XXL

XXL ASA - Settlement of tax claim

Reference is made to the IPO prospectus and the update

given in the Q2 2015 report regarding the income tax

for the years 2010- 2013 which has been under review

by Skatt Øst (Norwegian tax authorities). The total

tax cost under the draft decision was NOK 198 million,

including withholding tax and penalty tax.

XXL ASA has now settled an agreement with Skatt Øst.

Under the agreement the net tax effect for XXL ASA is

NOK 38 million. There will be no withholding tax or

penalty tax added.

The tax effect will be reported in the annual report

for 2015 and there will be a deviation from the Q4

2015 report.

For further queries, please contact:

Tolle O. R. Grøterud, Head of Investor Relations, XXL

ASA

Tel: +47 90 27 29 59

About XXL ASA

XXL is a leading sports retailer with stores and e-

commerce in Norway, Sweden and Finland. It is the

largest and the fastest growing 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 lowest prices and

the widest assortment of products, focusing on branded

goods.

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