QLT Responds With an Open Letter to Stockholders

The Board of Directors of QLT Inc. QLTI today issued an open letter to stockholders in response to a filing made by NB Public Equity Komplementar ApS ("Nordic Biotech") proposing a dissident slate of directors for election at the Company's annual general meeting of shareholders on May 24, 2012. The open letter to stockholders from the Board is as follows: Dear Shareholder, We learned yesterday that a small group of institutional shareholders is seeking to acquire control of your company without prior notice to stockholders and without a plan to deliver future value. The Board of Directors urges you to consider the following: The dissident group has not communicated a plan for the Company, its assets, or its employees. In contrast, your Board of Directors and management have a clear and deliberate plan to increase shareholder value through development and commercialization of our synthetic retinoid and punctal plug programs. Without a clear plan, shareholder value is at risk. This action is highly disruptive and could impede the progress in all three of our current clinical development programs. For instance, we have several scheduled or pending meetings with U.S. and European regulatory authorities. It is vital to maintain knowledgeable, professional, and consistent communication with regulatory agencies in order to advance our retinoid and punctal plug programs into pivotal trials. Failure or disruption in this regard could also significantly impair shareholder value. This minority group is seeking to acquire control of your company without notice, without a plan, and without paying you for control. We believe they are putting at risk the opportunities for growth currently available to the Company. While capital allocation for biotech companies is always open to debate, your Board and management team have returned more than $250 million to shareholders through share buybacks since 2005. We will continue to prudently balance investments in the pipeline with returns of capital to shareholders. Sincerely, The Board of Directors of QLT Inc.