KPMG ehf. serves as the confirmation agent for Kaldalón hf. with respect to the financial and special covenants of the company’s general security arrangement in connection with its bond issuances. The role of the confirmation agent includes, inter alia, reviewing and confirming the issuer’s calculations presented in reports on the status of the issuer’s financial and special covenants in relation to annual and interim financial statements, as well as in connection with any additional pledging and/or indebtedness under the general security arrangement.

KPMG has conducted a review of the issuer’s calculations regarding the financial covenants of the issuer’s bond series and the general security arrangement. Based on its review, KPMG confirms that the bonds issued by Kaldalón hf., together with the general security arrangement, were in full compliance with all financial covenants as of 30 June 2025.

KPMG has further reviewed the pledging of additional assets into the general security arrangement.

Further details of KPMG’s review are set forth in the accompanying appendix.