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.

18 May 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 (the "Offer Period") for the recommended
voluntary cash offer to acquire all outstanding shares in Lumi Gruppen AS
("Lumi" or the "Company") at a price of NOK 15.25 per Share (the "Offer").

The Company has obtained the consents required from the creditors under its bank
financing agreements for the purposes of waiving any right of prepayment or
termination that would otherwise arise as a result of the Offeror acquiring all
or any of the shares in the Company. Accordingly, the closing condition for the
Offer "Change of control consents under banks financing agreement", as further
set out under section 1.6 (v) in the Offer Document, is thereby satisfied.

Completion of the Offer remains subject to the fulfilment or waiver by the
Offeror of the remaining conditions for closing of the Offer as set out in
section 1.6 of the Offer Document. The Offer Document is, subject to regulatory
restrictions in certain jurisdictions, available on
https://paretosec.com/updates/transactions/voluntary-cash-offer-to-acquire-all-o
utstanding-shares-in-lumi-gruppen-as. 

Shareholders who want to accept the Offer must complete and submit the
acceptance form which is included in the Offer Document before expiry of the
Offer Period 16:30 CEST on 30 May 2023, subject to extension.

ADVISERS

Pareto Securities AS is acting as financial advisor and receiving agent to the
Offeror in connection with the Offer. 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 and the distribution of this announcement and other information in
connection with the Offer may be restricted by law in certain jurisdictions.
When published, the 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 Shares.
Investors may accept the Offer only on the basis of the information provided in
the Offer Document. 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 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 will be 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, 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 will be made by the Offeror and
no one else. The Offer will be 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 will be 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, 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 remains
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
reviewed it for its fairness, nor have the contents of the Offer Document or any
other documentation relating to the 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.