XXL ASA: Approval and publication of prospectus supplement no. II in connection with the share issue

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Oslo, Norway, 14 May 2020: Reference is made to the stock exchange announcement by XXL ASA ("XXL" or the "Company", OSE ticker code "XXL") on 4 May 2020 regarding the commencement of the subscription period for the fully underwritten share issue (the "Share Issue") raising gross proceeds of approximately NOK 400 million through issuance of new shares at a subscription price of NOK 5.00 per share, and the prospectus dated 27 April 2020 prepared by XXL in connection therewith, as supplemented by the prospectus supplement dated 30 April 2020 (the "Prospectus").

XXL has decided to prepare and publish an additional prospectus supplement ("Prospectus Supplement No. II"), partly due to the development of the Company's debt refinancing process where the timeline to completion has been extended until 1 June 2020 (or such later date that the lenders may approve), and partly due to the discovery of an error in the Prospectus in the description of one of the financial covenants in the Company's new loan facility.

The Norwegian Financial Supervisory Authority has today, 14 May 2020, approved the Prospectus Supplement No. II. The information contained in the Prospectus Supplement No. II shall be considered as an integral part of, and is to be read together with, the Prospectus.

The Prospectus Supplement No. II will be published today and will, subject to applicable local securities laws, be available at www.dnb.no/emisjoner and www.nordeamarkets.com/xxl. Copies of the Prospectus Supplement No. II may also be ordered by contacting DNB Markets Registrars Department (Tel.: +47 23 26 80 20) or Nordea Bank Abp, filial i Norge (Tel: +47 24 01 34 62).

The subscription period for the Share Issue and other indicative dates for the Offering described in the Prospectus remain unchanged.

For further queries, please contact:

Investor Relations:

Tolle O. R. Grøterud

Tel: +47 90 27 29 59

E-mail:ir@xxlasa.com

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.

Important information

The release is not for publication or distribution, in whole or in part directly or indirectly, in or into Australia, Canada, Japan or the United States (including its territories and possessions, any state of the United States and the District of Columbia). This release is an announcement issued pursuant to legal information obligations, and is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued for information purposes only, and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act"). The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the US Securities Act.

The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into Australia, Canada, Japan or the United States.

Any offering of the securities referred to in this announcement will be made by means of a prospectus. This announcement is an advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on prospectuses to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (as amended) as implemented in any Member State. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus and prospectus supplement. Copies of the prospectus is, and the prospectus supplement will, following publication, be available from the Company's registered office and, subject to certain exceptions, on the websites of  DNB Markets, a part of DNB Bank ASA (www.dnb.no/emisjoner) and Nordea Bank Abp, filial i Norge (www.nordeamarkets.com/xxl) (jointly, the "Managers").

The issue, subscription or purchase of shares in the Company is subject to specific legal or regulatory restrictions in certain jurisdictions. Neither the Company nor the Managers assume any responsibility in the event there is a violation by any person of such restrictions. The distribution of this release may in certain jurisdictions be restricted by law. Persons into whose possession this release comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

The Managers are acting for the Company and no one else in connection with the Share Issue and will not be responsible to anyone other than the Company providing the protections afforded to their respective clients or for providing advice in relation to the Share Issue and/or any other matter referred to in this release.

Forward-looking statements: This release and any materials distributed in connection with this release may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.