| 1. | I      have reviewed this annual report on Form 40-F of YM BioSciences      Inc.; |
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|   | (a) | Designed      such disclosure controls and procedures, or caused such disclosure      controls and procedures to be designed under our supervision, to ensure      that material information relating to the issuer, including its      consolidated subsidiaries, is made known to us by others within those      entities, particularly during the period in which this report is being      prepared; |
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|   | (b) | Designed      such internal control over financial reporting, or caused such internal      control over financial reporting to be designed under our supervision, to      provide reasonable assurance regarding the reliability of financial      reporting and the preparation of financial statements for external      purposes in accordance with generally accepted accounting      principles; |
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|   | (c) | Evaluated      the effectiveness of the issuer’s disclosure controls and procedures and      presented in this report our conclusions about the effectiveness of the      disclosure controls and procedures, as of the end of the period covered by      this report based on such evaluation;and |
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|   | (d) | Disclosed      in this report any change in the issuer’s internal control over financial      reporting that occurred during the period covered by the annual report      that has materially affected, or is reasonably likely to materially      affect, the issuer’s internal control over financial reporting;      and |
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| (a) | All      significant deficiencies and material weaknesses in the design or      operation of internal control over financial reporting which are      reasonably likely to adversely affect the issuer’s ability to record,      process, summarize and report financial information;  and |
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|   | (b) | Any      fraud, whether or not material, that involves management or other      employees who have a significant role in the issuer’s internal control      over financial reporting. |
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| /s/ Leonard Vernon                       |
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| Leonard      Vernon                      |
| Vice      President, Finance and         |
| Administration      (Principal Financial |
| Officer)                                 |

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