Klaveness Combination Carriers

Investor Presentation • Jan 11, 2022

Klaveness Combination Carriers ASA SEB Nordic Seminar 2022: "Investing in the future"

Oslo, 11 January 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.

The presentation should not form the basis for any investments nor be deemed to constitute investment advice by the Company including its affiliates or any of their directors, officers, agents, employees or advisers. An investment in the Company's securities involves risk, and several factors could cause the actual results, performance or achievements that may be expressed or implied by statements and information in this presentation and by attending or reading the presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you must make your own independent assessment of the information contained in the presentation after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates, projections, opinions or other forward-looking statements contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should make its own verifications in relation to such matters.

This presentation contains certain 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, not historical facts, and are sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this presentation (including assumptions, opinions and views of the Company or opinions cited from third party sources) are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company, any of its parent or subsidiary undertakings, or any such person's officers, directors, or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors, nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments described herein.

No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, neither the Company nor any of its affiliates accept any liability whatsoever arising directly or indirectly from the use of this presentation, including any reproduction or redistribution.

The information and opinions contained in this document are provided as at the date of this presentation and may be subject to change without notice. Except as required by law, neither the Company nor any of its affiliates undertake any obligation to update any forward-looking statements or other information herein for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations or publicly release or inform of the result of any revisions to these forward-looking statements which the Company or any of its affiliates may make to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events.

This presentation speaks as January 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.

This presentation shall be governed by Norwegian law. Any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of the Norwegian courts with the Oslo City Court as exclusive legal venue.

Introduction

Both tankers and dry bulk vessels

8 CABUs 8 CLEANBUs

Solves and capitalizes on inefficiencies in deepsea shipping

Lower carbon emissions

Higher earnings

Future proof and profitable business model

2

Lowest carbon emission

1

Lower earnings volatility

1 Lowest carbon emissions

• 2 Lower earnings volatility
• 3 Higher earnings

Disruptive shipping decarbonization regulations in the making

Decarbonization regulations/milestones

Operational and energy efficiency is a "winner" today and tomorrow

• KCC is today market leader in low carbon shipping
• Up to 40% lower emissions than standard vessels

KCC's 2022 emission reduction targets in sight → Raising ambitions for 2023-2030

• 1. Improve trading efficiency
• 1. Improve operational efficiency
• 1. Investing in cost-effective energy efficiency measures

KCC's 2022 emission reduction targets in sight → raising ambitions for 2023-2030

Target of 15% CO² reduction 2018-2022

Average CO2 emissions per vessel (1)

1) Average CO² emissions per vessel = total CO2 emissions in metric tons/vessel years. Vessel years = days available – off-hire days at yard. When new vessels are delivered to the fleet, the vessel years are calculated from the date the vessel is delivered.

Rolling out an ambitious and profitable energy efficiency program

Reducing hull	Optimize energy	Energy saving	Wind assisted
resistance	management	devices	propulsion
Measures to minimize marine growth on the underwater hull to reduce friction through water, including: ✓ Silicone antifouling paint ✓ Ultrasonic propeller protection ✓ Shipshave cleaning drones	Measures to optimize energy management in ship systems, including: ✓ LED-lights ✓ Steady load management ✓ Oil filter systems ✓ Shaft generator (retrofit)	Measures to improve hydrodyna mics and further improvements in hull resistance to reduce energy requirements, including: ✓ Mewis ducts ✓ Air lubrification system ✓ Rudder and vortex drag	Measures to utilize wind energy for propulsion, including: ✓ Flettner rotor solutions ✓ Future solutions incl. kites

1 Lowest carbon emissions

2 Lower earnings volatility

3 Higher earnings

2 of KCC's 3 markets are strong – waiting for a recovery in the tanker market

Chinese macro-uncertainty, but still solid global GDP growth expectations

PMI indicates continued positive macro-outlook

Dry Bulk Trade Weighted PMI Vs BDI

While China is more down-beat, more optimism in other major economies

Dec-21 YoY change in PMI weighted by previous 12 months dry bulk import

Low supply growth in both tanker and dry bulk market reduces overall risks

0% 10% 20% 30% 40% 50% 60% 70% 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Orderbook in % of the fleet Contracting MDwt << Contracting (MDWT) Orderbook % >> 6%

Product tanker orderbook in % of fleet Dry Bulk Order Book in % of fleet

1) Source: Clarksons SIN

Building contract coverage for 2022

Tanker market coverage(1)

Coverage as % of on-hire days in wet capacity

Dry bulk market coverage(1)

Coverage as % of on-hire days in dry capacity

1) Coverage for total fleet as per 10 January 2022, Operational coverage = fixed rate and index linked contracts/cargoes, fixed rate coverage =fixed rate contracts/cargoes + FFAs. See slide 34-35 for more details.

• 1 Lowest carbon emissions
• 2 Lower earnings volatility
• Higher earnings 3

The KCC fleet has over time outperformed standard tonnage at marginally higher OPEX and CAPEX

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

18 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. KCC fleet average historical TCE earnings are defined and reconciled in enclosures to the presentation (slide 31-32) (Alternative performance measures).

The CABUs – on track for continued strong results

Dec. 2021: Sold 2001 built CABU vessel delivered to new owner

Sale of MV Banasol

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

Jan. 2022: 6 years extension of CSS COA with South32

• Index linked COA with mechanism in line with 2015-2021 COAs
• Among KCC's two largest tanker market COAs

Jan. 2022: Solid CSS cargo bookings for 2022 to Australia

# of CSS-cargoes booked/ expected to Australia

Strong CABU Q4 TCE earnings –negative effect from congestion/tight CSS market

Q4-21: More dry bulk trading/lower combi-trading

% share of CABU total on-hire days in dry bulk or tanker trade

Quarterly 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 31-32 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"

CLEANBU - full fleet on water - expanding trading and customer acceptance

July 2021: Last CLEANBU newbuilding in service

# of KCC vessels (CABU+CLEANBU) in service

Aug 2021: New CLEANBU COA with major international oil company

• 1-1.5 vessel-year capacity
• 1-3 years duration (from 07/2021)
• Index-linked

Continued CLEANBU trade expansion / optimization New trade lanes Oct 21-Jan 22

• Increasing booking in profitable CPP combi-trades
• Optimizing return dry bulk trades

Solid CLEANBU Q4 TCE earnings – positive effect from combi-trading

Q4-2021: CLEANBUs back in efficient combi-trading

% share of CABU total on-hire days in dry bulk or tanker trade

Quarterly CLEANBU TCE earnings USD per on-hire day

Note: CABU TCE Earnings per on-hire day is an alternative performance measure (please see slide 31-32 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"

Q2-Q3 2021 driven by a strong dry bulk market + efficient CABU operations

Adjusted EBITDA USD million

EBT USD million

Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021

6,1

Equity ratio on the rise and limited refinancing risk

1) Equity ratio is an alternative performance measure (please see slide 31 and 33 in enclosures for more details). Adj Q3 2021: Q3 actual adjusted for equity issue of approx.

USD 24 million net of costs, repayment of RCF capacity of USD 30 million and sale of the CABU vessel Banasol

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

Strong debt service ability

EBITDA¹ for KCC on a consolidated basis and NIBD/EBITDA (x) ²

1) Due to the reorganization of the combination carrier business in March 2018, historical KCC Shipowning financial figures provide the most accurate description of EBITDA created by the ships that constitute the KCC fleet in the period 2016-2017.

• 2) EBITDA and NIBD/EBITDA is alternative performance measures see slide 31 and 33.
• 3) EBITDA (Adj YTD Q3 2021): Annualized EBITDA YTD Q3 2021. NIBD (Adj YTD Q3 2021): Includes equity issue off approx. USD 24 million and sale of the vessel Banasol .

Quarterly and increasing dividends – 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

Summary/Outlook

Outlook 2022

Prospects for concerted strong dry bulk, tanker and fuel markets in 2022 Illustrative 2022 dividend sensitivity¹

Average KCC fleet TCE earnings USD/on-hire day

1) Dividend yield calculated basis share price of NOK48/share and USDNOK rate of 8.9, USD 1000 per day in TCE earnings effect from new investments in energy efficiency measures and that proceeds from sale of Banasol will be paid as dividends over 4 years, KCC Average TCE earnings for Q4 2021 (USD 23,617/d) is an Alternative Performance Measure (APM), see more details on slide 31.

Future proof and profitable business model

2

Lowest carbon emission

1

Lower earnings volatility

FUTURE BOUND

Alternative performance measures used in the 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 TCE earnings for 2009-2017 are reconciled in the 2020 January Company Presentation, page 38. CABU TCE earnings for 2018 are reconciled in the quarterly presentation for Q4 2019, page 34. CABU TCE earnings for 2019 and 2020 are reconciled in the quarterly presentation for Q4 2020, page 18.
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q4 2021 and 2021 are reconciled on the next slide.
• 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).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q2 2021 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).
• 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.
• 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 are reconciled in Note 11 (page 25) in Q4 2020 report published.
• Equity ratio Adj Q3 2021 is reconciled on the next slide.
• 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).

Alternative performance measures used in the presentation

Reconciliation of dry bulk earnings and tanker earnings and TCE \$/d for the CABU and CLEANBU fleet

CABU	$Q1 - 21$	$Q2 - 21$	$Q3 - 21$	$Q4-21$	2021	CLEANBU	$Q1 - 21$	$Q2 - 21$	$Q3 - 21$	$Q4-21$	2021
Dry earnings	6356080	11 062 359	16 4 26 765	16 094 600	49 939 804	Dry earnings	5 5 3 1 2 8 6	10 917 832	11 353 905	15 509 718	43 312 741
Wet earnings	7 298 477	9092508	6 542 998	4 186 664	27 120 647	Wet earnings	3 3 5 2 5 4 3	982 865	5 0 5 4 1 2 4	5 885 301	15 274 833
FFA and fuel hedge	-748 223	$-2102324$	$-3706875$	-3 722 733	-10 280 155	FFA	-264 297	$-1491463$	-3 335 186	$-3689363$	-8780309
Other non-voyage costs	$-89646$	$-263125$	$-60594$	-94 304	$-507669$	Other non-voyage costs	-53 800	$-115547$	-43 840	-94 258	$-307445$
Net revenue	12816689	17 789 418	19 202 294	16 4 64 227	66 272 627	Net revenue	8 5 6 5 7 3 2	10 293 687	13 029 003	17 611 398	49 499 820
Dry days, in combi	319	318	336,3	233,1	1 2 0 6	Dry days, in combi	196	70	141	342	749
Dry days, other	126	80	134,1	312,2	652	Dry days, other	122	392	221	47	782
Wet days, in combi	231	322	242,5	156,8	952	Wet days, in combi	153	95	297	331	876
Wet days other	90	91	59,9	20,7	262	Wet days other	8	0	37	$\sim$	45
Total days	766	811	773	723	3073	Total days	478	556	696	720	2452
Dry days	58%	49 %	61%	75 %	60%	Dry days	67%	83%	52%	54 %	62%
Wet days	42%	51%	39%	25 %	40 %	Wet days	34 %	17%	48%	46 %	38%
Dry bulk earnings, TCE \$/d	14 2 8 3	27809	34 9 21	29 5 15	26868	Dry bulk earnings, TCE \$/d	17394	23 683	31356	39881	28 290
Wet earnings, TCE \$/d	22 708	22 005	21 637	23 5 8 7	22 342	Wet earnings, TCE \$/d	20 953	10 3 24	15 14 6	17775	16589
Average TCE \$/d	16722	21932	24 848	22776	21567	Average TCE \$/d	17924	18499	18725	24 4 6 0	20 189

KCC Total	$O1-21$	$02-21$	$Q3-21$	$04-21$	2021
Net revenue				21 382 421 28 083 105 32 231 297 34 075 625 115 772 447
Total days	1 244	1 367	1469	1 443	5.524
Average TCE \$/d	17184	20.535	21 947	23.617	20961

Alternative performance measures used in the presentation

mUSD	30.09.2021	EQ issue Nov 21	Repayment debt Dec 21	Sale Banasol Dec 21	Adj
Vessels	547,9	-	-	6,8 -	541,1
Right of-use assets	1,8	-	-	-	1,8
fin LT assets	3,8	-	-	-	3,8
receivables LT	0,1	-	-	-	0,1
Total non-current assets	553,5	-	-	6,8 -	546,7
fin ST assets	0,0	-	-	-	0,0
Inventories	11,9	-	-	-	11,9
Trade receivables and other CA	28,8	-	-	-	28,8
recivables related ST parties	0,2	-	-	-	0,2
Cash and cash equivalents	35,9	24,0	30,0 -	10,6	40,5
Total current assets	77,0	24,0	30,0 -	10,6	81,6
Total assets	630,5	24,0	30,0 -	3,8	628,2
Total equity	207,5	24,0	-	6,5	238,0
debt Mortgage	214,8	-	30,0 -	2,7 -	182,1
fin liab LT	3,3	-	-	-	3,3
LT lease liab	1,2	-	-	-	1,2
Bond loan	79,6	-	-	-	79,6
Total non-current liabilities	298,9	-	30,0 -	2,7 -	266,2
mortgage debt ST	85,5	-	-	-	85,5
Other IBD	15,2	-	-	-	15,2
fin liabilities ST	1,5	-	-	-	1,5
lease liab ST	0,6	-	-	-	0,6
Trade and other payables	20,8	-	-	-	20,8
bedt to related ST parties	0,2	-	-	-	0,2
liabilities Tax	0,2	-	-	-	0,2
Total current liabilites	124,0	-	-	-	124,0
Total equity and debt	630,5	24,0	30,0 -	3,8	628,2
Equity ratio	32,9 %				37,9 %

Reconciliation of equity ratio adj Q3 2021 (slide 24) Reconciliation of NIBD/EBITDA adj Q3 2021 (slide 25)

mUSD	30.09.2021	EQ issue Nov 21	debt Repayment Dec 21	Sale Banasol Dec 21	Adj
Cash and cash equivalents	35,9	24,0	30,0 -	10,6	40,5
bearing debt Interest	395,1	-	30,0 -	2,7 -	362,4
NIBD	359,2				321,9
EBITDA YTD Q3 2021	40,1				40,1
Annualized EBITDA					53,4
NIBD/EBITDA					6,0

Detailed 2021 contract coverage – wet

Contract coverage (slide 16)

CABU: CSS contract coverage
# of days	1H 2022	2H 2022	2022
Alcoa	133	189	323
Marubeni	72	72
Fixed in DL	79
Fixed rate COA/Spot	284	261	546
Floating rate COA	135	158	293
Total contract days	419	420	839
FFA coverage	٠	٠
Available wet days	493	549	1042

Total wet contract coverage
# of days	1H 2022	2H 2022	2022
Fixed rate COA/Spot	367	261	628
Floating rate COA	251	158	409
Total contract days	618	420	1038
FFA coverage	٠
Available wet days	1 2 0 9	1 2 0 9	2479
Fixed rate coverage	30%	22 %	25 %
Operational coverage	51%	35 %	42%

# of days	1H 2022	2H 2022	2022
Fixed rate COA/Spot	83	$\overline{\phantom{a}}$	83
Floating rate COA	116	$\blacksquare$	116
Total contract days	199	$\overline{\phantom{a}}$	199
FFA coverage	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	۰
Available wet days	716	660	1437

Detailed 2021 contract coverage – dry bulk

Contract coverage (slide 16)

Total dry bulk contract coverage
# of days	1H 2022	2H 2022	2022
Fixed rate COA/Spot	451		451
Floating rate COA
Total contract days	451		451
FFA coverage	390	390	780
Available dry days	1586	1670	3 2 5 6
Available dry days CABU	895	898	1793
Available dry days CLEANBU	691	772	1463
Fixed rate coverage	53%	23%	38%
Operational coverage	28%	0%	14 %
FFA futures
Average FFA price (\$/d) (P4TC)	13 917	13 617	13767
FFA options
Average P4TC put buy	20 000	20 000	20 000
Average P4TC call sell	30 000	30 000	30 000
# of days FFA P4TC put buy	180	180	360
# of days FFA P4TC call sell	180	180	360
Options share %	11%	11 %	11%