X0306 4 2013-05-17 0000827809 QLT INC/BC QLTI 0001376960 Aryeh Jason C/O QLT INC. 887 GREAT NORTHERN WAY, SUITE 101 VANCOUVER A1 V5T 4T5 BRITISH COLUMBIA, CANADA 1 0 0 0 Short Put Option (obligation to buy) 7.50 2013-05-17 4 S 0 50 40.00 D 2013-05-17 2013-12-20 Common Stock 5000 250 I By JALAA Equities, LP Short Put Option (obligation to buy) 7.50 2013-05-17 4 S 0 37 40.00 D 2013-05-17 2013-12-20 Common Stock 3700 287 I By JALAA Equities, LP Represents exchange-traded option contracts obligating JALAA Equities, LP to purchase shares of the Issuer's Common Stock at the exercise price upon exercise of the option by the holder of the option at any time through the expiration date. 100 shares of the Issuer's Common Stock underlies each option contract. All securities disclosed in this Form 4 are owned by JALAA Equities, LP, of which Jason Aryeh is the General Partner. By reason of the provisions of Rule 16a-1 under the Securities Exchange Act of 1934, as amended, Mr. Aryeh may be deemed to be the beneficial owner of the securities owned by JALAA Equities, LP. Represents price per short put option contract [$0.40 per underlying share of the Issuer's Common Stock]. /s/ Dori C. Assaly, as attorney-in-fact 2013-05-21