Photocure ASA

Director's Dealing • Aug 21, 2017

Date: 21st August 2017

Mr Erik Dahl

CFO

Photocure ASA

Hoffsveien 4

0275 Oslo, NORWAY

Dear Sir.

Hunter Hall Investment Management Limited (Parent Company: Pengana Capital Group) as a responsible entity for the Hunter Hall Value Growth Trust and Hunter Hall Global Equity Trust, and the investment manager for Hunter Hall Global Value Limited, a fund managed by it, ("Hunter Hall") hereby give notice of reducing the holdings in Photocure ASA below 5% as at 21^st August 2017.

The below transactions done on 18^th Au₄ 2017 at NOK 23.5254 per share have reduced our holding in Photocure to below 10% as follows:

Date of Sell	Security Code	Fully Paid Ordinary Shares	Cash Consideration		Holder
18-Aug-17	PHO.NO	$-230,231$	NOK	5,389,194.99	Hunter Hall Value
					Growth Trust
18-Aug-17	PHO.NO	$-40,090$	NOK	938,417.62	Hunter Hall Global
					Equities Fund
18-Aug-17	PHO.NO	- 113.930	NOK	2,666,847.58	Hunter Hall Global Value Limited

Holder of Relevant Interest	Registered Holder of Securities and person entitled to be Registered as Holder	Nature of Relevant Interest	Class and number of shares and Voting
Pengana Capital Group Ltd	As below	Pengana Capital Group has a relevant interest in the said securities as it wholly owns Pengana Capital Ltd and Hunter Hall Investment Management Ltd	0

PENGANA CAPITAL GROUP

ABN 43 059 300 426 Level 12, 167 Macquarie Street Sydney NSW 2000 GPO Box 5409 Sydney 2001 T: +61 2 8524 9900 F: +61 2 8524 9901 E: clientservice@pengana.com

Pengana Capital	BNP Paribas	Relevant interest arising as a result	$\Omega$
Ltd	Nominees Pty	of Pengana Capital Limited having
	Limited	power to control the voting and/or
	(ACN 084 150	disposal of securities pursuant to
	023) on behalf of	position held as an investment
	Pengana Capital	manager of various unit trusts.
	Ltd
Hunter Hall	JP Morgan Chase	Relevant interest arising as a result	796,587 shares
Investment	Bank NA (ACN	of Hunter Hall Investment	$(3.70\%)$
Management Ltd	143 902 916) on	Management Ltd having power to
	behalf of Hunter	control the voting and/ or disposal
	Hall Investment	of securities pursuant to position
	Management Ltd	held as an investment manager of
		various unit trusts.
Hunter Hall	JP Morgan Chase	Relevant interest arising as a result	82,721 shares
Global Value Ltd	Bank NA (ACN	of Hunter Hall Investment	(0.38%)
	143 902 916) on	Management Ltd having power to
	behalf of Hunter	control the voting and/ or disposal
	Hall Global Value	of securities pursuant to an
	Ltd	investment management
		agreement with by Hunter Hall
		Investment Management Ltd
Total Holding by			879,308 shares
Hunter Hall			(4.08%)

Yours sincerely,

N. allt

Nick Griffiths

PENGANA CAPITAL GROUP

ABN 43 059 300 426 Level 12, 167 Macquarie Street Sydney NSW 2000
GPO Box 5409 Sydney 2001 T: +61 2 8524 9900 F: +61 2 8524 9901 E: clientservice@pengana.com