Oslo, Norway, 17 March 2005

Oslo Stock Exchange (OSE) has decided to impose a fine of NOK 110.000 on PhotoCure for not complying with the disclosure obligation in relation with a decision by the Food and Drug Administration's (FDA) on 3 December 2004.

OSE is of the opinion that PhotoCure should have published the disclosure before the opening of the stock exchange at 10:00 am, alternatively published a minimum disclosure. The fax from FDA was received in the morning of 3 December and the disclosure was published at 11:23 am.