---

Exhibit 99.3

MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

(All amounts following are expressed in Canadian dollars unless
otherwise indicated.)

This Managements Discussion and Analysis (MD&A) has been
prepared as at June 23, 2014 to provide a meaningful understanding of Burcon
NutraScience Corporations (Burcon or the Company) operations, performance,
and financial condition for the year ended March 31, 2014. The following
information should be read in conjunction with the Companys audited
consolidated financial statements and related notes, which have been prepared in
accordance with International Financial Reporting Standards (IFRS) as issued
by the International Accounting Standards Board. We have prepared this MD&A
with reference to National Instrument 51-102 Continuous Disclosure Obligations
of the Canadian Securities Administrators. Under the United States / Canada
Multijurisdictional Disclosure System, we are permitted to prepare this MD&A
in accordance with the disclosure requirements of Canada, which are different
from those of the United States. Additional information relating to Burcon,
including the Companys Annual Information Form (AIF), is available on SEDAR
at www.sedar.com or the Edgar website at www.sec.gov/edgar.

FORWARD-LOOKING STATEMENTS

Certain statements in this MD&A may constitute
"forward-looking information" which means disclosure regarding possible events,
conditions, acquisitions, or results of operations that is based on assumptions
about future conditions and courses of action and include future oriented
financial information with respect to prospective results of operations,
financial position or cash flows that is presented either as a forecast or a
projection, and also includes, but is not limited to, statements with respect to
the future financial and operating performance of the Company and its
subsidiary. Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "proposes", "expects", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such words or
phrases, or statements that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved. Forward-looking
statements included or incorporated by reference in this MD&A include, but
are not limited to, statements with respect to:

- continued development of Companys products and business;
- the Companys growth strategy;
- production costs and pricing of CLARISOYsoy protein,
  Peazazz®pea protein, Puratein®, Superteinand Nutratein®canola protein isolates;
- marketing strategies for the Company's soy, pea and canola proteins;
- development and commercialization for soy, pea and canola proteins;
- ability to produce proteins and protein isolates in commercial quantities
  with sufficient grade and quality at cost-effective prices;

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

- construction of production facilities;
- future protection of intellectual property and improvements to existing
  processes and products;
- regulatory approval;
- input and other costs; and
- liquidity and working capital.

Forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Company and its subsidiary to be materially different
from any future results, performance or achievements expressed or implied by the
forward-looking information. As a result, actual actions, events or results may
differ materially from those described in forward-looking information, and there
may be other factors that cause actions, events or results to differ from those
anticipated, estimated or intended including, without limitation, those referred
to in this MD&A under the heading "Risks and Uncertainties" and elsewhere.
Although forward-looking information contained in this MD&A is based upon
what management of the Company believes are reasonable assumptions, the Company
cannot assure investors that actual results will be consistent with the
forward-looking information. Forward-looking information contained herein is as
of the date of this MD&A and the Company disclaims any obligation to update
any forward-looking information, whether as a result of new information, future
events or results or otherwise, except as required by law. There can be no
assurance that forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those anticipated.
Accordingly, readers should not place undue reliance on forward-looking
information due to the inherent uncertainty therein. Material risk factors that
could cause actual results to differ materially from the forward-looking
information are contained under the heading "Risks and Uncertainties".

OVERVIEW OF THE COMPANY AND ITS BUSINESS

Since 1999, Burcon has developed a portfolio of composition,
application, and process patents originating from our core protein extraction
and purification technology. Our patented processes utilize inexpensive oilseed
meals and other plant-based sources for the production of purified plant
proteins that exhibit certain nutritional, functional and nutraceutical
profiles. Our products include CLARISOY, a soy protein which offers
clarity and complete nutrition for low pH systems; Peazazz® pea
protein which is uniquely soluble with clean flavour characteristics; and
Puratein®, Supertein and Nutratein®,
three canola protein isolates with unique functional and nutritional attributes.
Our products are targeted at the multi-billion-dollar protein ingredient market
and are particularly suited to health and wellness applications. Our
environmentally-friendly and sustainable technologies have been developed at our
own research facility led by our team of highly specialized scientists and
engineers. Our patent portfolio currently consists of 220 issued patents
worldwide, including 55 issued U.S. patents, and in excess of 400 additional
patent applications, 59 of which are U.S. patent applications.

2

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

RIGHTS OFFERING

On February 7, 2014, the Company announced that it filed with
applicable securities regulatory authorities in Canada, the United States and
the Toronto Stock Exchange (TSX) relevant materials to commence an offering of
shares by way of a rights offering. Burcon issued to each shareholder as of
February 19, 2014 (the Record Date) in certain provinces in Canada and in the
United States, one transferable right (the Rights) for each common share held
by such shareholder. Every 17 Rights entitled the holder thereof to purchase one
common share in the Company at a price of $2.82 per common share for maximum
proceeds to Burcon of $5,245,978, with net proceeds of approximately $5.0
million. The Rights expired at 5:00 pm EST on April 2, 2014 (Expiry Time), at
which time unexercised Rights were void and without value. The common shares
that were issued upon exercise of the Rights were listed on the TSX and The
NASDAQ Global Market. The rights offering was fully subscribed and closed on
April 2, 2014. Financing costs related to the rights offering incurred up to
March 31, 2014 were recorded as deferred financing costs as at March 31, 2014
and reclassified to share issue costs upon the closing of the financing.

The net proceeds from the rights offering will be used by
Burcon for continued research and development of its pea and soy protein
extraction and purification technologies, commercialization of Burcons pea
protein extraction and purification technology, filing new patent applications,
maintaining, strengthening and expanding Burcons intellectual property
portfolio, pursuing product development agreements with major food, beverage and
nutritional product companies, continued research and development of Burcons
other protein extraction and purification technologies and for general working
capital.

Subject to certain conditions, three corporate shareholders
(the Guarantors), including ITC Corporation Limited (ITC), had each agreed
to provide a standby guarantee (the Standby Commitment) to purchase such
common shares that were available to be purchased, but not otherwise subscribed
for, that would result in a minimum of 930,138 common shares being issued under
the rights offering. As the rights offering was over-subscribed, the Guarantors
were not required to fulfill their respective obligations under the Standby
Commitment. As consideration for providing a standby guarantee, the Guarantors
received share purchase warrants entitling the Guarantors to acquire up to
232,534 common shares at an exercise price of $2.82 per common share that will
be exercisable up to April 2, 2016. In accordance with the policies of the TSX,
the exercise of the Standby Warrants by the Guarantors is subject to shareholder
approval, which will be sought at Burcon's next annual general meeting (the
AGM), which is expected to be held around September 2014. The exercise of the
Standby Warrants by ITC, as an insider of the Company, is subject to further
shareholder approval at the AGM. If the Company fails to obtain the requisite
shareholder approval for the Guarantors, the Company will pay to the Guarantors
a cash fee of $52,460 as compensation for the Standby Commitment. If the Company
fails to obtain the additional requisite shareholder approval for ITC, it will
pay to ITC a cash fee of $26,828 as compensation for the Standby Commitment. The
fair value of these warrants was estimated at $416,270 using
the Black-Scholes pricing model and has been recorded as warrants on April 2,
2014.

3

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

OPERATIONAL HIGHLIGHTS

Peazazz®

In July 2013, Burcon officially launched Peazazz®
pea protein at the 2013 Institute of Food Technologists (IFT) Annual Meeting
and Food Expo held in Chicago, Illinois. Visitors to Burcons booth were able to
experience first-hand Peazazz®s uniquely clean flavor
characteristics and excellent solubility that allow its use in both low and
neutral pH beverages as well as in a variety of other food and beverage product
applications. Burcon demonstrated two products that highlight
Peazazz®s qualities and versatility:

Peach Mango Rhythm made from 30% real juice, with all
natural flavors and containing five grams of Peazazz® pea protein per
250 ml serving; and

Vanilla Jazz  a neutral pH milk-style beverage with a
faint hint of vanilla flavoring, made with five grams of Peazazz® pea
protein per 250 ml serving.

Peazazz® was well-received by food and beverage
manufacturers who expressed strong interest in pursuing further discussions
about Peazazz®, ranging from food and beverage makers looking to
incorporate Peazazz® into their products, to potential manufacturing
and marketing partners wanting to benefit from the competitive advantages
Peazazz presents.

Peazazz® pea protein is 100% soluble, transparent
and heat stable in low pH solutions. Derived from field peas,
Peazazz®s uniquely clean flavor characteristics, exceptional
solubility and nutritional value make it ideal for use in a variety of food,
beverage and nutritional products.

Ideal applications for Peazazz® include sports
nutrition beverages, citrus-based drinks, fruit-flavored beverages, fruit juice
blends, fortified waters, dairy alternative products and powdered beverage
mixes. Peazazz® can also fortify snacks, cereals and diet products,
as well as gluten-free, vegetarian and vegan food products.

Compared to other plant-based proteins, pea proteins are also
hypoallergenic and more environmentally sustainable. Pea plants have a unique
ability to draw in nitrogen from the atmosphere and store it in their roots.
This allows producers to use less fertilizer when replenishing the soil, making
pea a desired and truly sustainable crop.

In June 2013, Burcon announced the completion of construction
of the Peazazz® semi-works plant. The semi-works plant, located in
Winnipeg, Manitoba, was built with commercial-scale equipment in order to
produce the tonnage amounts required by food and beverage makers looking to
conduct full-scale, real-world market evaluations of Peazazz® in
their consumer products. These evaluations typically include consumer testing,
market acceptance and shelf life evaluation. Constructing and operating a
semi-works production plant using commercial-scale equipment is a critical step
toward full commercialization. It ultimately shortens time-to-market and reduces risk. Peazazz® produced from multiple,
non-consecutive production batches will demonstrate how Peazazz® can
be reliably and consistently produced.

4

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

Following IFT, Burcon entered into a number of material
transfer agreements (MTAs) with potential partners and customers interested in
Peazazz®. The list includes major food and beverage makers, industry
suppliers, and potential manufacturing and sales partners. In August 2013,
Burcon announced that the startup and commissioning of the Peazazz®
semi-works plant was completed, allowing it to begin producing sample quantities
for shipment to interested parties who had signed MTAs with Burcon. While the
new semi-works plant utilizes commercial scale equipment, it will only be used
to produce the amounts of Peazazz® needed for targeted market
development activities with certain prospective customers. Since August 2013,
the Winnipeg Technical Centre (WTC) has produced and shipped samples from the
semi-works plant to these customers. Work continued at the WTC for the balance
of the year to further develop the Peazazz® product that the Company
believes will have the largest market potential and production runs provided
data for planning for a full-scale production facility. The WTC also worked on
planning a commercial scale production facility, including testing and
optimizing equipment and production process.

During the year, Burcon has been in discussions with a number
of potential partners to discuss the commercialization of Peazazz®
and is considering various options, including building full-scale production
facilities through a variety of partnership structures. As at the date of this
MD&A, discussions are still on-going with certain parties.

CLARISOY

Burcon has a license and production agreement (the Soy
Agreement) with Archer Daniels Midland Company (ADM) to license its
CLARISOY technology (the License) to ADM on an exclusive basis to
produce, market and sell CLARISOY soy protein (the Soy Products)
worldwide. ADM has constructed a commercial-scale production facility (the
Semi-works Production Facility) to manufacture the Soy Products. In March
2014, ADM provided written notice to Burcon that it intends to expand the
commercial production of CLARISOY soy protein. ADMs intention to
expand commercial production capacity of CLARISOY ensures that its
production capacity meets the required obligations under the Soy Agreement to
retain its exclusive license for CLARISOY. If ADM does not fulfill
certain obligations under the Soy Agreement, Burcon will have the option to
convert the exclusive license to a non-exclusive license.

CLARISOY 100 is a transparent, isolated soy protein and enables
100 percent soluble protein fortification in beverage applications with a pH
below 4.0. CLARISOY 150 is specially processed for use in beverage systems with
a pH of less than 4.0 with cloud systems or beverages neutralized to a pH of 7.0
or higher. Due to its clean flavor and high solubility in higher pH ranges,
CLARISOY 150 allows for greater use of soy protein in mildly flavored neutral
beverages such as meal replacement and weight management products. The new
product enables beverage manufacturers to formulate up to 10 grams of protein
per serving.

5

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

In August 2013, Burcon announced that the Canadian Institute of
Food Science and Technology recognized the development and introduction of
CLARISOY as a significant innovation with its 2013 Food Innovation Award, and
highlighted CLARISOY as the worlds first vegetable-based protein that offers
clarity and high quality protein nutrition in low pH food systems. Burcon also
announced that ADM launched CLARISOY 120 in a powdered mix prototype called
Pineapple Shakeup at the Institute of Food Technologists Annual Meeting and
Food Expo in July 2013. CLARISOY 120 is designed for powdered drinks and drink
mixes allowing for easy and rapid dispersibility when added to a liquid.

During the year, the WTC continued to carry out work as
requested by ADM to gather information in support of the Semi-works Production
Facility.

Burcon has not received any significant royalty revenues from
ADMs sales of CLARISOY. During the year ended March 31, 2014, Burcon recorded
royalty revenues of $94,724 (2013 - $30,309) comprised primarily of initial
license fee payments previously deferred and recognized as royalty revenue.

Patenting work continued to further strengthen the
CLARISOY patent portfolio.

Puratein®,
Superteinand Nutratein®

As the focus of this years activity was primarily on
Peazazz®, limited work was conducted on canola products.

Limited research work continued on protein extraction from
various plant sources to explore potential new commercial and patenting
opportunities. During the year, Burcon continued to work on securing interest
from potential customers to establish the commercial value of
Puratein® and Supertein canola protein isolates. Burcon
also continued to work on pursuing an animal nutrition application with companies
in the animal feed industry with the intention of using Nutratein®
canola protein isolate to replace or partially replace dairy protein in certain
high-value animal feed applications.

INTELLECTUAL PROPERTY

Burcons patent strategy is to aggressively seek protection for
new technologies as well as further protecting current technologies. Over the
years, Burcon has filed patent applications in various countries over its
inventions. Burcons patent applications can be grouped into three categories:

- Applications to protect additional novel protein extraction and
  purification technologies;
- Applications to protect the uses of Puratein®,
  Supertein, Nutratein®, CLARISOYand
  Peazazz®for example, as functional food and beverage ingredients;
  and

6

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

- Applications to protect the signature characteristics of
  Puratein®, Supertein, Nutratein®,
  CLARISOYand Peazazz®and other plant proteins.

During the year, Burcon filed a new patent application and
received 14 U.S. patent grants and continued the maintenance and prosecution of
its patent applications.

In April 2014, Burcon was granted a key patent for a
CLARISOY composition of matter patent application. This is the first
CLARISOYcomposition of matter patent application that has been
allowed and provides protection over the commercially valuable attributes of
CLARISOY.

In an effort to conserve its cash resources, Burcon abandoned
certain non-core canola patents during the year that it deemed to be unessential
for the purposes of achieving its strategic objectives in non-US countries.

Burcon currently holds 55 U.S. issued patents over canola, soy
and flax protein processing technology and canola protein isolate applications.
In addition, Burcon has a further 59 patent applications currently filed with
the U.S. Patent and Trademark Office.

Burcon has also filed applications for most of its inventions
internationally under the Patent Cooperation Treaty of the World Intellectual
Property Organization. Together with patents issued in other countries, Burcon
now holds a total of 220 issued patents covering inventions that include the 55
granted U.S. patents. Currently, Burcon has over 400 additional patent
applications that are being reviewed by the respective patent offices in various
countries.

SUMMARY OF OPERATING RESULTSYears ended March 31
(in thousands of dollars, except share and per-share amounts)

|                                                |  | 2014   |   |  | 2013        |   |  | 2012   |  
|----------------------------------------------- |  | ------ | - |  | ----------- | - |  | ------ | -
|                                                |  | IFRS   |   |  | IFR
      S |   |  | IFRS   |  
|                                                |  |        |   |  |             |   |  |        |  
|Royalty income                                  |  | 95     |   |  | 30          |   |  | -      |  
|Interest and other income                       |  | 291    |   |  | 86          |   |  | 139    |  
|General and administrative expenses             |  | 3,954  |   |  | 3,559       |   |  | 5,061  |  
|Research and development expenses               |  | 2,394  |   |  | 2,103       |   |  | 1,040  |  
|Loss for the year                               |  | (5,962 | ) |  | (5,546      | ) |  | (5,962 | )
|Basic and diluted loss per share                |  | (0.19  | ) |  | (0.18       | ) |  | (0.20  | )
|Total assets                                    |  | 5,123  |   |  | 10,514      |   |  | 10,526 |  
|Total long-term liabilities                     |  | 227    |   |  | 321         |   |  | 223    |  
|Weighted average shares outstanding (thousands) |  | 31,625 |   |  | 30,621      |   |  | 29,961 |  

RESULTS OF OPERATIONS

As at March 31, 2014, Burcon has not yet generated any
significant revenues from its technology. Included in interest and other income
for this year is approximately $229,000 of investment tax credits, $49,000 in interest income and $13,000
in management fees. For the year ended March 31, 2014 the Company recorded a
loss of $5,961,545 ($0.19 per share), as compared to $5,545,522 ($0.18 per
share) last year. Included in the loss amount is $538,640 (2013 - $637,749) of
stock-based compensation (non-cash) costs, amortization of deferred revenue of
$93,833 (2013 - $27,368), amortization of deferred development costs of $533,625
(2013 - $400,218), and amortization of property and equipment of $150,570 (2013
- $143,364. The following provides a comparative analysis of significant changes
in major expenditures items.

7

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

General and administrative (G&A) expenses(unaudited, in thousands of dollars)

|                                       |  | 2014  |  |  | 2013  |  |  | 2012  | 
|-------------------------------------- |  | ----- |  |  | ----- |  |  | ----- | 
|                                       |  | IFRS  |  |  | IFRS  |  |  | IFRS  | 
|                                       |  |       |  |  |       |  |  |       | 
|Salaries and benefits                  |  | 1,285 |  |  | 1,598 |  |  | 2,742 | 
|Professional fees                      |  | 1,927 |  |  | 1,353 |  |  | 1,432 | 
|Investor relations                     |  | 354   |  |  | 227   |  |  | 345   | 
|Office supplies and services           |  | 164   |  |  | 147   |  |  | 125   | 
|Travel and meals                       |  | 83    |  |  | 85    |  |  | 129   | 
|Other                                  |  | 106   |  |  | 112   |  |  | 119   | 
|Management fees                        |  | 32    |  |  | 34    |  |  | 38    | 
|Amortization of property and equipment |  | 3     |  |  | 3     |  |  | 4     | 
|NASDAQ filing fees                     |  | -     |  |  | -     |  |  | 128   | 
|                                       |  |       |  |  |       |  |  |       | 
|                                       |  | 3,954 |  |  | 3,559 |  |  | 5,062 | 

Salaries and benefits

Included in salaries and benefits is stock-based compensation
expense of approximately $377,000 (2013 - $570,000).

The cash portion of salaries and benefits decreased by about
$121,000 as compared to last year due mostly to $94,000 for the termination of
two staff members, and $18,000 in employer payroll contributions paid during the
second quarter of last year as a result of employee option exercises.

8

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

Professional fees(unaudited, in thousands of
dollars)

|                      |  | 2014  |  |  | 2013  |  |  | 2012  | 
|--------------------- |  | ----- |  |  | ----- |  |  | ----- | 
|                      |  | IFRS  |  |  | IFRS  |  |  | IFRS  | 
|                      |  |       |  |  |       |  |  |       | 
|Intellectual property |  | 1,718 |  |  | 1,184 |  |  | 1,028 | 
|Legal and audit       |  | 186   |  |  | 138   |  |  | 344   | 
|Consulting            |  | 23    |  |  | 31    |  |  | 60    | 
|                      |  |       |  |  |       |  |  |       | 
|                      |  | 1,927 |  |  | 1,353 |  |  | 1,432 | 

Patent legal fees and expenses comprise the majority of
regulatory and intellectual property costs and account for a significant portion
of Burcons professional fees. Burcons patent strategy is to aggressively seek
protection for new technologies as well as further protecting current
technologies. Taking into account about $132,000 of CLARISOY-related
patent costs to deferred development costs for the quarter ended June 30, 2012,
our patent costs have increased by about $403,000 over last year. Patent
maintenance costs have increased by about $147,000, due in part to certain
non-core patents maintenance fees that were deferred last year but came due this
year. In addition, national phase filing costs contributed to about $59,000 of
the increase and our patent portfolio has been steadily growing with patent
applications for Peazazz®and other new inventions. Since the
beginning of the fiscal year, our patent portfolio has grown by 47 patents
around the world, excluding those non-core patents we have abandoned as noted
above. Activity levels for the CLARISOY portfolio has also increased
significantly as we progress through the patenting application process. From
inception, Burcon has expended approximately $10.5 million on patent legal fees
and disbursements to strengthen its patent portfolio in various countries of the
world and file patent applications for new inventions.

Investor relations

Included in investors relations expenses is stock-based
compensation expense of about $15,000 (2013 - $16,000) for options granted to a
U.S. investor relations firm that was retained during the last quarter of last
year. The cash portion of investor relations expenses increased by about
$128,000 over last year. The increase is due to about $67,000 for an extensive
European roadshow in the third quarter, $67,000 in U.S. investor relations
consultant fees and travel expenses, $26,000 in news releases, as well as of
$5,000 in website costs for the production of product videos. This was offset by
a decrease in public relations consultant fees of about $20,000, $14,000 in
annual report expenses and $3,000 in advertising costs.

9

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

Research and development expenses

Components of research and development (R&D) expenditures
are as follows: (unaudited, in thousands of dollars)

|                                         |  | 2014  |  |  | 2013  |  |  | 2012  | 
|---------------------------------------- |  | ----- |  |  | ----- |  |  | ----- | 
|                                         |  | IFRS  |  |  | IFRS  |  |  | IFRS  | 
|                                         |  |       |  |  |       |  |  |       | 
|Salaries and benefits                    |  | 1,236 |  |  | 1,078 |  |  | 608   | 
|Amortization, deferred development costs |  | 534   |  |  | 400   |  |  | -     | 
|Laboratory operation                     |  | 301   |  |  | 324   |  |  | 239   | 
|Amortization, property and equipment     |  | 148   |  |  | 140   |  |  | 97    | 
|Analyses and testing                     |  | 70    |  |  | 57    |  |  | 50    | 
|Rent                                     |  | 85    |  |  | 79    |  |  | 42    | 
|Travel and meals                         |  | 20    |  |  | 25    |  |  | 4     | 
|                                         |  |       |  |  |       |  |  |       | 
|                                         |  | 2,394 |  |  | 2,103 |  |  | 1,040 | 

During the years ended March 31, 2013 and 2012, Burcon
capitalized about $1,128,000 and $123,000 of CLARISOY development
costs, respectively. Burcon ceased the deferral of these costs on June 30, 2012
and also commenced the amortization of these costs on a straight-line basis over
50 months. To-date, Burcon has amortized a total of $933,843 of CLARISOY-related
expenditures, of which $533,625 were amortized during the current year.

A significant portion of R&D expenses is comprised of
salaries and benefits. Before taking into account the salaries and benefits that
were deferred in the first quarter of last year, there was no significant change
in the cash portion of salaries and benefits this year as compared to last year.
Stock-based compensation expense increased by about $94,000 over last year, due
to stock-based compensation expense recorded for options granted in the third
quarter of this year and also in the third quarter of last year.

Laboratory operation expenses (before capitalization of about
$15,000 to deferred development costs in Fiscal 2013) decreased by about $38,000
over last year. This was due to a decrease in lab supplies of about $19,000,
repairs of maintenance costs of about $16,000 and equipment rental expenses of
$8,000, offset by an increase of utilities expenses of about $5,000. R&D
travel also decreased by about $27,000, due mostly to travel by the Winnipeg
staff to ADM for the start-up of the Semi-works Production Facility, which were
capitalized to deferred development costs.

10

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

LIQUIDITY AND FINANCIAL POSITION

Financial PositionAs at March 31 (in thousands of
dollars)

|                                                      |  | 2014  |  |  | 2013   |  |  | 2012   | 
|----------------------------------------------------- |  | ----- |  |  | ------ |  |  | ------ | 
|                                                      |  | IFRS  |  |  | IFRS   |  |  | IFRS   | 
|                                                      |  |       |  |  |        |  |  |        | 
|Cash and cash equivalents                             |  | 1,393 |  |  | 4,603  |  |  | 3,857  | 
|Restricted cash                                       |  | -     |  |  | -      |  |  | 362    | 
|Short-term investments                                |  | -     |  |  | 2,086  |  |  | 2,302  | 
|Amounts receivable                                    |  | 141   |  |  | 35     |  |  | 37     | 
|Property and equipment, net of amortization           |  | 664   |  |  | 560    |  |  | 626    | 
|Deferred financing costs                              |  | 215   |  |  | -      |  |  | -      | 
|Deferred development costs, net of
      amortization |  | 1,290 |  |  | 1,823  |  |  | 1,969  | 
|Total assets                                          |  | 5,123 |  |  | 10,514 |  |  | 10,526 | 
|Shareholders' equity                                  |  | 4,323 |  |  | 9,746  |  |  | 9,387  | 

Conditions do exist, as described in the Consolidated Financial
Statements, that cast substantial doubt over the Companys ability to continue
as a going concern. As at March 31, 2014, the Company had not earned significant
revenues from its technology, had an accumulated deficit of $64,400,964 and had
relied on equity financings, private placements, rights offerings and other
equity transactions to provide the financing necessary to undertake its research
and development activities. At March 31, 2014, the Company had cash and cash
equivalents of $1.4 million. As noted above, Burcon completed a rights offering
for net proceeds of approximately $5.0 million on April 2, 2014. The Company
expects this will be sufficient to fund its operations until at least July 2015,
excluding potential proceeds from the exercise of convertible securities or
royalty revenues from the sales of CLARISOY.

During the year ended March 31, 2014, Burcon recorded
approximately $95,000 in royalty revenues (2013 - $30,000), almost entirely from
the recognition of previously deferred initial license fees received. Due to the
nature and size of the Semi-works Production Facility, Burcon expects the amount
of royalty revenues from the sales of CLARISOY will not reach its
full potential until such time production is expanded to one or more full-scale
commercial facilities. As noted above, ADM provided written notice to Burcon
that it intends to increase its annual production capacity beyond the capacity
of the semi-works production facility. However, the timing of the construction
of such a full-scale commercial facility has not yet been determined. The amount
of royalty revenues that may be derived from the Semi-works Production Facility
and a full-scale commercial facility cannot be ascertained at this time.

The net cash used in operations during the year ended March 31,
2014, measured in terms of cash flows from operating activities before changes
in non-cash working capital items, totalled approximately $4.8 million and, as
compared to $4.4 million in the comparative period.

11

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

Including the development expenditures and initial license fees
that were deferred in the comparative period, cash used in operations increased
by about $193,000. The increase in patent-related activities accounted for
$403,000 of the increase, as did an increase in investor relations expenses of
about $128,000, an increase in legal fees of $51,000, a decrease in royalty and
interest income of about $23,000, offset by the Manitoba investment tax credit
recorded this year of about $229,000, a decrease in laboratory operational
expenses of about $38,000, $121,000 from a decrease in salaries and benefits, as
well as a decrease in R&D travel costs of about $27,000.

At March 31, 2014, Burcons working capital was approximately
$1.1 million (March 31, 2013 - $6.4 million). As at the March 31, 2014, Burcon
had not committed to any significant capital expenditures. However, Burcon may
incur up to $250,000 in additional capital expenditures if modifications or
further upgrades are required to the Peazazz® semi-works production
facility and $1.5 million in patent legal fees and disbursements in fiscal 2015.
We expect six patent applications to enter national phase starting in the second
quarter of fiscal 2015, and we also expect to incur patenting costs for new
patent applications, as well as applications that will incur costs related to
European registrations.

The Companys management believes that it currently has
sufficient resources to fund its expected level of operations and working
capital requirements to at least July 2015. The estimated date excludes proceeds
from outstanding convertible securities and royalty revenues that may be derived
from a CLARISOY full-scale commercial facility. Burcon may require
additional capital to meet its business objectives, although there is no
assurance that additional financing will be available on acceptable terms, if at
all.

FINANCIAL INSTRUMENTS

The Companys financial instruments are its cash and cash
equivalents, short-term investments, amounts receivable and accounts payable and
accrued liabilities.

Credit risk

The financial instruments that expose the Company to a
concentration of credit risk are cash and cash equivalents, amounts receivable
and short-term investments. The Companys cash and cash equivalents may comprise
interest-bearing savings instruments with Canadian chartered banks. Short-term
investments may comprise interest-bearing securities with Canadian chartered
banks with maturities at their purchase dates of greater than three months but
not more than a year. The Company limits its exposure to credit loss by placing
its cash and cash equivalents and short-term investments with two Canadian
chartered banks.

Interest rate risk

All of the Companys financial instruments are non-interest
bearing except for cash and cash equivalents that earn interest at variable
market rates and short-term investments that earned interest at a fixed interest rate. Burcons cash and cash
equivalents and short-term investments are held at two Canadian chartered banks
to maximize interest and to diversify risk. For the year ended March 31, 2014,
the weighted average interest rate earned on the Companys cash and cash
equivalents was 1.17% (2013  1.19%) and the weighted average interest rate
earned on short-term investments was 1.45% (2013  1.51%). The impact of a 1%
strengthening or weakening of interest rate on the Companys cash and cash
equivalents at March 31, 2014 is estimated to be a $14,000 increase or decrease
in interest income per year.

12

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

Liquidity risk

The Company manages liquidity risk through the management of
its capital structure. It also manages liquidity risk by monitoring actual and
forecasted cash flows taking into account current and planned operations. The
Companys estimated minimum contractual undiscounted cash flow requirements for
its financial liabilities as at March 31, 2014 was $572,908, all of which is
within the next 12 months. Conditions do exist, as described in the Liquidity
and Financial Position above and in the Consolidated Financial Statements that
cast substantial doubt over the Companys ability to continue as a going
concern.

OUTSTANDING SHARE DATA

As at March 31, 2014, Burcon had 31,624,693 common shares and
1,986,161 stock options that are convertible to an equal number of shares
outstanding at a weighted average exercise price of $6.50 per share. Burcon also
had 57,500 warrants that are convertible to an equal number of shares
outstanding at an exercise price of $4.00 per share.

As at the date of this MD&A, Burcon had 33,484,969 common
shares and 1,986,161 stock options that are convertible to an equal number of
shares outstanding at a weighted average exercise price of $6.50 per share.
Burcon also had 232,534 warrants that are convertible to an equal number of
shares outstanding at an exercise price of $2.82 per share. These warrants are
subject to shareholder approval at the 2014 annual general meeting as described
above. The 57,500 warrants with an exercise price of $4.00 per share expired
unexercised subsequent to the year-end.

13

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

QUARTERLY FINANCIAL DATA(Unaudited, in thousands of
dollars, except per-share amounts)

|                                   |  |                |   |  | Three months ended |   |  |               |  
|---------------------------------- |  | -------------- | - |  | ------------------ | - |  | ------------- | -
|                                   |  |                |   |  | December 31,       |   |  | September 30, |  
|                                   |  | March 31, 2014 |   |  | 2013               |   |  | 2013          |  
|                                   |  | (IFRS)         |   |  | (IFRS)             |   |  | (IFRS)        |  
|Royalty, interest and other income |  | 148            |   |  | 150                |   |  | 42            |  
|Loss for the period                |  | (1,239         | ) |  | (1,538             | ) |  | (1,604        | )
|Basic and diliuted loss per share  |  | (0.04          | ) |  | (0.05              | ) |  | (0.05         | )

|                                   |  |           |   |  | Three months ended |   |  |               |  
|---------------------------------- |  | --------- | - |  | ------------------ | - |  | ------------- | -
|                                   |  | March 31, |   |  | December 31,       |   |  | September 30, |  
|                                   |  | 2013      |   |  | 2012               |   |  | 2012          |  
|                                   |  | (IFRS)    |   |  | (IFRS)             |   |  | (IFRS)        |  
|Royalty, interest and other income |  | 50        |   |  | 26                 |   |  | 11            |  
|Loss for the period                |  | (1,403    | ) |  | (1,754             | ) |  | (1,352        | )
|Basic and diliuted loss per share  |  | (0.04     | ) |  | (0.06              | ) |  | (0.05         | )

Included in the loss of the first to fourth quarters this year
are about $87,000, $83,000, $274,000 and $95,000 of stock-based compensation
expense, respectively. Similarly, included in the four quarters of fiscal 2013
are about $7,000, 5,000, $534,000 and $92,000 of stock-based compensation
expense, respectively. The higher stock-based compensation expense in the third
quarters of this year and last year relate to the recognition of options granted
in those quarters that had vested immediately.

Included in the loss of each of the quarters of this year and
in each of the last three quarters of fiscal 2013 is $133,000 of amortization of
deferred development costs.

Patent legal fees and expenses account for a significant amount
of the Companys expenditures. These expenditures reached historical highs, in
the first and second quarters of this year of $442,000 and $551,000,
respectively. Patent legal fees and expenses were comparatively lower during the
four quarters of fiscal 2013, due to only one patent having entered national
phase during each quarter. In addition, starting the third quarter of fiscal
2013, Burcon started to defer annuity payments of non-core patents. Some of
these previously deferred payments came due in the first and second quarters of
this year, which contributed partly to the higher expenditure levels. Patent
expenditures were about $400,000 and $311,000 in the third and fourth quarter,
respectively, with higher fees from three patent applications that entered
national phase during the third quarter. As the Company abandoned certain
non-core canola patents in the third quarter, the related maintenance fees were
lower starting in the third quarter.

14

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

RELATED PARTY TRANSACTIONS

Burcon engaged Burcon Group Limited, a company that is
controlled by ITC Corporation Limited who has approximately 21% equity interest
in Burcon, for the following related party transactions:

Included in general and administrative expenses (office
supplies and services and other expenses) for the year ended March 31, 2014 is
$63,721 (2013 - $63,163) for office space, and equipment rental.

For the year ended March 31, 2014, included in general and
administrative expenses (management fees) is $32,365 (2013 - $33,730) for
administrative services provided. At March 31, 2014, $1,423 (March 31, 2013 -
$3,079) of this amount is included in accounts payable and accrued liabilities.
For the year ended March 31, 2014, included in interest and other income are
$12,895 (2013 - $14,263) for legal and accounting services provided by the
Company. At March 31, 2014, $1,424 (March 31, 2013 - $531) of this amount is
included in amounts receivable. Included in deferred financing costs are fees of
$2,550 (2013 - $nil) and included in share issue costs are fees of $nil (March
31, 2013 - $5,100) for administrative services provided directly for the equity
financings.

CRITICAL ACCOUNTING ESTIMATES

The consolidated financial statements have been prepared in
accordance with IFRS as issued by the International Accounting Standard Board
(IASB) and interpretations issued by the IFRS Interpretations Committee (IFRS
IC).

The preparation of consolidated financial statements in
accordance with IFRS requires management to apply judgment when making estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements, the reported amount of revenues and
expenses during the reporting period, and disclosures made in the accompanying
notes to the financial statements. Actual results could differ from those
estimates.

The significant areas where managements judgment is applied is
in determining the fair value of stock-based compensation (see note 6 to the
consolidated financial statements for assumptions used by management), the
determination of whether all criteria for deferring development costs are met
and the point when amortization of deferred development cost and deferred
revenue commences, the expense allocation to deferred development costs, as well
as the recoverable amount of the deferred development costs and goodwill.

15

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

CHANGES IN ACCOUNTING POLICIES

The Company has adopted the following new and revised
standards, along with any consequential amendments, effective April 1, 2013.
These changes have been made in accordance with the applicable transitional
provisions.

- The Company has adopted IFRS 10, Consolidated Financial Statements,
  which did not result in any changes to the Companys scope of
  consolidation.
- The Company has adopted IFRS 12, Disclosure of Interests in Other
  Entities, which outlines the disclosure requirements for interests in
  subsidiaries and other entities to enable users to evaluate the risks
  associated with interests in other entities and the effects of those interests
  on an entitys financial position, financial performance and cash flows. This
  standard did not have a significant impact on the financial statements of the
  Company.
- The Company has adopted the amendments to IAS 1, Presentation of
  Financial Statements. These amendments requires the Company to
  group other comprehensive income items by those that may be recycled through
  net income and those that will not be recycled through net income. The
  adoption did not result in changes to the consolidated interim statements of
  operations and comprehensive loss, as the Company currently does not have any
  transactions to recognize within other comprehensive income.
- The Company has adopted IFRS 13, Fair Value Measurement. The
  adoption of IFRS 13 did not result in any measurement adjustments as at April
  1, 2013.

ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE

Certain new standards, interpretations and amendments to
existing standards have been issued by the IASB or IFRS IC.

IFRS 9 - Financial instruments - Classification and
Measurement

The first part of a new standard on classification and
measurement of financial assets and financial liabilities that will replace IAS
39, Financial Instruments - Recognition and Measurement. IFRS 9 has two
measurement categories of financial assets: amortized cost and fair value. All
equity instruments are measured at fair value. A debt instrument is at amortized
cost only if the entity is holding it to collect contractual cash flows and the
cash flows represent principal and interest. Otherwise, it is at fair value
through profit or loss. Financial liabilities are measured at either at fair
value through profit and loss or amortized cost. IFRS 9 was updated in October
2010 to include guidance on financial liabilities and derecognition of financial
instruments.

16

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

In July 2013, the IASB tentatively decided to defer the
mandatory effective date of IFRS 9. The IASB agreed that the mandatory effective
date should no longer be annual periods beginning on or after January 1, 2015
but rather be left open pending the finalization of the impaired and
classification and measurement requirements.

Amendments to IFRS 7 - Financial Instruments: Disclosures

IFRS 7 is amended to require additional disclosures on
transition from IAS 39 to IFRS 9. The Amendment of IFRS 7 is effective on
adoption of IFRS 9.

IAS 32 - Financial Instruments: Presentation

IAS 32 is amended to clarify requirements for offsetting of
financial assets and financial liabilities. IAS 32 is effective for years
beginning or after January 1, 2014.

IFRIC 21  Levies

IFRIC 21 provides guidance on when an obligating event occurs
that gives rise to a liability to pay a government levy that is not income tax.
IFRIC 21 is effective for annual periods beginning on or after January 1, 2014.

The Company does not expect any material impact from the
adoption of these standards.

DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER
FINANCIAL REPORTING

The Chief Executive Officer and Chief Financial Officer, as
well as other executives, have designed disclosure control and procedures
(DC&P), or have caused them to be designed under their supervision, to
provide reasonable assurance that material information relating to the Company
has been made known to them. The officers have evaluated the effectiveness and
design of its DC&P as at March 31, 2014 and have determined these controls
to be effective.

These officers are also responsible for designing and
maintaining internal controls over financial reporting (ICFR), or have caused
them to be designed under their supervision, to provide reasonable assurance
regarding the reliability of the Companys ICFR. They have evaluated and
determined these internal controls and procedures over financial reporting as at
March 31, 2014 and concluded they are effective. They have also concluded that
there were no significant changes in the ICFR that occurred during the year
ended March 31, 2014 that could have materially affected, or are reasonably
likely to materially affect, the Companys DC&P and ICFR.

EMERGING GROWTH COMPANY STATUS

As a U.S. listed public company with less than US$1 billion in
gross revenue, we continue to qualify as an emerging growth company (EGC)
under the Jumpstart Our Business Startups Act, or the JOBS Act. As an EGC, we are exempt from Section
404(b) of the Sarbanes-Oxley Act of 2002, which generally requires that a public
companys registered public accounting firm provide an attestation report
relating to managements assessment of internal control over financial
reporting. We will retain the status of an EGC until the earliest of (a) the
last day of the fiscal year in which we have annual gross revenues of US$1
billion or more; (b) the last day of the fiscal year following the fifth
anniversary of the date of the first sale of our common stock pursuant to an
effective registration statement under the Securities Act of 1933; (c) the date
on which we have, during the previous three-year period, issued more than US$1
billion in non-convertible debt; or (d) the date on which we are deemed to be a
large accelerated filer, as defined in Rule 12b-2 under the Securities
Exchange Act of 1934.

17

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

As the shares issued in the recently completed rights offering
were registered in the United States, we will no longer qualify as an EGC on
March 31, 2020. For the year ending March 31, 2021, the Company will require a
public companys registered public accounting firm to provide an attestation
report relating to managements assessment of internal control over financial
reporting.

RISKS AND UNCERTAINTIES

The Company is subject to a number of risks and uncertainties
that can significantly affect its financial condition and future operations. Key
risks are outlined below. In addition, a detailed explanation of the risk
factors which we face is provided in our AIF for the year ended March 31, 2014
under the section titled Risk Factors, which is incorporated by reference
herein. The AIF is available at www.sedar.com.

Patents and proprietary rights  Burcons success will
depend, in part, on its ability to obtain patents, maintain trade secret
protection and operate without infringing on the proprietary rights of others or
having others infringe on its rights. Burcon has filed applications for most of
its inventions internationally under the Patent Cooperation Treaty of the World
Intellectual Property Organization. As at the date of this MD&A, Burcon has
been granted a total of 220patents in various countries covering a
number of key processes and uses of Burcons products as functional food
and beverage ingredients. Of those patents, 55 have been granted in the United
States. Although Burcon expends significant resources and efforts to patent its
discoveries and innovations, there can be no assurances that our patent
applications will result in the issuance of patents, or any patents issued to
Burcon will provide it with adequate protection or any competitive advantages,
or that such patents will not be successfully challenged by third parties.
Burcon cannot be assured that competitors will not independently develop
products similar to the Companys products or manufacture products designed to
circumvent the exclusive patent rights granted to the Company. Further, Burcon
may need to incur significant expenditures in prosecuting claims against others
whom it believes are infringing on its rights and by defending claims of
intellectual property infringement brought by its competitors and others.

18

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

Development and commercialization On June 18, 2012,
Burcon announced that ADM has begun commercial production of
CLARISOY soy protein and Burcon is providing samples from the Peazazz® semi-works facility required by
food and beverage companies to conduct full-scale, market evaluations of
Peazazz® in their consumer products. However, it has not
commercialized any of its other products, and accordingly, has not begun to
market, sell or generate revenues from these products. There can be no assurance
that any of these products will meet applicable food regulatory standards,
obtain regulatory approvals in countries where such approvals have yet to be
sought, be capable of being produced in commercial quantities at reasonable
costs, be successfully marketed, or that the investment made in such potential
products will be recouped through sales or related royalties. With the exception
of CLARISOY soy protein, none of Burcons potential products are
commercially available as a food ingredient for human consumption. Given that
ADM has chosen not to license Burcons technology for producing
Puratein® and Supertein canola protein isolates, Burcon
must secure an alternative strategic partner to do so. If Burcon is unable to
secure an alternative strategic partner for its canola protein isolates then the
commercialization of its products may be delayed or unsuccessful. Burcon is
dependent on ADM to commercialize its CLARISOY soy protein. Even if
Burcon commercializes a product or products, its business strategy may not be
successful. Although Burcon is in discussions with potential partners for
Peazazz® pea protein and Nutatein® canola protein isolate,
no strategic alliance has yet been formed. Even if Burcon commercializes a
product or products, its business strategy may not be successful.

History of operating losses and financing requirements
Burcon has accumulated net losses of approximately $64.4 million from its date
of incorporation through March 31, 2014. On December 19, 2012, Burcon announced
that it had been notified by ADM of the first commercial sale of
CLARISOY soy protein produced by ADM. However, Burcon reported
minimal royalty revenue during fiscal 2013 and fiscal 2014. Although Burcon
expects to receive royalty payments from ADM pursuant to the Soy Agreement, the
magnitude of these future royalty payments cannot be ascertained at this time.
In the absence of a definitive time for when sales of products will be
significant, Burcon expects such losses to increase as it continues to
commercialize its products, its research and development and product and its
application trials. Burcon expects to continue to incur substantial losses
before it reaches the commercialization stage. Burcon cannot predict if it will
ever achieve profitability and, if it does, it may not be able to sustain or
increase its profitability. The commercial success of any of Burcons products
will depend on whether they receive public and industry acceptance as a food
ingredient and dietary supplement, and whether they may be sold at competitive
prices or are able to obtain sufficient royalty revenue from licensing, which
adequately exceeds Burcons production or business costs.

Developing Burcons products and conducting product application
trials is capital intensive. Since acquiring its subsidiary in October 1999,
Burcon has raised gross proceeds of approximately $60.4 million from the sale or
issuance of equity securities. Burcon will need to raise additional capital to
fund operations and application trials, continue research and development for
commercial production of its products, generate data to support regulatory
recognition in Canada, the European Union and the United States, where
necessary, and to commercialize its products. As at the date of this MD&A,
Burcon had approximately $5.8 million in cash and cash equivalents. Burcon
believes that it has sufficient capital to fund operations through at least July
2015. Although Burcon has sufficient funds to operate until July 2015, it will need additional capital in order for the Company
to meet its business objectives. In addition, conditions do exist, as described
in the Liquidity and Financial Position section above and in the Consolidated
Financial Statements that cast substantial doubt over the Companys ability to
continue as a going concern. Although global financial markets have been in
recovery, the inherent risk in investing in early stage companies such as Burcon
may make it difficult for the Company to obtain capital and financing for its
operations. There can be no assurance that additional financing may be available
on acceptable terms, if at all.

19

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MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONSYears ended March 31, 2014 and
2013

OUTLOOK

For the coming year, Burcons objectives are to further the
development and commercialization of its products, with the primary focus on its
pea protein.

Pea

Burcon will continue to supply samples produced from the
Peazazz®semi-works facility to potential strategic partners to
conduct full-scale, real-world testing. Burcon will also continue to negotiate
and further its discussions with these potential partners to jointly
commercialize Peazazz®. Burcon will also continue to refine and
optimize the extraction and purification technology, work on developing new
applications and products and file additional patent applications.

Soy

Burcon will continue to support ADM with its commercialization
of CLARISOY soy protein line.

Canola

For Nutratein®, Burcon will continue to refine its
technology with the objective of producing proteins of optimum quality, flavour,
colour, aroma, amino acid profile, nutritional and functional attributes. Burcon
will continue to pursue an animal nutrition application with companies in the
animal feed industry with the intention of using Nutratein® as a full
or partial replacement to dairy protein in certain high-value animal feed
applications. For Supertein and Puratein® canola protein
isolates, Burcons goal is to work with food and beverage manufacturers to
establish the value of Burcons proteins in their food products.

Burcon will continue to refine its protein extraction and
purification technologies, develop new technologies and related products. In
addition, Burcon will work to strengthen and expand its intellectual property
portfolio. Burcon will also explore opportunities for acquiring or licensing
into Burcon, novel technologies that will complement or enhance Burcons
intellectual property portfolio and business initiatives.

20

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