NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS TO BE HELD ON MAY 3, 2018 - AND

NOTICE OF ANNUAL GENERAL MEETING

OF SHAREHOLDERS TO BE HELD ON MAY 3,

MANAGEMENT INFORMATION CIRCULAR

OF ANNUAL GENERAL MEETING OF SHAREHOLDERS

TO THE SHAREHOLDERS OF ONCOLYTICS BIOTECH INC.:

NOTICE IS HEREBY GIVEN that the annual

general meeting (the "Meeting") of shareholders of Oncolytics Biotech Inc. (the "Corporation")

will be held at the Toronto Region Board of Trade, First Canadian Place, Suite 350 - 77 Adelaide Street West, Toronto, Ontario

M5X 1C1 on May 3, 2018 at 4:30 p.m. (Toronto time). 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 27, 2018 (the "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 at the Meeting 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 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, 8th Floor, Toronto, Ontario M5J 2Y1. Proxies

may also be faxed. Faxes may be forwarded to 1-866-249-7775 for calls within Canada and the U.S. or to 416-263-9524 for calls outside

Canada and the U.S. To be accepted, the proxy must be received by 4:30 p.m. (Toronto time) on May 1, 2018 which is two days (excluding

Saturdays, Sundays and holidays) before the Meeting, or if the Meeting is adjourned, by 4:30 p.m. (Toronto time) on the day which

is two days (excluding Saturdays, Sundays and holidays) before the date of the adjourned Meeting. 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 27, 2018 are entitled to receive notice of the Meeting.

DATED as of the 27th day of

ONCOLYTICS BIOTECH INC.

210, 1167 Kensington Crescent NW

Calgary, Alberta T2N 1X7

INFORMATION CIRCULAR

Except where indicated otherwise, the

following information is dated as at March 27, 2018 and all dollar amounts are in Canadian dollars.

SOLICITATION OF PROXIES

The information contained in this Management

Information Circular (the "Circular") is furnished in connection with the solicitation of proxies by the management

of Oncolytics Biotech Inc. ("Oncolytics" or the "Corporation") to be used at the annual general meeting

(the "Meeting") of the holders (the "Shareholders") of common shares ("Common Shares") of the

Corporation to be held at the Toronto Region Board of Trade, First Canadian Place, Suite 350 - 77 Adelaide Street West, Toronto,

Ontario M5X 1C1 on May 3, 2018 at 4:30 p.m. (Toronto time), and at any adjournments or postponements thereof, for the purposes

set forth in the Notice of Meeting accompanying this Circular (the "Notice of Meeting") and in this Circular. Solicitation

of proxies will be primarily by mail, but may also be undertaken by way of telephone, facsimile or oral communication by the directors,

officers and regular employees of the Corporation, at no additional compensation. Costs incurred in the preparation and mailing

of this Information Circular and related materials and the costs associated with the solicitation of proxies will be borne by the

Dr. Matthew C. Coffey and Kirk J. Look

(the management designees named in the accompanying Instrument of Proxy) are both officers of the Corporation. Each Shareholder

has the right to appoint a person (who does not need to be a Shareholder) other than Dr. Matthew C. Coffey or Kirk J. Look

to attend and to act for the Shareholder and on behalf of the Shareholder at the Meeting. To exercise this right, the names of

the nominees of management should be crossed out on the accompanying Instrument of Proxy and the Shareholder should insert the

name of the Shareholder's appointee in the blank space provided on the Instrument of Proxy or complete another appropriate

A form of proxy will not be valid unless

it is deposited at the offices of Computershare Trust Company of Canada, Proxy Department, 100 University Avenue, 8th Floor,

Toronto, Ontario, M5J 2Y1. Proxies may also be faxed. Faxes may be forwarded to 1-866-249-7775 for calls within Canada and

the U.S. or to 416-263-9524 for calls outside Canada and the U.S. To be accepted, the proxy must be received by 4:30 p.m. (Toronto

time) on May 1, 2018 which is two days (excluding Saturdays, Sundays and holidays) before the Meeting, or if the Meeting is adjourned,

by 4:30 p.m. (Toronto time) on the day which is two days (excluding Saturdays, Sundays and holidays) before the date of the adjourned

A Shareholder who has submitted a form

of proxy may revoke it at any time prior to the exercise thereof. A form of proxy may be revoked by the Shareholder personally

attending at the Meeting and voting his or her Common Shares. In addition to revocation in any other manner permitted by law, a

proxy may be revoked by an instrument in writing executed by the Shareholder or by his or her duly authorized attorney in writing

or, if the Shareholder is a corporation, under its corporate seal or executed by a duly authorized officer or attorney of the corporation

and deposited either at the registered office of the Corporation, being McCarthy T trault LLP, 4000, 421 - 7th

Avenue S.W., Calgary, Alberta, T2P 4K9, Attention: Michael Bennett, at any time up to and including the last business

day preceding the day of the Meeting, or any adjournment thereof, at which the form of proxy is to be used, or with the Chairman

of the Meeting on the day of the Meeting or any adjournment thereof.

The Instrument of Proxy must be signed

by the Shareholder or the Shareholder's duly appointed attorney authorized in writing or, if the Shareholder is a corporation,

by a duly authorized officer or attorney. An Instrument of Proxy signed by a person acting as attorney or in some other representative

capacity (including a representative of a corporate Shareholder) should indicate that person's capacity (following his or

her signature) and should be accompanied by the appropriate instrument evidencing qualification and authority to act (unless such

instrument has previously been filed with the Corporation).

OF SHARES REPRESENTED BY MANAGEMENT PROXIES

All Common Shares represented at the Meeting

by properly executed proxies will be voted on any ballot that may be called for and, where a choice with respect to any matter

to be acted upon has been specified in the Instrument of Proxy, the Common Shares represented by the proxy will be voted in accordance

with such instructions. The management designees named in the accompanying Instrument of Proxy will vote or withhold from voting

the Common Shares in respect of which they are appointed in accordance with the direction of the Shareholder appointing them on

any ballot that may be called for at the Meeting. In the absence of such direction, the Common Shares will be voted FOR approval

of: (i) the fixing of the number of directors at seven (7) for the ensuing year; (ii) the election of directors; (iii) the

reappointment of the Corporation's current auditors, at such remuneration as may be determined by the board of directors

of the Corporation; and (iv) such other matters that may come before the Meeting, all as more particularly described in this

Information Circular. The accompanying Instrument of Proxy also confers discretionary authority upon the persons named therein

with respect to amendments of, or variations to, the matters identified in the Notice of Meeting and with respect to other matters

that may properly be brought before the Meeting. At the time of printing this Circular, the management of the Corporation knows

of no such amendment, variation or other matter to come before the Meeting other than the matters referred to in the Notice of

SHARES AND THE PRINCIPAL HOLDERS OF COMMON SHARES

The record date for the purpose of determining

holders of Common Shares is March 27, 2018 (the "Record Date"). Shareholders of record on that date are entitled

to receive notice of and attend the Meeting and vote at the Meeting on the basis of one vote for each Common Share held, except

to the extent that: (i) a registered Shareholder has transferred the ownership of any Common Shares subsequent to the Record

Date; and (ii) the transferee of those Common Shares produces properly endorsed share certificates, or otherwise establishes

that he or she owns the Common Shares and demands, not later than April 24, 2018, which is ten calendar days before the Meeting,

that his or her name be included on the Shareholder list before the Meeting, in which case the transferee shall be entitled to

vote his or her Common Shares at the Meeting.

The Corporation is authorized to issue

an unlimited number of Common Shares. As at March 27, 2018, there are 142,325,222 Common Shares issued and outstanding. At the

Meeting, upon a show of hands, every Shareholder present in person or represented by proxy and entitled to vote shall have one

vote. On a poll or ballot, every Shareholder present in person or by proxy has one vote for each Common Share of which such Shareholder

is the registered holder.

When any Common Share is held jointly by