Company Presentation February 2017 1 About Scorpio Bulkers - PowerPoint PPT Presentation

Company Presentation February 2017 1

About Scorpio Bulkers  Scorpio Bulkers Inc. (“Scorpio” or the “Company”) is a NYSE -listed Marshall Islands corporation, founded in March 2013 by the senior management team of the Scorpio Group  Company currently owns 48 dry bulk ‘Eco’ vessels • 28 Ultramax and 19 Kamsarmax delivered to date • 1 Kamsarmax delivering in 2Q-2017  Scorpio’s strategy is to: Own and operate the latest generation of fuel efficient drybulk vessels • purchased from quality shipyards Operate vessels in the spot market through the Scorpio Ultramax and Scorpio • Kamsarmax pools under short term or long term time charters • Maintain a strong balance sheet in the current difficult operating environment Scorpio has access to Scorpio Group’s customer and supplier relationships as well as  technical, commercial and managerial expertise 2

Experienced Management Team Years in industry Prior experience  Member of the Lolli-Ghettifamily, involved in shipping since the 1950s Emanuele A. Lauro  Joined Scorpio Group in 2003, part of senior management since 2004 13 years Founder, Chairman, Director  Founder of several tanker pools including: Scorpio Aframax Tanker Pool, Panamax Tanker Pool and & Chief Executive Officer Handymax tanker pool  Degree in International Business from the European Business School in London  Mr. Bugbee, Co-Founder of Scorpio Bulkers, has served as President since July 2013, he also serves as President and Director of Scorpio Tankers since its IPO in April 2010  Joined Scorpio Group in February 2009. Prior to joining Scorpio Group, Mr. Bugbee was a partner at 30 years Robert Bugbee Ospraie Management LLP, and held President, Executive Vice President, Chief Operating Officer Founder, President and positions in OMI Corporation Director  Holds an MBA from the Norwegian School of Economics (NHH)  Mr. Mackey has served as Chief Operating Officer of Scorpio Bulkers since July 2013, also serves as Chief Operating Officer of Scorpio Tankers since its IPO in April 2010  Previous experience includes equity and commodity analyst at Ospraie Management LLC, Senior Vice Cameron Mackey 22 years President and in Business Development at OMI Corporation Chief Operating Officer  M.B.A. from the Sloan School of Management at MIT, a B.S. from the Massachusetts Maritime Academy, B.A. from Princeton University and Master Mariner  Joined Scorpio in July 2012, initially focusing on business development in Scorpio Tankers before taking on role as CFO in Scorpio Bulkers in July 2013  Previous experience as Managing Director of EvercorePartners in New York, Head of Shipping at Hugh Baker 24 years HSH Nordbank in New York and Managing Director of ING Bank in London Chief Financial Officer  Mr. Baker has a BA from the London School of Economics and a MSc in Shipping, Trade & Finance from Cass Business School  Mr. Baker is a Fellow of the Institute of Chartered Shipbrokers  Member of the Lolli-Ghettifamily, involved in shipping since the 1950s Filippo A. Lauro 6 years  Joined Scorpio Group in 2010 as part of senior management Vice President  Founder of and held senior executive roles in several private companies both in his native Italy and abroad 3

Higher Revenues as a result of Scorpio Pools Outperformance Scorpio Ultramax Pool Performance Baltic Supramax Index* $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Scorpio Kamsarmax Pool Performance Baltic Panamax Index* $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 • 95% of the Clarksons Average of the 6/TC Routes for Baltic Supramax Index & 4/T/C Routes for Baltic Panamax Index • Q1-17 earnings for Ultramax pool represent 73% of the days 4 • Q1-17 earnings for Kamsarmaxpool represent 75% of the days

Company Timeline: Raise and Preserve Liquidity (1/2) Apr-2015 Nov-2014 Sold 1 Kamsarmax Sep-2014 Sep-2015/Oct-2015 $150m equity and 3 Capesize Raised $65m 7.5% Jun-2015 Interest Coverage private Dec-2014 NBs as well as 3 Sr. Unsecured $200m public offering Ratio covenant Dec-2015 placement Sold 1 LR1 NBs for of common shares + Notes due 2019 waived/amended Sold 5 Capesize offering Kamsarmax ~$290m $30m greenshoe for ~$167m through 4Q 2017 NB for ~ $31m exercise a week later 2H 14 1H 15 2H 15 Dec-2014 Oct-2014 Nov-2015 Jun-2015 Modified 6 Capesize Feb-2015 Apr-2015 NBs for LR2 NBs. Sold 2 Capesize Sold 3 Capesize NBs UW option Sold 2 Capesize NBs Modified 3 existing Agreed to sell 4 LR2 and 4 Capesize and 2 LR2 product exercised, raised and 1 Ultramax NB Capesize NB to Scorpio Tankers NBs for tankers for ~ $236m add. $8.6m 7.5% Sr. contracts for for ~ $111m Inc for $204m ~$227m Unsecured Notes construction of 3 LR1 product tankers Dec-2015 Executed a one-for- twelve reverse stock split to facilitate further equity issuance and Capital raises Vessel sales Other ensure NYSE compliance 5

Company Timeline: Raise and Preserve Liquidity (2/2) Sep-Dec 2016 Mar-2016 Jun-2016 Reached agreements to: (i) receive $63m public $70m public a reduction in delivery price on 8 offering of offering of vessels by $18m in aggregate, (ii) common shares common shares defer delivery of 6 newbuildings by ca. 2-3 months per vessel, and (iii) eliminate management fees Apr-2016 Feb-2016 payable upon any future vessel Agreement to cancel a Termination of 4 TC-In purchases/disposals and reduce Kamsarmax newbuilding contracts for $10 million notice period upon vessel disposal 1H 16 2H 16 Oct-2016 Feb-2016 May-2016 Feb-2016 Reached agreement with Reached agreement with Reached agreement with Agreement lenders to: (i) prepay $24.4m lenders to: (i) prepay lenders to: (i) amend the reached to defer in exchange for deferment of $41.2m in exchange for "interest coverage ratio" delivery of 8 principal payments of $48.8m deferment of principal covenant under the relevant newbuildings by and (ii) amend the "interest payments of $67.9m and credit facilities, and (ii) ca. 6 months per coverage ratio" covenant (ii) reduce minimum reduce the "value-to-loan vessel under the relevant credit liquidity clause to >$25m ratio" covenant under all of facilities and $700k per vessel its credit facilities Capital raises Vessel sales Other 6

Recent Charter Employment During 2H-16 and Q1-17 Duration Vessel Type Daily Rate (Months) SBI Bravo Ultramax 4 – 7 $7,500 SBI Zeus Ultramax 7 – 9 $7,300 MV Geneva Queen Kamsarmax 7 – 10 $6,500 SBI Bolero Kamsarmax 5 – 8 $8,000 SBI Electra Kamsarmax 5 – 8 $8,000 SBI Lyra Ultramax 5 – 8 $9,500 SBI Poseidon Ultramax 5 – 7 $8,750 SBI Antares Ultramax 5 – 7 $8,900 SBI Cronos Ultramax 5 $9,000 SBI Capoeira Kamsarmax 5 – 7 $9,350 SBI Thalia Ultramax 5 – 8 $7,350 SBI Reggae Kamsarmax 5 – 8 $9,500 SBI Athena Ultramax 4 – 6 $10,000 SBI Echo Ultramax 4 – 6 $10,000 SBI Zumba Kamsarmax 5 – 7 $10,500 SBI Leo Ultramax 5 – 7 $9,000 SBI Cakewalk Kamsarmax 5 – 8 $9,000 SBI Achilles Ultramax 6 – 8 $11,000 SBI Pegasus Ultramax 5 – 7 $10,250 SBI Hermes Ultramax 6 – 8 $8,500 7

Owned Fleet List Ultramax Newbuildings Kamsarmax Newbuildings # Name Year Yard # Name Year Yard 1 SBI Athena Q1-15 Chengxi 1 SBI Cakewalk Q3-14 SWS 2 SBI Bravo Q1-15 Nacks 2 SBI Charleston Q3-14 SWS 3 SBI Antares Q1-15 Nacks 3 SBI Samba Q1-15 Imabari 4 SBI Leo Q1-15 Dacks 4 SBI Rumba Q3-15 Imabari 5 SBI Echo Q3-15 Imabari 5 SBI Capoeira Q3-15 Hudong 6 SBI Lyra Q3-15 Dacks 6 SBI Electra Q3-15 Yangzijiang 7 SBI Subaru Q3-15 Dacks 8 SBI Tango Q3-15 Imabari 7 SBI Carioca Q4-15 Hudong 9 SBI Maia Q3-15 Nacks 8 SBI Conga Q4-15 Hudong 10 SBI Hydra Q3-15 Nacks 9 SBI Flamenco Q4-15 Hudong 11 SBI Pegasus Q3-15 Chengxi 10 SBI Bolero Q4-15 Hudong 12 SBI Ursa Q4-15 Dacks 11 SBI Sousta Q1-16 Yangzijiang 13 SBI Thalia Q4-15 Chengxi 12 SBI Rock Q1-16 Yangzijiang 14 SBI Cronos Q4-15 Imabari 13 SBI Lambada Q1-16 Hudong 15 SBI Orion Q4-15 Chengxi 14 SBI Reggae Q1-16 Hudong 16 SBI Achilles Q1-16 Imabari 15 SBI Zumba Q4-16 Hudong 17 SBI Hercules Q1-16 Chengxi 16 SBI Macarena Q4-16 Hudong 18 SBI Perseus Q1-16 Chengxi 19 SBI Hermes Q1-16 Imabari 17 SBI Parapara Q1-17 Hudong 20 SBI Zeus Q2-16 Mitsui 18 SBI Mazurka Q1-17 Hudong 21 SBI Hera Q2-16 Mitsui 19 SBI Swing Q1-17 Hudong 22 SBI Hyperion Q2-16 Nacks 20 SBI Jive Q2-17 Hudong 23 SBI Tethys Q3-16 Nacks 24 SBI Phoebe Q3-16 Chengxi Vessels to be delivered Delivered Vessels 25 SBI Poseidon Q3-16 Mitsui 26 SBI Apollo Q4-16 Mitsui 27 SBI Samson Q1-17 Chengxi 28 SBI Phoenix Q1-17 Chengxi Vessel size 60,200-64,000 DWT Vessel size 82,000-84,000 DWT 8 (1) As of January 31, 2017

Overview of Lenders • Our debt is held by the original lenders and remains priced between L+2.925% and L+3.00% Commitment (1) SALT Current Lenders Financial Institution ($ in millions) CEXIM $158.5 SEB $117.8 Nordea $89.7 Deutsche Bank $60.1 Credit Suisse $40.5 Credit Agricole $38.4 BNPP $28.0 NIBC $20.1 ABN AMRO $19.4 Total Committed $572.5 (1) As of February 3, 2017 9