The Company may be subject to foreign withholding taxes in respect of income derived from its investments in other jurisdictions. For the year ended 31 December 2024, the Company was not subjected to foreign withholding taxes (2023: nil).

During 2023, there were discussions held between the Company and its Bermudian tax advisers regarding the implementation of the Pillar 2 global minimum tax (GloBE) rules integrated into the Corporate Income Tax Act 2023 in Bermuda. The legislation introduces a 15% corporate income tax (CIT) that would apply to certain Bermuda entities. Following the consultation, the Company is not expected to be within the scope of this 15% CIT. As of the year ended 31 December 2024, the Company remains out of scope of the 15% CIT.