NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS MAY 11, 2010 TO THE SHAREHOLDERS OF ONCOLYTICS BIOTECH INC. NOTICE IS HEREBY GIVEN that the annual and special meeting (the Meeting ) of shareholders of Oncolytics Bio

NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

TO THE SHAREHOLDERS OF ONCOLYTICS BIOTECH INC.

NOTICE IS HEREBY GIVEN that the annual and special meeting (the Meeting ) of shareholders of Oncolytics Biotech Inc. (the

Corporation ) will be held at the Hilton Toronto, 145 Richmond Street West, Toronto, Ontario, M5H 2L2 on Tuesday, May 11, 2010 at 4:30 p.m. ET, and at any adjournment thereof. The purpose of the meeting is to consider,

and to take action with respect to, the following matters:

Shareholders are referred to the accompanying Management Information Circular dated March 26, 2010 (the Information Circular ) for

more detailed information with respect to the matters to be considered at the Meeting.

A shareholder may attend the Meeting in person or may

be represented thereat by proxy. Shareholders who are unable to attend the Meeting in person are requested to date, sign and return the accompanying Instrument of Proxy, or other appropriate form of proxy, in accordance with the instructions set

forth in the Information Circular. An Instrument of Proxy will not be valid unless it is deposited at the offices of Computershare Trust Company of Canada, Proxy Department, 100 University Avenue, 9th Floor, Toronto, Ontario M5J 2Y1, (fax number:

905-771-4414) by 4:30 p.m. ET on Friday May 7, 2010 which is two days (excluding Saturdays and holidays) before the Meeting, or any adjournment thereof. A person appointed as proxyholder need not be a shareholder of the Corporation.

Only persons registered as holders of common shares on the records of the Corporation as of the close of business on March 26, 2010 are

entitled to receive notice of the Meeting.

DATED as of the 26th day of March, 2010.