Q3 2023 presentation

Gram Car Carriers ASA

3 November 2023

Disclaimer

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

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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

Board of Directors approved dividend of USD 0.645 per share for Q3 2023, equal to 75% of the net profit of USD 24.9 million
Seventh consecutive quarter with increased dividend, up 37% from Q2 2023
Q3 2023 revenue of USD 54.9 million and EBITDA of USD 40.5 million
Q3 2023 average TCE rate per day: Panamax USD 49,410, Mid-size USD 29,970 and Distribution USD 20,990
Signed five-year contract for Viking Queen
Total revenue backlog of USD 908 million at end Q3 2023
Creating additional value through asset transactions
Well positioned in historically strong market with 4%/11%/37% open days in 2024/25/26
Favourable market outlook with high charter rates and long contract durations

Committed to attractive shareholder distributions

- USD 18.70 million dividend approved for Q3 2023, equal to USD 0.645 per share • An increase of 37% from Q2 2023 • ⁷

th consecutive quarter with increased dividend
To be paid on or about 10 November 2023
A total of USD 50.8 million approved/paid to date since listing
Tax efficient distributions through repayment of paid in capital
Q3 2023 distribution annualised implies ~14% dividend yield1

1.200

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Historically strong market fundamentals set to last

1-year TC rates at historic highs

Global light vehicle sales (million)

Strong demand drivers and predictable supply for the next 2-3 years maintain favourable market outlook

Source: Company, Fearnresearch, LMC Automotives per Q3 2023, Clarksons

Key figures Q3'23 (Q2'23)

USD 54.9 million (USD 48.4 million)

EBITDA USD 40.5 million (USD 32.9 million)

USD 24.9 million

(USD 18.1 million)

1) On straight-line basis in accordance with IFRS 12 months' debt amortisation schedule. Capex not included 4) The average contract duration in the revenue backlog at 30 September 2023 USD 18.70 million (USD 13.61 million)

USD 31,370

(USD 28,770)

98% (99%)

27/8 days (12/8 days)

USD 16,950 3.5 years (USD 16,950)

Revenue Average TC rate1 Revenue backlog added USD 132 million (-)

Revenue backlog end of quarter Utilisation ³ USD 908 million (USD 826 million) Open revenue days 20243 Net profit Planned/unplanned off-hire

4% (20%)

Dividend proposed Average cash break-even2 Average contract duration4

2) Current break-even comprise of budgeted vessel running expenses, insurance, overheads and debt servicing based on prevailing 3m SOFR implied forward rates and next 3) As per reporting date, assuming mid-point charter party redelivery date and before sale of Viking Constanza and Viking Princess and acquisition of Mediterranean Sea

GCC in brief

The world's third largest car carrier tonnage provider Gram Car Carriers (GCC) in brief Selected customers

Commercial manager of 23 car carriers
- − 19 owned and 4 managed on behalf of third-party owners
- − Average fleet age ~12 years vs. global fleet average of 15 years
Commercial manager of Global Auto Carriers (GAC) − Building 4x7,000 CEU multifuel PCTCs 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 Oslo Børs main market with ticker "GCC" and cross traded on OTCQX with ticker "GCCRF"

Source: Company

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

Source: Company, Fearnresearch, SIN Clarksons 9

Diversified fleet of 19 owned PCTCs Fleet age of approx. 12 years vs. world fleet average of approx. 15 years

1 , 2) 3,500 CEU 3) 5,000 CEU 4) 7,000 CEU 5) Mediterranean Sea is owned 75.9% by GCC, 6) four Newbuilding's under commercially management on behalf of third-party clients.

Creating additional value through asset transactions

Focus on accretive growth and fleet optimisation opportunities
In Q3, effectively sold a Distribution vessel for a higher price than a Mid-size vessel of same age was bought for
- − Acquired 13-year-old The Mediterranean Sea (4,200 CEU), adding USD 18 million of backlog and increased dividend capacity
⁻ Sold two Distribution vessels, one 28 year- and one 13-year-old, for USD 43.5 million in total and an expected gain of USD 19 million upon completion contributing to net profit and dividend capacity
- − First vessel, Viking Constanza delivered to the new owner on 30
- October with a book gain of USD 13.0 million recognised on Q4 − Second vessel, Viking Princess to be delivered in Q1 2024
Supporting strategy of owning and operating a modern fleet and capturing additional value in a historically strong market

Operational highlights

Strong operational performance across the fleet Q3'23 (Q2'23)

Long-term contract coverage at strong charter rates

										Long-term contract coverage at strong charter rates

	CEU	Min-Max	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	2025	2026	2027	2028	2029
Viking Princess	1,000	Oct '23 – Jan '24	USD 10,450		Sold								TIME CHARTER
Viking Amber	4,200	Feb '24 – Apr '24	USD 23,000										OPTION
Viking Passero	5,000	May '25 – Jul '25	USD 27,700										LATEST FIXTURES
Mediterran. Sea	5,000	Jun '25 - Aug '25	USD 25,500 + Scrubber premium
Hoegh Caribia	2,000	Nov '25 – Mar '26	USD 22,000
Viking Drive	3,500	Jan '26 – Mar '26	USD 26,550
Viking Coral	4,200	Mar '26 –May '26	USD 30,527
City of Oslo	2,000	Apr '26 – Jun '26	USD 27,750
Viking Odessa	2,000	May '26 – Jul '26	USD 27,750
Viking Emerald	4,200	Apr '27 – Jun'27	USD 28,000
Viking Sea	4,200	Sep '27 – Jan '28	USD 30,612
Viking Ocean	4,200	Jan '28 – Mar '28	USD 35,000
Viking Diamond	4,200	Jan '28 – Mar '28	USD 35,000
Viking Destiny	6,700	Jan '28 – Apr '28	USD 65,000
Viking Adventure Viking Paglia	6,700 5,000	Mar '28 – Jun' 28 May '28 – Jul '28	USD 56,074
Viking Bravery	6,700	Jul '28 / Jul '31	USD 33,300 USD 64,900
Viking Passama	5,000	Oct '28 – Dec '28	USD 33,300									USD 48,000
Viking Queen	7,000	Dec '28 – Feb '29	USD 16,300		USD 62,300

Contract renewals expected well ahead of expiry of existing contracts

Enhanced earnings visibility

with operators entering longer contracts

4%/11%/37% open revenue day for 2024/25/26

USD 908 million Backlog 30 September 20231

¹ Gross TC revenue before commissions and off-hire provisions on IFRS basis

Record backlog supporting stable earnings

Revenue backlog1 Revenue backlog by year of expected recognition1

Gross TC revenue before commissions and off-hire provisions on IFRS basis

Key figures for Q3 2023

Increased revenue for Panamax and Distribution vessels reflecting strong operations in the quarter
Net profit of USD 24.9 million
Cash flow from operating activities was USD 45.4 million. − The difference from EBITDA in the quarter was due to a net increase in working capital and deferred income
In compliance with all financial covenants per 30 September 2023
Vessels rolling over on new charters at higher rates will continue to contribute to earnings growth in 2024

In USD thousands	Q3 2023	Q2 2023	Q1 2023	2022
Operating revenue	54,910	48,448	41,146	120,976
EBITDA	40,489	32,898	27,702	70,596
EBIT	32,345	25,139	20,060	43,126
Profit for the period	24,933	18,143	13,121	23,877
Cash flow from operating activities	45,377	37,987	25,378	79,617
Cash and cash equivalents	28,615	30,000	23,701	30,287
Interest-bearing debt	320,169	308,314	319,213	339,470
Equity ratio	43%	43%	42%	40%

Market opportunity

Recent market fixtures reflect strong demand and limited supply

T1) TC development for Mid-size and Panamax from Clarksons.

TC rate Distribution vessels and no. of vessels open (tonnage providers global fleet) based on Company's own estimates

Slide 19

A0 Open vessels for 2024 is to high. Several ships fixed last and this week Author, 2023-10-31T07:56:19.335
A0 0 Is speaking notes then correct? Author, 2023-11-01T13:50:58.673
A0 1 [Mention was removed] [Mention was removed] [Mention was removed] are you done with this slide now? Confirm ok?

Author, 2023-11-01T17:02:27.589

Favorable market fundamentals continue

recover towards pre-covid levels

120.0

Updated projections primarily forecast more sales in China

Global light vehicles sales forecasted to US Inventory levels of import brands still at low levels

Far East exports defying global auto sales

Significant rise in ton-mile demand due to long-haul growth

0 2 4 6 8 10 12 14 16 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E* Japan Korea China 1) Customs Data via Global Trade Tracker Million units 2023E1 - Export destinations 43%

The increase of 4 million units from 2019 to 2023

*2023 Data extrapolated from Data Jan-Sep 2023

40% • 12 months rolling BEV share at 32%.
30% 35% • Total exports exceeds 3.5 million units, with 2023 runrate at 4.8 million units. • Deepsea export runrate at 3.5
25% million units.
20% • Exports to Russia on a runrate of 782,000 units in 2023.

High & heavy demand outlook supportive for car carriers S&P GSCI Agriculture Index S&P/TSX Global Mining Index S&P Dow Jones U.S. Select

Volumes maintain elevated levels

Demand for agricultural equipment remains high, but slightly lower than in the record year of 2022 high • Investment cycle started by the Covid-19
The order backlog for machinery remains

commodity boom
Extended by the green transition
Significant backlog which is decreasing slowly due to shortage of equipment and lack of transport capacity

PCTC demand outstripping available supply

Actual monthly PCTC cargo exports out of key Asian markets

Actual exports outpacing the PCTC fleet lifting capacity, especially out of Asia
1.7 million vehicles gap covered by other less efficient vessel types

Historical fleet development Orderbook growing Expected deliveries of car carriers insufficient to meet demand

Car carrier fleet growing, but still below average replacement need considering negative backlog

Upcoming deliveries will not make up total replacement need

Source: Fearnresearch, SIN Clarksons, Company Information 25

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

Closing remarks

Unique investment opportunity in leading PCTC tonnage provider

Strong market fundamentals with long-term upcycle unfolding

Successfully capturing a historically strong car shipping market

Historically high revenue backlog provides multi-year cashflow and dividend visibility

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

Committed to attractive shareholder distributions with 75% pay-out ratio of net income

Appendix

Seasoned management team and Board

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

Mas Gram, Head of Projects and IR

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. Mr. Schües is the principal and CEO of F. Laeisz GmbH. He has long experience as Designated President of

Nikolaus H. Schües , Vice Chair

BIMCO, Vice Chairman of UK P&I Club and Member of the Presidential Committee of German Shipowners Association.

experience from consulting, investment banking and investments, having been CEO of ProCorp AS, MD of Christine Rødsæther, Board Member Christine Rødsæther has since 2002 worked as a lawyer and partner of the law firm Simonsen Vogt Wiig AS. Furthermore, she is a board member in Odfjell SE and Tufton Oceanic Assets Limited, and Mrs. Rødsæther has previously acted as board member in Norwegian Guarantee Institute for Export (GIEK), Grieg Shipping, Songa Bulk ASA and Bank Norwegian ASA. She has extensive experience in international shipping and offshore transactions, banking and finance and general contract law. Mrs. Rødsæther has previous experience as lawyer from Wikborg, Rein & Co. including the London office and Andersen Legal ANS. She holds a Master of Law from the University of the Pacific, Sacramento, California and Cand. Jur. from the University of Bergen

Nils Kristoffer Gram, Board Member

Mr. Gram is currently Partner and Investment Director in Vanir Green Industries, an energy transition focused investment company. He is a board member of several private companies related to energy transition and circular economy, and has previously acted as board member of Element ASA. Mr. Gram has over 20 years' Gram Shipping AS, a Partner in Pareto Securities AS, and consultant in Capgemini Consulting.

Alasdair Locke, Board Member

Mr. Locke is the Chair of Motor Fuel Group and Non-Executive Chair of Well-Safe Solutions Ltd. He is the former Executive Chair of Abbot Group plc, an oil services company which he founded in 1992. Mr. Locke holds an M.A (Hons) in History and Economics from Wadham College Oxford

Dr. Gaby Bornheim, Board Member

Dr. Bornheim is Managing Director of Peter Dohle Schiffahrts KG. In the past she was inhouse counsel for ̈ Deutsche Shell AG and MobilOil AG. Gaby is President of the German Shipowners Association. She studied economics and law at Westfälische Wilhelms-Universität Münster, Germany and passed her second state exam before the Higher Regional Court of Hamburg, Germany.

Clivia Breuel, Board member

Clivia Breuel (nee Bunnemann) is a partner of AL Capital Holding GmbH & Co. KG, a diversified and family owned ́ shipowning group and parent company of AL Maritime Holding. She is Chair of the Board of the PBS Foundation. She has long experience in both shipping and banking and holds a master's degree in Business Studies from the EBS Business School Oestrich-Winkel Alternatively: Master's in Business Studies

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

•			About 1,100 shareholders
---	--	--	--------------------------

Including several international industrial and financial investors with deep industry knowledge
About 46% free float

Strong shareholder base
	Name	No of Shares	% of top 20	% of total Country	Type of account
	1 F. LAEISZ GMBH	8,319,668	34.41%	28.41% Germany	Ordinary
	2 AL MARITIME HOLDING PTE LTD	3,632,265	15.03%	12.40% Singapore	Ordinary
	3 GLENRINNES FARMS LIMITED	1,938,782	8.02%	6.62% United Kingdom	Ordinary
	4 HM GRAM ENTERPRISES LIMITED	1,792,845	7.42%	6.12% Cyprus	Ordinary
• About 1,100 shareholders	5 BNP PARIBAS	992,700	4.11%	3.39% Italy	Nominee
	6 BNP PARIBAS	782,040	3.23%	2.67% Jersey	Nominee
• Including several international industrial and financial	7 AS STRAEN	767,688	3.18%	2.62% Norway	Ordinary
investors with deep industry knowledge	8 LARSSON SHIPPING AB	658,294	2.72%	2.25% Sweden	Ordinary
	9 UBS SWITZERLAND AG	635,736	2.63%	2.17% Switzerland	Nominee
• About 46% free float	10 BNP PARIBAS	560,122	2.32%	1.91% France	Nominee
	11 VERDIPAPIRFONDET DNB SMB	542,887	2.25%	1.85% Norway	Ordinary
	12 CLEARSTREAM BANKING S.A.	533,647	2.21%	1.82% Luxembourg	Nominee
	13 HAMILTON CARRIERS LTD	499,638	2.07%	1.71% United States	Ordinary
	14 NORDEA BANK ABP	447,091	1.85%	1.53% Sweden	Nominee
	15 INTESA SANPAOLO S.P.A	438,150	1.81%	1.50% Italy	Nominee
	16 CITIBANK	425,810	1.76%	1.45%	Nominee
	17 HESNES INVEST AS 18 GRAM CAR CARRIERS ASA	310,602 300,000	1.28% 1.24%	1.06% Norway 1.02% Norway	Ordinary Ordinary
	18 SURFSIDE HOLDING AS	300,000	1.24%	1.02% Norway	Ordinary
	20 VERDIPAPIRFONDET STOREBRAND NORGE	296,622	1.23%	1.01% Norway	Ordinary

Gram Car Carriers ASA E-mail: [email protected]

gramcar.com

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