Photocure ASA

Share Issue/Capital Change • May 25, 2020

Exercise of employee share options in Photocure ASA

Oslo, Norway, 25 May 2020.

Participants in the Photocure ASA's share option program have on 25 May 2020 exercised a total of 123,750 options. The share options are exercised at an average strike price of NOK 40.81. Each option gives a right to receive one share in the company. The share options are described in note 7 in Photocure's annual financial statements of 2019.

Following the exercise, the Board of Directors, pursuant to authorization granted by the company's Annual General Meeting, has decided to increase the company's share capital by NOK 61,875.00 by issuing 123,750 new shares, of par value NOK 0.50. Subsequent to the transaction the Company's share capital is NOK 12,049,887.50 divided into 24,099,775 shares.No primary insiders have exercised options in this window.

For further information, please contact:

Photocure CFO Erik Dahl Tel: +47 450 55 000, Email: ed@photocure.com

This information is subject to the disclosure requirements pursuant to sections 5-12 and 4-2 of the Norwegian Securities Trading Act.