Pareto Securities' 31st Annual Energy Conference

Presentation by Engebret Dahm, CEO Oslo, 12 September 2024

Two segments built on the same concept

CABU introduced in 2001-17

CLEANBU introduced in 2019-21

Structural inefficiencies in standard shipping

Tank Dry bulk Ballast

Panamax dry bulk

~40 - 50%

trading empty/ballast

Product tankers

~30%

trading empty/ballast

KCC is capitalizing on inefficiencies..

…results in more paid days, less volatility in earnings and lower emissions

Source: AXSDry and Alphatanker

Serving large global markets and industry majors

Successfully scaled up a unique combi-business – preparing for new growth

2001-2017 2019-2021 2026 8 16 19 2028?→ ? CABU I & II (8 vessels) • Unique and proven combination carrier CLEANBU (8 vessels) CABU III (3 vessels) xBU ( ? vessels)

KCC fleet growth (# of vessels)

concepts • Robust operational platform
Expanding customer base and developing new trades
Strong track-record of successful introduction of new concepts

EFFIC I ENCY

DIVERSIFICATION

FLEXIBILITY

Substantially lower ballast and carbon footprint than standard vessels

Exposed to both dry bulk and product tanker markets

Optionality to shift capacity to the highest paying market

Flexible vessels create large optionality

CLEANBU fleet trading in % of capacity vs. LR1 and Kmax spot market earnings (\$/day)

10 000

20 000

30 000

40 000

50 000

60 000

Premium TCE-earnings at lower volatility than standard vessels

⁸ 1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2024 report. 2) Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings and CABU and CLEANBU onhire days. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings and CABU and CLEANBU onhire days.

Record strong earnings and positive outlook

Fleet TCE earnings1 (\$/day) EBITDA and EBT (USD millions)

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2024 report.

2) ROCE/ROE is based on annualized EBIT/Profit after tax for H1 2024. ROE and ROCE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2024 report.