Kalma Capital Corp. — Capital/Financing Update 2023

Apr 17, 2023

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April 17, 2023

File #: 95920.1 Direct: 604 647 4149 Email: closie@boughtonlaw.com

TO: British Columbia Securities Commission Alberta Securities Commission Ontario Securities Commission TSX Venture Exchange

Dear Sirs and Mesdames:

Re: Kalma Capital Corp. – Amended and Restated Prospectus

We refer to the amended and restated prospectus (the " Prospectus ") of Kalma Capital Corp. (the " Company ") dated April 17, 2023 relating to the initial public offering (the " Offering ") of a minimum of 2,000,000 common shares and a maximum of 3,000,000 common shares of the Company at a price of $0.10 per share (the " Common Shares ").

We consent to being named and to the use in the Prospectus, of our opinion related to the eligibility of the Common Shares issued pursuant to the Offering as "qualified investments" under the Income Tax Act (Canada) to the shareholders of the Company (the " Opinion ").

We report that we have read the Prospectus and all information specifically incorporated by reference therein and have no reason to believe that there are any misrepresentations in the information contained therein that is derived from the Opinion or that is within our knowledge as a result of providing the Opinion.

Yours truly,

Boughton Law Corporation by Claudia L. Losie Law Corporation

/s/ "Claudia L. Losie"

Per: Claudia L. Losie

CLL/jg

cc Kalma Capital Corp.

AC/9339114.1