Q2 2023 presentation

Gram Car Carriers ASA

15 August 2023

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").

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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

Board of Directors approves dividend of USD 0.47 per share for Q2 2023, equal to 75% of net profit
Sixth consecutive quarter with increased dividend with Q2 2023 dividend up 110% from Q1 2023
Q2 2023 revenue of USD 48.4 million and EBITDA of USD 32.9 million
Q2 2023 average TCE rate per day: Panamax USD 39,130, Mid-size USD 30,270 and Distribution fleet USD 17,600
Total revenue backlog of USD 826 million
GCC shares commenced trading on the OTCQX® Best Market in New York
Agreed to sell two Distribution vessels to modernise fleet and capitalise on high asset prices (July)
Acquired 75% of Mid-size vessel at attractive price point (July)
Well positioned in historically strong market with 2%/20%/24% open days in 2023/24/25
Favourable market outlook with high charter rates and long contract durations

Committed to attractive shareholder distributions

Dividend pay-out ratio of 75% of net profit Dividend USD per share

USD 13.61 million dividend approved for Q2, equal to USD 0.47 per share
Sixth consecutive quarter with increased dividend
First distribution under the pay-out ratio
An increase of 110% from Q1 2023
To be paid on or about 22 August 2023
Constitutes a repayment of paid in capital

0.000 0.100 0.200 0.300 0.400 0.500 0.600 0.700 0.800 0.900 1.000 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Market fundamentals remain strong

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

supply by 25 vessels

Key figures Q2'23 (Q1'23)

USD 48.4 million (USD 41.1 million)

USD 32.9 million (USD 27.7 million)

USD 18.1 million

(USD 13.1 million)

USD 13.61 million (USD 6.56 million)

USD 28,770 (USD 25,620)

99% (95%)

Net profit Planned/unplanned off-hire Open revenue days 20233 12/8 days (39/46 days)

USD 16,950 (USD 16,920)

Revenue Average TC rate1 Revenue backlog added

- (USD 61 million)

EBITDA Utilisation Revenue backlog end of quarter3 USD 826 million (USD 874 million)

153/2% (192/3%)

Dividend proposed Average cash break-even2 Average contract duration4

3.2 years

1) On straight-line basis in accordance with IFRS

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 12 months' debt amortisation schedule. Capex not included

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

4) The average contract duration in the revenue backlog at 30 June 2023

GCC in brief

The world's third largest car carrier tonnage provider

Gram Car Carriers (GCC) in brief Selected customers

Commercial manager of 24 car carriers
- − 20 owned and 4 managed on behalf of third-party owners
- − Average fleet age ~11 years vs. global fleet average of 15 years
Commercial manager of Global Auto Carriers (GAC)
- − Building 4x7,000 CEU multifuel PCTCs with 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 Oslo Børs main market with ticker "GCC" and cross traded on OTCQX with ticker "GCCRF"

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

Diversified fleet of 20 owned PCTCs

Fleet age of approx. 11 years vs. world fleet average of approx. 15 years

GCC owned vessels Third party vessels6

Viking Odessa • Hoegh Caribia
City of Oslo
Viking Constanza 1
Viking Princess 1 (2,000 CEU)

• Viking Amber • Viking Coral • Viking Diamond • Viking Emerald • Viking Ocean

4+2 Global Auto Carriers
Newbuild 1 q4 2025 • Newbuild 2 – q2 2026
Newbuild 3 q3 2026 • Newbuild 4 – q4 2026
+2 options (7,000 CEU)

11 Mid-size

Viking Sea • Viking Drive 2
Viking Paglia 3
Viking Passero ³
Viking Passama ³
Mediterranean Sea 3, 5 (4,200 CEU)

• Viking Adventure • Viking Bravery • Viking Destiny • Viking Queen 4 (6,700 CEU)

Capturing accretive growth opportunities and optimising fleet

Assumed 76% ownership of the Mid-size vessel Mediterranean Sea (5,000 CEU, built 2010) in July
- − Acquired 74.9% of shares in Gram Car AS, a single purpose company owning the vessel, for USD 17.8 million in cash
- − GCC is the commercial manager of Gram Car AS, holding 1% of the shares before the acquisition
- − The vessel is on a timecharter until May 2025 at USD 25,500 per day, adding USD 18 million to backlog
- − The acquisition is expected to support increased dividend distributions
Agreement to sell two Distribution vessels, the Viking Constanza (2,000 CEU, built 2010) and the Viking Princess (1,000 CEU, built 1996), for a total cash consideration of USD 43.5 million
- − Modernise the fleet and capitalise on historically high second-hand vessel prices
- − GCC expects to recognise a total book gain of USD 19 million upon completion of the sale of the two vessels in Q4 2023 and Q1 2024, respectively
- − Supportive dividend distribution upon completion

Operational highlights

Strong operational performance across the fleet Q2'23 (Q1'23)

Distribution Mid-size Panamax Fleet total Average TC rate1 USD 17,600 (15,540) Average TC rate1 USD 30,270 (29,100) Average TC rate1 USD 39,130 (30,060) Average TC rate1 USD 28,770 (25,620) Utilisation 99% (98%) Utilisation 99% (92%) Utilisation 98% (100%) Utilisation 99% (95%) Planned/ unplanned off-hire -/3 days (-/7 days) Planned/ unplanned off-hire 7/4 days (39/37 days) Planned/ unplanned off-hire 5/1 days (-/2 days) Planned/ unplanned off-hire 12/8 days (39/46 days) • Increased revenue for all vessel types • Vessel operating expenses in line with expectations when adjusting for USD ~1 million of non-recurring expenses • Revenue is set to continue to increase over the next quarters as vessels roll over on new contracts at higher dayrates • Further fixings at expected attractive TC rates and durations Open revenue days3 2023 153/2% Open revenue days3 2024 1,391/20% (1,391/20%) Open revenue days3 2025 1,656/24% (1,656/24%) Revenue backlog3 USD 826m (874m) Average cash break-even2 USD 16,950 (16,920)

1) On straight-line basis in accordance with IFRS

(192/3%)

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

Long-term contract coverage at strong charter rates

	CEU	Min-Max	Q2'23	Q3'23	Q1'24	2028
Viking Constanza	2,000	Sep '23 – Oct '23	USD 17,000		Sold	TIME CHARTER
Viking Princess	1,000	Oct '23 – Jan '24	USD 10,450		Sold	OPTION
Viking Queen	7,000	Nov '23 – Jan '24	USD 16,300
Viking Amber	4,200	Feb '24 – Apr '24	USD 23,000
Viking Passero	5,000	May '25 – Jul '25	USD 27,700
Hoegh Caribia	2,000	Nov '25 – Mar '26	USD 22,000
Viking Drive	3,500	Jan '26 – Mar '26	USD 26,550
City of Oslo	2,000	Apr '26 – Jun '26	USD 27,750
Viking Coral	4,200	Apr '26 – Jun '26	USD 30,527
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	6,700	Mar '28 – Jun '28	USD 56,074
Viking Paglia	5,000	May '28 – Jul '28	USD 33,300
Viking Bravery	6,700	Jun '28 – Sep '28		USD 64,900		USD 48,000
Viking Passama	5,000	Oct '28 – Dec '28	USD 33,300

Contract renewals expected well ahead of expiry of existing contracts

Enhanced earnings visibility with operators entering longer contracts

2%/20%/24% open revenue day for 2023/24/25

USD 826 million Backlog 30 June 20231

Record backlog supporting stable earnings

Revenue backlog1 Revenue backlog by year of expected recognition1

Financial review

Key figures for Q2 2023

Increased revenue for all vessel types reflecting strong operations in the quarter
Q2 2023 net profit of USD 18.1 million
Cash flow from operating activities was USD 38 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 June 2023
Vessels rolling over on new charters at higher rates will continue to contribute to earnings growth in 2023

In USD thousands1	Q2 2023	Q1 2023	2022
Operating revenue	48,448	41,146	120,976
EBITDA	32,898	27,702	70,596
EBIT	25,139	20,060	43,126
Profit for the period	18,143	13,121	23,877

Cash flow from operating activities	37,987	25,378	79,617

Cash and cash equivalents	30,000	23,701	30,287
Interest-bearing debt	308,062	319,213	339,470
Equity ratio	43%	42%	40%

Market opportunity

Recent market fixtures reflect strong demand and limited supply

Estimated open vessels in the global fleet

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

Favorable market fundamentals continue

recover towards pre-covid levels

120.0

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

The increase of 3.6 million units from 2019 to 2023 requires an additional ~100 panamax PCTCs

Chinese vehicle exports Strong growth amid global EV uptake

Preliminary export numbers for 1st half 2023 at 2.14 million vehicles
Current run-rate set to surpass 4 million in annual exports in 2023
BEV share continues to grow, with the 12-month rolling average at 31% (as per end June).
Chinese export goes primarily to Asia, Europe and South America
North American cargo goes predominantly to Mexico.

Source: Customs Data via Global Trade Tracker

High & heavy demand outlook supportive for car carriers

Record H&H volumes continue into first half of 2023

• Demand for agricultural equipment remains high, but slightly lower than in the record year of 2022

Investment cycle started by the Covid-19 commodity boom
Extended by the green transition
Significant backlog which is decreasing slowly due to shortage of equipment and lack of transport capacity

S&P GSCI Agriculture Index S&P/TSX Global Mining Index S&P Dow Jones U.S. Select Home Construction Index

• Volumes into the US remain high

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

Historical fleet development Orderbook growing

Market capable of absorbing orderbook

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

Closing remarks

Why invest in Gram Car Carriers?

Unique investment opportunity in leading PCTC tonnage provider
Attractive market fundamentals with long-term upcycle unfolding
Successfully capturing the strong market with material revenue backlog and good cash flow visibility
Steadily improving earnings with fleet rolling over on new contracts with further upside potential
Stated policy of returning 75% of net profit to shareholders through quarterly dividends

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

Mas Gram, Head of Projects and IR

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

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' experience from consulting, investment banking and investments, having been CEO of ProCorp AS, MD of 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 Döhle 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 (née 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

	Name	No of Shares	% of top 20	% of total	Country
1	F. LAEISZ GMBH	8,238,047	34.43%	28.13%	Germany
2	AL MARITIME HOLDING PTE LTD	3,598,438	15.04%	12.29%	Singapore
3	GLENRINNES FARMS LIMITED	1,938,782	8.10%	6.62%	United Kingdom
4	HM GRAM INVESTMENTS III LIMITED/
	HM GRAM ENTERPRISES LIMITED/HMG AS	1,792,496	7.49%	6.12%	Cyprus
5	BNP PARIBAS	992,700	4.15%	3.39%	Italy
6	AS STRAEN	817,688	3.42%	2.79%	Norway
7	BNP PARIBAS	782,040	3.27%	2.67%	Jersey
8	LARSSON SHIPPING AB	618,294	2.58%	2.11%	Sweden
9	BNP PARIBAS	610,122	2.55%	2.08%	France
10	CLEARSTREAM BANKING S.A.	562,231	2.35%	1.92%	Luxembourg
11	VERDIPAPIRFONDET DNB SMB	557,536	2.33%	1.90%	Norway
12	HAMILTON CARRIERS LTD	499,638	2.09%	1.71%	United States
13	UBS SWITZERLAND AG	463,437	1.94%	1.58%	Switzerland
14	NORDEA BANK ABP	457,061	1.91%	1.56%	Sweden
15	CITIBANK	425,810	1.78%	1.45%	Ireland
16	HESNES INVEST AS	407,833	1.70%	1.39%	Norway
17	SURFSIDE HOLDING AS	327,233	1.37%	1.12%	Norway
18	GRAM CAR CARRIERS ASA	300,000	1.25%	1.02%	Norway
19	VERDIPAPIRFONDET STOREBRAND NORGE	296,622	1.24%	1.01%	Norway
20	CURRUS NAVI AS	238,009	0.99%	0.81%	Norway
	Total shares outstanding		23,924,017	29,285,022

Gram Car Carriers ASA

E-mail: [email protected]

gramcar.com

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