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Potential for Vision Improvement in Inherited Retinal DiseasesLCA and RP due to RPE65 and LRAT Mutations Using Oral Zuretinol Acetate (QLT 091001)

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Forward-looking StatementCertain statements in this presentation constitute forward-looking statements of QLT within the meaning of the Private Securities Litigation Reform Act of 1995 and constitute forward-looking information within the meaning of applicable Canadian securities laws. Such statements include, but are not limited to: statements concerning our clinical development programs and future plans for QLT091001 (Zuretinol Acetate), including regulatory and clinical plans and pathway and associated costs; any potential submission for conditional approval with the European Medicines Agency; the results of our Natural History Study; our advancement towards a pivotal trial of Zuretinol Acetate; the expected timing to make regulatory submissions and to commence and receive data from clinical trials, including our assumptions related to initiation of new studies, current and future study enrollment and timing to treat patients; statements concerning the potential benefits and success of our development programs; and statements which contain language such as: plan, potential, future, project, will, may, believe, intend, estimate, expect, anticipate, target and similar expressions. Forward-looking statements are based on estimates and assumptions made by QLT in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that QLT believes are appropriate in the circumstances, including but not limited to: general economic conditions, competition, clinical trial designs, progression of enrollment and development and interpretation of data. Forward-looking statements are predictions only which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed in such statements. Many such risks, uncertainties and other factors are taken into account as part of our assumptions underlying these forward-looking statements and include, among others, the following: the Companys future operating results are uncertain and likely to fluctuate; uncertainties relating to the timing and results of the clinical development and commercialization of our products and technologies (including our synthetic retinoid program) and the associated costs of these programs; outcomes of our discussions with regulators and our studies for our synthetic retinoid program may not be favorable or, in the case of studies, may be less favorable than interim results and/or previous trials; there may be varying interpretations of data produced by one or more of our studies, including our Natural History Study; the timing, expense and uncertainty associated with the regulatory approval process for products; risks and uncertainties associated with the safety and effectiveness of our technology; risks and uncertainties related to the scope, validity, and enforceability of our intellectual property rights and the impact of patents and other intellectual property of third parties; currency fluctuations; and general economic conditions. These factors and others relating to QLT are discussed in greater detail in the Risk Factors section of QLTs Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, as well as in its other filings with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Given these uncertainties, assumptions and risk factors, investors are cautioned not to place undue reliance on such forward-looking statements. QLT has no intention and assumes no obligation to update such information to reflect later events or developments, except as required by law. The views of Dr. Saperstein expressed during this presentation are his personal views and do not necessarily represent the views of QLT. QLT expressly disclaims any liability with respect to the views, opinions and beliefs expressed by Dr. Saperstein.2

The Normal Visual Cycleall trans retinolLRATRPE 6511-cis-retinalrhodopsin3

opsinVit A from serum

VisionPhotoreceptorRetinal Pigment Epithelium

Mutations in RPE65 or LRAT Lead to Vision Lossall trans retinolLRATRPE 6511-cis-retinalrhodopsin4

opsinVit A from serum

xx

Visionx

Oral Zuretinol Acetate Replaces 11-cis-retinal and Restores Visionall trans retinolLRATRPE 659-cis-retinalrhodopsin5

opsinVit A from serumxxOralZuretinolAcetate

Vision

Vision Rescue in RPE65 Mutant Dog with Intravitreal Zuretinol Acetate

Narfstrom, ARVO 2009

We successfully restored vision both mice and dog models with these mutations.6

IRD01 - Phase 1b Clinical TrialLCA and Early onset RP due to LRAT and RPE65 mutationsDiagnosed shortly after birth or in childhoodOpen label, Multicentered (7)Single 7 day oral dosing periodSeveral Exploratory endpoints and safety evaluationsPatients followed until the effect subsided

Dr. Koenekoop, Montreal Dr. Fishman, Chicago Dr. Jacobson, PhiladelphiaDr. Scholl, Baltimore Dr. Moore, LondonDr. Zrenner, Tbingen Dr. van den Born, Rotterdam

LRAT Subject Results 71% (10/14) of subjects were GVF responders*43% (6/14) of subjects were VA responders**RP Subject Results44% (8/18) of subjects were GVF responders*67% (12/18) of subjects were VA responders**Combined Results81% (26/32) of subjects responded to GVF and/or VA*,**

* 20% improvement in mean log retinal area in at least one eye on 2 consecutive visits within 2 months ** 5-letter improvement on 2 consecutive visits within 2 months

Although these patients have defects in the same genes, the spectrum of their disease stretches from a congenital defect to a form of early onset RP. So we set up 2 Phase 1b, open label, proof of concept trials for these 2 different phenotypes. The LCA trial was done first in Montreal, by Dr. Robert Koonekoop and the other was done as a multicenter international trial by these Principle investigators. 7

Screening OSScreening ODDay 14 OD1 month post dosing OS1 month post dosing OD4 months post dosing OS4 months post dosing ODDay 7 OSDay 7 ODDay 14 OSABCE

Visual Fields in 10 Year Old Patient Treated with Oral Zuretinol Acetate8

DF11 months post dosing OS11 months post dosing OD

8Subject 1 GVFQLT Confidential

RET IRD 02 Zuretinol Acetate Retreatment StudyOpen-label, multi-center, Phase 1b trial in the IRD 01 trialUp to 3 - 7 day treatment courses 13 LCA subjects and 14 RP (27/32 IRD 01) enrolled

PATIENT REPORTED OUTCOMES

Walk without use of cane (2 subjects)Maneuvering in the DarkNavigating in public placesIncreased peripheral visionRead writing on a blackboardPlay Video games Attention to Appearance

RESULTS70% GVF Responders *70% VA Responders**9

* 20% improvement in mean log retinal area in at least one eye on 2 consecutive visits within 2 months ** 5-letter improvement on 2 consecutive visits within 2 months

***Subject with most marked pattern of VF treatment response observed; not representative of all treated patients.***

Both trials used 40mg/m2 of Oral QLT091001 daily for 7 days, many visual parameters were monitored before, during and after dosing as well as standard safety testing. Patients were tested at screening and at regular intervals as long as the effect of the drug was measurable. 9QLT Confidential

Adverse EventsMost Common Dose dependent Transient/ ReversibleHeadachePhotophobiaIncreased serum cholesterol & triglyceridesIncreased ALT and AST

2 Serious Adverse EventsHypersensitivity ReactionElevated Intracranial PressureReversible with treatment10Safety - Consistent with Retinoid Class144 people treated to date

So Whats Next...?

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RET IRD 04 Zuretinol Acetate Phase III TrialPlacebo ControlledDouble MaskedAutosomal Recessive Inherited Retinal Disease (RP/LCA)RPE65 or LRAT MutationsMulticentered (US, Canada, Brazil, Europe)Trial initiation planned for H2 2016

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Why Bother? (at least for RPE65 mutations)13

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Zuretinol Acetate DevelopmentPotential for more tools in your doctors tool boxOral Delivery no surgery necessaryDrug delivered to enter retina of both eyesData suggests reversible effects upon cessation of drugMay be merit for study of potential combination with gene therapy approaches

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Acknowledgements15RET IRD 01 / 02Montreal Childrens Hospital, McGill University Health Centre, Montreal, Canada Dr. Robert K. KoenekoopChicago Lighthouse, Chicago, IL Dr. Gerald A. FishmanScheie Eye Institute, University of Pennsylvania, Philadelphia, PA Dr. Samuel G. JacobsonWilmer Eye Institute, Johns Hopkins University, Baltimore, MD Dr. Hendrik SchollMoorfields Eye Hospital, London, UK Dr. Anthony T. MooreInstitute for Ophthalmic Research, Tubingen, Germany Dr. Eberhart ZrennerRotterdam Eye Hospital, Rotterdam, Netherlands Dr. L. Ingeborgh van den BornRET RP 01Montreal Childrens Hospital, McGill University Health Centre, Montreal, Canada Dr, Robert K. KoenekoopRoyal Victoria Eye and Ear Hospital, Dublin, Ireland Dr. Paul Kenna

RET NAT 019 international sites (US, Canada, Europe)

QLT Inc.Zuretinol Acetate Program SponsorEditorial and presentation assistance

Thank You

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