Q4 2023 presentation

Gram Car Carriers ASA

8 February 2024

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 8 February 2024. 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.

Key events

Board of Directors approved dividend of USD 0.979 per share for Q4 2023, equal to 75% of the net profit of USD 37.8 million
Eight consecutive quarter with increased dividend, up 52% from Q3 2023
2023 total distribution of USD 67.2 million, equal to USD 2.318 per share
Q4 2023 revenue of USD 56.4 million and EBITDA of USD 41.6 million
Q4 2023 average TCE rate per day: Panamax USD 50,570, Mid-size USD 29,840 and Distribution USD 21,620
Total revenue backlog of USD 851 million at end Q4 2023
Successfully refinanced 2 vessels in Q4 at lower borrowing cost
Sale of Viking Amber (4,200 CEU, 2010) to capture high second-hand values
Favourable market outlook with high charter rates and long contract durations

Delivering attractive shareholder distributions

2.318

Dividend pay-out ratio of 75% of net profit

USD 28.37 million dividend approved for Q4 2023, equal to USD 0.979 per share
An increase of 52% from Q3 2023
8th consecutive quarter with increased dividend
To be paid on or about 14 February 2024
Q4 2023 distribution annualised implies 18% dividend yield¹
A total of USD 79.2 million approved/paid to date since listing
Total 2023 distribution of USD 2.318 per share, up ~5.7x vs. 2022
Tax efficient distributions through repayment of paid in capital

Dividend USD per share

Historically strong market fundamentals set to last

94.6 90.2 77.8 81.4 80.6 89.8 92.3 95.8 97.1 0 20 40 60 80 100 120 Global light vehicle sales (million)

Car sales set to surpass pre-Covid levels Significant shortage of vessels set to last ¹

1-year TC rates at historic highs

Strong demand drivers and predictable supply for the next 1-2 years maintain favourable market outlook

Key figures

Q4'23 (Q3'23)

USD 56.4 million (USD 54.9 million)

USD 41.6 million (USD 40.5 million)

USD 37.8 million (USD 24.9 million)

USD 28.37 million (USD 18.7 million)

USD 32,300 (USD 31,370)

99% (98%)

8/1 days (27/8 days)

USD 17,720 (USD 16,950)

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

EBITDA Utilisation Revenue backlog end of quarter1/2 USD 851 million (USD 908 million)

Net profit Planned/unplanned off-hire Open revenue days 2025/26² 6%/34% (11%/37%)

Dividend proposed Average cash break-even³ Average contract duration⁴ 3.4 years

1) On straight-line basis in accordance with IFRS.

2) As per end of reporting period, assuming mid-point charter party redelivery date (adjusted for sale of Viking Amber).

3) 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.

4) The average contract duration in the revenue backlog as per reporting date (adjusted for sale of Viking Amber).

Creating additional value through asset transactions

Focus on accretive growth and fleet optimisation opportunities continues in 2024
Agreed to sell The 2010-built, 4,200 CEU Viking Amber for USD 64.6 million in cash
Confirming that there are prices where we are sellers and there are prices where we are buyers
Free up capital to strengthen balance sheet
Book gain of USD 36.6 million in Q2 2024, supporting dividend distributions

GCC in brief

The world's third largest car carrier tonnage provider

Commercial manager of 22 car carriers
− 18 owned and 4 managed on behalf of third-party owners
− Average fleet age ~11 years¹ 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"

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

Diversified fleet of 18 owned PCTCs

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

GCC owned vessels Third party vessels⁵

Operational highlights

Strong operational performance across the fleet Q4'23 (Q3'23)

Increased revenue for Distribution and Panamax vessels
Vessel operating expenses lower compared with last quarter and in line with expectations when adjusting for changes in fleet
Revenue set to continue to increase when Viking Queen rolls over on new contract in first quarter of 2024

Open revenue days³ 2024

-/- (293/4%%)

Open revenue days³2025

363/6% (728/11%)

Open revenue days³2026 2096/34% Average cash break-even²

(2,461/37%)

USD 17,720 (16,950)

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

Charter overview Long extensions at high rates providing good visibility on earnings and cash flow

	CEU	Min-Max	Q4'23	Q1'24	Q2'24	2029
Viking Amber	4,200	Feb '24 – Apr '24	USD 23,000		Sold	TIME CHARTER
Viking Passero	5,000	May '25 – Jul '25	USD 27,700			OPTION
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	6,700	Mar '28 – Jun' 28	USD 56,074
Viking Paglia	5,000	May '28 – Jul '28	USD 33,300
Viking Bravery	6,700	Jul '28 / Jul '31	USD 64,900			USD 48,000
Viking Passama	5,000	Oct '28 – Dec '28	USD 33,300
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

-/6%/34% open revenue day for 2024/25/26²

USD 851 million Backlog 31 December 2023¹

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

2) As per end of reporting date, assuming mid-point charter party redelivery date

Record backlog supporting stable earnings

Revenue backlog¹ Revenue backlog by year of expected recognition¹

Financial review

Key figures for Q4 2023

Revenue growth reflecting mainly increased Panamax earnings
USD 13.1 million gain on sale of Viking Constanza
Net profit of USD 37.8 million
Cash flow from operating activities was USD 48.2 million.
− The difference from EBITDA in the quarter was due to a net decrease in working capital and deferred income
In compliance with all financial covenants at 31 December 2023
Vessels rolling over on new charters at higher rates will continue to contribute to earnings growth in 2024

	Q4	Q3	Q2	Q1
In USD thousands	2023	2023	2023	2023	2023	2022

Operating revenue	56,432	54,910	48,448	41,146	200,935	120,976
EBITDA	41,618	40,489	32,898	27,702	142,707	70,596
EBIT	46,373	32,345	25,139	20,060	123,917	43,126
Profit for the period	37,828	24,933	18,143	13,121	94,025	23,877
Cash flow from operating activities	48,154	45,377	37,987	25,378	156,895	79,617
Cash and cash
equivalents Interest-bearing debt	59,481 297,401	28,615 320,169	30,000 308,314	23,701 319,213	59,481 297,401	30,287 339,470
Equity ratio	46%	43%	43%	42%	46%	40%

Refinancing at competitive terms

Viking Bravery USD 35 million term loan at SOFR +1.65%
− Maturity matches duration of current timecharter
− Previous lease debt was priced at SOFR +4.26%
− Generated net cash proceeds of around USD 4 million
Mediterranean Sea under existing USD 332 million fleet facility
− 15 million term loan and 15 million revolving credit facility
− Grid pricing at SOFR +2.4% vs. SOFR +3.21% before refinancing
− Generated net cash proceeds of around USD 4 million and a USD 19 million increase to the liquidity reserve
Repaid lease debt for Viking Adventure in late January
− In the process of establishing new competitively priced debt financing compared to the lease margin of SOFR +4.26%

NIBD/EBITDA vs. grid pricing on main facility¹

1) Net interest-bearing debt (NIBD)/EBITDA calculated as past 12 months' rolling EBITDA over interest-bearing debt less cash as per reporting date.

Market opportunity

Recent market fixtures reflect strong demand and limited supply

Estimated open vessels in the global fleet

on water NB

1) 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

Updated projections primarily forecast more sales in China

Source: Company, Fearnresearch, LMC Automotives Dec 2023, SIN Clarksons. Inventory levels from Automotive News

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 2023 Japan Korea China Million units 2023 - Export destinations Asia 49%

The increase of 4.7 million units from 2019 to 2023 requires an additional ~110 Panamax PCTCs

Strong growth in Chinese vehicle exports amid global EV uptake

Source: Customs Data via Global Trade Tracker

High & heavy demand outlook supportive for car carriers

Volumes maintain elevated levels

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

• Healthy backlogs and elevated agricultural prices keep demand for equipment at historically high levels, following the 2022 peak

Commodities continue to perform well, which keeps mining capex at healthy levels
Significant backlog decreasing slowly due to shortage of equipment and lack of transport capacity

Home Construction Index

Resilient US Economy with real GDP growth at 2.5% in 2023, exceeding expectations.
Q4 2023 real GDP growth annualised run rate was at 3.3%.

PCTC demand outstripping available supply

• Actual exports outpacing the PCTC fleet lifting capacity, especially out of Asia

• Run rate of 2.9 million vehicles gap covered by other less efficient vessel types in 2023

Source export data : Global Trade Tracker, national customs data for new and used cars, high-and-heavy cargo. (China, Japan, South Korea, Thailand, India and Indonesia) Source vessel data : Esgian Shipping Suite AIS Data tracking departing PCTC tonnage (China, Japan, South Korea, Thailand, India and Indonesia)

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

Market capable of absorbing orderbook

Source: Fearnresearch, SIN Clarksons, Company Information 26

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

Q&A

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 1,240 shareholders

Including several international industrial and financial investors with deep industry knowledge
About 45% free float

Name	of Shares No	of % 20 top	of total %	Country	of Type account
1 F LAEISZ GMBH	8 319 668 , ,	35 18%	28 41%	Germany	Ordinary
2 AL MARITIME HOLDING PTE LTD	3 632 265 , ,	15 36%	12 40%	Singapore	Ordinary
3 GLENRINNES FARMS LIMITED	2 038 782 , ,	8 62%	6 96%	United Kingdom	Ordinary
4 HM GRAM ENTERPRISES LIMITED	1 792 845 , ,	7 58%	6 12%	Cyprus	Ordinary
5 BNP PARIBAS	998 815 ,	4 22%	3 41%	Italy	Nominee
6 BNP PARIBAS	799 003 ,	3 38%	2 73%	Jersey	Nominee
7 AS STRAEN	630 415 ,	2 67%	2 15%	Norway	Ordinary
8 UBS SWITZERLAND AG	596 158 ,	2 52%	2 04%	Switzerland	Nominee
9 CLEARSTREAM BANKING S A	570 006 ,	2 41%	1 95%	Luxembourg	Nominee
10 BNP PARIBAS	560 202 ,	2 37%	1 91%	France	Nominee
11 LARSSON SHIPPING AB	486 992 ,	2 06%	1 66%	Sweden	Ordinary
12 INTESA SANPAOLO S P A	468 150 ,	1 98%	1 60%	Italy	Nominee
13 HAMILTON CARRIERS LTD	430 681 ,	1 82%	1 47%	United States	Ordinary
14 CITIBANK	425 810 ,	1 80%	1 45%	Ireland	Nominee
15 NORDEA BANK ABP	410 168 ,	1 73%	1 40%	Sweden	Nominee
16 VERDIPAPIRFONDET DNB SMB	385 061 ,	1 63%	1 31%	Norway	Ordinary
17 GRAM CAR CARRIERS ASA	300 000 ,	27% 1	02% 1	Norway	Ordinary
18 VERDIPAPIRFONDET STOREBRAND NORGE	287 758 ,	22% 1	98% 0	Norway	Ordinary
19 SURFSIDE HOLDING AS	275 000 ,	16% 1	94% 0	Norway	Ordinary
20 CURRUS NAVI AS	238 009 ,	01% 1	81% 0	Norway	Ordinary
Total		23 645 788 , ,	29 285 022 , ,

Gram Car Carriers ASA

E-mail: [email protected]

gramcar.com

AI Terminal