Oslo, Norway, March 2. 2005

PhotoCure ASA had a total of 212,335 employee options outstanding as of 31.12.2005.

As PhotoCure has previously notified, 195,000 share options were conditionally allotted for 2005, each of them giving the right to acquire one new share in the company. The subscription rights could only be exercised if certain milestones and goals for 2005 were achieved. The Board of Directors decided a final allotment of 155,490 of these employee share options. Strike price for the options is NOK 34.00 per share.

Of these subscription rights, the following amount was allotted to the management team:

The Board of Directors decided on March 2, 2005 a conditional allotment of 330,000 share options for 2006. The subscription rights can only be exercised if certain goals for 2006 are achieved. Strike price for the options is NOK 50.00 per share, corresponding to the market value on March 2, 2006.

• Kjetil Hestdal, President and CEO: 25,000
• Christian Fekete, CFO: 18,000
• Hilde Morris, VP R&D: 18,000
• John Afseth, VP Business Operations: 18,000
• Grete Hogstad, VP Marketing and Sales: 18,000