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

Reference is made to the announcement made by Frasers Group plc ("Frasers") on 6
December 2024 in which Frasers announced an intention to launch a conditional
voluntary offer for all shares in XXL ASA ("XXL" or the "Company") at a price
per share of NOK 10 (the "Offer"), and the Company's announcement in that
respect on the same date. 

The board of directors of XXL (the "Board") has discussed the intended Offer and
the Company's continued process towards implementation of the announced
Alternative Rights Issue. After dialogue with owners representing more than 60%
of the shares in the Company, the Board is of the view that the intended Offer,
if made, is not likely to be successful and the Company will therefore continue
towards implementation of the Alternative Rights Issue.

Due to restrictions set out in Section 6-17 of the Norwegian Securities Trading
Act limiting the Board and management from taking certain actions in a take-over
situation, the Board has decided to call for an extraordinary general meeting to
be held on 7 January 2025 to resolve that the Alternative Rights Issue shall be
implemented and that the Board and CEO of the Company shall be authorized to
make any resolutions and take any steps on behalf of the Company and its
subsidiaries in connection therewith. Shareholders representing in total 60.86%
of the shares and 51.77% of the votes in the Company have undertaken to vote in
favor of the resolutions. These votes will accordingly represent more than the
50% majority votes cast required to approve the Alternative Rights Issue.

The Company has now secured underwriting of the Alternative Rights Issue for the
maximum amount of NOK 600 million. Further, the Company has agreed with the
underwriters that the subscription price in the Alternative Rights Issue shall
be equal to a price for the shares in XXL of NOK 1.65 per share, an increase
from the NOK 0.10 per share in XXL implied by the close price on Oslo Børs on 12
December 2024.

Frasers and XXL 
XXL has since late September 2024 been in dialogue with Frasers regarding the
Company's financial position and need to strengthen its liquidity. Frasers has
been invited to discuss and participate in XXL's planned equity raise, but have
repeatedly responded that they will neither support nor contribute to any equity
issue. Instead, they have indicated solutions that by XXL have been considered
to neither being in the best interest of the Company nor its shareholders. Based
on this, the Company on 6 November 2024 announced the fully underwritten Rights
Issue. Further, in the event that Frasers' would use its approximately 32.5% of
the votes in the Company to vote against the Rights Issue at the extraordinary
general meeting, the Alternative Rights Issue was introduced as a back-up
alternative.

On 26 November 2024, XXL received a litigation notification letter from Frasers'
Norwegian legal counsel pursuant to the Norwegian Dispute Act (Norwegian