Code of Conduct of Festi hf.

We are aware that the reputation of Festi and its subsidiaries is one of the Company's most valuable assets. In light of this, we have adopted the following Code of Conduct, which applies to all of the Company's activities, all its employees and management, as well as any contractors who take on projects for the Company.

Community

We comply with all laws and regulations pertaining to the Company's operations and strive to be reliable participants in the community.

Customers

We respect our customers and make every effort to provide excellent products and services at reasonable prices. In that same way, we respect our suppliers and value their role in the value chain.

Employees

We do our utmost to ensure the safety and well-being of the Company's employees by providing good workplace conditions, education and training. We follow recognized safety and health protection standards. We are tolerant, consider different points of view and allow every employee to use their talents to flourish. We promote equality in the workplace and we are objective and fair in all our communications. We do not tolerate workplace bullying or other forms of harassment.

Shareholders

We provide shareholders and other market participants with correct and relevant information about the Company's operations, as is suitable for a listed Company. The Company follows the rules for listed companies and practices good corporate governance.

Gifts and Personal Interests

It is not permitted to accept invitations or gifts that can be assumed to have the purpose of influencing business decisions. However, the Company allows reasonable and appropriate gifts and entertainment to be offered in connection with normal and legitimate transactions involving additional parties. Gifts and entertainment must be reported to the Executive Director for approval. It is not permitted to give or receive cash. Business-related decisions may under no circumstances be based on gifts and they must not give rise to conflicts of interest. That applies to gifts from suppliers, those who wish to do business with the Company, or others who could benefit from decisions made by company employees. We avoid making decisions that may create conflicts of interest. We need to be vigilant and take an honest stand in the situation where our decision comes with personal gain and seek the opinion of the Executive Director if any doubt is present.

Environment

We respect the environment and seek to offer environmentally friendly products and services. We strive to cause as little damage to the environment as possible through the Company's activities and follow recognized environmental, quality, safety and health protection standards.

Confidentiality

We respect our obligation of confidentiality when receiving privileged information, and we continue to maintain that confidentiality obligation after leaving the company. We do not use confidential information for our own personal gain or for the gain of others’.

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Adopted February 27, 2020

Thus amended in Kópavogur on 28 February, 2022