Comment from Internationella Engelska Skolan’s independent bid committee in relation to the changed conditions in the public offer for all common shares in IES

On the 25th of September 2020, Peutinger AB (the “Bidder”), owned by a consortium led by Paradigm Capital Value Fund SICAV, as well as Paradigm Capital Value LP, The Hans and Barbara Bergström Foundation, AB Tuna Holding, certain investors which are advised by Paradigm Capital AG (investment advisor to Paradigm Capital SICAV) and certain investors who have previously not been shareholders of IES, announced a mandatory public offer, in which the Bidder offers SEK 77.04 in cash for each share of Internationella Engelska Skolan i Sverige Holdings II AB (publ) (”IES”) (the ”Offer”).

Today, the 2nd of November 2020, the Bidder announced that (i) the price in the Offer is increased to SEK 82 in cash per share (the “Increased Offer Price”), (ii) the acceptance period in the Offer is extended up to and including 15:00 (CET) on the 17th of November 2020, and (iii) the price in the Offer will not be increased any further. The total value of the Offer, based on the Increased Offer Price and all issued and outstanding common shares in IES, amounts to approximately SEK 3.3 billion.

Furthermore, the Bidder has agreed with Handelsbanken Fonder AB to acquire all its shares in IES, in total 1,214,423 common shares, corresponding to 3 per cent of the total number of shares and votes in IES, at the Increased Offer Price. The shares acquired under this agreement, together with the shares in IES owned or otherwise controlled by the Bidder, represents in total 77.90 per cent of the total number of shares and votes in IES.

Further information regarding the Offer and in particular regarding the Increased Offer Price are available in the Bidder’s press release issued today on the 2nd of November 2020, as well as the supplement to the Bidder’s offer document which will be published as soon as possible. The documents will be available on the Bidder’s website.

IES has previously appointed SEB Corporate Finance as a financial advisor and Advokatfirman Vinge as a legal advisor. The independent bid committee (comprised of Carola Lemne (Chair of the independent bid committee), Peter Wikström and Maria Rankka) will request a new fairness opinion from Handelsbanken Capital Markets regarding the Increased Offer Price, after which the Board of Directors will publish a formal statement as soon as possible but no later than one week prior to the end of the acceptance period of the Offer.

Stockholm, 2 November 2020

Internationella Engelska Skolan i Sverige Holdings II AB (publ)

Independent bid committee

For further information, please contact:

Carola Lemne, Chair of the Board of Directors and of the independent bid committee via
Emma Rheborg, Head of Communication & IR at IES, Phone: +46 768 511 540, e-mail: emma.rheborg@engelska.se

This information was submitted for publication on the 2nd of November 2020 at 15:00 CET.

About Internationella Engelska Skolan

Internationella Engelska Skolan, IES, is one of the leading free school operators in Sweden with some 28,000 students at 39 schools, and about 4,600 students at its schools in Spain.

IES Sweden operates schools for students in grades F-12. Its main focus is grades 4-9, what is often called "middle school." Within the compulsory school system in Sweden, IES is the leading independent operator, with 17 of the 20 largest free schools. IES's results on the national tests in grade 9 are far above average in Sweden.

Internationella Engelska Skolan was founded in 1993 and is in its 28th year of operation. Throughout this period, its schools have been defined by the three core convictions of its founder, Mrs. Barbara Bergström:

• A safe and orderly environment, where teachers can teach and students learn.
• To command the English language − the key to the world.
• High academic expectations and targets.

Up to half of the teaching in IES schools in Sweden is in English, by native English speaking teachers. Over 900 teachers with qualified foreign teaching degrees are currently teaching in IES schools. They are mainly recruited from Canada, the USA, the UK and South Africa.

IES's student base is in growing strongly. Over the past ten years, total operating income has increased by an average of 16% per year. In the most recent financial year 2019/20, which concluded on 30 June 2020, total operating income was MSEK 3,082, an increase of some 11% year on year. As of 30 June 2020, there were approximately 204,900 applications in the waiting list to secure a place in the Swedish schools for the current and forthcoming years.

Internationella Engelska Skolan has been listed on Nasdaq Stockholm Mid Cap, with the ticker ENG, since 2016.