 286 Total current assets 34 398 40 294 37 469 Total assets 571 253 366 105 415 816 EQUITY AND LIABILITIES Share capital 4 482 482 482 Share premium 4 183 274 194 922 186 142 Treasury shares 5-7 430 - -6 233 Retained earnings 117 083 57 676 102 932 Total equity 293 409 253 080 283 323 Borrowings 7 235 915 100 943 107 012 Total non-current liabilities 235 915 100 943 107 012 Borrowings, current portion 7 39 355 10 568 23 928 Accounts payable 1 774 48 996 Other current liabilities 800 1 465 558 Total current liabilities 41 929 12 082 25 481 Total equity and liabilities 571 253 366 105 415 816

7 Unaudited consolidated statement of changes in equity for the three month and twelve months period ended March 31, 2015 and December 31, 2015 and for the three months period ended March 31, 2016 01.01.2015-31.12.2015 Share capital Share premium Treasury shares Retained earnings Total shareholders equity Shareholders equity jan 1st 2015 482 194 922-43 894 239 298 Net income - - - 59 178 59 178 Other comprehensive income - - - -142-142 Dividend Purchase of treasury shares Shareholdes equity December 31st 2015 - -8 780 - - -8 780 - - -6 233 - -6 233 482 186 142-6 233 102 932 283 323 01.01.2016-31.03.2016 Share capital Share premium Treasury shares Retained earnings Total shareholders equity Shareholders equity jan 1st 2015 482 186 142-6 233 102 932 283 323 Net income Dividend Purchase of treasury shares Shareholdes equity March 31st 2016 - - - 14 151 14 151 - -2 868 - - -2 868 - - -1 197 - -1 197 482 183 274-7 430 117 083 293 409

8 Unaudited consolidated statement of cash flow for the first quarter of 2016, first quarter of 2015 and full year 2015 (Amounts in thousands USD) Q1 2016 Q1 2015 2015 Operating activities Profit before income tax expense 14 151 13 782 59 178 Other gain - -784-784 Depreciation 2 384 2 196 8 790 Other non-cash 176 155 381 Amortization fees 176 155 381 Other 80-80 -80 Change in working capital -1 198-1 952 6 862 Inventories -202 907 1 966 Voyage in progress - -6 083 397 Receivables and other current assets -2 016 6 963 8 459 Accounts payable 778-1 499-802 Deferred revenue - -1 774-1 774 Other current liabilities 242-467 -1 384 Net cash from operating activities 15 514 13 459 74 427 Investing activities Proceeds from sale of available-for-sale financial assets - 5 235 5 235 Purchase of vessels and equipment -157 726-27 -41 Additions to newbuildings -3 168-926 -60 019 Net cash from investing activities -160 894 4 285-54 825 Financing activities Dividends -2 868 - -8 780 Purchase of treasury shares -1 197-6 233 Repayment of long term debt -2 742-2 642-11 506 Issuance of debt 146 977-27 987 Net cash from financing activities 140 170-2 642 1 468 Net increase (decrease) in cash and cash equivalents -5 210 15 102 21 071 Cash and cash equivalents at beginning of period 31 269 10 198 10 198 Cash and cash equivalents at the end of period 26 059 25 301 31 269

9 Notes to the Unaudited Consolidated Interim Financial Statement Note 1 - General information The condensed consolidated financial statements of Aurora LPG Holding ASA and its subsidiaries ("Aurora" or "the Group") for the first quarter of 2016 have been prepared in accordance with International Financial Accounting Standards (IFRS) and IAS 34 for interim financial reporting. The interim financial statements do not include all the information required for a full financial report and should therefore be read in conjunction with the audited 2015 annual report which were prepared in accordance with IFRS as adopted by the European Union. Note 2 - Accounting policies The accounting policies applied are consistent with those described in the audited 2015 annual report. Note 3 - Non-current assets Vessels Newbuilding contracts Opening net book amount 01.01.2016 223 501 154 685 Purchase of vessels /reclassification 240 289-82 563 Additions Q1 2016 1 296 Capitalization of interest expenses 1 872 Accumulated depreciation for Q1 2016 Balance sheet 31.03.2016-2 384 461 406 75 289

10 Note 4 Share Capital As of March 31, 2016 the share capital of Aurora LPG Holding ASA consisted of 29 678 379 shares of nominal value of NOK 0.10 of which the Company owns 986,785 shares. Note 5 Treasury shares The Company purchased 136,785 shares in the first quarter and reduced the Company s equity with USD 1.2 million. Note 6 Dividend The Company paid a dividend for the fourth quarter of 0.10 USD per share on March 10, 2016. Note 7 Borrowings The Company drew down USD 100 million on its ABN and Kexim facility in March for the final down payment on the vessels Aurora Balder and Aurora Var. In addition, USD 50 million was drawn down on the Credit Suisse facility for the final down payment of the vessel Aurora Njord. All the loans bear an interest margin from 2.2 % - 2.3%. Note 8 Subsequent events The Company took delivery of its 7 th vessel, Aurora Brage, in April. The Company has signed a term sheet for a refinancing of its existing USD 120 million facility which currently has approximately USD 100 million outstanding and a financing for its sixth and final new build. The transaction is structured as a four trance facility secured in Taurus, Leo, Capricorn and Frigg. The terms under the new facility represent an improvement compared to the existing facility secured in Taurus, Leo and Capricorn and is comparable to the facilities entered into for the five first new build vessels. The four tranche refinancing is subject to customary closing conditions i.a. credit approval and documentation.

11 Responsibility statement We confirm, to the best of our knowledge, that the condensed set of financial statements for the three months period ended March 31, 2016 has been prepared in accordance with IAS 34 - Interim Financial Reporting, and gives a true and fair view of the group s assets, liabilities, financial position and profit or loss as a whole. The Board of Directors May 26 th, 2016