Company Presentation

Pareto Securities' 29th annual Energy Conference

Gram Car Carriers ASA

15 September 2022

Disclaimer

THIS PRESENTATION IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES OR POSSESSIONS, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR TO ANY RESIDENT THEREOF, OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. THIS PRESENTATION IS NOT AN OFFER OR AN INVITATION TO BUY OR SELL SECURITIES.

This presentation (the "Company Presentation") has been prepared by Gram Car Carriers ASA (the "Company", and together with its consolidated subsidiaries, the "Group").

This Company Presentation has been prepared for information purposes only, and does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction, and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. This Company Presentation does not purport to contain all of the information that may be required to evaluate any investment in the Company or any of its securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation is intended to present background information on the Company, its business and the industry in which it operates and is not intended to provide complete disclosure upon which an investment decision could be made.

This Company Presentation is furnished by the Company, and it is expressly noted that no representation or warranty, express or implied, as to the accuracy or completeness of any information included herein is given by the Company. The contents of this Company Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own professional advisors for any such matter and advice. Generally, any investment in the Company should be considered as a high-risk investment.

This Company Presentation is current as of 15 September 2022. Neither the delivery of this Company Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This Company Presentation may contain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained in this Company Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company provides no assurance that the assumptions underlying such forward-looking statements are free from errors and does not accept any responsibility for the future accuracy of the opinions expressed in this Company Presentation or the actual occurrence of the forecasted developments.

The distribution of this Company Presentation by the Company in certain jurisdictions is restricted by law. Accordingly, this Company Presentation may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. This Company Presentation does not constitute an offer of, or an invitation to purchase, any securities.

IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THIS PRESENTATION IS BEING FURNISHED ONLY TO INVESTORS THAT ARE "QIBs", AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THE SHARES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER U.S. SECURITIES ACT OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION IN THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS.

This Company Presentation is subject to Norwegian law, and any dispute arising in respect of this Company Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as first venue.

Highlights

I Unique investment opportunity in leading PCTC tonnage provider

II Highly attractive market fundamentals with upcycle unfolding

III Ideally positioned to capture a strong market with 30%/58% open days in 2023/24, sold out in 2022

IV Steadily improving earnings with fleet rolling over on new contracts with further upside potential

V Returning minimum 50% of EPS to shareholders through quarterly dividends in line with policy

Strongest market fundamentals in more than a decade

Car sales approaching pre-Covid levels Significant shortage of

vessels expected 1

Vessels – excess (positive) / shortage (negative)

Shortfall in capacity cannot be fully filled by additional newbuild orders 6 105 -3 -17 -28 -27 -23 2019 2020 2021 2022 2023 2024 2025

Positive development in TC rates

Strong demand drivers combined with capped supply side caters for favourable market outlook

Delivering on dividend policy

Dividend USD per share

Dividend % of net profit

Paid USD 2.67 million dividend for the second quarter, equal to USD 0.093 per share
Equals a 2.6x increase from the first quarter
In line with stated policy of 50% of the quarterly profit

10%

20%

30%

40%

50%

60%

GCC in brief

The world's third largest car carrier tonnage provider

Gram Car Carriers (GCC) in brief Selected customers

Commercial manager of 26 car carriers 22 on water and 4 newbuilds
- − 18 owned and 8 managed on behalf of third-party owners
- − Average fleet age ~10 years vs. global fleet average of 14 years
Commercial manager of Global Auto Carriers (GAC)
- − Building 4x7,000 CEU multifuel PCTCs with 2+2 options in China
Strong industry name engaged in car carrier investments since 1982
Extensive and long history of chartering vessels to all major global operators and key regional operators worldwide
Offices in Oslo (HQ) and Singapore
Listed on Euronext Growth Oslo with ticker "GCC"
- − Preparing for transfer to the Oslo Stock Exchange's main market before year-end 2022

A critical link in one of the world's largest industries

Diversified fleet of 18 owned PCTCs

Fleet age of approx. 10 years vs. world fleet average of approx. 14 years

1) 1,000 CEU 2) 3,500 CEU 3) 5,000 CEU 4) 7,000 CEU 5) Four vessels and four Newbuilding's under commercially management on behalf of third-party clients 9

Contract overview with new supportive data points

A total of USD 191 million has been added to backlog since 30 June 2022

expected well ahead of expiry of existing contracts

Enhanced earnings visibility with operators entering longer contracts

0%/30%/58% open revenue day for 2022/23/24

USD 269 million Backlog 30 June 2022

Fully committed to sustainable growth

Compliant with the SASB marine transportation standard (2018) and the Norwegian ship owners' association ESG reporting guidelines

Compliance, commitments and actions for a sustainable future

Long term sustainability goal

Market opportunity

Distribution Mid-size Panamax USD 20,000 USD 65,000 USD 80,000

Current market TC rates per day1 (one year)

Estimated open vessels in global fleet

ddd

Favorable market fundamentals continue

Increasing global light vehicles sales

US Inventory levels of import brands continue downwards trend

Inventory levels in Europe are currently at 2.8 million units, compared to around 4.5 million cars prior to the coronavirus pandemic.

Global sales of electric vehicles, and Chinese vehicle export

China to play a major role exports now growing strongly Electric cars increasing share of global car sales

• IEA expects global EV sales to reach 50% of total car sales by 2030

Source: Clarksons, IEA commentary 30 January 2022 (Incl BEV and PHEV), HKTDC (EV share)

Expected deliveries of car carriers well below replacement need

Car carrier fleet should continue to see negative growth with a natural phase out tonnage nearing end of life

Historical fleet development (# of vessels) Orderbook below historical averages

Upcoming delivers will not meet replacement need Ageing fleet implies potential for increased scrapping

Note: Replacement need estimated basis 750 vessels with an average economic lifetime of 28 years

Combination of higher TC rates and increased contract lengths

Ratio of chartering duration and rates

Number of vessels coming open for re-chartering is getting shorter as operators fix longer to cover contracts. Total around 40 vessels coming open in 2023.

Summary

Why invest in Gram Car Carriers?

Highly attractive market fundamentals supportive of long-term upcycle
GCC ideally positioned to capture a strengthening market with 30%/58% open days in 2023/24
Steadily improving earnings with fleet rolling over on new contracts with further upside potential
Delivering on commitment of to distribute minimum 50% of EPS through quarterly dividends

Appendices

Seasoned management team and Board

1 -	5

Georg Whist, CEO

Previously CFO in Hafnia Tankers Aps in Copenhagen following 18 years with Nordea Bank as SVP and Head of Europe, Asia & Middle East of Nordea Bank's Shipping, Offshore and Oil Service. CEO of Gram Car Carriers from 2018.

Børre Mathisen, COO

Previously at Hoegh Autoliners from 1996 where he held various positions, including two periods in Japan in charge of Commercial Operations in East Asia. Joined Gram Car Carriers in 2013.

Gunnar Koløen, CFO

Previously CFO and MD at Dolphin Drilling (Singapore). GM of Gram Car Carriers (Singapore) 2009-11 and served as a Director of the Company from 2012 to 2020. Started his professional career with KPMG and qualified as a State Authorised Public Accountant from Norway

Mas Gram, Head of Projects

Previously at Pareto Securities (Corporate Finance) in Singapore and Tufton Oceanic (Asset Backed Investments) in London. Joined Gram Car Carriers in 2011.

Ivar Myklebust, Chair

Previously served as CEO and CFO of Höegh Autoliners, and CFO of D/S Norden. He has previously held board positions as chairperson of Havyard Ship Technology; board member of the Norwegian Shipowner's Mutual War Risk Insurance Association (DNK), and director of Euro Marine Logistics NV.

Nikolaus H. Schües , Vice Chair

Mr. Schües is the principal and CEO of F. Laeisz GmbH. He has long experience as Designated President of BIMCO, Vice Chairman of UK P&I Club and Member of the Presidential Committee of German Shipowners Association.

Christine Rødsæther, Board Member

Mrs. Rødsæther has since 2002 been a partner in the law firm Simonsen Vogt Wiig AS and has extensive experience in banking and finance, contract law as well as shipping and offshore. She has previous experience from Wikborg, Rein & Co. and Andersen Legal ANS.

Nils Kristoffer Gram, Board Member

Mr Gram has since 2020 been CEO of ProCorp AS, a boutique SME focused investment bank. Mr Gram has a long and varied experience from capital markets and investments. Previously he worked as MD of Gram Shipping AS, and he was Partner - Corporate Finance at Pareto Securities.

Alasdair Locke, Board Member

Former executive Chairman of Abbot Group Plc, an oil services company which he founded in 1992. Currently Chairman of Motor Fuel Group, Well-Safe Solutions Ltd. and First Property Group Plc.

Dr. Gaby Bornheim, Board Member

Dr. Bornheim is Managing Director of Peter Döhle Schiffahrts KG. In the past she was inhouse councel for Deutsche Shell AG and MobilOil AG. Gaby is President of the German Shipowners Association.

Clivia Breuel, Board member

Mrs. Clivia Breuel (née Bunnemann) is a Partner of AL Capital Holding GmbH & Co. KG, a diversified shipowning group and parent company of AL Maritime Holding. She has long experience in both shipping and banking and holds a Master degree in Business Studies from the EBS Business School Oestrich-Winkel. She is Chairwoman of the Board of the PBS Foundation and member of the board of trustee of another foundation.

Nicolaus Bunnemann, Alternate Board Member

Mr. Nicolaus Bunnemann is the Managing Partner of AL Capital Holding GmbH & Co. KG; a diversified family owned shipowning group. He is the Founder and Managing Director of Atlantic Lloyd GmbH & Co. KG, the Group's operating arm in Hamburg, Germany. Mr Bunnemann is a member of the board of the German Shipowners' Defence Association as well as board member of a number of maritime investment companies and holds a Masters Degree in Shipping, Trade and Finance.

Strong shareholder base

	Shareholders1	No. shares	Shareholding
	F. Laeisz GmbH	7,252,255	25.25%
	Al Maritime Holding Pte. Ltd.	2,079,695	7.24%
	Glenrinnes Farms Limited	1,938,782	6.75%
	HM Gram Investments III Limited/ HM Gram Enterprises Limited/ HMG AS	1,790,496	6.23%
	J. Lauritzen A/S	1,635,377	5.69%
	Car Carrier Partners L.P.	1,220,901	4.25%
About 550 shareholders	AS Clipper	817,688	2.85%
• • Including several international industrial and financial investors	Verdipapirfondet DNB SMB	796,477	2.77%
	BNP Paribas Securities Services	795,182	2.77%
with deep industry knowledge	BNP Paribas Securities Services	710,122	2.47%
• Over 50% free float	Universal Sea Carriers Ltd	599,012	2.09%
	Larsson Shipping AB	564,991	1.97%
	Surfside Holding AS	500,000	1.74%
	Hamilton Carriers Ltd	499,638	1.74%
	Hesnes Investment AS	414,136	1.44%
	Galaxy Carriers Corporation	399,012	1.39%
	Svenska Handelsbanken AB	382,199	1.33%
	Spesialfondet KLP Alfa Global Energy	368,732	1.28%
	Verdipapirfondet Storebrand Norge	314,013	1.09%
	BNP Paribas Securities Services	250,000	0.87%
	Top 20 shareholders	23,328,708	81.21%
	Total	28,721,804	100.00%

Global EV sales support positive development in trade patterns

Chinese giga factories supplying the world with electric vehicles

China's electric car strategy is starting to go global:

Gradually maturing of China's auto-making capabilities (many US car plants were built in the 1950s and earlier)
Shipping links (giga-factories close to key shipping hubs, Shanghai being the world's largest port)
Western car manufactures establishing EV production lines in China (e.g. Tesla, Volvo's Polestar, and BMW's IX3)
Well-established auto parts supply-chain, including EV batteries
A large, skilled and cost-efficient workforce

Electrical cars increasing share of the automobile fleet Chinese EV exports – Contributing to increasing ton miles

Substantial share of EV to be produced in China increased exports / ton-mile demand

High & heavy demand outlook supportive for car carriers

Agriculture index: US housing starts ('000): 0 40 80 120 160 200 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022 All metals index:
- Raw material boom due to demand for renewable energy and battery components.
  - 25% Global mining CapEx increase in for 2022
  - Strong demand and pent-up replacement needs.

Shipments continued its recovery in Q2, especially from Asia.
President Biden's \$2bn infrastructure plan likely to further fuel US demand.
European activity back at pre-COVID levels.
Increased demand due to higher consumer prices.
Availability challenges leads to robust backlog

Strong operational performance across the fleet in Q2 2022

Increased revenue as mid-size vessels commence new contracts
Trend to continue with increased earnings on distribution and mid-size fleet in Q3 2022
No revenue days open for reminder of 2022
Stable opex with COVID-19 costs gradually subsiding
Three vessels drydocked in Q2 2022 with extensive Covid-19 restrictions in China extending duration by up to two weeks
Increased revenue backlog materialising and expected to continue to expand, with upcoming fixings at attractive TC rates and longer durations

Open revenue	Open revenue	Revenue	Average cash
days3 2023	days3 2024	backlog3	break-even2
2,670/41%	4,572/69%	USD 269m	USD 15,000
(Q1'22: 3,940/60%)	(Q1'22: 5,316/81%)	(Q1'22: 176m)	(Q1'22: 14,600)

1) On cash flow basis, revenue as per income statement is on straight-line basis in accordance with IFRS

2) Current break-even includes vessel running expenses, insurance and overheads based on 2022 budget. Covid-19 provision (USD ~250 per day per vessel) and apex not included. Debt servicing based on 3m US LIBOR implied forward rates as per 30 June 2022 and next 12 months' debt amortisation schedule.

3) As per 30 June 2022, assuming mid-point charter party redelivery date

Key figures for Q2 2022

Revenue and cashflow reflecting strong operations in the quarter and first half year
- − P&L covers the full period 1 January 30 June 2022, including Gram Car Carriers Holdings Pte. Ltd. With subsidiaries ('Old Group')
- − Vessels Viking Passero and Viking Passama included from acquisition date 25 January 2022
Q2 2022 net income of USD 5.3 million
In compliance with all financial covenants per 30 June 2022
Viking Drive lease purchase option exercised and vessel refinanced 8 April 2022
Recent new charters at higher rates will start to impact from Q3 and Q4 2022

In USD thousands1	Q2 2022	Q1 2022	H1 2022
Operating revenue	27,740	23,534	51,274
EBITDA	16,165	12,691	28,856
EBIT	9,294	5,906	15,201
Profit for the period	5,348	2,081	7,429

Cash flow from operating activities	19,162	8,955	28,115

Cash and cash equivalents	26,496	22,948	26,496
Interest-bearing debt	325,988	333,005	325,988
Equity ratio	40%	39%	40%

Consolidated interim financial statements (unaudited) Income statement and statement of financial position

USD thousands	Q2 2022	Q1 2022	H1 2022
Operating revenues	27,740	23,534	51,274
Vessel operating expenses	(9,505)	(9,358)	(18,863)
Administrative expenses	(2,070)	(1,485)	(3,555)
EBITDA	16,165	12,691	28,856
Depreciation	(6,871)	(6,784)	(13,655)
Operating result (EBIT)	9,295	5,906	15,201
Financial income	313	92	405
Financial expenses	(4,259)	(3,918)	(8,178)
Profit for before tax (EBT)	5,348	2,081	7,429
Income tax expense	-	-	-
Profit for the period	5,348	2,081	7,429
Earnings per share	0.19	0.07	0.26
Dividend per share	0.093	0.036	0.129
Profit/ (loss) for the period	5,348	2,081	7,429
Exchange differences on translation of foreign operations	56	(8)	48
Total comprehensive income	5,404	2,073	7,477

USD thousands	30 Jun 2022	31 Mar 2022
Assets	562,161	562,058
Non-current assets	529,886	532,747
Vessels and other tangible assets	378,385	369,590
Right-of-use assets	151,171	162,997
Other non-current assets	330	159
Current assets	32,276	29,312
Fuel and lubrication oil	1,903	2,161
Trade and other receivables	1,592	1,408
Cash and cash equivalents	26,496	22,948
Other current assets	2,285	2,794

Equity and liabilities	562,161	562,058
Equity	222,463	217,785
Non-current liabilities	284,784	283,196
Interest-bearing debt (non-current)	197,417	193,839
Lease liabilities (non-current)	87,367	89,357
Current liabilities	54,915	61,078
Interest-bearing debt (current)	29,200	24,200
Lease liabilities (current)	12,004	25,610
Trade and other payables	9,558	9,094
Deferred income	4,153	2,174

Consolidated interim financial statements (unaudited) Statement of cash flows

In USD thousands	Q2 2022	Q1 2022	H1 2022
Profit/ (loss) for the period	5,348	2,081	7,429
Financial (income)/ expenses	4,077	3,826	7,903
Depreciation	6,871	6,784	13,655
Cash flow from operating activities before changes in working capital	16,296	12,691	28,987
Changes in working capital:
Trade and other receivables	671	(423)	248
Fuel and lubrication oil	(598)	432	(166)
Other current assets	509	(2,282)	(1,773)
Other non-current assets	(171)	1,000	829
Trade and other payables	476	(1,507)	(1,034)
Deferred income	1,979	(955)	1,024
Cash flow from operating activities	19,162	8,955	28,115
Investment in vessels and other tangible fixed assets	(3,449)	(63,570)	(67,019)
Investment in right-of-use assets	(390)	(2,326)	(2.716)
Cash flow from investing activities	(3,839)	(65,896)	(69,735)
Dividend paid	(1,057)	-	(1,057)
Proceeds from issue of shares	331	108,314	108,645
Proceeds from issue of debt	14,361	217,885	232,246
Proceeds from sale-lease-back financing	-	70,000	70,000
Repayment of debt	(6,154)	(326,656)	(332,810)
Repayment of lease liability	(15,597)	(2,412)	(18,009)
Interest paid on interest-bearing debt	(2,183)	(1,712)	(3,895)
Interest paid on lease liabilities	(1,476)	(1,460)	(2,936)
Other financial items	-	(27)	(27)
Cash flow from financing activities	(11,775)	63,930	52,156
Net change in cash and cash equivalents	3,548	6,988	10,536
Cash and cash equivalents at beginning of period	22,948	15,960	15,960
Cash and cash equivalents at end of period	26,496	22,948	26,496

Gram Car Carriers ASA

E-mail: [email protected]

gramcar.com

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