See Important Disclosures and Disclaimers at the end of this report.

1

July 7, 2016

Laura S. Engel, CPA laura@stonegateinc.com

214-­‐987-­‐4121  

COMPANY DESCRIPTION

Burcon NutraScience Corporation has developed extraction and purification technologies that produce plant-based protein ingredients, which in turn enables food and beverage manufacturers to add sustainable and functional plant-based protein to their products. Burcon has compiled an extensive global intellectual portfolio of 200 composition, application and process patents that protect its protein extraction and purification technologies. Its products include CLARISOY™, a unique soy protein that provides clarity and complete protein nutrition in low and neutral pH beverages, Peazazz®, a pea protein isolate that offers solubility and a clean flavor in food and beverages, and three canola protein isolates -- Puratein®, Supertein™ and Nutratein™ -- all of which offer nutritional and functional attributes to food and beverages. Burcon NutraScience is headquartered in Vancouver, Canada, and currently employs 23 people.

SUMMARY

The consumer trend toward a more health-conscious lifestyle has resulted in a greater emphasis on protein intake, particularly in the form of plant-based proteins. However, adding protein to food and beverages is not a simple process. The protein must be formulated in a manner that is compatible with the taste, consistency and the pH of the substance to which it is added. Burcon has spent nearly two decades and tens of millions of dollars to develop extraction and purification processes that create unique specialty proteins with exceptional clarity, solubility and clean taste. There are several reasons we believe Burcon NutraScience is positioned to gain market share in the high-growth protein ingredients market:

• Burcon has implemented a commercialization strategy designed to mitigate risk. The protein ingredients market is dominated by a small number of relatively large participants, and the Company understands that alliances and partnerships with these industry players can be the fastest, least risky and most profitable approach to bringing its protein isolates to market. To that end, the Company has a 20-year global licensing agreement with Archer Midland Daniels (NYSE: ADM) to market, produce and sell Burcon’s soy-based CLARISOY product to its large base of food and beverage customers. Burcon will receive quarterly royalties on top line sales.

• We believe royalty payments could begin as early as 2017, as ADM begins to sell to its global customer base, which includes the majority of the largest food and beverage manufacturers in the world.

• In addition, Burcon has been in discussions with a select group of multi-national food ingredient providers to finalize a licensing deal or a joint venture to commercialize a second product, Peazazz, a pea-based protein that is 100% soluble, transparent and heat stable in low pH solutions. With the prospect of two product lines hitting the market, we believe the next 12 to 18 months could be transformative for Burcon.

• Burcon competes in the protein ingredients market that is projected to reach $33 billion by 2020, and the unique protein properties of its products provide a formidable competitive edge in this sizable marketplace.

• Since 1998, Burcon has focused on developing plant protein technologies, a large IP arsenal to protect those technologies, the ability to attract premier multinational partners and qualified scientists, and several additional product prospects in the pipeline following CLARISOY, all of which represent significant barriers to entry for companies attempting to enter the niche space that Burcon occupies in the protein ingredients market. Moreover, we believe all of these factors make Burcon an attractive purchase for one of the large players in the industry.

• We believe that given the likely near-term launch of ADM sales, with infrastructure currently in place, as well as the remaining products pipeline developed by Burcon, shareholders stand to benefit from the rapid appreciation in value that should be triggered by the ADM launch as well as the announcement of additional licensing deals. The mid-range of our valuation analysis stands at approximately $4.50 per share. See page 7 for further details.

CONDENSED BALANCE SHEET

($USD  in  mm,  except  per  share  data)  

Balance  Sheet  Date:   3/31/2016  Cash  &  Cash  Equivalent:   $1.91  Cash/Share:   $0.05  Equity  (Book  Value):   $3.17  Equity/Share:   $0.08  

MARKET STATISTICS

Exchange  /  Symbol   NASDAQ:BUR; TSX:BU  

Price  ($USD):   $1.77  Market  Cap  ($mm):   $69.73  Enterprise  Value  ($mm):   $67.82  Shares  Outstanding  (mm):   39.40  Float  (%):   59%  Volume  (3  mo.  avg  -­‐  NASDAQ):   10,800  52  week  Range:   $1.22  -­‐  $3.99  Industry:                                                                                                          Biotechnology  

CONDENSED INCOME STATEMENTS ($USD  in  mm,  except  per  share  data)  

FY  -­‐  03/31   Revenue   Income   Adj.  EBITDA   EPS  

FY14   $0.09   $(5.40)   $(5.04)   $(0.17)  

Fy15   $0.08   $(5.20)   $(4.74)   $ (0.15)  

FY16 $0.08 $(5.07) $(3.99) $(0.14)

FY17 E $2.45 $(2.83) $(1.47) $(0.07)

FY18 E $16.66 $10.80 $12.50 $0.26

LARGEST SHAREHOLDERS  ITC  Corporation  Ltd.                                                                                7,477,821  E-­‐Concept  Ltd.                                                                                                        1,727,665    Allan  Yap                                                                                                                            1,484,261    Hauck  &  Aufhauser  Investments                                          526,600    Rosanna  Chau                                                                                                                448,634  Randy  Willardsen                                                                                                  362,008    Johann  Tergesen                                                                                                      344,988  Dorothy  Law                                                                                                                    273,615    Jade  Cheng                                                                                                                            210,571  Deutsche  Asset  &  Wealth  Mgmt.                                            209,090  

STOCK CHART

$0.00

$1.00

$2.00

$3.00

$4.00

Jul-15 Oct-15 Jan-16 Apr-16 Jul-16

2

BUSINESS OVERVIEW

Founded in 1998, Burcon NutraScience develops technologies for the extraction and purification of protein from plants. The Company protects its proprietary technologies with an extensive patent portfolio consisting of 200 issued patents (61 in US) and 380 patent applications. Its technologies have enabled Burcon to offer a range of functional plant proteins to the food and beverage industries:

Exhibit 1: The Burcon Product Portfolio

Source: Company Reports; Stonegate Capital Partners

PRODUCTS

CLARISOY Soy Protein Soy protein is an economical source of high quality vegetable protein that has been used for years as a functional ingredient or as a protein fortifier in foods. The health benefits of soy are well documented; for example, eating soy is associated with a reduced risk of coronary disease, osteoporosis and some types of cancer. In addition, proteins are generally more satiating than carbohydrates or fats, making them ideal for inclusion into weight control beverages. However, incorporation of soy protein into some products has not historically been successful due to soy’s fundamental characteristics.

The solubility of soy is strongly affected by the pH (acidity or alkalinity) of a substance. Acidic beverages, including carbonated and non-carbonated drinks, sports and energy drinks, juices, and fortified waters have a pH of about 3.0 to 4.0. Most protein-containing drinks, such as meal replacement drinks, have a neutral pH close to 7.0. Figure 2 illustrates that CLARISOY is soluble in both low and neutral pH environments, making it an ideal protein source for both the $146 billion global fruit and vegetable juice market (Statista Research) and the global dairy replacement market, which is forecast to reach $19.5 billion by 2020 (Market and Markets).

Exhibit 2: Solubility - Traditional Soy versus CLARISOY

Source: Company Reports

CLARISOY is also very well suited as a non-dairy creamer, which according to Nielson research is a $3.3 billion global market. Coffee is acidic with a pH value in the range of 4.0-4.5, which causes most soy products to coagulate when added to coffee. In addition, heat speeds up the process of acid-induced coagulation. CLARISOY is soluble in acidic beverages and is stable when heated, which makes it a good way to add the benefits of soy to coffee and other hot beverages. Additionally, because CLARISOY is heat stable, manufacturers can use it in a “hot fill” application, which prolongs the shelf life of a product.

The CLARISOY protein isolate enables food manufacturers to add up to 10 grams of protein to products without affecting the flavor or viscosity:

3

Exhibit 3: CLARISOY Portfolio of Products

Source: Company Reports; Stonegate Capital Partners

Burcon entered into a 20-year licensing agreement in March 2011 with Archer Daniels Midland Company giving ADM the rights to globally produce, market, and sell CLARISOY. Shortly thereafter, ADM acquired Wild Flavors, a Swiss-based natural ingredients company, to enable ADM to capitalize on the rapid rise of the natural food sector. CLARISOY is manufactured and sold within the Wild Flavors and Specialty Ingredients (WFSI) business unit, which ADM has stated will drive the future growth of the company.

Although commercialization under ADM has taken longer than anticipated, the sales cycle of most food ingredients generally tends to be slow. It is clear, however, that ADM recognizes CLARISOY’s potential in both the U.S. and international markets. At a global conference in February 2016, while discussing ADM’s business outlook, Vince Macciocchi, ADM Senior VP and President of its Wild Flavors product division, discussed the intended launch of a CLARISOY juice drink in the “near future.” He emphasized the level of interest that the ADM team has in the synergistic potential of CLARISOY, which is particularly significant considering that ADM has over 700 other synergistic projects in the its pipeline. Macciocchi stated, "An example of a recent revenue synergy win, one we're very excited about, is there's a national brand of a juice drink, a natural juice, that utilizes natural color, natural flavor and for the first time our clear soluble protein, CLARISOY.” At year-end 2015, Burcon stated that it anticipates ADM’s commercial scale production facility located in Decatur, Illinois, will be operational in 2016.

Throughout 2015, ADM has introduced various product samples at major international food technology expos that included CLARISOY protein used as a replacement for more costly dairy proteins. Substituting CLARISOY in dairy products, such as meal replacement beverages, non-dairy creamers and iced deserts, enables companies to addresses the large consumer population that is lactose intolerant or sensitive to dairy products. The importance of Burcon’s licensing agreement with ADM cannot be overstated given that ADM is the largest food distributor in the world, the Company’s first licensing deal, and once sales of CLARISOY begin, royalty payments on top-line revenues could ramp quickly and dramatically.

Peazazz Pea Protein Like CLARISOY, Burcon’s second major protein technology, a novel pea-based protein isolate known as Peazazz®, offers a clean-tasting profile and solubility for ease of formulation. Although soy protein dominates the plant protein market, the demand for pea protein is on the rise. In fact, pea protein is by far the fastest growing plant-based protein. Peas offer a complete protein that is non-allergenic, environmentally friendly, and with no GMO strains. The rise of the pea can be attributed to a global increase in vegetarians and vegans, and an increase in lactose intolerance and allergies.

Peazazz is manufactured as a white powder containing extracted proteins. Pea proteins are currently used in a variety of foods; however, Burcon is not aware of any pea protein isolate that is 100% soluble, which is a unique characteristic that should enable Peazazz to expand the pea protein market into broader opportunities, including low pH beverages.

Exhibit 4: Peazazz Pea Protein Isolate Characteristics

Source: Company Reports

Burcon currently has a semi-works plant located in Winnipeg that is capable of producing samples for potential clients to test the protein. Management estimates costs will be similar to other plant based protein isolates with selling prices at a discount to the much higher priced dairy proteins.

CLARISOY Portfolio

Product Characteristics Applications Transparent

CLARISOY 100 High viscosity

Low pH beverage systems (sports nutrition

beverages, citrus and fruit drinks, lemonades,

powdered mixes, fortified waters)

CLARISOY 110 Low viscosity

Low pH shots High protein meal

replacement beverages Collegen replacement

CLARISOY 120

Agglomerated high viscosity

Powdered beverage mixes Low protein content Low pH beverages

CLARISOY 150 High viscosity

Low pH beverage systems Coffee creamers, meal replacement, weight

management products and non-beverage applications

such as foods and nutritional products

CLARISOY 170 High viscosity Neutral pH for dairy

protein replacement

CLARISOY 180 Low viscosity Neutral pH for dairy

protein replacement

Source: Company Reports; Stonegate

4

Management estimates that the market potential for Peazazz could equal that of CLARISOY and has stated a Company priority for 2016 of advancing the commercialization of this pea-based protein. The Company is in discussions with leaders in the food and beverage industry as potential partners. Partnership structures could range from a licensing agreement to a joint venture.

Canola Protein Canola seeds come from pods of canola plants, and they are crushed to produce oil and meal. After the oil is extracted from the canola plant, the remaining meal contains up to 40% protein, which is generally used as animal feed or fertilizer. Up to now, the technology for protein extraction of the canola plant has produced protein isolates with undesirable flavor and color, and with limited functional properties. Consequently, canola protein isolate has generally not been commercially available for human consumption. Burcon has developed and patented a protein extraction, separation and purification process to develop three technologies for canola isolates from canola meal that create three distinct protein ingredients with unique nutritional and functional profiles that address very large market opportunities. The isolate products are branded Puratein, Supertein and Nutratein. Puratein is a canola protein isolate with functional properties that include thickening, emulsification, gel formation, formation of heat-stable foams, and water/ingredient binding. Applications for Puratein include baked goods, meat substitutes, dressings, and protein bars. Supertein is a canola protein isolate with functional properties that include high solubility over a wide range of pH values, the ability to form transparent solutions and the ability to foam like a whipped egg white. Applications for Supertein include fortified beverages, baked goods, and protein bars. Moreover, Supertein is rich in sulfur amino acids, particularly in cysteine. In fact, the cysteine content of Supertein is nearly double that of whey protein. Cysteine is a sulfur-containing amino acid that works as a potent antioxidant and in the production of collagen. Nutratein is a canola protein isolate with solubility across a wide pH range. It has a very good amino acid profile, which makes it an excellent replacement for animal feed and nutrition industries. Applications in human nutrition include protein bars, meat applications, baked goods and nutritional beverages. The initial market for Nutratein will be the high value animal feed sector as a replacement for more costly whey protein concentrates in animal feed. The initial market for Puratein and Supertein will be food processors in the baking industry, meat substitute manufacturers, meal replacement beverages, sport nutrition manufacturers and any food manufacturer that uses eggs or certain dairy proteins. The FDA has notified Burcon that the Supertein and Puratein isolates’ food ingredients regulatory classification is GRAS (stands for “generally recognized as safe”). However, the Company is postponing pursuing regulatory approval for Nutratein in the U.S. and Puratein and Supertein in Canada and Europe until it has secured a strategic partner for the products and finalized the terms of a strategic alliance.

INDUSTRY

A growing number of health-conscious consumers are focused on increasing their protein intake, while at the same time reducing meat and dairy consumption. In response, food and beverage companies are seeking ways to increase the protein content in their products. The global demand for the addition of protein ingredients to foods is growing at a robust pace. According to Grandview Research, the global protein ingredients market is expected to reach $33.91 billion by 2020, from $21 billion in 2013, a CAGR of more than 7.1% from 2013.

Exhibit 5: Protein Ingredients Market 2013-2020 (in billions)

Source: Grandview Research; Stonegate Capital Partners The protein ingredients industry is comprised of two sources: plant and animal/dairy, with plant sources comprising roughly 40% of the market. Plant sources include pea, canola, soy, and wheat. Soy proteins are the largest segment, accounting for just over half of the plant protein market. Pea protein is the fastest growing segment resulting from its exceptional nutritional profile and functional advantages. Several factors are fueling the demand for plant proteins:

• More consumers recognizing plant derived protein as healthier and more nutritious

• A growing number of consumers prefer meat-free, high protein foods

• Volatile animal protein prices putting cost pressures on global food manufacturers, who are finding less expensive plant proteins as replacements or partial replacements for animal protein

• A trend towards sustainability in food sourcing • Food manufacturers adding plant protein to food and

beverages to add nutritional value and improve emulsifying and viscous properties

• A growing demand for protein supplements, including meal replacement beverages, protein bars, protein powders

5

RISKS

Patents and patent applications - Burcon’s business is based, in part, on the ability to obtain patent protection. The Company has amassed a large intellectual portfolio to protect its technology, and defending any of these patents against challenges could be costly. The Company also has patent applications in process under the Patent Cooperation Treaty of the World Intellectual Property Organization; however, there is no assurance of their approval. Growth strategy dependent on licensing deals – While the Company has successfully licensed global rights to CLARISOY to ADM in exchange for future royalties off of top line sales, its plan is to also license its additional products and those in its product pipeline. Should management be unable to secure additional licensing partners under terms beneficial to Burcon shareholders, growth potential of the stock could be limited. Technological changes – To address consumer trends, participants in the food and beverage industries are continually creating new technology, one or more of which could render Burcon’s technology non-competitive. Ability to hire and retain key personnel - To date, Burcon has been able to attract qualified scientific and technical personnel; however, competition for experienced personnel in the food and drug industry is intense, and the Company must continue to attract and retain qualified employees. In addition, Burcon does not have key man life insurance for members of its management team. Any loss of key management personnel could have an adverse effect on implementing the Company’s business plan. Government regulation – Burcon’s products are subject to regulations of agencies from around the world, and any changes in current regulations or any restrictive new regulations could have a negative effect on the Company’s future sales and earnings.

6

INCOME STATEMENT

7

VALUATION

We estimate royalty income for BUR beginning to ramp the last two quarters of FY 2017 E as Archer Daniels Midland completes its plant and launches commercial production of CLARISOY. Burcon will recognize top-line revenue from sales of CLARISOY at an undisclosed royalty rate. Following the launch of CLARISOY to ADM’s food and beverage customers, the Company will continue to focus on its next partnership agreement for Peazazz and other products as well, continuing its R&D and seeking additional patent filings.

To value the near-term Burcon opportunity once the royalty revenue stream from ADM begins for CLARISOY, we analyzed a population of protein providers in the marketplace.

Exhibit 6: Publicly traded Protein Providers

Source: Company Reports, Capital IQ

We next created a low, mid and high case scenario analysis for FY 2018 E that includes the following assumptions:

• The global soy/dairy protein market is approximately $17B • The addressable market is approximately 20% of the industry tonnage • ADM will have its first full year of sales in FY 2018 E with a low case scenario capturing approximately 4% of the market

opportunity, a mid-case scenario at approximately 7% and a high case scenario at approximately 10% • A 7% royalty rate has been incorporated • Operating expenses in FY 2018 E range from approximately $5.7M to $6.6M for the various scenarios • The share count increases to approximately 42M

Applying the average P/E ratio of 18.3x for the three scenarios results in an approximately mid-point of approximately $4.50 per share, which we believe to be the most reasonable given the opportunity.

The Company had $1.9M in cash on hand as of 3/31/16, no debt, and limited dilution potential. Subsequent to year-end, the Company issued a convertible note for principal amount of $2M, with net proceeds of $1.93M. We believe that given the likely near-term launch of ADM sales, with infrastructure currently in place, as well as the remaining products pipeline developed by Burcon, shareholders stand to benefit from the rapid appreciation in value that should be triggered by the ADM launch as well as the announcement of additional licensing deals.

8

BURCON NUTRASCIENCE CORPORATION GOVERNANCE

April 2016 Burcon enters into a convertible note with Large Scale Investments Ltd. for $2.0 million, with proceeds to be used for R&D of protein technologies, commercialization of Peazazz, and expansion of its IP portfolio

December 2015 Burcon announces that it expects ADM’s first full commercial scale CLARISOY production facility to be operational by mid-2016

March 2014 ADM informed Burcon that it intends to expand to full-commercial scale production of CLARISOY soy protein

June 2013 Burcon completes construction of Peazazz pea protein semi-works plant

August 2013 The Canadian Institute of Food Science and Technology recognizes CLARISOY as a “significant innovation” with its 2013 Food Innovation Award

November 2012 IPO completed at $4.00 per share for gross proceeds of $5.75 million

June 2012 The Company announces that Archer Daniels Midland has constructed, and is operating, a commercial scale production plant in Decatur, IL, to produce CLARISOY 100

October 2012 ADM wins the Best Beverage Ingredient Concept prize for CLARISOY at the 2012 InterBev Awards in Las Vegas

October 2011 Common shares begin trading on the NASDAQ

March 2011 Burcon announces a license agreement with ADM for the global production, distribution and sale of CLARISOY soy protein

June 2009 Common shares begin trading on the Toronto Stock Exchange (TSX)

November 1998 Company founded as Burcon Capital Corp. (subsequently changed its name to Burcon NutraScience Corporation in 1999)

Allan Yap – Chairman and Chief Executive Officer - Dr. Yap has over 30 years of experience in finance, investment and banking. Dr. Allan Yap is currently Chairman of the Board and Chief Executive Officer of Burcon NutraScience. Dr. Yap was the President and a Director of Burcon Group Limited from June 1998 to July 2007, a private company involved in investments. He is an Executive Director and the Chairman of both Hanny Holdings Limited and Rosedale Hotel Holdings Limited and an alternate Director of Television Broadcasts Limited, all of which are companies with shares listed on the main board of The Stock Exchange of Hong Kong Limited. Dr. Yap is the Chairman and CEO of China Enterprises Limited, a company whose shares are traded on the OTC Securities Market in the United States. He is also the Executive Chairman of Hanwell Holdings Limited and Tat Seng Packaging Group Ltd., both of which are companies whose shares are listed on the Singapore Exchange Limited.

Johann F. Tergesen – President and Chief Operating Officer - Johann Tergesen has been with the Burcon group of companies since December of 1995. He was a founder of Burcon Capital Corp., which acquired B.M.W. Canola, Inc. in October of 1999, and subsequently changed its name to Burcon NutraScience Corporation. Prior to his current role as President and C.O.O. of Burcon, Mr. Tergesen was Vice President of BurCon Properties Limited, a real estate development and ownership company with assets in excess of $3 billion. Mr. Tergesen holds a B.A. in economics from the University of Winnipeg, an M.B.A. from McGill University, and is a member of the Chartered Professional Accountants of Canada.

Jade Cheng – Chief Financial Officer and Treasurer - Jade Cheng has served in various senior financial capacities with the Burcon group of companies since 1995 until its 1998 merger with its subsidiary, Oxford Properties Group, Inc. Prior to joining Burcon, she was a manager with the general practice group of the Vancouver office of Coopers & Lybrand (now PricewaterhouseCoopers LLP). Ms. Cheng, who is a member of the Chartered Professional Accountants of Canada, holds a B.A. in economics and an M.B.A from the University of British Columbia.

Randy Willardsen – Senior Vice-President, Process - Randy Willardsen has been with Burcon since 2001. He has over 31 years of experience in the fields of membrane filtration and food, dairy and biotechnology processes. He was the founder of Separation Technology, Inc., and a co-founder of both Inprotech Corporation, a supplier of high quality whey proteins to the U.S. market, and BioPlex Nutrition, a nutritional supplement company. Most recently, Mr. Willardsen founded Gallo Protein, a partnership with Joseph Gallo Farms, to produce highly purified whey protein isolates. Mr. Willardsen holds a Masters degree in Food Science and Nutrition from the University of Minnesota.

Dorothy Law – Senior Vice-President, Legal – Dorothy Law joined the Burcon group of companies in 1997 as corporate counsel. Prior to joining Burcon, she was an associate at the law firm of Lang Michener LLP (now McMillan LLP). Ms. Law holds a Bachelor of Laws degree and a Bachelor of Commerce degree from the University of British Columbia. She was admitted to the Law Society of British Columbia in August 1996 and was admitted as a solicitor of the High Court of Hong Kong in May 1999. She is also a non-practicing member of the Law Society of Hong Kong.

Martin Schweizer – Vice President, Technical Development - Dr. Martin Schweizer joined Burcon in May 2002 as a process-engineering specialist. He earned his doctorate at the Institut National Polytechnique de Lorraine. Prior to his Ph.D. work, Dr. Schweizer studied chemical engineering at the University of Karlsruhe, Germany, where he specialized in food process engineering and water technology. Since January 2003, Dr. Schweizer has overseen Burcon’s R&D efforts at its Winnipeg Technical Center.

Board of Directors: Allen Yap – Chairman Mathew Hall – Director

Alan Chan – Director Peter H. Kappel – Director Rosanna Chau – Director David Lorne John Tyrrell – Director

J. Douglas Gilpin – Director

9

IMPORTANT DISCLOSURES AND DISCLAIMERS

The following disclosures are related to Stonegate Capital Partners (SCP) research reports. ANALYST DISCLOSURES I, Laura S. Engel, CPA, hereby certify that the view expressed in this research report accurately reflect my personal views about the subject securities and issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the recommendations or views expressed in this research report. I believe the information used for the creation of this report has been obtained from sources I considered to be reliable, but I can neither guarantee nor represent the completeness or accuracy of the information herewith. Such information and the opinions expressed are subject to change without notice. INVESTMENT BANKING, REFERRALS, AND FEES FOR SERVICE SCP does not provide nor has it received compensation for investment banking services on the securities covered in this report. SCP does not expect to receive compensation for investment banking services on the securities covered in this report. SCP has a non-exclusive Advisory Services agreement to provide research coverage, retail and institutional awareness, and overall Investor Relations support for which it is compensated $3,000 per month. Stonegate Capital Markets (SCM) is an affiliate of SCP and a member of FINRA/SIPC. SCM may seek to receive future compensation for investment banking or other business relationships with the covered companies mentioned in this report. In certain instances, SCP has contracted with SCM to produce research reports for its client companies. POLICY DISCLOSURES SCP analysts are restricted from holding or trading securities in the issuers that they cover. SCP and SCM do not make a market in any security nor do they act as dealers in securities. Each SCP analyst has full discretion on the content and valuation discussion based on his or her own due diligence. Analysts are paid in part based on the overall profitability of SCP. Such profitability is derived from a variety of sources and includes payments received from issuers of securities covered by SCP for services described above. No part of analyst compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in any report or article. No employee of SCP serves on the Company’s Board of Directors. Research analyst and/or a member of the analyst’s household do not own shares of this security. Research analyst and/or a member of the analyst’s household do not serve as an officer, director, or advisory board member of the Company. This security is eligible for sale in one or more states. This security is subject to the Securities and Exchange Commission’s Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities. SCP or its affiliates do not beneficially own 1% or more of an equity security of the Company. SCP does not have other actual, material conflicts of interest in the securities of the Company. ADDITIONAL INFORMATION Please note that this report was originally prepared and issued by SCP for distribution to their market professional and institutional investor customers. Recipients who are not market professional or institutional investor customers of SCP should seek the advice of their independent financial advisor prior to making any investment decision based on this report or for any necessary explanation of its contents. The information contained herein is based on sources that the Company believes to be reliable, but it is not necessarily complete, and its accuracy cannot be guaranteed. Because the objectives of individual clients may vary, this report is not to be construed as an offer or the solicitation of an offer to sell or buy the securities herein mentioned. This report is the independent work of SCP and is not to be construed as having been issued by, or in any way endorsed or guaranteed by, any issuing companies of the securities mentioned herein. The firm and/or its employees and/or its individual shareholders and/or members of their families and/or its managed funds may have positions or warrants in the securities mentioned and, before or after your receipt of this report, may make or recommend purchases and/or sales for their own accounts or for the accounts of other customers of the firm from time to time in the open market or otherwise. While SCP endeavors to update the information contained herein on a reasonable basis, there may be regulatory, compliance, or other reasons that prevent us from doing so. The opinions or information expressed are believed to be accurate as of the date of this report; no subsequent publication or distribution of this report shall mean or imply that any such opinions or information remains current at any time after the date of this report. All opinions are subject to change without notice, and SCP does not undertake to advise you of any such changes. Reproduction or redistribution of this report without the expressed written consent of SCP is prohibited. Additional information on any securities mentioned is available on request. RATING & RECOMMENDATION SCP does not rate the securities covered in its research. SCP does not have, nor has previously had, a rating for any securities of the Company. SCP does not have a price target for any securities of the Company.

10

CONTACT INFORMATION

Burcon NutraScience Corp. Michael Kirwan Dir. Corporate Development 1946 West Broadway Vancouver, British Columbia Phone: 604.733.0896 x27 Email: mkirwan@burcon.ca Investor Relations Stonegate Capital Partners 8201 Preston Rd. Suite 325 Dallas, Texas 75225 Phone: 214-987-4121 www.stonegateinc.com