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Investor Presentaiton

Far East Demand Drives Seaborne Trade U.S. VLGC Cargoes to Asia India, 2% 2021 2022 Europe, Americas, 17% 22% SE Asia, 10% Africa, 3% Europe, 23% Americas, 21% Africa, 3% SE Asia, 6% India, 1% Far East, 46% Far East, 46% More U.S. Supply Heading to China • • • 2022 YTD VLGC liftings from the U.S have increased 5% Y/Y Europe volumes accounted for 23% of 2022 YTD volumes out of the U.S vs. 17% of 2021 YTD volumes Asia volumes accounted for 53% of 2022 YTD volumes out of the U.S vs. 57% of 2021 YTD volumes Chinese PDH and other Asian cracking demand are expected to continue to outstrip MEG supply and force suppliers to look West, boosting ton miles U.S. supply accounted for 37% of China's imports in 2022 LPG demand was driven primarily by higher demand from PDH plants and steam crackers Chinese demand is set to increase from new PDH projects in 2022 100% 12% 20% 24% 23% 24% 29% 33% 37% 11% 80% 13% • 15% 19% 15% 28% 60% 8% 19% 21% 18% 12% 18% 16% 20% 14% 10% 9% 9% • 3% 40% 16% 10% 14% 19% 4% 5% 7% 19% 8% 10% 20% 17% 30% 34% 37% 24% 14% 21% 18% 6% 10% 2015 2016 2017 2018 2019 2020 2021 2022 ■U.S. ■Saudi Arabia UAE ■Iran Qatar Others Source: EIA, IHS Waterborne Note: VLGC cargo values shown through December 31, 2022; Numbers may not sum due to rounding 13
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