1) QLT expects its recently augmented Synthetic Oral Retinoid leadership team to meet with the FDA by the end of Q1 2013 to discuss the most prudent development path to advance QLT091001.2) Until the aforementioned FDA meeting is concluded, the minutes from it are reviewed, and a subsequent end of phase II meeting is completed with formal guidance provided by the FDA, QLT does not expect to provide timelines for potential pivotal trial initiation(s). 3) After evaluating the strategic options available to enhance shareholder value with respect to our Synthetic Oral Retinoid program, the Board has determined at this time that independently developing QLT091001 is the most value enhancing path forward for QLT shareholders. 4) Lastly, your Board reiterates its commitment to return both a significant and appropriate amount of capital to shareholders in the near term, and we continue to take a diligent approach towards considering governing regulations and tax-efficiency. Despite these complexities, the Board hopes to be able to complete all or a significant portion of our return of capital program in the first half of 2013. On behalf of the QLT Inc. Board of Directors, I would like to express our sincere gratitude to our supportive shareholders, and our profound appreciation of those dedicated employees who remain with us for their service, commitment and hard work toward the mission of maximizing the value of QLT. We look forward to continuing our diligent service and to updating our shareholders as we enact additional measures to maximize QLT's potential in the near, intermediate and long terms. /s/ Jason M. Aryeh Chairman of the Board of Directors QLT Inc. About QLT QLT is a biotechnology company dedicated to the development and commercialization of innovative ocular products that address the unmet medical needs of patients and clinicians worldwide. We are focused on developing our synthetic retinoid program for the treatment of certain inherited retinal diseases.