Klaveness Combination Carriers

Investor Presentation • May 11, 2022

First Quarter 2022 Oslo, 11 May 2022

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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This presentation speaks as of May 2022. Neither the delivery of this presentation nor any further discussions by 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. The Company does not intend to, or will assume any obligation to, update this presentation or any of the information included herein.

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Klaveness Combination Carriers ASA

Solves and capitalizes on inefficiencies in deepsea shipping

1	Highlights Q1 2022
2	Lowest carbon emissions
3	Lower earnings volatility
4	Higher earnings vs. standard vessels
5	Summary and outlook

A solid start to 2022 – "The best is yet to come"

All three markets strong from

Dry bulk market

Product tanker market

Fuel market

end February 2022 Q1 2022 earnings in line with expectations

Q1 2022 KCC average TCE earnings USD per on-hire day¹and multiple to standard markets

KCC Average KCC Guiding

Standard dry bulk Standard tankers

Note: KCC average TCE Earnings USD per on-hire day is an alternative performance measure (please see slide 42 in enclosures for more details) 1) Dry bulk and MR Tanker TCE earnings assume one month advance cargo fixing / "lag"

EBITDA driven by strong CABU earnings

Adjusted EBITDA (MUSD)

80% increase in dividends

Quarterly dividend (USD cents/share)

10.0

18.0

1	Highlights Q1 2022
2	Lowest carbon emissions
3	Lower earnings volatility
4	Higher earnings vs. standard vessels
5	Summary and outlook

Operational and energy efficiency is a winner today and tomorrow

Today: The lowest carbon emission deepsea dry bulk and

Target to substantially increase carbon efficiency advantage

April 2022: Concluded large energy efficiency initiatives for two vessels

Silverstream air lubrification system

Reducing the frictional resistance through creating a carpet of bubbles coating the full flat bottom of the vessels

Shaft generator retrofit

Producing power from the rotation taken from the propeller shaft of the main engine

• To be installed in Q2-Q3 2023
• Investment of ~USD 7.0 million in total for 2 vessels1)
• ENOVA funding of ~USD 0.9 million
• Estimated +10% reduction in fuel consumption and CO² emission
• Cash-on-cash payback of ~8 years2)
• Options secured for additional 9 vessels

Gearing up roll-out of energy efficiency initiatives

	CABU	CLEANBU	Status
1. REDUCING HULL RESISTANCE
Silicone antifouling	✓	✓	Used on 5 vessels to date – to be used on all dockings on all vessels.
Welding seam fearing	✓	✓	Trial on 3 vessels to date. Target to use as standard.
Shipshave cleaning drones	✓	✓	4 drones purchased to date.
Silverstream air lubrification system	✓	✓	Contract for installation on 2 vessels. Option for additional 9 vessels (2016-2017 built CABUs and CLEANBUs).
2. IMPROVING PROPELLER, HULL AND STEERING EFFECTIVENESS
Wärtsila profin	✓		Installed on 3 CABU vessels. To be installed on CABU vessels built 2001 – 2007.
Becker Mewis ducts	✓	✓	Installed on 3 vessels to date. Options/intention to be installed on additional 12 vessels.
HazyTech Ultrasonic propeller protection	✓	✓	Installed on all 16 vessels.
Variable frequency steering	✓		To be installed on three CABU vessels. On the way to the vessels.
3. ENERGY USE
WE Tech shaft generator retrofit	✓	✓	Contract for installation on 2 vessels - option for additional 9 vessels (2016-2017 built CABUs and CLEANBUs).
LED flood lights	✓	✓	Installed on major floot lights on deck and engine room on all vessels.
Green filters	✓	✓	Installed on all vessels.
LeanMarine FuelOpt	✓		Contracts for 2 vessels - target to install on further 5 vessels.

Estimated fuel savings impact compared to 2021

Vessels built 2016-2021 ~20%

Vessels built 2001-2007 ~10%

CO² emission reduction on target, EEOI-performance impacted by "one-offs"

1	Highlights Q1 2022
2	Lowest carbon emissions
3	Lower earnings volatility
4	Higher earnings vs. standard vessels
5	Summary and outlook

Flexibility and diversification from 3 markets – all currently strong!

Dry bulk market keeping up speed

Source: Klaveness Research

17

The long-awaited product tanker market recovery is here

18

Maintaining upside in both markets

1) Coverage for total fleet as per end April 2022, fixed rate coverage =fixed rate contracts/cargoes + FFAs. See enclosures slide 38-39 for more details.

4	Higher earnings vs. standard vessels
3	Lower earnings volatility
2	Lowest carbon emissions
1	Highlights Q1 2022

Outperforming standard tonnage at marginally higher OPEX and CAPEX

Historical Average TCE earnings vs. standard tonnage (USD/day)¹

1) Bulk carrier spot earnings is average of the 4 Spot Routes for Baltic Panamax Index (P4TC) and 5 spot routes for Baltic Kamsarmax index (P5TC _82) weighted based on CABU and CLEANBU on-hire days. Clarksons average MR Clean spot earnings and LR1 triangulated spot earnings \$/day weighted based on CABU and CLEANBU on-hire days. Source: Company data and Clarksons / SIN. KCC fleet average historical TCE earnings are defined and reconciled in enclosures to the presentation (slide 42) (Alternative performance measures).

CABU: Ukraine situation delaying CABU vessel positioning back to Far East

CABU Q1 TCE earnings – strong comeback

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 42 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"

Expanding CPP customer base and acceptance for the CLEANBUs

Total number of customer that has approved the CLEANBU vessels and last cargo dry bulk

Total number of customer that has used / received CLEANBUs

CLEANBU : Continued efficient combination trading

CLEANBUs TCE earnings - in line with expectations

Source: Clarksons, Baltic Exchange

Note: CLEANBU TCE Earnings USD per on-hire day is an alternative performance measure (please see slide 42 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 driven by CABU earnings and lower OPEX

Adjusted EBITDA¹ last five quarters (MUSD)

Quarter-on-quarter adjusted EBITDA¹ (MUSD) Q1 2022 vs Q4 2021

Low operating expenses, expected to normalize over the next quarters

1) CABU/CLEANBU OPEX/day is an alternative performance measure (please see slide 42 enclosures for more details)

Dividend up 80% Q-o-Q based on strong Q1 financials and positive Q2 outlook

Income statement (MUSD)	Q1 2022	Q4 2021	Δ%
Net revenues from operation of vessels	30.1	34.6	(13%)
Gain on sale of vessels/other income	-	7.8	-
Operating expenses, vessels	(10.6)	(13.4)	21%
SG&A	(1.8)	(2.0)	9%
EBITDA	17.8	27.0	(34%)
EBITDA adjusted	17.8	19.5	(9%)
Depreciation	(7.1)	(7.2)	2%
EBIT	10.7	19.8	(46%)
Net financial items	(3.4)	(4.7)	28%
Profit/(loss)	7.3	15.1	(51%)
EPS (cents/share)1	14.2	29.7	(53%)
DPS (cents/share)2	18.0	10.0	80%
ROCE3	7.0%	8.1%

1) Basic earnings per share. The number of shares increased by 4,345,000 in November 2021 2) Dividend for Q1 2022 approved 10 May 2022 and distributed in Q2 2022 3) Annualized EBIT for the quarter. ROCE is an alternative performance measure (please see slide 42 in enclosures for more details). EBITDA adjusted is an alternative performance measure (please see slide 42 in enclosures for more details).

Continued healthy cash flow in first quarter 2022

Solid balance sheet

• Equity ratio of 42%¹
• Cash and undrawn facilities of MUSD 106.6
• First major refinancing December 2023
• Q1 average margin on drawn mortgage debt 2.3%
• Gross interest rate hedge ratio ~50% in 2022²

1	Highlights Q1 2022
2	Lowest carbon emissions
3	Lower earnings volatility
4	Higher earnings vs. standard vessels
5	Summary and outlook

Outlook 2022: "Firing on all (three) cylinders"

Historical and illustrative future prices¹

Markets

• Increased macro uncertainties

CABUs:

• High CSS-contract coverage secures high % in combi-trading

CLEANBUs:

• Expansion/ optimization of CLEANBU combi-trading and improving freight pricing over 2022
• Higher earnings volatility due to full tanker market spot exposure

Strong Q2 2022 TCE earnings outlook/guiding

TCE earnings USD/day

Q2-2022 Guiding: Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)1)

1) Note: CABU and CLEANBU TCE Earnings USD per onhire day are alternative performance measure (please see slide 42 in enclosures for more details)

Future proof and profitable business model

2

Lower earnings volatility

TCE earnings and fuel prices

FUTURE BOUND

Enclosures

Detailed 2022 contract coverage – wet

Contract coverage (slide 19)

CABU: CSS contract coverage

Total wet contract coverage

# of days	02 2022	2H 2022	2022
Fixed rate COA/Spot	420	382	802
Floating rate COA	ਦਰ	। ਦੇਰੇ	238
Total contract days	489	551	1 040
FFA coverage
Available wet days	570	1 383	1 953
Fixed rate coverage	74 %	28 %	41 %
Operational coverage	86 %	40 %	53 %

CLEANBU: CPP contract coverage

# of days	02 2022	2H 2022	2022
Fixed rate COA/Spot	225		225
Floating rate COA	35		35
Total contract days	260		260
FFA coverage
Available wet days	341	735	1 076

Detailed 2022 contract coverage – dry bulk

Contract coverage (slide 19)

Total dry bulk contract coverage

Estimated CAPEX next 12 months (USDmn)

Energy efficency measures Dry docking and other technical upgrades

1) Period indicated is expected period in which drydocking/ upgrades will be finalized, off-hire may occur in previous period 2) Guarantee docking, off-hire partly covered by loss of hire insurance

Upcoming drydocking¹ (expected off-hire days)

Q2 2022: Ballard (10) , Barracuda (45)² Q3 2022: Bakkedal (47), Bangor (47)

Q1 2023

Debt schedule (USDmn) 1

• Margin on vessel mortgage debt of 2.1 2.75% + LIBOR²
• Bond loan swapped to USD fixed rate of 6.22% at USDNOK rate of ~9.15

1) Notes to repayment overview: Overview assumes full drawdown on revolving credit facilities, overdraft facility not included in overview, KCC04 shown at hedged USD amount 2) Two debt facility agreements also includes sustainability margin adjustments which depends on performance 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 Q1 2022 and Q1 2021 are reconciled in the quarterly report for Q1 2022, note 2 (page 15).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q4 2021 and 2021 are reconciled in the quarterly report for Q4 2021, note 2 (page 16-17).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q3 2021 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 Q4 2020 and 2020 are reconciled in the quarterly report for Q4 2020, note 2 (page 17-18).
• KCC (CABU) TCE earnings for 2009-2017 are reconciled in the 2020 January Company Presentation, page 38. KCC (CABU) TCE earnings for 2018 are reconciled in the quarterly presentation for Q4 2019, page 34. KCC TCE earnings for 2019 and 2020 are reconciled in the quarterly presentation for Q4 2020, page 18.
• CABU and CLEANBU OPEX/day (\$/day) for Q1 2022 and Q1 2021 are reconciled in the quarterly report for Q1 2022, note 2 (page 15).
• CABU and CLEANBU OPEX/day (\$/day) for Q4 2021, 2021 and 2020 are reconciled in the quarterly report for Q4 2021, 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).
• Adjusted EBITDA for Q1 2022 and Q1 2021 are reconciled in appendix 1 (page 23) in Q1 2021 report published.
• Adjusted EBITDA for Q4 2021, Q4 2020, 2021 and 2020 are reconciled in appendix 1 (page 26) in Q4 2021 report published.
• Adjusted EBITDA for Q3 2021 and Q3 2020 are reconciled in appendix 1 (page 23) in Q3 2021 report published.
• Adjusted EBITDA for Q2 2021 and Q2 2020 are reconciled in Note 11 (page 22-23) in Q2 2021 report published.
• Equity ratio as per 31 March 2022 is reconciled in the quarterly report for Q1 2022, appendix 1 (page 23-24).
• ROCE for Q1-22 is reconciled in the quarterly report for Q1 2022, appendix 1, page 23-24. ROCE for Q4 2021 is reconciled in the quarterly report for Q4 2021, appendix 1, page 26.

Days and earnings in tanker and dry bulk trades

(Slide 22 and 25)

CABU	Q1-21	Q2-21	Q3-21	Q4-21	Q1-22	CLEANBU	Q1-21	Q2-21	Q3-21	Q4-21	Q1-22
Dry earnings	6 356 080	11 062 359	16 426 765	16 286 335	12 291 068	Dry earnings	5 531 286	10 917 832	11 353 905	15 495 108	9 128 783
Wet earnings	7 298 477	092 508 ਰੇ	6542 998	3 986 664	4 922 033	Wet earnings	3 352 543	982 865	5 054 124	5 899 967	5 212 433
FFA	-748 223	-2 102 324	-3 706 875	-3 722 793	-726 259	FFA	-264 297	-1 491 463	-3 335 186	-3 689 304	-841 382
Adjustment					157 242						204 950
Other non-voyage costs	-89 646	-263 125	-60 594	-85 228	-93 615	Other non-voyage costs	-53 800	-115 547	-43 840	-94 255	-100 949
Net revenue	12 816 689	17 789 418	19 202 294	16 464 978	16 550 469	Net revenue	8 565 732	10 293 687	13 029 003	17 611 516	13 603 835
Dry days, in combi	319	318	336	233	221	Dry days, in combi	196	70	141	342	273
Dry days, other	126	80	134	312	272	Dry days, other	122	392	221	47	114
Wet days, in combi	231	322	243	157	188	Wet days, in combi	153	તેર	297	331	329
Wet days other	90	ਰੇ।	60	21		Wet days other	8	0	37
Total days	766	811	773	723	681	Total days	478	556	696	720	716
Dry days	58 %	49 %	61 %	75 %	72 %	Dry days	67%	83 %	52 %	54 %	54 %
Wet days	42 %	51 %	39 %	25 %	28 %	Wet days	34 %	17%	48 %	46 %	46 %
Dry bulk earnings, TCE \$/d	14 283	27 809	34 921	29 856	24 911		17 394	23 683	31 356	39 884	23 595
Wet earnings,TCE \$/d	22 708	22 005	21 637	22 460	26 195	Dry bulk earnings, TCE \$/d Wet earnings,TCE \$/d	20 953	10 324	15 146	17819	15 824
Average TCE \$/d	16 722	21 932	24 848	22 776	24 294	Average TCE \$/d	17 924	18 499	18 725	24 460	18 991