((base * rock skin * vial) + equipment) * hard shell * blessing of ares * warrior bonus = AC
probably
at the very end /shadow penalty if aplicable
exact numbers without any vial and anything in rockskin, hardshell is not showing and with blessing of ares and with warrior bonus:
Total:
AC: 1332 (+967)
Base
AC: 100
so without any penalty:
(100+967)*1.05*1.25 = 1401
1332/1401=0.95= 95% => which means the AC is 5% lower than without any penalties
I hope this clears the confusion with wrong info on trusted sources.

