Klaveness Combination Carriers

Investor Presentation • Nov 18, 2020

Third quarter 2020 Oslo, 18 November 2020

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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Company introduction

A unique seaborne transportation system

Transporting dry bulk and wet cargoes with safe and efficient cleaning/switching

CABU | Well proven shipping solution for the alumina industry

CLEANBU | KCC's growth business with a substantial addressable market

Future proof and profitable business model

Our priority # 1: Ensuring the health and safety of our seafarers

TCE earnings outperforming standard markets

Q3 2020 CABU and CLEANBU TCE earnings USD per on-hire day Adjusted EBITDA USD million

.. but results impacted by dockings, newbuild delivery and COVID-19 effects

Note: CABU and CLEANBU TCE Earnings USD per on-hire day is an alternative performance measure (please see slide 39 in enclosures for more details) Adjusted EBITDA is an alternative performance measure (please see slide 39 in enclosures for more details)

10

Strong start to CABU 2021 caustic soda contract season

~66% Full year contract coverage

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

Shipping to be included in EU's emission trading market from 2022

First of likely more carbon taxes on shipping Higher carbon taxes necessary to incentivize fuel switch

Fuel / fuel equivalent prices USD pmt

Emission reductions will become an integrated part of chartering decisions

• Standardized reporting based on EEOI
• Benchmarking compared to IMO 2030/2050 trajectory

Customers driving decarbonization agenda… ..seeking the most efficient way of reducing CO2 emissions

Focused on meeting decarbonization targets

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

Market development YTD 2020 demonstrates the value of diversification¹

Considerable and growing tanker market coverage for 2021

Tanker market coverage² Tanker forward curve¹

1) Source: Baltic exchange

2) Coverage for total fleet as per end of October 2020, F = fixed rate coverage (fixed rate contracts/cargoes + FFAs), O = Operational coverage (fixed rate and index linked contracts/cargoes)

19

Taking more dry bulk market exposure, but 2021 coverage likely to grow..

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

1) Source: Baltic exchange

2) Coverage for total fleet as per end of October 2020, F = fixed rate coverage (fixed rate contracts/cargoes + FFAs), O = Operational coverage (fixed rate and index linked contracts/cargoes)

20

2 Diversified market exposure and COA portfolio reduce earnings volatility

3 Premium earnings vs. standard vessels

Strong CABU earnings driven by high CSS volumes and combi trading

Substantially higher caustic soda cargo bookings in 2020… … improves combi-trading efficiency

# of CSS cargos (2020 full year forecast)

CABU Q3 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 39 in enclosures for more details), T x = MR Tanker multiple and B x = panamax dry bulker multiple. Q4 2020 guiding multiple is Q4 2020 to date.

Expanding CLEANBU combi trading

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 39 in enclosures for more details) T x = LR1 Tanker multiple and B x = kamsarmax dry bulker multiple. Q4 2020 guiding multiple is Q4 2020 to date.

Short time to full fleet on water

All 8 CLEANBUs in service within Q2 2021

Opimizing newbuild take-over in difficult COVID-19 environment

Reducing time from delivery to start of trading from CLEANBU # 4 to CLEANBU # 5 by

Profitable Q3 despite weaker tanker markets and off-hire

Income Statement ('000 USD)	Q3 2020	Q2 2020	Q3 2019	YTD Q3 2020	YTD Q3 2019
Net revenue	20 358	25 506	16 571	68 267	42 503
Operating expenses, vsls	(9 794)	(8 541)	(7 587)	(26 597)	(21 499)
SG&A	(1 307)	(1 245)	(1 220)	(3 869)	(4 279)
EBITDA	9 257	15 720	7 764	37 802	16 726
EBITDA adjusted1	9 847	15 860	8 411	38 563	18 295
Depreciation	(4 821)	(4 358)	(3 621)	(13 532)	(9 541)
EBIT	4 436	11 362	4 143	24 269	7 185
Net financial items	(3 125)	(3 003)	(2 598)	(10 286)	(8 324)
Profit before tax (EBT)	1 311	8 359	1 545	13 983	(1 139)
Tax	-	-	-	-	-
Profit after tax	1 311	8 359	1 545	13 983	(1 139)
EPS	0.03	0.17	0.03	0.29	(0.03)

Off-hire due to scheduled dockings and COVID-19

1

3

Increased CABU OPEX due to one-offs/COVID-19 2

Delivery of CLEANBU #4

Q3 impacted by off-hire and increased CABU OPEX

Adjusted EBITDA down 38% QoQ and up 17% YoY

29

ROCE impacted by fleet under construction

EBITDA adjusted to reflect full fleet of eight CLEANBU vessels

1) EBITDA for vessels under construction based on YTD Q3 CLEANBU TCE earnings/day and OPEX/day of \$25,333/d and \$8,920/d respectively 2) YTD full fleet EBITDA of USD 59 million annualized Note: ROCE and EBITDA adjusted to reflect full fleet of eight CLEANBUs are alternative performance measures (please see slide 39 and 40 in enclosures for more details)

30

Cash position to cater for newbuild program and market uncertainty

ROCE	Adjusted EBITDA	CASH	EQUITY RATIO	DIVIDENDS
4%	9.8 USDmn	57.7 USDmn	43%	3 Cents/ share

1) ROCE, adjusted EBITDA and equity ratio are alternative performance measures (please see slide 39 in enclosures for more details)

Summary & Outlook

Summary & outlook

Positive earnings guiding and lower off-hire in Q4 2020 vs. Q3 2020 2021 outlook

• Tanker market upside in 2nd half
• Moderately positive dry bulk outlook
• High and growing tanker contract coverage
• Full fleet on water by Q2
• Advancing CLEANBU phase-in

Note: CABU and CLEANBU TCE Earnings USD per onhire day are alternative performance measure (please see slide 39 in enclosures for more details)

Future proof and profitable business model

FUTURE BOUND

Enclosures

Detailed Q4 2020 to 1H 2021 coverage

Contract coverage

	CABU: CSS contract coverage			Dry bulk contract coverage
# of days	Q4 2020	1H 2021	# of days	Q4 2020	1H 2021
Fixed rate COA/Spot	290	424	Fixed rate COA/Spot	470	93
Floating rate COA	45	150	Floating rate COA	30	180
Total contract days	335	574	Total contract days	500	273
FFA coverage	-	-	FFA coverage	120	210
Available wet days	335	670	Available dry days	596	1 355

CLEANBU: CPP contract coverage
# of days	Q4 2020	1H 2021
Fixed rate COA/Spot	178	38
Floating rate COA	-	72
Total contract days	178	110
FFA coverage	58	23
Available wet days	267	697

Expos Klaveness
Combination Carriers

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 https://www.combinationcarriers.com/investor-relations/#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 Q3 2020 and Q3 2020YTD are 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 TCE earnings per on-hire day for 2019 total are reconciled in the quarterly report for Q4 2019, note 2 (page 16-17).
• 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).
• CABU and CLEANBU OPEX/day (\$/day) for 2019 are reconciled in the quarterly report for Q4 2020, note 2 (page 17).
• Adjusted EBITDA for Q3 2020, Q3 2019, Q3 2020YTD and Q3 2019 YTD are reconciled in Note 11 (page 24) in Q3 2020 report published.
• Adjusted EBITDA for Q1 2020 and Q2 2020 are reconciled in Note 11 (page 24) in respectively the Q1 2020 and Q2 2020 report published.
• Adjusted EBITDA for Q4 2019 is reconciled in Note 11 (page 24) in the Q4 2019 report published.
• Equity ratio for 30 September 2020 is reconciled in the quarterly report for Q3 2020, note 11 (page 25).
• ROCE adjusted for Q3 2020 and Q3 2020 YTD see reconciliation in Note 11 (page 24) in Q3 2020 report published. ROCE adjusted for Q2 2020 see reconciliation in Note 11 (page 25) in Q2 2020 report published. ROCE adjusted for Q1 2020 and 2019 is reconciled in note 11 respectively in Q1 2020 and Q4 report 2019 (page 24).
• Reconciliation of EBITDA adjusted to reflect full fleet of eight CLEANBU Vessel (slide 30) see reconciliation on next slide.

Alternative performance measures used in the quarterly presentation

		Vessel days Q3 YT
	57
	25 333
	8920
USD million
38
21
59
20
79
		Delivery date Vessel days Q3YTD delivered 01.01 04.08.2020 \$/d \$/d