Lumi Gruppen AS today announced its Annual Report 2023. The report follows
enclosed, and includes the CEO statement, directors' report, accounts and notes
for the Lumi Gruppen, accounts and notes for the parent company and the
auditor's report.

"Reflecting on 2023, it was a year with mixed development for Lumi Gruppen. Oslo
Nye Høyskole (ONH), our university college, progressed well, while Sonans, our
private candidate business, continued to face strong market headwinds, resulting
in reduced revenues. During 2023 we took significant growth initiatives, while
at the same time taking forceful actions on cost cuts and credit control to
adjust Sonans to current market realities," said CEO of Lumi Gruppen Erik
Brandt.

On April 5th, 2024, The Ministry of Education and Research published its
parliamentary white paper, stating that the Government will not propose any
significant changes to the private candidate scheme that could affect Sonans'
services or students, and thereby dismissing the Admission Committee's
recommendation from 2022 to eliminate students' opportunity to re-take exams to
improve their existing high school grades. 

"This is positive news for Lumi Gruppen. Even more importantly, it is positive
for ambitious young people who deserve a second chance and should not be
excluded from their studies of choice based solely on unsatisfactory high school
grades," said Erik Brandt.  

The government whitepaper will form the basis for a parliamentary process,
leading up to the adoption of a new set of rules, integrated into the
legislation.

ONH is working on several initiatives to further develop its position as a
university college and vocational school. During the latter half of 2024, ONH
will relocate to new, larger facilities in Oslo, offering appealing location and
surroundings well-aligned with ONH's growth plans. In addition, ONH has applied
to NOKUT (the Norwegian Agency for Quality Assurance in Education) for
self-accreditation rights. If approved, ONH will be granted the right to
independently develop, accredit and launch programmes up to the bachelor's
level. 

"We are excited to drive progress for ONH. However, we also understand that
NOKUT is dealing with limited resources right now, which most likely will slow
down the accreditation process and affect our growth strategy temporarily," said
Erik Brandt.

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.

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