1 –  Name of the Corporation

DiaMedica Inc.

Dénomination sociale de la société

2 –  The province or territory in Canada where the registered office is situated (do not indicate the full address)

Manitoba

La province ou le territoire au Canada où est situé le siège social (n’indiquez pas l’addresse complète)

3 –  The classes and any maximum number of shares that the corporation is authorized to issue

Categoriés et tout nombre maximal d’actions que la société est autorisée a émettre

The Corporation is authorized to issue one class of shares: Voting Common Shares. Voting Common Shares may be issued in unlimited numbers, for unlimited consideration.

See attached Schedule “I”.

4 -  Restrictions, if any on share transfers

None

Restrictions sur le transfert des actions, s’il y a lieu

5 –  Minimum and maximum number of directors (for a fixed number of directors, please indicate the same number in both boxes)

Minimum: 1                   Maxiumum: 10

Nombre minimal et maximal d’administrateurs (pour un nombre fixe, veuillez indiquer le même nombre dans les deux cases)

Minimal:                            Maximal:

6 -   Restrictions, if any, on business the corporation may carry on

Not applicable

Limites imposées à l’activité commerciale de la société, s’il y a lieu

7 -   (1) If change of name effected, previous name

Not applicable

(2) Details of incorporation

Incorporated in Manitoba on January 21, 2000

(1) S’il y a changement de dénomination sociale, indiquer la dénomination sociale antérieure

(2) Détails de la constitution

8 -   Other provisions, if any

None

Autres dispositions, s’il y a lieu

9 -   Declaration: I hereby certify that I am a director or an officer of the corporation.

Déclaration: J’atteste que je suis un administrateur ou un dirigeant de la société

Signature

/s/ Rick Pauls

Printed name – Nom en lettres moulées

Rick Pauls

Note:  Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5,000.00 or to imprisonment for a term no exceeding six months or both (subsection 250(1) of the CBCA).

Nota:   Faire un fausse déclaration consitue une infraction et son auteur, sur déclaration de culpabilité par procédure sommaire, est passible d’une amende maximale de 5,000 $ ou d’un emprisonment, maximal de six mois, ou de ces deux peines (paragraph 250(1)de la LCSA).

(a)

The holders of the Voting Common Shares shall in each financial year of the Corporation be entitled to receive, if declared by the Directors of the Corporation out of the monies or other property of the Corporation properly applicable to the payment of dividends, non-cumulative dividends in an amount to be determined by and in the discretion of the Directors of the Corporation. If in any year the Directors of the Corporation in their discretion decide to declare a dividend, the same amount of dividend must be declared on each such share, without preference or distinction. If in any year the Directors in their discretion do not declare any dividend, then the rights of the holders of the Voting Common Shares to any dividend for the year shall forever be extinguished.

(b)

It shall be in the sole discretion of the Directors of the Corporation whether in any financial year of the Corporation any dividend is declared on the shares of the Corporation, provided that the provisions of paragraphs 2(a) shall always be complied with. For purposes of greater certainty, it is herewith stated that a dividend may be paid in money or property or by issuing fully paid shares of the Corporation.

(d)

The holders of Voting Common Shares shall be entitled to one vote for each Voting Common Share held by them at all meetings of Shareholders except meetings at which, pursuant to the Canada Business Corporations Act, only holders of a specified class of shares are entitled to vote.