NOT FOR DISTRIBUTION, RELEASE OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
AUSTRALIA, CANADA, HONG KONG, NEW ZEALAND, SOUTH AFRICA, JAPAN OR ANY OTHER
JURISDICTION IN WHICH THE DISTRIBUTION, RELEASE OR PUBLICATION WOULD BE UNLAWFUL
OR REQUIRE PRIOR APPROVAL

Reference is made to the stock exchange announcement made by XXL ASA ("XXL" or
the "Company") on 15 April 2025, where it was announced that the Financial
Supervisory Authority of Norway had approved an offer document for Frasers Group
Plc's ("Frasers" or the "Offeror") mandatory offer (the "Offer") to acquire all
of the issued and outstanding shares in the Company (the "Shares") for NOK 10
per share (the "Offer Document"). Reference is further made to the stock
exchange announcement made by the Company on 27 May 2025 regarding the
preliminary results of the Offer. 

Frasers received valid acceptances of the Offer for a total of 55,171,227
Shares, representing approximately 63.0% of all Shares in XXL.

The Shares tendered in the Offer have been collected from the VPS accounts of
the XXL shareholders having accepted the Offer and transferred to the settlement
account of Danske Bank, Norwegian Branch (the "Receiving Agent").

In accordance with the terms of the Offer Document, settlement for the Offer
will be made as soon as possible and no later than 10 June 2025, being fourteen
(14) calendars days after expiry of the acceptance period for the Offer.
 
Following settlement of the Offer, Frasers will own 66,896,641 A Shares and
17,051,037 B Shares, representing approximately 95.9% of all Shares and
approximately 94.9% of the voting rights in XXL. 

Advisers 
Danske Bank A/S NUF (formerly known as "Danske Bank, Norwegian Branch") is
acting as financial advisor and Receiving Agent while Advokatfirmaet Schjødt AS
and White & Case LLP are acting as legal advisors to Frasers Group Plc. 

*** 

The Offer, the Offer Document and the distribution of this announcement and
other information in connection with the Offer may be restricted by law in
certain jurisdictions. The Offer Document and related acceptance forms will not
and may not be distributed, forwarded or transmitted into or within any
jurisdiction where prohibited by applicable law, including, without limitation,
Canada, Australia, Hong Kong, New Zealand and Japan. The Offeror does not assume
any responsibility in the event there is a violation by any person of such
restrictions. Persons into whose possession this announcement or such other
information should come are required to inform themselves about and to observe
any such restrictions. 

This announcement is not an offer document and, as such, does not constitute an
offer or the solicitation of an offer to acquire the Shares. Investors may
accept the Offer only on the basis of the information provided in the Offer
Document. Offers will not be made directly or indirectly in any jurisdiction
where either an offer or participation therein is prohibited by applicable law
or where any tender offer document or registration or other requirements would
apply in addition to those undertaken in Norway. 

Notice to U.S. Holders 

U.S. Holders (as defined below) are advised that the Shares are not listed on a
U.S. securities exchange and that the Company is not subject to the periodic
reporting requirements of the U.S. Securities Exchange Act of 1934, as amended
(the "U.S. Exchange Act"), and is not required to, and does not, file any
reports with the U.S. Securities and Exchange Commission (the "SEC") thereunder.
The Offer is being made to holders of Shares resident in the United States
("U.S. Holders") on the same terms and conditions as those made to all other
holders of Shares of the Company to whom an offer is made. Any information
documents, including the Offer Document, are being disseminated to U.S. Holders
on a basis comparable to the method that such documents are provided to the
Company's other shareholders to whom an offer is made. The Offer is being made
by the Offeror and no one else. 

The Offer relates to shares of a Norwegian company listed and trading on
Euronext Oslo Børs and is subject to the legal provisions of the Norwegian
Securities Trading Act regarding the implementation and disclosure requirements
for such an offer, which differ substantially from the corresponding legal
provisions of the United States. For example, the financial statements and
certain financial information in the Offer Document have been determined in
accordance with the International Financial Reporting Standards ("IFRS") and may
therefore not be comparable to the financial statements or financial information
of U.S. companies and other companies whose financial information is determined
in accordance with the Generally Accepted Accounting Principles of the United
States. 

The Offer is being made to U.S. Holders in compliance with section 14(e) and
Regulation 14E under the U.S. Exchange Act, including available exemptions
thereunder, and otherwise in accordance with the requirements of Norwegian law.
Accordingly, the Offer is subject to disclosure and other procedural
requirements, including with respect to the offer timetable, that are different
from those would be applicable under U.S. domestic tender offer procedures and
law. Furthermore, the payment and settlement procedure with respect to the Offer
will comply with the relevant rules of the Norwegian Securities Trading Act,
which differ from payment and settlement procedures customary in the United
States, particularly with regard to the payment date of the consideration.
Pursuant to an exemption from Rule 14e-5 under the U.S. Exchange Act, the
Offeror and its affiliates or brokers (acting as agents for the Offeror or its
affiliates, as applicable) may from time to time, and other than pursuant to the
Offer, directly or indirectly, purchase or arrange to purchase, Shares or any
securities that are convertible into, exchangeable for or exercisable for such
Shares outside the United States during the period in which the Offer remains
open for acceptance, so long as those acquisitions or arrangements comply with
applicable Norwegian law and practice and the provisions of such exemption. To
the extent information about such purchases or arrangements to purchase is made
public in Norway, such information will be disclosed by means of a press release
or other means reasonably calculated to inform U.S. Holders of such information.
In addition, the financial advisor may also engage in ordinary course trading
activities in securities of the Company, which may include purchases or
arrangements to purchase such securities. 

The Financial Supervisory Authority of Norway has approved the Offer Document.
Neither the SEC nor any securities supervisory authority of any state or other
jurisdiction in the United States has approved or disapproved the Offer or
reviewed it for its fairness, nor have the contents of the Offer Document or any
other documentation relating to the Offer been reviewed for accuracy,
completeness or fairness by the SEC nor any securities supervisory authority of
any state or other jurisdiction in the United States. Any representation to the
contrary is a criminal offence in the United States.