String of Positive Trial Results Boosts RepliCel's Profile

Echelon Wealth Partners, RepliCel Life Sciences, April 4, 2017

ANALYST CERTIFICATION: Company: RepliCel| RP:TSXV: I, Douglas Loe, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report.

Does the Analyst or any member of the Analyst’s household have a financial interest in the securities of the subject issuer? Yes. 1) Is it a long or short position? Yes, and, 2) What type of security is it? Common shares & Warrants.

During the last 12 months, has Echelon Wealth Partners Inc. provided financial advice to and/or, either on its own or as a syndicate member, participated in a public offering, or private placement of securities of this issuer? Yes.

Zacks Small Cap Research, "RepliCel (RP.V) Targeting Multiple Billion Dollar Markets With Autologous Cell Therapies," April 3, 2017.

Zacks Small Cap Research disclosures are available here.