<SEC-DOCUMENT>0001279569-17-001056.txt : 20170515
<SEC-HEADER>0001279569-17-001056.hdr.sgml : 20170515
<ACCEPTANCE-DATETIME>20170515091537
ACCESSION NUMBER:		0001279569-17-001056
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20170515
FILED AS OF DATE:		20170515
DATE AS OF CHANGE:		20170515

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESSA Pharma Inc.
		CENTRAL INDEX KEY:			0001633932
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37410
		FILM NUMBER:		17841550

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 720
		STREET 2:		999 WEST BROADWAY
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V5Z 1K5
		BUSINESS PHONE:		(778) 331-0962

	MAIL ADDRESS:	
		STREET 1:		SUITE 720
		STREET 2:		999 WEST BROADWAY
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V5Z 1K5
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>essa6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center"></P>

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<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>FORM 6-K </B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Report of Foreign Private Issuer
</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16
</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>of the Securities Exchange Act of
1934 </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>For the month of
May 2017</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Commission File Number 001-37410
</B></P>

<P STYLE="font: 24pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>ESSA Pharma Inc. </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Translation of registrant&rsquo;s
name into English) </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Suite 720, 999 West Broadway,
Vancouver, British Columbia, Canada, V5Z 1K5 </B></P>

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address of principal executive offices)
</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
20-F </FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> Form 40-F </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT></P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT></P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT></P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBITS INCLUDED AS PART OF THIS
REPORT </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt/107% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Condensed Consolidated Interim Financial Statements for the Six Months Ended March 31, 2017 and 2016.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">99.2</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Management&rsquo;s Discussion and Analysis for the Six Months Ended March 31, 2017 and 2016</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">99.3</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Certification of Interim Filing: CEO</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">99.4</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Certification of Interim Filing: CFO</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">99.5</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">News Release Dated May 15, 2017 - ESSA Pharma Provides Business Update and
    Announces Financial Results for the Second Quarter Ended March 31, 2017</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">
        <P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center; border-bottom: black 0.75pt solid"><FONT STYLE="font-size: 10pt"><B><I>E</I></B></FONT><B><I><FONT STYLE="font-size: 7.5pt">SSA</FONT><FONT STYLE="font-size: 10pt">
        P</FONT><FONT STYLE="font-size: 7.5pt">HARMA</FONT><FONT STYLE="font-size: 10pt"> I</FONT><FONT STYLE="font-size: 7.5pt">NC</FONT><FONT STYLE="font-size: 10pt">.</FONT></I></B></P></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font: 10pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant)</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
      May 15, 2017</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 1pt; border-bottom: black 0.75pt solid"><FONT STYLE="font-size: 10pt">/</FONT><FONT STYLE="font-size: 7.5pt">S</FONT><FONT STYLE="font-size: 10pt">/
        D</FONT><FONT STYLE="font-size: 7.5pt">AVID</FONT><FONT STYLE="font-size: 10pt"> W</FONT><FONT STYLE="font-size: 7.5pt">OOD</FONT></P></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Name:</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 1pt">Title:</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">David Wood</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 1pt">Chief Financial Officer</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>Q2 FINANCIAL STATEMENTS - SIX MONTHS ENDED MARCH 31, 2017
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 180pt; width: 468pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Expressed in United States dollars)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FOR THE SIX MONTHS ENDED MARCH 31, 2017 AND
2016</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ESSA PHARMA INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">CONDENSED CONSOLIDATED INTERIM STATEMENTS OF
FINANCIAL POSITION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">AS AT</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; text-decoration: none">
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="width: 72%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-decoration: none">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-decoration: none">March 31,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-decoration: none">2017</P></TD>
    <TD STYLE="width: 14%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-decoration: none">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-decoration: none">September 30, 2016</P></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: -0.15in; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: -0.15in; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; font-size: 10pt; text-decoration: none">ASSETS</TD>
    <TD STYLE="padding-right: -0.15in; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: -0.15in; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: -0.15in; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: -0.15in; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; font-size: 10pt; text-decoration: none">Current</TD>
    <TD STYLE="padding-right: -0.15in; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: -0.15in; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;Cash </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">$&#9;12,618,754</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">$&#9;8,985,095</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;Receivables</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;99,967</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;15,882</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; text-decoration: none; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#9;Prepaids (Note 4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;659,989</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;1,018,232</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;13,378,710</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;10,019,209</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none"><FONT STYLE="font-size: 10pt"><B>Equipment </B>(Note 5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;113,806</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;127,730</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Intangible assets </B>(Note 6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;246,474</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;255,623</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none"><FONT STYLE="font-size: 10pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">$&#9;13,738,990</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">$&#9;10,402,562</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="border-top: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="border-top: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="border-top: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; font-size: 10pt; text-decoration: none">LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none"><FONT STYLE="font-size: 10pt"><B>Current</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;Accounts payable and accrued liabilities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">$&#9;2,952,753</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">$&#9;3,538,761</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;Current portion of long-term debt (Note 7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;662,749</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; text-decoration: none; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#9;Income tax payable</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;91,191</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;91,191</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;3,706,693</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;3,629,952</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none"><FONT STYLE="font-size: 10pt"><B>Long-term debt </B>(Note 7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;7,135,833</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Derivative liability </B>(Note 8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;8,795,609</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;7,309,467</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;19,638,135</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;10,939,419</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; font-size: 10pt; text-decoration: none">Shareholders' equity (deficiency)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;Share capital (Note 9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;25,974,742</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;25,974,742</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;Reserves (Note 10)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;4,589,343</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;3,805,514</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;Accumulated other comprehensive loss</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;(2,076,479)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;(2,076,479)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; text-decoration: none; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#9;Deficit</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(34,386,751)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(28,240,634)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(5,899,145)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(536,857)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: none"><FONT STYLE="font-size: 10pt"><B>Total liabilities and shareholders&rsquo; equity (deficiency)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">$&#9;13,738,990</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">$&#9;10,402,562</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Nature and continuance of operations (Note
1)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Commitments (Note 16)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>On behalf of the Board on May 11, 2017</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 39%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><I>&ldquo;David R. Parkinson&rdquo;</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><I>&ldquo;Franklin Berger&rdquo;</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE
LOSS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Three months ended</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">March 31,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">2017</P></TD>
    <TD STYLE="width: 14%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Three months ended</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">March 31, 2016</P></TD>
    <TD STYLE="width: 14%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Six months ended</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">March 31, 2017</P></TD>
    <TD STYLE="width: 14%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Six months ended</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">March 31, 2016</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: -8.1pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -8.1pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -8.1pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -8.1pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; font-size: 10pt">OPERATING EXPENSES</TD>
    <TD STYLE="padding-right: -8.1pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -8.1pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -8.1pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -8.1pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">Research and development,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.15in">net of recoveries (Note
        17)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">$&#9;2,548,761</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">$&#9;2,544,517</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">$&#9;1,640,268</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">$&#9;5,745,454</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Financing costs </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;218,386</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;910,101</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;311,476</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;937,845</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">General and administration (Note 17)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;1,363,493</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;1,874,597</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;2,733,312</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;3,101,465</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total operating expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(4,130,640)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(5,329,215)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(4,685,056)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(9,784,764)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Foreign exchange</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;578</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;(5,961)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;6,984</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;87,706</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#9;Gain (loss) on derivative liability (Note 8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(3,480,517)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;4,283,146</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(1,486,142)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;4,665,795</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Net loss for the period before taxes</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;(7,610,579)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;(1,052,026)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;(6,164,214)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;(5,031,263)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Income tax recovery (expense)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;18,097</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(6,000)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Net loss for the period</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;(7,610,579)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;(1,052,026)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;(6,146,117)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none"><FONT STYLE="font-size: 10pt">&#9;(5,037,263)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>OTHER COMPREHENSIVE LOSS</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Cumulative translation adjustment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(283,189)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(337,763)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt"><B>Comprehensive loss for the period</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt">$&#9;(7,610,579)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt">$&#9;(1,335,215)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt">$&#9;(6,146,117)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt">$&#9;(5,375,026)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt"><B>Basic and diluted loss per common share</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt">$&#9;&nbsp;&nbsp;(0.26)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt">$&#9;&nbsp;&nbsp;(0.04)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt">$&#9; (0.21)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt">$&#9; (0.20)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 2pt double">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Weighted average number of common shares</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 12.6pt"><B>outstanding</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 2pt double">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#9;29,096,889</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 2pt double">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#9;26,830,470</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 2pt double">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#9;29,096,889</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 2pt double">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#9;24,718,697</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">CONDENSED CONSOLIDATED INTERIM STATEMENTS OF
CASH FLOWS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FOR THE SIX MONTHS ENDED MARCH 31&#9;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 55%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">2017</P></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">2016</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.55pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>CASH FLOWS FROM OPERATING ACTIVITIES</B></FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Loss for the period</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">$&#9;(6,146,117)</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">$&#9;(5,037,263)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Items not affecting cash:</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 18pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Amortization</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;23,073</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;33,021</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 18pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;(Gain) loss on derivative liability</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;1,486,142</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;(4,665,795)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 18pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Finance expense</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;311,476</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;910,101</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 18pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Product development and relocation grant</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;(5,192,799)</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 18pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Unrealized foreign exchange</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;(4,728)</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;(58,621)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 18pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Share-based payments (Note 10)</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;575,052</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;571,266</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Changes in non-cash working capital items:</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 18pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Receivables</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;(83,782)</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;25,545</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 18pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Prepaid expenses</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;358,243</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;579,736</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 18pt; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#9;Accounts payable and accrued liabilities</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(587,483)</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(874,530)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#9;Net cash used in operating activities</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(9,260,923)</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(8,516,540)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>CASH FLOWS FROM INVESTING ACTIVITIES</B></FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#9;Acquisition of equipment </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(9,983)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#9;Net cash used in investing activities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;(9,983)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>CASH FLOWS FROM FINANCING ACTIVITIES</B></FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Product development and relocation grant</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;5,192,799</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;3,786,667</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Proceeds on private placement</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;19,999,992</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Proceeds on loan advance</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;8,000,000</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Financing costs</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;(156,895)</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;(855,141)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Interest paid</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;(147,222)</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9;Options exercised</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;28,448</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#9;Warrants exercised</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;1,194&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#9;Net cash provided by financing activities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;12,888,682</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;22,961,160</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Effect of foreign exchange on cash</B></FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;5,900</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;(80,937)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Change in cash for the period</B></FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;3,633,659</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">&#9;14,353,700</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Cash, beginning of period</B></FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;8,985,095</FONT></TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#9;1,579,288</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Cash, end of period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: -12.6pt; padding-left: 1.65pt; text-indent: -1.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: -12.6pt; padding-left: 1.65pt; text-decoration: none; text-indent: -1.65pt; text-align: right"><FONT STYLE="font-size: 10pt">$&#9;12,618,754</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: -12.6pt; padding-left: 5.4pt; text-decoration: none; text-align: right"><FONT STYLE="font-size: 10pt">$&#9;15,932,988</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Supplemental Cash Flow Information (Note
11)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">CONDENSED CONSOLIDATED INTERIM STATEMENT OF
CHANGES IN SHAREHOLDERS&rsquo; EQUITY (DEFICIENCY)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border-top: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">Reserves</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 38%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">Number of shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">Share capital</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">Share-based payments</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">Warrants</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">Cumulative translation adjustment</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">Deficit</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">Total</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Balance, September 30, 2015 (Note 2)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;22,629,271</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;19,419,004</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;2,355,196</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;45,824</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;(1,738,716)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;(15,625,796)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;4,455,512</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Private placement </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;6,212,118</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;6,581,815</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">6,581,815</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Issuance costs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;(168,254)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;(168,254)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;Options exercised</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;233,724</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;127,632</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;(99,184)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;28,448</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Warrants exercised</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;776</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;1,628</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;(434)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;1,194</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Share-based payments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;571,266</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;571,266</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Foreign currency adjustment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;(54,574)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;(54,574)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Effect of functional currency change</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;263,903</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;(283,189)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;524,950</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;505,664</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: left; padding-bottom: 1pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Loss for the period</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;(5,037,263)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;(5,037,263)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Balance, March 31, 2016</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;29,075,889</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;25,961,825</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;2,827,278</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;309,293</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;(2,076,479)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;(20,138,109)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;6,883,808</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Issuance costs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;(1,837)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;(1,837)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Options exercised</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;21,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;14,754</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;(6,737)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;8,017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Share-based payments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;675,680</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;675,680</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: left; padding-bottom: 1pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Loss for the period</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;(8,102,525)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;(8,102,525)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Balance, September 30, 2016 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;29,096,889</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;25,974,742</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;3,496,221</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;309,293</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;(2,076,479)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;(28,240,634)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;(536,857)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Warrants issued on long-term debt</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;208,777</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;208,777</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Share-based payments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;575,052</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;575,052</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: left; padding-bottom: 1pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Loss for the period</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;(6,146,117)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: none; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&#9;(6,146,117)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Balance, March 31, 2017 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&#9;29,096,889</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;25,974,742</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;4,071,273</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;518,070</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;(2,076,479)</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;(34,386,751)</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-decoration: none; vertical-align: bottom"><FONT STYLE="font-size: 9pt">$&#9;(5,899,145)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NATURE
AND CONTINUANCE OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Nature of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">ESSA Pharma Inc. (the &ldquo;Company&rdquo;)
was incorporated under the laws of the Province of British Columbia on January 6, 2009. The Company&rsquo;s head office address
is Suite 720 - 999 West Broadway, Vancouver, BC, V5Z 1K5. The registered and records office address is the 26<SUP>th</SUP> Floor
at 595 Burrard Street, Three Bentall Centre, Vancouver, BC, V7X 1L3. The Company is listed on the NASDAQ Capital Market (&ldquo;NASDAQ&rdquo;)
under the symbol &ldquo;EPIX&rdquo;, and on the Toronto Stock Exchange (&ldquo;TSX&rdquo;) under the symbol &ldquo;EPI&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company is focused on the development
of small molecule drugs for the treatment of prostate cancer. The Company has acquired a license to certain patents (the &ldquo;NTD
Technology&rdquo;) which were the joint property of the British Columbia Cancer Agency and the University of British Columbia.
As at March 31, 2017, no products are in commercial production or use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Change in Presentation Currency</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company has retroactively changed
its presentation currency to the United States dollar (&ldquo;US$&rdquo;) from the Canadian dollar (&ldquo;C$&rdquo;). The change
is detailed in Note 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Going Concern</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">These financial statements have been
prepared in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) assuming the Company will continue
on a going-concern basis. The Company has incurred losses and negative operating cash flows since inception. The Company incurred
a net loss of $6,146,117 during the six months ended March 31, 2017 and has an accumulated deficit of $34,386,751. The ability
of the Company to continue as a going concern in the long-term depends upon its ability to develop profitable operations and to
continue to raise adequate financing.&nbsp; As at March 31, 2017, the Company has not advanced its research into a commercially
viable product. The Company&rsquo;s continuation as a going concern is dependent upon the successful development of its NTD Technology
to a commercial standard. Management has forecasted that the Company&rsquo;s current working capital will not be sufficient to
execute its planned expenditures for the coming year. These matters indicate the existence of material uncertainties that raises
substantial doubt about its ability to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">During the period ended March 31,
2017, the Company entered into a $10,000,000 term credit loan facility agreement (Note 7) pursuant to which the Company has initially
drawn down $8,000,000. During the period ended March 31, 2017, the Company also received $5,192,799, a portion of the third and
final tranche of Cancer Prevention Research Institute of Texas (&ldquo;CPRIT&rdquo;) funding of $5,422,000 (Note 16). Management
continues to seek sources of additional financing which would assure continuation of the Company&rsquo;s operations and research
programs. However, there is no certainty that such financing will be provided or provided on favorable terms. Management believes
that it will complete one or more of these arrangements in sufficient time to continue to execute its planned expenditures without
interruption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASIS
OF PRESENTATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Statement of Compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">These condensed consolidated interim
financial statements, including comparatives, have been prepared in accordance with International Accounting Standards (&ldquo;IAS&rdquo;)
34 &lsquo;Interim Financial Reporting&rsquo; (&ldquo;IAS 34&rdquo;) using accounting policies consistent with International Financial
Reporting Standards (&ldquo;IFRS&rdquo;) issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;) and Interpretations
of the International Financial Reporting Interpretations Committee (&ldquo;IFRIC&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASIS
OF PRESENTATION </B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Statement of Compliance </B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The condensed consolidated interim
financial statements do not include all the information and disclosures required in the annual consolidated financial statements
and should be read in conjunction with the Company&rsquo;s annual consolidated financial statements for the year ended September
30, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Basis of Presentation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The condensed consolidated interim
financial statements have been prepared on a historical cost basis except for certain financial assets measured at fair value.
In addition, these condensed consolidated interim financial statements have been prepared using the accrual basis of accounting,
except for cash flow information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">All amounts expressed in these condensed
consolidated interim financial statements and the accompanying notes are expressed in United States dollars, except per share data
and where otherwise indicated. References to &ldquo;$&rdquo; are to United States dollars and references to &ldquo;C$&rdquo; are
to Canadian dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Basis of Consolidation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The condensed consolidated interim
financial statements comprise the accounts of ESSA Pharma Inc., the parent company, and its wholly-owned subsidiary, ESSA Pharmaceuticals
Corp., after the elimination of all material intercompany balances and transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Subsidiaries</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Subsidiaries are all entities over
which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect
its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when
assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred
to the Company until the date on which control ceases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The accounts of subsidiaries are
prepared for the same reporting period as the parent company, using consistent accounting policies. Inter-company transactions,
balances and unrealized gains or losses on transactions are eliminated upon consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Functional and Presentation Currency</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">The functional
currency of an entity is the currency of the primary economic environment in which the entity operates. From inception to January
1, 2016, the functional currency of the Company has been the Canadian dollar and its subsidiary&rsquo;s the United States dollar.
The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21, <I>The
Effects of Changes in Foreign Exchange Rates</I>. The financing completed in January 2016 and changes to the Company&rsquo;s operations
have resulted in a change to the currency in which the Company&rsquo;s management conducts its operating, capital and financing
decisions. Consequently, the functional currency of the Company became the US$ effective January 1, 2016.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">The Company
has adopted the US$ as the presentation currency for the consolidated entity retrospectively. For comparative reporting purposes,
historical financial statements were translated into the US$ reporting currency whereby assets and liabilities were translated
at the closing rate in effect at the end of the comparative periods; revenues, expenses and cash flows were translated at the average
rate in effect for the comparative periods and equity transactions were translated at historic rates. The historic translation
had an impact of $1,765 as an unrealized foreign exchange loss as at October 1, 2013. Upon the change of functional currency as
at January 1, 2016, the Company recognized an impact of $283,189 to the accumulated comprehensive income (loss).</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASIS
OF PRESENTATION </B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Functional and Presentation Currency
</B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">These financial
statements are presented in United States dollars. All financial information is expressed in United States dollars unless otherwise
stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company makes estimates and assumptions
about the future that affect the reported amounts of assets and liabilities. Estimates and judgments are continually evaluated
based on historical experience and other factors, including expectations of future events that are believed to be reasonable under
the circumstances. In the future, actual results may differ from these estimates and assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The effect of a change in an accounting
estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the change affects
that period only, or in the period of the change and future periods, if the change affects both. Significant assumptions about
the future and other sources of estimation uncertainty that management has made at the statement of financial position date, that
could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ
from assumptions that have been made, relate to the following key estimates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Intangible Assets - impairment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The application of the Company&rsquo;s
accounting policy for intangible assets expenditures requires judgment in determining whether it is likely that future economic
benefits will flow to the Company, which may be based on assumptions about future events or circumstances. Estimates and assumptions
may change if new information becomes available. If, after expenditures are capitalized, information becomes available suggesting
that the recovery of expenditures is unlikely, the amount capitalized is written off in profit or loss in the period the new information
becomes available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Intangible Assets - useful lives</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Following initial recognition, the
Company carries the value of intangible assets at cost less accumulated amortization and any accumulated impairment losses. Amortization
is recorded on a straight-line basis based upon management&rsquo;s estimate of the useful life and residual value. The estimates
are reviewed at least annually and are updated if expectations change as a result of technical obsolescence or legal and other
limits to use. A change in the useful life or residual value will impact the reported carrying value of the intangible assets resulting
in a change in related amortization expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Product development and relocation
grant</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Pursuant to the terms of the Company&rsquo;s
grant from the Cancer Prevention Research Institute of Texas (&ldquo;CPRIT&rdquo;), the Company must meet certain terms and conditions
to qualify for the grant funding. The Company has assessed its performance relative to these terms as detailed in Note 16 and has
judged that there is reasonable assurance the Company will meet the terms of the grant and qualify for the funding. The Company
has therefore recognized in profit or loss, as recoveries of research and development expenditures, a portion of the grant that
represents expenses the Company has incurred to date under the grant parameters. The expenses are subject to assessment by CPRIT
for compliance with the grant regulations which may result in certain expenses being denied and incurred in a future period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Long-term debt</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company has made certain estimates
regarding the expected timing of and value of cash flows with respect to long-term debt. The estimates will fluctuate in accordance
with changes in interest rates, additional draws on the facility and any prepayments made, should the Company elect to do so (Note
7).</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASIS
OF PRESENTATION </B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Estimates </B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Derivative financial instruments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Certain warrants are treated as derivative
financial liabilities. The estimated fair value, based on the Black-Scholes model, is adjusted on a quarterly basis with gains
or losses recognized in the statement of loss and comprehensive loss. The Black-Scholes model is based on significant assumptions
such as volatility, dividend yield, expected term and liquidity discounts (Note 8).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Share-based payments and compensation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company has applied estimates
with respect to the valuation of shares issued for non-cash consideration. Shares are valued at the fair value of the equity instruments
granted at the date the Company receives the goods or services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company measures the cost of
equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are
granted. Estimating fair value for share-based payment transactions requires determining the most appropriate valuation model,
which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs
to the valuation model including the fair value of the underlying common shares, the expected life of the share option, volatility
and dividend yield and making assumptions about them. The Company makes reference to prices quoted on the TSX and NASDAQ. The assumptions
and models used for estimating fair value for share-based payment transactions are discussed in Note 10.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT
ACCOUNTING POLICIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>New standards not yet adopted
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>IFRS 9 Financial Instruments </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">IFRS 9 was issued by the IASB in
October 2010. It incorporates revised requirements for the classification and measurement of financial liabilities and carrying
over the existing derecognition requirements from IAS 39 Financial Instruments: recognition and measurement. The revised financial
liability provisions maintain the existing amortized cost measurement basis for most liabilities. New requirements apply where
an entity chooses to measure a liability at fair value through profit or loss - in these cases, the portion of the change in fair
value related to changes in the entity's own credit risk is presented in other comprehensive income rather than within profit or
loss. IFRS 9 is effective for annual periods beginning on or after January 1, 2018. The impact of IFRS 9 on the Company&rsquo;s
condensed consolidated interim financial statements has not yet been determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>IFRS 15 Revenue from Contracts
with Customers</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">IFRS 15 is a new standard to establish
principles for reporting the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity&rsquo;s contracts
with customers. It provides a single model in order to depict the transfer of promised goods or services to customers. IFRS 15
supersedes IAS 11, Construction Contracts, IAS 18, Revenue, IFRIC 13, Customer Loyalty Programs, IFRIC 15, Agreements for the Construction
of Real Estate, IFRIC 18, Transfers of Assets from Customers, and SIC-31, Revenue - Barter Transactions involving Advertising Service.
IFRS 15 is effective for annual periods beginning on or after January 1, 2018. The impact of IFRS 15 on the Company&rsquo;s financial
statements has not yet been determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT
ACCOUNTING POLICIES </B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>New standards not yet adopted
</B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>IFRS 16, Leases </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">IFRS 16 is a new standard that sets
out the principles for recognition, measurement, presentation, and disclosure of leases including guidance for both parties to
a contract, the lessee and the lessor. The new standard eliminates the classification of leases as either operating or finance
leases as is required by IAS 17 and instead introduces a single lessee accounting model. IFRS 16 is effective for annual periods
beginning on or after January 1, 2019. The impact of IFRS 16 on the Company&rsquo;s leases has not yet been determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PREPAID
EXPENSES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">March 31, <BR>2017</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">September 30, 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Clinical program deposit</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">500,550</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">677,357</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -25.65pt; padding-left: 25.65pt">Other deposits and prepaid expenses</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">159,439</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">340,875</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; text-align: left; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Balance</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">659,989</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">1,018,232</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQUIPMENT
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-decoration: none; text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Furniture and fixtures</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-decoration: none; text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Computer equipment</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-decoration: none; text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Cost</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Balance, September 30, 2015</TD><TD STYLE="width: 5%; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-decoration: none; text-align: left">$</TD><TD STYLE="width: 11%; text-decoration: none; text-align: right">148,674</TD><TD STYLE="width: 1%; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-decoration: none; text-align: left">$</TD><TD STYLE="width: 11%; text-decoration: none; text-align: right">39,020</TD><TD STYLE="width: 1%; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-decoration: none; text-align: left">$</TD><TD STYLE="width: 11%; text-decoration: none; text-align: right">187,694</TD><TD STYLE="width: 1%; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: none; text-align: left; padding-bottom: 1pt; padding-left: 12pt">Additions</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">5,644</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">4,339</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">9,983</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Balance, September 30, 2016</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">154,318</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">43,359</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">197,677</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: none; text-align: left; padding-bottom: 1pt; padding-left: 12pt">Additions</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: none; text-align: left; padding-bottom: 1pt; text-indent: -25.65pt; padding-left: 25.65pt">Balance, March 31, 2017</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">154,318</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">43,359</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">197,677</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Accumulated Amortization</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Balance, September 30, 2015</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">$</TD><TD STYLE="text-decoration: none; text-align: right">16,079</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">$</TD><TD STYLE="text-decoration: none; text-align: right">6,151</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">$</TD><TD STYLE="text-decoration: none; text-align: right">22,230</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: none; text-align: left; padding-bottom: 1pt; padding-left: 12pt">Amortization expense</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">33,515</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">14,202</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">47,717</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Balance, September 30, 2016</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">49,594</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">20,353</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">69,947</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: none; text-align: left; padding-bottom: 1pt; padding-left: 12pt">Amortization expense</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">10,472</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">3,452</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">13,924</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: none; text-align: left; padding-bottom: 1pt; text-indent: -25.65pt; padding-left: 25.65pt">Balance, March 31, 2017</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">60,066</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">23,805</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">83,871</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Net Book Value</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Balance, September 30, 2016</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">$</TD><TD STYLE="text-decoration: none; text-align: right">104,724</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">$</TD><TD STYLE="text-decoration: none; text-align: right">23,006</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">$</TD><TD STYLE="text-decoration: none; text-align: right">127,730</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: none; text-align: left; padding-bottom: 2.5pt; text-indent: -25.65pt; padding-left: 25.65pt; border-bottom: Black 2pt double">Balance, March 31, 2017</TD><TD STYLE="text-decoration: none; padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-decoration: none; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-decoration: none; text-align: right">94,252</TD><TD STYLE="padding-bottom: 2.5pt; text-decoration: none; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-decoration: none; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-decoration: none; text-align: right">19,554</TD><TD STYLE="padding-bottom: 2.5pt; text-decoration: none; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-decoration: none; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-decoration: none; text-align: right">113,806</TD><TD STYLE="padding-bottom: 2.5pt; text-decoration: none; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Amortization expense has been recorded
in &ldquo;general and administrative expenses&rdquo; in the statement of loss and comprehensive loss (Note 17).</P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTANGIBLE
ASSETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: none; text-align: left; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-decoration: none; text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double"><BR>
NTD Technology</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Cost</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Balance, September 30, 2015</TD><TD STYLE="width: 10%; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-decoration: none; text-align: left">$</TD><TD STYLE="width: 18%; text-decoration: none; text-align: right">374,685</TD><TD STYLE="width: 1%; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: none; text-align: left; padding-bottom: 1pt; padding-left: 12pt">Net exchange differences</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">(13,401</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: none; text-align: left; padding-bottom: 1pt; text-indent: -25.65pt; padding-left: 25.65pt; border-bottom: Black 1pt solid">Balance, September 30, 2016 and March 31, 2017</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">361,284</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Accumulated Amortization</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Balance, September 30, 2015</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">$</TD><TD STYLE="text-decoration: none; text-align: right">90,604</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: none; text-align: left; padding-left: 12pt">Amortization expense</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">18,464</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: none; text-align: left; padding-bottom: 1pt; padding-left: 12pt">Net exchange differences</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">(3,407</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Balance, September 30, 2016</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">105,661</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: none; text-align: left; padding-bottom: 1pt; padding-left: 12pt">Amortization expense</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">9,149</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">&nbsp;</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: none; text-align: left; padding-bottom: 1pt; text-indent: -25.65pt; padding-left: 25.65pt; border-bottom: Black 1pt solid">Balance, March 31, 2017</TD><TD STYLE="text-decoration: none; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">114,810</TD><TD STYLE="padding-bottom: 1pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Net Book Value</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: none; text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Balance, September 30, 2016</TD><TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: left">$</TD><TD STYLE="text-decoration: none; text-align: right">255,623</TD><TD STYLE="text-decoration: none; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: none; text-align: left; padding-bottom: 2.5pt; text-indent: -25.65pt; padding-left: 25.65pt; border-bottom: Black 2pt double">Balance, March 31, 2017</TD><TD STYLE="text-decoration: none; padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-decoration: none; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-decoration: none; text-align: right">246,474</TD><TD STYLE="padding-bottom: 2.5pt; text-decoration: none; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Amortization expense has been recorded
in &ldquo;general and administrative expenses&rdquo; in the statement of loss and comprehensive loss (Note 17).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The NTD Technology is held under
a License Agreement signed in fiscal 2010. As consideration for the License Agreement, the Company issued common shares of the
Company. The License Agreement contains an annual royalty as a percentage of annual net revenue and a percentage of any annual
sublicensing revenue earned with respect to the NTD Technology. The License Agreement stipulates certain minimum advance royalty
payments of C$40,000 for 2013 and escalating to C$85,000 by 2017. In addition, there are certain milestone payments for the first
compound, to be paid in stages as to C$50,000 at the start of a Phase II clinical trial, C$900,000 at the start of a Phase III
clinical trial, C$1,450,000 at application for marketing approval, and with further milestone payments on the second and additional
compounds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LONG-TERM
DEBT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On November 18, 2016, Silicon Valley
Bank (&ldquo;SVB&rdquo;) entered into a $10,000,000 capital term loan facility agreement (&ldquo;SVB Term Loan&rdquo;) with the
Company. The Company has initially drawn down $8,000,000 from the SVB Term Loan. There is a conditional option to receive an additional
$2,000,000 by April 28, 2017 upon positive data for the Company&rsquo;s ongoing Phase 1 clinical trial of EPI-506 and receipt of
the third and final tranche of the CPRIT grant of $5,422,000, of which $5,192,799 was received during the period ended March 31,
2017 (Note 16). As at the filing of these financial statements, the Company has not drawn down the additional $2,000,000 and is
in discussions with SVB regarding an extension to the April 28, 2017 drawdown date. There is no confirmation as to whether these
funds will be available to the Company as of the filing date of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LONG-TERM
DEBT </B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The SVB Term Loan bears an interest
rate of Wall Street Journal Prime Rate (&ldquo;WSJ Prime Rate&rdquo;) plus 3% per annum and will mature on September 1, 2020. The
SVB Term Loan requires a final payment of 8.6% of the amount advanced (&ldquo;Final Payment&rdquo;), due upon the earlier of the
maturity or termination of the SVB Term Loan. The Company is required to make interest only payments until December 31, 2017. The
interest only payment period will be extended by six months if the second tranche of $2,000,000 is drawn by the Company. The SVB
Term Loan contains a voluntary prepayment option whereby the principal amount can be prepaid in whole, or in part, for a fixed
fee if a prepayment is made on or before the second anniversary of the SVB Term Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The SVB Term Loan is secured by a
perfected first priority lien on all of the Company&rsquo;s assets, with a negative pledge on the Company&rsquo;s intellectual
property. The SVB Term Loan is subject to standard events of default, including default in the event of a material adverse change.
There are no financial covenants under the SVB Term Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Upon funding of the respective tranches
of the SVB Term Loan, the Company is required to grant to SVB common share purchase warrants. In connection with the initial $8,000,000
draw, the Company granted an aggregate of 149,532 warrants, exercisable at a price of $2.14 per share for a period of seven years
until November 18, 2023. The warrants were measured at fair value using the Black-Scholes option pricing model on the date of the
grant with a risk-free interest rate of 1.32%, term of 7 years, volatility of 75.4% and dividend rate of 0%. The fair value of
the warrants was determined to be $208,777. The Company incurred additional transaction costs of $156,895 related to the SVB Term
Loan. The transaction costs and Final Payment are being amortized into profit and loss over the estimated term of the facility,
being the legal term, at an effective interest rate of 11.32%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; border-top: Black 2pt double"><BR>
Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; border-top: Black 2pt double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Balance, September 30, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: left">Loan advance</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">8,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Transaction costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(365,672</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(147,222</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accretion</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">311,476</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-align: left; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Balance, March 31, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,798,582</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-align: left; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Current portion, March 31, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">662,749</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Long-term portion, March 31, 2017</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">7,135,833</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DERIVATIVE
LIABILITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Broker Warrants Denominated in
Foreign Currency</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In accordance with IFRS, an obligation
to issue shares for a price that is not fixed in the Company&rsquo;s functional currency, and that does not qualify as a rights
offering, must be classified as a derivative liability and measured at fair value with changes recognized in the statement of loss
and comprehensive loss as they arise. The derivative liability was designated as a financial liability carried at fair value through
profit and loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Warrants exercisable in US dollars
prior to January 1, 2016 and warrants exercisable in Canadian dollars after January 1, 2016, the date marking the Company&rsquo;s
change in functional currency, are therefore classified as derivative liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DERIVATIVE
LIABILITIES </B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Broker Warrants Denominated in
Foreign Currency </I>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In 2015, the Company issued 257,018
broker warrants. Each broker warrant was exercisable to purchase one common share until January 16, 2017 at a price of US$2.75
per broker warrant (Note 10). On issuance of the broker warrants, the Company recorded a derivative liability of $282,287 using
the Black-Scholes model. As at December 31, 2015, the derivative liability had a fair value of $588,407, using the Black-Scholes
model with a risk-free interest rate of 0.52%, term of 1.04 years, volatility of 80.0%, and dividend rate of 0%. On January 1,
2016, the Company de-recognized the derivative liability of $588,407. On January 16, 2017, the remaining 256,363 outstanding warrants
expired unexercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In April 2014, in connection with
the issuance of a convertible debenture for $1,000,000, the Company issued 25,000 broker warrants valued at $14,935 (C$16,394),
each exercisable into one common share at a price of C$2.00 for a period of five years (Note 10). The warrants were valued using
the Black-Scholes model with a risk-free interest rate of 1.63%, term of 5 years, volatility of 80% and dividend rate of 0%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On January 1, 2016, the Company recorded
a derivative liability of $82,743 using the Black-Scholes model. As at March 31, 2017, the derivative liability had a fair value
of $45,772 (September 30, 2016 - $42,202). The Company has recorded the resulting change in fair value of $3,570 (2016 - $28,602)
in the statement of loss and comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>2016 Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In January 2016, the Company completed
a private placement of 4,545,452 units of the Company at $3.30 per unit (&ldquo;Unit&rdquo;) for gross proceeds of $14,999,992.
Each Unit consisted of one common share of the Company, one 7-year cash and cashless exercise warrant (the &ldquo;<B>7-Year Warrants</B>&rdquo;),
and one half of one 2-year cash exercise warrant (the &ldquo;<B>2-Year Warrants</B>&rdquo;). The 7-Year Warrants and 2-Year Warrants
have an exercise price of $3.30 per common share (collectively, the &ldquo;<B>2016 Warrants</B>&rdquo;). The holders of the 7-Year
Warrants may elect, in lieu of exercising the 7-Year Warrants for cash, a cashless exercise option, in whole or in part, to receive
common shares equal to the fair value of the 7-Year Warrants based on the number of 7-Year Warrants to be exercised multiplied
by a ten-day weighted average market price less the exercise price with the difference divided by the weighted average market price.
If a warrant holder exercises this option, there will be variability in the number of shares issued per 7-Year Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Additionally, the 2016 Warrants contain
provisions which may require the Company to redeem the 2016 Warrants, at the option of the holder, in the event of a major transaction,
such as a change of control or sale of the Company&rsquo;s assets (&ldquo;Major Transaction&rdquo;). The redemption value would
be subject to a Black Scholes valuation at the time of exercise. In the event the consideration for a Major Transaction payable
to the common shareholders is in cash, in whole or in part, the redemption of the 2016 Warrants would be made in cash pro-rata
to the composition of the consideration. The potential for a cash settlement for the 2016 Warrants, in accordance with IFRS, requires
the 2016 Warrants to be treated as financial liabilities measured at fair value through profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On issuance of the 7-Year and 2-Year
Warrants in January 2016, the Company recorded derivative liabilities of $10,181,817 and $3,236,363, respectively using the Black-Scholes
model. The 2016 Warrants are not traded in an active market. A liquidity discount of 20% has been applied to the per warrant fair
value to account for the lack of marketability of the instruments. As at March 31, 2017, the 7-Year Warrants derivative liability
had a fair value of $7,330,008 (September 30, 2016 - $6,005,794). As at March 31, 2017, the 2-Year Warrants derivative liability
had a fair value of $1,419,829 (September 30, 2016 - $1,261,471). The Company has recorded the resulting change in fair value of
$1,482,572 (2016 - $4,254,544) in the statement of loss and comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company uses the Black-Scholes
option pricing model to estimate value. The following weighted average assumptions were used to estimate the fair value of the
derivative warrant liabilities on initial recognition (January 1, 2016 with respect to the broker warrants and January 14, 2016
with respect to the 2016 Warrants), September 30, 2016, and March 31, 2017:</P>


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DERIVATIVE
LIABILITIES </B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>2016 Warrants (cont&rsquo;d...)</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 42.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 12pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 40%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">March 31,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">2017</P></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">September 30, 2016</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">January 14, 2016</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">January 1, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Risk-free interest rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1.89%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1.21%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1.55%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">0.62%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Expected life </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4.11 years</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4.62 years</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5.33 years</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3.29 years</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Expected annualized volatility</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">75.6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">70.0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">70.0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">80.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Dividend</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The derivative warrants are a recurring
Level 3 fair value measurement. The key level 3 inputs used by management to determine the fair value are the market price and
expected volatility. If the market price were to increase by a factor of 10% this would increase the obligation by approximately
$1,311,286 as at March 31, 2017. If the market price were to decrease by a factor of 10% this would decrease the obligation by
approximately $1,265,824 as at March 31, 2017. If the volatility were to increase by 10%, this would increase the obligation by
approximately $651,387 as at March 31, 2017. If the volatility were to decrease by 10%, this would decrease the obligation by approximately
$698,591 as at March 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The following table is a continuity
schedule of changes to the Company&rsquo;s derivative liabilities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double"><BR>
Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: justify; padding-left: 5.4pt; padding-bottom: 0pt; text-indent: 0pt">Balance, September 30, 2015</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 18%; text-align: right">993,099</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 5.4pt; padding-bottom: 0pt">Derivative liability on change in functional currency</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,743</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 5.4pt; padding-bottom: 0pt">Derivative liability on issuance of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,418,180</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 5.4pt; padding-bottom: 0pt">Change in fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,574,105</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 5.4pt; padding-bottom: 0pt">Net exchange differences</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,043</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 0pt; text-indent: 0pt; padding-left: 5.4pt">De-recognition of derivative liability on functional currency change</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(588,407</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; text-align: justify; padding-left: 5.4pt; padding-bottom: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt; padding-bottom: 0pt; text-indent: 0pt">Balance, September 30, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,309,467</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 0pt; padding-left: 5.4pt; text-indent: 0pt">Change in fair value</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,486,142</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-align: justify; padding-left: 5.4pt; padding-bottom: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 0pt; padding-left: 5.4pt; border-bottom: Black 2pt double; text-indent: 0pt">Balance, March 31, 2017</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">8,795,609</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHAREHOLDERS&rsquo;
EQUITY (DEFICIENCY)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Authorized:</I></P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Unlimited common shares, without
par value.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Unlimited preferred shares, without
par value.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Private placements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>a) March 2016 Private
Placement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In March 2016, the Company completed
a private placement (the &ldquo;<B>March 2016 Financing</B>&rdquo;) of 1,666,666 common shares at a price of $3.00 per share for
gross proceeds of approximately $5,000,000. The Company incurred financing costs of $62,797.</P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHAREHOLDERS&rsquo;
EQUITY (DEFICIENCY) </B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Private placements (cont&rsquo;d...)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>b) January 2016 Private
Placement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In January 2016, the Company completed
a private placement (the &ldquo;<B>January 2016 Financing</B>&rdquo;) of 4,545,452 Units of the Company at a price of $3.30 per
Unit for gross proceeds of approximately $15,000,000. Each Unit consisted of one common share, one 7-Year Warrant, and one-half
of one 2-Year Warrant. The 7-Year Warrant and 2-Year were assigned fair values using the Black-Scholes model (Note 8). The residual
value was assigned to the common share in the Unit in accordance with IAS 32 <I>Financial instruments: presentation</I>. In connection
with the January 2016 Financing, the Company paid a cash commission to a financial advisor of approximately $463,447 and incurred
other financing costs of $553,942. The financing costs were recorded as $107,288 in equity for the issuance of the common shares
and $910,101 to finance expense in the statement of loss and comprehensive loss for the issuance of the 2016 Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In connection with the January 2016
Financing, Clarus Lifesciences III, L.P. (&ldquo;<B>Clarus</B>&rdquo;) acquired 2,121,212 common shares, representing approximately
9.4% of the issued and outstanding common shares as at December 29, 2015 on a non-diluted basis and excluding the warrants which
were issued to Clarus on the closing date and the common shares issuable upon exercise thereof. Pursuant to the terms of the subscription
agreement between the Company and Clarus, Clarus is entitled to nominate two directors to the board of directors of the Company,
one of which must be an independent director and preapproved by the Company. These nomination rights will continue for so long
as Clarus holds greater than or equal to 1,060,606 common shares, subject to adjustment in certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In addition, on the closing of the
January 2016 Financing, certain shareholders, who in the aggregate controlled approximately 9,482,800 common shares constituting
41.9% of the issued and outstanding common shares on a non-diluted basis as at December 29, 2015, entered into a voting agreement
(the &ldquo;<B>Voting Agreement</B>&rdquo;) with Clarus providing that such shareholders will vote against certain change of control
transactions, unless Clarus consents otherwise, and support Clarus&rsquo; nominees to the board of directors of the Company. The
provisions of the Voting Agreement relating to change of control transactions will expire, at the latest, upon the six-month anniversary
of the public release of the results of the completed Phase 2 portion of the Phase 1/2 clinical trial of EPI-506 by the Company
or the public release of the results of the completed Phase 2 portion of an alternative program that is approved by the board of
directors and the provisions relating to the Clarus nominees will continue for so long as Clarus is entitled to nominate directors
to the Company&rsquo;s board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESERVES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Stock options</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company has adopted a Stock Option
Plan (the &ldquo;Plan&rdquo;), pursuant to which up to a maximum of 5,000,000 shares may be reserved for issuance. The Stock Option
Plan is consistent with the policies and rules of the TSX and NASDAQ. Pursuant to the Plan, options may be granted with expiry
terms of up to 10 years, and vesting criteria and periods are approved by the Board of Directors at its discretion. The options
issued under the Plan are accounted for as equity-settled share-based payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESERVES
</B>(cont&rsquo;d...)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Stock options </B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Stock option transactions are summarized
as follows:</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: justify; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Number <BR>of Options</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Weighted <BR>Average <BR>Exercise Price</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: justify; padding-left: 5.4pt">Balance, September 30, 2015</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3,473,519</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 10pt">C$&#9;1.91</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 12pt">Options granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">910,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.39</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 12pt">Options exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(281,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.61</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 12pt">Options expired/forfeited</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(40,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4.39</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Balance outstanding, September 30, 2016 and March 31, 2017</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,062,519</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">C$&#9;2.76</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt; border-bottom: Black 2pt double">Balance exercisable, March 31, 2017</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">2,926,265</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 10pt">C$&#9;2.14</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">At March 31, 2017, options were outstanding
enabling holders to acquire common shares as follows:</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 12pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; text-align: center"><FONT STYLE="font-size: 10pt">Exercise price (C$)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number of options</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 34pt; text-align: center"><FONT STYLE="font-size: 10pt">Weighted average remaining contractual life (years)</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">C$</FONT></TD>
    <TD STYLE="padding-right: 31.7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&#9;0.80</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,118,300</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1.18</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 31.7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;2.00</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,859,219</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2.41</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 31.7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;3.49</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">290,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4.36</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 31.7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;5.15</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2.93</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 31.7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;5.35</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">7.93</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 31.7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;6.25</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">600,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3.79</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 31.7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;7.26</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">20,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3.61</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 31.7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;9.10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">60,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">8.45</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 31.7pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;14.90</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">55,000</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">7.78</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 31.7pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4,062,519</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2.65</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Share-based compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">During six months ended March 31,
2017, the Company granted Nil (2016 - 620,000) stock options with a weighted average fair value of $Nil per option (2016 - C$3.25).
The Company recognized share-based payments expense of $575,052 (2016 - $571,266) for options granted and vesting during the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">Share-based payments
expense is allocated to its functional expense as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 93%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid; border-top: Black 2pt double">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-top: Black 2pt double">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double"><BR>
2017</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-top: Black 2pt double">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double"><BR>
2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 10pt; text-align: justify; padding-left: 5.4pt">Research and development expense (Note 17)</TD><TD STYLE="width: 8%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">84,303</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">185,194</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">Financing costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27,744</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">General and administrative (Note 17)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">490,749</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">358,328</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: right">575,052</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: right">571,266</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESERVES
</B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Share-based compensation </B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The following weighted average assumptions
were used for the Black-Scholes option-pricing model valuation of stock options granted:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 12pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">2017</P></TD>
    <TD STYLE="width: 16%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">2016</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Risk-free interest rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">0.63%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Expected life of options</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3.58 years</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Expected annualized volatility</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">74.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Dividend</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Warrant transactions are summarized
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: justify; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Number <BR>of Warrants</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Weighted <BR>Average <BR>Exercise Price</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: justify; padding-left: 5.4pt">Balance, September 30, 2015</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">282,489</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">2.64</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 12pt">Warrants granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,818,178</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.30</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 12pt">Warrants exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(776</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.48</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 12pt">Warrants expired</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(350</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.48</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Balance, September 30, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,099,541</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.28</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 12pt">Warrants granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149,532</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 12pt">Warrants expired</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(256,363</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.75</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt; border-bottom: Black 2pt double">Balance outstanding and exercisable, March 31, 2017</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">6,992,710</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">3.27</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Warrants exercisable in Canadian
dollars as at March 31, 2017 are translated at current rates to reflect the current weighted average exercise price in US dollars
for all outstanding warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">At March 31, 2017, warrants were
outstanding enabling holders to acquire common shares as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 12pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; border-top: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 28%; border-top: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Number</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">of Warrants</P></TD>
    <TD STYLE="width: 4%; border-top: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exercise</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Price</P></TD>
    <TD STYLE="width: 6%; border-top: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 44%; border-top: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Expiry Date</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">25,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">C$2.00</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">April 15, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;4,545,452</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">US$3.30</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">January 14, 2023</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;2,272,726</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">US$3.30</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">January 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt"><U>&#9;149,532</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">US$2.14</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">November 18, 2023</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">6,992,710</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><SUP>&nbsp;</SUP></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 13.5pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Detailed terms of the 2016 Warrants are included in Note 8.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUPPLEMENTAL
DISCLOSURE WITH RESPECT TO CASH FLOWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">During the six months ended March
31, 2017, the Company issued warrants valued at $208,777 in connection with the SVB term loan (Note 7).</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">During the six months ended March
31, 2016, the Company accrued share issuance costs of $74,404 through accounts payable and accrued liabilities and issued 213,724
common shares on the cashless exercise of 240,000 stock options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELATED
PARTY TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Key management personnel of the Company
include the President and Chief Executive Officer, Chief Financial Officer, Chief Technical Officer, Chief Scientific Officer,
Chief Medical Officer, Executive VP and Chief Operating Officer, Executive VP of Research and Development, and Directors of the
Company. Compensation paid to key management personnel is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: 9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: justify; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double"><BR>
2017</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double"><BR>
2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: justify; padding-left: 5.4pt">Salaries, consulting fees, and director fees</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,073,077</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,304,947</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Share-based payments <SUP>(a)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">524,360</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">439,735</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt; border-bottom: Black 2pt double">Total compensation</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">1,597,437</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">1,744,682</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.5pt"></TD><TD STYLE="width: 18pt"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Share-based payments to related parties represents the fair value of options granted and vested
in the period to key management personnel.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">During the six months ended March
31, 2017, the Company granted Nil (2016 - 600,000) options to key management personnel. The vesting of these options and options
granted to key management personnel in prior periods were recorded as share-based payments expense in the statement of loss and
comprehensive loss at a value of $524,360 (2016 - $439,735).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Included in accounts payable and
accrued liabilities at March 31, 2017 is $139,016 (September 30, 2016 - $276,399) due to related parties with respect to key management
personnel compensation and expense reimbursements. Amounts due to related parties are non-interest bearing, with no fixed terms
of repayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Commitments </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The CEO is entitled to a payment
of six months of base salary upon termination without cause, increasing to one year following one year of employment. Additionally,
the CEO is entitled to 18 months of salary if termination without cause occurs after a change of control event or within 60 days
prior to a change of control event where such event was under consideration at the time of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The CFO is entitled to a payment
of one year of base salary upon termination without cause, whether or not the termination was caused by a change of control event.
The CMO and Executive Vice-President of Research and Development are entitled to a payment of six months of base salary upon termination
without cause, and one year of base salary if the termination was caused by a change of control event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The COO is entitled to a payment
of six months of base salary upon termination without cause, increasing to one year following one year of employment. Additionally,
the COO is entitled to 18 months of salary if termination without cause occurs within 18 months after a change of control event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Stock options held by the CEO, CFO,
CMO, Executive Vice-President of Research and Development, and COO vest immediately upon a change of control.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEGMENTED
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company works in one industry
being the development of small molecule drugs for prostate cancer. The Company&rsquo;s equipment is located in the USA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAPITAL
MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company considers its capital
to be long-term debt and the components of shareholders&rsquo; equity. The Company&rsquo;s objective when managing capital is to
maintain adequate levels of funding to support the development of its business and maintain the necessary corporate and administrative
functions to facilitate these activities. This is done through both debt and equity financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In December 2015, the Company filed
a short form base shelf prospectus in British Columbia, Alberta, and Ontario, and a corresponding shelf registration statement
with the United States Securities and Exchange Commission on Form F-10, which enables issuances from time to time in order to increase
the Company&rsquo;s available capital which was used in connection with the financings completed during the year ended September
30, 2016 (Note 9). Future financings are dependent on market conditions and the ability to identify sources of investment. There
can be no assurance the Company will be able to raise funds in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On November 18, 2016, the Company
entered into the SVB Term Loan (Note 7), pursuant to which the Company has drawn down $8,000,000 as at March 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Other than the SVB Term Loan, there
were no changes to the Company&rsquo;s approach to capital management during the period ended March 31, 2017. As at March 31, 2017,
the Company is not subject to externally imposed capital requirements.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INSTRUMENTS
AND RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company&rsquo;s financial instruments
consist of cash, receivables, accounts payable and accrued liabilities, long-term debt and derivative liabilities. Cash is measured
based on level 1 inputs of the fair value hierarchy. The fair value of receivables and accounts payable and accrued liabilities
approximates their carrying values due to their short term to maturity. The fair value of the SVB Term Loan is approximately $8,735,000
which includes the principal and financing costs assessed on settlement as at March 31, 2017. The derivative liabilities are measured
using level 3 inputs (Note 8).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Fair value estimates of financial
instruments are made at a specific point in time, based on relevant information about financial markets and specific financial
instruments. As these estimates are subjective in nature, involving uncertainties and matters of judgement, they cannot be determined
with precision. Changes in assumptions can significantly affect estimated fair values.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Financial risk factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company&rsquo;s risk exposures
and the impact on the Company&rsquo;s financial instruments are summarized below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Credit risk </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Financial instruments that potentially
subject the Company to a significant concentration of credit risk consist primarily of cash and receivables. The Company&rsquo;s
receivables are primarily due to a vendor refund (received subsequent to March 31, 2017), refundable GST and investment tax credits.
The Company limits its exposure to credit loss by placing its cash with major financial institutions. Credit risk with respect
to investment tax credits and GST is minimal as the amounts are due from government agencies.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INSTRUMENTS
AND RISK </B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Financial risk factors </B>(cont&rsquo;d...)</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Liquidity risk </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">The Company&rsquo;s
approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at March
31, 2017, the Company had working capital of $9,672,017. During the period ended March 31, 2017, the Company received $5,192,799,
a portion of the third and final tranche of CPRIT funding of $5,422,000 (Note 16), which has been recorded as research and development
recoveries in profit and loss. The SVB Term Loan is repayable over 33 months following an interest-only period ending December
31, 2017. The Company does not generate revenue and will be reliant on external financing to fund operations and repay the SVB
Term Loan. Debt and equity financing is dependent on market conditions and may not be available on favorable terms. The CPRIT grant
is dependent on the Company completing all the milestones (Note 16).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Market risk </I></P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">Market risk
is the risk of loss that may arise from changes in market factors such as interest rates, and foreign exchange rates.</P>

<P STYLE="font: 12pt/95% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
rate risk</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify; text-indent: 0pt">As at March
31, 2017, the Company has cash balances which are interest bearing. Interest income is not significant to the Company&rsquo;s projected
operational budget and related interest rate fluctuations are not significant to the Company&rsquo;s risk assessment.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify; text-indent: -58.5pt">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify; text-indent: 0pt">The Company&rsquo;s
SVB Term Loan is interest-bearing debt at a variable rate. A 10% change in the WSJ Prime Rate would result in an increase of $15,375
or decrease of $2,203 in the net loss realized for the period.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign
currency risk</P>

<P STYLE="font: 12pt/95% Arial, Helvetica, Sans-Serif; margin: 0 0 0 58.5pt; text-align: justify; text-indent: 165.75pt">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify; text-indent: 0pt">Historically,
the Company has been exposed to foreign currency risk on fluctuations related to accounts payable and accrued liabilities that
are denominated in US dollars as the Company was financed and functioning in Canadian dollars. Over time, the Company has become
increasingly exposed to the US dollar due to the financings completed in US dollars, the US dollar-denominated CPRIT Grant (Note
16) and movement of operations to Houston pursuant to the terms of the CPRIT Grant; accordingly, the Company adopted the US dollar
as its functional currency from the Canadian dollar as of January 1, 2016, so that the Company&rsquo;s foreign currency risk exposure
now relates to net monetary assets denominated in Canadian dollars. A 10% change in the foreign exchange rate between the Canadian
and U.S. dollar would result in a fluctuation of $36,568 in the net loss realized for the period.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify; text-indent: -58.5pt">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify; text-indent: 0pt">The Company
does not currently engage in hedging activities.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify; text-indent: -58.5pt">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price
risk</P>

<P STYLE="font: 10pt/99% Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify; text-indent: 0pt">The Company
is exposed to price risk with respect to equity prices. The Company closely monitors individual equity movements, and the stock
market to determine the appropriate course of action to be taken by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMMITMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company has the following obligations
over the next five years:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid; border-top: Black 2pt double"><BR>
Contractual obligations</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">2017</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">2018</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">2019</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">2020</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">2021</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -20.1pt; padding-left: 25.65pt; vertical-align: bottom">Minimum annual royalty per License Agreement (Note 6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">C$</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#9;-&nbsp;&nbsp;&nbsp;</P></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">C$</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#9;85,000</P></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">C$</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#9;85,000</P></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">C$</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#9;85,000</P></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">C$</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#9;85,000</P></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Lease on Vancouver office space</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">20,477</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">40,953</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">40,953</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">40,953</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">40,953</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: -25.65pt; padding-left: 25.65pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Total (in C$)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">C$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#9;20,477</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">C$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#9;125,953</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">C$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#9;125,953</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">C$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#9;125,953</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">C$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#9;125,953</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">SVB loan payments (Note 7)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">280,722</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,536,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,195,590</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,883,590</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Lease on US office spaces</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">83,877</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">170,485</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">175,166</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">44,474</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 12pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 12pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 12pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 12pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 12pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Product Development
and Relocation Grant</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In February 2014 the Company received
notice that it had been awarded a product development and relocation grant by the CPRIT whereby the Company is eligible to receive
up to $12,000,000 on eligible expenditures over a three year period related to the development of the Company&rsquo;s androgen
receptor n-terminus blocker program for prostate cancer. The funding under CPRIT is subject to a number of conditions including
negotiation and execution of an award contract which details the milestones that must be met to release the tranched CPRIT funding,
proof the Company has raised the 50% matching funds to release CPRIT monies, and relocation of the project to the State of Texas
such that the substantial functions of the Company related to the project grant are in Texas and the Company uses Texas-based subcontractor
and collaborators wherever possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As at September 30, 2016, the Company
had received the first two tranches of the CPRIT Grant, totalling $6,578,000, which have been recognized as research and development
recoveries in the statements of loss and comprehensive loss over fiscal years 2014, 2015, and 2016. During the period ended March
31, 2017, the Company received $5,192,799, representing a partial payment of the third and final tranche of the grant of $5,422,000;
the amount was recognized as research and development recoveries in the statement of loss and comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">If the Company is found to have used
any grant proceeds for purposes other than intended, is in violation of the terms of the grant, or relocates its operations outside
of the state of Texas, then the Company is required to repay any grant proceeds received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Under the terms of the grant, the
Company is also required to pay a royalty to CPRIT, comprised of 4% of revenues until aggregate royalty payments equal $24,000,000,
and 2% of revenues thereafter. The Company has the option to terminate the grant agreement by paying a one-time, non-refundable
buyout fee, based on certain factors including the grant proceeds, and the number of months between the termination date and the
buyout fee payment date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt double"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ESSA PHARMA INC.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Unaudited)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in United States dollars)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MARCH 31, 2017</P></DIV></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXPENSES
BY NATURE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Research and development expenses
include the following major expenses by nature:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-top: Black 2pt double; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Three months ended <BR>March 31, 2017</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Three months ended <BR>March 31, 2016</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Six months ended <BR>March 31, 2017</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Six months ended <BR>March 31, 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: left; vertical-align: bottom">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; padding-left: 5.4pt; text-align: left; vertical-align: bottom">Clinical</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">991,740</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">763,437</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,827,661</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,379,285</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt; text-align: left; vertical-align: bottom">Consulting</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">227,710</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">466,914</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">588,171</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt; vertical-align: bottom">Legal patents and license fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,273</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182,707</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">340,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">444,633</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt; text-align: left; vertical-align: bottom">Manufacturing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,481,642</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">535,852</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,411,463</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,483,998</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt; text-align: left; vertical-align: bottom">Other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,310</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,944</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">170,901</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178,764</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt; text-align: left; vertical-align: bottom">Pharmacology</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,354</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,525</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">237,474</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253,961</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt; vertical-align: bottom">Program administration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,243</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,464</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">187,339</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,464</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt; text-align: left; vertical-align: bottom">Royalties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,228</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,228</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt; vertical-align: bottom">Salaries and benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">501,035</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">460,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">975,608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">994,307</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt; vertical-align: bottom">Share-based payments (Note 10)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,747</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,232</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,303</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">185,194</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt; text-align: left; vertical-align: bottom">Travel</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,844</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,128</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,146</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,449</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -3.4pt; padding-left: 8.8pt; vertical-align: bottom">CPRIT grant claimed on eligible expenses (Note 16)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,200,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,192,799</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: -25.65pt; padding-left: 25.65pt; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt; border-bottom: Black 2pt double; vertical-align: bottom">Total</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">2,548,761</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">2,544,517</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">1,640,268</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">5,745,454</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">General and administrative expenses
include the following major expenses by nature:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-top: Black 2pt double; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Three months ended <BR>March 31, 2017</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Three months ended <BR>March 31, 2016</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Six months ended <BR>March 31, 2017</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Six months ended <BR>March 31, 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: left; vertical-align: bottom">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; padding-left: 5.4pt; text-align: left; vertical-align: bottom">Amortization</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">11,537</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">16,580</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">23,073</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">33,021</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt; vertical-align: bottom">Consulting and subcontractor fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,166</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,640</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,869</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,021</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt; vertical-align: bottom">Director fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,758</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt; text-align: left; vertical-align: bottom">Insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,409</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">208,061</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">228,267</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt; vertical-align: bottom">Investor relations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,136</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,897</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,466</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,251</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt; vertical-align: bottom">Office, IT and communications</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,909</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,686</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121,355</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">172,544</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt; vertical-align: bottom">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">203,238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">227,625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">386,593</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">419,999</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt; vertical-align: bottom">Regulatory fees and transfer agent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,131</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,831</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,895</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt; text-align: left; vertical-align: bottom">Rent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,224</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,223</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">231,818</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">278,826</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt; vertical-align: bottom">Salaries and benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">440,628</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">769,639</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">857,121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,061,548</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt; vertical-align: bottom">Share-based payments (Note 10)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">202,877</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254,455</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">490,749</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">358,328</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; vertical-align: bottom">Travel and entertainment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">59,476</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,854</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">111,312</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">83,022</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: -25.65pt; padding-left: 25.65pt; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt; border-bottom: Black 2pt double; vertical-align: bottom">Total</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">1,363,493</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">1,874,597</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">2,733,312</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">3,101,465</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>ex992.htm
<DESCRIPTION>MD&A - SIX MONTHS ENDED MARCH 31, 2017
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.2</B></FONT></P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>



<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 180pt; width: 468pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 51-102F1</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FOR THE SIX MONTHS ENDED MARCH 31, 2017 AND
2016</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%; border: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>ESSA Pharma Inc.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">900 West Broadway &ndash; Suite 720</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Vancouver, BC</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">V5Z 1K5</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Canada</P></TD>
    <TD STYLE="width: 50%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>ESSA Pharmaceuticals Corp.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">2130 West Holcombe Blvd &ndash; Suite 900</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">Houston, TX</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">77030</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">USA</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">MANAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED MARCH 31, 2017 AND 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>This management&rsquo;s discussion and analysis
(&ldquo;<B>MD&amp;A</B>&rdquo;) of ESSA Pharma Inc. (the &ldquo;<B>Company</B>&rdquo; or &ldquo;<B>ESSA</B>&rdquo;) for the six
months ended March 31, 2017 and 2016 is dated as of May 11, 2017. </I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>This MD&amp;A has been prepared with reference
to National Instrument 51-102 &ldquo;Continuous Disclosure Obligations&rdquo; of the Canadian Securities Administrators.&nbsp;
This MD&amp;A should be read in conjunction with the unaudited condensed consolidated interim financial statements for the six
months ended March 31, 2017 and 2016, the audited consolidated financial statements for the years ended September 30, 2016 and
2015, and the related notes thereto. The condensed consolidated interim financial statements are prepared in accordance with International
Financial Reporting Standards (&ldquo;<B>IFRS</B>&rdquo;). Financial information presented in this MD&amp;A is presented in United
States dollars (&ldquo;USD&rdquo; or &ldquo;$&rdquo; or &ldquo;US$&rdquo;), unless otherwise indicated. Canadian dollars are presented
as &ldquo;C$&rdquo; or &ldquo;CAD&rdquo;, where indicated.</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>This MD&amp;A contains certain &ldquo;forward-looking
statements&rdquo; and certain &ldquo;forward-looking information&rdquo; as defined under applicable Canadian securities laws. Please
refer to the discussion of forward-looking statements set out under the heading &ldquo;Cautionary Note Regarding Forward-Looking
Statements&rdquo;, located at the end of this document. As a result of many factors, the Company&rsquo;s actual results may differ
materially from those anticipated in these forward-looking statements. </I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The Company&rsquo;s common shares trade on
the Toronto Stock Exchange (&ldquo;<B>TSX</B>&rdquo;) under the symbol &ldquo;EPI&rdquo; and the NASDAQ Capital Market (&ldquo;<B>NASDAQ</B>&rdquo;)
under the symbol &ldquo;EPIX&rdquo;.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OVERVIEW OF THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ESSA is a clinical stage pharmaceutical company
focused on developing novel and proprietary therapies for the treatment of prostate cancer in patients whose disease is progressing
despite treatment with current therapies, including abiraterone and enzalutamide. The Company believes its product candidate, EPI-506,
can significantly expand the interval of time in which patients suffering from castration-resistant prostate cancer (&ldquo;<B>CRPC</B>&rdquo;)
can benefit from hormone-based therapies. Specifically, EPI-506 acts by disrupting the androgen receptor (&ldquo;<B>AR</B>&rdquo;)
signaling pathway, which is the primary pathway that drives prostate cancer growth. EPI-002, the primary metabolite of EPI-506,
prevents AR activation by binding selectively to the N-terminal domain (&ldquo;<B>NTD</B>&rdquo;) of the AR. A functional NTD is
essential for activation of the AR. Blocking the NTD prevents activation of the AR by all of the known mechanisms of activation.
In pre-clinical studies, blocking the NTD has demonstrated the capability to prevent AR activation and overcome the known AR-dependent
mechanisms of CRPC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s Investigational New Drug
(&ldquo;<B>IND</B>&rdquo;) application to the U.S. Food and Drug Administration (&ldquo;<B>FDA</B>&rdquo;) for EPI-506 to begin
a Phase 1/2 clinical trial was accepted in September 2015, with the first clinical patient enrolled in November 2015. The Company&rsquo;s
Canadian Clinical Trial Application (&ldquo;<B>CTA</B>&rdquo;) submission to Health Canada was subsequently also accepted and the
clinical trial continues to enroll patients in the United States and Canada. In addition, applications to involve European investigators
in the Phase 2 portion of the clinical trial were submitted in March 2016 to the Medicine and Healthcare products Regulatory Agency
(&ldquo;<B>MHRA</B>&rdquo;) (United Kingdom) and the National Agency for the Safety of Medicines and Health Products (&ldquo;<B>ANSM</B>&rdquo;)
(France). These applications have received conditional approval pending review of the Phase 1 results. Through this Phase 1/2 clinical
trial, the Company is exploring the safety, tolerability, maximum tolerated dose and pharmacokinetics of EPI-506, in addition to
tumor response rates in asymptomatic or minimally symptomatic patients with metastatic CRPC who are no longer responding to either
abiraterone or enzalutamide treatments, or both. Efficacy endpoints include prostate specific antigen (&ldquo;<B>PSA</B>&rdquo;)
reduction, as well as other progression criteria including radiographic responses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">According to the American Cancer Society, in
the United States, prostate cancer is the second most frequently diagnosed cancer among men, behind skin cancer. Approximately
one-third of all prostate cancer patients who have been treated for local disease will subsequently have rising serum levels of
PSA, which is an indication of recurrent or advanced disease. Patients with advanced disease often undergo androgen ablation therapy
using analogues of luteinizing hormone releasing hormone (&ldquo;<B>LHRH</B>&rdquo;) or surgical castration. Most advanced prostate
cancer patients initially respond to androgen ablation therapy, however many experience a recurrence in tumor growth despite the
reduction of testosterone to castrate levels, and at that point are considered to have CRPC. Following diagnosis of CRPC, patients
are often treated with anti-androgens, which block the binding of androgens to the AR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The growth of prostate tumors is mediated by
an activated AR. Generally, there are three means of activating the AR. First, androgens such as dihydrotestosterone can activate
AR by binding to its ligand-binding domain (&ldquo;<B>LBD</B>&rdquo;). Second, CRPC can be driven by constitutively-active variants
of AR (&ldquo;<B>vAR</B>&rdquo;) that lack a LBD and do not require androgen for activation. The third mechanism involves certain
signaling pathways that activate AR independent of androgen activity. Current drugs for the treatment of prostate cancer work by
focusing on the first mechanism and either interfering with the production of androgen or preventing androgen from binding to LBD,
but this approach eventually fails and may not block the other two mechanisms of AR activation. By directly and selectively blocking
all known means of activating the AR, the Company believes EPI-506 holds the potential to be effective in cases where current therapies
have failed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">According to the Decision Resources
Group, in 2014, there were approximately 213,000 prevalent cases of CRPC, and that prevalence is expected to increase to approximately
235,000 in 2023. The Company expects that EPI-506 could be effective for many of those patients. The Company intends to initially
focus on patients who have failed abiraterone or enzalutamide therapies for the following reasons:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 34pt">CRPC treatment remains the prostate cancer market segment with a significant
unmet therapeutic need and is therefore a potentially large market;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 34pt">the Company believes that the unique mechanism of action of its product candidate
is well suited to treat patients who have failed androgen receptor ligand-binding domain focused therapies; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 34pt">the Company expects the large number of patients with unmet therapeutic need
in this area will facilitate timely enrollment in its clinical trials.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EPI-506 is a potent pro-drug of EPI-002, a
stereoisomer of the discovery compound, EPI-001. A pro-drug is a drug which after administration is converted into an active form
through a normal metabolic process. Pro-drugs are typically utilized to administer and more efficiently deliver another drug, which
in this case is EPI-002. In pre-clinical studies, EPI-001 has been shown to shrink benign prostate tissue in mice, and both EPI-506
and EPI-002 have been demonstrated to inhibit prostate tumors in mice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The NTD of AR is flexible with a high degree
of intrinsic disorder making it extremely difficult to be used for crystal structure-based drug design. The Company is not currently
aware of any success by other drug development companies in finding drugs that bind to this drug target. The nature of the highly
specific binding of the EPI compounds to the NTD, and the biological consequences of that binding, have been defined in recent
scientific studies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is currently conducting a Phase
1/2 clinical trial with the Phase 1 dose-escalation group, expected to comprise approximately 30 patients, being conducted at five
sites in the United States and Canada. Key enrollment criteria are progressive, metastatic CRPC for patients who are no longer
responding to abiraterone or enzalutamide. Efficacy endpoints include PSA response and radiographic progression criteria. The Company
will also assess biomarkers of resistance, including the splice variant status of patients as well as the presence of mutations
in the DNA coding the androgen receptor. A biomarker is a measurable biological or chemical change that is believed to be associated
with the severity or presence of a disease or condition. If the Phase 1/2 trial is successful, the Company expects FDA approval
would be sought to commence a Phase 3 trial in a similar patient population.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The British Columbia Cancer Agency (&ldquo;<B>BCCA</B>&rdquo;)
and the University of British Columbia (&ldquo;<B>UBC</B>&rdquo;) are joint owners of the intellectual property that constitutes
the Company&rsquo;s primary asset. The Company has entered into a joint agreement with the BCCA and UBC which provides them with
exclusive access to the issued patents and the patent applications to its EPI-series compounds, including EPI-506.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #0F0F0F; font: 10pt Times New Roman, Times, Serif; margin: 0 33.05pt 0 0"><B>Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s therapeutic goal is initially
to provide a safe and effective therapy for prostate cancer patients who have failed current therapies, and ultimately to treat
all AR-dependent forms of prostate cancer. The Company intends to accomplish those objectives while maximizing shareholder value.
Specific components of the Company&rsquo;s strategy include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="color: #0F0F0F; font: italic 10pt Times New Roman, Times, Serif; margin: 0 32.8pt 0 0">Advancing EPI-506 through clinical
development and regulatory approval in CRPC patients</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is conducting a Phase 1/2 clinical
trial to determine the safety, tolerability, maximum tolerated dose, pharmacokinetics and potential therapeutic benefits of EPI-506
in CRPC patients. If the Phase 1 clinical trial proceeds to completion as planned in the second half of calendar 2017, the Company
hopes to complete the Phase 2 portion of the trial in the second half of calendar 2018. The previous guidance for Phase 1 completion
in the first half of calendar 2017 has been updated to reflect the longer period than expected to determine a Phase 2 dose, based
on EPI-506 being well-tolerated by patients. Additional cohorts of patients have been enrolled in an effort to reach drug exposures
associated with efficacy in pre-clinical animal models.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Developing EPI-506 as an essential component
of a new standard of care for the treatment of pre-CRPC and expanding usage earlier in the disease stage</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The activated AR is required for the growth
and survival of most prostate cancer; therefore, the Company believes the AR NTD is an ideal target for next-generation hormone
therapy. If EPI-506 is successful in treating CRPC patients, it is reasonable to expect that EPI-506 may be effective in treating
earlier stage patients. Therefore, the Company may conduct additional clinical studies potentially leading to approval of EPI-506
for use in prostate cancer patients at an earlier disease stage.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Identifying new indication areas with high
unmet medical need</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Several other diseases and conditions are impacted
by activated AR, including certain sub-populations of breast cancer, Kennedy&rsquo;s disease (an orphan neurological condition)
and male pattern baldness. While the Company&rsquo;s primary focus will remain the treatment of prostate cancer, the Company may
explore such applications in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0"><I>Next Generation N-Terminal Domain Inhibitor Research
Program</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is also investing effort in the
identification of a next-generation androgen receptor N-terminal domain inhibitor. The purpose of the next-generation program is
to identify drug candidates with improved potency and pharmacological properties compared to ESSA&rsquo;s first-generation compounds.
Several candidate molecules have been screened which display 10-20 times higher potency than EPI-002 as measured in preclinical
models of androgen receptor inhibition. ESSA intends to conduct additional preclinical studies to identify a possible lead candidate
for further IND-enabling studies. If preclinical studies proceed as planned, the Company anticipates the nomination of a next-generation
drug candidate could occur in calendar 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Evaluating strategic collaborations to maximize
value</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company currently retains all commercial
rights for its EPI-series drug portfolio. The Company intends to evaluate potential collaborations that could enhance the value
of its prostate cancer program and allow it to leverage the expertise of strategic collaborators. The Company also intends to explore
collaborations in order to develop applications of its product candidate outside prostate cancer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CORPORATE UPDATE AND OVERALL PERFORMANCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ESSA has entered the clinical development stage
and does not currently generate revenue. During the six months ended March 31, 2017, the Company recorded a comprehensive loss
of $6,146,117 (2016 - $5,375,026). As of March 31, 2017, the Company had cash resources of $12,618,754 (September 30, 2016 - $8,985,095)
and working capital of $9,672,017 (September 30, 2016 - $6,389,257).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This corporate update highlights significant
events and transactions for the six months ended March 31, 2017 and for the subsequent period to the date of this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I>&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Research and Development Milestones</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Enrollment of First Patient in Phase 1/2
Clinical Trial for EPI-506</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2015, the Company opened its first
clinical trial sites and enrolled the first patient in the Phase 1/2 clinical study of EPI-506. In its Phase 1/2 clinical trial,
ESSA intends to demonstrate the safety, tolerability, maximum tolerated-dose, pharmacokinetics, and efficacy of EPI-506 in metastatic
CRPC patients who have failed abiraterone or enzalutamide therapy, or both. The clinical trial continues to enroll patients in
both the United States and Canada. EPI-506 has been well tolerated in the clinical trial with a favorable safety profile to date.
Patients are currently being enrolled in two parallel cohorts, one receiving two doses per day and the other cohort receiving one
dose per day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of the clinical study, ESSA will collect
molecular biomarker information which may provide useful context in understanding patient outcomes. Androgen receptor splice variant
V7 data will be included in such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Details relating to the Phase 1/2 clinical
trial are available on the US National Institutes of Health clinical trials website (see https://clinicaltrials.gov).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Corporate and Finance Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Debt Financing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #0F0F0F"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 18, 2016, Silicon Valley Bank (&ldquo;<B>SVB</B>&rdquo;)
entered into a $10,000,000 capital term loan facility agreement (&ldquo;<B>SVB Term Loan</B>&rdquo;) with the Company. The Company
has initially drawn down $8,000,000 from the SVB Term Loan. There is a conditional option to receive an additional $2,000,000 by
April 28, 2017 upon positive data for the Company&rsquo;s ongoing Phase 1 clinical trial of EPI-506 and receipt of the third and
final tranche of the Cancer Prevention Research Institute of Texas (&ldquo;<B>CPRIT</B>&rdquo;) grant of $5,422,000 (the &ldquo;<B>CPRIT
Grant</B>&rdquo;), which, as further described below, has been partially received. As at the filing of these financial statements,
the Company has not drawn down the additional $2,000,000 and is in discussions with SVB regarding an extension to the April 28,
2017 drawdown date. There is no confirmation as to whether these funds will be available to the Company as of the filing date of
these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The SVB Term Loan bears an interest rate of
Wall Street Journal Prime Rate (&ldquo;<B>WSJ Prime Rate</B>&rdquo;) plus 3% per annum and will mature on September 1, 2020. The
SVB Term Loan requires a final payment of 8.6% of the amount advanced (&ldquo;<B>Final Payment</B>&rdquo;), due upon the earlier
of the maturity or termination of the SVB Term Loan. The Company is required to make interest only payments until December 31,
2017. The interest only payment period will be extended by six months if the second tranche of $2,000,000 is drawn by the Company.
The SVB Term Loan contains a voluntary prepayment option whereby the principal amount can be prepaid in whole, or in part, for
a fixed fee if a prepayment is made on or before the second anniversary of the SVB Term Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The SVB Term Loan is secured by a perfected
first priority lien on all of the Company&rsquo;s assets, with a negative pledge on the Company&rsquo;s intellectual property.
The SVB Term Loan is subject to standard events of default, including default in the event of a material adverse change. There
are no financial covenants under the SVB Term Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon funding of the respective tranches of
the SVB Term Loan, the Company is required to grant to SVB common share purchase warrants. In connection with the initial $8,000,000
draw, the Company granted an aggregate of 149,532 warrants, exercisable at a price of $2.14 per share for a period of seven years
until November 18, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>CPRIT Funding</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six months ended March 31, 2017,
the Company received $5,192,799 as part of the third and final tranche of the CPRIT Grant, totalling $5,422,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #0F0F0F"><B>&nbsp;</B></P>

<P STYLE="color: #0F0F0F; font: 10pt Times New Roman, Times, Serif; margin: 0 33.05pt 0 0; text-align: center"></P>

<P STYLE="color: #0F0F0F; font: italic 10pt Times New Roman, Times, Serif; margin: 0 32.8pt 0 0">&nbsp;</P>

<P STYLE="color: #0F0F0F; font: italic 10pt Times New Roman, Times, Serif; margin: 0 32.8pt 0 0"></P>

<P STYLE="color: #0F0F0F; font: italic 10pt Times New Roman, Times, Serif; margin: 0 32.8pt 0 0">&nbsp;</P>

<P STYLE="color: #0F0F0F; font: italic 10pt Times New Roman, Times, Serif; margin: 0 32.8pt 0 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="color: #0F0F0F; font: 10pt Times New Roman, Times, Serif; margin: 0 33.05pt 0 0; text-align: center"><B>DISCUSSION OF
OPERATIONS</B></P>

<P STYLE="color: #0F0F0F; font: 10pt Times New Roman, Times, Serif; margin: 0 33.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="color: #0F0F0F; font: 10pt Times New Roman, Times, Serif; margin: 0 33.05pt 0 0"><B>Programs and Potential Products</B></P>

<P STYLE="color: #0F0F0F; font: italic 10pt Times New Roman, Times, Serif; margin: 0 32.8pt 0 0"><B>&nbsp;</B></P>

<P STYLE="color: #0F0F0F; font: italic 10pt Times New Roman, Times, Serif; margin: 0 32.8pt 0 0">EPI-Series Drugs</P>

<P STYLE="color: #0F0F0F; font: italic 10pt Times New Roman, Times, Serif; margin: 0 32.8pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s product candidate, EPI-506,
is a selective, oral small molecule pro-drug that blocks the NTD of the AR. The AR is required for the growth and survival of most
prostate cancer; therefore, the NTD of the AR is an ideal target for next-generation hormone therapy. Consistent with the inhibition
of AR activity by other EPI compounds, experimentation conducted in a test-tube or in a controlled environment outside a living
organism (&ldquo;<I>in vitro</I>&rdquo; studies) and experimentation done in or on the living tissue of a whole, living organism
(&ldquo;<I>in vivo</I>&rdquo; studies) show that EPI-506 selectively blocks AR-dependent proliferation of human prostate cancer
cells that express AR and does not inhibit the proliferation of cells that do not express functional AR or do not rely on the AR
for growth and survival. By directly inhibiting the NTD of the AR, the Company believes EPI-506 may be able to overcome resistance
mechanisms in CRPC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is currently conducting a Phase
1/2 clinical trial to determine the safety, tolerability, maximum tolerated dose, pharmacokinetics, and efficacy of EPI-506 in
CRPC patients. In Phase 1, expected to comprise approximately 30 patients, the clinical trial will evaluate the safety, tolerability,
pharmacokinetics, and maximum-tolerated dose of EPI-506, in multiple-dose escalations. The Phase 2 portion (dose expansion) of
the clinical trial will evaluate activity in three patient cohorts: post-enzalutamide CRPC, post-abiraterone CRPC, and both post-enzalutamide
and post-abiraterone CRPC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company licensed the EPI-family of drugs
from UBC and the BCCA whose initial lead compound was EPI-001. It is a mixture of four stereoisomers, each of which has the same
chemical constitution but different spatial orientation of its constituent atoms. While all the stereoisomers are active against
the AR NTD, the most effective stereoisomer of EPI-001 that had been identified at the initiation of the program is EPI-002, and
substantial experimentation with EPI-002 has been completed and published. EPI-506 is a pro-drug of EPI-002, meaning that EPI-506
metabolizes to EPI-002 <I>in vivo</I> once it is dosed orally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #0F0F0F; font: 10pt Times New Roman, Times, Serif; margin: 0 33.05pt 0 0"><B>Pre-clinical Studies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is focused on developing EPI-506
as its clinical development candidate. The <I>in vivo </I>efficacy of EPI compounds has been demonstrated using human prostate
cancer xenograft models.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s initial work to support
the CRPC indication consisted of pre-clinical studies and bioanalytical development, as well as Good Laboratory Practices (&ldquo;<B>GLP</B>&rdquo;)
and non-GLP toxicology trials in three species. Bioanalytical development for pre-clinical studies has been conducted in Vancouver,
Canada.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To formally assess any potential safety issues
related to EPI-506, the Company has conducted various dose-ranging non-GLP and IND enabling 28-day GLP toxicity trials in rodents
and non-rodents, as well as dose-ranging trials that lead to 28-day GLP toxicology trials. Consistent with the development of other
oncology therapies at this early stage, no reproductive toxicology trials are required, given the patient population to be treated.
The toxicology trials incorporate toxicokinetic data in order to correlate potential toxic effects with EPI-506 exposure. <I>In
vitro</I> metabolism data using hepatocytes has been generated. A radiolabeled form of EPI-506 is available and will be used for
further metabolism and distribution work <I>in vivo</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company used Southwest Research Institute
in San Antonio, Texas for manufacturing initial clinical supply batches of EPI-506 under Current Good Manufacturing Practices (&ldquo;<B>CGMP</B>&rdquo;).
Manufacturing for the ongoing Phase 1 clinical trial is being conducted by Sigma Aldrich Fine Chemicals, Madison, Wisconsin. Formulation
and CGMP production of the final drug product for clinical trials is performed by Catalent Pharma Solutions, St. Petersburg, Florida.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Planned Clinical Development Program</B></P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0 32.8pt 0 0"><I>Phase 1/2 Clinical Trial Design for treating
CRPC patients</I></P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0 32.8pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s IND application to the
FDA for EPI-506 to begin a Phase 1/2 clinical trial to determine the safety, tolerability, maximum tolerated dose, pharmacokinetics
and potential therapeutic benefits of EPI-506 in CRPC patients was accepted in September 2015, with the first clinical patient
enrolled in November 2015. Additionally, the Company received a &ldquo;no objection letter&rdquo; from the Therapeutic Products
Directorate of Health Canada in response to the CTA for EPI-506 allowing the clinical trial to be conducted in Canada. In addition,
applications to involve European investigators in the Phase 2 portion of the clinical trial were submitted in March 2016 to the
MHRA (United Kingdom), and the ANSM (France) to expand Phase 2 of the program to Europe. These applications have received conditional
approval pending review of the Phase 1 experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>Management&rsquo;s Discussion and Analysis&#9;March 31, 2017</B></P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Phase 1 portion of the clinical trial is
expected to enroll approximately 30 patients with CRPC. Following single-dose evaluation, patients receive once-daily oral dosing
for 28 days to assess safety for dose escalation. Further, patients continue to receive the trial drug for 12 weeks or longer to
assess efficacy. The endpoints of this part of the trial are to assess safety, tolerability, maximum tolerated dose and pharmacokinetics
of EPI-506. Efficacy endpoints include PSA response and radiographic progression criteria. This Phase 1 portion of the trial is
being conducted at five sites in the United States and Canada and the Company hopes to establish a dose for the Phase 2 clinical
trial in the second half of calendar 2017, depending on the enrollment rate and number of dose escalation steps. Depending on the
results of the Phase 1 portion of the clinical trial, additional patient cohorts may be added to address relevant questions on
patients&rsquo; tumor response and molecular profile (e.g. AR splice variant status).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Upon successful completion of the Phase
1 dose-escalation portion of the clinical trial, the Phase 2 portion of the clinical trial is expected to focus on CRPC patients
with progressive metastatic disease who are no longer responding to abiraterone or enzalutamide, or both. The main outcomes to
be measured are expected to be:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PSA response (reduction in blood PSA level of 50% or more);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PSA progression;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">radiographic progression; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">objective responses.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company expects to collect circulating
tumor cells so that the status of AR splice variant and other relevant biological markers related to AR signaling can be determined.
If Phase 1 proceeds to completion in the second half of calendar 2017 as planned, depending on the enrollment rate and dose-escalation
steps, the Company expects to conduct the expanded Phase 2 portion of the clinical trial in the United States, Canada, the UK,
and France, and hopes to complete the trial in the second half of calendar 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The previous guidance for Phase 1 completion
in the first half of calendar 2017 has been updated to reflect the longer period than expected to determine a Phase 2 dose. Additional
cohorts of patients have been enrolled in an effort to reach drug exposures associated with efficacy in pre-clinical animal models.
At the date of this MD&amp;A, EPI-506 continues to be well-tolerated, with patients currently being enrolled in two parallel cohorts,
one receiving two doses per day and the other cohort receiving one dose per day..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0">&nbsp;</P>

<P STYLE="color: #0F0F0F; font: italic 10pt Times New Roman, Times, Serif; margin: 0 32.8pt 0 0">Phase 3 Clinical Trial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 34pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to obtain regulatory approval, the
Company expects that it will be required to carry out at least one Phase 3 clinical trial. At this time, the Company expects that
the patients involved in the Phase 3 clinical trial will be similar to the population of CRPC patients that were enrolled in the
Phase 1/2 clinical trial. However, the results of the Phase 1/2 clinical trial may suggest modification of the initial patient
population based on response and biomarker assessment. In the Phase 3 clinical trials, the key end-point is expected to be overall
survival relative to patients receiving the standard-of-care. It is expected the Phase 3 clinical trial will be conducted at many
sites around the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SELECTED QUARTERLY FINANCIAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">ESSA was incorporated on January 6,
2009 and did not engage in any material financial or commercial activity until commencing operations in 2010. The Company has not
earned revenues or declared dividends as of March 31, 2017. Effective January 1, 2016, the Company changed its functional currency
from the Canadian dollar to the United States dollar and, in anticipation thereof, adopted the United States dollar as the presentation
currency as at October 1, 2015. See &ldquo;<I>Changes in or Adoption of Accounting Policies &ndash; Change in Functional and Presentation
Currency</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 4in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes selected unaudited
consolidated financial data for each of the last eight quarters, prepared in accordance with IFRS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 4in"><B>For the Quarters Ended</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">March 31, <BR>2017</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">December 31, <BR>2016</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">September 30, <BR>2016</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">June 30, <BR>2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: justify; padding-left: 5.4pt">Total assets</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">13,738,990</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">15,980,790</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10,402,562</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">13,666,625</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Long-term liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,931,442</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,029,510</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,309,467</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,350,043</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Research and development expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,548,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(908,493</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,951,799</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,362,948</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">General and administration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,363,493</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,369,819</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,236,873</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,305,780</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Comprehensive income (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(7,610,579</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,464,462</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4,236,768</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(3,865,757</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Basic income (loss) per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.26</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.15</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.13</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt; border-bottom: Black 2pt double">Diluted income
    (loss) per share</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><I>&nbsp;</I></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left"><I>&nbsp;</I></TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">(0.26</TD><TD STYLE="text-align: left; border-bottom: Black 2pt double">)</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">0.05</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">(0.15</TD><TD STYLE="text-align: left; border-bottom: Black 2pt double">)</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">(0.13</TD><TD STYLE="text-align: left; border-bottom: Black 2pt double">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 4in"><B>For the Quarters Ended</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">March 31, <BR>2016</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">December 31, <BR>2015</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">September 30, <BR>2015</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">June 30, <BR>2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: justify; padding-left: 5.4pt">Total assets</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">17,470,959</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,622,698</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">7,539,773</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">7,744,588</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Long-term liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,217,777</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">588,408</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">993,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,239,274</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Research and development expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,544,517</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,200,937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(791,822</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,590,652</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">General and administration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,874,597</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,226,868</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,177,188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,065,563</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Comprehensive loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,335,215</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4,039,811</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(469,155</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4,858,400</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Basic income (loss) per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.04</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.18</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.02</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.29</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt; border-bottom: Black 2pt double">Diluted income (loss) per share</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">(0.04</TD><TD STYLE="text-align: left; border-bottom: Black 2pt double">)</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">(0.18</TD><TD STYLE="text-align: left; border-bottom: Black 2pt double">)</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">0.02</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">(0.29</TD><TD STYLE="text-align: left; border-bottom: Black 2pt double">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #0F0F0F; font: bold 10pt Times New Roman, Times, Serif; margin: 0">Six months ended March 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recorded a comprehensive loss of
$6,146,117 for the six months ended March 31, 2017 compared to a comprehensive loss of $5,375,026 for the six months ended March
31, 2016. During the current period, the Company recognized research and development expense of $1,640,268 (2016 - $5,745,454),
net of the CPRIT grant funds recorded as recoveries of $5,192,799 (2016 - $nil). In addition, the Company recognized a loss of
$1,486,142 (2016 &ndash; $4,665,795 gain) with respect to the fair value of the Company&rsquo;s derivative liabilities, carried
at fair value under the Black Scholes valuation methodology, resulting from the warrants (&ldquo;<B>2016 Warrants</B>&rdquo;) issued
in connection with a private placement offering of units of the Company on January 14, 2016, for aggregate gross proceeds of approximately
$15,000,000 (&ldquo;<B>January 2016 Financing</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other significant changes in comprehensive
income (loss) are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><I>Research and Development</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The overall net Research and Development (&ldquo;<B>R&amp;D</B>&rdquo;)
expense for the six months ended March 31, 2017 was $1,640,268 compared to $5,745,454 for the six months ended March 31, 2016.
The gross expense for the six months ended March 31, 2017 was $6,833,067 (2016 - $5,745,454) before recognition of qualifying CPRIT
funds of $5,192,799 (2016 - $nil). The increase in the gross expense from prior period reflects expanded clinical activity, including
dosing of multiple cohorts and additional clinical sites, compared to earlier stages of enrolment in the clinical trial in the
prior period.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&#183;</FONT>
</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Manufacturing
costs for the six months ended March 31, 2017 of $2,411,463 (2016 - $1,483,998) have increased compared to the comparative period
in 2016, reflecting the increased drug supply required for the higher dosages and increased number of patients enrolled in later
cohorts of the clinical trial, and additional formulation work, compared to earlier stages of enrolment in the clinical trial
in the prior period.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>


<!-- Field: Page; Sequence: 8 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&#183;</FONT>
</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Clinical costs for the six months ended March 31, 2017 of $1,827,661 (2016 - $1,379,285) have
increased due to increased work performed by the clinical research organization while administering the Phase 1/2 clinical trial,
which commenced in November 2015. </TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&#183;</FONT>
</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Consulting fees have decreased to $466,914 for the six months ended March 31, 2017 (2016 -
$588,171) compared to the comparative period in 2016. In the prior period, the Company recorded milestone bonuses payable to the
Chief Scientific Officer (&ldquo;<B>CSO</B>&rdquo;) and Chief Technical Officer (&ldquo;<B>CTO</B>&rdquo;) on various publications
and patent filings. </TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Legal patents and license fees have decreased to $340,395 for the six months ended March 31, 2017
(2016 - $444,633) compared to the comparative period in 2016 due to the timing of filings in various jurisdictions. The Company
has submitted a number of patent applications for which the Company owns the rights. The Company has adopted a tiered patent strategy
to protect its intellectual property as the pharmaceutical industry places significant importance on patents for the protection
of new technologies, products and processes. The Company anticipates that there will be ongoing investment into patent applications.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">R&amp;D expenses include the following
major expenses, by nature, for the three and six months ended March 31, 2017 and 2016:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Three months ended <BR>March 31, 2017</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Three months ended <BR>March 31, 2016</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Six months ended <BR>March 31, 2017</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Six months ended <BR>March 31, 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-indent: -25.65pt; padding-left: 25.65pt">Clinical</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">991,740</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">763,437</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,827,661</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,379,285</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -25.65pt; padding-left: 25.65pt">Consulting</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">227,710</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">466,914</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">588,171</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Legal patents and license fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,273</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182,707</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">340,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">444,633</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -25.65pt; padding-left: 25.65pt">Manufacturing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,481,642</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">535,852</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,411,463</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,483,998</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -25.65pt; padding-left: 25.65pt">Other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,310</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,944</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">170,901</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178,764</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -25.65pt; padding-left: 25.65pt">Pharmacology</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,354</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,525</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">237,474</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253,961</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Program administration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,243</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,464</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">187,339</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,464</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -25.65pt; padding-left: 25.65pt">Royalties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,228</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,228</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Salaries and benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">501,035</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">460,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">975,608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">994,307</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Share-based payments (Note 10*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,747</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,232</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,303</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">185,194</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -25.65pt; padding-left: 25.65pt">Travel</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,844</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,128</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,146</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,449</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.8pt; padding-left: 8.8pt">CPRIT grant claimed on eligible expenses (Note 16*)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,200,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,192,799</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: -25.65pt; padding-left: 25.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt; border-bottom: Black 2pt double">Total</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">2,548,761</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">2,544,517</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">1,640,268</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">5,745,454</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">* See the Notes set out in the accompanying
condensed consolidated interim financial statements for the six months ended March 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Share-based payments expense of $84,303 for
the six months ended March 31, 2017 (2016 - $185,194) relates to the value assigned to stock options granted to key management
and consultants of the Company conducting research and development activities. The expense is recognized in relation to the grant
and vesting of these equity instruments as measured by the Black-Scholes pricing model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>General and administrative</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">General and administration expenses
for the six months ended March 31, 2017 decreased to $2,733,312 from $3,101,465 in the comparative period in 2016. Significant
components of the expense in the current period included:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Director fees for the six months ended March 31, 2017 of $95,000 (2016 - $135,758); the Board of
directors and various committees held fewer meetings during the current period, compared to the prior period.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Investor relations expense for the six months ended March 31, 2017 of $119,466 (2016 - $179,251);
the Company has rationalized the number of investor relations consultants used, and targeted its spend on shareholder communications
and news releases.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Professional fees for legal and accounting services for the six months ended March 31, 2017 of
$386,593 (2016 - $419,999) were incurred in conjunction with the corporate activities in fiscal 2017 to date; in the current period,
the Company engaged in a United States R&amp;D tax credit study, in comparison with the prior period, during which the Company
incurred more costs in relation to regulatory filings. Consequently, regulatory fees and transfer agent costs have also decreased
to $45,895 (2016 - $117,880) due to decreased regulatory activity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">
<FONT STYLE="font-size: 10pt">Salaries and benefits expense for the six months ended March 31, 2017 has decreased to $857,121
(2016 - $1,061,548) due to corporate staffing changes, such as the change in Chief Executive Officer (appointed January 2016),
the addition of a Chief Operating Officer (appointed in August 2016), as disclosed under the heading &ldquo;Related Party Transactions&rdquo;,
and with respect to general administrative support staff. In the prior period, the Company incurred various termination costs in
relation to the resignation of the former Chief Executive Officer. </FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">General and administrative expenses
include the following major expenses, by nature, for the three and six months ended March 31, 2017 and 2016:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Three months ended <BR>March 31, 2017</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Three months ended <BR>March 31, 2016</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Six months ended <BR>March 31, 2017</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">Six months ended <BR>March 31, 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-indent: -25.65pt; padding-left: 25.65pt">Amortization</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">11,537</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">16,580</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">23,073</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">33,021</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Consulting and subcontractor fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,166</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,640</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,869</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,021</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Director fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,758</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -25.65pt; padding-left: 25.65pt">Insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,409</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">208,061</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">228,267</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Investor relations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,136</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,897</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,466</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,251</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Office, IT and communications</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,909</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,686</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121,355</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">172,544</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">203,238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">227,625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">386,593</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">419,999</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Regulatory fees and transfer agent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,131</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,831</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,895</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -25.65pt; padding-left: 25.65pt">Rent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,224</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,223</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">231,818</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">278,826</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Salaries and benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">440,628</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">769,639</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">857,121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,061,548</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -25.65pt; padding-left: 25.65pt">Share-based payments (Note 10*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">202,877</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254,455</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">490,749</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">358,328</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -25.65pt; padding-left: 25.65pt">Travel and entertainment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">59,476</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,854</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">111,312</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">83,022</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: -25.65pt; padding-left: 25.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt; border-bottom: Black 2pt double">Total</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">1,363,493</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">1,874,597</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">2,733,312</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">3,101,465</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">* See the Notes set out in the accompanying
condensed consolidated interim financial statements for the six months ended March 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Share-based payments expense of $490,749
for the six months ended March 31, 2017 (2016 - $358,328) relates to the value assigned to stock options granted to key management
and non-R&amp;D consultants of the Company. The expense is recognized in relation to the grant and vesting of these equity instruments
as measured by the Black-Scholes pricing model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Derivative liabilities </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At September 30, 2015, the Company recorded
a derivative liability of $993,099 on 257,018 United States dollar-denominated broker warrants issued in connection with the offering
by the Company of special warrants on January 16, 2015 for aggregate gross proceeds of approximately $12,000,000 (&ldquo;<B>2015
Special Warrant Financing</B>&rdquo;). The Company recorded a gain of $382,649 with respect to this derivative liability during
the three months ended December 31, 2015. On January 1, 2016, as part of the Company&rsquo;s functional currency change from the
Canadian dollar to the United States dollar, the Company de-recognized this derivative liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Concurrently on January 1, 2016, the Company
recognized a derivative liability of $82,743 on 25,000 Canadian dollar-denominated broker warrants issued in connection with the
offering by the Company of convertible debentures in July of 2014 for aggregate gross proceeds of approximately $900,000. As these
broker warrants are denominated in Canadian dollars and are exercisable into common shares of the Company which has a functional
currency of United States dollars, the instrument now contains an embedded derivative liability. During the six months ended March
31, 2017, the Company recorded the resulting change in fair value of $3,570 (2016 - $28,602) with respect to this derivative liability
in the statement of loss and comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2016 Warrants have increased the Company&rsquo;s
exposure to fluctuations in the market price of the Company&rsquo;s common stock. Under a cashless exercise, the 2016 Warrants
are exercisable for a variable number of common shares, resulting in an embedded derivative, for which the Company has recognized
a derivative liability. These warrants are measured at fair value with changes recognized in the statement of loss and comprehensive
loss at each reporting date. During the six months ended March 31, 2017, the Company recorded the resulting change in fair value
of $1,482,572 (2016 - $4,254,544) in the statement of loss and comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Derivative warrant liabilities are discussed
under the heading &ldquo;<I>Critical Accounting Estimates</I>&rdquo; and Note 8 of the accompanying condensed consolidated interim
financial statements for the six months ended March 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #0F0F0F; font: bold 10pt Times New Roman, Times, Serif; margin: 0"><I>Three months ended March 31, 2017 and 2016</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company incurred a comprehensive loss of
$7,610,579 for the three months ended March 31, 2017 compared to a comprehensive loss of $1,335,215 for the three months ended
March 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The detailed changes for the research and development
and general and administrative expenses for the three months ended March 31, 2017 and 2016 are included in the tables above. The
Company has continued and expanded its clinical studies and has therefore increased investment in research and development costs,
including direct clinical costs of $991,740 (2016 - $763,437) and manufacturing costs of $1,481,642 (2016 - $535,852).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">General and administrative expenses of $1,363,493
(2016 - $1,874,597) have decreased over the prior period primarily in relation to the departure of the former Chief Executive Officer
in the prior period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The January 2016 Financing gave issue to the
2016 Warrants which are derivative liabilities carried at fair value under the Black Scholes valuation methodology. Consequently,
the major disparity in comprehensive loss between fiscal 2017 and 2016 is driven by a loss of $3,480,517 (2016 &ndash; gain of
$4,283,146) with respect to the fair value of the Company&rsquo;s derivative liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six month period ended March 31,
2017, the Company received total net proceeds of $7,843,105 from the SVB debt financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended September 30, 2016, the
Company received total net proceeds of $18,919,803 from the following financings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">in January 2016, the Company received net proceeds of $13,982,604 in relation to the January
2016 Financing; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">in March 2016, the Company received net proceeds of $4,937,201 in relation to the private
placement offering of common shares of the Company on March 21, 2016 (&ldquo;<B>March 2016 Financing</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">During the year ended September 30,
2015, the Company received total net proceeds of $12,057,008 from the following financings:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">in October 2014, the Company received net proceeds of $1,083,578 in relation to the offering
by the Company of special warrants; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 11 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">in January 2015, the Company received net proceeds of $10,973,430 in relation to the 2015
Special Warrant Financing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets out a comparison of
how the Company used the proceeds following the closing dates, an explanation of the variances and the impact of the variance on
the ability of the Company to achieve its business objectives and milestones.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><B>Intended Use of Proceeds </B></TD>
    <TD STYLE="width: 84%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><B>Actual Use of Proceeds</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><I>To continue the development of EPI-506 Phase 1/2 clinical program through Phase 1.</I></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The proceeds have been used as intended to
        further the development of the EPI-506 Phase 1/2 clinical trial program while meeting administrative requirements.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six months ended March 31, 2017,
        the Company incurred $6,833,067 in gross R&amp;D costs in relation to the development of the EPI-506 Phase 1/2 clinical trial program.
        An additional $2,733,312 has been incurred for general and administrative costs in support of the Company&rsquo;s research and
        development activities.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended September 30, 2016, the
        Company incurred $13,060,201 in R&amp;D costs, net of recoveries, in relation to the development of the EPI-506 Phase 1/2 clinical
        trial program. An additional $5,644,118 has been incurred for general and administrative costs in support of the Company&rsquo;s
        research and development activities.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As at March 31, 2017, the Company has not yet
        fully expended the funds raised in these financings towards the completion of the Phase 1/2 clinical trial program.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LIQUIDITY AND CAPITAL RESOURCES</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Operational activities during the six months
ended March 31, 2017 were financed mainly by proceeds from equity financings completed in July 2014, October 2014, January 2015,
January 2016, and March 2016, the SVB Term Loan, and the CPRIT Grant. At March 31, 2017, the Company had available cash reserves
of $12,618,754 (September 30, 2016 - $8,985,095) and $99,967 (September 30, 2016 - $15,882) in accounts receivable related primarily
to a refund of regulatory fees and GST input tax credits, to settle current liabilities of $3,706,693 (September 30, 2016 - 3,629,952).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash used in operating activities for the six
months ended March 31, 2017 was $9,260,923 (2016 - $8,516,540). Working capital items used cash of $313,022 (2016 - $269,249).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash used in investing activities for the six
months ended March 31, 2017 decreased to $nil (2016 - $9,983) as the Company invested in equipment in the ongoing establishment
of its Houston office in the prior period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash generated by financing activities for
the six months ended March 31, 2017 was $12,888,682 (2016 - $22,961,160), including $5,192,799 received from the CPRIT Grant, $8,000,000
gross proceeds received from the SVB debt financing, offset by $156,895 cash used in related transaction costs and $147,222 in
interest paid. In the six months ended March 31, 2016, the Company received the second tranche of CPRIT financing of $3,876,667,
received gross proceeds on a private placement of $19,999,992, received proceeds on options exercised of $28,448, received proceeds
on warrants exercised of $1,194, and incurred $855,141 cash in share issuance costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As described above, the Company completed the
January 2016 Financing and March 2016 Financing during the year ended September 30, 2016, for aggregate gross proceeds of approximately
$20,000,000. In November 2016, the Company also received $8,000,000 as the initial draw down on the SVB Term Loan, with a conditional
option for an additional $2,000,000 by April 28, 2017, for which discussions for an extension are currently underway at the date
of this MD&amp;A. In January 2017 and March 2017, the Company received $3,992,799 and $1,200,000, respectively, as portions of
the third and final tranche of CPRIT funding of $5,422,000. The Company will need to raise funds from additional sources in order
to execute its planned expenditures through the fiscal 2017 year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not currently generate revenue.
Future cash requirements may vary materially from those expected due to a number of factors, including the costs associated with
Phase 1/2 clinical trials in 2017-2018 and to take advantage of strategic opportunities. Longer dose escalation and additional
cohorts of patients in Phase 1 of the clinical trial needed to determine a Phase 2 dose could require drug manufacturing costs
to be incurred earlier than contemplated, and could prolong operating expenditures required to complete Phase 1. As a result, it
will be necessary for the Company to raise additional funds in the future. These funds may come from sources such as entering into
strategic collaboration arrangements, the issuance of shares from treasury, or alternative sources of financing. However, there
can be no assurance that the Company will successfully raise funds to continue the development and commercialization of EPI-506
and its operational activities (see &ldquo;<I>Risk Factors</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONTRACTUAL OBLIGATIONS</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2017, and in the normal course
of business, the Company has the following obligations to make future payments, representing contracts and other commitments that
are known and committed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid; border-top: Black 2pt double">Contractual obligations</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">2017</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">2018</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">2019</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">2020</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">2021</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double">After 5 years</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; text-indent: -20.1pt; padding-left: 25.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Minimum annual royalty per License Agreement (CAD) <SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">85,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">85,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">85,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">85,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">850,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Lease on Vancouver office space (CAD)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,953</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,953</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,953</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,953</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: -25.65pt; padding-left: 25.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Total (in CAD)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">20,477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">125,953</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">125,953</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">125,953</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">125,953</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">850,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Total (in USD) <SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,397</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">94,709</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">94,709</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">94,709</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">94,709</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">669,940</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">SVB loan payments (USD)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">280,722</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,536,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,195,590</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,883,590</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Lease on US office spaces (USD)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">83,877</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">170,485</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">175,166</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">44,474</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Total (USD)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">379,996</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,801,887</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,465,465</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,022,773</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">94,709</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">669,940</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">ESSA has the worldwide, exclusive right to develop products based on &ldquo;Licensed IP&rdquo;,
as defined in, and pursuant to, the License Agreement dated December 22, 2010 among ESSA, UBC and BCCA, as amended (the &ldquo;<B>License
Agreement</B>&rdquo;). A copy of the License Agreement is available as Exhibit 4.2 to Amendment No. 1 to the Company&rsquo;s Form
20-F registration statement filed on June 11, 2015 (File No. 001-37410) on the SEC&rsquo;s Electronic Data Gathering and Retrieval
System, or &ldquo;<B>EDGAR</B>&rdquo;, at www.sec.gov. The Company must pay a minimum annual royalty of C$85,000 for the 2017 calendar
year and for each year thereafter. Additional milestone payments of C$50,000 and C$900,000, which have been excluded from the above
table, are due upon the enrolment of the first patient in Phase 2 and Phase 3 of the clinical trial, respectively, which are expected
to occur in 2017 and 2018, respectively.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">Translated at the indicative exchange rate of the Bank of Canada of 0.7519 as at March 31, 2017.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OFF-BALANCE SHEET ARRANGEMENTS &amp;
PROPOSED TRANSACTIONS</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has no material undisclosed off-balance
sheet arrangements that have, or are reasonably likely to have, a current or future material effect on its results of operations,
financial condition, revenues or expenses, liquidity, capital expenditures or capital resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Company has no material proposed
transactions that have, or are reasonably likely to have, a current or future material effect on its results of operations, financial
condition, revenues or expenses, liquidity, capital expenditures or capital resources.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RELATED PARTY TRANSACTIONS</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Compensation accrued and paid to key management
personnel for the six months ended March 31, 2017 and 2016 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double"><BR>
2017</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 2pt double"><BR>
2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: justify; padding-left: 5.4pt">Salaries, consulting fees, and director fees</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,073,077</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,304,947</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Share-based payments <SUP>(1)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">524,360</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">439,735</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt; border-bottom: Black 2pt double">Total compensation</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">1,597,437</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">1,744,682</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Note:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Share-based payments to related parties represents the fair value of options granted and vested
in the period to key management personnel.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Key management personnel include: Dr. David
R. Parkinson, Chief Executive Officer (&ldquo;<B>CEO</B>&rdquo;); Robert Rieder, former CEO; David Wood, Chief Financial Officer
(&ldquo;<B>CFO</B>&rdquo;); Peter Virsik, Executive Vice-President and Chief Operating Officer (&ldquo;<B>COO</B>&rdquo;); Dr.
Frank Perabo, Chief Medical Officer (&ldquo;<B>CMO</B>&rdquo;); Paul Cossum, Executive Vice-President of Research and Development
(&ldquo;<B>EVP R&amp;D</B>&rdquo;); Dr. Marianne Sadar, Chief Scientific Officer; Dr. Raymond Andersen, Chief Technology Officer;
Richard Glickman, Director and Chairman of the Board; Gary Sollis, Director; Franklin Berger, Director; and Scott Requadt, Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six months ended March 31, 2017,
the Company granted nil (2016 &ndash; 600,000) options to key management personnel. The vesting of options granted to key management
personnel in prior periods was recorded as share-based payments expense in the statement of income and comprehensive income at
a value of $524,360 (2016 - $439,735).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The balance of the share-based payments expense
included in related party compensation in the six months ended March 31, 2017 relates to the vesting of stock options granted in
prior periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Included in accounts payable and accrued liabilities
at March 31, 2017 is $139,016 (September 30, 2016 &ndash; $276,399) due to related parties with respect to key management personnel
compensation and expense reimbursements. Amounts due to related parties are non-interest bearing, with no fixed terms of repayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dr. Parkinson, CEO, is entitled to a payment
of one year of base salary upon termination without cause after 12 months of employment. This amount increases to 18 months if
the termination without cause occurs after a change of control event or within 60 days prior to a change of control event where
such event was under consideration at the time of termination. Mr. Wood, CFO, is entitled to a payment of one year of base salary
upon termination without cause, whether or not the termination was caused by a change of control event. Dr. Perabo, CMO, is entitled
to a payment of six months of base salary upon termination without cause, and a payment of one year of base salary upon termination
caused by a change of control event. Dr. Cossum, EVP R&amp;D, is entitled to a payment of six months of base salary upon termination
without cause, and a payment of one year of base salary upon termination caused by a change of control event. Mr. Virsik, COO,
is entitled to a payment of six months of base salary upon termination without cause, increasing to one year following one year
of employment. This amount increases to 18 months of salary if termination without cause occurs within 18 months after a change
of control event. Stock options held by the CEO, CFO, CMO, EVP R&amp;D, and COO vest immediately upon a change of control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;<B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CHANGES IN OR ADOPTION OF ACCOUNTING
POLICIES</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accounting policies adopted in the preparation
of the condensed consolidated interim financial statements for the six months ended March 31, 2017 are detailed in Notes 2 and
3 of the Company&rsquo;s annual consolidated financial statements for the years ended September 30, 2016 and 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Change in Functional and Presentation Currency</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify">The functional currency of an entity is
the currency of the primary economic environment in which the entity operates. From inception to December 31, 2015, the functional
currency of the Company has been the Canadian dollar and its subsidiary&rsquo;s the United States dollar. The functional currency
determinations were conducted through an analysis of the consideration factors identified in IAS 21, <I>The Effects of Changes
in Foreign Exchange Rates</I>. The January 2016 Financing and changes to the Company&rsquo;s operations have resulted in a change
to the currency in which the Company&rsquo;s management conducts its operating, capital and financing decisions. Consequently,
the functional currency of the Company became the United States dollar effective January 1, 2016.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company adopted the United States dollar
as the presentation currency for the consolidated entity as at October 1, 2015. For comparative reporting purposes, historical
financial statements were translated into the United States dollar reporting currency whereby assets and liabilities were translated
at the closing rate in effect at the end of the comparative periods; revenues, expenses and cash flows were translated at the average
rate in effect for the comparative periods and equity transactions were translated at historic rates.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify">All financial information presented in
this MD&amp;A is expressed in United States dollars unless otherwise stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>New standards not yet adopted </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>IFRS 9 Financial Instruments (Revised) </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IFRS 9 was issued by the IASB in October 2010.
It incorporates revised requirements for the classification and measurement of financial liabilities and carries over the existing
derecognition requirements from IAS 39 Financial Instruments: recognition and measurement. The revised financial liability provisions
maintain the existing amortized cost measurement basis for most liabilities. New requirements apply where an entity chooses to
measure a liability at fair value through profit or loss. In these cases, the portion of the change in fair value related to changes
in the entity's own credit risk is presented in other comprehensive income rather than within profit or loss. IFRS 9 is effective
for annual periods beginning on or after January 1, 2018. The impact of IFRS 9 on the Company&rsquo;s condensed consolidated interim
financial instruments and financial statements has not yet been determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>IFRS 15 Revenue from Contracts with Customers</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IFRS 15 is a new standard to establish principles
for reporting the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity&rsquo;s contracts with
customers. It provides a single model in order to depict the transfer of promised goods or services to customers. IFRS 15 supersedes
IAS 11, Construction Contracts, IAS 18, Revenue, IFRIC 13, Customer Loyalty Programs, IFRIC 15, Agreements for the Construction
of Real Estate, IFRIC 18, Transfers of Assets from Customers, and SIC-31, Revenue &ndash; Barter Transactions involving Advertising
Service. IFRS 15 is effective for annual periods beginning on or after January 1, 2018. The impact of IFRS 15 on the Company&rsquo;s
financial instruments and financial statements has not yet been determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>IFRS 16 Leases </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IFRS 16 is a new standard that sets out the
principles for recognition, measurement, presentation, and disclosure of leases including guidance for both parties to a contract,
the lessee and the lessor. The new standard eliminates the classification of leases as either operating or finance leases as is
required by IAS 17 and instead introduces a single lessee accounting model. IFRS 16 is effective for annual periods beginning on
or after January 1, 2019. The impact of IFRS 16 on the Company&rsquo;s leases and financial statements has not yet been determined.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CRITICAL ACCOUNTING ESTIMATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company makes estimates and assumptions
about the future that affect the reported amounts of assets and liabilities. Estimates and judgments are continually evaluated
based on historical experience and other factors, including expectations of future events that are believed to be reasonable under
the circumstances. In the future, actual experience may differ from these estimates and assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The effect of a change in an accounting
estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the change affects
that period only, or in the period of the change and future periods, if the change affects both. Significant assumptions about
the future and other sources of estimation uncertainty that management has made at the statement of financial position date, that
could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ
from assumptions that have been made, relate to the following key estimates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Intangible assets &ndash; impairment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The application of the Company&rsquo;s accounting
policy for intangible assets expenditures requires judgment in determining whether it is likely that future economic benefits will
flow to the Company, which may be based on assumptions about future events or circumstances. Estimates and assumptions may change
if new information becomes available. If, after expenditures are capitalized, information becomes available suggesting that the
recovery of expenditures is unlikely, the amount capitalized is written off in profit or loss in the period the new information
becomes available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Intangible assets &ndash; useful lives</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Following initial recognition, the Company
carries the value of intangible assets at cost less accumulated amortization and any accumulated impairment losses. Amortization
is recorded on a straight-line basis based upon management&rsquo;s estimate of the useful life and residual value. The estimates
are reviewed at least annually and are updated if expectations change as a result of technical obsolescence or legal and other
limits to use. A change in the useful life or residual value will impact the reported carrying value of the intangible assets resulting
in a change in related amortization expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Product development and relocation grant</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the terms of the Company&rsquo;s
CPRIT Grant, the Company must meet certain terms and conditions to qualify for the grant funding. The Company has assessed its
performance relative to these terms as detailed in the accompanying unaudited condensed consolidated interim financial statements
for the six months ended March 31, 2017 (Note 15) and has judged that there is reasonable assurance the Company will meet the terms
of the grant and qualify for the funding. The Company has therefore taken into income a portion of the grant that represents expenses
the Company has incurred to date under the grant parameters. The expenses are subject to assessment by CPRIT for compliance with
the grant regulations which may result in certain expenses being denied and incurred in a future period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Share-based payments and compensation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has applied estimates with respect
to the valuation of shares issued for non-cash consideration. Shares are valued at the fair value of the equity instruments granted
at the date the Company receives the goods or services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company measures the cost of equity-settled
transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Estimating
fair value for share-based payment transactions requires determining the most appropriate valuation model, which is dependent on
the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model
including the fair value of the underlying common shares, the expected life of the share option, volatility and dividend yield
and making assumptions about them. The Company makes reference to prices quoted on the TSX and NASDAQ. The assumptions and models
used for estimating fair value for share-based payment transactions are discussed in Note 10 of the accompanying unaudited condensed
consolidated interim financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Derivative financial instruments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain warrants are treated as derivative
financial liabilities. The estimated fair value, based on the Black-Scholes model, is adjusted on a quarterly basis with gains
or losses recognized in the statement of net loss and comprehensive loss. The Black-Scholes model is based on significant assumptions
such as volatility, dividend yield, expected term and liquidity discounts as detailed in Note 8 of the accompanying condensed consolidated
interim financial statements. On January 1, 2016, as part of the Company&rsquo;s functional currency change from the Canadian dollar
to the United States dollar, the Company de-recognized a derivative liability on United States dollar-denominated warrants and
recognized a new liability on Canadian dollar-denominated warrants; see discussion under the heading &ldquo;Selected Annual Financial
Information - Derivative Liabilities.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FINANCIAL INSTRUMENTS AND RISKS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s financial instruments consist
of cash, receivables, accounts payable and accrued liabilities and derivative liability. Cash is measured based on level 1 inputs
of the fair value hierarchy. The fair value of receivables and accounts payable and accrued liabilities approximates their carrying
values due to their short term to maturity. The derivative liability is measured using level 3 inputs. During the period ended
March 31, 2017, the Company recognized a loss on derivative liability of $1,486,142 (2016 &ndash; $4,665,795 gain) through profit
or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fair value estimates of financial instruments
are made at a specific point in time, based on relevant information about financial markets and specific financial instruments.
As these estimates are subjective in nature, involving uncertainties and matters of judgement, they cannot be determined with precision.
Changes in assumptions can significantly affect estimated fair values.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Financial risk factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s risk exposures and the
impact on the Company&rsquo;s financial instruments are summarized below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Credit risk </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments that potentially subject
the Company to a significant concentration of credit risk consist primarily of cash and receivables. The Company&rsquo;s receivables
are primarily due to a vendor refund (received subsequent to March 31, 2017), refundable GST and investment tax credits. The Company
limits its exposure to credit loss by placing its cash with major financial institutions. Credit risk with respect to investment
tax credits and GST is minimal as the amounts are due from government agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Liquidity risk </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: windowtext">The Company&rsquo;s
approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at March
31, 2017, the Company had working capital of $9,672,017. During the year ended September 30, 2016, the Company completed financings
totaling approximately $20,000,000 as described above. During the period ended March 31, 2017, the Company entered into the SVB
Term Loan for $10,000,000, pursuant to which the Company has initially drawn down $8,000,000. </FONT>In January 2017 and March
2017, the Company received $3,992,799 and $1,200,000, respectively, as portions of the third and final tranche of CPRIT funding
of $5,422,000. <FONT STYLE="color: windowtext">All of the Company&rsquo;s current financial liabilities have contractual maturities
of 30 days or are due on demand and are subject to normal trade terms. The Company does not generate revenue and will be reliant
on equity or debt financing and proceeds from the CPRIT Grant to fund operations and repay debt obligations. Equity and debt financings
are dependent on market conditions and may not be available on favorable terms. The CPRIT Grant is dependent on the Company completing
all the contractual obligations thereunder (see accompanying condensed consolidated interim financial statements for details with
respect to the CPRIT Grant terms).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Market risk </I></P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify">Market risk is the risk of loss that may
arise from changes in market factors such as interest rates, and foreign exchange rates.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
rate risk</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt">As at March
31, 2017, the Company has cash balances which are interest bearing. Interest income is not significant to the Company&rsquo;s projected
operational budget and related interest rate fluctuations are not significant to the Company&rsquo;s risk assessment.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -58.5pt">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt">The Company&rsquo;s
SVB Term Loan is interest-bearing debt at a variable rate. A 10% change in the WSJ Prime Rate would result in an increase of $15,375
or decrease of $2,203 in the net loss realized for the period.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign
currency risk</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-align: justify; text-indent: -58.5pt">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt"><FONT STYLE="color: windowtext">Historically,
the Company has been exposed to foreign currency risk on fluctuations related to accounts payable and accrued liabilities that
are denominated in United States dollars as the Company was financed and functioning in Canadian dollars. Over time, the Company
has become increasingly exposed to the United States dollar due to the financings completed in United States dollars, the United
States dollar-denominated CPRIT Grant (Note 16 of the accompanying condensed consolidated interim financial statements) and movement
of operations to Houston pursuant to the terms of the CPRIT Grant; accordingly, the Company adopted the United States dollar as
its functional currency from the Canadian dollar as of January 1, 2016, so that the Company&rsquo;s foreign currency risk exposure
now relates to net monetary assets denominated in Canadian dollars. A 10% change in the foreign exchange rate between the Canadian
and United States dollar would result in a fluctuation of $36,568 in the net loss realized for the period. </FONT>The Company does
not currently engage in hedging activities.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-align: justify; text-indent: -58.5pt">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price
risk</P>

<P STYLE="font: 10pt/99% Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0pt">The Company
is exposed to price risk with respect to equity prices. The Company closely monitors individual equity movements, and the stock
market to determine the appropriate course of action to be taken by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Additional information regarding the
Company can be found on SEDAR at www.sedar.com, the website of the SEC at www.sec.gov and the Company&rsquo;s website at www.essapharma.com.
The Company&rsquo;s Annual Report on Form 20-F for the fiscal year ended September 30, 2016 also provides additional information
on the Company, and can be accessed through SEDAR at www.sedar.com, or the website of the SEC at www.sec.gov.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OUTSTANDING SHARE CAPITAL</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets out the equity instruments
of the Company outstanding as of the date of this MD&amp;A:</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Equity instruments:</P></TD>
    <TD STYLE="width: 16%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Common shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#9;29,096,889</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Stock options</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#9;4,062,519</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Warrants</TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#9;6,992,710</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RISK FACTORS</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Prior to making an investment decision
investors should consider the investment, operational and intellectual property risks set out in the Company&rsquo;s Annual Report
on Form 20-F posted on SEDAR at www.sedar.com and the SEC&rsquo;s EDGAR website at www.sec.gov, which are in addition to the usual
risks associated with an investment in a business at an early stage of development. The directors of the Company consider the risks
set out in the Form 20-F, and the following additional risk factor, to be the most significant to potential investors in the Company,
but are not all of the risks associated with an investment in securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&nbsp;&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>ESSA may not be able to generate
sufficient cash to service its indebtedness, which currently consists of its capital term loan facility with Silicon Valley Bank.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 18, 2016, the Company entered into
a capital term loan facility agreement with SVB, providing for the SVB Term Loan in the total amount of $10,000,000. The Company
has initially drawn down $8,000,000 of the SVB Term Loan, and has a conditional option to draw down an additional $2,000,000 by
April 28, 2017 upon (i) positive data for its ongoing Phase 1 clinical trial of EPI-506 and (ii) receipt of the third and final
tranche of the CPRIT Grant of $5,422,000. The SVB Term Loan bears an interest rate of WSJ Prime Rate plus 3% per annum and will
mature on September 1, 2020. The SVB Term Loan requires a final payment of 8.6% of the amount advanced, due upon the earlier of
the maturity or termination of the SVB Term Loan. The Company is required to make interest only payments until December 31, 2017.
The interest only payment period will be extended by six months if the second tranche of $2,000,000 is drawn. The SVB Term Loan
is secured by perfected first priority lien on all of the Company&rsquo;s assets, with a negative pledge on intellectual property.
The SVB Term Loan does not contain any financial covenants. As at the filing of these financial statements, the Company has not
drawn down the additional $2,000,000 and is in discussions with SVB regarding an extension to the April 28, 2017 drawdown date.
There is no confirmation as to whether these funds will be available to the Company as of the filing date of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ESSA&rsquo;s ability to make scheduled payments
or to refinance its debt obligations depends on numerous factors including, but not limited to, the amount of its cash reserves,
capital requirements and its ability to raise additional capital. ESSA may be unable to maintain a level of cash reserves or cash
flows sufficient to permit it to pay the principal, premium, if any, and interest on its existing or future indebtedness. If the
Company&rsquo;s cash flows and capital resources are insufficient to fund its debt obligations, the Company may be required to
seek additional capital, restructure or refinance its indebtedness, or delay or abandon its business expansion, R&amp;D projects
or other capital expenditures, which could have a material adverse effect on ESSA&rsquo;s business, financial condition, prospects
or results of operations. There is no assurance that ESSA would be able to take any of such actions, or that such actions would
permit the Company to meet its scheduled debt service obligations. In addition, since the Company is in the clinical development
stage, and does not currently generate revenue, it expects to finance future cash needs through a combination of private and public
equity offerings, debt financings, strategic collaborations and alliances and licensing arrangement. However, additional capital
may not be available on reasonable terms, if at all. Even if the Company is able to commercialize a product candidate, there can
be no assurance that the Company will generate sufficient revenues or cash flow to service its debt obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Further, in the event of the Company&rsquo;s
breach of the agreement with SVB providing for the SVB Term Loan, the Company may not be allowed to draw additional amounts under
the agreement, may be required to repay any outstanding amounts earlier than anticipated and the lenders may foreclose on their
security interest in the Company&rsquo;s assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">If any of these risks materialize into
actual events or circumstances or other possible additional risks and uncertainties of which the directors of the Company are currently
unaware, or which they consider not to be material in relation to the Company&rsquo;s business, actually occur, the Company&rsquo;s
assets, liabilities, financial condition, results of operations (including future results of operations), business and business
prospects, are likely to be materially and adversely affected. In such circumstances, the price of the Company&rsquo;s securities
could decline and investors may lose all or part of their investment. The Company&rsquo;s actual results could differ materially
from those anticipated in the forward-looking statements as a result of a number of factors, including the risks described below.
See &ldquo;Cautionary Note Regarding Forward-Looking Statements.&rdquo;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DISCLOSURE CONTROLS AND PROCEDURES AND
</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INTERNAL CONTROLS OVER FINANCIAL REPORTING
</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Disclosure Controls and Procedures (&ldquo;DC&amp;P&rdquo;)</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Company has established disclosure
controls and procedures to ensure that information disclosed in this MD&amp;A and the related condensed consolidated interim financial
statements was properly recorded, processed, summarized and reported to the Company&rsquo;s Board and Audit Committee. The Company&rsquo;s
certifying officers conducted or caused to be conducted under their supervision an evaluation of the disclosure controls and procedures
as required under Canadian securities laws, as at September 30, 2016. Based on the evaluation, the Company&rsquo;s certifying officers
concluded that the disclosure controls and procedures were effective to provide a reasonable level of assurance that information
required to be disclosed by the Company in its annual filings, interim filings, and other reports that it files or submits under
Canadian securities legislation is recorded, processed, summarized and reported within the time period specified and that such
information is accumulated and communicated to the Company&rsquo;s management, including the certifying officers, as appropriate
to allow for timely decisions regarding required disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">It should be noted that while the Company&rsquo;s
certifying officers believe that the Company&rsquo;s disclosure controls and procedures provide a reasonable level of assurance
and that they are effective, they do not expect that the disclosure controls and procedures will prevent all errors and fraud.
A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives
of the control system are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Internal Control over Financial Reporting (&ldquo;ICFR&rdquo;)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Company&rsquo;s certifying officers
acknowledge that they are responsible for designing internal controls over financial reporting, or causing them to be designed
under their supervision in order to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with IFRS. As at September 30, 2016, the Company&rsquo;s certifying
officers conducted or caused to be conducted under their supervision an evaluation of the design and operating effectiveness of
the Company&rsquo;s internal control over financial reporting, as required under Canadian securities laws. Based on such evaluation,
the Company&rsquo;s certifying officers concluded that the Company&rsquo;s internal control over financial reporting was effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Company ceased to be a venture issuer,
as defined by National Instrument (&ldquo;<B>NI</B>&rdquo;) 51-102 &ndash; Continuous Disclosure Obligations on July 9, 2015 as
a result of completing its listing on the NASDAQ. The Company&rsquo;s Audit Committee is comprised of Franklin Berger (chair),
Richard Glickman, and Gary Sollis, all of whom are &ldquo;financially literate&rdquo; as defined in NI 52-110 &ndash; Audit Committees
(&ldquo;<B>NI 52-110</B>&rdquo;) and the rules of NASDAQ. Each member of the Audit Committee is considered independent pursuant
to NI 52-110, Rule 10A-3 under the Exchange Act and the rules of NASDAQ. The Company&rsquo;s Board has determined that Mr. Berger
is an &ldquo;audit committee financial expert&rdquo; as defined in Item 16A of Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Management has adopted the internal
control framework of the Committee of Sponsoring Organizations of the Treadway Commission <I>Internal Control &ndash; Integrated
Framework</I> (2013).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Company did not have any significant
changes to its ICFR systems in the period from October 1, 2016 to March 31, 2017 that materially affected, or are reasonably likely
to materially affect the Company&rsquo;s ICFR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Limitations of Controls and Procedures </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Company&rsquo;s management, including
the Chief Executive Officer and Chief Financial Officer, believe that any disclosure controls and procedures or internal controls
over financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that
the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all
control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company
have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty,
and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual
acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any systems
of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance
that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent
limitations in a cost effective control system, misstatements due to error or fraud may occur and not be detected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&nbsp;&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">CAUTIONARY NOTE
REGARDING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">This MD&amp;A contains forward-looking
statements or forward-looking information within the meaning of the United States Private Securities Litigation Reform Act and
applicable Canadian securities laws. All statements in this MD&amp;A, other than statements of historical facts, are forward-looking
statements. These statements appear in a number of different places in this MD&amp;A and can be identified by words such as &ldquo;anticipates&rdquo;,
&ldquo;estimates&rdquo;, &ldquo;projects&rdquo;, &ldquo;expects&rdquo;, &ldquo;intends&rdquo;, &ldquo;believes&rdquo;, &ldquo;plans&rdquo;,
&ldquo;will&rdquo;, &ldquo;could&rdquo;, &ldquo;may&rdquo;, &ldquo;hopes&rdquo; or their negatives or other comparable words. Such
forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company&rsquo;s
actual results, performance or achievements to be materially different from any future results, performance or achievements that
may be expressed or implied by such forward-looking statements. Examples of such forward looking statements include, but are not
limited to statements related to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the initiation, timing, cost, location, progress and success of,
and strategy with respect to, ESSA&rsquo;s research and development programs, pre-clinical studies and clinical trials; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company&rsquo;s ability to advance its product candidate through,
and successfully complete, clinical trials; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company&rsquo;s ability to achieve profitability; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company&rsquo;s ability to obtain funding for operations, including
research funding, and potential sources of such funding; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company&rsquo;s use of proceeds from funding and financings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company&rsquo;s ability to recruit sufficient numbers of patients
for future clinical trials; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the implementation of the Company&rsquo;s business model and strategic
plans, including strategic plans with respect to patent applications; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company&rsquo;s ability to develop and commercialize product
candidates; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company&rsquo;s commercialization, marketing and manufacturing
capabilities and strategy; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company&rsquo;s expectations regarding federal, state, provincial
and foreign regulatory requirements; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">whether the Company will receive, and the timing and costs of obtaining,
regulatory approvals in the United States, Canada, the European Union and other jurisdictions; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the therapeutic benefits, effectiveness and safety of the Company&rsquo;s
product candidate; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the accuracy of the Company&rsquo;s estimates of the size and characteristics
of the markets that may be addressed by the Company&rsquo;s product candidate; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the rate and degree of market acceptance and clinical utility of
the Company&rsquo;s product candidate, if any; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company&rsquo;s ability to engage and retain the employees required
to grow its business; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the compensation that is expected to be paid to the Company&rsquo;s
employees; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company&rsquo;s future financial performance and projected expenditures;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">developments relating to the Company&rsquo;s competitors and its
industry, including the success of competing therapies that are or may become available; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">estimates of the Company&rsquo;s expenses, future revenue, capital
requirements and its needs for additional financing.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Such statements reflect the Company&rsquo;s
current views with respect to future events, are subject to risks and uncertainties and are necessarily based upon a number of
estimates and assumptions that are inherently subject to significant medical, scientific, business, economic, competitive, political
and social uncertainties and contingencies. Many factors could cause the Company&rsquo;s actual results, performance or achievements
to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking
statements, including those described under &ldquo;Risk Factors&rdquo;. In making the forward looking statements included in this
MD&amp;A, the Company has made various material assumptions, including but not limited to:</P>




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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">its
ability to obtain positive results of clinical trials;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">its ability to obtain required regulatory approvals; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">its ability to successfully out-license or sell future products, if any, and in-license and
develop new products; </FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">
</FONT><FONT STYLE="font-size: 10pt">favourable general business and economic conditions; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the availability of financing on reasonable terms;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">its ability to attract and retain skilled staff; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">market competition; </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the products and technology offered by the Company&rsquo;s competitors;
</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">its
ability to protect patents and proprietary rights; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">its
ability to repay debt.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If one or more of these risks or uncertainties
or a risk that is not currently known to the Company, materialize, or if its underlying assumptions prove to be incorrect, actual
results may vary significantly from those expressed or implied by forward-looking statements. The forward-looking statements represent
the Company&rsquo;s views as of the date of this document. While the Company may elect to update these forward-looking statements
in the future, the Company has no current intention to do so except as to the extent required by applicable securities law. Investors
are cautioned that forward-looking statements are not guarantees of future performance and are inherently uncertain. Accordingly,
investors are cautioned not to put undue reliance on forward-looking statements. The Company advises you that these cautionary
remarks expressly qualify in their entirely all forward-looking statements attributable to the Company or persons acting on its
behalf.</P>



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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.3</B></FONT></P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Form 52-109F2</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Certification of Interim Filings</I></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Full Certificate</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">I, David R. Parkinson, Chief Executive Officer of ESSA Pharma
Inc., certify the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD><B><I>Review:</I></B> I have reviewed the interim financial report and interim MD&amp;A (together, the &ldquo;interim filings&rdquo;)
of ESSA Pharma Inc. (the &ldquo;issuer&rdquo;) for the interim period ended March 31, 2017.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD><B><I>No misrepresentations:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim filings do not
contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to
make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the
interim filings.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD><B><I>Fair presentation:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim financial report
together with the other financial information included in the interim filings fairly present in all material respects the financial
condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD><B><I>Responsibility: </I></B>The issuer&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined
in National Instrument 52-109 <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings,</I> for the issuer.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD><B><I>Design:</I></B> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&rsquo;s other certifying
officer(s) and I have, as at the end of the period covered by the interim filings</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>material information relating to the issuer is made known to us by others, particularly during the period in which the interim
filings are being prepared; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted
by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities
legislation; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>designed ICFR, or caused it 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 the issuer&rsquo;s
GAAP.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD><B><I>Control framework:</I></B> The control framework the issuer&rsquo;s other certifying officer(s) and I used to design
the issuer&rsquo;s ICFR is <I>Internal Control - Integrated Framework</I> issued by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 40.5pt">5.2</TD><TD><B><I>ICFR - material weakness relating to design: </I></B>N/A</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD><B><I>Limitation on scope of design:</I></B> N/A</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD><B><I>Reporting changes in ICFR:</I></B> The issuer has disclosed in its interim MD&amp;A any change in the issuer&rsquo;s
ICFR that occurred during the period beginning January 1, 2017 and ended on March 31, 2017 that has materially affected, or is
reasonably likely to materially affect, the issuer&rsquo;s ICFR.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Date: May 15, 2017</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I><U>&ldquo;David R. Parkinson&rdquo;</U></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">David R. Parkinson</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>7
<FILENAME>ex994.htm
<DESCRIPTION>CFO CERTIFICATION
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.4</B></FONT></P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Form 52-109F2</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Certification of Interim Filings</I></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Full Certificate</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">I, David Wood, Chief Financial Officer of ESSA Pharma Inc.,
certify the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD><B><I>Review:</I></B> I have reviewed the interim financial report and interim MD&amp;A (together, the &ldquo;interim filings&rdquo;)
of ESSA Pharma Inc. (the &ldquo;issuer&rdquo;) for the interim period ended March 31, 2017.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD><B><I>No misrepresentations:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim filings do not
contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to
make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the
interim filings.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD><B><I>Fair presentation:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim financial report
together with the other financial information included in the interim filings fairly present in all material respects the financial
condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD><B><I>Responsibility: </I></B>The issuer&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined
in National Instrument 52-109 <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings,</I> for the issuer.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD><B><I>Design:</I></B> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&rsquo;s other certifying
officer(s) and I have, as at the end of the period covered by the interim filings</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>material information relating to the issuer is made known to us by others, particularly during the period in which the interim
filings are being prepared; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted
by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities
legislation; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>designed ICFR, or caused it 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 the issuer&rsquo;s
GAAP.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD><B><I>Control framework:</I></B> The control framework the issuer&rsquo;s other certifying officer(s) and I used to design
the issuer&rsquo;s ICFR is <I>Internal Control - Integrated Framework</I> issued by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 40.5pt">5.2</TD><TD><B><I>ICFR - material weakness relating to design: </I></B>N/A</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD><B><I>Limitation on scope of design:</I></B> N/A</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD><B><I>Reporting changes in ICFR:</I></B> The issuer has disclosed in its interim MD&amp;A any change in the issuer&rsquo;s
ICFR that occurred during the period beginning January 1, 2017 and ended on March 31, 2017 that has materially affected, or is
reasonably likely to materially affect, the issuer&rsquo;s ICFR.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Date: May 15, 2017</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I><U>&ldquo;David Wood&rdquo;</U></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">David Wood</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>8
<FILENAME>ex995.htm
<DESCRIPTION>PRESS RELEASE DATED MAY 15, 2017
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Exhibit
99.5</B></FONT></P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>



<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

<P STYLE="font: 14pt Century Gothic,sans-serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: Black"><B>ESSA
Pharma Provides Business Update and Announces Financial Results for the Second Quarter Ended March 31, 2017 </B></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; background-color: white"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><B>Houston, Texas and
Vancouver, Canada, May 15, 2017 - </B>ESSA Pharma Inc. (&ldquo;ESSA&rdquo; or the &ldquo;Company&rdquo;) (NASDAQ: EPIX, TSX: EPI),
a clinical stage pharmaceutical company focused on developing novel therapies for prostate cancer, today reported financial results
for the second quarter ended March 31, 2017 and progress on its clinical development program.</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&ldquo;We are pleased
that EPI-506 continues to be well-tolerated, and that recent patient cohorts have achieved drug exposures within the targeted
therapeutic range. We plan to treat additional patients at these drug levels, with our focus now being to augment our data set
as we work to determine a dose selection for Phase 2,&rdquo; said David R. Parkinson, MD, President and Chief Executive Officer
of ESSA.</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><B>Clinical Development
Update</B></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">ESSA initiated the
Phase 1/2 clinical trial of EPI-506 in late 2015. The clinical trial is designed to demonstrate the safety, tolerability, maximum
tolerated-dose, pharmacokinetics and efficacy of EPI-506 in the treatment of prostate cancer patients who have failed treatments
with abiraterone or enzalutamide or both, the current standard-of-care drugs in metastatic castrate-resistant prostate cancer
(&ldquo;mCRPC&rdquo;).</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">The Phase 1 portion
of the clinical trial is an open-label, adaptive 3 + 3 design, dose-escalation study. Enrolled patients may be allowed to escalate
to a subsequent higher dose cohort once the higher cohort has been shown to be safe. In addition to clinical, radiological and
biochemical assessments including prostate specific antigen (&ldquo;PSA&rdquo;) measurements, patients are being characterized
biologically with respect to characteristics known to be associated with resistance to currently used anti-androgen therapeutics.
The clinical trial continues to enroll patients in both the United States and Canada. EPI-506 has been well tolerated in the clinical
trial with a favorable safety profile to date. Patients are currently being enrolled in two parallel cohorts, onereceiving two
doses per day and the other cohort receiving one dose per day.</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">ESSA hopes to establish
a Phase 2 dose during the second half of calendar 2017 following completion of the Phase 1 clinical study, which is expected to
include an expansion cohort of patients to further qualify a potential Phase 2 dose level. Following Phase 2 dose selection, the
Phase 2 part of the clinical study would commence and will be conducted in the United States, Canada, the United Kingdom, and
France, in patients with prostate cancer resistant to the newer generation of hormonal therapies. The Phase 2 study is a single-arm,
open-label study, with a primary endpoint of number of patients demonstrating a 50% decline PSA, as well as radiographic progression.
Additional information about the study can be found at ClinicalTrials.gov.</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><B>Second Quarter Financial
Highlights</B></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">Amounts disclosed herein,
unless specified otherwise, are expressed in United States dollars and in accordance with International Financial Reporting Standards
(&ldquo;IFRS&rdquo;). References to &ldquo;$&rdquo; are to United States dollars and references to &ldquo;C$&rdquo; are to Canadian
dollars.</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Century Gothic,sans-serif; color: Black"><B>Receipt
                                         of $1.2 million from CPRIT. </B>The Company has received $1.2 million from the Cancer
                                         Prevention Research Institute of Texas (&ldquo;CPRIT&rdquo;) on a reimbursement basis
                                         for expenditures incurred during prior financial periods. Under ESSA&rsquo;s agreement
                                         with CPRIT, a total of $12.0 million of grant funding (repayable out of potential product
                                         revenues) will be made available to the Company, of which $10.57 million had previously
                                         been received by the Company. A final amount of $229,201 remains outstanding, to be received
                                         by the Company upon final compliance reporting at the end of the grant period designated
                                         as December 31, 2017.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0 10pt"><FONT STYLE="color: Black"><B><I>Summary Financial Results</I></B></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Century Gothic,sans-serif; color: Black"><B>Net
                                         Income (Loss)</B>. ESSA recorded a net loss of $7.61 million ($0.26 per common share)
                                         for the three months ended March 31, 2017, compared to a net loss of $1.05 million ($0.04
                                         loss per common share) for the three months ended March 31, 2016. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Century Gothic,sans-serif; color: Black"><B>Research
                                         and Development (&ldquo;R&amp;D&rdquo;) expenditures.</B> R&amp;D expenditures for the
                                         three months ended March 31, 2017 were $2.55 million, net of $1.2 million grants from
                                         CPRIT ($3.75 million gross), compared to $2.5 million, for the three months ended March
                                         31, 2016. R&amp;D expenditures for the second quarter ended March 31, 2017 were primarily
                                         related to manufacturing and clinical costs as the Company continues its expanded clinical
                                         development of EPI-506, compared to the quarter ended March 31, 2016, as the Company
                                         was in early stages of its clinical development of EPI-506, which commenced in November
                                         2015. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Century Gothic,sans-serif; color: Black"><B>General
                                         and administration (&ldquo;G&amp;A&rdquo;) expenditures.</B> G&amp;A expenditures for
                                         the three months ended March 31, 2017 were $1.36 million compared to $1.87 million for
                                         the three months ended March 31, 2016. The decrease was primarily due to streamlined
                                         activity of the Company as a public corporate entity since its initial listings on the
                                         TSX and NASDAQ in fiscal 2015 and not incurring the severance costs, related to the former
                                         CEO, in the recent period that had been incurred in the three months ended March 31,
                                         2016. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><B><I>Liquidity and
Outstanding Share Capital</I></B></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Cash
on hand at March 31, 2017 was $12.6 million, with working capital of $9.7 million. In November 2016, the Company secured a $10.0
million term loan (see news release dated November 21, 2016) from the Silicon Valley Bank, of which $8.0 million has been drawn
down, with the remaining $2.0 million becoming available upon the Company meeting certain conditions. In January 2017 and March
2017, the Company also received $4.0 million and $1.2 million, respectively, in funding from CPRIT. Management believes that the
term loan from the Silicon Valley Bank, together with the Company&rsquo;s existing capital, will provide the Company with sufficient
funds to complete the Phase 1 clinical trial, depending on the enrollment rate and number of dose escalation steps. The Phase
1 portion is anticipated to be completed in the second half of calendar 2017. Management continues to consider sources of additional
financing which would assure continuation of the Company&rsquo;s operations and research programs.</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">As of March 31, 2017,
the Company had 29,096,889 common shares issued and outstanding, 4,062,519 common shares issuable upon the exercise of outstanding
stock options at a weighted-average exercise price of C$2.76 per common share, and 6,992,710 common shares issuable upon the exercise
of outstanding warrants at a weighted-average exercise price of $3.27 per common share.</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="color: Black; background-color: white"><B>Contact
Information:</B></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="color: Black; background-color: white"><B>David
Wood</B></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="color: Black; background-color: white">Chief
Financial Officer, ESSA Pharma Inc.&#9;</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="color: Black; background-color: white">T:
778-331-0962</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black; background-color: white">E:
</FONT><FONT STYLE="color: Black">dwood@essapharma.com</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><B>About ESSA Pharma
Inc.</B></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">ESSA Pharma is a clinical-stage
pharmaceutical company focused on developing novel and proprietary therapies for the treatment of castration resistant prostate
cancer (&ldquo;CRPC&rdquo;) in patients whose disease is progressing despite treatment with current therapies. ESSA believes that
its product candidate, EPI-506, can significantly expand the interval of time in which patients suffering from CRPC can benefit
from hormone-based therapies. Specifically, EPI-506 acts by disrupting the androgen receptor (&ldquo;AR&rdquo;) signaling pathway,
which is the primary pathway that drives prostate cancer growth. EPI-002, the primary metabolite of EPI-506, prevents AR activation
by binding selectively to the N-terminal domain (&ldquo;NTD&rdquo;) of the AR. A functional NTD is essential for activation of
the AR. Blocking the NTD prevents activation of the AR by all of the three known mechanisms of activation. In pre-clinical studies,
blocking the NTD has demonstrated the capability to overcome the known AR-dependent mechanisms of CRPC. ESSA was founded in 2009.</FONT></P>


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<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><B>About Prostate Cancer</B></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">Prostate cancer is
the second-most commonly diagnosed cancer among men and the fifth most common cause of male cancer death worldwide (Globocan,
2012). Adenocarcinoma of the prostate is dependent on androgen for tumor progression and depleting or blocking androgen action
has been a mainstay of hormonal treatment for over six decades. Although tumors are often initially sensitive to medical or surgical
therapies that decrease levels of testosterone (for example, androgen deprivation therapy (&ldquo;ADT&rdquo;)), disease progression
despite castrate levels of testosterone generally represents a transition to the lethal variant of the disease metastatic CRPC
(&ldquo;mCRPC&rdquo;) and most patients ultimately succumb to the illness. The treatment of mCRPC patients has evolved rapidly
over the past five years; despite these advances, additional treatment options are needed to improve clinical outcomes in patients,
particularly those who fail existing treatments including abiraterone or enzalutamide, or those that have contraindications to
receive those drugs. Over time, patients with mCRPC generally experience continued disease progression, worsening pain, leading
to substantial morbidity and limited survival rates. In both in vitro and in vivo studies, ESSA's novel approach to blocking the
androgen pathway has been shown to be effective in blocking tumor growth when current therapies are no longer effective.</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black; background-color: white"><B>Forward-Looking
Statement Disclaimer</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black; background-color: white"><I>Certain
statements in this news release contain forward-looking information within the meaning of the Private Securities Litigation Reform
Act of 1995 and/or Canadian securities laws that may not be based on historical fact, including without limitation, statements
containing the words &ldquo;believe&rdquo;, &ldquo;may&rdquo;, &ldquo;plan&rdquo;, &ldquo;will&rdquo;, &ldquo;estimate&rdquo;,
&ldquo;continue&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;intend&rdquo;, &ldquo;expect&rdquo; and similar expressions. Forward-looking
statements in this news release include, but are not limited to, statements regarding the Phase 1 clinical trial, including the
drug exposures of the current dosing cohort, potential dose escalation in patients, the anticipated results and the completion
thereof, the Phase 2 clinical trial, including details and anticipated timing thereof, and the expected location and number of
Phase 2 clinical trial centres, the sufficiency of ESSA&rsquo;s funds to execute the Phase 1 portion of the Phase 1/2 clinical
trial and possible future financings by ESSA. </I></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black; background-color: white"><I>Forward-looking
statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability
of ESSA to control or predict, and which may cause ESSA&rsquo;s actual results, performance or achievements to be materially different
from those expressed or implied thereby. Such statements reflect ESSA&rsquo;s current views with respect to future events, are
subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered
reasonable by ESSA as of the date of such statements, are inherently subject to significant medical, scientific, business, economic,
competitive, political and social uncertainties and contingencies. In making forward-looking statements, ESSA may make various
material assumptions, including but not limited to the accuracy of ESSA&rsquo;s financial projections, the Phase 1 portion of
the Phase 1/2 clinical trial proceeding as expected, obtaining positive results of the clinical trials, obtaining regulatory approvals,
and general business, market and economic conditions.</I></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black; background-color: white"><I>Forward-looking
information is developed based on assumptions about such risks, uncertainties and other factors set out herein and in ESSA&rsquo;s
Annual Report on Form 20-F dated December 14, 2016 under the heading &ldquo;Risk Factors&rdquo;, a copy of which is available
on ESSA&rsquo;s profile on the SEDAR website at www.sedar.com, ESSA&rsquo;s profile on EDGAR at www.sec.gov, and as otherwise
disclosed from time to time on ESSA&rsquo;s SEDAR profile. Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date that statements are made and ESSA undertakes no obligation to update forward-looking statements
if these beliefs, estimates and opinions or other circumstances should change, except as may be required by applicable securities
law. Readers are cautioned against attributing undue certainty to forward-looking statements.</I></FONT></P>


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<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0 10pt"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><B>ESSA PHARMA INC.</B></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">Unaudited (<I>Amounts
in thousands of United States dollars)</I></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Century Gothic">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; color: Black; text-align: justify">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">March 31, 2017</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">September 30, 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; color: Black; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; color: Black; text-align: justify; padding-left: 5.4pt">Cash</TD><TD STYLE="width: 8%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 12%; color: Black; text-align: right">12,619</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 12%; color: Black; text-align: right">8,985</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Prepaid and other assets</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">760</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">1,417</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; color: Black; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Total assets</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">13,379</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">10,402</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; color: Black; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: justify; padding-left: 5.4pt">Current liabilities</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">3,706</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">3,630</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: justify; padding-left: 5.4pt">Long-term debt</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">7,136</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: justify; padding-left: 5.4pt">Derivative liability</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">8,796</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">7,309</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Shareholders' deficiency</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">(5,899</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">(537</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; color: Black; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Total liabilities and shareholders&rsquo; deficiency</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">13,379</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">10,402</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Century Gothic,sans-serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><B>ESSA PHARMA INC.</B></FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">(Unaudited)</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><I>Amounts in thousands
of United States dollars, except share and per share data</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Century Gothic">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: justify">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">Three months ended March 31, 2017</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">Three months ended March 31, 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; color: Black; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; font-weight: bold; text-align: justify; padding-left: 5.4pt">OPERATING EXPENSES</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; color: Black; text-align: justify; padding-left: 12pt">Research and development</TD><TD STYLE="width: 8%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 12%; color: Black; text-align: right">2,549</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 12%; color: Black; text-align: right">2,545</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: justify; padding-left: 12pt">Financing costs</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">218</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">910</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: justify; padding-bottom: 1pt; padding-left: 12pt">General and administration</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">1,364</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">1,874</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; color: Black; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Total operating expenses</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">(4,131</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">(5,329</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; color: Black; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: justify; padding-left: 12pt">Gain (loss) on derivative liability</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(3,481</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">4,283</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: justify; padding-bottom: 1pt; padding-left: 12pt">Other items</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">(6</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; color: Black; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Net income (loss) for the period</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">(7,611</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">(1,052</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; color: Black; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Basic and diluted loss per common share</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">(0.26</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">(0.04</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; color: Black; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-bottom: 2.5pt; padding-left: 5.4pt">Weighted average number of common shares outstanding</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">29,096,889</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">26,830,470</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
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