Company update

Gram Car Carriers ASA

18 February 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.

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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.

Key events

Gram Car Carriers ASA established as a leading Car Carrier tonnage provider and listed on Euronext Growth from 31 January 2022 ¹

Operating a fleet of 18 owned and 4 third-party vessels after completion of all transactions and vessel acquisitions ²

Q4 2021 average TCE revenue: Panamax USD 16,690, Mid-size USD 15,100 and Distribution fleet USD 10,540 ³

4 Long-term charter for Viking Passero confirms ongoing market upcycle

5 GCC ideally positioned to capture a strengthening market with 20%/71% open days in 2022/23

GCC in brief

The world's third largest car carrier tonnage provider

Gram Car Carriers (GCC) in brief Selected customers

Commercial manager of 22 car carriers
- − 18 owned and 4 managed on behalf of third-party owners
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"

Open days '22/23 20%/71% Fleet age ~10Y Vessels owned 18 Strong financial backing Fleet overview

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 under commercially management of behalf of third-party clients 6) Vessels to be renamed Viking Passero and Viking Passama 7

GCC offers unique PCTC exposure and a robust capital structure to facilitate dividends from day one

Transactions overview

Gram Car Carriers ASA completed all asset transfer transactions with Singapore structure and F. Laeisz on 25 January 2022
Debt refinanced with 5-year USD 222 million senior secured credit facility and 8-year USD 70m lease
Completed USD 121 million private placement of new shares
- − Existing shareholders contributed equity (in kind) on identical term as new investors
- − Share-based payment for two vessels acquired from F. Laeisz
- − Strong support from five cornerstone investors including international industry names
- − Significant oversubscription of remaining shares on offer
- − Over 50% free float
- − More than 400 shareholders including international industrial and financial investors with deep industry knowledge

• Q1 2022 figures on 28 April 2022 is the first scheduled financial reporting

Shareholder1	No. shares	Shareholding
F. Laeisz GmbH	7,252,255	25.25%
Al Maritime Holding Pte. Ltd.	1,962,452	6.83%
Glenrinnes Farms Limited	1,938,782	6.75%
HM Gram Investments III Limited/
HM Gram Enterprises Limited	1,767,996	6.16%
J. Lauritzen A/S	1,635,377	5.69%
Car Carrier Partners L.P.	1,220,901	4.25%
Spesialfondet KLP Alfa Global Energi	961,226	3.35%
AS Clipper	817,688	2.85%
Merifin Capital Pte. Ltd.	709,766	2.47%
BNP Paribas Securities Services	679,011	2.36%
Galaxy Carriers Corporation	599,012	2.09%
Universal Sea Carriers Ltd	599,012	2.09%
Surfside Holding AS	566,037	1.97%
Larsson Shipping AB	549,991	1.91%
Hamilton Carriers Ltd	499,638	1.74%
Verdipapirfondet DNB SMB	420,195	1.46%
Hesnes Investment AS	414,136	1.44%
Svenska Handelsbanken AB	382,549	1.33%
HSBC Trinkaus & Burkhardt AG	356,900	1.24%
Verdipapirfondet Storebrand Norge	263,232	0.92%
Top 20 shareholders	23,596,156	82.15%
Total	28,721,804	100.00%

1) Shareholders as of 11 February 2022 • Management/affiliated companies holds 7.22% of the shares

Operational highlights

Strong Q4 2021 operational performance across fleet

Highlights

Increasing revenue as open vessels commence new charters at improved rates
Trend of higher earnings continues in Q1 and into Q2 2022 with Viking Diamond, Viking Amber, Viking Passero and Viking Emerald on new contracts
Stable opex with COVID-19 costs gradually subsiding
Increased revenue backlog expected, with upcoming fixings at attractive TC rates and longer durations

1) Including the two vessels acquired from Laeisz.

2) Current break-even incl. vessel running expenses, insurance and overheads based on 2022 budget. Covid-19 provision (USD ~250 per day per vessel) and capex not included. Debt servicing based on prevailing interest rates and 1yr debt amortisation schedule.
3) Total revenue days p.a. for the total fleet of 18 vessels are 6,570.
4) As per 31 Dec '21 assuming mid-point charter party redelivery date.

Distribution	Mid-size	Panamax	Fleet
			total
Average TC rate Q4'21	Average TC rate Q4'211)	Average TC rate Q4'21	Average TC rate Q4'211)
USD 10,540	USD 15,110	USD 16,690	USD 14,200
Utilisation Q4'21 99%	Utilisation Q4'21 100%	Utilisation Q4'21 95%	Utilisation Q4'21 99%
Planned/ unplanned off-hire Q4'21 -/4 days	Planned/ unplanned off-hire Q4'21 -/- days	Planned/ unplanned off-hire Q4'21 6/12 days	Planned/ unplanned off-hire Q4'21 6/16 days

Contract overview with new supportive data points

Attractive schedule providing varied contract durations and ample flexibility to capitalize on upside

Market opportunity

Source: Clarksons, distribution TC rate and no. of vessels open (tonnage providers global fleet) based on Company's own estimates

Current market TC rates per day

Estimated open vessels in global fleet

Strongest market fundamentals in a decade

90.2 77.8 81.1 86.1 94.0 100.3 103.2 0 20 40 60 80 100 120 2019 2020 2021 2022E 2023E 2024E 2025E

Increasing global light vehicles sales

Global Light vehicle sales (mn)

US Inventory levels continue downwards trend

Strong demand drivers caters for favourable market outlook

Global sales of electric vehicles, and Chinese vehicle export

20% 80% EVs Other Breakdown of Chinese automobile exports (December 2021)

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)

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

of vessels

¹⁶ Source: Fearnresearch, SIN Clarksons, Company Note: Replacement need estimated basis 750 vessels with an average economic lifetime of 28 years

17% 0% 10% 20% 30% 40% 50% 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Average:

123

20 yrs 15-20 yrs 10-15 yrs 5-10 yrs 0-5 yrs On order

131 135

⁶² ⁴⁹

Source: Company, Fearnresearch, LMC Automotives,, SIN Clarksons 1) Assuming vessels are scrapped at the age of 30. Market balance based on Company calculations. 17

Favourable market balance

6 6 105 -3 -17 -31 -34 -36 -60 -40 -20 0 20 40 60 80 100 120 2018 2019 2020 2021 2022 2023 2024 2025

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

Significant shortage of vessels expected 1 Positive development in 1 year TC rates

Positive development in TC rates and contract length increasing

Ratio of chartering duration and rates Positive development in TC rates

Clear trend from 2020 through 2021
Rates are moving upwards
Duration of Charters are getting longer
Number of vessels coming open for rechartering is getting fewer

Number of vessels coming open for re-chartering is getting shorter as operators fix longer to cover contracts

Closing remarks

Why invest in Gram Car Carriers?

Unique investment opportunity in leading PCTC tonnage provider
Highly attractive market opportunity with upcycle starting to unfold
GCC ideally positioned to capture strengthening market with 20%/71% open days in 2022/23
Stated policy of returning minimum 50% of EPS to shareholders through quarterly dividends
Intention to announce first dividend at Q1 2022 reporting in April

Appendices

Seasoned management team and Board

1 - 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.

Deputy, 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.

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

1) Compared to 2008

Gram Car Carriers ASA

E-mail: [email protected]

gramcar.com

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