Investor Presentation December 2018 Disclaimer 2 This presentation - - PowerPoint PPT Presentation

ARDMORE SHIPPING CORPORATION Investor Presentation December 2018

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This presentation contains certain statements that are 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

• r developments that Ardmore Shipping Corporation (“Ardmore,” “ASC,” or the “Company”) “expects,” “projects,” “believes,” or

“anticipates” will, or may occur in the future are forward looking statements, including, without limitation, statements about: future operating or financial results; global and regional economic conditions and trends; tanker market fundamentals, including the balance of supply and demand in the tanker market, the estimated growth in the world tanker fleet, the amount of tanker deliveries and scrapping, estimated growth in global oil and refined products demand and supply, tanker demand and future charter rates; improvements in the tanker market; the effect of the IMO 2020 regulations on tanker demand and rates; the Company’s business strategy and capital spending or operating expenses; fuel efficiency savings; competition in the tanker industry; and the Company’s financial condition and liquidity. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: changes in the production of, or demand for, oil or refined products; changes in trading patterns significantly affecting overall vessel tonnage requirements; greater, or less than anticipated levels of tanker newbuilding orders and deliveries and greater, or less than anticipated rates of tanker scrapping; changes in global oil prices; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations, and the actual effect of the IMO 2020 regulations; increased costs; increased vessel off-hire; the amount of future cash flows and earnings of the Company; and other factors discussed in the Company’s filings from time to time with the United States Securities and Exchange Commission, including its Report on Form 20-F for the fiscal year ended December 31, 2017. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based. 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 .

Disclaimer

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Our Company

▪ Ardmore Shipping Corporation (“ASC”) is a leading public tanker company focused on medium-size (“MR”) product tankers which have an attractive supply/demand outlook ▪ Owns and operates a high-quality fleet of 28 “Eco” MR product and chemical tankers. MRs are the workhorses of the global refined product trade

• Modern fuel-efficient fleet with an average age of 6.5 years
• Built at high-quality yards in Korea and Japan

▪ Strategy focused on achieving superior performance through service excellence, operating efficiency and market timing ▪ Low-cost operating platform with strong balance sheet and liquidity position

• Overhead and operating expenses among lowest of peers
• Balance sheet enables disciplined and opportunistic acquisitions

▪ Top tier corporate governance and business philosophy centered

• n building and capturing value for investors

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Fleet Profile

1. Average age as at December 31, 2018

✓ Modern, fuel-efficient fleet of MRs ✓ Average age of 6.5 years(1) ✓ Built at high-quality yards in Korea and Japan ✓ Quality fleet = lower

• perating cost, higher

utilization and maximum value appreciation ✓ Complementary fleet ✓ Increased scale improves commercial flexibility High Quality Vessels

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 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 6.5(1)

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▪ Maintaining low leverage of 56.6% plus strong liquidity position; cash of $66 million(1) ▪ Recently completed attractively priced and flexible lease financings with top tier Asian and European financiers ▪ Maintaining low break-even rates and cost of capital

Ardmore Strategy

Financial Strength and Cost efficiency ▪ Intensive focus on operating performance enhancements from chartering and commercial operations ▪ Continued focus on reducing overhead costs; among lowest in ASC’s peer group ▪ Potential to create significant value and cashflow ▪ Most recent acquisitions demonstrate effective market timing:

• June 2016 acquisition of 6 x eco-design

MRs (avg. per vessel price of $28.75mln setting market low)

• Oct 2017 acquisition of eco-mod MR

priced at 30% discount to new-build equivalent Improvements to ROIC Disciplined Capital Allocation

A Disciplined, Value-Oriented Approach to MR Tankers

1. Leverage calculation based on pro forma US GAAP leverage as at Sept 30, 2018 giving account to refinancings completed in October and December 2018. Cash is based on closing balance as at Sept 30, 2018 of $33.3mln plus net cash release of $19.7mln from refinancing of four vessels completed in October 2018 and $13mln from refinancing of three vessels in December 2018

Focused on Maximizing ROIC

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Senior Management Team

Name Experience (Years) Past Positions Anthony Gurnee

37 CEO

Mark Cameron

35 COO

Paul Tivnan

17 CFO

Gernot Ruppelt

17 CCO ▪ CEO of Industrial Shipping Enterprises, COO of MTM Group and CFO of Teekay Shipping Corporation ▪ Shipping financier with Citicorp and U.S. Naval Officer ▪ MBA, CFA, Fellow of the Institute of Chartered Shipbrokers ▪ VP of Strategy and Planning at Teekay Marine Services ▪ Fleet Manager at AP Møller-Maersk ▪ Chief Engineer at Safmarine ▪ Chairman of International Parcel Tankers Association (IPTA) and Director of West of England P&I ▪ Formerly at Ernst & Young, Financial Services Advisory ▪ Fellow of the Institute of Chartered Accountants of Ireland and the Irish Taxation Institute ▪ Member of the Institute of Chartered Shipbrokers ▪ Graduate of London Business School and INSEAD; Executive Leadership Programme ▪ Tanker broker at Poten & Partners ▪ Chartering Manager Maersk Broker / AP Møller-Maersk (Copenhagen, Singapore, Germany) ▪ Graduate of Hamburg Shipping School and Member of the Institute of Chartered Shipbrokers ▪ Chairman of INTERTANKO’s Worldscale & Markets Committee

Decades of Experience with Industry Leading Companies

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Industry Leading Corporate Governance

▪ Corporate governance and transparency remain key to the company and our investors ▪ ASC ranked in the top tier of public shipping companies(1) ▪ Majority independent board of directors; decades of experience in shipping and finance ▪ No related party and affiliated transactions

1. Wells Fargo Corporate Governance Scorecard Volume V issued May 23, 2018

Commentary Shipping Corporate Governance Ranking (1)

Quartile Company Ticker Quartile 1 Eagle Bulk Shipping EGLE International Seaways INSW Overseas Shipholding Group OSG Triton TRTN Matson MATX Navigator Gas NVGS Ardmore Shipping Corporation ASC Euronav EURN Gaslog GLOG Double Hull Tankers DHT Kirby Corporation KEX Textainer Group Holdings TGH World Fuel Services INT Genco Shipping and Trading GNK Quartile 2 Avance Gas AVANCE Star Bulk SBLK Teekay Tankers TNK Ship Finance International SFL Golar GLNG Seacor Holdings CKH Golden Ocean Group GOGL CAI International CAI Nordic American Tankers NAT Gaslog Partners LP GLOP Teekay Offshore TOO BW LPG BWLPG Global Ship Lease GSL Quartile 3 Frontline FRO Golar LNG Partners GMLP Seaspan SSW Torm TRMD Hoegh LNG Partners HMLP Dorian LPG Teekay LNG Partners TGP Seadrill Partners SDLP Navios Maritime Holdings NM Navios Maritime Midstream Partners NAP Seanergy Maritime Holdings Ship Navios Maritime Partners NMM Nordic American Offshore NAO Gener8 Maritime GNRT Quartile 4 Navios Maritime Acquisition Corp. NNA Scorpio Bulkers SALT Knot Offshore Partners LP KNOP Scorpio Tankers STNG Costamare CMRE Capital Product Partners CPLP Aegean Marine Petroleum Network ANW Dynagas DLNG Diana Shipping Inc. DSX Star Bulk Carriers Corp. SBLK Tsakos Energy Navigation TNP Danaos Corporation DAC Stealth Gas Inc. GASS Dry Ships DRYS

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Our Focus: MRs in Perspective

Crude Tankers

(Uncoated)

Product / Chemical Tankers

(Coated: 25,000 Dwt to 199,999 Dwt )

Short Range / Stainless

World Tanker Fleet(1)

6,530 Vessels

UL / VLCC SUEZ AFRA PAN LR3 LR2 LR1 MR SR Stainless 736 549 653 81 18 345 363 2,134 955 696

500 1,000 1,500 2,000 2,500 3,000 3,500 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E Million Tonnes Crude Seaborne Trade Product Seaborne Trade

Growing Share of World Tanker Fleet

Product Share of Oil Seaborne Trade Increasing(2)

75% 25% 65% 35%

▪ MR tankers comprise ~33% of the world tanker fleet by number of ships(1) ▪ Seaborne oil transport is gradually shifting away from crude and toward refined products, driven by long- term refinery dislocation ▪ This is the main growth driver for MRs

1. Fleet data as at March 2018 per Drewry as per Ardmore Shipping Corporation Annual Report or Form 20-F for the year ended December, 2017 pg. 35 2. Clarksons Shipping Intelligence Network, November 8, 2018

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MRs are the “Yellow Cabs” of the World Tanker Fleet(1)

1. Vessels Value AIS Data, November 9, 2018

MRs Trade Everywhere And Are The Ship Of Choice For Oil Traders Due To Their Versatility

MR VLCC LR1 LR2

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Attractive Market Outlook

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MR Rates Rebounding

▪ MR rates are increasing:

• Crude tanker rates have rebounded and anticipated to

lead a general tanker market recovery

• Product tanker rates now also increasing
• Atlantic Basin trading activity has returned to more normal

levels and winter market conditions are starting to emerge

• ASC fleet deployment weighted toward Atlantic Basin for

4Q18; well positioned for winter market rebound

▪ Near-term market outlook is positive:

• Global refinery throughput expected to reach a record

high of 84.1 mbd in December 2018(3)

• Impact of IMO 2020 expected to be felt beginning in mid-

2019

1. Data provided by Howe Robinson, as at November 30, 2018 2. Clarksons Shipping Intelligence Network, as at November 30, 2018 3. IEA Oil Market Report, November 14, 2018

11 Tanker Rates Starting To Improve(1) MR Rates Rebounding(1)(2)

$5 $10 $15 $20 $25 $30 $35 $40 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 TCE (Thousand USD / day) Product Tankers Crude Tankers MR Only $0 $5 $10 $15 $20 $25 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 MR TCE (Thousand USD / day) TC2/TC14 (Atlantic Basin) MR Global Average

Rebound in crude tanker rates expected to lead the recovery for product tankers MR Rates rebounded in November MR rates on a global basis hit a low in Sep

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Demand: Oil Consumption and Refinery Capacity Growing

98.7 100.0 102.0 102.6 104.4 105.5 85 90 95 100 105 110 2017 2018E 2019E 2020E 2021E 2022E Million Barrels / Day

+27% YoY

97.9 99.2 100.5 101.5 102.6 103.7 85 90 95 100 105 110 2017 2018E 2019E 2020E 2021E 2022E Million Barrels / Day

▪ Oil consumption forecast to continue to grow at an average of 1.2 million bpd (1.3 million bpd in 2018, 1.4 million bpd in 2019(3)) for next five years

• Matched by forecasted refinery capacity additions in trading-oriented locations

Expected Global Refinery Capacity Additions(2)(3)

• Avg. +1.3 million bpd annually (2017 – 2022)

Expected Global Oil Demand Growth(1)

• Avg. +1.2 million bpd annually (2017 – 2022)

Oil demand >100 million bpd in 2019

1. IEA, “Market Series Report: Oil 2018” p123. Summary of Global Oil Demand 2. IEA, “Market Series Report: Oil 2018” p130. Gross capacity additions, excludes impact of closures 3. IEA, Oil Market Report, October 12, 2018

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5 10 15 20 25 30 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E Million Barrels / Day 13

Import Export Net Middle East 1.4 3.2 1.8 North America 1.8 3.4 1.6 China 0.6 0.8 0.2 Asia (ex China) 7.8 6.0

• 1.8

Europe 7.1 6.1

• 1.0

Latin America 2.9 0.7

• 2.2

Africa 1.2 0.5

• 0.7

FSU n/a 2.7 n/a Other 0.8 0.3

• 0.5

Total Trade mbd 23.6 23.6

Demand: Tonne-Mile Demand CAGR of 4%

1. Clarksons “Oil and Tanker Trades Outlook” June, 2018 2. Clarksons Shipping Intelligence Network, forecast for 2018 according to Clarkson’s data, as at November 8, 2018 3. Clarksons Shipping Intelligence Network, October 2018

CAGR +4%(3)

Seaborne Product Trade Balances 2017(1) Seaborne Volume of Oil Products Traded(2) ▪ Seaborne volume of oil products growing; refinery development away from the points of consumption and growing regional imbalances resulting in increased voyage distances ▪ Product tanker tonne-mile demand has been growing at approximately 4.3% annually between 2003 and 2017(3)

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0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 10 20 30 40 50 60 70 80 90 100 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

OB as % Fleet Million DWT

Fleet (Million DWT) OB as % of Fleet

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Supply: Orderbook at Historical Lows

1. Clarksons Shipping Intelligence Network and Management’s estimates as at October 2018

Orderbook 4.7% of Fleet

Global MR Product Tanker Orderbook and Fleet Development(1) ▪ Orderbook at historical low of 4.7% of the current MR fleet; very limited new ordering

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20 40 60 80 100 120 140 160 180 200 1977-1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Number of Vessels 15

Supply: Scrapping Set to Continue

+27% YoY +20% YoY +37% YoY

* An MR is typically scrapped when it reaches 25 years old. Management estimates 25 - 30 ships will scrap annually based on prior years, future estimates increased in 2018 and 2019 due to high scrapping rate year-to-date and IMO 2020 impact 1. Clarksons World Fleet Register (MR Product Tanker Fleet 25,000 – 54,999 DWT), as at November 8, 2018 2. Clarksons Shipping Intelligence Network, October, 2018

>20 years old: 156 MRs (7.3% Fleet)

…increasing regulations could accelerate vessel scrapping ▪ 38 Vessels Scrapped YTD(2) ▪ 27 Vessels Scrapped 2017

MR Tanker Profile(1)

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Supply: MR Fleet Growth Continues to Decelerate

MR Product Tanker Fleet Development(1)

1. Clarksons World Fleet Register; forecast based on Management’s estimates. Assumes no new orders placed. Scrapping assumption increased in 2018 and 2019 based on YTD scrap rate and build up to IMO 2020 deadline 2. Estimated net fleet growth of 9 MRs (representing >1% of current MR fleet) includes estimate for vessel delays. Assumes no new orders placed

▪ Net MR fleet growth for 2018 is estimated to be well below 1% (9 net vessels additions)(2)

Supply growth set to be at historical lows

Year Deliveries Scrapping(1) Net Growth 2015 121 25 96 2016 105 21 84 2017 63 27 36 2018E 49 40 9 2019E 54 40 14

Scrap 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 20 40 60 80 100 120 140 2014 2015 2016 2017 2018E 2019E Number of Ships Deliveries Net Fleet Growth Net Fleet Growth %

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IMO 2020

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IMO 2020: Backdrop

1. High Sulphur Fuel Oil (“HSFO”) has a max. sulphur content of 3.5%. Very Low Sulphur Fuel Oil (“VLSFO”) has a max. sulphur content of 0.5%. Marine Gas Oil (“MGO”) has a max. sulphur content of 0.1% 2. Source: IEA; SEB IMO 2020 Report March 14, 2020; Evercore ISI R&M: IMO 2020 – Back to the Future, April 18, 2018 3. Management’s estimates

18 VLSFO Limited to Main Bunkering Hubs(3)

▪ Implementation on January 1, 2020 firmly fixed; expected to result in significant increase in demand for compliant fuels:

• HSFO market for bunker fuels currently 3.5 – 4 mbd; approx. 2 mbd

to be replaced by MGO or VLSFO(1)

▪ Market transition expected to commence mid-2019:

• Refineries expected to increase output and shift product slate away

from fuel oil and toward middle distillate as well as find ways to make VLSFO

• Bunker providers need to prepare logistics infrastructure and manage

down inventories of HSFO

• Shipowners either installing scrubbers or preparing to use compliant

fuels

▪ Limited initial availability of VLSFO, combined with slow scrubber installation pace, expected to boost demand for MGO and to create up to two years of market disruption before equilibrium is reached:

• VLSFO initially limited to main bunker ports; MGO expected to be in

high demand worldwide as market transitions

• Scrubber uptake may be restricted by installation complexity and rigid

docking schedules; less than 4% of global fleet (approx. 15% of bunker fuel demand) expected to be fitted by implementation date(3)

0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 2018 2020 Demand Million Barrels / day

HSFO HSFO MGO / VLSFO MGO

Demand for MGO and VLSFO Set to Increase(2)

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IMO 2020: Impact on Tanker Demand

1. Source: IEA; SEB IMO 2020 Report March 14, 2020; Evercore ISI R&M: IMO 2020 – Back to the Future, April 18th 2018; Wells Fargo Securities, IMO 2020 Min-Conference, June 4, 2018 2. McKinsey Energy Insights “MARPOL implications on refining and shipping markets”, December 2017

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0% 20% 40% 60% 80% 100% 2017 2018E 2019E 2020E 2021E 2022E 2023E HSFO MGO VLSFO

▪ Transition of 2 mbd HSFO to compliant fuels expected to have a significant impact on tanker market from mid-2019:

• Higher seaborne volumes of MGO as demand increases by 1 – 1.5

mbd in 2020(1)

• Surplus HSFO will have to be redirected from current consuming

regions for further processing, or alternative use, boosting demand for crude tankers

• Redirection of crude flows as refineries look to respond to new market

conditions, with high complexity refineries sourcing cheaper heavy sour crude and simpler refineries searching for light sweet grades

▪ Demand for product tankers expected to increase:

• Increased consumption and regional imbalances of MGO leading to

tonne-mile demand boost; e.g. Europe expected to substitute 700 kbd

• f HSFO with compliant fuels(2)
• Imbalances create oil price volatility, increasing arbitrage opportunities

and oil trading activity

• US Gulf, Middle East and Asia expected to be significant exporters of

compliant fuels to Europe and other regions, increasing average voyage lengths

0.0 0.5 1.0 1.5 2.0 North Am. Latin Am. Europe Africa FSU Middle East Asia Pacific Demand Million barrels / day High Sulphur Fuels Low Sulphur Fuels

In Europe alone ~700,000 bpd of HSFO expected to be replaced by MGO/VLSFO in 2020 2.5x increase in expected demand for MGO in 2020

Bunker Demand 2018; Expect Significant Imbalances(2) Demand for MGO and VLSFO Set to Spike(1)

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Financial

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Cost Efficient Platform

1. Data sourced from most recent public filings for the full year 2017. OPEX / day on an MR basis only. Co. C does not provide detail on MR OPEX 2. Peer data sourced from most recent public filings for the full year 2017. Ardmore’s overhead per day calculated based on 2017 corporate overhead only and fleet of 28 vessels

+27% YoY +20% YoY

$6,298 $6,337 $6,435 Ardmore

• Co. A
• Co. B

▪ Among lowest operating expenses and overhead of our peers ▪ Achieve lower cost through a high-quality fleet, strict cost management and budgetary process ▪ Focus on maintaining low cash break-even to ensure financial durability and flexibility

Overhead ($ / day)(2) Average MR OPEX ($ / day)(1)

$1,216 $1,348 $1,594 $1,443 Ardmore

• Co. A
• Co. B
• Co. C

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$752.1 $20.3 $66.1 $468.5 $326.9 $10.0 $10.7 $10.7 $10.8 $10.8 $43.1 $42.0 $3.6(3) Pro Forma Vessels, Cash & Net Working Capital 3Q18 Pro Forma Gross Debt 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 2020 2021

• Est. Debt

Dec, 2021 Vessel Assets Net Working Capital Pro-Forma Cash 3Q18 Repayments Balloon Repayments 22

Strong Balance Sheet and Liquidity Position

1. Leverage calculation based on pro forma US GAAP leverage as at September 30, 2018 giving effect to refinancings completed in October and December 2018. Cash is based on closing balance as at September 30, 2018 of $33.3mln plus net cash release of $19.7mln from refinancing of four vessels completed in October 2018 and $13mln from refinancing of three vessels completed in December 2018 2. Pro forma gross debt balance at September 30, 2018; (i) excludes deduction of deferred finance fees, (ii) net of sellers’ credit $2.9mln in respect to sale and leaseback of Ardmore Sealeader and Ardmore Sealifter in 2Q17 (iii) includes additional leases of $19.7mln completed in October, 2018 (iv) includes additional leases $13.0mln completed in December, 2018 3. One loan matures in 2021 in respect to an Eco-Mod MR. Balloon is $3.6 million due in September, 2021. Balloons due in 2022 amount to approx. $164mln

▪ Cash at end of September 2018 of $66 million(1) on a pro forma basis ▪ All current debt (including capital leases) is amortizing at approximately $43 million per year ▪ No near term debt maturities; next significant maturity in 2022(3)

Conservative capital structure and strong liquidity position; corporate leverage ~56.6%(1)

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Top Tier Investor Base

Top 20 Shareholders(1)

No Holder Position Percent 1 Donald Smith & Co Inc 2,969,095 8.97% 2 Frank Russell Co 2,841,329 8.58% 3 Royce & Associates LP 2,207,041 6.67% 4 FMR LLC 1,659,522 5.01% 5 Cross River Management LLC 1,623,913 4.91% 6 BlackRock Inc 1,584,561 4.79% 7 Bank of New York Mellon 1,572,352 4.75% 8 Boston Partners Global Investors I 1,468,415 4.44% 9 Aristotle Capital Management LLC 1,287,505 3.89% 10 Dimensional Fund Advisors LP 1,247,039 3.77% 11 Eagle Boston Investment Management 1,147,376 3.47% 12 Van Den Berg Management I Inc 959,586 2.90% 13 Northern Trust Corp 891,430 2.69% 14 American Century Cos Inc 858,730 2.59% 15 Silver Rock Financial LLC 816,310 2.47% 16 Schneider Capital Management Corp 776,809 2.35% 17 Private Management Group Inc 622,925 1.88% 18 Tocqueville Asset Management LP 552,553 1.67% 19 Carlson Capital LP 500,000 1.51% 20 State Street Corp 496,325 1.50%

▪ Approximately 80% of shares held by top 20 shareholders ▪ Long only investors, many of whom have been with us since the IPO

1. Bloomberg as at November 6, 2018

Commentary

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Vessel Type TCE per day TCE per day TCE per day MR Product (50k Dwt) $17,761 $21,500 $25,000 MR Chem (25-37k Dwt) $15,000 $17,500 $18,000 Earnings Per Share(1)

Every $1,000 / day increase in rates ≈ $0.31 / share in EPS

Significant Earnings Power Across Fleet(1)

$0.67 $1.73 $2.61

Base Rates Rates FY2015 Upside Rates - 3Q15

Significant Potential Earnings Power with 28 x Ship Fleet(1)

1. Management’s estimates based on (i) 28 vessels, (ii) 33,097,831 shares as at September 30, 2018 (iii) 363 revenue days / vessel, (iv) expenses as per 2017 financial statements. Accretion assumes positive earnings. Actual EPS estimates may differ materially from the estimated EPS. MR rate of $17,761 / day and chemical tanker rates of $15,000 / day are based on Analyst’s estimates for

• 2019. MR and chemical tanker rates for FY2015 based on ASC rates reported for full year 2015 and rates for 3Q15 are based on ASC rates reported in 3Q15. The rates reported in 3Q15 were the

highest rates achieved by ASC in the past five years but are not representative of cyclical highs achieved by the industry overall

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Summary

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Why Invest In Ardmore?

Company Highlights:

✓ A leading product tanker company listed on the NYSE ✓ High-quality fleet of 28 “Eco” MRs built in Korea and Japan, with average age of 6.5 years ✓ Strategy focused on maximizing ROIC through operating performance, cost efficiency and market timing ✓ Conservative capital structure; low leverage and strong liquidity position ✓ Strong track record of transparency; corporate governance ranked in top tier of marine transportation sector(1)

Market Summary:

✓ Charter rates have increased; strong rebound in crude tanker rates expected to lead a general tanker market recovery ✓ MR tonne-mile demand growth is robust, oil consumption growth matched by refinery capacity additions in trading-oriented locations(2) ✓ The MR orderbook remains at a record-low of 4.7%; net fleet growth expected to be close to zero in 2018 and around 1% in 2019(3)(4) ✓ IMO 2020 expected to be a game changer for tankers(5); increased seaborne volumes of compliant bunker fuels, greater arbitrage

• pportunities and oil trading activity, all contributing to an expected boost

to tonne-mile demand

1. Wells Fargo Corporate Governance Scorecard Volume V issued May 23, 2018 2. IEA Oil Market Report, October 12, 2018 3. Clarksons Shipping Intelligence Network, October 2018 4. Clarksons Shipping Intelligence Network, and Management’s estimates. Note these numbers include slippage. Management’s estimates based on 50% of 4Q18 scheduled deliveries slipping into 2019 5. Deutsche Bank: IMO2020 Game changer on horizon, June 2018