Klaveness Combination Carriers

Investor Presentation • Apr 27, 2021

First Quarter 2021 Oslo, 27 April 2021

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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Highlights Q1 2021

KCC is the world leader in combination carriers shipping tanker cargoes into dry bulk export hubs

Proving value of combi-concept in a poor tanker market

Note: CABU and CLEANBU TCE Earnings USD per on-hire day is an alternative performance measure (please see slide 38 in enclosures for more details)

EBITDA impacted by poor tanker market and delivery of two newbuilds

Note: Adjusted EBITDA is an alternative performance measure (please see slide 38 in enclosures for more details)

Continued quarterly dividend payments – same as four last quarters

Future proof and profitable business model

1 The most carbon efficient deep-sea shipping solution

2 Diversified market exposure and COA portfolio reduce earnings volatility

3 Premium earnings vs. standard vessels

Substantial cuts in CO² emission in the CLEANBU's Atlantic trading

Standard Kamsarmax and

6 580 mt 4 131 mt Standard vessels Kamsarmax bulker +LR1 tanker CLEANBU -35%

Reducing carbon tax risk exposure in trades to/from Europe

emission trading system from 2022

Shipping to be included in EU's

Continued steep rise in EUA prices this spring..

Large savings in carbon taxes by using CLEANBUs

Expect to see results of efficiency improvement initiatives in 2H 2021

4,4

2030

1 The most carbon efficient deep-sea shipping solution

2 Diversified market exposure and COA portfolio reduce earnings volatility

3 Premium earnings vs. standard vessels

Flexibility and diversification from 3 markets reduce KCC's earnings volatility

16

Tanker market in the process of rebalancing

Source: Bloomberg, EIA, Clarksons SIN

15

Considerable and growing tanker market coverage for 2021

Tanker market coverage² LR1 tanker forward curve¹

TC5 TCE-earnings USD/day Coverage as % of on-hire days

1) Source: Baltic exchange

2) Coverage for total fleet as per 25 April 2021, F = fixed rate coverage (fixed rate contracts/cargoes + FFAs), O = Operational coverage (fixed rate and index linked contracts/cargoes)

Positive market outlook for dry bulk

Around 50% fixed rate dry bulk coverage for second half in 2021

Panamax P4TC TCE-earnings USD/day

Dry bulk market coverage Dry bulk forward curve^{1 2}

Coverage as % of on-hire days

2) Coverage for total fleet as per 25 April 2021, F = fixed rate coverage (fixed rate contracts/cargoes + FFAs), O = Operational coverage (fixed rate and index linked contracts/cargoes)

18

2 Diversified market exposure and COA portfolio reduce earnings volatility

3 Premium earnings vs. standard vessels

CABU Q1 TCE earnings outperforming standard markets

Annual CABU TCE Earnings USD per on-hire day

Source: Baltic Exchange, Clarksons Note: CABU TCE Earnings per onhire day is an alternative performance measure (please see slide 38 in enclosures for more details), T x = MR Tanker multiple and B x = panamax dry bulker multiple.

The CABUs capitalizing on strong dry bulk market in Q2 2021

Full positive effect of strong dry bulk market in Q2 after limited impact in Q1:

• Low earnings on positioning to dry-dock (1/3 of dry days in Q1)
• Lag effects in Q1 on dry bulk fixings
• Concluded strong dry bulk shipments will have considerably positive effects on CABU Q2 results

CABU Dry bulk earnings vs Panamax spot rates (P4TC) USD per on-hire day

Step by step building efficient CLEANBU trading patterns

Strong CLEANBU TCE earnings in a weak tanker market

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 slide 38 in enclosures for more details)

Allocate CLEANBU capacity to dry bulk while growing combi-trading

Adjusted EBITDA down 16% Q-o-Q mainly due to a poor tanker market

Quarter-on-quarter adjusted EBITDA¹ (MUSD) Q1 2021 vs Q4 2020

Full fleet on water during second quarter

Positive development in OPEX and off-hire, but expected to be volatile on a quarterly basis

Despite a weaker financial result, the combi-concept continues to demonstrate the value of flexibility and diversification

Income Statement (USDm)	Q1 2021	Q4 2020	% change
Net revenue	21.1	22.9	(8%)
Operating expenses, vsls	(11.1)	(10.8)	3%
SG&A	(1.7)	(1.8)	(2%)
EBITDA	8.3	10.3	(20%)
EBITDA adjusted1	9.2	11.0	(16%)
EBIT	1.3	4.7	(73%)
Net financial items	(3.3)	(3.5)	(5%)
Tax	-	-	-
Profit after tax	(2.0)	1.2	-
EPS	(0.04)	0.02	-

Cash position and balance sheet in line with expectations

Summary & Outlook

Summary & outlook

Strong CABU Q2 2021 TCE earnings guiding – CLEANBU phase-in effects in Q2 Q2-Q4 2021 Outlook

TCE earnings USD/day

• Weak tanker market likely to continue into Q3 2021, but upside potential into the autumn/winter
• Continued strong dry bulk market although likely to soften over the coming months
• Set to increase CABU caustic soda contract coverage
• Last CLEANBU newbuild delivery in end May– full fleet in service and lower phase-in costs from Q3 2021.
• Expanding CLEANBU combi-trades

Note: CABU and CLEANBU TCE Earnings USD per onhire day are alternative performance measure (please see slide 38 in enclosures for more details)

Future proof and profitable business model

FUTURE BOUND

Enclosures

Detailed 2021 contract coverage

Contract coverage

	CABU: CSS contract coverage

Dry bulk contract coverage
(P4TC)

CLEANBU: CPP contract coverage

# of days	02-21	03-21	04-21	2021 Tot	1H-21	2H-21
Fixed rate COA/Spot	83	25	0	108	83	25
Floating rate COA	36	36	36	108	36	72
Total contract days	119	61	36	216	119	97
FFA coverage	0	0	0	$\bf{0}$	0	0
Available wet days	188	335	343	866	188	678

2021 Estimated CAPEX (USDmn) 1

Debt schedule (USDmn)

• Margin on vessel mortgage debt of 2.3 – 2.75% + LIBOR²

• Fixed rate swaps of USD109 million with varying durations and average fixed rate of 1.6%

• Bond loan swapped to USD fixed rate of 6.22% at USDNOK rate of ~9.15
• First vessel mortgage maturity falls due in March 2022 the facility finances seven 2001 to 2017 built CABU vessels

1) Notes to repayment overview: Overview assumes full drawdown on RCF facilities, overdraft facility not included in overview, KCC04 shown at hedged USD amount 2) One debt facility also includes a sustainability margin adjustment of +/-10 bps depending on sustainability performance KPIs

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 TCE earnings per on-hire day for Q1 2021 are reconciled in the quarterly report for Q1 2021, note 2 (page 14).
• CABU and CLEANBU 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).
• CABU and CLEANBU TCE earnings per on-hire day for Q3 2020 is reconciled in the quarterly report for Q3 2020, note 2 (page 16-17).
• CABU and CLEANBU TCE earnings per on-hire day for Q2 2020 are reconciled in the quarterly report for Q2 2020, note 2 (page 16-17).
• CABU and CLEANBU TCE earnings per on-hire day for Q1 2020 are reconciled in the quarterly report for Q1 2020, note 2 (page 16-17).
• CABU and CLEANBU OPEX/day (\$/day) for Q1 2021 are reconciled in the quarterly report for Q1 2021, note 2 (page 14).
• CABU and CLEANBU OPEX/day (\$/day) for Q4 2020 and 2020 are reconciled in the quarterly report for Q4 2020, note 2 (page 17-18).
• CABU and CLEANBU OPEX/day (\$/day) for Q3 2020 are reconciled in the quarterly report for Q3 2020, note 2 (page 16-17).
• CABU and CLEANBU OPEX/day (\$/day) for Q2 2020 and Q1 2020 are reconciled in the quarterly report for respectively Q2 2020 and Q1 2020, note 2 (page 16).
• Adjusted EBITDA for Q1 2021 is reconciled in Note 11 (page 21) in Q1 2021 report published.
• Adjusted EBITDA for Q4 2020 and 2020 are reconciled in Note 11 (page 25) in Q4 2020 report published.
• Equity ratio for 31 March 2021 is reconciled in the quarterly report for Q1 2021, note 11 (page 21-22). Equity ratio for 31 December 2020 and 31 December 2019 are reconciled in the quarterly report for Q4 2020, note 11 (page 25-26). Equity ratio for 30.06.2020 is reconciled in the quarterly report for Q2 2020, note 11 (page 24-25).