Klaveness Combination Carriers

Investor Presentation • Nov 3, 2022

Third Quarter 2022 Oslo, 3 November 2022

Disclaimer

This presentation has been prepared by Klaveness Combination Carriers ASA (the "Company") and is furnished to you for information purposes only and may not be reproduced or redistributed, in whole or in part, to any other person. The presentation does not constitute or form part of any offering of securities, and the contents of this presentation have not been reviewed by any regulatory authority.

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Klaveness Combination Carriers ASA

1	Highlights Q3 2023
2	Lowest carbon emissions
3	Lower earnings volatility
4	Higher earnings vs. standard vessels
5	Summary and outlook

Record high TCE-earnings and results in Q3 – Strong outlook for next quarters

Dry bulk market

Product tanker market

Fuel market

Q3 2022 KCC average TCE earnings USD per on-hire day¹and multiple to standard markets

Note: KCC average TCE Earnings USD per on-hire day is an alternative performance measure (please see slide 41 in enclosures for more details) 1) Dry bulk and MR Tanker TCE earnings assume one month advance cargo fixing / "lag"

Best ever quarterly financial results

Note: Adjusted EBITDA is an alternative performance measure (please see slide 41 in enclosures for more details)

Continued solid increase in dividends

1	Highlights Q3 2022
2	Lowest carbon emissions
3	Lower earnings volatility
4	Higher earnings vs. standard vessels
5	Summary and outlook

Lowest carbon shipping solution

Maximum operational efficiency through combination trading

KCC's energy efficiency program further strengthens the carbon efficiency advantage

Illustration: CO² emission per metric ton transported for 2016-2021 built KCC vessels

Continued CO² emission reductions in 2022

1) gram CO² per transported ton cargo per nautical mile

New environmental strategy for the period 2023-2050 To be released in Q1 2023 – stay tuned!

• Lessons learned
• Revised targets and ambitions
• Honest and transparent approach

1	Highlights Q3 2022
2	Lowest carbon emissions
3	Lower earnings volatility
4	Higher earnings vs. standard vessels
5	Summary and outlook

Lower earnings volatility | Flexibility and diversification from 3 markets

Source: Clarksons SIN

LR1 Tanker = Clarksons Securities LR1 triangulated spot earnings 13

Weaker dry bulk markets to date in second half 2022

Softer 2023 outlook for dry bulk market, but still quite balanced

Commodity Share per Segment – 2021

Dry bulk fleet is expected to grow only 1.3% in 2023…

Fleet growth (mnDWT)

…and demand in the Panamax segment is expected to be strong with high demand for coal and grains…

…however, total demand growth hinges on Chinese real estate and global industrial production

Source: Klaveness Research

Strong tanker market fundamentals

Bullish 2023 outlook for product tankers – all eyes on Russian exports

Large potential positive ton-mile effect of EU ban on Russian oil product imports

Possible recession would hamper oil consumption and product shipments

8% % Y-o-y growth in global oil consumption and GDP growth

Q4 close to fully booked

1) Coverage for total fleet as per end October 2022, fixed rate coverage =fixed rate contracts/cargoes + FFAs. See enclosures for more details.

2) In percent of total wet and total dry capacity in 2023

5	Summary and outlook
4	Higher earnings vs. standard vessels
3	Lower earnings volatility
2	Lowest carbon emissions
1	Highlights Q3 2022

Getting the best out of both the tanker and dry bulk markets

20 1) Bulk carrier spot earnings is average of the 4 Spot Routes for Baltic Panamax Index (P4TC) and 5 spot routes for Baltic Kamsarmax index (P5TC _82) weighted based on CABU and CLEANBU on-hire days. Clarksons average MR Clean spot earnings and LR1 triangulated spot earnings \$/day weighted based on CABU and CLEANBU on-hire days. Source: Company data and Clarksons / SIN. KCC fleet average historical TCE earnings are defined and reconciled in enclosures to the presentation (slide 41) (Alternative performance measures).

CABU | Improving trading efficiency after all vessels back in Australia trade

CABU Q3 TCE earnings still historically strong

Source: Baltic Exchange, Clarksons SIN

Note: CABU TCE Earnings per on-hire day is an alternative performance measure (please see slide 41 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"

CLEANBU | Continued efficient combination trading

% of days in tanker and dry bulk trades CLEANBU % days in combi CLEANBU Ballast % ¹

CLEANBU TCE earnings 56% higher than last quarter

Quarterly CLEANBU TCE Earnings USD per on-hire day Annual CLEANBU TCE Earnings USD per on-hire day

Source: Clarksons, Baltic Exchange

Note: CLEANBU TCE Earnings USD per on-hire day is an alternative performance measure (please see 41 in enclosures for more details) T x = LR1 Tanker multiple and B x = kamsarmax dry bulker multiple.

Dry bulk and MR Tanker TCE earnings assume one month advance cargo fixing / "lag"

Another quarter with record-high EBITDA

Adjusted EBITDA¹ last five quarters (MUSD)

Quarter-on-quarter adjusted EBITDA¹ (MUSD) Q3 2022 vs Q2 2022

OPEX per day down in Q3 for both segments

CABU OPEX \$/day CLEANBU OPEX \$/day

Average per annum Actual per quarter

1) CABU/CLEANBU OPEX/day is an alternative performance measure (please see slide 41 in enclosures for more details)

Dividends up 30% Q-o-Q based on record strong financial results

Income statement (MUSD)	Q3 2022	Q2 2022	Δ%
Net revenues from operation of vessels	48.8	41.3	18%
Operating expenses, vessels	(12.0)	(12.6)	4%
SG&A	(2.3)	(2.2)	7%
EBITDA	34.5	26.6	30%
EBITDA adjusted	34.5	26.6	30%
Depreciation	(8.0)	(7.2)	12%
EBIT	26.4	19.4	36%
Net financial items	(4.5)	(3.2)	38%
Profit/(loss)	22.0	16.2	36%
EPS (cents/share)1	42.0	30.9
DPS (cents/share)2	30.0	23.0
ROCE3	17%	13%
On-hire days	1 349	1 456
Off-hire days	123	102

1) Basic earnings per share 2) Dividend for Q3 2022 approved 2 November 2022 and to be distributed in Q4 2022 3) Annualized EBIT for the quarter. ROCE is an alternative performance measure (please see slide 41 in enclosures for more details). EBITDA adjusted is an alternative performance measure (please see slide 41 in enclosures for more details).

Solid cash position but impacted by temporary working capital changes

(MUSD)

Building solidity through the quarter

• Equity ratio¹of 46.1%, + 2.5%-points from end of Q2 2022
• First major refinancing December 2023, process initiated

1	Highlights Q3 2022
2	Lowest carbon emissions
3	Lower earnings volatility
4	Higher earnings vs. standard vessels
5	Summary and outlook

Outlook next 12 months: High expectations for the tanker and oil markets

Historical and illustrative future prices¹

CABU | Expect solid increase in 2023 caustic soda COA cargo volume and pricing

Limited CABU tanker spot market exposure in 2022

% share of CABU tanker days

Strong MR-tanker market driving CABU 2023 COA pricing

12 months T/C-rates for 47-48,000 Dwt MR-tankers (USD/day)

CLEANBU | Maximizing tanker days in the best combi-trades

Fewer tanker days in Q4 compared to Q3 Expected to be higher in 2023

% of CLEANBU days in tanker market

Building index-linked tanker (CPP) COA book to secure trading in best combi-trades

15%

15-30%

30-45%

Continued strong Q4 2022 TCE earnings outlook

TCE earnings USD/day

Q4 2022 Guiding: Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)1)

Future proof and profitable business model

2

Lower earnings volatility

TCE earnings and fuel prices

FUTURE BOUND

Enclosures

Detailed 2022-2023 contract coverage – wet

Contract coverage (slide 18)

		CABU: CSS contract coverage

# of days	Q4 2022	Q1-23	02-23	03-23	04-23	2 023
Fixed rate COA/Spot	271	80	50	50	50	230
Floating rate COA	33	80	71	73	ਦਰੇ	292
Total contract days	304	160	121	123	119	522
FFA coverage
Available wet days CABU	326	303 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------	309	330	317	1 259

Total wet contract coverage

# of days	Q4 2022	01-23	02-23	03-23	Q4-23	2023
Fixed rate COA/Spot	546	91	50	50	50	241
Floating rate COA	33	133	123	125	121	502
Total contract days	579	224	173	175	171	743
FFA coverage
Available wet days	679	680	679	651	685	2 696
Fixed rate coverage	80 %	13 %	7 %	8 %	7 %	9 %
Operational coverage	85 %	33 %	25 % -	27 %	25 %	28 %

CLEANBU: CPP contract coverage

# of days	Q4 2022	01-23	Q2-23	03-23	Q4-23	2023
Fixed rate COA/Spot	275	11				11
Floating rate COA		53	53	53	53	210
Total contract days	275	64	53	53	53	221
FFA coverage
Available wet days CLEANBU	353	377 - -	371	321	368	1 437

Detailed 2022-2023 contract coverage – dry bulk

Contract coverage (slide 18)

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 Q3 2022, Q3 2022YTD and Q3 2021 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 and Q2 2021 are reconciled in the quarterly report for Q2 2022, note 2 (page 17-18).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q1 2022 and Q1 2021 are reconciled in the quarterly report for Q1 2022, note 2 (page 15).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q4 2021 and 2021 are reconciled in the quarterly report for Q4 2021, note 2 (page 16-17).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q4 2020 and 2020 are reconciled in the quarterly report for Q4 2020, note 2 (page 17-18).
• KCC (CABU) TCE earnings for 2009-2017 are reconciled in the 2020 January Company Presentation, page 38. 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 Q3 2022 and Q3 2021 are reconciled in the quarterly report for Q3 2022, note 2 (page 15-16).
• CABU and CLEANBU OPEX/day (\$/day) for Q2 2022 and Q2 2021, 1H 2022 and 1H 2021 are reconciled in the quarterly report for Q1 2022, note 2 (page 17-18).
• CABU and CLEANBU OPEX/day (\$/day) for Q1 2022 is reconciled in the quarterly report for Q1 2022, note 2 (page 15).
• CABU and CLEANBU OPEX/day (\$/day) for Q4 2021, 2021 and 2020 are reconciled in the quarterly report for Q4 2021, note 2 (page 16-17).
• Adjusted EBITDA for Q3 2022 and Q3 2021 are reconciled in appendix 1 (page 25) in Q3 2022 report published.
• Adjusted EBITDA for Q2 2022 and Q2 2021, 1H 2022 and 1H 2021 are reconciled in appendix 1 (page 27) in Q2 2022 report published.
• Adjusted EBITDA for Q1 2022 and Q1 2021 are reconciled in appendix 1 (page 23) in Q1 2022 report published.
• Adjusted EBITDA for Q4 2021, Q4 2020, 2021 and 2020 are reconciled in appendix 1 (page 26) in Q4 2021 report published.
• Equity ratio as per 30 September 2022 is reconciled in the quarterly report for Q3 2022, appendix 1 (page 25-26). Equity ratio as per 30 June 2022 is reconciled in the quarterly report for Q2 2022, appendix 1 (page 27-28).
• ROCE for Q3-22 is reconciled in the quarterly report for Q3 2022, appendix 1, page 25-26. ROCE for Q2-22 is reconciled in the quarterly report for Q2 2022, appendix 1, page 27-28.

Days and earnings in tanker and dry bulk trades

(Slide 21 and 23)

CABU	Q1-22	Q2-22	Q3-22
Dry earnings	12 291 068	11 512 462	8 852 418
Wet earnings	4 922 033	11 014 438	8 577 745
FFA and fuel hedge	-726 259	-997041	-86 669
Adjustment	157 242	-106 046	-289 993
Other non-voyage costs	-93 615	71 354	-86 385
Net revenue	16 550 469	21 495 167	16 967 116
Dry days, in combi	221	256	333
Dry days, other	272	116
Wet days, in combi	188	324,2	266
Wet days other			60
Total days	681	ear	ਦਿੱਤੇ
Dry days	72 %	53 %	50 %
Wet days	28 %	47 %	50 %
Dry bulk earnings, TCE \$/d	24 911	30 947	27 373
Wet earnings, TCE \$/d	26 195	33 974	26 320
Average TCE \$/d	24 294	30 876	26 132

CLEANBU	Q1-22	Q2-22	Q3-22
Dry earnings	9 128 783	12 479 108	6 911 700
Wet earnings	5 212 433	9 280 297	23 850 101
FFA and fuel hedge	-841 382	-1 154 787	-207 826
adjustment load to discharge	204 950	-1 203 909	1 028 436
Other non-voyage costs	-100 949	64 853	-92 502
Net revenue	13 603 835	19 465 562	31 489 909
Dry days, in combi	273	331	195
Dry days, other	114
Wet days, in combi	329	243	423
Wet days other		85	82
Total days	716	ਦਿੰਦਰ	700
Dry days	54 %	50 %	28 %
Wet days	46 %	50 %	72 %
Dry bulk earnings, TCE \$/d	23 595	37 690	35 481
Wet earnings, TCE \$/d	15 824	28 328	47 209
Average TCE S/d	18 991	29 558	44 990