The Board of Directors of Lipum AB (publ) (OM:LIPUM) (?Lipum? or the ?Company?) unanimously recommends the shareholders of Lipum not to accept the mandatory cash offer made by Flerie Invest AB (?Flerie?) on 6 March 2024. This statement is made by the Board of Directors of Lipum in accordance with item II.19 of the Takeover rules for certain trading platforms adopted by the Stock Market Self-Regulation Committee issued on 1 January 2024 (the ?Takeover Rules?).

According to the Swedish Securities Council?s (Sw. Aktiemarknadsnämnden) statement AMN 2023:30, Flerie was granted an exemption from the mandatory bid requirement that would arise as a result of Flerie subscribing for its pro rata share in the rights issue carried out by Lipum in 2023. According to the exemption, a mandatory bid requirement would arise if Flerie subsequently acquired additional shares and thereby increased its voting rights in Lipum.

On 1 March 2024, Flerie announced that the company had acquired 859 additional shares in Lipum and that its shareholding in Lipum thereafter amounted to a total of 2,981,553 shares, corresponding to approximately 32.01% of the total number of shares and votes. Through the acquisition of additional shares in Lipum, a requirement arose for Flerie, according to the Takeover Rules, to make a public offer for the remaining shares in Lipum within four weeks from the acquisition (a so-called mandatory bid offer). On 6 March 2024, Flerie announced a mandatory cash offer to the shareholders in Lipum to transfer all their shares in Lipum for SEK 6.60 per share (the ?Share Offer?) and to the convertible holder to transfer the outstanding convertible (the ?Convertible?) for SEK 2,000,000 corresponding to its nominal amount (the ?Convertible Offer?, and together with the Share Offer, the ?Offer?).

On 6 March 2024, Flerie simultaneously published an offer document regarding the Offer. The acceptance period for the Offer commenced on 7 March 2024 and expires on 4 April 2024. The Offer is conditional upon all permits, approvals, decisions and other measures required for the Offer from authorities or similar, including from the Swedish Inspectorate of Strategic Products (Sw.

Inspektionen för strategiska produkter) ("ISP") under the Swedish Act on review of foreign direct investments (Sw. lagen (2023:560) om granskning av utländska direktinvesteringar) (the "FDI Act"), having been obtained, in each case, on terms acceptable to Flerie. As of the date of the Offer, Flerie holds approximately 32.01% of the total number of shares and votes in Lipum.

In case the Offer is accepted to such an extent that Flerie?s shareholding exceeds 50% after the Offer, ISP must either take no action with respect to the notification or approve the investment after review. Carl-Johan Spak is a senior advisor to Flerie. Carl-Johan Spak is also a board member of Lipum.

In accordance with the Takeover Rules, Carl-Johan Spak has not participated, and will not participate, in Lipum?s handling of or in decisions on matters related to the Offer. The Board of Directors has therefore, in accordance with item IV.3 of the Takeover Rules, obtained a fairness opinion from Västra Hamnen Corporate Finance AB ("Västra Hamnen").