ARDMORE SHIPPING CORPORATION Full Year and Fourth Quarter 2017 - PowerPoint PPT Presentation

ARDMORE SHIPPING CORPORATION Full Year and Fourth Quarter 2017 Earnings Presentation

Disclaimer 2 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, 2016. 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. 2

Earnings Release: Full Year and Fourth Quarter 2017 3 Agenda  Performance and Recent Activity  Product and Chemical Tanker Markets  Recent Value Creating Activity  Fleet Update  Financial Review  Summary  Appendix 3

Highlights 4 4

Performance and Recent Market Activity 5 Highlights Reporting EBITDA of $45.7 mln for the full year and $11 mln for the fourth  quarter. Overall, net loss for the full year of $12.5 million or $0.37 per share and $3.8 million or $0.12 per share for the fourth quarter  MR spot market remained challenged for almost all of 2017; persistent oil product inventory overhang, low levels of oil trading activity and reduced refinery output in September / October put downward pressure on rates  In spite of the market, Ardmore delivered a satisfactory chartering performance with spot and pool MR tanker rates averaging $12,975 for the full year and $12,131 for the fourth quarter.  Completed an accretive share repurchase in November 2017; acquired 1.43 mln shares at significant discount to net asset value (1) , as part of the GA Holdings secondary offering, resulting in EPS accretion of approx. 3.5% (2)  Continuing to execute on strategy of improving ROIC and building value: Took delivery of the Ardmore Sealancer in January 2018, a high-quality 2008 o built Japanese MR, with attractively priced financing under a JOLCO tax lease Purchase price equates to 30% discount to age-adjusted newbuilding value o Market outlook remains very positive; oil demand growth is strong with  accelerating global economic growth, oil product inventories are almost in balance and MR fleet growth is less than 1%  Maintaining dividend policy paying out 60% of earnings from continuing operations. Consistent with policy, the Company is declaring no dividend for the fourth quarter 1. Based on managements estimates and analyst consensus 2. Management’s estimates based on (i) 28 vessels, (ii) 32,445,416 shares as at Jan 31, 2018 (iii) 363 revenue days / ship, (iv) expenses as per 2017 financial statements. Accretion assumes positive earnings. Actual EPS estimates may differ materially from the estimated EPS. 5

High Quality Fleet 6 Vessel Name Type Dwt Tonnes IMO Built Country Flag Specification Ardmore Seavaliant Product/Chemical 49,998 2/3 Feb-13 Korea MI Eco-design Ardmore Seaventure Product/Chemical 49,998 2/3 Jun-13 Korea MI Eco-design Ardmore Seavantage Product/Chemical 49,997 2/3 Jan-14 Korea MI Eco-design Ardmore Seavanguard Product/Chemical 49,998 2/3 Feb-14 Korea MI Eco-design Ardmore Sealion Product/Chemical 49,999 2/3 May-15 Korea MI Eco-design Ardmore Seafox Product/Chemical 49,999 2/3 Jun-15 Korea MI Eco-design Ardmore Seawolf Product/Chemical 49,999 2/3 Aug-15 Korea MI Eco-design Ardmore Seahawk Product/Chemical 49,999 2/3 Nov-15 Korea MI Eco-design Ardmore Endeavour Product/Chemical 49,997 2/3 Jul-13 Korea MI Eco-design Ardmore Enterprise Product/Chemical 49,453 2/3 Sep-13 Korea MI Eco-design Ardmore Endurance Product/Chemical 49,466 2/3 Dec-13 Korea MI Eco-design Ardmore Explorer Product/Chemical 49,494 2/3 Jan-14 Korea MI Eco-design Ardmore Encounter Product/Chemical 49,478 2/3 Jan-14 Korea MI Eco-design Ardmore Exporter Product/Chemical 49,466 2/3 Feb-14 Korea MI Eco-design Ardmore Engineer Product/Chemical 49,420 2/3 Mar-14 Korea MI Eco-design Ardmore Seafarer Product/Chemical 45,744 3 Aug-04 Japan MI Eco-mod Ardmore Seatrader Product 47,141 — Dec-02 Japan MI Eco-mod Ardmore Seamaster Product/Chemical 45,840 3 Sep-04 Japan MI Eco-mod Ardmore Seamariner Product/Chemical 45,726 3 Oct-06 Japan MI Eco-mod Ardmore Sealancer (1) Product 47,451 — Jun-08 Japan MI Eco-mod Ardmore Sealeader Product 47,463 — Aug-08 Japan MI Eco-mod Ardmore Sealifter Product 47,472 — Jul-08 Japan MI Eco-mod Ardmore Dauntless Product/Chemical 37,764 2 Feb-15 Korea MI Eco-design Ardmore Defender Product/Chemical 37,791 2 Feb-15 Korea MI Eco-design Ardmore Cherokee Product/Chemical 25,215 2 Jan-15 Japan MI Eco-design Ardmore Cheyenne Product/Chemical 25,217 2 Mar-15 Japan MI Eco-design Ardmore Chinook Product/Chemical 25,217 2 Jul-15 Japan MI Eco-design Ardmore Chippewa Product/Chemical 25,217 2 Nov-15 Japan MI Eco-design Total 28 1,250,019 5.5 (2) 1. Ardmore Sealancer delivered January 23 rd , 2018 2. Average age as at Dec 31, 2017 6

Product and Chemical Tanker Markets 7 7