NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE
UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER
OF ANY OF THE SECURITIES DESCRIBED HEREIN.

LUMI GRUPPEN AS: PRIVATE PLACEMENT SUCCESSFULLY COMPLETED

Oslo, 7 March 2023: Reference is made to the stock exchange announcement by Lumi
Gruppen AS ("Lumi" or the "Company") published on 7 March 2023, regarding the
contemplated private placement of new shares in the Company to raise gross
proceeds of up to NOK 175 million (the "Private Placement").

Lumi is pleased to announce that the Private Placement has been successfully
placed through an allocation of 16,666,667 offer shares (the "Offer Shares") at
a subscription price of NOK 10.50 per Offer Share, which will raise gross
proceeds to the Company of NOK 175,000,004.

ABG Sundal Collier ASA and Nordea Bank Abp, filial i Norge acted as Joint
Bookrunners. 

The net proceeds from the Private Placement will be used to i) strengthen the
balance sheet, including refinancing the Company's long-term credit facility,
allowing the Company to continue with its growth initiatives and benefit from
likely market recovery (ii) and general corporate purposes.

Completion of the Private Placement is subject to an extraordinary general
meeting of the Company (the "EGM"), to be held on or about 16 March 2023,
resolving to issue the shares. Existing shareholders being allocated shares in
the Private Placement undertake to vote in favour of the Private Placement at
the EGM. The notice to the EGM will be published in a separate stock exchange
announcement.

Settlement of the Private Placement is expected to take place on a delivery
versus payment basis following the EGM.

Following registration of the share capital increase pertaining to the Private
Placement with the Norwegian Register of Business Enterprises, the Company will
have a registered share capital of NOK 22,201,402 divided into 52,860,481
shares, each with a nominal value of NOK 0.42.

The Board of Directors has considered the structure of the contemplated offering
of new shares in light of the equal treatment obligations under the Norwegian
Private Limited Companies Act, and the rules of equal treatment set out in the
Continuing obligations for companies admitted to trading on Euronext Growth and
Oslo Børs' guidelines on the rules of equal treatment, and is of the opinion
that the proposed Private Placement is in compliance with these requirements.

The Board has considered alternative structures for the raising of new equity.
Following careful considerations, the Board is of the view that it will be in
the common interest of the Company and its shareholders to raise equity through
a private placement setting aside the pre-emptive rights of the shareholders. By
structuring the equity raise as a private placement, the Company is expected to
be in a position to raise equity efficiently, with a lower discount to the
current trading price, at a lower cost and with a significantly lower risk
compared to a rights issue.

The Company has, subject to completion of the Private Placement, and certain
other conditions, resolved to carry out a subsequent offering of up to 2,380,952
new shares at the Offer Price (the "Subsequent Offering") which, subject to
applicable securities law, which will be directed towards existing eligible
shareholders in the Company as of 7 March 2023 (as registered in the CSD two
trading days thereafter) (the "Record Date") who (i) were not allocated Offer
Shares in the Private Placement, (ii) not contacted during market sounding ahead
of announcement of the Private Placement, and (iii) are not resident in a
jurisdiction where such offering would be unlawful or, would (in jurisdictions
other than Norway and any other jurisdiction(s) decided by the board of
directors) require a prospectus, registration document or similar action (the
"Eligible Shareholders"). The Subsequent Offering will be subject to approval by
the EGM, whereas the Eligible Shareholders will receive non-tradeable
subscription rights based on their registered shareholdings as at the Record
Date. Completion of the Subsequent Offering will be subject to (i) completion of
the Private Placement, (ii) relevant corporate resolutions, including the EGM,
(iii) the trading price of the Company's shares exceeding the Subscription Price
and (iv) the publication of a prospectus (the "Prospectus") by the Company. The
subscription period for any Subsequent Offering (if made) is expected to
commence shortly after the EGM.

Advokatfirmaet Haavind AS is acting as legal advisor to the Company in
connection with the Private Placement. 

For more information, please contact:

Martin Prytz
CFO, Lumi Gruppen AS
Tel: +47 480 14 078 
Email: IR@lumigruppen.no 

About Lumi: 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. 

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act and the EU Market Abuse Regulation
(MAR).

IMPORTANT NOTICE:
The information contained in this announcement is for background purposes only
and does not purport to be full or complete. No reliance may be placed for any
purpose on the information contained in this announcement or its accuracy,
fairness or completeness. None of the Joint Bookrunners or any of their
respective affiliates or any of their respective directors, officers, employees,
advisors or agents accepts any responsibility or liability whatsoever for, or
makes any representation or warranty, express or implied, as to the truth,
accuracy or completeness of the information in this announcement (or whether any
information has been omitted from the announcement) or any other information
relating to the Company, its subsidiaries or associated companies, whether
written, oral or in a visual or electronic form, and howsoever transmitted or
made available, or for any loss howsoever arising from any use of this
announcement or its contents or otherwise arising in connection therewith. This
announcement has been prepared by and is the sole responsibility of the Company.

Neither this announcement nor the information contained herein is for
publication, distribution or release, in whole or in part, directly or
indirectly, in or into or from the United States (including its territories and
possessions, any State of the United States and the District of Columbia),
Australia, Canada, Japan, Hong Kong, South Africa or any other jurisdiction
where to do so would constitute a violation of the relevant laws of such
jurisdiction. The publication, distribution or release of this announcement may
be restricted by law in certain jurisdictions and persons into whose possession
any document or other information referred to herein should inform themselves
about and observe any such restriction. Any failure to comply with these
restrictions may constitute a violation of the securities laws of any such
jurisdiction.

This announcement is not an offer for sale of securities in the United States.
The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act, and may not be offered or sold in the
United States absent registration with the U.S. Securities and Exchange
Commission or an exemption from, or in a transaction not subject to, the
registration requirements of the U.S. Securities Act and in accordance with
applicable U.S. state securities laws. The Company does not intend to register
any securities referred to herein in the United States or to conduct a public
offering of securities in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e. only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression "EU
Prospectus Regulation" means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are "qualified investors" within the meaning of the
EU Prospectus Regulation as it forms part of English law by virtue of the
European Union (Withdrawal) Act 2018 and that are (i) investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net
worth entities, and other persons to whom this announcement may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as "relevant persons"). This communication
must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication relates is
available only to relevant persons and will be engaged in only with relevant
persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

This announcement is made by, and is the responsibility of, the Company. The
Joint Bookrunners and their affiliates are acting exclusively for the Company
and no-one else in connection with the Private Placement. They will not regard
any other person as their respective clients in relation to the Private
Placement and will not be responsible to anyone other than the Company, for
providing the protections afforded to their respective clients, nor for
providing advice in relation to the Private Placement, the contents of this
announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Private Placement, the Joint Bookrunners and any of their
affiliates, acting as investors for their own accounts, may subscribe for or
purchase shares and in that capacity may retain, purchase, sell, offer to sell
or otherwise deal for their own accounts in such shares and other securities of
the Company or related investments in connection with the Private Placement or
otherwise. Accordingly, references in any subscription materials to the shares
being issued, offered, subscribed, acquired, placed or otherwise dealt in should
be read as including any issue or offer to, or subscription, acquisition,
placing or dealing by, such Joint Bookrunners and any of their affiliates acting
as investors for their own accounts. The Joint Bookrunners do not intend to
disclose the extent of any such investment or transactions otherwise than in
accordance with any legal or regulatory obligations to do so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "aim", "expect",
"anticipate", "intend", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies, and other important
factors which are difficult or impossible to predict and are beyond its control.
Such risks, uncertainties, contingencies, and other important factors could
cause actual events to differ materially from the expectations expressed or
implied in this release by such forward-looking statements. Forward-looking
statements speak only as of the date they are made and cannot be relied upon as
a guide to future performance. The Company, each of the Joint Bookrunners and
their respective affiliates expressly disclaims any obligation or undertaking to
update, review or revise any forward-looking statement contained in this
announcement whether as a result of new information, future developments or
otherwise. The information, opinions and forward-looking statements contained in
this announcement speak only as at its date and are subject to change without
notice.