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PhotoCure ASA Presentation of Licensing agreement for Metvix PDT with Galderma S.A. Oslo December 2001 gm-November 2000 pres Disclaimers This document includes forward-looking statements. These statements are based on current expectations and projections about future events. Actual results could differ materially from those discussed in, or implied by, these forward-looking statements. This document does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. gm-November 2000 pres 2001;- The Year to be Remembered Metvix®, PhotoCure’s first launched product: – Launched for AK & ”High Risk” BCC in 1st EU country (Sweden) – AK and “High Risk” BCC approved in EU – MAA pending in US, Australia & New Zealand – Market partner outside Nordic area Hexvix® development program on track: – Hexvix® phase II study for bladder cancer detection finalised - Hexvix superior to standard white light cystoscopy in detecting bladder cancer – Hexvix® phase III studies initiated PCI Biotech AS established – First product for the research market close to launch gm-November 2000 pres Metvix® – quick and simple treatment Lesion preparation gm-November 2000 pres Metvix® application Curelight illumination Metvix® market opportunities BCC – Appr. 2 mill. new cases per year in EU, America & AUS – Current therapies give disfiguration / morbidity AK – Appr. 20 mill. new cases per year in EU, America & AUS – Current therapies give scar & white spots or poor patient compliance Dermatologists view Metvix® as a real improvement – Easy to use (fast, not time consuming) – Additional medical indications – Practice builder (less referral to surgeons) gm-November 2000 pres Licensing agreement for Metvix® Marketing and sales – Galderma will promote Metvix & CureLight world wide outside the Nordic area Regulatory approvals – PhotoCure will be responsible for MAA in EU, US, AUS and NZ – Galderma will file MAA’s in other countries Manufacturing – PhotoCure will manufacture Metvix and CureLight – Galderma will after the initial period be responsible for the production of Metvix – PhotoCure will continue to manufacture the active ingredient gm-November 2000 pres Metvix® licensing agreement – Financial terms Up front payment of 12 mill Euro Regulatory Milestones: 18 mill Euro – Linked to regulatory approval in US and launches in US and two other major countries Sales milestones – For global sales level of 25 mill Euro per year and above Royalties for existing and new indications Payments for manufacturing – Metvix – Active ingredient – CureLight Significant guaranteed minimum payment of royalties & sales milestones – During first 5 years after US approval gm-November 2000 pres Metvix® licensing agreement – Research & Development A collaboration on PDT in dermatology Galderma will fund 75% of agreed upon development costs Galderma will pay additional milestone payments for approval of new indications Both companies see several possible new indications gm-November 2000 pres Potential new indications Metvix® offers product life cycle management: Inhibitory effect on pilosebacious units – Acne (pilot study ongoing) – Oily skin Anti-wrinkles – Photoaging (Skin rejuvenation) Anti-microbal – Wound healing (pilot study planned) Anti-viral – Warts gm-November 2000 pres Metvix® overview Metvix® is approved in the 14 European countries for AK & BCC Metvix® gives excellent results in AK & BCC: – High cure rate – Superior cosmetic outcome – Preferred by the patients Unmet medical need for a non-invasive product with excellent cosmetic outcome Metvix® is being tested for other indications Long patent life (expires in 2016+) Sales force established in Nordic countries Dedicated partner established outside of the Nordic countries gm-November 2000 pres