ARDMORE SHIPPING CORP

Ticker: ASC CUSIP: Y0207T100 Class: Common Stock

Pine River Capital Management L.P.'s Holding History (CIK: 0001288136)

Note: Option positions (PUT/CALL) are excluded.

Q4 2015

Shares 754,005 Value ($000) $9,591 Avg Close $10.03 Range $8.94 - $11.78

Q3 2015

Shares 382,185 Value ($000) $4,617 Avg Close $9.69 Range $7.56 - $11.73

Q2 2015

Shares 167,562 Value ($000) $2,029 Avg Close $9.07 Range $7.74 - $10.35

Q1 2015

Shares 295,451 Value ($000) $2,975 Avg Close $8.40 Range $7.37 - $9.58

Q4 2014

Shares 313,172 Value ($000) $3,749 Avg Close $7.91 Range $6.25 - $9.22

Q3 2014

Shares 313,172 Value ($000) $3,413 Avg Close $9.62 Range $8.19 - $10.39

Q2 2014

Shares 313,172 Value ($000) $4,331 Avg Close $10.14 Range $9.09 - $11.25

Q1 2014

Shares 726,372 Value ($000) $9,661 Avg Close $10.37 Range $9.30 - $11.42

Q4 2013

Shares 401,372 Value ($000) $6,245 Avg Close $9.71 Range $8.35 - $11.74

Q3 2013

Shares 400,000 Value ($000) $4,856 Avg Close $9.89 Range $8.85 - $10.36

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2015	754,005	$9,591	$10.03	$8.94 - $11.78
Q3 2015	382,185	$4,617	$9.69	$7.56 - $11.73
Q2 2015	167,562	$2,029	$9.07	$7.74 - $10.35
Q1 2015	295,451	$2,975	$8.40	$7.37 - $9.58
Q4 2014	313,172	$3,749	$7.91	$6.25 - $9.22
Q3 2014	313,172	$3,413	$9.62	$8.19 - $10.39
Q2 2014	313,172	$4,331	$10.14	$9.09 - $11.25
Q1 2014	726,372	$9,661	$10.37	$9.30 - $11.42
Q4 2013	401,372	$6,245	$9.71	$8.35 - $11.74
Q3 2013	400,000	$4,856	$9.89	$8.85 - $10.36