April 2017 Corporate Presentation

1. Investor Presentation
April 2017
www.oncolyticsbiotech.com TSX ONC OTCQX ONCYF

2. Forward Looking Statements
This presentation contains certain forward looking statements relating to the company’s
business prospects and the development and commercialization of REOLYSIN®, a therapeutic
reovirus. These statements are based on management’s current expectations and beliefs and
are subject to a number of factors which involve known and unknown risks, delays,
uncertainties and other factors not under the company’s control which may cause actual
results, performance or achievements of the company to be materially different from the
results, performance or other expectations implied by these forward looking statements.
In any forward looking statement in which Oncolytics Biotech® Inc. expresses an expectation or
belief as to future results, such expectations or beliefs are expressed in good faith and are
believed to have a reasonable basis, but there can be no assurance that the statement or
expectation or belief will be achieved. These factors include results of current or pending clinical
trials, risks associated with intellectual property protection, financial projections, actions by the
FDA/HPB/MHRA and those other factors detailed in the company’s filings with SEDAR and the
Securities and Exchange Commission. Oncolytics does not undertake an obligation to update
the forward looking statements, except as required by applicable laws.
2

3. Investment Highlights
3
 REOLYSIN® statistically significantly increased overall survival
in metastatic breast cancer
 More than doubled overall survival in patients with p53 mutation
 REOLYSIN® more than doubled two year survival in metastatic
pancreatic cancer
 Novel immuno-oncology viral-agent for systemic administration exploiting
dual activity by cancer cell lysis and anti-tumor immunity
 Defined Clinical Development Program and registration pathway
 Extensive patient safety data showing no added significant toxicity when
used as combination with chemotherapy
 Manufacturing at commercial scale with sufficient supplies on hand to
support late- stage development and early commercialization

4. What is REOLYSIN®
 First in class systemically
administered immuno-
oncology viral agent for
solid tumors and
heme malignancies
 Proprietary isolate of the
unmodified reovirus
 Non-pathogenic
4

5. REOLYSIN® Mechanism of Action
1. Direct tumor lysis 1-20
Selective viral replication in permissive cancer cells leading to tumor cell lysis.
2. Innate immunity2,16-21, 27
Viral replication resulting in a cascade of chemokines/cytokines causing
NK (natural killer) cells to recognize and attack cancer cells.
3. Adaptive immunity 24-28, 30, 32-39
Antigen presenting cells (APCs) display tumor-associated antigens (TAA–
“biological shrapnel”) and viral-associated antigens (VAA) to educate T-cells
to recognize and destroy cancer cells.
5
1Norman, Hum Gene Ther, 2002. 13(5): p. 641-52. 2Carew, Cell Death Dis, 2013. 4: p. e728. 3Coffey, Science, 1998. 282(5392): p. 1332-4. 4Etoh, Clin Cancer Res, 2003. 9(3): p. 1218-23. 5Levy, Nature, 1968.
220(5167): p. 607-8. 6Sei, Mol Cancer, 2009. 8: p. 47. 7Qiao, Clin Cancer Res, 2008. 14(1): p. 259-69. 8Thirukkumaran, Clin Cancer Res, 2012. 18(18): p. 4962-72. 9Wilcox, J Natl Cancer Inst, 2001. 93(12): p. 903-
12. 10Nuovo, Mod Pathol, 2012. 25(10): p. 1333-44.11Strong, EMBO J, 1998. 17(12): p. 3351-62.12Alain, Leuk Res, 2010. 34(1): p. 100-8. 13Maitra, Oncotarget, 2014. 5(9): p. 2807-19. 14Hirasawa, Cancer Res,
2002. 62(6): p. 1696-701. 15Shmulevitz, Oncogene, 2005. 24(52): p. 7720-8. 16Norman, Proc Natl Acad Sci U S A, 2004. 101(30): p. 11099-104. 17Marcato, Mol Ther, 2007. 15(8): p. 1522-30. 18Kim, Oncogene,
2010. 29(27): p. 3990-6. 19Pan, Br J Cancer, 2011. 105(7): p. 1012-22. 20Pan, PLoS One, 2013. 8(1): p. e54006. 21Adair, Sci Transl Med, 2012. 4(138): p. 138ra77. 22Adair, Int J Cancer, 2013. 132(10): p. 2327-38.
23El-Sherbiny, Clin Exp Immunol, 2015. 180(1): p. 98-107. 24Errington, The Journal of Immunology, 2008. 180(9): p. 6018-6026. 25Gujar, Mol Cancer Ther, 2010. 9(11): p. 2924-33. 26Gujar, Mol Ther, 2011.
19(4): p. 797-804. 27Gujar, Mol Ther, 2013. 21(2): p. 338-47. 28Gujar, Br J Cancer, 2014. 110(1): p. 83-93. 29Hall, Biores Open Access, 2012. 1(1): p. 3-15. 30Ilett, Gene Ther, 2009. 16(5): p. 689-99. 31Jennings, Int
J Cancer, 2014. 134(5): p. 1091-101. 32White, Gene Ther, 2008. 15(12): p. 911-20. 33Noonan, Mol Ther, 2016. 24(6):1150-8. 34Prestwich, Clin Cancer Res, 2008. 14(22): p. 7358-66. 35Prestwich, J Immunol,
2009. 183(7): p. 4312-21. 36Rajani, Mol Ther, 2016. 24(1): p. 166-74. 37Steele, Mol Cancer, 2011. 10: p. 20. 38Prestwich, Clin Cancer Res, 2009. 15(13): p. 4374-81.39Kim, Viruses, 2015. 7(12): p. 6506-25.

6. REOLYSIN® Mechanism of Action
6

7. REOLYSIN® MOA: Lessons Learned
• Strong OS data trumps Progression Free Survival (PFS)
• Evolving OS results support mechanism of action (MOA)
o Breast & Pancreatic
1 Hodi, NEJM 2010, 363:711; 2 Borghaei, NEJM 2015,371:1627; 3 Ferris, NEJM 2016, 375:1856
Emerging paradigm from ICI studies
1. Chemo impacts the overall response rate (ORR) and PFS because of its rapid
antitumor response, yet OS is not always improved
2. Immunotherapies, by contrast, may not improve ORR or PFS but survival rates are
consistently better than with chemotherapy in certain cancers 1-3
Melanoma
treated with ICI
vs. chemo
Ipilimumab
SOC
Hodi et.al., NEJM 2010
Ipilimumab
SOC
Overall SurvivalProgression Free Survival
7

8. Clinical
Development Plan
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9. Clinical Development Plan: Pathways
The clinical development plan addresses drug combinations that
can potentially boost each response of the MOA
1. Chemo combinations (direct cell lysis):
The basis for the first registration pathway
2. Immunotherapy combinations (adaptive immune response):
Approaches with checkpoint inhibitors embodied in the ongoing
REOLYSIN® + pembrolizumab study and possible future collaborations
3. Combination with IMiDs / targeted therapy (innate immune response):
Currently in combination with Celgene’s Imnovid® & Revlimid® in a first-of-
its-kind immunotherapy trial that aims to modulate the immune system to
target myeloma. Exploring additional collaborations.
9

10. Path 1: Chemotherapy Combinations
Metastatic Pancreatic Cancer (1st Line)
Regulatory Status
o Orphan Drug Designation Granted (FDA / EMA)
o Seeking scientific advice - potential for
Fast-Track Designation
o Preparing for End of Phase 2 Meeting
10
Metastatic Breast Cancer
Regulatory Status
o Statistically significant phase 2 OS data
o Seeking scientific advice - potential for
Breakthrough Designation
o Preparing for End of Phase 2 Meeting
o Preparing registration pathway

11. Path 1: Chemo-Combo / Breast Cancer
11
• Randomized, non-blinded study IV
administered REOLYSIN® given in
combination with paclitaxel versus
paclitaxel alone
• Patients with advanced or metastatic breast
cancer
• Paclitaxel weekly, on days 1, 8 and 15 of 28-
day cycle and test arm with the addition of
REOLYSIN® on days 1, 2, 8, 9, 15 and 16
• 74 patients; powered to 90%
• Endpoints:
• Primary: PFS
• Secondary: OS
• Secondary : ORR
• Secondary: Safety
(IND-213) Phase 2 Data(IND-213) Phase 2 Design
• Statistically significant improvement
in median OS:
• 10.4 months to 17.4 months
• 61 patients presented p53 mutations
• OS more than doubled from 10.4
months to 20.9 months
• First immuno-oncology viral-agent to
demonstrate a statistically significant
median OS advantage in a
randomized clinical study

12. Path 1: Chemo-Combo / Breast Cancer
12
Statistically significantly increased overall
survival in metastatic breast cancer in ITT group
Canadian Cancer Trials Group
Test n=36
Control n=38
HR 0.65
p = 0.1 (powered to 90%)

13. Path 1: Chemo-Combo / Breast Cancer
13
More than doubled overall survival in
p53 mutated breast cancer patients
Canadian Cancer Trials Group
Test n=30
Control n=31
HR 0.52
p = 0.03

14. Path 1: Chemo-Combo / Breast Cancer
14
Key Learnings
 Typically difficult-to-treat p53 sub-group had greater than doubling of OS
 Consistent with other approved I/O therapies, REOLYSIN® acts as an immune
therapy agent, often with no meaningful improvement in either PFS or ORR
 Has the potential to work synergistically with single agent chemo or
targeted therapies
Next Steps
 Seeking scientific advice - potential for Breakthrough Designation
 Preparing for End of Phase 2 Meeting
 Preparing registration pathway in metastatic breast cancer

15. Path 1: Chemo-Combo / Breast Cancer
15
134,376
addressable patient
population on
target therapies
(74% of mBC patients)
3,560,570
breast cancer prevalence, US 2016
3,026,485
Patients with HR+/HER2- and
TNBC Subtypes
Source: https://seer.cancer.gov/statfacts/html/breast.html. Accessed on March 28, 2017.
Howlader, Nadia, et al. US Incidence of Breast Cancer Subtypes Defined by Joint Hormone
Receptor and HER2 Status. Journal of the National Cancer Institute. Accessed March 28, 2017
181,589
Patients diagnosed with stage IV
breast cancer

16. Path 1: Chemo-Combo / Pancreatic Cancer
16
Doubling 2-year survival in phase 2 studies
Randomized Intention-to-Treat (NCI-8601)
o Carbotax + REO (n=36)
o Carbotax (n=37)
Randomized Excluding Crossover
o Carbotax + REO (n=36)
o Carbotax (n=20)
Single Arm (REO 017)
o REO + Gemcitabine
(n=34)
Reo + gem
2y-OS = 24 %

17. Path 2: Immunotherapy Combinations
REO + Pembrolizumab (anti-PD-1 antibody)
in pancreatic cancer (REO 024)
o Establish safety profile
o Final analysis in 2017
Future potential collaborations pending
Rajani, Viruses 2015, 7:588; Noonan, Mol Ther 2016;
Rajani, Mol Ther 2016,24:166
17

18. Path 3: Targeted/IMiD Combinations
REO + Pomalidomide in multiple myeloma
o Establish safety profile
o Ongoing collaboration with Celgene
& Myeloma UK
o Combined with Revlimid® & Imnovid® as a
rescue treatment in myeloma patients
Enhancement of Innate
Immune Response:
REOLYSIN® + IMiDs
REOLYSIN® alone
REOLYSIN® + IMiDs
Release of
inflammatory
cytokines
Increased
activation of
NK cells
Release of
inflammatory
cytokines
Activation of
NK cells
+ IMiDs
18

19. Safety, Manufacturing
& Intellectual Property
www.oncolyticsbiotech.com TSX ONC OTCQX ONCYF

20. REOLYSIN® and Safety
 1,100+ patients treated, 900+ intravenously
 No maximum tolerated dose (MTD) reached to date
Monotherapy Toxicity Symptoms
Symptoms frequently observed from day 2 of treatment
and usually lasted < 6 hours
Intravenous local
 Toxicities have generally been mild (grade 1 or 2) and included chills, fever,
headache, cough, myalgia, runny nose, sore throat, fatigue, and grade 1 or 2
lymphopenia or neutropenia
 Transient grade 3 and 4 toxicities included lymphopenia or neutropenia
20

21. Manufacturing
 Final formulation produced at
100L scale under cGMP
 Commercial scale
manufacturing agreement
with SAFC
21

22. Patent Portfolio
 More than 440 patents issued
worldwide, including 61 US and
20 Canadian
 Reovirus issue patent claims cover:
• Compositions of matter comprising reovirus
• Pharmaceutical use of reoviruses to treat
neoplasia and cellular proliferative diseases
• Combination therapy with radiation,
chemotherapy and/or immune suppressants
• Methods for manufacturing reovirus and
screening for susceptibility to reovirus
• Pharmaceutical use of reoviruses in
transplantation procedures
 Over 60 pending
applications worldwide
22

23. Corporate & Financial
www.oncolyticsbiotech.com TSX ONC OTCQX ONCYF

24. Experienced Leadership
24
Matt Coffey, PhD, MBA
Co-founder, Director,
President & CEO
Kirk Look, CA
Chief Financial Officer
Ernst & Young
Andres Gutierrez, MD, PhD
Chief Medical Officer
Bristol-Myers Squibb
Andrew de Guttadauro
VP of Business Development
Amgen, Biogen, Takeda
Wayne Pisano, MBA
Chairman of the Board, Oncolytics
Former President, Sanofi Pasteur
Angela Holtham, MBA, ICD.D
Nabisco
Hospital for Sick Children
J. Mark Lievonen, CA
Former President, Sanofi Pasteur
Ontario Institute for Cancer Research
William G. Rice, PhD
President & CEO, Aptose Biosciences
President, CEO & Director of Achillion
Bernd R. Seizinger, MD, PhD
Former President & CEO of GPC Biotech
VP of Oncology Drug Discovery, BMS
Non-Executive Directors
Extensive knowledge of oncology/immunotherapy | Public company experience
Strong business development and commercialization expertise
Management

25. The Landscape
25
AZ / Medimmune
Omnis Pharma Undisclosed
Combine IO portfolio with oncolytic virus
programme
Takeda
Ariad $5.2B
ALK inhibitor for NSCLC
Amgen
BioVEx Upfront $425M
Milestones $575M
Ph 3 oncolytic vaccine for H&N and
melanoma
Bristol-Myers Squibb
PsiOxus Upfront $50M
Milestones $886M
NG-348, a pre-clinical oncolytic virus for
solid tumors – plus royalties on net sales
Amgen
Onyx $10.4B
Kyprolis – approved for multiple myeloma
Pfizer
Medivation $14B
XTANDI – approved for advanced
metastatic prostate cancer
Pfizer
Western Oncolytics Undisclosed
Novel oncolytic vaccinia virus
Ipsen
Merrimack Upfront $575M
Milestones $450M
ONIVYDE – approved for pancreatic cancer
DOXIL – approved for ovarian cancer
Celgene
Abraxis $2.9B
Abraxane

26. Market and Capital Data
Exchanges
OTCQX: ONCYF
TSX: ONC
Shares Outstanding
(March 9, 2017)
121,258,222
Options
Restricted/performance share units
(March 9, 2017)
8,611,327
2,222,829
Fully Diluted
(March 9, 2017)
132,162,378
Cash / Cash Equivalents /
Short Term Investments
(December 31, 2016)
CDN $11.3 million
USD $8.4 million*
Cash runway Into 2018
26
* Based on FX on March 9, 2017

27. Investment Highlights
27
 REOLYSIN® statistically significantly increased overall survival
in metastatic breast cancer
 More than doubled overall survival in patients with p53 mutation
 REOLYSIN® more than doubled two year survival in metastatic
pancreatic cancer
 Novel immuno-oncology viral-agent for systemic administration exploiting
dual activity by cancer cell lysis and anti-tumor immunity
 Defined Clinical Development Program and registration pathway
 Extensive patient safety data showing no added significant toxicity when
used as combination with chemotherapy
 Manufacturing at commercial scale with sufficient supplies on hand to
support late- stage development and early commercialization

28. Investor Presentation
www.oncolyticsbiotech.com TSX ONC OTCQX ONCYF