We are exposed to various market risks, including interest rates and foreign currency fluctuations. We use interest rate swaps to manage interest rate risk and currency swaps to manage currency risks. We may enter into derivative instruments from time to time for speculative purposes. As of December 31, 2025, we had entered into cross currency interest rate swap contracts with a total notional principal of NOK750 million ($69.4 million), to hedge against fluctuations in floating interest rates and exchange rates on our NOK750 million senior unsecured bonds due 2029. The net amount of debt outstanding as of December 31, 2025 was NOK750 million (2024: NOK724 million). Under these contracts, variable NIBOR interest rates including additional margins are swapped for a fixed interest rate. The eventual settlement of the bonds will have an effective exchange rate of NOK10.80 = $1. These contracts expire in September 2029 and we estimate that we would receive $6.2 million to terminate them as of December 31, 2025 (December 31, 2024: $2.4 million). As of December 31, 2025, we and our consolidated subsidiaries had entered into interest rate and cross currency interest rate swap contracts with a combined notional principal amount of $0.8 billion (December 31, 2024: $0.5 billion). Under these contracts, variable SOFR or NIBOR interest rates plus applicable credit adjustment spreads are swapped for fixed interest rates. The fixed interest rates, including the impact of credit adjustment spreads, are between 1.19% per annum and 6.47% per annum. These interest rate swap agreements mature between July 2029 and December 2036, and we estimate that we would receive $7.9 million to terminate them as of December 31, 2025 (December 31, 2024: receive $15.5 million). The overall effect of our cross currency and interest rate swaps is to fix the interest rate on approximately $0.8 billion of our floating rate debt as of December 31, 2025 (December 31, 2024: $0.5 billion). As of December 31, 2025, the weighted average interest rate for our floating rate debt denominated in U.S. dollars and Norwegian kroner which takes into consideration the effect of our interest rate and cross currency swaps is 5.25% per annum including margin (December 31, 2024: 5.96%). As of December 31, 2025, our net exposure, including equity-accounted subsidiaries, to interest rate fluctuations on outstanding floating rate bank borrowings, lease financing arrangements, and debt securities denominated in U.S. dollars and Norwegian kroner was $0.7 billion, compared with $1.3 billion as of December 31, 2024. The net exposure as of December 31, 2025 reflects total floating rate bank borrowings, lease financing arrangements, and debt securities of $1.5 billion (December 31, 2024: $1.9 billion), after taking into account $0.8 billion (December 31, 2024: $0.5 billion) in notional principal of interest rate swaps that reduce the exposure to interest rate fluctuations. As of December 31, 2024, $0.1 billion of the remaining floating rate debt was subject to interest adjustment clauses under charter contracts, pursuant to which the charter rate adjusts for changes in interest rates, transferring the related exposure to the counterparty. No such clauses were in effect as of December 31, 2025. A one percent change in interest rates would thus increase or decrease net exposure by approximately $7.0 million per year as of December 31, 2025 (December 31, 2024: $12.6 million per year). 84 As of March 16, 2026, we were not party to any other interest rate or currency derivative contracts. We may in the future enter into short-term Total Return Swap arrangements relating to our own shares and bonds or securities in other companies. Apart from our NOK750 million due 2029 floating rate bonds, which have been hedged, the majority of our transactions, assets and liabilities are denominated in U.S. dollars, our functional currency.