EXTENSION OF THE OFFER PERIOD FOR THE MANDATORY OFFER OF NOK 35 PER SHARE IN KAHOOT! ASA

14 Dec 2023 16:15 CET

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, INTO OR WITHIN CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, JAPAN,
HONG KONG, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL.

Oslo, 14 December 2023

Reference is made to the offer document dated 15 November 2023 (the "Offer
Document") for the mandatory offer (the “Offer”) by Kangaroo BidCo AS (the
"Offeror") to acquire all outstanding shares (the "Shares") not already owned by
the Offeror in Kahoot! ASA ("Kahoot!" or the "Company") for a cash consideration
of NOK 35.00 per Share (the "Offer Price"). The Offer Price represents the
Offeror’s best and final offer to the shareholders of Kahoot!

The Offeror hereby announces an extension of the offer period under the Offer
(the “Offer Period”) from 14 December 2023 until 28 December 2023 at 16:30
(Norwegian time).

The Offer Period may not be extended beyond 28 December 2023.

The extension of the Offer Period is made pursuant to Sections 1.6 (Offer
Period) and 1.10 (Amendments to the Offer) of the Offer Document.

Oslo Børs has, in its capacity as Takeover Authority of Norway, approved the
extension of the Offer Period and otherwise reviewed this announcement prior to
its publication.

The Offeror will provide an update of the level of acceptances before the Oslo
Stock Exchange opens for trading on 15 December 2023 due to ongoing counting of
received acceptances by the Offeror’s receiving agent, Danske Bank, Norwegian
Branch (the "Receiving Agent").

In accordance with the terms of the Offer, settlement will be made no later than
fourteen (14) calendar days after expiry of the Offer Period. Due to the
extension of the Offer Period, the latest date on which settlement of the Offer
will be made is accordingly on 11 January 2024.

The complete terms and conditions for the Offer, including procedures for how to
accept the Offer and detailed information regarding settlement, are set out in
the Offer Document, with the amended Offer Period as described herein.

Acceptances of the Offer already received will remain binding and there is no
need for shareholders that have already accepted the Offer to take any further
action to confirm their acceptances.

The Offer is only capable of being accepted pursuant to the Offer Document.
Shareholders who want to accept the Offer must complete and return the
acceptance form which is included in in the Offer Document, or as set out on the
webpage of the Receiving Agent, prior to the expiry of the Offer Period, at
16:30 (Norwegian time) on 28 December 2023 and in accordance with procedures
outlined in the Offer Document or on the webpage of the Receiving Agent.

The Offer Document is, subject to regulatory restrictions in certain
jurisdictions, available at the following webpage:

https://danskebank.no/Kahoot.

Subject to regulatory restrictions in certain jurisdictions, the Offer Document
may also be obtained free of charge during ordinary business hours at the
offices of the receiving agent, Danske Bank Norwegian Branch, Bryggetorget 4,
N-0250 Oslo, Norway.

Media relations
For Goldman Sachs
Joseph Stein, Corporate Communications
+44 207 774 4080

Important notice
The Offer and the distribution of this announcement and other information in
connection with the Offer may be restricted by law in certain jurisdictions. The
Offer Document and related acceptance forms are 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 in the United States should review “Notice to U.S.
Holders” below. 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 for information purposes only and is not a tender offer
document and, as such, is not intended to and does not constitute or form any
part of an offer or the solicitation of an offer to purchase, otherwise acquire,
subscribe for, sell or otherwise dispose of any securities, or the solicitation
of any vote or approval in any jurisdiction, pursuant to the Offer or otherwise.
Investors may accept the Offer only on the basis of the information provided in
the 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.

Shareholders of Kahoot! must rely upon their own examination of the Offer
Document. Each shareholder should study the Offer Document carefully in order to
be able to make an informed and balanced assessment of the Offer and the
information that is discussed and described therein. Shareholders should not
construe the contents of this announcement as legal, tax or accounting advice,
or as information necessarily applicable to each shareholder. Each shareholder
should seek independent advice from its own financial and legal advisors prior
to making a decision to accept the Offer.

No profit forecasts or estimates
No statement in this announcement is intended as a profit forecast or profit
estimate and no statement in this announcement should be interpreted to mean
that earnings or earnings per Share for the current or future financial years
would necessarily match or exceed the historical published earnings or earning
per Share.

Forward-looking statements
This announcement, oral statements made regarding the Offer, and other
information published by the Offeror and/or Kahoot! may contain statements which
are, or may be deemed to be, “forward looking statements”. Such forward looking
statements are prospective in nature and are not based on historical facts, but
rather on current expectations and on numerous assumptions regarding the
business strategies and the environment in which the Kahoot! group will operate
in the future and are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by those
statements. The forward looking statements contained in this announcement relate
to the Kahoot! group’s future prospects, developments and business strategies,
the expected timing and scope of the Offer and other statements other than
historical facts. In some cases, these forward looking statements can be
identified by the use of forward looking terminology, including the terms
“believes”, “estimates”, “will look to”, “would look to”, “plans”, “prepares”,
“anticipates”, “expects”, “is expected to”, “is subject to”, “budget”,
“scheduled”, “forecasts”, “synergy”, “strategy”, “goal”, “cost-saving”,
“projects” “intends”, “may”, “will” or “should” or their negatives or other
variations or comparable terminology. Forward-looking statements may include
statements relating to the following: (i) future capital expenditures, expenses,
revenues, earnings, synergies, economic performance, indebtedness, financial
condition, dividend policy, losses, contract renewals and future prospects; (ii)
business and management strategies and the expansion and growth of Kahoot!’s
operations; and (iii) the effects of global economic and political conditions
and governmental regulation on Kahoot!’s business. By their nature,
forward-looking statements involve risk and uncertainty because they relate to
events and depend on circumstances that will occur in the future. These events
and circumstances includes changes in the global, political, economic, business,
competitive, market and regulatory forces, future exchange and interest rates,
changes in tax rates and future business combinations or disposals. If any one
or more of these risks or uncertainties materialises or if any one or more of
the assumptions prove incorrect, actual results may differ materially from those
expected, estimated or projected. Such forward looking statements should
therefore be construed in the light of such factors. Neither Kahoot! nor the
Offeror nor any member of their respective groups, nor any of their respective
members, associates or directors, officers or advisers, provides any
representation, assurance or guarantee that the occurrence of the events
expressed or implied in any forward looking statements in this announcement will
actually occur. Given these risks and uncertainties, potential investors should
not place any reliance on forward looking statements.

The forward looking statements speak only at the date of this document. All
subsequent oral or written forward-looking statements attributable to any member
of the Kahoot! group, the Offeror or any member of their respective group, or
any of their respective members, associates, directors, officers, employees or
advisers, are expressly qualified in their entirety by the cautionary statement
above.
Kahoot!, the Offeror and each member of their respective groups expressly
disclaim any obligation to update such statements other than as required by law
or by the rules of any competent regulatory authority, whether as a result of
new information, future events or otherwise.

Notice to U.S. Holders
U.S. Holders (as defined below) are advised that the 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 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 of the Company to whom an offer is made. Any information documents,
including the 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 Offer will be made by the Offeror and
no one else.

The Offer is made to U.S. Holders pursuant to Section 14(e) and Regulation 14E
under the U.S. Exchange Act as a "Tier I" tender offer, and otherwise in
accordance with the requirements of Norwegian law. Accordingly, the Offer is
subject to disclosure and other procedural requirements 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 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. In addition, the financial advisors to the Offeror
may also engage in ordinary course trading activities in securities of the
Company, which may include purchases or arrangements to purchase such
securities.

Neither the SEC nor any securities supervisory authority of any state or other
jurisdiction in the United States has approved or disapproved the Offer or
reviewed it for its fairness, nor have the contents of the Offer Document or any
other documentation relating to the 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.

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