CERTIFICATIONS

| I, Antonio Lopes, Chief Financial Officer, certify that: |
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| 1.                                                       |   | I have reviewed this annual report on Form 20-F of Micromem Technologies Inc. |
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| 2.                                                       |   | Based on my knowledge, this    annual report does not contain any untrue statement of a material fact or    omit to state a material fact necessary to make the statements made, in    light of the circumstances under which such statements were made, not    misleading with respect to the period covered by this annual report. |
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| 3.                                                       |   | Based on my knowledge, the    financial statements, and other financial information included in this    annual report, fairly present in all material respects the financial    condition, results of operations and cash flows of the registrant as of, and    for, the periods presented in this annual report. |
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| 4.                                                       |   | The registrant's other certifying    officer and I are responsible for establishing and maintaining disclosure    controls and procedures (as defined in Exchange Act Rules13a-15(e)    and 15d-15(e))    and internal control over financial reporting (as defined in Exchange ActRules 13a-15(f) and 15d-15(f)) for the registrant and we have: |
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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 registrant, including        its consolidated subsidiaries, is made known to us by others within        those entities, particularly during the period in which this annual        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 my 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 registrant's        disclosure controls and procedures and        presented in this annual report our conclusions about the effectiveness        of the disclosure controls and procedures, during the period covered by this annual report        based on such evaluation;        and |
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|                                                     | d. | disclosed in this annual report any change in the registrant's internal        control over financial reporting that occurred during the period covered        by this annual report that has materially affected, or is reasonably        likely to materially affect, the registrant's internal control over        financial reporting. |
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| 5.                                                       |   | The registrant's other    certifying officers and I have disclosed, based on our most recent evaluation    of internal control over financial reporting,    to the registrant's auditors and the audit committee of the registrant's    board of directors (or persons performing the equivalent function): |
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|                                                     | a. | all significant deficiencies        and material weaknesses in        the design or operation of internal controls over        financial reporting which        are reasonably likely to adversely affect the registrant's        ability to record, process, summarize and report financial data; |
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|                                                     | b. | any fraud, whether or not        material, that involves management or other employees who have a        significant role in the registrant's internal controls. |

Date: March 19, 2004.

|   | /s/ Antonio Lopes                    |
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|   | Antonio LopesChief Financial Officer |