Photocure ASA

Major Shareholding Notification • Feb 20, 2015

Disclosure of shareholdings in Photocure

Disclosure of shareholdings in Photocure

20 February 2015

Radiumhospitalets Forskningsstiftelse has today

agreed to sell 1,000,000 shares in Photocure ASA

("Photocure"; OSE trading symbol: "PHO") to Hunter

Hall Investment Management Limited as responsible

entity for the Hunter Hall Value Growth Trust and

the investment manager for Hunter Hall Global Value

Limited, a fund managed by it, ("Hunter Hall"), at

a price per share of NOK 37.

After closing of the transaction, the holdings of

Radiumshospitalets Forskningsstiftelse in Photocure

will reduce to below 10% of the outstanding shares

and votes in Photocure, whereas Hunter Hall's

holdings in Photocure will exceed 10%.

After closing of the transaction,

Radiumshospitalets Forskningsstiftelse will hold

2,029,000 shares, and Hunter Hall will hold

2,957,334 shares, in Photocure, equal to 9.48% and

13.82%, respectively, of the shares and votes in

the company. Other than these shares, neither

Radiumhospitalets Forskningsstiftelse nor Hunter

Hall, or any of their close associates, hold any

shares or other securities that give rights to

shares in Photocure.

The transaction was carried out in an off-market

trade.

Bente Lill Romøren, the Chairperson of the board of

directors of Photocure, is a member of the board of

directors of Radiumhospitalets Forskningsstiftelse.

Romøren does not participate in Radiumhospitalets

Forskningsstiftelse's decision-making with respect

to its investment in Photocure.

This notice is given by Radiumhospitalets

Forskningsstiftelse and Hunter Hall pursuant to

Section 4-3 of the Norwegian Securities Trading

Act.