With reference to the stock exchange notices dated 31 August 2023, 29 September 2023 and 16 October, Lumi Gruppen AS announced having signed a new unsecured subordinated loan agreement for loan financing in the amount of NOK 52 million provided by Lola Bidco AS, replacing the previously announced rights issue that was cancelled in the Extraordinary General Meeting, as announced on 1 November 2023. UPDATED AND AMENDED FINANCING TERMS WITH NORDEA: As previously announced, the financing agreement with Nordea Bank Abp, filial i Norge has been updated with the following changes compared to the existing loan facilities agreement: From 1 to 2 term loans (Term Loan A of NOK 50 Million and Term Loan B NOK 200 Million): Current Revolving Credit Facility of NOK 70 million to remain in place, Changes in margin ratchet with separate margins for TLA and TLB, Previous for the total facility (NOK 300m) 220bps to 345bps, TLA New and RCF: 300bps to 450bps, TLB New: 350bps to 500bps, Arrangement and change of control waiver fee of NOK 5.2 million, Amendment fee of 0.15% of the total facilities. With reference to the trading update and the forecasted financial development for the Group, a covenant reset has also been agreed with the following covenant profile for the current school year (23/24) and thereafter: Covenant reset (NIBD /EBITDA) for quarters Q3'23 - Q2'24: 3.5x, 4.5x, 3.6x, 5.1x, thereafter flat out at 3.0x in First Quarter and Q3, and 4.0x in Second Quarter and Fourth Quarter to cater for seasonal WC fluctuations.

A condition for the amended Nordea Loan Facility is that the Company secures a net amount in new capital of at least NOK 50,000,000 to reduce the Nordea Loan Facility with the same amount. LOAN AGREEMENT WITH LOLA BIDCO AS: The Company has entered into an unsecured subordinated loan agreement in the amount of NOK 52,000,000 with the Company's 50.7% shareholder, Lola Bidco AS, as lender, for the purpose of financing the repayment to Nordea as well as payment of certain fees, costs and expenses related thereto. Lola Bidco AS is a wholly-owned subsidiary of Hanover Active Equity Fund III SCA SICAV RAIF, advised by Hanover Investors Management LLP.

The Loan has been entered into on an arms-length basis and with terms based on the Nordea Loan Facility. The board of the Company has also issued a combined report and statement pursuant to section 3-8(3) of the Norwegian Companies Act with respect to the consideration to be paid by the Company in relation to the Loan Agreement. The Company has also received an independent opinion from KPMG AS, confirming that the Loan Agreement is valued in conformity with the described principles and that there is reasonable correspondence between the value of the Loan Agreement and the consideration for the Loan.

Lola Bidco is not receiving any fees for the arrangement of the Loan. As a consideration for the Loan, an annual interest rate will be charged, subject to adjustments to ensure that the interest rate payable under the Loan Agreement shall correspond to the interest rate that would have been payable if the Loan had remained outstanding under (and added to) the Nordea Term Loan A Facility (the facility with the lowest margin across the Nordea Facilities) for the same period. The interest shall be payable in kind (PIK) on the last day of each Interest Period, with such interest amount that has accrued up to the relevant Interest Payment Date being settled, added to, and made part of, the outstanding principal amount of the Loan on that Interest Payment Date.

The starting interest rate applied will be NIBOR plus a margin of 4.50%. per annum as per Nordea Term Loan A. The Company shall repay an amount equal to the lower of (a) the then outstanding Loan and all other amounts then outstanding under the Loan Agreement and (b) NOK 26,000,000 plus any accrued interest on the Loan (whether compounded or not) as at the date of such repayment, on the earlier of (i) the date occurring one week prior to the annual general meeting of the Company for the year 2024 and (ii) 30 June 2024. The Company shall repay the then remaining outstanding Loan together with all accrued interest on 16 September 2026 or, if later, the first business day after the termination date under the Nordea Loan Facility.