XXL

Share Issue/Capital Change • Nov 7, 2023

XXL ASA – Exchange of class B shares into class A shares

XXL ASA – Exchange of class B shares into class A shares

Oslo, 7 November 2023: XXL ASA ("XXL" or the "Company") has received a request from Altor Invest 5 AS and Altor Invest 6 AS to exchange a total of 492,676 and 492,663 non-voting class B shares, respectively, to ordinary class A shares in XXL.

Pursuant to Article 4 of XXL's Articles of Association, any holder of class B shares may, subject to certain conditions, at any time request the exchange of, and exchange, class B shares into class A shares by notifying the Company.

Following such exchange, the share capital in XXL remains unchanged, but the number of ordinary class A shares will increase by 985,339 and the number of class B shares will decrease by the same amount. The share capital of XXL will following the exchange be NOK 665,429,772 consisting of 1,334,852,101 ordinary class A shares and 328,722,329 class B shares, each with a nominal value of NOK 0.40.

The Articles of Association in Norwegian and an unofficial English translation are available at the Company's website.

Altor Invest 5 AS and Altor Invest 6 AS are both close associates of primary insider and member of the board of directors of the Company, Tom Jovik. Following the above exchange, Altor Invest 5 AS will own 222,475,350 class A shares and 164,361,157 class B shares, and Altor Invest 6 AS will own 222,475,350 class A shares and 164,361,172 class B shares. Please see the attached forms for further details.

For further queries, please contact:

Investor Relations:

Tolle O. R. Grøterud

Tel: +47 902 72 959

E-mail: ir@xxlasa.com

Press contact:

Jan Christian Thommesen

Tel: +47 918 21 387

E-mail: presse@xxl.no

About XXL ASA

XXL is a leading sports retailer with stores and e-commerce in Norway, Sweden, Finland, Denmark and Austria. It is the largest among the major sports retailers in the Nordics. XXL pursues a broad customer appeal, offering a one stop shop experience with a wide range of products for sports, hunting, skiing, biking and other outdoor activities. XXL's concept is to have the largest stores with the best prices and the widest assortment of products, focusing on branded goods.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.