ARDMORE SHIPPING CORPORATION Third Quarter 2016 Earnings Presentation

ARDMORE SHIPPING CORPORATION Third Quarter 2016 Earnings Presentation

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. Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards 2

Earnings Release Third Quarter 2016 Agenda Performance and Recent Activity Product and Chemical Tanker Markets Fleet Update Financial Results Summary Appendix Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards 3

Highlights Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards 4

Performance and Recent Market Activity Highlights Reported earnings from continuing operations of $10 mln YTD, including a loss of $1.8 mln or $0.05 per share for the third quarter GAAP loss for 3Q16 of $4.8 mln or $0.14 per share which includes loss of ~$3 mln related to the sale of the Ardmore Centurion Delivered solid chartering performance with spot and pool MR tankers earning an average of $15,944 per day YTD and $13,284 per day for the quarter Market remains closely balanced as underscored by chartering activity following recent Colonial pipeline outage Completed debt financing for the recent accretive acquisition of six Eco- Design MR s and took delivery of five of the six vessels. Final acquired vessel the Ardmore Enterprise is expected to deliver in early November 2016 Agreed terms for the sale of the Ardmore Centurion for $15.7 mln, a strong price relative to the market. Vessel delivered to buyers on Oct 4, 2016 Maintaining a dividend policy of paying out 60% of earnings from continuing operations. Consistent with this policy, the Company is not declaring a dividend for 3Q16 Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards 5

High Quality Fleet 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 (1) 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 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 27 1,202,568 4.1 (2) 6 1. Ardmore Enterprise expected to deliver in early November, 2016 2. Average age as at Oct 31, 2016

Product and Chemical Tanker Market Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards 7

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Million DWT OB as % Fleet 1Q13 2Q13 3Q13 4Q13 FY13 1Q14 2Q14 3Q14 4Q14 FY14 1Q15 2Q15 3Q15 4Q15 FY15 1Q16 2Q16 3Q16 YTD16 Product Tanker Market Product tanker rates softened in quarter, with MR Spot & Pool TCE avg. $13,284 in 3Q16 vs. $16,302 in 2Q16 Market softness driven by below-average oil trading activity as a consequence of relative oil price stability and de-stocking of clean petroleum product inventories in tandem with reduced refinery throughput Global refineries currently undergoing scheduled maintenance; US refineries operating at ~86% utilization which is expected to result in continued inventory de-stocking. Global refinery throughput expected to increase by 3.9 mbd between Oct 16 and Jan 17 to ~81 mbd (2) $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 Average MR Eco-Design Market Rates (1) Market remains closely balanced; small events resulting in significant increases in charter rates as evidenced by chartering activity following the recent Colonial pipeline outage where the MR Atlantic triangulation increased by over 200% to $25,000 / day (3) $0 Product Tanker Orderbook and Fleet Development (4) Beyond short-term softness, outlook remains very positive; MR supply growth is declining and underlying demand growth remains strong. MR orderbook at ~5.5% of the fleet, which is the lowest level in at least 20 years: o o ~98 MR s delivered and 15 MR s scrapped YTD Est. 17 MRs to deliver through the remainder of 2016, which should result in net fleet growth of 4.5% for the year (5) o Orderbook expected to be ~5% of the fleet by year-end 2016 (6) o Est. net fleet growth of ~2.0% in 2017 (7) 100 90 80 70 60 50 40 30 20 10 0 ~5.5% 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 8 1. Source: Howe Robinson Partners - Rates quoted are the average $/day rates for TC6, TC7, TC 10, TC11/4 and TC2/14 for a standard MR / Handy vessel from 1Q13 to 4Q13 and a Eco-design vessel from 1Q14 to 3Q16 2. Source: EIA PADD 3 Weekly Inputs & Utilization report and IEA Short Term Energy Outlook Oct, 2016 3. Source: Broker reports 4. Source: Clarksons Shipping Intelligence Network and management s estimates 5. 28 vessels scheduled for delivery with expected slippage of 11 vessels based on prior years 6. Assumes no new orders placed in 4Q 2016 7. Management s estimates. Based on estimated number of vessel delivered in 2017, net of estimated scrapping

Upcoming Regulations Ballast Water Treatment: Two statutory requirements: o IMO: entry into force from Sep 8, 2017 o US Coast Guard: Originally Jan 1, 2016 but systems not fully approved so USCG are providing interim exemptions Complex issue for shipping companies; while many recently delivered vessels already have BWTS, vast majority of the world fleet faces the cost of installation Likely to accelerate scrapping of older tonnage if the costs of drydocking and BWTS installation make their continued operation uneconomical Low Sulphur Fuel Standard: Sulphur emissions regulations reduced from 4.5% to 3.5% on Jan 1, 2012 Further reduction to 0.5% will come into force in Jan 1, 2020 Expected impact: o o o o Increase in consumption of gasoil instead of heavy bunker fuel Possible use of scrubber technology to clean emissions Sufficient fuel globally, but not in the right places Likely leading to increased MR tonne-mile demand Effect of regulation should be to hasten the scrapping of older, less fuel efficient ships, of all types and sizes including MRs 9

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Million DWT OB as % Fleet TCE $/day Chemical Tanker Market Chemical tanker charter rates averaging $16,362 YTD and $14,432 for 3Q16. Market softness in 3Q16 is consistent with broader softness in the CPP charter market ASC coated chemical ships traded an increased proportion of chemical cargoes in 3Q16 Chemical market outlook remains positive, driven by underlying demand and increased production of petrochemicals in the US and Middle East particularly commodity chemicals Chemical tanker fleet growth expected to be relatively moderate with: o Orderbook at ~11% of the fleet (Dwt basis) o Expected to be ~8% of the fleet by year-end 2016 (3) o Est. ~2.5 mln Dwt to deliver in FY2016, resulting in net fleet growth of ~6% (4) o Est. net fleet growth of ~4% in 2017 (5) 25,000 20,000 15,000 10,000 5,000 35 30 25 20 15 10 5 0 0 25k Dwt / 37k Dwt Chemical Tanker TCE $/day (1) CHEM-25s CHEM-37s Chem-37s: $17,213 YTD Chem-25s: $15,932 YTD Chemical Tanker Orderbook and Fleet Development (2) ~11% 80% 70% 60% 50% 40% 30% 20% 10% 0% 10 1. TCE $/day based on internal chemical tanker voyage data 2. Orderbook for coated IMO2 with average tank size <3000m 3 and stainless steel ships above 10,000 Dwt 3. Based on management s estimates and assumes no new orders placed in 4Q16 4. Management s estimates 5. Management s estimates. Based on estimated number of vessel delivered in 2017, net of estimated scrapping

Fleet Update Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards 11

Revenue Days Fleet Update Fleet Update Revenue Days Profile (1) Drydock: o 14 drydock days in 3Q16: Ardmore Sealeader o No scheduled drydock days in 4Q16 12,000 +13% (Y-o-Y) Took delivery of five Eco-Design MR s we agreed to acquire in June 2016: o Ardmore Endurance (Aug 31, 2016) o Ardmore Explorer (Sep 7, 2016) o Ardmore Engineer (Sep 12, 2016) 10,000 8,000 7,071 +22% (Y-o-Y) 8,659 9,753 o Ardmore Encounter (Sept 29, 2016) o Ardmore Explorer (Sep 30, 2016) 6,000 Final acquired vessel the Ardmore Enterprise scheduled to be delivered in early November 2016 4,000 Completed the sale of the Ardmore Centurion for $15.7 mln in 3Q16, a strong price relative to the market. Vessel delivered to buyers on Oct 4, 2016 2,000 2,442-12 1. Revenue Days based on management s estimates. FY16 and FY17 estimates included the impact of sale of Ardmore Centurion and new vessel acquisitions

Financial Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards 13

Financial Performance INCOME STATEMENT DATA Three months ended Nine months ended US$ millions, unless otherwise stated Sept 30, 2016 Sept 30, 2015 Sept 30, 2016 Sept 30,2015 Results Revenue 38.0 47.2 121.22 116.11 EBITDA (1) 7.2 24.5 43.33 53.44 Net profit/(loss) (4.8) 13.6 7.44 26.59 Net profit/(loss) per share ($/share) (0.14) 0.52 0.26 1.02 Earnings from Continuing Operations (1) Adjusted EBITDA (1) 10.2 24.5 45.91 53.44 Adjusted net profit/(loss) (1) (1.8) 13.6 10.01 26.59 Adjusted net profit/(loss) per share ($/share) (1) (0.05) 0.52 0.35 1.02 OTHER OPERATING DATA Average Number of Vessels 22.7 21.3 23.1 18.6 Fleet time charter equivalent per day ($/day) (2) 13,889 20,200 15,748 18,855 Fleet operating costs per day ($/day) (3) 6,163 5,764 5,962 5,902 Technical management fees per day ($/day) (4) 421 355 394 359 Upgrades / enhancements expensed in period ($) 87,993-448,817 675,025 Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards 14 1. EBITDA is a non-gaap measure. A reconciliation of this measure is included in the Appendix of this presentation. Earnings per share from continuing operations is defined as earnings per share ( EPS ) reported under US GAAP as adjusted for unrealized and realized gains and losses and extraordinary items 2. Definitions: 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 costs incurred by commercial managers 3. Fleet operating costs per day are routine operating expenses and comprise crewing, repairs and maintenance, insurance, stores, lube oils and communication costs. They do not include additional costs related to upgrading or enhancement of the vessels that are not capitalized 4. Technical management fees per day are fees paid to third-party technical managers

Charter Rates Time Charter Equivalent ($ / day) (1) 14,393 18,309 13,889 15,748 15,913 19,149 14,769 16,543 +37% YoY 14,793 20,223 15,141 17,507 14,432 16,362 12,258 AVG. FLEET TCE MR ECO-DES MR ECO-MOD PROD/CHEM ECO-DES FY 2014 FY 2015 3Q16 YTD 2016 - For every $1,000/day increase in rates, EPS increases by $0.29 cents and Dividend increases by $0.17 cents (2) 15 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 costs incurred by commercial managers 2. Calculations based on existing cost structure and assume (a) fleet of 27 vessels, (b) utilization of 99.45%, (c) 33.6 mln shares and (d) dividend policy of paying out 60% of earnings from continuing operations. Assumes no change in tax rate, cost of debt or share count

Strong Balance Sheet BALANCE SHEET DATA As at US$ millions, unless otherwise stated Sept 30, 2016 Dec 31, 2015 Cash 53.0 40.1 Receivables, Inventories and Other Assets 38.7 38.2 Vessels held for sale 15.2 37.1 Vessels, Instalment Payments & Drydock 773.0 662.8 Total Assets 879.9 778.2 Payables and Accruals 14.9 15.6 Debt & Capital Lease Obligations (1) 457.3 415.0 Equity 407.8 347.6 Total Liabilities and Equity 879.9 778.2 Debt / Debt + Equity (2) 53.5% 54.9% Low Financial Leverage and every $1M increase in vessel values = $0.80 in NAV / share (3) 16 1. Debt balance includes impact of netting of deferred finance fees of $12.1 mln in 3Q16 ($8.6 mln in FY15) under US GAAP 2. Leverage calculation based on gross debt before netting of deferred finance fees. Gross debt of $469.4 mln 3Q16 / $423.6 mln FY15 3. 27 ships x $1 million = $27 million / 33.6 million shares = $0.80 / share; assumes no change in share count

Conservative Capital Structure Book value of vessel assets of ~$769.1 mln and gross debt of ~$469.4 mln as at Sept 30, 2016 (1) Low corporate leverage: ~54% as at Sept 30, 2016, with significant cash and liquidity balance Sale of Ardmore Centurion will reduce senior debt by an additional ~$9.4 mln in 4Q16 Post-acquisition debt is amortizing at ~$44.6 mln per year (No non-amortizing debt) Asset / Debt Profile (2) Senior Debt Repayments $17.4 $19.5 $11.1 $769.1 $788.3 $11.1 $469.4 $467.3 Vessel Assets @ 3Q16 Gross Debt @ 3Q16 4Q 2016 Committed Debt ProForma Vessel Assets 4Q16 17 1. Gross Debt excludes impact of netting of deferred finance fees as required under US GAAP ($469.4 mln - $12.1 mln = $457.3 mln) 2. Includes impact of sale of Ardmore Centurion in 4Q16 and reduction of ~$9.4 mln in senior debt ProForma Gross Debt 4Q16 1Q 2017 2Q 2017

Summary Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards 18

Summary Reported earnings from continuing operations of $10 mln YTD, including a loss of $1.8 mln or $0.05 per share for the third quarter Charter market experienced softness in the third quarter driven by reduced oil trading activity and global inventory destocking in tandem with reduced refinery throughput Refinery activity currently at low levels due to seasonal maintenance but is expected to increase significantly from 77 mbd in Oct 16 to ~81 mbd in Jan 17 Market remains closely balanced; small events lead to a surge in charter rates as highlighted by the recent Colonial pipeline outage where the MR Atlantic triangulation increased by over 200% to ~$25,000 / day (1). Additional cargo volumes plus seasonal factors of weather and port congestion provide a positive backdrop for rate increases through 4Q16 and into 1Q17 Medium-term demand outlook for MR product / chemical tankers continues to be positive; driven by continued oil consumption growth and increased output from export orientated refineries Supply outlook increasingly favourable; MR orderbook now at lowest point in over 20 years and set to decline by yearend to around 5%, resulting in supply growth well below demand growth for the foreseeable future. Meanwhile, ordering activity remains virtually non-existent Well positioned to take advantage of improving rates with a high quality fleet of 27 MR s with average age of 4 years; Every $1,000 Modern increase Fleet in charter of Eco-design rates across and Eco-mod fleet equates built at to high $0.29 quality in EPS Korean and $0.17 and Japanese in dividend shipyards (2) 19 1. Source: Broker reports 2. Calculations based on existing cost structure and assume (a) fleet of 27 vessels, (b) utilization of 99.45%, (c) 33.6 mln shares and (d) dividend policy of paying out 60% of earnings from continuing operations. Assumes no change in tax rate, cost of debt or share count. No dividend payable in period where earnings are negative.

Appendix Modern Fleet of Eco-design and Eco-mod built at high quality Korean and Japanese shipyards 20

Non-GAAP Measures NON-GAAP MEASURES Three months ended Nine months ended expressed in US$, unless otherwise stated Sept 30, 2016 Sept 30, 2015 Sept 30, 2016 Sept 30,2015 EBITDA & Adjusted EBITDA (1) Net profit / (loss) (4,799,925) 13,601,979 7,435,706 26,589,415 Interest income (66,174) (4,665) (107,425) (10,688) Interest expense and finance costs 3,901,112 3,806,461 12,294,821 7,945,689 Income tax 19,250 17,102 77,250 43,688 Depreciation 7,340,499 6,629,516 21,578,136 17,252,021 Amortization of deferred dry dock expenditure 771,282 447,775 2,050,091 1,617,799 EBITDA 7,166,044 24,498,168 43,328,579 53,437,924 Gain on disposal - - 451,962 - Loss on book value of asset held for sale (3,028,416) - (3,028,416) - Adjusted EBITDA 10,194,460 24,498,168 45,905,033 53,437,924 Earnings from Continuing Operations Net profit / (loss) (4,799,925) 13,601,979 7,435,706 26,589,415 Gain on disposal - - 451,962 - Loss on book value of asset held for sale (3,028,416) - (3,028,416) - Earnings from Continuing Operations (1,771,509) 13,601,979 10,012,160 26,589,415 Earnings from Continuing Operations per share ($/share) (2) (0.05) 0.52 0.35 1.02 Weighted average number of shares, basic and diluted 33,518,013 26,079,260 28,988,963 26,025,191 21 1. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. This non-gaap measure is presented in this presentation as the Company believes that it provides investors with a means of evaluating and understanding how Ardmore s management evaluates operating performance. This non-gaap measure should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with US GAAP. In addition, this non-gaap measure does not have a standardized meaning, and is therefore unlikely to be comparable to similar measures presented by other companies 2. Earnings per share from continuing operations is defined as earnings per share ( EPS ) reported under US GAAP as adjusted for unrealized and realized gains and losses and extraordinary items