Klaveness Combination Carriers

Investor Presentation • Aug 25, 2021

Second Quarter 2021 Oslo, 25 August 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 Q2 2021

Both tankers and dry bulk vessels - substantially higher earnings capacity

Full fleet on water – a new chapter commences for KCC

H1 2016 H1 2017 H1 2018 H1 2019 H1 2020 H1 2021

CABU CLEANBU

Strong result improvements, more to come...

Note: CABU and CLEANBU TCE Earnings USD per on-hire day is an alternative performance measure (please see slide 45 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

Increased dividends for Q2 2021

Future proof and profitable business model

2

Lowest carbon emission

1

Lower earnings volatility

Higher earnings CABU Panamax dry bulk MR tanker x 1.8 3 x 1.5 TCE earnings and fuel prices TCE earnings and earnings premium¹

1 The most carbon efficient deep-sea shipping solution

• 2 Diversified market exposure and COA portfolio reduce earnings volatility
• 3 Premium earnings vs. standard vessels

UN IPCC Report August 2021

«Code red» for human driven global heating

Summer of decarbonization-regulations

WHEN?	June 2021	July 2021
WHO?	IMO (MEPC76) approval	European Commission proposal
WHAT?	Short term measures - new requirements to shipowners	EU Emission Trading Scheme inclusion of shipping
HOW?	Energy Efficiency Existing Ship Index (EEXI) setting minimum requirements the technical efficiency of ships, Carbon Intensity Indicator (CII) rating scheme addressing the operational efficiency	Allowance (EUA) must be bought for emissions from shipping : • 100% from intra-EU voyages • 50% from voyages in/out of EU • 100% at berth in EU port • Based on MRV reporting • No free allowances Gradual phase-in • 20% in 2023 to • 100% in 2026

EU regulations will start impacting customer's shipping policy, globally..

CLEANBUs achieve large carbon emissions cuts in the Atlantic

CO² emission in MT per RV Brazil-Continent

Large savings in ETS costs by using CLEANBUs (2026)

Source: Bloomberg * Assumes 6 round voyages / year in trade Europe - Brazil

Decarbonization becoming key part of KCC's customer discussions

Being the lowest carbon shipping provider "open doors"

KCC includes emission reporting as part of all new main COAs

If you can't measure it, you can't manage it !

Closer co-operation with customers to cut emission

• Carbon emission baseline
• Carbon emission reduction targets
• Carbon pricing mechanism

Average CO2 emissions per vessel on the right track

300 900 600 500 2020 Q1-2021 Q2-2021 CLEANBU fleet Average CO2 emission per vessel (mt/vessel)

Carbon intensity - temporary negative effect of CLEANBU dry trading

1 The most carbon efficient deep-sea shipping solution

2 Diversified market exposure and COA portfolio reduce earnings volatility

3 Premium earnings vs. standard vessels

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

OECD Oil stocks below 5-year average

Continued expected low fleet growth and orderbook

Booming dry bulk market with strong fundamentals

Source: Klaveness Research

20

Orderbook as a% of the fleet

Positioning for strong dry bulk and tanker markets in 2022

Dry bulk market coverage¹

Coverage as % of on-hire days

Tanker market coverage¹

Coverage as % of on-hire days

F: 61% / O: 91%

1) Coverage for total fleet as per 23 August 2021, F = fixed rate coverage (fixed rate contracts/cargoes + FFAs), O = Operational coverage (fixed rate and index linked contracts/cargoes)

1 The most carbon efficient deep-sea shipping solution

• 2 Diversified market exposure and COA portfolio reduce earnings volatility
• 3 Premium earnings vs. standard vessels

Efficient CABU combi-trading based on strong caustic soda cargo booking

Strong dry bulk market and efficient combi-trading delivers strong CABU earnings

Note: CABU TCE Earnings per onhire day is an alternative performance measure (please see slide 45 in enclosures for more details). Dry bulk earnings and tanker earnings USD per on-hire day are reconciled in enclosures page 46.

Strong CABU Q2 TCE earnings vs. standard markets

Source: Baltic Exchange, Clarksons SIN

Note: CABU TCE Earnings per onhire day is an alternative performance measure (please see slide 45 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"

Switching CLEANBU capacity to dry trading in a historical weak tanker market

Note: CABU TCE Earnings per on-hire day is an alternative performance measure (please see slide 45 in enclosures for more details), Dry bulk and tanker earnings excl. positive or negative results of FFA s Days as tanker and dry bulk vessel includes both combi-trading and trading as standard dry bulk and tanker vessel

CPP customer backing brings CLEANBUs back in combi in Q3

• New CPP COA employs 1-1.5 CLEANBU vessels in target combi trades
• First combi-voyage fixed to West Africa
• CPP combi-shipments fixed for 5 vessels for end August-early September

Efficient combitrading will improve CLEANBU earnings in 2H 2021

Performed and potential CLEANBU CPP/dry bulk combi-trades

Improving CLEANBU earnings supported by strong dry bulk market

Note: CLEANBU TCE Earnings per onhire day is an alternative performance measure (please see slide 45 in enclosures for more details), Dry bulk earnings and tanker earnings USD per on-hire day are reconciled in enclosures slide 46.

CLEANBUs TCE earnings substantially outperforming standard tankers

Source: Clarksons, Baltic Exchange

Note: CLEANBU TCE Earnings USD per on-hire day is an alternative performance measure (please see slide 45 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 up 66% Q-o-Q mainly driven by higher CABU revenue

Adjusted EBITDA¹ last five quarters (MUSD)

Quarter-on-quarter adjusted EBITDA¹ (MUSD) Q2 2021 vs Q1 2021

EBITDA Q2 2021

Last newbuild delivered in Q2

Stable off-hire and OPEX/day compared to Q1 2021

Significantly improved results Q-o-Q

Income statement (MUSD)	Q2 2021	Q1 2021	Δ%	1H 2021	1H 2020
Net revenue	28.3	21.1	34%	49.5	47.9
Operating expenses, vessels	(12.6)	(11.2)	13%	(23.7)	(16.8)
SG&A	(1.6)	(1.7)	(5)%	(3.3)	(2.6)
EBITDA	14.2	8.3	71%	22.4	28.5
EBITDA adjusted	15.3	9.2	66%	24.5	28.7
Depreciation	(7.0)	(7.0)	1%	(14.0)	(8.7)
EBIT	7.1	1.3	457%	8.4	19.8
Net financial items	(3.7)	(3.3)	10%	(7.0)	(7.2)
Profit/(loss)	3.5	(2.0)	270%	1.4	12.6
EPS (cents/share)	7.3	(4.3)	270%	2.9	26.4
DPS (cents/share)	4.5	3.0	50%	7.5	6.0
ROCE1	5.5%	1.5%	+4%-points	3.5%	8.7%

Cash position solid though temporarily impacted by FFA cash settlement

Equity ratio bottoming out at 32.5% after delivery of last newbuild

35

Summary & Outlook

Summary & outlook Q3-Q4 2021

Stronger Q3 2021 TCE earnings guiding Q4 2021 Outlook¹

TCE earnings USD/day CLEANBU)

Basis current dry bulk and tanker FFA-curve, earnings outlook for Q4 2021 is currently as follows:

CABU

• 53% of capacity fixed (fixed+floating rate)²
• TCE earnings of \$23-25,000/day

CLEANBU

• 10% of capacity fixed (fixed+floating rate)²
• CPP fixtures in Q3 2021 will bring vessels into dry bulk loading areas in Q4 2021.
• TCE earnings of \$23-26,000/day

Note: CABU and CLEANBU TCE Earnings USD per onhire day are alternative performance measure (please see slide 45 in enclosures for more details) 1) Q4-2021 earnings outlook is based on panamax dry bulk FFA-rates (P4TC) of \$30,000/d and LR1 tanker spot rates in Middle East-Japan trade (TC5) of WS 119 for Q4-2021

Summary & outlook 2022

Prospects for 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

2

Lowest carbon emission

1

Lower earnings volatility

Higher earnings CABU Panamax dry bulk MR tanker x 1.8 3 x 1.5 TCE earnings and fuel prices TCE earnings and earnings premium¹

FUTURE BOUND

Enclosures

Detailed 2021 contract coverage

Contract coverage

CABU: CSS contract coverage

CLEANBU: CPP contract coverage

# of days	03-21	04-21	2H 2021	2022
Fixed rate COA/Spot	184	$\overline{\phantom{a}}$	184	٠
Floating rate COA	94	65	159	264
Total contract days	278	65	343	264
FFA coverage	٠	$\overline{\phantom{a}}$	-	٠
Available wet days	304	205	509	1464

Dry bulk contract coverage

# of days	$03-21$	04-21	2H 2021	2022
Fixed rate COA/Spot	592	92	684
Floating rate COA	59	126	185
Total contract days	▼ 651	218	869	٠
FFA coverage	50	360	410	660
Available dry days	840	908	1748	3 0 0 9
Available dry days CABU	447	444	891	1595
Available dry days CLEANBU	393	464	857	1414
Average FFA price (\$/d) (P4TC)	11 605	11 527	11 566	12 523

Estimated CAPEX next 12 months (USDmn)

Debt schedule (USDmn)

• 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 – the facility finances seven 2001 to 2017 built CABU vessels

1) Notes to repayment overview: Overview assumes drawdown on RCF facilities as of 30.06.2021, 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

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 Q2 2021 and Q2 2021 YTD are 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 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 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. Adjusted EBITDA for Q3 2020 is reconciled in Note 11 (page 21) in Q3 2020 report published.
• 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 for Q2-21 and Q1-21 are reconciled in the quarterly report for respectively Q2 2021/Q1 2021, note 11, page 22-23/21-22.
• 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 24 and 27)

CABU	$Q3 - 20$	Q4-20	$Q1 - 21$	$Q2 - 21$	$Jul - 21$	CLEANBU	$Q3-20$	Q4-20	$Q1 - 21$	$Q2 - 21$	Jul - 21
Dry earnings	5 398 822	6 251 222	6 356 080	11 062 359	5 666 978	Dry earnings	1643032	2 3 5 2 7 7 7 7	5 5 3 1 2 8 6	10917832	4617485
Wet earnings	8 3 10 7 6 7	8 287 462	7 298 477	9092508	2034407	Wet earnings	4 8 9 2 0 1 5	5445318	3 3 5 2 5 4 3	982 865	1 347 496
FFA	169 065 $\overline{\phantom{a}}$	150 943 -		748 223 - 2102 324 - 1068 078		FFA	56 280	488 794 -		264 297 - 1491 463	982 502 $\sim$
Other non-voyage costs	111 590 $\overline{\phantom{a}}$	143 593 - $\overline{\phantom{a}}$	89 646	263 125 $\overline{\phantom{a}}$	29 127 $\sim$	Other non-voyage costs	43 5 72 -	$62162 -$	$53800 -$	115 547	26 794 $\sim$
Net revenue	13 428 935	14 546 034	12 816 689	17 789 418	6 604 180	Net revenue	6 547 755	8 2 2 4 7 2 7	8 5 6 5 7 3 2	10 293 687	4955685
Dry days	333	420	445	398	156	Dry days	96	160	318	461	174
Wet days	380	348	321	413	93	Wet days	175	235	160	95	56
Total days	713	768	766	811	249	Total days	271	395	478	556	229
Dry bulk earnings, TCE \$/d	16 208	14 8 95	14 283	27809	36 234	Dry bulk earnings, TCE \$/d	17133	14 705	17394	23 683	26 5 98
Wet earnings, TCE \$/d	21876	23 8 15	22 708	22 005	21899	Wet earnings, TCE \$/d	27970	23 211	20 953	10 3 24	24 14 9
Average TCE \$/d	18840	18958	16722	21 9 32	26 493	Average TCE \$/d	24 18 2	20 840	17924	18 4 99	21 6 12