NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, INTO OR WITHIN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY
OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

28 June 2023: Reference is made to the announcement made on 26 April 2023 by
Lola Bidco AS (the "Offeror"), a wholly-owned subsidiary of Hanover Active
Equity Fund III SCA SICAV RAIF, advised by Hanover Investors Management LLP
("Hanover"), regarding the issuance of an offer document (the "Offer Document")
and the start of the offer period for the unanimously recommended voluntary cash
offer to acquire all outstanding shares (the "Shares") in Lumi Gruppen AS
("Lumi" or the "Company") at a price of NOK 15.25 per Share (the "Offer").
Reference is further made to the settlement notification relating to the Offer
dated 7 June 2023.
 
The Offeror hereby announces that the Offer has been completed, and that
settlement of the Offer has been made pursuant to the terms set out in section
1.13 of the Offer Document. The Receiving Agent (as defined below) has made
payments of the Offer Price to shareholders that have accepted the Offer, whom
are expected to receive the settlement amount on their respective bank accounts
during the course of today, 28 June 2023. For more information, please refer to
the Offer Document which, subject to regulatory restrictions in certain
jurisdictions, is available at
https://paretosec.com/updates/transactions/voluntary-cash-offer-to-acquire-all-o
utstanding-shares-in-lumi-gruppen-as.

Following final verification of acceptances, and prior to completion of the
Subsequent Offer (as defined below), the Offeror holds 6,447,436 shares, which
together with the 19,986,321 shares owned by Hanover amounts to 26,433,757
shares, representing approx. 47.9% of Lumi's total share capital. 

For shareholders who wish to accept an offer of NOK 15.25 per Share, reference
is made to the announcement on 8 June 2023 regarding the issuance of a
subsequent offer document (the "Subsequent Offer Document") and the start of the
offer period for the Offeror's voluntary cash offer to acquire all outstanding
Shares at a price of NOK 15.25 per Share, as further detailed in section 1.4 of
the Subsequent Offer Document (the "Subsequent Offer"). The offer period for the
Subsequent Offer expires on 16:30 CEST on 6 July 2023, see section 1.7 of the
Subsequent Offer Document. 

For more information about the Subsequent Offer, please refer to the Subsequent
Offer Document dated 8 June 2023 which, subject to regulatory restrictions in
certain jurisdictions, is available at
https://paretosec.com/updates/transactions/voluntary-cash-offer-to-acquire-all-o
utstanding-shares-in-lumi-gruppen-as.

ADVISORS

Pareto Securities AS is acting as financial advisor and receiving agent to the
Offeror in connection with the Offer (the "Receiving Agent"). Wikborg Rein
Advokatfirma AS is acting as legal advisor and CorpCann AS is acting as
communications and IR advisor to the Offeror and Hanover. 

ABG Sundal Collier ASA is acting as financial advisor and Advokatfirmaet
Thommessen AS as legal advisor to Lumi in connection with the Offer.

* * *

For further queries, please contact:

Martin Prytz, CFO and Head of Investor Relations
E-mail: IR@lumigruppen.no
Mobile: +47 480 14 078

About Lumi  |  https://lumiinvestor.com/

Lumi Gruppen is a leading Norwegian education provider founded in 1989. Today,
Lumi Gruppen consists of two main divisions: Sonans and Oslo Nye Høyskole.
Sonans is the market leader in Norway within private candidate exam preparation
courses, and Oslo Nye Høyskole offers high quality bachelor's degrees within
health, social sciences, psychology and business and administration, both on
campus and online.

* * *

IMPORTANT NOTICE

The Offer, the Subsequent Offer and the distribution of this announcement and
other information in connection with the Offer and the Subsequent Offer may be
restricted by law in certain jurisdictions. The Offer Document, the Subsequent
Offer Document and related acceptance forms will not and may not be distributed,
forwarded or transmitted into or within any jurisdiction where prohibited by
applicable law, including, without limitation, Canada, Australia, New Zealand,
South Africa, Hong Kong and Japan. The Offeror does not assume any
responsibility in the event there is a violation by any person of such
restrictions. Persons into whose possession this announcement or such other
information should come are required to inform themselves about and to observe
any such restrictions.

This announcement is not a tender offer document and, as such, does not
constitute an offer or the solicitation of an offer to acquire the Company's
shares. Investors may accept the Offer or the Subsequent Offer only on the basis
of the information provided in the Offer Document and the Subsequent Offer
Document, respectively. Offers will not be made directly or indirectly in any
jurisdiction where either an offer or participation therein is prohibited by
applicable law or where any tender offer document or registration or other
requirements would apply in addition to those undertaken in Norway.

Notice to U.S. Holders

U.S. Holders (as defined below) are advised that the Company's shares are not
listed on a U.S. securities exchange and that the Company is not subject to the
periodic reporting requirements of the U.S. Securities Exchange Act of 1934, as
amended (the "U.S. Exchange Act"), and is not required to, and does not, file
any reports with the U.S. Securities and Exchange Commission (the "SEC")
thereunder. The Offer and the Subsequent Offer are made to holders of Shares
resident in the United States ("U.S. Holders") on the same terms and conditions
as those made to all other holders of Shares in the Company to whom an offer is
made. Any information documents, including the Offer Document and the Subsequent
Offer Document, will be disseminated to U.S. Holders on a basis comparable to
the method that such documents are provided to the Company's other shareholders
to whom an offer is made. The Offer and the Subsequent Offer are made by the
Offeror and no one else. The Offer and the Subsequent Offer are made to U.S.
Holders pursuant to Section 14(e) and Regulation 14E under the U.S. Exchange Act
as a "Tier II" tender offer, and otherwise in accordance with the requirements
of Norwegian law. Accordingly, the Offer and the Subsequent Offer are subject to
disclosure and other procedural requirements, including with respect to the
offer timetable, settlement procedures and timing of payments, that are
different from those that would be applicable under U.S. domestic tender offer
procedures and law.

Pursuant to an exemption from Rule 14e-5 under the U.S. Exchange Act, the
Offeror and its affiliates or brokers (acting as agents for the Offeror or its
affiliates, as applicable) may from time to time, and other than pursuant to the
Offer and the Subsequent Offer, directly or indirectly, purchase or arrange to
purchase, Shares or any securities that are convertible into, exchangeable for
or exercisable for such Shares outside the United States during the period in
which the Offer and the Subsequent Offer remain open for acceptance, so long as
those acquisitions or arrangements comply with applicable Norwegian law and
practice and the provisions of such exemption. To the extent information about
such purchases or arrangements to purchase is made public in Norway, such
information will be disclosed by means of an English language press release via
an electronically operated information distribution system in the United States
or other means reasonably calculated to inform U.S. Holders of such information.

Neither the SEC nor any securities supervisory authority of any state or other
jurisdiction in the United States has approved or disapproved the Offer or the
Subsequent Offer, or reviewed them for their fairness, nor have the contents of
the Offer Document, the Subsequent Offer Document or any other documentation
relating to the Offer or the Subsequent Offer been reviewed for accuracy,
completeness or fairness by the SEC or any securities supervisory authority in
the United States. Any representation to the contrary is a criminal offence in
the United States.