Klaveness Combination Carriers

Investor Presentation • May 23, 2023

Company Presentation

Oslo, 23 May 2023

Important information and disclaimer

This presentation (the "Presentation") has been prepared by Klaveness Combination Carriers ASA (the "Company", and together with its subsidiaries, the "Group"), solely for information purposes.

The contents of this Presentation have not been reviewed by or registered with any regulatory authority or stock exchange and does not constitute a prospectus. The Presentation is for information purposes only and does not in itself constitute an offer to sell or issue or a solicitation of an offer to buy or acquire any securities in the Company in any jurisdiction or any inducement to enter into investment activity.

This Presentation should not be deemed to constitute investment advice by the Company or any of its directors, officers, agents, employees or advisers. By reading this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company, and that you must make your own independent assessment of the information contained in the Presentation after making such investigations and taking such advice as you deem necessary. In particular, any estimates, projections, opinions or other forward-looking statements contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should make its own verifications in relation to such matters. Each recipient should consult its own legal, business, investment and tax advisers to legal, business, investment, accounting, regulatory and tax advice.

This Presentation contains forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause the involved Group's actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. These statements are only predictions. Actual events or results may differ materially. In evaluating these statements, prospective investors should specifically consider various factors. These factors may cause the actual results to differ materially from any forward-looking statement. Although the Company believes that the expectations reflected in the forwardlooking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement.

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Agenda

Investment highlights

Company overview

Market and commercial update

Appendix

Investment highlights

1	Unique business model	✓ Unique vessel designs and commercial concept leading to superior earnings and trading performance: – Higher utilization through two laden legs and limited ballasting leading to 30-40% more revenue days – Flexibility to shift part of the capacity between dry and tank based on market performance – Substantial fuel cost advantage compared with standard vessels ✓ Exposure to three relatively uncorrelated markets (product tankers, dry bulk and bunker prices) securing downside protection and significant upside potential ✓ Lowest carbon shipping service in deepsea dry bulk and tanker business - 30-40% lower carbon footprint than competing standard vessels
2	Proven track record and attractive and robust platform	✓ Proven track record with more than 70 years of shipping experience – No loss in any financial year and consistent value creation over last 25 years – Outperformed spot earnings of standard tonnage by 1.4x on average in the period 2018-2022 – Strong operational performance with around 800 successful dry/wet switches performed by KCC's CABU and CLEANBU fleet ✓ High medium-term contract coverage with strong and long-term customer relationships ✓ Torvald Klaveness is a committed sponsor with long-term ownership perspective
3	Capitalizing on key macro trends	✓ Investor friendly financial policy with continued dividend payout potential USD 100/ton in bunker prices resulting in +/-USD 600-800/day in TCE earnings1) ✓ Positively impacted by higher fuel prices: +/- ✓ Stricter emission regulations with potential introduction of carbon taxes improve competitive advantage and increase TCE earnings ✓ Customer focus on emission reductions makes KCC the preferred shipping company in core trades ✓ Lithium refinery build-up in Australia for the growing production of electrical vehicles -positively impacting the CABU business in the years to come
4	Favorable market backdrop	✓ Historically low orderbook in both the dry bulk and the product tanker segment ✓ shipyards fully booked until 2nd half 2026 Limited yard capacity – ✓ Positive demand outlook for product tanker segment – substantially increased ton-mile demand in the product tanker market following substitution of Russian oil product imports ✓ Positive demand outlook for dry bulk segment - stronger post-COVID economic growth in China supporting an expected tighter dry bulk market

1) Bunker price sensitivity depends on several factors amongst others contract portfolio, trading efficiency and pricing of each individual trade

CABU III new investments substantially increase earnings capacity

Additional investmentswith estimated 5-7 years payback boosting earnings capacity¹

The CABU III newbuilds surpass CABU I vessels (built 2001-2007) in carrying capacity, cleaning capabilities, and fuel efficiency, boosting earnings capacity

based on fuel prices USD 750-1 100 pmt.

1) Estimated additional costs for higher cargo carrying capacity and energy efficiency measures. The payback of increasing carrying capacity/other upgrades is based on the estimated increased annual TCE earnings of these initiatives assuming a fuel cost of USD 750/mt. The estimated increased annual TCE earnings will further depend on factors such as freight rate levels and trading/operational efficiency.

5

CABU III demonstrating robust profitability based on historical earnings with considerable upside potential

10-year average (USD/day)

Simulated CABU III newbuild TCE earnings

Actual 2001-2007 built CABU I TCE earnings in Pacific trades (to/from Australia) USD/day1, 2

35 000

31 850

22 200 27 800 5 600 CABU I Pacific TCE earnings 10-year average Higher CABU III newbuild earnings capacity CABU III newbuild simulated TCE earnings +25%

Illustrative unlevered IRR based on simulated historical/current TCE earnings³

1) TCE earnings for CABU I vessels (built 2001-2007) in Pacific trades to/from Australia excluding positive/negative results of dry bulk derivative hedging. All CABU vessels are employed in Pacific trades. APM reference – see enclosures page 41-42. 2) 1H 2023 G = Average Q1 2023 Actual and Midpoint range for Q2 2023 guiding as presented in the Q1 2023 report. APM reference – see enclosures page 41-42. 3) CABU III Newbuild simulated TCE Earnings are based on historical Pacific CABU I TCE earnings adjusted for 25% higher earnings capacity. APM reference – see enclosures page 41-42. Simplified unlevered IRR calculation assumes 25 years useful life, basis contract price and 2022 CABU OPEX of USD 7 848/day. Calculations excludes pre-delivery cost and periodic drydocking.

6

The ordering of CABU III vessels is robust and competitive compared to standard tonnage

Illustrative required TCE earnings to achieve 11.5% IRR vs. 10-year average¹

Commentary

• Required return calculations basis newbuilding cost vs. 10-year historical earnings suggests that ordering CABU's today screen more profitable than ordering standard tonnage, resulting in more attractive risk/reward
• Unique market diversification, trading efficiency and industrial edge creates an unmatched robustness to KCC's CABU business
• The CABU business case is showcased to be more resilient and profitable throughout the cycle compared to standard tonnage

7

1) CABU III Newbuild 10-year average TCE earnings: CABU III Newbuild simulated TCE Earnings are based on historical Pacific CABU I TCE earnings adjusted for 25% higher earnings capacity. APM reference – see enclosures page 41-42. MR product tanker 10-year average TCE earnings: Clarksons SIN 2015 Built (ECO) vessel series in the period 2020-2023 YTD, and Clarksons MR long-run series in the period from 2013-2019 adjusted for 15% assumed earnings premium in the period. Kamsarmax 10-year average TCE earnings: Clarksons SIN 2015-built (ECO) series. Simplified required TCE earnings for 11.5% unlevered IRR calculations assumes 25 years useful life and excludes pre-delivery costs and periodic drydocking. Calculations assumes OPEX of USD 7 848/day for CABU III Newbuild (equal to CABU 2022 full-year OPEX/day), USD 6 300/day for MR product tanker and USD 4 300/day for Kamsarmax dry bulk vessel Source: Clarksons SIN and Clarksons Securities

Positioning KCC for growing caustic soda (CSS) imports to Australia CABU III newbuilds are key to KCC's target of growing CSS cargo volumes to Australia through increasing market share with current customers and adding cargo volumes from new importers

Location of main Australian CSS importers

• 3 new Australian lithium refineries: starting production in 2022-2024. Produce lithium hydroxide used in Lithium-ion (Li-ion) batteries for electric cars
• 2 sodium cyanide producers: expansion of one plant within 2028
• 6 alumina refineries: being amongst the most cost-competitive in the world. Stable CSS import volumes1)

# of CSS shipments p.a. to Australia shipped by KCC

KCC moving early to secure capacity - substantial replacement needs will have to be addressed in a tightening market

Dry bulk and product tanker orderbook and average fleet age¹

• Tonnage ordered in the previous super cycle now turning +15 years
• New environmental regulations expected to put pressure on vintage tonnage economics
• Tonnage demand expected to continue to grow

1) Clarksons SIN

Meanwhile, shipyard capacity has been dramatically reduced¹

• Replacement will have to be addressed in a tightening shipbuilding market preoccupied with serving customers in the container, RORO and LNG markets

C A B U I I I I N T R O D U C I N G A N E W E R A O F C A R B O N E F F I C I E N C Y

Through optimized design and energy efficiency measures, CABU III achieves 35% lower carbon footprint than CABU I and 50- 60% lower than standard vessels¹

Carbon footprint reductions of CABU III newbuilds vs. CABU I (built 2001-2007) in trades to/from Australia

Kg CO2 per

mt cargo transported

1) Calculations based on Baltic Exchange standard vessel descriptions and calculated average ballast distance of standard dry bulk and product tanker vessels recorded by AIS data in KCC CABU trades. Calculation excludes contribution from wind-assisted propulsion.

Agenda

Investment highlights

Company overview

Market and commercial update

Appendix

Klaveness Combination Carriers at a glance

A world leader in combination carriers with a strong sponsor

Solving and capitalizing on inefficiencies in deep-sea shipping

KCC's solution ~10% trading empty (ballast)

Panamax dry bulk ~40-50% trading empty (ballast)

Product tankers ~30% trading empty (ballast)

Delivering higher earnings over the cycle

Historical average TCE earnings¹ vs. standard tonnage

1) Average TCE earnings per on-hire day is an alternative performance measure (please see page 41-42 in enclosures for more details).

The CABU, a well proven logistics provider for the alumina industry

Key information Trading pattern

The CLEANBUs, LR1 product tankers and Kamsarmax dry bulk vessels

Key information Trading pattern

Key customers

Substantial barriers to entry

Design: Unique proprietary combination vessel design

Fleet size: Supporting customers need for flexibility

Crew: Operational excellence with extensive crew development

Track-record: Proven track-record in cleaning/switching between dry bulk and tanker cargoes

Market share: Extensive contract coverage for caustic soda

Customers: Strong and long relationships with customers

KCC's journey from consolidation of combi-activities in 2018

2023 onwards: Harvesting and development hand-in-hand

• Newbuilds strengthening the CABU position
• Positioned to harvest promising shipping markets and to be a leader in the transition to low carbon shipping

2018-1H 2021: Expansion

• Delivery of 8 x CLEANBU vessels
• CLEANBU delivery-delays and COVID-problems
• In general weak markets with short periods of strong markets
• Listed in Oslo (2019: Expand, 2021: Main list)
• Raised USD 23 million in equity for energy efficiency measures in November 2021 and USD 40 million in May 2019 to fund CLEANBU newbuilds

2H 2021-2023: Harvesting

• Successful introduction of the CLEANBUfleet
• Consolidating the CABU business in Australia trade
• Strong markets

2018

Consolidation of Torvald Klaveness' combination carrier business

Updated KCC Environmental Strategy

KCC's decarbonization journey continues

High focus on further efficiency improvements to reduce emissions

Future proof and profitable business model

1) Calculated based on standard vessels (Panamax/Kamsarmax dry, MR-tankers and LR1-tankers) making the same transportation work in the same trades as performed by KCC's CABU and CLEANBU vessels in the relevant period. 2) EEOI in the current main trades to/from Australia and South America excluding voyages with extraordinary long ballasting.

Agenda

Investment highlights

Company overview

Market and commercial update

Appendix

Tanker market maintaining strength while dry bulk earnings remain mediocre

Dry bulk market - considerable upside potential with higher Chinese growth

Solid tanker market fundamentals

Oil consumption and production

trending upwards¹ Low OECD oil inventories¹ High expectations for tonne-mile growth for product tankers²

KCC has secured fixed rate tanker CoAs at strong levels, while maintaining full dry bulk market upside

Fixed rate coverage Status index linked COAs

Trade	Expiry	% of dry or wet capacity2
CSS	Dec. 2027	~ 8%
CPP	Dec. 2023	~ 9%
Dry bulk	Dec. 2025	~23%

Comments

• Close to fully booked for Q2 2023
• CABU tanker capacity fully fixed for 2023
• 2 years T/C on MV Bass represents the only fixed-rate CLEANBU tanker coverage for 2H 2023
• Most of the dry bulk capacity open for 2H 2023

Q2 2023 set to be another strong quarter for KCC

Q2 2023 TCE earnings guiding vs. actual last two quarters

Estimate based on booked cargoes per 3 May 2023 and expected employment for open capacity basis forward freight pricing (FFA)¹ )

1) Note: CABU and CLEANBU TCE Earnings USD per on-hire day are alternative performance measure (please see page 41-42 in enclosures for more details)

Agenda

Investment highlights

Company overview

Market and commercial update

Appendix

Delivery and CAPEX overview

A subsidiary of the Company has a Letter of Intent for the contracting of 3 x CABU III vessels with Jiangsu New Yangzi Shipbuilding Co., Ltd (YZJ) with the following payment terms:

• Signing 10%
• Steel-cut 10%
• Keel laying 15%
• Launching 10%
• Delivery 55%

Expected delivery Q1 2026, Q2 2026 and Q3 2026

Expected timing of yard instalments			2023			2024					2025				2026			Total per vessel
Total investment (USD million)		Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Yard	Pre-delivery	Total
Vessel No.	Status
Vessel #1	Firm	-	5.64	-	-	-	-	5.64	-	8.46	5.64		31.02	-	-	-	56.40	4.10	60.50
Vessel #2	Firm	-	5.64	-	-	-	-	-	5.64	-	8.46	5.64	-	31.02	-	-	56.40	4.10	60.50
Vessel #3	Firm	-	5.64	-	-	-	-	-	-	5.64	-	8.46	5.64	-	31.02	-	56.40	4.10	60.50
Total investment #1-3		-	16.92	-	-	-	-	5.64	5.64	14.10	14.10	14.10	36.66	31.02	31.02	-	169.20	12.30	181.50

Fleet overview

Vessel	Type	Built	Yard	DWT
MV Barcarena	CABU I	March 2001	Oshima, Japan	72 562
MV Banastar	CABU I	October 2001	Oshima, Japan	72 562
MV Bangor	CABU I	October 2002	Oshima, Japan	72 562	~14.6
MV Bantry	CABU I	August 2005	Oshima, Japan	72 562	Average age
MV Bakkedal	CABU I	August 2007	Oshima, Japan	72 562	CABUs
MV Balboa	CABU II	September 2016	Ouhua Zhejiang, China	80 345
MV Baffin	CABU II	December 2016	Ouhua Zhejiang, China	80 345	~3.3
MV Ballard	CABU II	May 2017	Ouhua Zhejiang, China	80 345	Average age
MV Baru	CLEANBU	January 2019	YZJ, China	82 447	CLEANBUs
MV Barracuda	CLEANBU	July 2019	YZJ, China	82 447
MV Barramundi	CLEANBU	September 2019	YZJ, China	82 447
MV Baleen	CLEANBU	August 2020	YZJ, China	82 447	~9.0
MV Bangus	CLEANBU	October 2020	YZJ, China	82 447	Combined fleets
MV Baiacu	CLEANBU	January 2021	YZJ, China	82 447	average age
MV Bass	CLEANBU	March 2021	YZJ, China	82 447
MV Balzani	CLEANBU	May 2021	YZJ, China	82 447

Stronger earnings following completion of CLEANBU newbuild program in 2021

Profit and loss Q1 2023 record quarter supporting increased dividend distribution

USD million (unaudited accounts)	Q1 2023	Q4 2022	Quarterly Variance
Net revenues from operation of vessels	55.4	44.4	25%
Operating expenses, vessels	(11.4)	(13.6)	16%
SG&A	(3.0)	(2.6)	13%
EBITDA	41.0	28.1	46%
Depreciation	(8.5 )	(9.1)	7%
EBIT	32.5	19.0	71%
Net financial items	(4.2)	(3.7)	15%
Profit after tax	28.2	15.3	84%
Earnings per share1	0.54	0.29

Q1 2023	Q4 2022
Earnings per 1 share	Earnings per 1 share
0.54	0.29
Dividend per share2	Dividend per 2 share
0.40	0.30
ROCE3	ROCE3
21%	12%
ROE4	ROE4
37%	20%

Balance sheet Strong balance sheet supporting newbuild investment

USD million	31 Mar 2023 (unaudited)	31 Dec 2022 (audited)	Quarterly Variance
ASSETS
Non-current assets
Vessels	510.7	516.1	(5.3)
Other non-current assets	3.5	7.8	(4.3)	Q1 2023	Q4 2022
Current assets				Equity ratio1	Equity ratio1
Cash and cash equivalents	79.3	64.9	14.4
Other current assets	57.2	54.1	3.1	47 %	46 %
Total assets	650.8	642.9	8.0
EQUITY AND LIABILITIES				Available	Available
Equity	307.0	297.6	9.5	liquidity2	liquidity2
Non-current liabilities				USD 107.6 million	USD 94.8 million
Mortgage debt	152.8	156.5	(3.7)
Long-term financial liabilities	6.4	2.5	3.9
Long-term bond loan	66.4	70.0	(3.6)
Current liabilities
Short-term mortgage debt	91.2	92.8	(1.6)
Other interest-bearing liabilities	1.4	0.2	1.2
Other current liabilities	25.6	23.4	2.2
Total liabilities and equity	650.8	642.9	8.0

1) Equity ratio is an alternative performance measure (please see page 41 in enclosures for more details) 2) Available liquidity = Cash and cash equivalents plus available undrawn capacity under revolving credit facilities (USD 29.7 million). Short-term overdraft facility of USD 15 million included in the Q1 2023 presentation, not included.

Substantial free cash flow generation potential

Interest–bearing debt

Competitive financing

Debt maturities (USD million) Commentary

• Refinancing of the DNB/SEB facility with due date December 2023 and the /SEB/SR Bank/SPV facility with due date in October 2025, pushing due date to 2028. Subject to completion of customary documentation
• Average margin mortgage debt of approx. SOFR + 2.15% after the on-going refinancing has been finalized
• Unsecured bond debt fixed at all-in USD cost of 6.22%
• Strong bank group with longstanding relationships, trackrecord through the cycle and access to competitive terms

Experienced Management and Board of Directors

Ernst Meyer, Chair of the board

• Elected in 2022
• CEO of Torvald Klaveness
• Former Managing Director of Klaveness Ship Management AS
• Previously worked for DNV and Statoil Shipping/Navion
• MSc in Naval Architecture and Marine Engineering from the Norwegian University of Science and Technology (NTNU)

Gøran Andreassen, Board member

• Elected in 2022
• Chief Strategic Investment Officer of
• Previous experience includes Senior Partner in OMP Capital, Partner in Clarksons Platou and various managerial and engineering roles in DNV and Aker Solutions

• MSc in Mechanical Engineering from the Norwegian University of Science and Technology (NTNU)

• Torvald Klaveness

Winifred P. Johansen, Board member

• Elected in 2021
• SVP Commercial at Quantafuel
• Previous experience from Aker Solutions, Nexans and Volvo Car
• Corporation • Board member of
  • Quantafuel UK and Chair of Ocean Oasis
• Advisor to Antler • MSc in Mechanical Engineering from the Norwegian University of Science and Technology
• (NTNU) • MBA from the Robert Gordon University

Magne Øverås, Board member

• Elected in 2018
• CEO of EGD Shipholding
• Previous experience includes CEO of Utkilen, Cardo Partners and The Boston Consulting Group (BCG)
• Board member of Norwegian Hull Club, Mohn Drilling and Norwegian Shipowner's Association
• MSc in Naval Architecture from the Norwegian University of Science and Technology (NTNU) and ENSTA

Brita Eilertsen, Board member

• Elected in 2022
• Experience from investment banking and consulting institutions like SEB Enskilda, Orkla Finans and Touche Ross Management Consultants (today Deloitte)
• Board member of Novelda, Pareto Bank, Axactor and C World Wide
• MSc in Business from the Norwegian School of Economics (NHH)
• Certified Financial Analyst (CFA)

Engebret Dahm, CEO

• Appointed CEO in 2018
• Former Head of Combination Carriers in Torvald Klaveness
• Previous experience includes CEO of Norwegian Car Carriers and Crédit Agricole CIB
• in Paris • Board member of Oslo Shipowners' Association
• MSc in Business from the Norwegian School of Economics (NHH)

Liv Dyrnes, CFO

• Appointed CFO in 2018
• Former CFO in Torvald Klaveness
• Previous experience from DNB Bank
• Currently board member of Airthings and Cytovation and previously board member of Nordisk Defence Club
• MSc in Finance from the Norwegian School of Economics (NHH)

Detailed company structure

Overview of key services provided by Torvald Klaveness affiliated companies to Klaveness Combination Carriers companies¹

The Group has thirteen employees per end of April 2023.

Services provided by Torvald Klaveness companies are priced according to matrix below, at arm lengths and in line with OECD Transfer Pricing Guidelines.

	Pricing method	Overview of services
Business administration services	Cost + 5%	Accounting, treasury, legal, IT services, rent and office services ▪ Costs reported as "Group commercial and administrative services" ▪
Commercial services	Cost + 7.5%	▪ Dry bulk chartering, commercial operations, bunker purchasing, freight and bunker derivatives, dry bulk research and risk management ▪ Cost reported "Group commercial and administrative services"
Technical management	Fixed fee per vessel	▪ Ship management services included crewing ▪ Costs reported as part of OPEX
Newbuilds and other project management	Cost+ 5-7.5 %	▪ Site supervision and project management services for the newbuilds ▪ Vessel design and development expenses, technical discussions and negotiations with shipbuilders /sellers ▪ Energy efficiency projects ▪ Newbuild costs reported as part of delivered cost for vessels under construction ▪ Other project management costs reported as "Group commercial and administrative services"

Detailed 2023 contract coverage – wet

Contract coverage (slide 26)

CABU: CSS contract coverage

# of days	Q 2 2 3	Q3 23	Q4 23	2023	2H 2023
Fixed rate COA/Spot	325	212	227	764	439
Floating rate COA	23	80	90	193	170
Total contract days	348	321	349	1019	670
FFA coverage	$\overline{\phantom{0}}$	$\overline{\phantom{0}}$	-	$\overline{\phantom{0}}$	$\overline{\phantom{a}}$
Available wet days CABU	348	322	349	1019	671

Total wet contract coverage

Tank Total
# of days	Q 2 23	Q3 23	Q4 23	2023	2H 2023
Fixed rate COA/Spot	645	347	319	1 3 1 2	666
Floating rate COA	23	191	202	416	393
Total contract days	669	538	521	1728	1059
FFA coverage	٠		٠	$\overline{\phantom{0}}$
Available wet days	757	763	802	2 3 2 3	1565
Fixed rate coverage	85 %	46 %	40 %	56 %	43 %
Operational coverage	88%	71 %	65 %	74 %	68 %

CLEANBU: CPP contract coverage

# of days	Q 2 23	Q3 23	Q4 23	2023	2H 2023
Fixed rate COA/Spot	320	135	92	547	227
Floating rate COA		111	111	223	223
Total contract days	320	246	203	770	450
FFA coverage	۰	-	۰	$\blacksquare$
Available wet days CLEANBU	409	441	453	1 3 0 4	894

Detailed 2023 contract coverage – dry bulk

Contract coverage (slide 26)

Total dry bulk contract coverage

Alternative performance measures Appendix

Definitions and reconciliation

Alternative Performance Measures (APMs) are defined on the company's homepage: https://www.combinationcarriers.com/alternative-performance-measures All reports and presentations referred to below are published on the company's homepage: https://www.combinationcarriers.com/investor-relations/#reports-presentation.

• KCC Total TCE earnings per on-hire day for period 2009-Q1 2023 are reconciled on page 42.
• TCE earnings CABU I Pacific, for period 2013-1H 2023 Guiding and average last 5 and 10 years are reconciled on page 42.
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q1 2023 are reconciled in the quarterly report for Q1 2023, note 2 (page 16-17).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q4 2022 are reconciled in the quarterly report for Q4 2022, note 2 (page 17-18).
• Adjusted EBITDA for 2022 and 2021 are reconciled in appendix 1 (page 26) in Q4 2022 report published. Adjusted EBITDA for 2020 and 2019 are reconciled in Note 11 (page 25) in Q4 2020 report published. Adjusted EBITDA for 2018 are reconciled in Note 11 (page 24) in Q4 2019 report published.
• ROCE for Q1 2023 is reconciled in the quarterly report for Q1 2023, appendix 1, (page 25). ROCE for Q4 2022, is reconciled in the quarterly report for Q4 2022, appendix 1, (page 26).
• ROE for Q1 2023 and Q4 2022 are reconciled in the quarterly presentation for Q1 2023, appendix 1, slide 37.
• Equity ratio as per 31 March 2023 and 31 December 2022 are reconciled in the quarterly report for Q1 2023, appendix 1 (page 25).

Alternative performance measures Appendix

KCC Total
USD'000	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022 01 2023
Net revenues from operations of vessels	56 912	75 250	57 165	54 414	48 398	52 299	50 742	41 0 26	46 245	56 393	61 327	91 139	115 868	164 620	55 369
Other revenue	$\sim$	$\overline{\phantom{a}}$				$\sim$	$\sim$	$232 -$	603	675	15. $\sim$	134 $\sim$	$482 -$	396
Commercial fee to Klaveness AS/AS Klaveness Chi	2 1 4 5	2 969	2553	2540	2 264	2 450	2 798	2 183	2 5 2 2
IFRS 15 adjustment										373	680 $\sim$	746	390
Net revenue from operations of vessels
excommercial fee	59 057	78 219	59718	56 954	50 662	54 749	53 540	43 441	48 164	56 091	62 022	90 259	115 776	164 224	55 369
Onhiredays	2 1 7 1	2 143	1933	2 14 1	2 111	2 164	2 1 1 6	2 2 7 4	3 0 4 8	3 2 2 4	3 636	4 300	5 5 2 3	5 5 1 8	1430
TCE earnings \$/d	27 200	36 500	30 900	26 600	24 000	25 300	25 300	19 100	15 800	17 400	17060	20 990	20 961	29 764	38708

CABU
															1H 2023		Q2 2023
USD'000	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	GUIDING	Q1 2023	GUIDING
Net revenues from operations of vessels	56 912	75 250	57 165	54 4 14	48 398	52 299	50742	41 0 26	46 245	56 393	53 397	61 926	66 119	72 436	46 388	22 4 4 5	23 943
Other revenue	÷	÷	×	$\sim$	$\sim$	$\sim$	$\sim$	232	603	675	×	$\sim$	÷	÷
Commercial fee to Klaveness AS/AS Klaveness Chi	2 1 4 5	2 9 6 9	2553	2 5 4 0	2 2 6 4	2450	2798	2 1 8 3	2522	÷
IFRS 15 adjustment	÷	÷	٠	÷	$\sim$		÷	٠		373	123 ٠	234	177
Net revenue from operations of vessels ex
commercial fee	59 057	78 219	59718	56 954	50 662	54 749	53 540	43 441	48 164	56 091	53 520	61 692	66 296	72 436	46 388	22 445	23 943
Onhiredays	2 1 7 1	2 1 4 3	1933	2 1 4 1	2 1 1 1	2 1 6 4	2 1 1 6	2 2 7 4	3 0 4 8	3 2 2 4	3 1 7 1	3 1 0 2	3 0 7 3	2 7 0 3	1407	713	694
TCE earnings \$/d	27 200	36 500	30 900	26 600	24 000	25 300	25 300	19 100	15 800	17 400	16877	19886	21571	26 796	32 963	31 46 6	34 500
										AVERAGE CABU TCE earnings last 5 years						22 062 2018-1H 2023 GUIDING
CABU split earnings per basin
Pacific	59 057	78 219	59 718	56 954	50 662	54 749	46 637	35 892	32 013	39 760	40 080	46 369	49 500	66 974	46 388	22 445	23 943
Atlantic				٠.	۰.		6 9 0 3	7503	9 3 2 0	11 24 1	10 009	11 3 58	15 900	1376
Cross							$\overline{\phantom{a}}$	46	6831	5 0 9 0	3 4 3 1	3 9 6 5	896	4 0 8 6
TOTAL CABU Net revenue from operation of vessels
ex commercial fee	59 057	78 219	59718	56 954	50 662	54 749	53 540	43 441	48 164	56 091	53 520	61 692	66 296	72 436	46 388	22 445	23 943
CABU split onhire days per basin
Pacific	2 1 7 1	2 1 4 3	1933	2 1 4 1	2 1 1 1	2 1 6 4	1773	1875	1747	2 1 5 0	2 2 5 3	2 1 5 6	2 2 9 1	2 4 9 5	1407	713	694
Atlantic	٠		$\sim$	$\sim$	÷	$\sim$	343	365	814	734	667	649	680	65	$\sim$	$\sim$
Cross				÷	٠			34	488	340	251	297	102	144	$\sim$	$\sim$
TOTAL CABU Onhiredays	2 1 7 1	2 1 4 3	1933	2 1 4 1	2 1 1 1	2 1 6 4	2 1 1 6	2 2 4 0	3 0 4 8	3 2 2 4	3 1 7 1	3 1 0 2	3073	2 7 0 4	1407	713	694
TCE earnings Pacific \$/day	27 200	36 500	30 900	26 600	24 000	25 300	26 300	19 14 2	18 3 27	18 497	17792	21 502	21 606	26 843	32 963	31 4 6 6	34 500
Effect FFA hedge results, \$/day	$\sim$	$\overline{\phantom{a}}$	$\sim$	×.	$\sim$	.			108 $\sim$	22	640	737	4526	858	.	$\sim$	. .
TCE earnings Pacific \$/day, excl FFA hedging	27 200	36 500	30 900	26 600	24 000	25 300	26 300	19 14 2	18 4 35	18519	17 152	20 765	26 132	27 701	32 963	31 46 6	34 500
CABU I Average TCE earnings (VEP 100)					24 000	25 300	26 300	19 0 34	17670	17725	16 4 35	19868	25 1 23	26 735	31857
										AVERAGE CABU I PACIFIC last 5 years						22 590 2018-1H 2023 GUIDING
CARLIN CONTRACTOR					AVERAGE CABU I PACIFIC last 10 years			Allen	max	A	ALACA	ALANE	ALCOHOL	ALAMA	COLLE	22 212 2013-1H 2023 GUIDING

ICE earnings \$/day CABU Pacific	100 %	125 %
Werage CABU I last 5 years	22 590	28 200
Verage CABU II last 10 years	22 212	27800
2022 Actual	26 735	33 400
IH 2023 Guiding	31857	39 800