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.

7 July 2023: Reference is made to the announcement made on 8 June 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 a subsequent offer document (the
"Subsequent Offer Document") and the start of the subsequent offer period (the
"Subsequent Offer Period") for the subsequent 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 "Subsequent Offer"), and the announcement on 5 July
2023 regarding the reminder of the expiry of the Subsequent Offer Period.

As of 6 July at 16.30 CEST, subject to customary verification, the Offeror has
received acceptances of the Subsequent Offer for a total of 1,064,356 shares,
representing approx. 1.9% of the outstanding shares and voting rights in the
Company, which together with the 6,447,436 shares already owned by the Offeror
and the 20,004,205 shares owned by Hanover amounts to 27,515,997 shares,
representing approx. 49,8% of Lumi's total share capital. 

This announcement constitutes a Settlement Notification in accordance with
section 1.5 of the Offer Document.

Settlement of the Offer will take place no later than 27 July 2023. For more
information, please refer to the Subsequent Offer Document dated 8 June 2023.
The Subsequent Offer Document is available, subject to regulatory restrictions
in certain jurisdictions, on
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 Subsequent 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 Subsequent 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 Subsequent Offer and the distribution of this announcement and other
information in connection with the Subsequent Offer may be restricted by law in
certain jurisdictions. When published, 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 Subsequent Offer only on the basis of the
information provided in the Subsequent 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 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 Subsequent 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 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 Subsequent Offer will be made by the Offeror and no one else. The
Subsequent 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
Subsequent 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 Subsequent 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 Subsequent
Offer or reviewed it for its fairness, nor have the contents of the Subsequent
Offer Document or any other documentation relating to 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.