This document provides an investor presentation for Oncolytics Biotech regarding their clinical development program and progress with REOLYSIN, an investigational immuno-oncology viral therapy. Recent progress includes statistically significantly increased overall survival in a phase 2 trial of REOLYSIN in combination with paclitaxel in metastatic breast cancer patients. The clinical development plan focuses on evaluating REOLYSIN in combination with chemotherapy, immunotherapy agents, and targeted therapies to potentially boost multiple aspects of REOLYSIN's mechanism of action. Upcoming milestones include an end-of-phase 2 meeting to discuss the registration pathway in metastatic breast cancer.

1. Investor Presentation
May 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. Rapid Recent Progress
¡ REOLYSIN® statistically significantly increased overall survival
(OS) in metastatic breast cancer (REO + paclitaxel vs. paclitaxel alone)
¡ More than doubled overall survival in patients with p53 mutation
¡ Strengthened management team: C-Suite and Business Development
¡ Announced collaboration with Myeloma UK and Celgene on
Phase 1b study of REOLYSIN in combination with Imnovid® or
Revlimid® as a rescue treatment for relapsing myeloma patients
¡ Defined Clinical Development Program
¡ Defined Registration Pathway
3

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

5. REOLYSIN® Mechanism of Action
5
More than 40 supporting publications

6. What does REOLYSIN® do?
6
1. Kills cancer cells stressed by
chemo and/or radiation
2. Induces PD-1 & PDL-1 expression
on T-cells and tumor-cells
3. Enhances IMiD targeting
4. Potentiator for all agents
affecting both innate and
adaptive immunity by making
cold tumors hot

7. REOLYSIN® MOA: Lessons Learned
• OS results support Mechanism of Action (MOA)
• OS trumps PFS (progression free survival)
• We’re not the only ones
o Opdivo®, Tecentriq® and Ipilimumab® have been approved on OS
1 Hodi, NEJM 2010, 363:711; 2 Borghaei, NEJM 2015,371:1627; 3 Ferris, NEJM 2016, 375:1856
Melanoma
treated with ICI
vs. chemo
Ipilimumab
SOC
Hodi et.al., NEJM 2010
Ipilimumab
SOC
Overall SurvivalProgression Free Survival
7

8. Clinical
Development Plan

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 our metastatic breast cancer 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
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
10

11. Path 1: Chemo-Combo / Breast Cancer
• Randomized, non-blinded study, with 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 a
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
11

12. Path 1: Chemo-Combo / Breast Cancer
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%)
Test = REO + paclitaxel
Control = paclitaxel
12

13. Path 1: Chemo-Combo / Breast Cancer
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
Test = REO + paclitaxel
Control = paclitaxel
13

14. Path 1: Chemo-Combo / Breast Cancer
Key Learnings
¡ 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 paclitaxel
Next Steps
¡ Seeking scientific advice - potential for Breakthrough Designation
¡ Preparing for End-of-Phase 2 Meeting
¡ Preparing registration pathway in metastatic breast cancer
14

15. Path 1: Chemo-Combo / Breast Cancer
134,376
Patients on
potential combination
therapies
(74% of stage IV mBC patients)
3,560,570
Patients with breast cancer in the US
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
15

16. Path 1: Supporting OS v PFS Data
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 %
16

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

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 415 patents issued
worldwide, including 61 US and
20 Canadian
¡ Reovirus issue patent claims cover:
• Compositions of matter comprising reovirus
• Through 2028
• 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

24. Experienced Leadership
Matt Coffey, PhD, MBA
Co-founder, Director,
President & CEO
Kirk Look, CA
Chief Financial Officer
EY LLP
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
* Currently consulting from 1798 Consultants and anticipated FTE beginning of May
24

25. The Landscape
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
25

26. Milestones
Event Timing
New Leadership Team
Collaboration with Myeloma UK & Celgene
More than doubled 2 year survival in pancreatic cancer
Statistically significantly increased OS in metastatic breast cancer
ASCO: KEYTRUDA® combo data in pancreatic cancer June
End-of-Phase 2 Meeting for mBC July
Regulatory milestones (including Fast-Track and/or break through status for mBC) 2H
Additional pharma research collaborations (IO’s and IMiD’s) 2H
Projected Registration Partnership 1H 2018
26

27. Market and Capital Data
Exchanges
OTCQX: ONCYF
TSX: ONC
Market Cap
(May 4, 2017)
USD $72.6 M
CDN $99.9 M
Shares Outstanding
(May 4, 2017)
121,836,722
Options
Restricted/performance share units
(May 4, 2017)
8,032,827
2,222,829
Fully Diluted
(May 4, 2017)
132,092,378
Cash / Cash Equivalents /
Short Term Investments
(March 31, 2017)
CDN $10.1 million
USD $7.3 million*
Cash runway Into 2018
* Based on FX on May 4, 2017
27

28. Investment Highlights
¡ REOLYSIN® statistically significantly increased overall survival
in metastatic breast cancer
¡ More than doubled overall survival in patients with p53 mutation
¡ Strengthened management team: C-Suite and Business Development
¡ Unpartnered 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

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