2014 Annual and Special Meeting of Shareholders May 7, Roberto Bellini President and Chief Executive Officer

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1 2014 Annual and Special Meeting of Shareholders May 7, 2014 Roberto Bellini President and Chief Executive Officer

2 Key Strengths Late stage and diversified product portfolio Fully funded business plan Culture of value creation 2

3 Key Strength Late stage and diversified product portfolio 3

4 We are focused on developing drugs for rare diseases starting with conditions that affect the kidneys. 4

5 30 million people in the United States have a RARE disease. Source: NIH: National Institutes of Health Office of Rare Diseases 5

6 Only about 5% of these people have a specific therapy to treat their disease. 6

7 85-90% of rare diseases are serious or life threatening. 7

8 Small patient numbers, BIG opportunity Regulatory advantage Premium pricing Market protection Smaller clinical trials Efficient commercialization strategies 8

9 Pipeline of Products DISCOVERY PRECLINICAL PHASE I PHASE II PHASE III MARKET KIACTA AA amyloidosis KIACTA Sarcoidosis Shigamab shus AL amyloidosis Late stage pipeline focused on developing innovative drugs for rare diseases 9

10 Lead Phase III Product Candidate FOR AMYLOID A (AA) AMYLOIDOSIS A rare and deadly kidney disease with no specific treatment 10

11 Patient Population 10,000-15,000 potential KIACTA TM patients in the United States and Europe MARKET RESEARCH Navigant Consulting conducted extensive primary and secondary research including over 60 interviews with treating physicians and key opinion leaders in the United States and Europe Source: Navigant Consulting

12 Phase III Confirmatory Study Study enrolling ~230 patients Trial concludes when 120 of 230 patients reach event of kidney function deterioration Study completion expected in

13 New Indication - Sarcoidosis INDICATION Chronic sarcoidosis, a rare disease that causes lung scarring and decreased lung function No specific treatment DEVELOPMENT Start Phase 2 proof-of-concept study in late 2014/early

14 Rare Disease Pipeline SHIGAMAB INDICATION For STEC-related hemolytic uremic syndrome (shus), a rare disease primarily affecting the kidneys of children APPROACH Monoclonal antibody targeted to toxin that causes condition DEVELOPMENT Preclinical proof of concept in

15 Rare Disease Pipeline AL AMYLOIDOSIS INDICATION For AL Amyloidosis, a rare and deadly blood disorder that can affect the heart and kidneys PARTNERSHIP Partnership with Amorchem to fund identification of new drug candidates 15

16 Key Strength Fully funded business plan 16

17 Auven Therapeutics Partnership for KIACTA AUVEN PARTNERSHIP Funding 100% of KIACTA project including studies in AA Amyloidosis and Sarcoidosis US$70M in investments Proceeds of exit expected to be shared ANNOUNCED TODAY Agreement amended to allow more flexibility for near term sale of KIACTA BUSINESS PLAN KIACTA to be sold through auction process either prior to or after Phase III Confirmatory Study results ANNOUNCED TODAY Investment bank Lazard Frères engaged to explore sale of KIACTA Experienced and knowledgeable partner working on lead project 17

18 Strong Financial Base $15M Strong cash position: (December 31, 2013) <$300K Lean operation with low burn rate (monthly): Operations financed beyond end of KIACTA Phase III Confirmatory Study 18

19 Key Strength Culture of value creation 19

20 Milestones Past Execution Attractive partnership for KIACTA Execution of global KIACTA Phase III Confirmatory Study Expansion of rare disease pipeline Strong balance sheet and clean capital structure 12 Month Milestones Potential KIACTA exit Continue executing KIACTA for AA Amyloidosis plan: Completion of recruitment Launch of open label extension study Market assessment Progress rare disease pipeline projects: IND filing for KIACTA Phase 2 for Sarcoidosis Animal studies to support Shigamab Phase II Pre-clinical proof of concept for AL amyloidosis Focused on realizing milestones that create value for shareholders 20

21 People Team dedicated to creating value: Employees and Board of Directors Committed and growing shareholder base 21

22 Forward Looking Statements Certain statements contained in this presentation, other than statements of fact that are independently verifiable at the date hereof, may constitute forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond BELLUS Health Inc.'s control. Such risks include but are not limited to: the ability to obtain financing, the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which the BELLUS Health Inc. does business, stock market volatility, fluctuations in costs, changes to the competitive environment due to consolidation, achievement of forecasted burn rate, potential payments in relation to indemnity agreements, achievement of forecasted clinical trial milestones, and that actual results may vary once the final and quality-controlled verification of data and analyses has been completed. In addition, the length of the KIACTA Phase III Confirmatory Study is dependent upon many factors, including clinical sites activation, patient enrollment rate, patient drop-out rate and occurrence of clinical endpoint events, and the sharing of proceeds between Auven Therapeutics and BELLUS Health Inc. from potential future revenue of KIACTA is dependent upon a number of factors, including the quantum of proceeds. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. The reader should not place undue reliance, if any, on any forward-looking statements included in this presentation. These statements speak only as of the date made and BELLUS Health Inc. is under no obligation and disavows any intention to update or revise such statements as a result of any event, circumstances or otherwise, unless required by applicable legislation or regulation. Please see BELLUS Health Inc. s public fillings including the Annual Information Form for further risk factors that might affect BELLUS Health Inc. and its business. 22

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