XXL

Capital/Financing Update • Jun 11, 2019

XXL ASA – Waiver agreement with the bank consortium for Q3 2019

XXL ASA – Waiver agreement with the bank consortium for Q3 2019

In February 2019 XXL negotiated and agreed on new covenants for XXL for Q1 2019 and Q2 2019. Today XXL and the bank consortium have proactively agreed on a new covenant for Q3 2019 as well. XXL believes we now have satisfying headroom for 2019 and going forward with the following covenants on Net Debt/EBITDA basis (excluding IFRS 16 effects) – Q2 2019 of 4.5x, Q3 2019 of 4.25x and Q4 2019 and going forward of 3.5x.

So far the EBITDA (excluding IFRS 16 effects) for Q2 2019 are progressing slightly behind last year, but June has just started and is the most important month in the quarter.

For further queries, please contact:

Tolle O. R. Grøterud

Investor Relations XXL ASA

Tel: +47 90 27 29 59

E-mail:ir@xxlasa.com

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

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 and the fastest growing among the major sports retail chains in the World. 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.