Employee Share Options

 Oslo, Norway, February 24, 2011.

Photocure has a share options program were each option gives the right to acquire one new share in the company. The subscription rights for 2010 can only be exercised if certain milestones and goals are achieved. The Board of Directors decided a final allotment of 449,053 of these employee share options. Strike price for the options is NOK 44.00 per share. Of these options, the following amount was allotted to the management team:

• Kjetil Hestdal, President and CEO: 50,000
• Christian Fekete, CFO: 25,650
• Inger Ferner Heglund, VP R&D: 22,650
• Grete Hogstad, VP Marketing and Sales: 23,400
• Gry Stensrud, VP Technical Operations: 19,050

The Board of Directors decided a conditional allotment of 750,000 share options for 2011. The subscription rights can only be exercised if certain goals for 2011 are achieved. Strike price for the options is NOK 50.75 per share. Of these subscription rights, the following amount was allotted to the management team:

• Kjetil Hestdal, President and CEO 50,000
• Christian Fekete, CFO 30,000
• Inger Ferner Heglund, VP R&D 30,000
• Grete Hogstad, VP Marketing and Sales 30,000
• Gry Stensrud, VP Technical Operations 30,000

For further information, contact:                                                   
Christian Fekete (CFO)
Email: cf@photocure.no
Telephone: +47 22 06 22 10
Mobile: +47 916 42 938