XXL

Director's Dealing • Aug 31, 2016

Mandatory notification of trade

Mandatory notification of trade

Dolphin Management AS has today sold 742,183 shares in

XXL ASA at a price of NOK 100.75 per share.

Øivind Lønnestad Tidemandsen, Chairman of the board of

XXL ASA and a primary insider, indirectly owns about

58 percent of Dolphin Management AS. The transaction

will reduce Dolphin Management AS' holding in XXL ASA

from 34,242,183 to 33,500,000 shares corresponding to

a reduction in Dolphin Management AS' holding in XXL

ASA from about 24.7 percent to 24.2 percent of the

outstanding shares.

Øivind Lønnestad Tidemandsen has entered into an

agreement with his brother Tore Tidemandsen whereby

Øivind Lønnestad Tidemandsen shall, directly or

indirectly, purchase all shares in Dolphin Management

AS currently owned by Tore Tidemandsen. Tore

Tidemandsen owns about 40 percent of Dolphin

Management AS through his wholly owned holding company

Trymo Invest AS. The proceeds from the sale of shares

in XXL ASA will primarily be used by Dolphin

Management AS to purchase own shares from Trymo Invest

AS.

Through the transactions above, Øivind Lønnestad

Tidemandsen, Chairman of the board of XXL ASA and a

primary insider, will actually increase his indirect

ownership in XXL ASA.