Klaveness Combination Carriers

Investor Presentation • Feb 16, 2023

Fourth Quarter 2022 Oslo, 16 February 2023

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. Making this presentation available in no circumstances whatsoever implies the existence of a commitment or contract by or with the Company, or any of its affiliated entities, or any of its or their respective subsidiaries, directors, officers, representatives, employees, advisers or agents (collectively, "Affiliates") for any purpose. 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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Klaveness Combination Carriers ASA

Five years for KCC – an exciting voyage

2018

Consolidation of Torvald Klaveness' combination carrier business

Expansion 2018-2021

• Delivery of 8 x CLEANBU vessels
• CLEANBU delivery-delays and COVID-problems
• Taking position as a leader in low carbon shipping
• Weak markets with some "blips"

Harvesting 2022-2023

• Successful introduction of the CLEANBU fleet
• Consolidating the CABU business in Australia trade
• Delivering emission reductions
• Strong markets

2023→

A financially strong company positioned to get the best out of promising shipping markets and to be a leader in the transition to low carbon shipping

We continue to deliver what we promise

1) Dividend for a quarter will be paid in the following quarter (e.g. dividend declared for Q4 2022 will be paid in Q1 2023) 2) 2022 Payout ratio = 2022 dividend per share / 2022 earnings per share

1	Highlights Q4 2022
2	Lowest carbon emissions
3	Lower earnings volatility
4	Higher earnings vs. standard vessels
5	Summary and outlook

Q4 2022 | 2nd highest TCE earnings to date

Note: KCC average 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"

Continued strong performance

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

Paying out the entire profit for the quarter

Quarterly dividend (USD cents/share)

1	Highlights Q4 2022
2	Lowest carbon emissions
3	Lower earnings volatility
4	Higher earnings vs. standard vessels
5	Summary and outlook

Harvest the potential for efficiency improvements across KCC's business

Continued CO² emission reductions in 2022

Revised environmental strategy for the period 2023-2050 To be released on 29th of March – stay tuned!

• Lessons learned
• Revised targets and ambitions
• Honest and transparent approach

1	Highlights Q4 2022
2	Lowest carbon emissions
3	Lower earnings volatility
4	Higher earnings vs. standard vessels
5	Summary and outlook

Lower earnings volatility | Flexibility and diversification from 3 markets

KMAX Dry bulk vessel LR1 Tanker VLSFO

Source: Clarksons SIN / Securities

LR1 Tanker = Clarksons Securities LR1 triangulated spot earnings 15

Dry bulk market setback

Source: Klaveness Research

16

Orderbook in % of total fleet

A turn around in China could pave the way for a stronger dry bulk market

Source: Klaveness Research

17

Solid tanker market fundamentals

Expected positive tonne-mile effect of EU ban on Russian oil product imports

Record high diesel shipments to Europe end 2022…

Diesel / gasoil in transit to Europe (mb)

…resulted in higher inventory levels and reduced import volume from January

ARA gas oil inventories seasonal ('000 tonnes)

2022 2023

Positive tonne-mile effect of Russian oil imports substitution expected

Monthly EU Diesel/Gasoil imports from Russia (million mt)

Fixed rate tanker CoA secured at strong levels - full dry bulk market upside

1) Coverage for total fleet as per 15 February 2023, fixed rate coverage =fixed rate contracts/cargoes + FFAs. See enclosures for more details.

2) In percent of total wet and total dry capacity in 2023

20

1	Highlights Q3 2022
2	Lowest carbon emissions
3	Lower earnings volatility
4	Higher earnings vs. standard vessels
5	Summary and outlook

Getting the best out of both the tanker and dry bulk markets

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

~1.4x TCE earnings premium to standard tankers and dry bulk vessels

2018-2022:

22 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 46) (Alternative performance measures).

CABU | Tight schedule impacts trading efficiency end 2022

CABU Q4 – Continued strong TCE earnings despite weaker dry bulk markets

Quarterly CABU TCE Earnings USD per on-hire day 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"

CABU | Record high CSS COA booking and pricing for 2023

Close to full 2023 CABU tanker capacity fixed

% share of CABU tanker days

Strong fixed-rate CSS COA earnings for 2023

MR 1 year TC rates and CABU CSS TCE earnings (USD/day)

CLEANBU – Milestone 3-years CPP + Sugar COA with Raizen

• Dry bulk (sugar) + CPP
• 3 years duration
• Index-linked freight
• Multiple trades
• Sustainability driven
  • Matching inbound/outbound Raizen shipments
  • Co-operation to maximize trading efficiency
  • Future ambition: New fuels

• Global benchmark in bioenergy and renewables
• 4 th largest Brazilian company by revenue
• Fuel distributor in Brazil, Argentina, marketed under the Shell brand
• 44% owned by Shell

CLEANBU | Strong combi-trading efficiency

% of days in tanker and dry bulk trades CLEANBU % days in combi CLEANBU Ballast % ¹

CLEANBU TCE earnings | Impact from lower share of tanker trading

Quarterly CLEANBU TCE Earnings USD per on-hire day 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 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"

1.0

32 614

1.5

28

CLEANBU | Capturing value in the tanker market

Increased tanker trading in 2H 2022 - expected further increase in 1H 2023

% of CLEANBU days in tanker market

Target further expansion of CLEANBU index-linked COA coverage

CPP COA coverage Additional COA target

Adjusted EBITDA still strong, but impacted by lower CLEANBU earnings

Adjusted EBITDA¹ last five quarters (MUSD)

Quarter-on-quarter adjusted EBITDA¹ (MUSD) Q4 2022 vs Q3 2022

OPEX and off-hire impacted by one-offs

1) CABU/CLEANBU OPEX/day is an alternative performance measure (please see slide 46 enclosures for more details)

Entire profit for the quarter paid as dividends to shareholders

Income statement (MUSD)	Q4 2022	Q3 2022	Δ%
Net revenues from operation of vessels	44.4	48.8	9%
Operating expenses, vessels	(13.6)	(12.0)	13%
SG&A	(2.6)	(2.3)	14%
EBITDA	28.1	34.5	18%
EBITDA adjusted	28.1	34.5	18%
Depreciation	(9.1)	(8.0)	14%
EBIT	19.0	26.4	28%
Net financial items	(3.7)	(4.5)	17%
Profit/(loss)	15.3	22.0	30%
EPS (cents/share)1	29.3	42.0
DPS (cents/share)2	30.0	30.0
ROCE3	12%	17%

1) Basic earnings per share 2) Dividend for Q4 2022 approved 15 February 2023 and to be distributed in Q1 2023 3) Annualized EBIT for the quarter. ROCE is an alternative performance measure (please see slide 46 in enclosures for more details). EBITDA adjusted is an alternative performance measure (please see slide 46 in enclosures for more details).

Y-o-Y increase driven by stronger underlying markets and improved trading efficiency

Adjusted EBITDA 2022 compared to 2021 (MUSD)

Income statement (MUSD)	2022	2021	Δ%
Net revenues from operation of vessels	164.6	115.9	42%
Gain on sale of vessels/other income	-	7.8	-
Operating expenses, vessels	(48.8)	(49.4)	1%
SG&A	(8.9)	(7.2)	24%
EBITDA	107.0	67.0	59%
EBITDA adjusted	107.0	61.8	73%
Depreciation	(31.3)	(28.7)	9%
EBIT	74.6	38.4	97%
Net financial items	(14.7)	(15.8)	7%
Profit/(loss)	60.9	22.6	169%
EPS (cents/share)1	116	46	153%
DPS (cents/share)1,2	101	22
ROCE3	12%	5%

1) Basic earnings per share. The number of shares increased by 4,345,000 in November 2021 2) Dividend for Q4 2021 and Q4 2022 paid in 2022 and 2023, respectively.

3) ROCE is an alternative performance measure (please see slide 46 in enclosures for more details). EBITDA adjusted is an alternative performance measure (please see slide 46 in enclosures for more details).

Solid cash position to support business development and high dividends

Solidity and liquidity strengthened substantially through 2022

Equity ratio development 2019-2022 Available liquidity development 2019-2022 (mUSD)

1	Highlights Q4 2022
2	Lowest carbon emissions
3	Lower earnings volatility
4	Higher earnings vs. standard vessels
5	Summary and outlook

2023 outlook : Dry bulk market recovery on top of strong tanker and fuel markets?

Strong start to 2023

TCE earnings USD/day

Q1 2023 Guiding: Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)1)

Future proof and profitable business model

2

FUTURE BOUND

Enclosures

Estimated CAPEX next 12 months (USDmn)

1) Period indicated is expected quarter in which drydocking/ upgrades will be completed, off-hire may occur in previous period 2) Baru will likely go into yard in Q3 2023 and complete in Q4

, Baleen (20), Bangus (20)

Detailed 2023 contract coverage – wet

Contract coverage (slide 20)

CABU: CSS contract coverage

# of days	Q1-23	Q2-23	Q3-23	Q4-23	2 023
Fixed rate COA/Spot	261	298	142	168	869
Floating rate COA	11	45	103	68	227
Total contract days	298	377	270	259	1 205
FFA coverage
Available wet days CABU	298	345	302	349	1 294

Total wet contract coverage

# of days	Q1-23	Q2-23	Q3-23	Q4-23	2023	Q2-Q4 2023
Fixed rate COA/Spot	720	298	142	168	1 328	608
Floating rate COA	11	151	210	175	547	536
Total contract days	731	450	352	343	1875	1 144
FFA coverage™		45	45	45	135	135
Available wet days	930	780	706	765	3 182	2 252
Fixed rate coverage	77 %	44 %	26 %	28 %	46 %	33 %
Operational coverage	79 %	58 %	50 %	45 %	59 %	51 %

CLEANBU: CPP contract coverage

# of days	Q1-23	Q2-23	Q3-23	Q4-23	2023
Fixed rate COA/Spot	459				459
Floating rate COA		107	107	107	320
Total contract days	459	107	107	107	779
FFA coverage		45	ਪਟ	45	135
Available wet days CLEANBU	632	436	404	416	1 888

Detailed 2023 contract coverage – dry bulk

Contract coverage (slide 20)

Total dry bulk contract coverage

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 Q4 2022, Q4 2021, 2022 and 2021 are reconciled in the quarterly report for Q4 2022, note 2 (page 17-18).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q3 2022 and Q3 2021 are reconciled in the quarterly report for Q3 2022, note 2 (page 15-16).
• CABU and CLEANBU and KCC Total TCE earnings per on-hire day for Q2 2022 and Q2 2021 are reconciled in the quarterly report for Q2 2022, note 2 (page 17-18).
• 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).
• KCC (CABU) TCE earnings for 2013-2017 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 Q4 2022, Q4 2021, 2022 and 2021 are reconciled in the quarterly report for Q4 2022, note 2 (page 17-18).
• CABU and CLEANBU OPEX/day (\$/day) for Q3 2022 is reconciled in the quarterly report for Q3 2022, note 2 (page 15-16).
• CABU and CLEANBU OPEX/day (\$/day) for Q2 2022 is reconciled in the quarterly report for Q1 2022, note 2 (page 17-18).
• CABU and CLEANBU OPEX/day (\$/day) for Q1 2022 is reconciled in the quarterly report for Q1 2022, note 2 (page 15).
• Adjusted EBITDA for Q4 2022, Q4 2021, 2022 and 2021 are reconciled in appendix 1 (page 26) in Q4 2022 report published.
• Adjusted EBITDA for Q3 2022 and Q3 2021 are reconciled in appendix 1 (page 25) in Q3 2022 report published.
• Adjusted EBITDA for Q2 2022 and Q2 2021, 1H 2022 and 1H 2021 are reconciled in appendix 1 (page 27) in Q2 2022 report published.
• Adjusted EBITDA for Q1 2022 and Q1 2021 are reconciled in appendix 1 (page 23) in Q1 2022 report published.
• Equity ratio as per 31 December 2022 and 31 December 2021 are reconciled in the quarterly report for Q4 2022, appendix 1 (page 26-27). Equity ratio as per 30 June 2022 and 30 June 2021 are reconciled in the quarterly report for Q2 2022, appendix 1 (page 27-28). Equity ratio as per 31 December 2020 and 31 December 2019 are reconciled in the quarterly report for Q4 2020, note 11 (page 25-26). Equity ratio as per 30 June 2020 and 30 June 2019 are reconciled in the quarterly report for Q2 2020, note 11 (page 24-25).
• ROCE for Q4-22, Q4-21, 2022 and 2021 are reconciled in the quarterly report for Q4 2022, appendix 1, page 26-27. ROCE for Q3-22 is reconciled in the quarterly report for Q3 2022, appendix 1, page 25-26.

Days and earnings in tanker and dry bulk trades

(Slide 23 and 28)

CABU	Q1-22	Q2-22	Q3-22	Q4-22
Dry earnings	12 291 068	11 512 462	8 852 418	4 850 653
Wet earnings	4 922 033	11 014 438	8 577 745	13 136 945
FFA and fuel hedge	-726 259	-997041	-86 669	82 708
adjustment load to discharge	157 242	-106 046	-289 993	-493 359
Other non-voyage costs	-93 615	71 354	-86 385	-149 924
Net revenue	16 550 469	21 495 167	16 967 116	17427023
Dry days, in combi	221	256	323	272
Dry days, other	272	116
Wet days, in combi	188	324,2	266	311
Wet days other			60	ਰੋਪੋ
Total days	681	696	ਦਿੱਤੇ	6/7
Dry days	72 %	53 %	50 %	40 %
Wet days	28 %	47 %	50 %	60 %
Dry bulk earnings, TCE \$/d	24 911	30 947	27 373	17853
Wet earnings, TCE \$/d	26 195	33 974	26 320	32 445
Average TCE \$/d	24 294	30 876	26 132	25 757

CLEANBU	01-22	Q2-22	Q3-22	Q4-22
Dry earnings	9 128 783	12 479 108	6 911 700	9 639 742
Wet earnings	5 212 433	9 280 297	23 850 101	18 420 439
FFA and fuel hedge	-841 382	-1 154 787	-207 826	62 706
adjustment load to discharge	204 950	-1 203 909	1 028 436	-730 176
Other non-voyage costs	-100 949	64 853	-92 502	-164 096
Net revenue	13 603 835	19 465 562	31 489 909	27 228 615
Dry days, in combi	273	331	। ਰੇਟ	380
Dry days, other	114
Wet days, in combi	329	243	423	267
Wet days other		85	82	92
Total days	716	659	700	740
Dry days	54 %	50 %	28 %	51 %
Wet days	46 %	50 %	72 %	49 %
Dry bulk earnings, TCE \$/d	23 595	37 690	35 481	25 348
Wet earnings, TCE \$/d	15 824	28 328	47 209	51 268
Average TCE \$/d	18 ਰੋਗ	29 558	44 990	36 812