Klaveness Combination Carriers — Investor Presentation 2021

Feb 19, 2021

Fourth quarter 2020 Oslo, 19 February 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 Q4 2020

KCC is the world leader in combination carriers shipping tanker cargoes into dry bulk export hubs

We care and deliver on our commitment to our crew

1) Figures only for the CABU fleet

5

Q4 2020 highlights – a strong end to a remarkable 2020!

Note: CABU and CLEANBU TCE Earnings USD per on-hire day is an alternative performance measure (please see slide 40 in enclosures for more details)

Improved EBITDA driven by strong CABU performance and CLEANBU fleet expansion

Note: Adjusted EBITDA is an alternative performance measure (please see slide 40 in enclosures for more details)

Continued quarterly dividend payments – same as three last quarters

Future proof and profitable business model

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

CO² emissions from shipping will have a cost going forward…

…still a large gap vs. today's costs of cutting CO² Steep rise in EUA pricing gives some guidance... in shipping

IMPLIED COST OF CO2 EMISSION REDUCTIONS (USD pmt CO² )

Source: Bloomberg

11

…& value of carbon efficiency will increase

KCC cuts CO2 emission pmt transported by 30-40% Large value creation vs. alternatives for cutting CO2 emission

Maintaining the lead as the lowest carbon shipping provider A number of ongoing initiatives – expected to show results in 2021

We would like to tell you more …

Save the date 23 March 2021

• Presentation of 2020 Sustainability report, aim to be compliant with TCFD and GRI
• Status KCC' Environmental strategy
• KCC's environmental initiatives

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

Muted markets in Q4, but dry bulk bounce back offsets weak tanker markets in Q1

16

Short-term pain for tankers

Source: Bloomberg, Clarksons SIN

17

Considerable and growing tanker market coverage for 2021

Tanker market coverage² LR1 tanker forward curve¹

TC5 TCE-earnings USD/day Coverage as % of on-hire days

1) Source: Baltic exchange

2) Coverage for total fleet as per 16 February 2021, F = fixed rate coverage (fixed rate contracts/cargoes + FFAs), O = Operational coverage (fixed rate and index linked contracts/cargoes)

Positive market outlook for dry bulk

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

19

2018 2019 2020 2021

5.7 %

Around 50% fixed rate dry bulk coverage for last 3 quarters in 2021

Panamax P4TC TCE-earnings USD/day

Dry bulk market coverage Dry bulk forward curve^{1 2}

Coverage as % of on-hire days

1) Source: Baltic exchange

2) Coverage for total fleet as per 16 February 2021, F = fixed rate coverage (fixed rate contracts/cargoes + FFAs), O = Operational coverage (fixed rate and index linked contracts/cargoes)

2 Diversified market exposure and COA portfolio reduce earnings volatility

3 Premium earnings vs. standard vessels

Strong CABU earnings driven by high CSS volumes and combi trading in Pacific

Substantially higher Pacific caustic soda cargo bookings in 2020. Positive outlook for 2021…

of CSS cargos

Strong operational efficiency in Pacific trades create value

CABU Q4 TCE earnings outperforming standard markets

Annual CABU TCE Earnings USD per on-hire day

Source: Baltic Exchange, Clarksons Note: CABU TCE Earnings per onhire day is an alternative performance measure (please see slide 40 in enclosures for more details), T x = MR Tanker multiple and B x = panamax dry bulker multiple.

Good CLEANBU progress in the Australian market– positive structural change

3 successful CPP shipments to Australia performed during 4Q-20 and to date in 1Q-21

3 of 5 remaining ANZ refineries closing in 2021 - increased CPP imports / new import ports

Strong CLEANBU TCE earnings in a weak tanker market

Annual CLEANBU TCE earnings USD per on-hire day

23 851

1.1

2.4

Source: Clarksons, Baltic Exchange Note: CLEANBU TCE Earnings USD per on-hire day is an alternative performance measure (please see slide 40 in enclosures for more details)

Adjusted EBITDA up 11% Q-o-Q on the back of strong CABU performance and larger CLEANBU fleet

Quarter-on-quarter adjusted EBITDA¹ (MUSD)

Q4 2020 vs Q3 2020

Overall positive contribution from larger fleet, however delivery of newbuilds is challenging due to current travel restrictions

OPEX and off-hire still impacted by COVID-19 and phase-in of newbuilds

Q4 financials driven by high CABU utilization and CLEANBU fleet expansion

Income Statement (USDm)	Q4 2020	Q3 2020	% change
Net revenue	22.9	20.4	12%
Operating expenses, vsls	(10.8)	(9.8)	10%
SG&A	(1.8)	(1.3)	36%
EBITDA	10.3	9.3	12%
EBITDA adjusted1	11.0	9.8	11%
EBIT	4.7	4.4	6%
Net financial items	(3.5)	(3.1)	12%
Tax	-	-	n.a.
Profit after tax	1.2	1.3	(9%)
EPS	0.02	0.03	(9%)

2020 adjusted EBITDA increased 80% Y-o-Y

1) Adjusted EBITDA is an alternative performance measure (please see slide 40 in enclosures for more details)

2) Estimated EBITDA for vessels under construction based on average TCE earnings (\$23,851/day) and average opex (\$9,125/day) for the

CLEANBU fleet

30

2020 demonstrated the value of flexibility and diversification

Income Statement (USDm)	2020	2019	% change
Net revenue	91.1	61.3	49%
Operating expenses, vsls	(37.4)	(30.1)	24%
SG&A	(5.6)	(5.5)	3%
EBITDA	48.1	25.8	87%
EBITDA adjusted1	49.5	27.5	80%
EBIT	29.0	11.7	148%
Net financial items	(13.8)	(11.1)	24%
Tax	0.0	(0.0)	n.a.
Profit after tax	15.2	0.6	2443%
EPS	0.32	0.01	2443%
DPS	0.12	0.06	100%
ROCE adjusted1	6%	3%	n.a.

Solid cash position and balance sheet

Summary & Outlook

Summary & outlook

Q1 2021 TCE earnings guiding healthy compared to underlying markets 2021 Outlook

TCE earnings USD/day

• Weak tanker market upside in 2nd half
• Strong dry bulk spot market and positive outlook
• Expect further increased CABU caustic soda contract coverage
• Full fleet on water by Q2, but larger than normal CLEANBU off-hire in 2021
• Expanding CLEANBU combi-trades

Future proof and profitable business model

FUTURE BOUND

Enclosures

Detailed 2021 contract coverage

Contract coverage

CABU: CSS contract coverage
of days #	Q1-21	Q2-21	Q3-21	Q4-21	2021 Tot	1H-21	2H-21
COA/Spot Fixed rate	292	226	153	157	828	518	310
Floating COA rate	48	70	69	69	256	118	138
Total days contract	340	296	222	226	1 084	636	448
FFA coverage	0	0	0	0	0	0	0
Available days wet	340	394	403	423	560 1	734	826

Dry bulk contract coverage
of days #	Q1-21	Q2-21	Q3-21	Q4-21	2021 Tot	1H-21	2H-21
COA/Spot Fixed rate	503	35	0	0	538	538	0
Floating COA rate	44	134	172	134	484	178	306
Total days contract	547	169	172	134	1 022	716	306
FFA coverage	180	330	360	360	230 1	510	720
Available dry days	719	713	668	739	2 839	1 432	1 407
Available dry days CABU	410	435	346	392	1 583	845	738
Available dry days CLEANBU	309	278	322	347	256 1	587	669

CLEANBU: CPP contract coverage
of days #	Q1-21	Q2-21	Q3-21	Q4-21	2021 Tot	1H-21	2H-21
COA/Spot Fixed rate	142	0	0	0	142	142	0
Floating COA rate	0	36	36	36	108	36	72
Total days contract	142	36	36	36	250	178	72
FFA coverage	23	0	0	0	23	23	0
Available days wet	167	273	322	347	1 109	440	669

2021 Estimated CAPEX (USDmn) 1

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 TCE earnings per on-hire day for Q4 2020, 2020 and 2019 are reconciled in the quarterly report for Q4 2020, note 2 (page 17-18).
• CABU and CLEANBU 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 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 TCE earnings per on-hire day for Q1 2020 are reconciled in the quarterly report for Q1 2020, note 2 (page 16-17).
• CABU and CLEANBU OPEX/day (\$/day) for Q4 2020, 2020 and 2019 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 and Q1 2020 are reconciled in the quarterly report for respectively Q2 2020 and Q1 2020, note 2 (page 16).
• Adjusted EBITDA for Q4 2020, 2020 and 2019 are reconciled in Note 11 (page 25) in Q4 2020 report published.
• Adjusted EBITDA for Q3 2020 is reconciled in Note 11 (page 24) in Q3 2020 report published.
• Equity ratio for 31 December 2020 and 31 December 2019 are reconciled in the quarterly report for Q4 2020, note 11 (page 25-26). Equity ratio for 30.06.2020 is reconciled in the quarterly report for Q2 2020, note 11 (page 24-25).
• ROCE adjusted for Q4 2020, 2020 and 2019 see reconciliation in Note 11 (page 25-26) in Q4 2020 report published.