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ARDMORE SHIPPING CORPORATION

Investor Day Presentation

May 25, 2016

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

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.

http://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 commerical capability

3

Investor Day May 25th, 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


4

Introduction


5

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

Strong balance sheet with conservative leverage

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

6

Ardmore Fleet – May 2016

1. Average age at Mar 31, 2016

Modern “Eco” Fleet

Average age of ~4.2 yrs

Upgraded for enhanced

commercial capability

Built at high-quality yards in

Korea and Japan

Quality fleet = lower operating

cost, higher utilization and

maximum value appreciation

Complementary fleet

High Quality Vessels Fleet List

Vessel Name Type Dwt IMO Constructed Country Employment Specification

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

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

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

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

Ardmore Seatrader Product 47,141 — Dec-02 Japan Spot Eco-mod

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

Ardmore Sealifter Product 47,472 — Jul-08 Japan Spot Eco-mod

Ardmore Dauntless Product/Chemical 37,764 2 Feb-15 Korea Pool Eco-design

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

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)

7

Consistent and Focused Strategy

Acquire vessels at cyclical lows: low cash

breakeven and maximum ship value

appreciation

Operate and maintain vessels efficiently

Low overhead at approx. $1,500 per ship /

day

Cost Efficiency

Time charter and spot employment - mix

adjusted to maximize TCE

2Q16: Spot 75% v Time Charter 25%

Maintain close dialogue with charterers at

all times for time-charter opportunities

Maintain a high-quality, fuel efficient fleet

Exploit the product and chemical overlap

Close operational collaboration with

charterers: service excellence

Optimise voyage performance: maximise

TCE

Highly Effective Chartering Strategy2

Superior Operational And Financial Performance

3

Consistent Focus on MR Product and Chemical Tankers1

Value Added Service = Max Earnings4


8

Charter Update and Trading Patterns

9

Chartering Profile

Revenue Day Estimates 2Q16(1)Fleet Employment Profile

1. Includes estimated drydock days for 2Q16

31%

69%

1Q 2016

25%

75%

2Q 2016 E

Vessel Employment TC ExpiryArdmore Seavantage Time Charter Jan-17Ardmore Seavanguard Time Charter Feb-17Ardmore Cheyenne Time Charter Mar-17Ardmore Chinook Time Charter Jul-16Ardmore Chippewa Time Charter Nov-16Ardmore Seavaliant Spot n/aArdmore Seaventure Spot n/aArdmore Endeavour Spot n/aArdmore Seafarer Spot n/aArdmore Sealifter Spot n/aArdmore Sealeader Spot n/aArdmore Seatrader Spot n/aArdmore Seamaster Spot n/aArdmore Seamariner Spot n/aArdmore Centurion Spot n/aArdmore Sealion Pool n/aArdmore Seafox Pool n/aArdmore Seawolf Pool n/aArdmore Seahawk Pool n/aArdmore Dauntless Pool n/aArdmore Defender Pool n/aArdmore Cherokee Pool n/a

622

519

273

91

182

0

273

59

MR Eco-design MR Eco-mod Prod/Chem Eco-design Prod/Chem Eco-mod

Spot / Pool TC Days

10

Charter Market Active Heading into Summer

1. Time Charter Equivalent (“TCE”) daily rate is the gross charter rate or gross pool rate, as appropriate, per revenue day plus Communication Victualing and Entertainment Income (“CVE). For vessels employed on voyage charters, TCE is the net rate after deducting voyage

Time Charter Equivalent ($ / day)(1)

+27% YoY

+20% YoY

+37% YoY

+18% YoY

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

17,149 17,806

19,020

16,599

12,228

17,131 18,038 17,833 17,367

12,499

18,309 19,149

20,223

17,507

13,417

AVG. FLEET TCE MR ECO-DES MR ECO-MOD PROD/CHEM ECO-DES PROD/CHEM ECO-MOD

1Q15 1Q16 FY 2015

11

Regional Presence in Key Global Markets

12

Extensive Global Customer Base

Strong support from key players through consistent track record

in commercial and operational performance

13

Key Market Movers in 2015

Strong inter-regional movements between West and East

14

Freight Trends in 2016

Mixed Aromatics into China

15


West Africa Imports

16


Exports from Asia to American markets

17


Strong Import Demand from Australia and New Zealand

18


Strong Activity Within Asia due to Regional Arbitrage

19


Long-Haul Trades into East and South Africa

20


Brazil Becoming a Two-Way Trade

21


North American Driving Demand Keeping Classic TA Route Busy

22


Distillate Finding Markets in Multiple Locations

and Necessitating Strong Trading Flexibility

23


MR Segment Continues to Evolve and Benefit

from Structural Demand and Global Arbitrage Opportunities


24

Asia Pacific: A Growing Market for Refined Products

Ship Me Somewhere East of Suez

Asian Growth: Still Key to Global Products Demand

Al Troner, President Asia Pacific Energy Consulting (APEC)Houston, TexasTel/Dir: (281) 759 4440Email: [email protected] 25

mailto:[email protected]

Contents

Asia Pacific – An Overview

Refining and Product Exports

Downstream

Product Trade and Shipping

Thoughts & Conclusions

26

Asia Pacific – An Overview

27

Asia Pacific in World Demand

Since 1995, has led world demand growth

Recessions staggered, not stopped, growth

Import-dependent, crude & product

Demand, absolute/relative, led by China

28

Asia Pacific Crude Demand

Continued expansion 1995-2015

Refinery sophistication ranged widely

Regional crude waxy/sweet

Refiners had low sulfur ceiling

Preferred mid/heavy crudes

29

Asia Pacific Product Demand (2014)

China by far the largest single market

Focus traditionally mid-barrel

Diesel, not gasoline, top transport fuel

Biggest user of petrochemical naphtha

Singapore focus transport fuels, bunker

30

Asia Pacific Product Demand (2014)

31

China Share of Asia Pacific Demand (2014)

32

Illusionary Appearances: Oil

Present price slump simply cyclical

Too much supply focus

Too little demand focus

Crude/Products: Differing drivers

33

Illusionary Appearances: Oil/Shipping

Crude price a poor shipping barometer

Demand often shifts to product imports

Crude: Short-haul usually wins in the end

Product: Long-haul often competitive

Shifts in oil basics support products trade

34

Prices Not Always Lockstep ($/BBL)

Source: Oil Market Intelligence, Energy Intelligence Group

35

Jan Feb Mar

Brent $31.10 $31.93 $38.06

0.1%S Diesel (NW Europe) $37.34 $44.27 $50.64

Naphtha FOB (Singapore) $36.46 $33.68 $38.91

Refining and Product Exports

36

Refining & Exports

India export-oriented refining

China now shifting to exports

Asia still leads refinery add-ons

Refineries gaining complexity

“Export anywhere” plants, i.e. Reliance

37

Refinery Trends/1

Refinery Migration; Europe closing shop

Asia expansion shifting

Big closures: Japan & Australia

Offset by India, China

38

Refinery Additions/Closures (2016-18)

Note: All values in MBD 39

No. Of Refineries Base Capacity

Severe Secondary

China N/A 3,204 1,089

India N/A 470 378

France 3 619 187

Germany 3 396 343

UK 3 416 187

China/India Additions

European Refineries at Risk (min)

Refinery Trends/2

Africa & Latin America short refining

Quantity short (Mexico)

Quality squeeze (Brazil)

US products boom needs tankers

40

Pemex/Mexico “Expansion” Plans

Refinery = Grassroots;

CDU = Crude Distillation Unit;

VDU = Vacuum Distillation Unit;

HDS = Hydrodesulfurization, Gas

oil or Residual

*Projected date for Coker only 41

Plant Refinery CDU VDU HDS Coker When

Minatitlan 150 150 25 2018?

Guanajuato 250Post2020

Salamanca 38 2016

Tula 250 1662019-

2020?*

Cadereyta 42 2017

CiudadMadero 42 2017

Salina Cruz 25 2017

Downstream

42

Asian Downstream Detailed

State companies dominate refining

Asia Markets: Price controls; retail subsidies

Mideast exporters seek outlets, Jubail, Yanbu & Al Ruwais

Quality premiums; seeking developed country markets

Wide-ranging quality specifications

43

More Complex Asian Product Market

Imports: Naphtha, Jet/Kero, Residual, LPG

Exports: Gasoline, Gas Oil/Diesel

Exporters: Singapore, S. Korea, India, now China

Crude imports preferred

44

India Export Drive Still Accelerating

Note: All values rounded to MBD

* Indian fiscal year ends March 31st 45

Product YE Mar16* QE Mar16*

LPG 274 272

Gasoline 376 436

Naphtha 96 111

Kero/Jet 95 98

GO/Diesel 595 706

Fuel Oil 28 9

TOTAL 1,464 1,632

Oil Shifts Support Clean Shipping/1

Demand will recover in Europe & Latin America

The Great Lie: “Euro-X” standards

AP demand remains world pace-setter

AP refining mismatched for demand

46

India 2015 “Euro-Spec” vs. EU Euro-IV

T-95 is Temperature at which 95 vol% distills;

PAH = Polycyclic Aromatic Hydrocarbons

47

Sulfur %mass (max) Cetane Density T-95* PAH

Urban Rural (Index) (max) (Deg C max) (%max)

India 0.005 0.035 510.82-0.845

360 11

EU 0.001 0.001 51 0.845 360 8

Oil Shifts Support Clean Shipping/2

AP emerging as product exporter

Yet requires product imports

Mideast export refining expanding

Iran’s expanding role

48

China Product Exports

Notes: Numbers within parentheses indicate a net import volume;

Volumes in MBD 49

CY 2014 1Q 2016 % change

LPG (173.9) (415.6) 239.0%

Gasoline 118.0 160.4 35.9%

Naphtha (82.5) (184.3) 223.4%

Kero/Jet 140.0 124.5 -15.5%

GO/ADO 70.9 196.6 277.3%

Fuel Oil (46.9) (85.7) 82.7%

Product Quality

Size varies: China (10MMBD); Brunei (22MBD)

Quality varies: (Pakistan Diesel 0.25%S, Japan (0.001%S)

Progressive spec tightening

No central quality authority

50

Selected Asian Refining Capacity*

Note: Volumes in MBD

* As at 1/2015;

** For China, only counting plants of >40 MBD base capacity 51

Size Giant Large Minimal

Country China** Singapore Brunei

No. of Refineries 112 5 1

Base Capacity 17,266 1,481 12

Severe Secondary

10,783 178 0

Hydrocracking 2,261 80 0

Pricing/Subsidies

Free markets: Japan, Singapore, Australia, NZ

All others have some price controls

Now abolishing/cutting retail subsidies

Price reform slow, but continuing

Demand will shift but not decline

52

The Nature of Product Quality/1

Quality only improves; one – directional

Improving quality is progressive

Specification tightening is cumulative

53

Recent Reduced Retail Subsidies (By Market & Product)

54

Country India Indonesia Malaysia Vietnam Pakistan

LPG X

Gasoline X X X X X

GO/Diesel X X X X X

Fuel Oil X

Product Trade and Shipping

55

Shipping, Refining & Quality

Boosts clean trade on quality deltas

Boosts extra-regional arbitrage

Clean trade: more vessels, more routes

Products trade truly global

Export trade hinges on quality

56

Asian Product Improvement

Groups: OECD, NIC & Developing Asia

Japan led world in 2000; fallen behind

Gap between OECD and rest now smaller

China has overtaken India on quality

Cutting subsidies often raises quality

57

Panama Canal & Gasoline Trade

Liquid tankers limit 150,000 DWT

Economy of scale vs. lumpiness

Gasoline demand growth exceeding diesel

Many gasoline grades; component needs

Singapore: Blending activity rising

58

Emerging US/Asia Yin Yang

US structural supply overhang …

… Complemented by Asia import needs

Drop in US crude will not change

Panama Canal will expand trade

59

US Product Exports

US has become largest product exporter

US soon to become largest NGL exporter

US has become largest gasoline exporter

USGC a supply prop to Europe

Atlantic almost saturated; Pacific beckons

60

US Gross Product Exports(Selected Products Only)

Note: Volumes in MBD

61

CY 2015 Jan-Feb 2016

Gasoline 618 802

Kero/Jet 182 213

Gas Oil/Diesel 1,186 944

Product Export Competition

Bad for oil; good for shipping

New Mideast export refineries (Jubail, Yanbu & Al Ruwais)

Total already planning Jubail expansion

Iran still yet to enter the game

Asian exports search for new markets

62

China: The Asian Product Mismatch/1

China >40% regional GO/Diesel demand

Gas Oil/Diesel was king; now stagnant

Large part of “Diesel” actually Gas Oil

China 2015: Gasoline growth 8-9%; Diesel 1-2%

Desire for car ownership unsated

63

China: The Asian Product Mismatch/2

Chinese refineries geared to mid-barrel

3.5 MM B/D gas oil output more than most total markets

To meet gasoline needs, produces excess gas oil

Also more petrochemical naphtha needed

Shift to light demand forcing Chinese exports

64

The Asian Product Mismatch/3

Same trend to light products across Asia

Demand giants also maturing in growth

Reduced subsidies shift demand growth

Encouraging products trade over more refining

65

AP Demand vs Refinery Capacity (2014)

66

Demand

Units MBD Vol%

Light Products

12,641 45.2

Mid-Distillate 10,778 38.6

Sub Total 23,419 83.8

TOTAL 28 MMBD 100%

Refinery Working Capacity

Type MBD

Total Severe Secondary 15,072

Hydrocracking (HDC) Only 4,011

HDC% of Severe 26.6

Total Base Capacity 37,919

Demand for Light Products while refining capacity geared to

Middle Distillate

Pure Independent Trader Trends

Vitol no longer alone as sophisticated trader

New rivals: Glencore, Trafigura, Mercuria, Gunvor

All active in all global markets

Capable in wet & futures trade

Focusing on increased arbitrage

Impact: Increasing arbitrage using clean tankers

67

Clean Shipping Upbeat

Tanker miles more than double oil demand growth

Clean makes up 36% of tanker traffic and rising

Limited correlation: oil price/shipping activity

Clean tanker share will continue to increase

Wide product specs & drive to better quality supports more trade

68

Thoughts and Conclusions

69

Conclusions/1

Limited correlation between oil price & shipping needs

Asia Pacific remains demand growth leader

Shift to gasoline use will increase overall clean shipping activity

Basic mismatch between Asia refining & demand

Gasoline growth outpacing diesel in Asia

70

Conclusions/2

Better quality supports more clean tanker trade

East of Suez product exports ballooning

East of Suez exporters need more clean shipping

Rising arbitrage from pure trading companies

Emerging “Yin-Yang” in US/Asia products trade

71


72

Demand & Supply Outlook and Financial Review

95.5

96.0

96.5

97.0

97.5

98.0

98.5

99.0

99.5

100.0

100.5

101.0

2015 2016e 2017e 2018e

MM

bp

d

73

Demand: Seaborne Volumes Growing at 4% CAGR

+27% YoY

+18% YoY

Estimate of 2016 Seaborne Imports / Exports(1) Seaborne Volume of Oil Products Traded(1)

1. Source: Clarksons Shipping Intelligence Network, forecast for 2016 according to Clarkson’s data2. Source: IEA Medium Term Market Report 2016 and management estimates

Import Export NetImports as %

TotalExports as %

TotalMiddle East 1.4 2.8 1.4 6.1% 12.1%North America 1.8 3.2 1.4 7.8% 13.9%China 0.6 0.6 0.0 2.6% 2.6%Asia (ex China) 8.0 5.7 -2.3 34.6% 24.7%Europe 7.2 6.0 -1.2 31.2% 26.0%Latin America 1.8 0.6 -1.2 7.8% 2.6%Africa 1.4 0.4 -1.0 6.1% 1.7%FSU n/a 3.1 n/a n/a 13.4%Other 0.9 0.7 -0.2 3.9% 3.0%Total Trade MMbpd 23.1 23.1 100% 100%

0.0

5.0

10.0

15.0

20.0

25.0

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

e

MM

bp

d

CAGR +4%

Seaborne volume of products growing at ~4% CAGR

driven by refinery expansion and increased output

Major trading regions are: Europe, Asia, North America

and Middle East

China not really a player in refined products import /

export until late 2015 – significant increases in distillate

exports

Global Refinery Capacity Additions (2)

+1.1mbd

+1.4mbd

+1.3mbd

74

Demand: Refinery Dislocation Increasing Voyage Distances

Global Refinery Developments (2015-2020) (1) Global Refinery Capacity Growth (2)

1. Source: IEA Medium Term Market Report 2015 and management estimates2. Source: IEA Medium Term Market Report 2016 and management estimates

IEA forecasting ~7.7 million bpd in additional refinery

capacity by 2021

~1.1 million bpd of new refining capacity expected to

come on stream in 2016 resulting in net capacity

growth of ~0.5 million bpd

o United States +400kbd (primarily PADD3)

o China +327kbd / Middle East +306kbd

o Europe -258kbd / Japan -318kbd

Increasing diesel exports from China driving trade

Refinery margins remain strong, particularly for

gasoline, resulting in higher outputs worldwide

0%

10%

20%

30%

40%

50%

60%

0

10

20

30

40

50

60

70

80

90

100

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

OB

as

% F

leet

Mill

ion

DW

T

Fleet (DWT) Orderbook (% Fleet)

75

Supply: Orderbook at Historical Lows

MR Product Tanker Orderbook and Fleet Development(1)

MR orderbook currently at ~8.1% of the fleet, which is the lowest level since 2001:

o ~45 MR’s delivered and 12 MR’s scrapped YTD

o Est. 70 MRs to deliver through remainder of 2016 resulting in net fleet growth of ~4.5% for year(2)

o Orderbook expected to be ~5% of the fleet by year end 2016(3)

1. Source: Clarksons Shipping Intelligence Network and Management Estimates2. Based on management estimates3. Assumes no new orders placed in 2016

Currently ~8.1%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

-4

-2

0

2

4

6

8

10

12

14

Gro

wth

%

Nu

mb

er o

f Sh

ips

Supply Shortfall Vessel Deliveries Scrapping Demand Growth Net Fleet Growth %

76

Deliveries Reducing: Demand to Exceed Supply in Late 2016

Demand growth of 5.5% equates to required fleet growth (after scrapping) of 11 MR’s per month

Delivery schedule reduces in late 2016 at which point demand will exceed supply

1. Source: Clarksons World Fleet Register, forecast based on management estimates

Vessel Demand Exceeding Supply

MR Product Tanker Vessel Delivery Schedule(1)

5% - 6% Demand Growth

77

Scrapping Set to Continue: ~25 Ships Per Year

+27% YoY

+20% YoY

+37% YoY

+18% YoY

1. Source: Clarksons World Fleet Register (MR Product Tanker Fleet 25,000 – 59,999 DWT)

MR Tanker Profile(1)

0

20

40

60

80

100

120

140

160

180

19

77

-19

81

19

82

19

83

19

84

19

85

19

86

19

87

19

88

19

89

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

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14

20

15

20

16

Nu

mb

er o

f V

esse

ls

>20 years old:167 MRs (~8% Fleet) >15 years old: 358 MRs (~18% Fleet)

4 43

67

5

4 2

2

5 7

2

0

5

10

15

20

25

2007 2008 2015

Number of Years to Deliver at Least One MR Tanker

China Korea Japan Other

78

Supply Constrained: Shipyard Capacity Reduced

+20% YoY

+37% YoY

+18% YoY

Shipyard Capacity(1)

Shipyard capacity significantly reduced to ~40% of

2008 levels(2) (20 yards in 2008 v 12 in 2015)

Tier I Yards (Volume):

o Hyundai Mipo (South Korea)

o SPP (South Korea)

o STX (South Korea)

Tier II Yards (Volume):

o Sungdong (South Korea)

o Onomichi (Japan)

o CSSC Offshore Marine (China)

Increasing regulations resulting in increased newbuild

cost

o Tier 3 Engines NOX Tier II / Tier III

o Noise Abatement

o Sulphur Emissions

1. Source: Clarksons World Fleet Register, forecast based on management estimates2. Based on number of yards to deliver at least one MR Product Tanker in 2008 and 2015 and management estimates

- 40%


79

Financial Review

Delivered record earnings in 2015 driven by strong charter market

and timing of deliveries

o Net income of $32 million

o Avg MR TCE of ~$20,000 / day

Continuing to build value with strong financial performance in

1Q16 with EPS of $0.26

Clean and transparent corporate structure with continued focus

on cost efficiency

Fully funded with conservative leverage and strong liquidity

position

Debt refinancing in 1Q16 reduced interest expense and extended

debt maturities to 2022 with additional committed debt for further

growth

Continuing our strong track record of execution and value creation

as a public company

80

1. Data sourced from most recent public filings2. Source: CEFOR (Nordic Association of Marine Insurers)

Average OPEX ($ / day)(1)

+27% YoY

+20% YoY

+37% YoY

+18% YoY

4,500

5,000

5,500

6,000

6,500

7,000

7,500

8,000

Ardmore Co. A Co. B Co. C

Transparent and Low Cost Corporate Structure

Transparent corporate structure with low cost operations and no transactions with affiliates

High quality fleet built in Japan and South Korea ensures low operating cost and asset value maximization

Recent research highlighted high proportion of insurance claims on Chinese built vessels(2)

Vessel Type TCE per day TCE per day TCE per day

MR Product (50k) $18,500 $21,500 $24,250

MR Chem (25-37k) $16,500 $17,500 $18,000

81

Every $1,000 / day

increase in rates

equals 31 cents per

share in EPS and

Cashflow &

dividend increase

of $0.19 / share(2)

Earnings Per Share(1)

1. Management estimates based on a full fleet of 22 vessels operating in the spot market for 363 revenue days / ship2. Realized across a full fleet of 22 ships. Calculation based on: ($1,000 day x 363 revenue days x 22 ships) / 25.9 mln shares = $0.31 per share. $0.31 x 60% = Dividend of $0.19 per share

Dividend Per Share(1)

Revenue Days Increasing and Significant Earnings Power

Revenue days increasing by 16% in full year 2016

Efficient operations resulting in significant earnings power and dividends

$1.12$1.83

$2.46

$0.67$1.10

$1.47

Base Rates Rates FY2015 Upside Rates - 3Q15

82

Strong Balance Sheet with Conservative Capital Structure

Fully funded with strong liquidity position

Low corporate leverage: ~55% as at Mar 31, 2016

Sale of Ardmore Calypso and Ardmore Capella will reduce debt by $26.7 million in 2Q16

Recent refinancing of $382 million of debt reduced interest expense and extended maturities to 2022

Debt is amortizing at ~$38 mln per year (No non-amortising debt) accreting significant value to shareholders

Debt Profile

1. Gross Debt excludes impact of netting of deferred finance fees as required under US GAAP ($424.3 mln - $12.1 mln = $412 mln)2. Capital Lease Obligation of $26.7 mln excludes netting of deferred finance fees as required under US GAPP ($26.7 mln - $0.5 mln = $26.3 mln)

$397.6

$692.8

$26.7

$9.4 $9.4 $9.4

Vessel Assets @ 1Q16 Gross Debt @ 1Q16 2Q 2016 3Q 2016 4Q 2016

Senior Debt Repayments


83

Closing Remarks


84

Closing Remarks

Conclusion: two to three-year outlook for MR tanker sector is best we have seen in years

Secular drivers continue to propel MR demand growth in 6% range:

o Oil consumption growth 1-1.5 million bpd on 90 million bpd base (23 million bpd seaborne product volume)

o Export oriented refinery expansion in Middle East and Asia most important driver for volumes and distance

o Trade complexity (regional product slate imbalances / multiple grades / blending / multi-port voyages)

o US Gulf export growth to Latin America also important

MR tanker supply growth about to decelerate sharply to 2-3%:

o The delivery bulge is almost over – orderbook 8.1% and dropping

o Ordering has ground to a halt: 48 worldwide y-t-d vs. 375 same period 2015

o Korean shipbuilding crisis, other shipping sectors in downturn, debt and equity capital constraints

This is a set-up for a classic shipping upturn: strong demand growth vs. supply constraints:

o Unless conditions change, the eventual result will be sharply higher spot rates

o Which would kick off ordering activity but deliveries on average two years out

o Spot rates in past 18 months have been healthy but of a different nature entirely

Ardmore will continue to seek ways to build value for our shareholders under this scenario while

remaining financially conservative.

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