ARDMORE SHIPPING CORPORATION Investor Day Presentation May 25, 2016 - PowerPoint PPT Presentation

ARDMORE SHIPPING CORPORATION Investor Day Presentation May 25, 2016

Disclaimer This presentation contains certain statements that may be deemed to be “forward -looking statements” within the meaning of applicable U.S. federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Ardmore Shipping Corporation (“Ardmore” or the “Company”) expects, projects, believes or anticipates will or may occur in the future, including, without limitation, statements about: future operating or financial results; global and regional economic conditions and trends; pending vessel acquisitions or possible upgrades to vessels; the Company’s business strategy and expected capital spending or operating expenses; competition in the tanker industry; shipping market trends; the Company’s financial condition and liquidity, including ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities; the Company’s share repurchase program; ability to enter into fixed-rate charters after the current charters expire and the Company’s ability to earn income in the spot market; expectations of the availability of vessels to purchase and the time it may take to construct new vessels and vessels’ useful lives are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Factors that might cause or contribute to such a discrepancy include, but are not limited to, the risk factors described in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Company’s Annual Report on Form 20-F for the year ended December 31, 2015. This presentation is for information purposes only and does not constitute an offer to buy or sell securities of the Company. For more complete information about the Company, the information in this presentation should be read together with the Company 's filings with the SEC which may be accessed on the SEC website at www.sec.gov. Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards with upgrades to improve fuel efficiency and commercial capability 2

Investor Day May 25 th , 2016 Agenda I. Welcome and Presenter Introduction Anthony Gurnee - CEO II. Overview of Ardmore Shipping Anthony Gurnee - CEO III. Charter Update and Trading Patterns Gernot Ruppelt - SVP IV. Asia Pacific: A Growing Market for Refined Products Al Troner - President APEC (Guest Speaker ) V. Demand & Supply Outlook and Financial Review Paul Tivnan - CFO VI. Closing Remarks Anthony Gurnee - CEO VII. Q&A Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards with upgrades to improve fuel efficiency and commerical capability 3

Introduction Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards with upgrades to improve fuel efficiency and commercial capability 4

Our Company  Leading public product tanker focused on most attractive sector over the long-term, strategy based on service excellence and operating efficiency  Continuing to execute and deliver on commitment to shareholders  Owns and operates a fleet of 22 “Eco” medium size (“MR”) product and chemical tankers.  Effective chartering strategy: value maximisation through opportunistic employment in spot and time charter markets  Internal management company and no transactions with affiliates  Delivering solid financial performance with EBITDA of $18.8 mln and net income of $6.7 mln, equating to $0.26 per share in 1Q16  Cost efficient platform delivering significant earnings upside: o Every $1,000 increase in charter rates adds 31 cents to EPS & Cashflow and increases the dividend by $0.19 / share (1)  Attractive dividend policy paying out 60% of net income quarterly Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards  Strong balance sheet with conservative leverage with upgrades to improve fuel efficiency and commercial capability 1. Realized across a full fleet of 22 ships. Calculation based on: ($1,000 day x 363 revenue days x 22 ships) / 25.9mln shares = $0.31 per share. $0.31 x 60% = Dividend of $0.19 per share 5

Ardmore Fleet – May 2016 Fleet List High Quality Vessels Vessel Name Type Dwt IMO Constructed Country Employment Specification  Modern “Eco” Fleet In Operation Ardmore Seavaliant Product/Chemical 49,998 2/3 Feb-13 Korea Spot Eco-design Ardmore Seaventure Product/Chemical 49,998 2/3 Jun-13 Korea Spot Eco-design  Average age of ~4.2 yrs Ardmore Seavantage Product/Chemical 49,997 2/3 Jan-14 Korea Time Charter Eco-design Ardmore Seavanguard Product/Chemical 49,998 2/3 Feb-14 Korea Time Charter Eco-design Ardmore Sealion Product/Chemical 49,999 2/3 May-15 Korea Pool Eco-design  Upgraded for enhanced Ardmore Seafox Product/Chemical 49,999 2/3 Jun-15 Korea Pool Eco-design Ardmore Seawolf Product/Chemical 49,999 2/3 Aug-15 Korea Pool Eco-design commercial capability Ardmore Seahawk Product/Chemical 49,999 2/3 Nov-15 Korea Pool Eco-design Ardmore Endeavour Product/Chemical 49,997 2/3 Jul-13 Korea Spot Eco-design Ardmore Seafarer Product/Chemical 45,744 3 Aug-04 Japan Spot Eco-mod  Built at high-quality yards in Ardmore Seatrader Product 47,141 — Dec-02 Japan Spot Eco-mod Korea and Japan Ardmore Seamaster Product/Chemical 45,840 3 Sep-04 Japan Spot Eco-mod Ardmore Seamariner Product 45,726 — Oct-06 Japan Spot Eco-mod Ardmore Sealeader Product 47,463 — Aug-08 Japan Spot Eco-mod  Quality fleet = lower operating Ardmore Sealifter Product 47,472 — Jul-08 Japan Spot Eco-mod cost, higher utilization and Ardmore Dauntless Product/Chemical 37,764 2 Feb-15 Korea Pool Eco-design maximum value appreciation Ardmore Defender Product/Chemical 37,791 2 Feb-15 Korea Pool Eco-design Ardmore Centurion Product/Chemical 29,006 2 Nov-05 Korea Spot Eco-mod Ardmore Cherokee Product/Chemical 25,215 2 Jan-15 Japan Pool Eco-design  Complementary fleet Ardmore Cheyenne Product/Chemical 25,217 2 Mar-15 Japan Time Charter Eco-design Ardmore Chinook Product/Chemical 25,217 2 Jul-15 Japan Time Charter Eco-design Ardmore Chippewa Product/Chemical 25,217 2 Nov-15 Japan Time Charter Eco-design Total 22 934,797 4.2 (1) 1. Average age at Mar 31, 2016 6

Consistent and Focused Strategy 1 Consistent Focus on MR Product and Chemical Tankers 2 3 4 Cost Efficiency Highly Effective Chartering Strategy Value Added Service = Max Earnings    Maintain a high-quality, fuel efficient fleet Acquire vessels at cyclical lows: low cash Time charter and spot employment - mix breakeven and maximum ship value adjusted to maximize TCE  Exploit the product and chemical overlap appreciation  2Q16: Spot 75% v Time Charter 25%   Close operational collaboration with Operate and maintain vessels efficiently  charterers: service excellence Maintain close dialogue with charterers at  Low overhead at approx. $1,500 per ship / all times for time-charter opportunities  Optimise voyage performance: maximise day TCE Superior Operational And Financial Performance 7

Charter Update and Trading Patterns Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards with upgrades to improve fuel efficiency and commercial capability 8

Chartering Profile Revenue Day Estimates 2Q16 (1) Fleet Employment Profile Vessel Employment TC Expiry 622 Ardmore Seavantage Time Charter Jan-17 519 Ardmore Seavanguard Time Charter Feb-17 Ardmore Cheyenne Time Charter Mar-17 Ardmore Chinook Time Charter Jul-16 273 273 Ardmore Chippewa Time Charter Nov-16 182 Ardmore Seavaliant Spot n/a 91 59 Ardmore Seaventure Spot n/a 0 Ardmore Endeavour Spot n/a MR Eco-design MR Eco-mod Prod/Chem Eco-design Prod/Chem Eco-mod Ardmore Seafarer Spot n/a Ardmore Sealifter Spot n/a Spot / Pool TC Days Ardmore Sealeader Spot n/a Ardmore Seatrader Spot n/a Ardmore Seamaster Spot n/a Ardmore Seamariner Spot n/a 25% 31% Ardmore Centurion Spot n/a Ardmore Sealion Pool n/a Ardmore Seafox Pool n/a Ardmore Seawolf Pool n/a 69% 75% Ardmore Seahawk Pool n/a Ardmore Dauntless Pool n/a Ardmore Defender Pool n/a 2Q 2016 E 1Q 2016 Ardmore Cherokee Pool n/a 1. Includes estimated drydock days for 2Q16 9

Charter Market Active Heading into Summer Time Charter Equivalent ($ / day) (1) 20,223 19,149 19,020 18,309 18,038 17,806 17,833 17,507 17,367 17,149 17,131 16,599 +37% +20% YoY 13,417 +27% YoY 12,499 12,228 YoY +18% YoY AVG. FLEET TCE MR ECO-DES MR ECO-MOD PROD/CHEM ECO-DES PROD/CHEM ECO-MOD 1Q15 1Q16 FY 2015  Strong MR spot performance of $21,548 / day in 2015  Fleet earnings steady in 1Q16 (flat quarter on quarter - 1Q16 v 1Q15)  Refinery utilization recovering and expecting strong gasoline demand 1. Time Charter Equivalent (“TCE”) daily rate is the gross charter rate or gross pool rate, as appropriate, per revenue day plus Co mmunication Victualing and Entertainment Income (“CVE). For vessels employed on voyage charters, TCE is the net rate after deducting voyage 10

Regional Presence in Key Global Markets 11