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Third Quarter, 2015 Update

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Forward Looking Statement

This presentation contains forward-looking statements made pursuant to the safe harbor provisions of the U.S. Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that could cause the Company's actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue R&D projects and clinical trials, the successful and timely completion of clinical studies, the risk that safety and efficacy data from any of our Phase 3 trials may not coincide with the data analyses from previously reported Phase 1 and/or Phase 2 clinical trials, the ability of the Company to efficiently commercialize one or more of its products or product candidates, the ability of the Company to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process, the ability to protect our intellectual property, the potential of liability arising from shareholder lawsuits and general changes in economic conditions. Investors should consult the Company's quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake to update these forward-looking statements. We disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, unless required to do so by a governmental authority or by applicable law.

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Q3, 2015 -- Continued Progress

ZoptEC Final Interim Review by DSMB

Saizen® Commercial Launch

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Capital Structure Update

Series B Warrants virtually eliminated

Share consolidation necessary

Maintain NASDAQ listing

Rebuild and move forward

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Shareholder Value Growth Plan

Successfully rebuild capital structure and investor confidence

Achieve successful commercial presence and growth

Field promotion & development of EstroGel

®

, Saizen

®

& additional

in-licensed products

Leverage sales force

Focus on generating revenues and cash

Pursue successful development and commercialization of our

internal product portfolio

Zoptrex™ in oncology

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ISS and Glass Lewis Recommend Shareholders of Aeterna Zentaris Vote

FOR Share Consolidation

Stock consolidations, while not immediately adding to shareholder value, should enhance the long-term growth prospects of the company by broadening its financing alternatives. Continued low trading prices of the company's shares can put them below investment grade for many institutions, limiting the potential capital base for the company and its prospects for raising new capital as needed.

Press Release

For immediate release

Leading Independent Advisory Firms ISS and Glass Lewis Recommend

Shareholders of Aeterna Zentaris Vote FOR Share Consolidation

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AEZS EstroGel

®

Results

Measure (Units)

Q1 2015

Q2 2015

Q3 2015

AEZS % over 2014

8%

8%

8%

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Saizen

®

Market Overview

Growth Hormones (GH) are used to treat Growth Hormone

Deficiency (GHD) in both adult and pediatric

patients

Annually, approximately 40,000 pediatric patients are treated with GH

$1.6 billion market that is growing 10% annually

Six companies are actively promoting a GH brand

No true generic competition in the market

All products utilize the same molecule,

somatropin

Products are differentiated by mode of delivery, reimbursement, and

patient support programs

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AEZS Saizen

®

Goals and Strategies

24 sales representatives promoting Saizen

®

in specific US

territories

Increase market share and growth of Saizen

®

by

significantly increasing share-of-voice

Generate profitable commission revenue: AEZS

compensated for new patient starts, above an agreed-upon

baseline

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Aeterna Zentaris Commercial Strategy

Achieve successful commercial presence and growth

Field promotion & development of EstroGel

®

, Saizen

®

& additional

in-licensed products

Leverage sales force

Focus on generating revenues and cash

Pursue successful development and commercialization of

our internal product portfolio

Zoptrex™ in oncology

Macrilen™ in endocrinology

Become a profitable, growth oriented specialty

biopharmaceutical company

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Zoptrex

(zoptarelin doxorubicin)

A Potential Breakthrough in Cancer Therapy

Product

New Chemical Entity (NCE) composed of a targeted synthetic peptide carrier

linked to doxorubicin

Value proposition

Improved, targeted delivery of therapy with

improved benefit-risk profile

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Zoptrex

Phase 2 Success in Prostate Cancer

Aeterna Zentaris’ Zoptarelin Doxorubicin Meets Phase 2 Primary Endpoint

in Men with Heavily Pretreated Castration and Taxane Resistant Prostate

Cancer

Quebec City, Canada, September 28, 2015 – Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZ)

(the “Company”) today announced that its lead oncology compound, zoptarelin doxorubicin (formerly AEZS 108), met the primary end-point of the investigator-driven and sponsored Phase 2 clinical trial

in Castration and Taxane Resistant Prostate Cancer (CRPC) and demonstrated good tolerability. The primary endpoint was Clinical Benefit (CB) defined as remaining progression-free by RECIST and

Prostate Specific Antigen (PSA) after treatment for 12+ weeks.

Results were presented this morning by lead investigator, Jacek Pinski, MD, PhD, of the USC Norris Comprehensive Cancer Center, during a poster session at the 18th ECCO – 40th ESMO European

Cancer Congress in Vienna, Austria.

Press Release

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Zoptrex™

Multiple Potential Applications

Tumor Site Estimated New US Cases 2015

Clinical Evaluation

Endometrium 54,870 Locally advanced, recurrent or metastatic,

failure after platinum-taxane

9,000 Phase 3; ZoptEC trial; NCT01767155 (n=500), zoptarelin dox vs doxorubicin

Ovary 21,290

Platinum refractory or resistant 14,180 Phase 2; NCT00569257 (n=42)

Prostate 220,800

Castration and taxane resistant 33,000 Phase 1/2; NCT01240629 (n=25)

Breast 234,190

Chemotherapy refractory triple negative breast cancer

39,800 Phase 2; NCT01698281 Terminated (n=8)

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Zoptrex™ Advances to Completion of Pivotal, Phase 3 Program

Aeterna Zentaris: Data and Safety Monitoring Board Recommends

Continuation of ZoptEC Phase 3 Trial in Advanced Endometrial Cancer

DSMB's recommendation follows Final interim efficacy and safety analysis

Quebec City, Canada, October 13, 2015 – Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZ)

(the “Company”) today announced that the independent Data and Safety Monitoring Board (“DSMB”) has recommended that the pivotal Phase 3 ZoptEC (Zoptarelin Doxorubicin in Endometrial Cancer)

study with zoptarelin doxorubicin in women with advanced, recurrent or metastatic endometrial cancer, continue as planned. The DSMB's decision follows completion of its pre-specified second interim analysis on efficacy and safety for the ZoptEC Phase 3 trial at approximately 192 events. In April 2015, the DSMB made the same recommendation following its first pre-specified analysis on

safety and futility at approximately 124 events. A final analysis of the data is expected at approximately 384 events.

Press Release

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Zoptrex

Type of Cancer

Annual Market Potential

Endometrial Cancer

$300 million

$400 million

Other Cancers

(Ovarian; Prostate; etc.)

> $500 million

Estimated US Annual Market Potential

Treating Advanced, Recurrent Cancers

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Zoptrex™ Commercial Opportunity

SUPERIOR EFFICACY EQUIVALENT EFFICACY INFERIOR EFFICACY

Wide utilization within indication (5,000 – 9,000 pts/yr)

Broadest utilization (15,000 – 30,000 pts/yr)

Wide Utilization within indication (5,000 – 9,000 pts/yr) INFERIOR SAFETY EQUIVALENT SAFETY SUPERIOR SAFETY

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Zoptrex™ Brand Development

Core Scientific Explanation & Platform

Strong relationships with Gynecological

Oncology leaders

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Macrilen

(macimorelin)

Product

Novel orally-active ghrelin agonist that induces a fasting

patient’s GH secretion

Status

Confirmatory Phase 3 trial initiated; completion expected

by year-end 2016

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Macrilen

™… Strong Value Proposition

Novel

: potentially the

only FDA approved

product

for evaluation of AGHD

Accurate

: comparable to current standard procedures

Safe

: well tolerated

Convenient

vs ITT

If approved, anticipate rapid market penetration,

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Erk Inhibitor Program Shows Progress and Promise

Aeterna Zentaris: Poster Presentation at AACR Meeting Provides Rationale

for New Therapeutic Opportunities in Oncology with Erk Inhibitors

Québec City, Canada, April 9, 2014 - Aeterna Zentaris Inc. (NASDAQ: AEZS, TSX: AEZ) (the "Company") today announced that a poster on AEZS-134, a highly potent and selective ATP competitive Erk inhibitor, provides rationale for new therapeutic opportunities in oncology with this

compound. The poster, titled, "Erk Inhibition as a Therapeutic Option for the Treatment of Raf- and Mek- Inhibitor Resistant Tumors", I. Seipelt, P. Schmidt, H. Märzhäuser, M. Gerlach, K. Jung, T.

Schuster and M. Teifel, was presented yesterday by Irene Seipelt, Ph. D., Director, Preclinical Development at Aeterna Zentaris, during a poster session at the American Association for Cancer

Research Annual Meeting in San Diego, California.

Press Release

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AEZS Erk Inhibitors & Competitors

Erk2 inhibition IC50 [nM] tumor cell in vitro inhibition GI50 [ØnM] PK cmax [ng/ml @10mg/kg] Hct116 in vivo efficacy [%inhibition @60mg/kg] status of cpd AEZS-134 preclinical AEZS-140 preclinical AEZS-141 preclinical AEZS-139 preclinical GDC-0994 phase I

Key results compared to AEZS-134

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Selected financial information

Condensed interim consolidated statement of financial position information As of September 30, 2015

(amounts in thousands of US dollars except share data)

Cash and cash equivalents $ 38,345 Shareholders' equity $ 12,824 Common shares outstanding 492,473,877

Condensed interim consolidated statements of comprehensive loss and cash flows information (amounts in thousands of US dollars except per share data)

Three months ended September 30, 2015 Nine months ended September 30, 2015

Loss from operations $ (7,501) $ (25,026) Net loss $ (15,290) $ (40,125)

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Operating expense snapshot

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R&D cost snapshot

(amounts in thousands of US dollars)

1,000 2,000 3,000 4,000 5,000 6,000 7,000

Third-party costs Employee compensation

and benefits

Other costs Total research and development

costs

Comparative quarter-to-quarter

Three months ended 9/30/14 Three months ended 9/30/15

2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000

Third-party costs Employee Other costs Total research

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Third-party R&D cost snapshot

(amounts in thousands of US dollars, except percentages)

Three months ended 9/30/15 Zoptrex™ 1,985 Macrilen™ 408 Erk inhibitors 355 LHRH - Disorazol Z 50 Other 63

Total third-party costs 2,861 Three months ended 9/30/14 Zoptrex™ 2,122 Macrilen™ 68 Erk inhibitors 80 LHRH - Disorazol Z 47 Other 114

Total third-party costs 2,431 Nine months ended 9/30/15 Zoptrex™ 7,147 Macrilen™ 578 Erk inhibitors 1,010 LHRH - Disorazol Z 139 Other 118

Total third-party costs 8,992 Nine months ended 9/30/14 Zoptrex™ 6,059 Macrilen™ 212 Erk inhibitors 376 LHRH - Disorazol Z 202 Other 410 Total third-party costs 7,259

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Condensed interim consolidated statements of comprehensive loss information

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Condensed interim consolidated statements of cash flows information

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Improving Life…Transforming Value

References

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