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

Company Presentation January 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-Ghetti family, 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  Member of the Lolli-Ghetti family, involved in shipping since the 1950s  Filippo A. Lauro Joined Scorpio Group in 2010 as part of senior management 6 years  Founder of and held senior executive roles in several private companies both in Vice President his native Italy and abroad  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 Evercore Partners in New York, Head of Shipping at HSH Hugh Baker 24 years 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 3

SALT’s Market Cap & Liquidity SALT’s daily traded volume makes it the most liquid/traded listed dry bulk stock $600 $6 $500 $5 Liquidity ($m pd) (Millions $USD) $400 $4 $300 $3 $531 $451 $200 $405 $2 $318 $306 $290 $100 $1 $129 $39 $- $- Golden Ocean Scorpio Bulkers Star Bulk Carriers Diana Shipping Eagle Bulk Genco Safe Bulkers Seanergy Group Maritime 4 Source: Fearnleys: January 16, 2017

Scorpio Pools Have Outperformed Market Indices 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 Scorpio Kamsarmax Pool Performance Baltic Panamax Index* $12,000 $11,000 $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 * 95% of the Clarksons Average of the 6/TC Routes for Baltic 5 Supramax Index & 4/T/C Routes for Baltic Panamax Index

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

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 7

Recent Charter Employment Duration Vessel Type (Months) Daily Rate 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 Leo Ultramax 5 – 7 $9,000 SBI Cakewalk Kamsarmax 5 – 8 $9,000 SBI Achilles Ultramax 6 – 8 $11,000 8

Remaining Capex & Delivery Obligations • Includes recent agreement to reduce price / defer deliveries of recent newbuildings Delivery Total Extra Total Remaining Vessel Type Country Built Q2-17 Date Installments Costs* Capex SBI Jive * Kamsarmax China Q2-17 16.6 16.6 0.1 16.7 Installments 16.6 * Extra costs refer to equipment and other Extra Costs* 0.1 technical upgrades Total CapEx $16.7 9

Projected Quarterly Principal Repayment Schedule 2017 – 2019 $20.0 Year Principal Repayments 2017 $16.0m $15.0 2018 $24.7m ($ in millions) 2019 $25.3m Total $66.0m $10.0 $6.3 $6.3 $6.3 $6.3 $6.3 $6.1 $6.1 $6.1 $6.1 $6.1 $5.0 $2.7 $1.0 $- Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 10

Collateral Maintenance Ratio – VTL Analysis • We are currently in compliance with all Value-to-Loan covenants # of delivered Secured Credit Facilities VTL Compliance (1) vessels VTL Ratio VTL Test Compliance 20 165% 140% PASS 15 180% 140% PASS 4 203% 115% PASS 3 182% 140% PASS 2 237% 140% PASS 2 194% 140% PASS 1 212% 140% PASS 47 Total (1) Includes the three recent drawdowns in January 2017, and based on loan amount outstanding as of December 31, 2016 and vessel values from Arrow as of December 31, 2016 11

Overview of Dry Bulk Segments Vessel type DWT Cargo carried Steel/fertilizers/forest/grains/soybeans/ 10,000 – 40,000 Handysize alumina/coal/other minor bulks Steel/fertilizers/forest/grains/soybeans/ Handymax/Supramax 40,000 – 60,000 alumina/coal/other minor bulks Panamax/Kamsarmax 60,000 – 80,000 Coal/grains/soybeans/bauxite Coal/iron ore Post-Panamax 80,000 – 110,000 Iron ore/coal Capesize 110,000 – 200,000 Over 200,000 VLOC Iron ore/coal 12