XXL

Major Shareholding Notification • Nov 6, 2019

XXL ASA – MANDATORY NOTIFICATION OF TRADE AND DISCLOSURE OF SIGNIFICANT SHAREHOLDING

XXL ASA – MANDATORY NOTIFICATION OF TRADE AND DISCLOSURE OF SIGNIFICANT SHAREHOLDING

Oslo, 6 November 2019, XXL ASA ("XXL" or the "Company"), OSE ticker code "XXL"): Reference is made to the stock exchange announcement made by XXL on 15 October 2019, where it announced a committed private placement of 26,666,667 new shares at a subscription price of NOK 15 per share (the "Private Placement"). Reference is also made to the announcement made earlier today where XXL published minutes of the extraordinary general meeting which inter alia included the general meeting's resolution to approve the Private Placement.

Certain primary insiders of the Company have subscribed for new shares in the Private Placement. Their subscription is set out below:

• Øivind Tidemandsen (member of the Company's board of directors) has, through his wholly owned subsidiary Dolphin Management AS, subscribed for 2,205,956 new shares in the Private Placement. Following such subscription, Dolphin Management AS has a shareholding in XXL of 33,855,956 shares, representing a total shareholding in the Company of 20.42% following completion of the Private Placement.

• Altor Fund IV, has subscribed for in total 16,823,856 new shares in the Private Placement through Altor Invest 5 AS and Altor Invest 6 AS, which have each subscribed for 8,411,928 new shares. Following such subscriptions, each of Altor Invest 5 AS and Altor Invest 6 AS has a shareholding in XXL of 16,960,065 shares, representing a total shareholding in the Company of 10.23% following completion of the Private Placement. Through its ownership in Altor Invest 5 AS and Altor Invest 6 AS, Altor Fund IV owns in total 33,920,130 shares in XXL, representing 20.46% of the issued shares in the Company following completion of the Private Placement. Altor Fund IV is represented in the Company's board of directors by its chair, Hugo Maurstad.

For further queries, please contact:

Tolle O. R. Grøterud

Investor Relations, XXL ASA

Tel: +47 90 27 29 59

E-mail: ir@xxlasa.com

About XXL

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 of the mandatory notification of trade pursuant to section 4-2 and section 4-3 of the Norwegian Securities Trading Act.