Oslo, Norway, 28 March 2006.

PhotoCure ASA had a total of 359,825 employee options outstanding as of 28.3.2006.

Based on the above-mentioned allotment, employees in PhotoCure ASA have now exercised share options. The Board of Directors has therefore decided to increase the share capital with NOK 24,486.- through the issue of 48,972 shares at NOK 0.50 each. The share capital increase is based on an authorisation granted to the Board of Directors at the Annual General Meeting held on 3 May 2005.

The Articles of Association for PhotoCure ASA are changed following the share capital increase and § 4 now reads as follows:

"The share capital of the company amounts to NOK 11,014,613.50 divided on 22,029,227 shares at NOK 0.50 each, registered by name and fully paid. All shares in the Company must be registered with the Norwegian Registry of Securities (VPS)."

The following insiders have exercised options and subscribed shares (# shares in PhotoCure after the subscription in paranthesis):