Klaveness Combination Carriers

Investor Presentation • May 5, 2023

First Quarter 2023 Oslo, 5 May 2023

Agenda

Quarterly performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Q1 2023 - another record quarter

Strong performance is reflected in increasing dividends

1) Adjusted EBITDA for 2021 figures. Adjusted EBITDA is an alternative performance measure (please see slide 36 in enclosures for more details)

Agenda

Quarterly performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Tanker market maintaining strength while dry bulk earnings remain mediocre

TCE earnings and fuel price development¹

Dry bulk market - considerable upside with higher Chinese growth

Source: Klaveness Research

7

Solid tanker market fundamentals

Oil consumption and production trending upwards¹ Low OECD oil inventories¹ High expectations for tonne mile growth²

1) Source: EIA Short-Term Energy Outlook (STEO) April 2023, forecast period shows average Q2 and average Q3-Q4 2) Source: Clarksons SIN

8

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 slide 36 in enclosures for more details).

Higher dry bulk trading with seasonally low caustic soda shipment volume

10

Earnings impact from weak dry bulk market, Q2 looks better…

CABU dry bulk TCE earnings² vs. Panamax spot TCE earnings¹

\$/day

1) Source: Baltic Exchange / Clarksons SIN. Panamax earnings assume one-month advance cargo fixing / "lag" as of early May 2023 2) CABU TCE earnings is an alternative performance measure (please see slide 36 in enclosures for definition and slide 38 for reconciliation).

Highest CABU earnings to date

Quarterly TCE earnings (\$/day) Annual TCE earnings (\$/day)

CABU

Source: Baltic Exchange, Clarksons SIN Note: CABU TCE Earnings is an alternative performance measure (please see slide 36 in enclosures for more details). Dry bulk and MR Tanker TCE-earnings assume one-month advance cargo fixing / "lag"

Capturing value in a booming tanker market end 2022/early 2023

% of days in tanker and dry bulk trades % days in combination trades Ballast %

High CLEANBU tanker trading in Q1, but large quarterly variations

% of days in tanker market (LS) vs. LR1 spot TCE earnings (RS)¹

CLEANBU earnings fueled by strong CPP earnings

Quarterly TCE Earnings (\$/day) Annual TCE Earnings (\$/day)

Source: Baltic Exchange, Clarksons SIN Note: CABU TCE Earnings per on-hire day is an alternative performance measure (please see slide 36 in enclosures for more details). T x = MR Tanker multiple and B x = panamax dry bulker multiple Dry bulk and MR Tanker TCE-earnings assume one-month advance cargo fixing / "lag"

Agenda

Quarterly performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

EBITDA +46% Q-o-Q due to exceptionally strong earnings

EBITDA Q1 2023 compared to Q4 2022 (\$ millions)

OPEX following historical pattern with lower Q1 costs

Off-hire

OPEX (\$/day)

	Q4 2022	Q1 2023
On-hire days	1 416	1 430
Scheduled off-hire	1	-
Unscheduled off-hire	55	10

¹ Comments

• OPEX normally increase through the year
• CABU and CLEANBU OPEX/day down \$1 886/day and \$747/day Q-o-Q respectively mainly due to:
• Timing of procurement and crewing
• CLEANBU Q4 OPEX impacted by costs for claimed yard guarantee repairs
• COVID-19 management plan phased-out
• Limited unscheduled off-hire with 10 days in Q1 2023 mainly related to minor operational issues
• Three CABU vessels and four CLEANBU vessels are planned for periodic dry-dock in 2023, see more details in slide 33

Profit and loss Record quarter supporting increased dividend distribution

USD million			Quarterly
(unaudited accounts)	Q1 2023	Q4 2022	Variance
Net revenues from operation of vessels	55.4	44.4	25%	Q1 2023	Q4 2022
Operating expenses, vessels	(11.4)	(13.6)	16%	Earnings per	Earnings per
SG&A	(3.0)	(2.6)	13%	1 share	1 share
EBITDA	41.0	28.1	46%	\$0.54	\$0.29
Depreciation	(8.5 )	(9.1)	7%	Dividend per share2	Dividend per 2 share
EBIT	32.5	19.0	71%	\$0.40	\$0.30
Net financial items	(4.2)	(3.7)	15%	ROCE3	ROCE3
Profit after tax	28.2	15.3	84%	21%	12%
Earnings per share1	\$0.54	\$0.29
				ROE4	ROE4

37%

20%

Balance sheet

Solidity improving quarter by quarter

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				\$122.6 million	\$109.8 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 slide 36 in enclosures for more details) 2) Available liquidity = Cash and cash equivalents plus available undrawn capacity under revolving credit facilities (USD 29.7 million) and a short-term overdraft facility (USD 13.6 million)

Cash flow Solid first quarter cash generation

1) Including clearing 2) Including dry-docking

Comments

• Minor working capital changes in the quarter
• CAPEX is mainly prepayment of upcoming dry-dockings and energy efficiency investments
• Limited changes in undrawn part of available capacity on revolving credit facilities and a short-term overdraft facility

Interest–bearing debt

\$190 million mortgage debt refinancing credit approved with improved terms

Debt maturities (\$ millions) Key financing terms

Amount:	\$190 million
Up-sizing:	~ \$35 million
Repayment profile:	Close to 18 years age-adjusted
Tenor:	5 years
Pricing:	SOFR + 2.1%
Vessels:	6x CLEANBU vessel

• Refinancing of the DNB/SEB facility with due date December 2023 and the /SEB/SR Bank/SPV facility with due date in October 2025
• Terms such as financial covenants, minimum value clause, change of control and guarantee from Klaveness Combination Carriers ASA will remain in line with the existing facilities
• Subject to completion of customary documentation

Agenda

Quarterly performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Updated KCC Environmental Strategy

KCC's decarbonization journey has just begun

Environmental KPIs - temporary negative effects in Q1 2023

Agenda

Quarterly performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Dry bulk rebound on the top of strong tanker and fuel markets in 2H 2023 ?

Historical pricing and forward derivative pricing¹

Source: Klaveness, Baltic Exchange and Clarksons SIN as of May 2023 KMAX dry bulk vessel = P5TC, LR1 tanker = TC5 TCE, VLSFO = VSLFO Singapore. Forward TC5 TCE based on TC5 FFA assessment and forward VLSFO price.

Fixed rate tanker CoA secured at strong levels - full dry bulk market upside

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
• Fixed-rate coverage for open CABU tanker capacity in 2H 2023 is likely to be concluded over the next months
• 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

1) Coverage for total fleet as per 2 May 2023, fixed rate coverage =fixed rate contracts/cargoes + FFAs. See enclosures for more details. 2) In percent of total wet or total dry capacity in 2023

Q2 2023 set to be another strong quarter

Q2 2023 TCE-earnings guiding vs. actual last two quarters

Estimate based on booked cargoes 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 slide 36 in enclosures for more details)

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.

FUTURE BOUND

Estimated CAPEX next 12 months (\$ millions)

Energy efficiency measures

7.8

Detailed 2023 contract coverage – wet

Contract coverage (slide 28)

Available wet days CABU	348	322	349	1019	67
FFA coverage			-
Total contract days	348	273	303	924
Floating rate COA	23	80	90	193
Fixed rate COA/Spot	325	169	185	679	3
# of days	Q 2 2 3	Q3 23	Q4 23	2023	2H 20

CABU: CSS contract coverage

Total wet contract coverage

# of days	Q 2 2 3	Q3 23	Q4 23	2023	2H 2023
Fixed rate COA/Spot	617	304	277	1 1 9 8	581
Floating rate COA	23	191	202	416	393
Total contract days	641	495	479	1614	973
FFA coverage	$\overline{\phantom{a}}$	-	۰	$\overline{\phantom{0}}$	$\blacksquare$
Available wet days	820	763	802	2 3 8 6	1565
Fixed rate coverage	75 %	40 %	35 %	50 %	37 %
Operational coverage	78%	65%	60 %	68 %	62%

CLEANBU: CPP contract coverage

# of days	Q 2 23	Q3 23	Q4 23	2023	2H 2023
Fixed rate COA/Spot	292	135	92	519	227
Floating rate COA		111	111	223	223
Total contract days	292	246	203	742	450
FFA coverage	$\overline{\phantom{0}}$	$\sim$	$\overline{a}$	$\overline{\phantom{0}}$	۰
Available wet days CLEANBU	472	441	453	1367	894

Detailed 2023 contract coverage – dry bulk

Contract coverage (slide 28)

Total dry bulk contract coverage

Alternative performance measures used in the quarterly presentation

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.

• 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, 2022 and 2021 are reconciled in the quarterly report for Q4 2022, note 2 (page 17-18).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q3 2022 are reconciled in the quarterly report for Q3 2022, note 2 (page 15-16).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q2 2022 are reconciled in the quarterly report for Q2 2022, note 2 (page 17-18).
• KCC (CABU) TCE earnings for 2018 are reconciled in the quarterly presentation for Q4 2019, page 34. KCC TCE earnings for 2019 and 2020 are reconciled in the quarterly presentation for Q4 2020, page 18.
• CABU and CLEANBU OPEX/day (\$/day) for Q1 2023 and Q1 2022 are reconciled in the quarterly report for Q1 2023, note 2 (page 16-17).
• CABU and CLEANBU OPEX/day (\$/day) for Q4 2022 and 2022 are reconciled in the quarterly report for Q4 2022, note 2 (page 17-18).
• CABU and CLEANBU OPEX/day (\$/day) for Q3 2022 is reconciled in the quarterly report for Q3 2022, note 2 (page 15-16).
• CABU and CLEANBU OPEX/day (\$/day) for Q2 2022 is reconciled in the quarterly report for Q1 2022, note 2 (page 17-18).
• Adjusted EBITDA for Q4 2021 is reconciled in appendix 1 (page 26) in Q4 2022 report published.
• Adjusted EBITDA for Q3 2021 is reconciled in appendix 1 (page 25) in Q3 2022 report published.
• Adjusted EBITDA for Q2 2021 is reconciled in appendix 1 (page 27) in Q2 2022 report published.
• Equity ratio as per 31 March 2023 and 31 December 2022 are reconciled in the quarterly report for Q1 2023, appendix 1 (page 25).
• 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, Q1 2022, Q2 2022, Q3 2022, Q4 2022 and 2022 are reconciled in the quarterly presentation for Q1 2023, appendix 1, slide 37.

Alternative performance measures used in the quarterly presentation

Reconciliation of annualized Return on Equity (ROE) (slide 19)

Return on Equity (ROE)

Days and TCE earnings in tanker and dry bulk trades

(Slide 10, 11 and 13)

CABU	Q1 22	Q2 22	Q3 22	Q4 22	2022	Q1 23	CLEANBU	Q1 22	Q 2 2 2	Q3 22	Q4 22	2022	Q1 23
Dry earnings	12 291 068	11 512 462	8 8 5 2 4 1 8	4 850 653	37 506 601	3 650 815	Dry earnings	9 128 783	12 479 108	6 911 700	9 639 742	38 159 333	1 178 937
Wet earnings	4 922 033	11 014 438	8 577 745	13 136 945	37 651 161	17 917 237	Wet earnings	5 212 433	9 280 297	23 850 101	18 420 439	56 763 270	31 310 110
FFA and fuel hedge	$-726259$	$-997041$	$-86669$	82 708	$-1727261$	$-1680$	FFA and fuel hedge	$-841382$	$-1$ 154 787	$-207826$	62 706	$-2$ 141 289	75 443
adjustment load to discharge	157 242	$-106046$	-289 993	$-493359$	$-732156$	973 177	adjustment load to discharge	204 950	203 909	1028436	-730 176	$-700699$	481 514
Other non-voyage costs	$-93615$	71 354	$-86385$	$-149924$	$-258570$	$-94940$	Other non-voyage costs	-100 949	64 853	$-92502$	$-164096$	$-292694$	$-121515$
Net revenue	16 550 469	21 495 167	16 967 116	17 427 023	72 439 775	22 444 609	Net revenue	13 603 835	19 465 562	31 489 909	27 228 615	91 787 921	32 924 489
Dry days, in combi	221	256	323	272	1073	349	Dry days, in combi	273	331	195	380	1 1 7 9	62
Dry days, other	272	116		٠	388	26	Dry days, other	114			$\overline{\phantom{a}}$	114
Wet days, in combi	188	324.2	266	311	1 0 8 9	327	Wet days, in combi	329	243	423	267	1 2 6 3	427
Wet days other	$\sim$		60	94	154	12	Wet days other		85	82	92	259	228
Total days	681	696	649	677	2 7 0 3	713	Total days	716	659	700	740	2815	717
Dry days	72 %	53 %	50 %	40 %	54 %	53 %	Dry days	54 %	50 %	28 %	51 %	46 %	9%
Wet days	28 %	47 %	50 %	60 %	46 %	47 %	Wet days	46 %	50 %	72 %	49 %	54 %	91 %
Dry bulk earnings, TCE \$/d	24 911	30 947	27 373	17853	25 681	9738	Dry bulk earnings, TCE \$/d	23 5 95	37 690	35 481	25 348	29 510	19 10 8
Wet earnings, TCE \$/d	26 195	33 974	26 3 20	32 445	30 29 3	52 947	Wet earnings, TCE \$/d	15824	28 3 28	47 209	51 268	37 307	47809
Average TCE \$/d	24 294	30 876	26 132	25 757	26 796	31 4 6 6	Average TCE \$/d	18 991	29 5 5 8	44 990	36812	32 608	45 911