1. Corporate Presentation
Roberto Bellini
President and Chief Executive Officer
January 2013

2. Forward Looking Statement
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
immediately in current markets, the impact of general economic conditions, general conditions
in the pharmaceutical and/or nutraceuticals industry, changes in the regulatory environment in
the jurisdictions in which the BELLUS Health Group does business, stock market volatility,
fluctuations in costs, and changes to the competitive environment due to consolidation,
achievement of forecasted burn rate, and that actual results may vary once the final and quality-
controlled verification of data and analyses has been completed.
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 news release. 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 the Company’s public fillings
including the Annual Information Form of BELLUS Health Inc. for further risk factors that might
affect the BELLUS Health Group and its business
2

3. Background and Business Model
Public company (TSX: BLU) based in Montreal, QC
Focused namely on the development of products in amyloid-
related fields, principally AA Amyloidosis, an orphan indication
affecting the kidneys
Pipeline also includes product candidate for the treatment of
Alzheimer’s disease
BUSINESS MODEL
Focused on building value for clinical
stage health products in critical unmet
medical needs
3

4. Pipeline of Products
PHARMACEUTICALS DISCOVERY PRECLINICAL PHASE I PHASE II PHASE III NDA/MAA
KIACTA™
AA amyloidosis
BLU8499
Alzheimer’s
disease
COMMERCIA
NUTRACEUTICAL DISCOVERY PRECLINICAL PHASE I PHASE II PHASE III -LIZATION
VIVIMIND™
Memory protection
4

5. KIACTA™
For AA Amyloidosis, an orphan indication and a
deadly disease with no treatment
Orphan population of ≈50,000 in the USA, Europe
Market and Japan with peak annual revenues projected at
opportunity $400-600M1
1
Independent market assessment by Frankel Group in April 2009.
Phase II/III clinical trial showing statistically
Clinical
significant primary efficacy endpoints
evidence
(p value = 0.025) and clean safety profile
Partnership with Celtic Therapeutics to conduct
Partnership and finance (>$50M) Phase III Confirmatory
Study
Marketing approval based on confirming safety
Phase III and efficacy of phase II/III study
Confirmatory
Study Actively recruiting patients
5

6. AA Amyloidosis – A Rare and Lethal Disease
AA PROTEIN + REDUCTION IN
SERUM AMYLOID A GLYCOSAMINOGLYCAN KIACTA blocks FIBRIL FORMATION
PRECURSOR (SAA) S (GAGs) AA + GAGs interaction & DEPOSITION
PROTEIN
CHRONIC
INFLAMMATION
Generates Converts to
cytokine cascade AA Protein
(TNFα / IL-1 / IL-6) Systemic Amyloid A Fibril
and increases SAA levels Formation & Deposition
ORGAN DAMAGE, IN
Rheumatic Conditions PARTICULAR TO
Inflammatory Bowel Disease KIDNEYS
Chronic Infections -Rapid deterioration of
Familial Mediterranean Fever kidney function leading to
dialysis
6

7. KIACTA™ - Targeted Opportunity
Patient population estimated at
34-50,000 in the U.S., EU5 and
Japan1
Diagnosed AA Patients (000s)
Clear pharmacoeconomic
rationale for premium pricing
KIACTA™ peak annual revenues
projected at $400-600M1
(U.S., EU5, Japan)
Orphan Drug Status in the U.S.
and EU provides 7 and 10 years
market exclusivity upon
commercialization, respectively
1
Independent market assessment by Frankel Group in April 2009 7

8. KIACTA™ - Strategic Partnership
PARTNERSHIP FINANCIAL IMPLICATION
Partnered with private equity US$10M upfront
firm Celtic Therapeutics
≥ US$50M in investments by
Celtic Therapeutics funding Celtic Therapeutics
100% of KIACTA™’s Phase
III Confirmatory Study Proceeds of any eventual
transaction expected to be
Auction process for the shared 50%-50% between
commercialization rights of BELLUS Health and Celtic
KIACTA™ on completion of Therapeutics
Phase III Confirmatory Study
8

9. KIACTA™ - Robust Clinical Results in Phase II/III
• Composite endpoint based
Number of Patient Events
on patients reaching events
of decreasing kidney
function or death
• Statistically significant
* primary endpoint (Cox
Graphical
Proportional Hazard Ratio;
representation of the
p=0.025)
* information in this
• Cox test takes into account
table
event and time to event
* • Most sensitive component
of composite endpoint highly
significant (CrCl, p < 0.01)
Composite
Doubling
50%
Dialysis/ • Clinically meaningful treatment
Endpoint (Time Decrease Death
to First Worse
Serum
Creatine
ESRD effect with 42% reduction in
Creatine
Event) CIearance risk of reaching event
HR 0.58 0.41 0.48 0.54 0.95
95% C.I 0.37, 0.93 0.19,0.86 0.28,0.82 0.22,1.37 0.27,3.29
P value 0.025 0.019 0.008 0.20 0.94
9

10. KIACTA™ - Phase II/III Key Secondary Endpoints
Kaplan Meier: Time to First Worst Event Slope of Creatinine Clearance Decline
Months of Treatment
Mean ∆ CrCl (mL/min/1.73m2)
KIACTATM
KIACTATM
-10.9 ± 5.1 mL/min/
Placebo
1.73 m2/year
Placebo
-15.6 ± 4.0 mL/min/ ∆= 9.4mL/min/
1.73 m2/year 1.73 m2
HR=0.58 after 24
Wald Chi Square test: p=0.025 months
p=0.025
Key secondary endpoints show robust effect of KIACTA™
Using slope of creatinine clearance decline, calculated delay
to time to dialysis is ~2 years on KIACTA™ versus placebo
10

11. KIACTA™ - Phase II/III Feedback
2007 NEJM article published by lead investigators concludes that
KIACTA™ slows decline of renal function in AA Amyloidosis
Agreement reached under Special Protocol Assessment with FDA and
Scientific Advice with EMEA to conduct Phase III Confirmatory Trial
Marketing approval based on positive result (p value <0.05) from confirmatory study with
same scope of first phase II/III clinical trial
11

12. KIACTA™ - Confirmatory Phase III Study
PHASE III
COMPLETED PHASE II/III STUDY CONFIRMATORY STUDY
183 patients in 13 countries 230 patients in 28 countries
Statistically significant composite Composite primary endpoint
primary endpoint (p=0.025) (target p<0.05) based on patients
principally based on patients reaching kidney function events:
reaching kidney function events:
 80% increase serum creatinine
 Doubling serum creatinine
 40% decrease in creatinine
 50% decrease in creatinine clearance
clearance
 Reaching ESRD/dialysis
 Reaching ESRD/dialysis
 Death Event driven trial to conclude on
attainment of 120 events (~90%
Fixed treatment duration of two power)
years
Key improvements made to
Key improvements made to
increase robustness of
increase robustness of
confirmatory study
confirmatory study 12

13. KIACTA™ - Study Progress
Recruitment1 Completion
>70 sites in >25 Event driven trial to
countries actively complete on reaching
recruiting 120 events
~120 patients enrolled Study expected to be
completed in 2017
Recruitment expected
to be completed in 1H
2014
Patient baseline characteristics and demographics to date are similar
to those in the first Phase III study
1
Data as of November 2012 13

14. KIACTA™ - Exit Strategy
RARE DISEASE DRUGS IN THE NEWS
Sarepta shares rocket up on
stellar muscular dystrophy trial
results (October 2012) ALEXION TO AQUIRE ENOBIA
PHARMA FOR UP TO $1.08 BILLION
Alnylam Gets $22.5M
(December 2011)
From Genzyme for
Asia Rights to Novartis signs $665m option deal with
Amyloidosis Drug Selexys for sickle cell disease drug
(October 2012) (September 2011)
BioMarin shares pop on strong pivotal data
for rare disease drug (November 2012)
•• Auction process at end of study to realize full value
Auction process at end of study to realize full value
• Partial exit also possible (commercial partnership) before
Phase III data
14

15. KIACTA™ - Providing Base Value
AUCTION
DEVELOPMENT
LOW RISK PROCESS WITH
COST FULLY
CONFIRMATORY EQUALLY
FUNDED BY
PHASE III STUDY SHARED
CELTIC
PROCEEDS
+
SIGNIFICANT SHAREHOLDER
VALUE BASE
15

16. VIVIMIND™
Nutraceutical for memory protection
Health claims include: VIVIMIND Revenues ($K)
Regulatory ‘Protects the
hippocampus’ and
‘Enhances cognitive
function and memory’
Partnerships for Italy (launched), Canada
(launched), South Korea (regulatory), Greece (pre-
Partnerships launch), Middle East (pre-launch), Taiwan
(regulatory) and Israel (regulatory)
Pursuing creation of worldwide distributor network
Growing cash flow positive business
16

17. BLU8499
Next generation of tramiprosate intended
for the treatment of Alzheimer's disease
Large and growing epidemic currently affecting
Market over 30M patients worldwide
opportunity Represents > $180B in annual costs in the United
States alone
Evidence of effectiveness of parent compound
Clinical tramiprosate in ApoE4+ Alzheimer’s patients
Evidence
Safe and well tolerated in Phase I
17

18. BLU8499 – Asclepios Partnership
Partnership with Asclepios Bioresearch in
September 2012 to finance development of
BLU8499
Partnership
Investment of ~$4M in non-dilutive capital
Parties expected to share any future proceeds
approximately equally
Long term animal toxicity to be completed in
2013
Development
Phase IIa proof of concept study in mild apoE4+
Plan
Alzheimer’s disease patients
Expected to begin in 2014
Focused development plan to demonstrate
effectiveness in targeted patient population
18

19. Financial Position and Capital Structure
Capital Structure
Basic Shares Outstanding 47M
Fully Diluted Shares Outstanding1 61M
Financial Position
Cash (as of September 30th, 2012) >$19M
Burn Rate (monthly) <$300K
Strategic financing completed with Pharmascience in May 2012
$17.25M total investment: $8.15M in non-dilutive capital and $9.1M
for 10.4% stake
Operations funded into 2018
1
Does not include stock option grants 19

20. Governance and Shareholders
Board of Directors Company / Experience Management Title
Dr. Francesco Bellini President and Chief
Roberto Bellini
(Chair) Executive Officer
Senior Vice President, Drug
Dr. Denis Garceau
Franklin Berger Development
François Desjardins Vice President, Finance
Charles Cavell
Vice President, Business
Tony Matzouranis
Development
Hélène Fortin LAROSE FORTIN CA Inc.
Pierre Larochelle
Shareholder Ownership
Donald Olds Bellini Family ≈ 30%
Joseph Rus Power Corporation ≈ 30%
Dr. Martin Tolar Pharmascience ≈ 10%
Roberto Bellini
20

21. Milestones
Milestones
Past Execution Long Term Value
Completion of recruitment of
Attractive KIACTA™ Phase III
partnership with Confirmatory Study Results of Phase III
Celtic for Kiacta Confirmatory Study
Additional KIACTA™ and auction of
Execution of global activities: KIACTA™
Kiacta Phase III
Confirmatory Study Launch of open label Sale or spin-out of
extension study VIVIMIND business
Cashflow positive
VIVIMIND business Updated market and BLU8499 Phase IIa
pricing assessment study results
Partnership for
BLU8499 BLU 8499 Pre-Phase II
package completion
Strong balance
sheet VIVIMIND partnerships
Short-term milestones driving long-term value
21