Klaveness Combination Carriers

Investor Presentation • Oct 26, 2021

Oslo, 26 October 2021 Third Quarter 2021

Disclaimer

This presentation has been prepared by Klaveness Combination Carriers ASA (the "Company") and is furnished to you for information purposes only and may not be reproduced or redistributed, in whole or in part, to any other person. The presentation does not constitute or form part of any offering of securities, and the contents of this presentation have not been reviewed by any regulatory authority.

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Highlights Q3 2021

Both tankers and dry bulk vessels – full fleet on water

Continue improving results – more to come

Note: CABU and CLEANBU TCE Earnings USD per on-hire day is an alternative performance measure (please see slide 46 in enclosures for more details) 1) Dry bulk and MR Tanker TCE-earnings assume one month advance cargo fixing / "lag"

EBITDA driven by strong dry bulk market and improved CABU operation

Note: Adjusted EBITDA is an alternative performance measure (please see slide 46 in enclosures for more details)

Constant dividends of c4.5/share for Q3 2021 – more to come

Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021

Future proof and profitable business model

1

Lowest carbon emission 3 -30-40% vs. standard vessels

Lower earnings volatility 1

• 2 Higher earnings vs. standard vessels
• 3 Lowest carbon emission

Flexibility and diversification from 3 markets reduce KCC's earnings volatility

Source: Clarksons SIN

Flexibility and diversification from 3 markets reduce KCC's earnings volatility

Source: Clarksons SIN

Flexibility and diversification from 3 markets reduce KCC's earnings volatility

Source: Clarksons SIN

Rebalancing of the tanker market continues

Oil consumption improving but still below 2019 levels

Crude oil and liquid consumption 2019 Average

OECD Oil stocks continues to fall

75 80 85 90 95 100 105 jan 19 feb 19 mar 19 apr 19 mai 19 jun 19 jul 19 aug 19 sep 19 okt 19 nov 19 des 19 jan 20 feb 20 mar 20 apr 20 mai 20 jun 20 jul 20 aug 20 sep 20 okt 20 nov 20 des 20 jan 21 feb 21 mar 21 apr 21 mai 21 jun 21 jul 21 aug 21 sep 21 Million barrels/day

Continued expected low fleet growth and orderbook

Source: EIA, Clarksons SIN

Booming dry bulk market with strong fundamentals

Source: Klaveness Research * Active future, cv 5500,RDM, 7dma ** Zhengzhou front month future, cv 5500, 7dma ***Active contract, CFR China 62% equivalent

Building operational coverage for 2022, preferably index-linked

Tanker market coverage¹

Coverage as % of on-hire days in wet capacity

Dry bulk market coverage¹ Coverage as % of on-hire days in dry capacity

1) Coverage for total fleet as per end 24 October 2021, Operational coverage = fixed rate and index linked contracts/cargoes, fixed rate coverage =fixed rate contracts/cargoes + FFAs. See enclosures slide 40-41 for more details.

Lower earnings volatility

Higher earnings vs. standard vessels

Lowest carbon emission

Selling the oldest CABU vessel and optimizing CABU trading

Selling 21-years old MV Banasol in a booming dry bulk market

• Est. profit from sale \$6.5 million • Est. net cash effect: \$10.6 million

Main KPIs – average 2020-YTD 2021

	CABU Brazil	CABU Australia
% in combi	32 %	91 %
% in ballast	23 %	10 %

Focus CABU business to Australia Starting exit from Brazil-trades from August 2021

• Subcontracting one CSS COA to a third party tanker owner
• Reallocating one CABU vessel into MaruKlav Baumarine dry bulk pool
• Exit last vessel within early 2022

CABU: Increasing dry bulk trading while maintaining trading efficiency

Days as tanker vessel Days as dry bulk vessel

CABU Q3 TCE earnings – best CABU results since 2015

Annual CABU TCE Earnings USD per on-hire day

Source: Baltic Exchange, Clarksons SIN Note: CABU TCE Earnings per on-hire day is an alternative performance measure (please see slide 46 in enclosures for more details), T x = MR Tanker multiple and B x = panamax dry bulker multiple. Dry bulk and MR Tanker TCE-earnings assume one month advance cargo fixing / "lag"

The CLEANBU fleet back in combi-trading – results will show in Q4 2021

Days as tanker vessel Days as dry bulk vessel

20 Days as tanker and dry bulk vessel includes both combi-trading and trading as standard dry bulk and tanker vessel

CLEANBUs TCE earnings stable – major improvement in Q4-2021

Annual CLEANBU TCE earnings USD per on-hire day

Source: Clarksons, Baltic Exchange

Note: CLEANBU TCE Earnings USD per on-hire day is an alternative performance measure (please see slide 46 in enclosures for more details) T x = LR1 Tanker multiple and B x = kamsarmax dry bulker multiple. Dry bulk and MR Tanker TCE-earnings assume one month advance cargo fixing / "lag"

Adjusted EBITDA continues to increase on the back of a strong dry bulk market and a larger fleet

Adjusted EBITDA¹ last five quarters (MUSD)

Quarter-on-quarter adjusted EBITDA¹ (MUSD) Q3 2021 vs Q2 2021

Stable OPEX/day, while off-hire was impacted by one-offs

74% increase in EBT Q-o-Q

Income statement (MUSD)	Q3 2021	Q2 2021	Δ%	YTD 2021
Net revenue	31.9	28.3	12%	81.3
Operating expenses, vessels	(12.3)	(12.6)	2%	(36.1)
SG&A	(1.9)	(1.6)	(16%)	(5.2)
EBITDA	17.6	14.2	25%	40.1
EBITDA adjusted	17.9	15.3	17%	42.3
Depreciation	(7.4)	(7.0)	(6%)	(21.5)
EBIT	10.2	7.1	43%	18.6
Net financial items	(4.1)	(3.7)	(13%)	(11.1)
Profit/(loss)	6.1	3.5	74%	7.5
EPS (cents/share)	12.6	7.3	74%	15.6
DPS (cents/share)	4.5	4.5		12.0
ROCE1	6.9%	5.5%		4.6%

1 Annualized EBIT for the quarter or for the YTD period. ROCE is an alternative performance measure (please see slide 46 in enclosures for more details).

Cash flow impacted by temporary working capital effects

Equity ratio on the rise as full fleet was in operation from third quarter

1) Equity ratio is an alternative performance measure (please see slide 46 in enclosures for more details).

2) Overview assumes drawdown on RCF facilities as of 30.09.2021, overdraft facility not included in overview, KCC04 shown at hedged USD amount

• 1 Lower earnings volatility
• 2 Higher earnings vs. standard vessels
• 3 Lowest carbon emission

Regulations and customers will drive demand for low carbon shipping

Decarbonization regulations/milestones

Positioning KCC as market leader in cost effective, low carbon shipping

Increasing value of KCC's competitive advantage as lowest carbon shipping provider

Expanding KCC's lead as lowest cost, lowest carbon shipping provider

• 1. Cost-effective energy efficiency measures
• 1. Operational efficiency measures
• 1. Improve trading efficiency

Average CO2 emissions per vessel – Q3 in line with 2022 target

Carbon intensity – positive effects of CLEANBUs back in combi-trading

Investing in profitable and cost-effective energy efficiency initiatives

KCC energy saving initiatives are profitable (disregarding customer contribution and potential carbon tax)…

Initiatives		Emissions impact	Payback1
Tier 1 initiatives	Reducing hull resistance and optimizing energy management	5-10%	~2 years
Tier 2 initiatives	Energy saving devices	~10%	~ 4 years
Tier 3 initiatives	Misc. including wind assisted propulsion	10-30%	Under evaluation

… compared to alternative fuels and propulsion systems with negative return before customer contribution and potential carbon tax

Technology/ alternative fuel	Emissions impact2	Expected return
LNG dual fuel engine	5-20%	Negative
Biofuel	10-90%	Negative
Ammonia dual fuel engine	0-90%	Negative

Summary & Outlook

Summary status and outlook

CLEANBU concept technically and commercially proven

✓ Increasing CABU market share in main Australian market

✓ Optimizing CABU business with sale of one vessel and concentration of trading to/from Australia

✓ KCC on course to reach decarbonization targets – strengthening position as leader in low carbon shipping

Strong Q4 2021 TCE earnings guiding

21 932 18 499 20 537 24 848 18 725 21 947 24 500-25 500 23 500-24 500 24 000- 25000 CABU CLEANBU KCC Average Q2-2021 (Actual) Q3-2021 (Actual) Q4-2021 (Guiding) 66% Fixed 75% Fixed

TCE earnings USD/day

Note: CABU and CLEANBU TCE Earnings USD per onhire day are alternative performance measure (please see slide 46 in enclosures for more details)

Summary & outlook 2022

Likely concerted strong dry bulk, tanker and fuel markets in 2022 2022 dividend sensitivity¹

Average KCC fleet TCE earnings USD/on-hire day

Future proof and profitable business model

1

Lowest carbon emission 3 -30-40% vs. standard vessels

FUTURE BOUND

Enclosures

Detailed 2021 contract coverage – wet

Contract coverage

CABU: CSS contract coverage

CLEANBU: CPP contract coverage

# of days	Q4-21	1H 2022	2H 2022	2022
Fixed rate COA/Spot	146
Floating rate COA	ਟੈਂ	116		116
Total contract days	200	116		116
FFA coverage
Available wet days	304	704	734	1 437

Total wet contract coverage

# of days	Q4-21	1H 2022	2H 2022	2022
Fixed rate COA/Spot	330
Floating rate COA	76	164	48	212
Total contract days	406	164	48	212
FFA coverage
Available wet days	534	1 200	1 291	2 490
Fixed rate coverage	62 %	0%	0%	0%
Operational coverage	76 %	14 %	4 %	9%

Detailed 2021 contract coverage – dry bulk

Contract coverage

Total dry bulk contract coverage

CABU dry bulk and tanker earnings

Quarterly CABU TCE Earnings USD per on-hire day

14 300 27 800 34 900 22 700 22 000 21 600 16 722 21 932 24 848 Q1-2021 Q2-2021 Q3-2021

Dry bulk earnings (excl. FFAs) Tanker earnings CABU average

Note: CABU TCE Earnings per onhire day is an alternative performance measure (please see slide 46 in enclosures for more details). Dry bulk earnings and tanker earnings USD per on-hire day are reconciled in enclosures page 47.

CLEANBU dry bulk and tanker earnings

CLEANBU TCE Earnings USD per on-hire day

Dry bulk earnings (excl. FFAs) Tanker earnings CLEANBU average

Note: CLEANBU TCE Earnings per onhire day is an alternative performance measure (please see slide 46 in enclosures for more details), Dry bulk earnings and tanker earnings USD per on-hire day are reconciled in enclosures slide 47.

Estimated CAPEX next 12 months (USDmn)

1) Period indicated is expected period in which drydocking will be finalized, off-hire may occur in previous period

Debt schedule (USDmn) 1

• Margin on vessel mortgage debt of 2.3 2.75% + LIBOR²
• Fixed rate swaps of USD109 million with varying durations and average fixed rate of 1.6%
• Bond loan swapped to USD fixed rate of 6.22% at USDNOK rate of ~9.15
• First vessel mortgage maturity falls due in March 2022 - The facility finances seven 2001 to 2017 built CABU vessels³

1) Notes to repayment overview: Overview assumes drawdown on RCF facilities as of 30.09.2021, overdraft facility not included in overview, KCC04 shown at hedged USD amount 2) One debt facility also includes a sustainability margin adjustment of +/-10 bps depending on sustainability performance KPIs 3) Agreement with lenders on term sheet to refinance the facility. Completion of refinancing subject to final documentation.

Alternative performance measures used in the quarterly presentation

Definitions and reconciliation

Alternative Performance Measures (APMs) are defined on the company's homepage: https://www.combinationcarriers.com/alternative-performance-measures

All reports and presentations referred to below are published on the company's homepage: https://www.combinationcarriers.com/investor-relations/#reports-presentation.

• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q3 2021 and Q3 2021 YTD are reconciled in the quarterly report for Q3 2021, note 2 (page 15-17).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q2 2021 reconciled in the quarterly report for Q2 2021, note 2 (page 15).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q1 2021 are reconciled in the quarterly report for Q1 2021, note 2 (page 14).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q4 2020 and 2020 are reconciled in the quarterly report for Q4 2020, note 2 (page 17-18).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q3 2020 is reconciled in the quarterly report for Q3 2020, note 2 (page 16-17).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q2 2020 are reconciled in the quarterly report for Q2 2020, note 2 (page 16-17).
• CABU and CLEANBU OPEX/day (\$/day) for Q3 2021 are reconciled in the quarterly report for Q3 2021, note 2 (page 15).
• CABU and CLEANBU OPEX/day (\$/day) for Q2 2021 are reconciled in the quarterly report for Q2 2021, note 2 (page 15).
• CABU and CLEANBU OPEX/day (\$/day) for Q1 2021 are reconciled in the quarterly report for Q1 2021, note 2 (page 14).
• CABU and CLEANBU OPEX/day (\$/day) for Q4 2020 and 2020 are reconciled in the quarterly report for Q4 2020, note 2 (page 17-18).
• CABU and CLEANBU OPEX/day (\$/day) for Q3 2020 are reconciled in the quarterly report for Q3 2020, note 2 (page 16-17).
• CABU and CLEANBU OPEX/day (\$/day) for Q2 2020 are reconciled in the quarterly report for Q2 2020, note 2 (page 16).
• Adjusted EBITDA for Q3 2021, Q3 2021 YTD and Q3 2020 are reconciled in appendix 1 (page 23) in Q3 2021 report published.
• Adjusted EBITDA for Q2 2021, Q2 2021 YTD and Q2 2020 are reconciled in Note 11 (page 22-23) in Q2 2021 report published.
• Adjusted EBITDA for Q1 2021 and Q1 2020 are reconciled in Note 11 (page 21) in Q1 2021 report published. Adjusted EBITDA for Q4 2020 and 2020 are reconciled in Note 11 (page 25) in Q4 2020 report published.
• Equity ratio for 30 September 2021, 30 September 2020 and 31 December 2020 is reconciled in the quarterly report for Q3 2021, appendix 1 (page 23). Equity ratio for 30 June 2021 is reconciled in the quarterly report for Q2 2021, note 11 (page 22-23). Equity ratio for 31 March 2021 is reconciled in the quarterly report for Q1 2021, note 11 (page 21-22).
• ROCE for Q3-21, Q3 YTD 2021 and Q3-21 are reconciled in the quarterly report for respectively Q3 2021/Q2 2021, appendix 1/note 11, page 23/22-23.
• Interest bearing debt for 30 June 2021 and 31 March 2021 are reconciled in the quarterly report for respectively Q2 2021/Q1 2021, note 11, page 22-23/21-22.

Alternative performance measures used in the quarterly presentation

Reconciliation of dry bulk earnings and tanker earnings for CABU and CLEANBU fleet (slide 42 and 43)

CABU	Q3-20	Q4-20	Q1-21	Q2-21	Q3-21	CLEANBU	Q3-20	Q4-20	Q1-21	Q2-21	Q3-21
Dry earnings	5 398 822	6 251 222	6 356 080	11 062 359	16 426 765	Dry earnings	1 643 032	2 352 777	5 531 286	10 917 832	11 353 905
Wet earnings	8 310 767	8 287 462	7 298 477	9 092 508	6 542 998	Wet earnings	4 892 015	5 445 318	3 352 543	982 865	5 054 124
FFA	-169 065	150 943	-748 223	-2 102 324	-3 706 875	FFA	56 280	488 794	-264 297	-1 491 463	-3 335 186
Other non-voyage costs	-111 590	-143 593	-89 646	-263 125	-60 594	Other non-voyage costs	-43 572	-62 162	-53 800	-115 547	-43 840
Net revenue	13 428 935	14 546 034	12 816 689	17 789 418	19 202 294	Net revenue	6 547 755	8 224 727	8 565 732	10 293 687	13 029 003
Dry days, in combi	333	420	319	318	336,3	Dry days, in combi	ae	160	196	70	141
Dry days, other			126	80	134,1	Dry days, other			122	392	221
Wet days, in combi			231	322	242,5	Wet days, in combi			153	ਰੇਤ	297
Wet days other	380	348	90	ਰੇ।	59,9	Wet days other	175	235	00		37
Total days	713	768	766	811	773	Total days	271	395	478	556	eae
Dry bulk earnings, TCE \$/d	16 208	14 895	14 283	27 809	34 921	Dry bulk earnings, TCE \$/d	17 133	14 705	17 394	23 683	31 356
Wet earnings,TCE \$/d	21 876	23 815	22 708	22 005	21 637	Wet earnings,TCE \$/d	27 970	23 211	20 953	10 324	15 146
Average TCE \$/d	18 840	18 958	16 722	21 932	24 848	Average TCE \$/d	24 182	20 840	17 924	18 499	18 725