Mr. David Elsley reports

CARDIOL THERAPEUTICS REPORTS RESULTS OF 2023 ANNUAL GENERAL MEETING

Cardiol Therapeutics Inc. has released the results from its annual general meeting of shareholders held virtually by live audio webcast on June 28, 2023. Shareholders voted in favour of all management resolutions proposed in the company's information circular.

Resolutions proposed and approved at the AGM were:

• The election of the following directors for the ensuing year: David Elsley, Peter Pekos, Dr. Guillermo Torre-Amione, Colin Stott, Michael Willner, Jennifer Chao, Chris Waddick and Teri Loxam;
• The appointment of BDO Canada LLP as auditor of the company until the next annual meeting and the authorization of the directors of the company to fix the remuneration to be paid to the auditor.

The results of the voting on the election of directors are set out herein.

                   VOTING RESULTS FOR ELECTION OF DIRECTORS

Nominees                    Number of shares for   Percentage of votes cast

David Elsley                          19,879,960                      98.60%
Peter Pekos                           19,053,036                      94.50%
Dr. Guillermo Torre-Amione            19,046,006                      94.47%
Colin Stott                           19,878,063                      98.59%
Michael Willner                       19,874,624                      98.58%
Jennifer Chao                         19,044,948                      94.46%
Chris Waddick                         19,862,346                      98.52%
Teri Loxam                            19,865,508                      98.53% 

About Cardiol Therapeutics Inc.

Cardiol (Nasdaq: CRDL) (Toronto Stock Exchange: CRDL) is a clinical-stage life science company focused on the research and clinical development of anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease. The company's lead drug candidate, CardiolRx (cannabidiol) oral solution, is pharmaceutically manufactured and in clinical development for use in the treatment of heart disease. It is recognized that cannabidiol inhibits activation of the inflammasome pathway, an intracellular process known to play an important role in the development and progression of inflammation and fibrosis associated with myocarditis, pericarditis and heart failure.

Cardiol has received investigational new drug application authorization from the U.S. Food and Drug Administration to conduct clinical studies to evaluate the efficacy and safety of CardiolRx in two diseases affecting the heart: (i) a phase 2 multicentre open-label pilot study in recurrent pericarditis (inflammation of the pericardium), which is associated with symptoms, including debilitating chest pain, shortness of breath and fatigue, and results in physical limitations, reduced quality of life, emergency department visits and hospitalizations; and (ii) a phase 2 multinational, randomized, double-blind, placebo-controlled trial (the Archer trial) in acute myocarditis, an important cause of acute and fulminant heart failure in young adults and a leading cause of sudden cardiac death in people fewer than 35 years of age.

Cardiol is also developing a novel subcutaneously administered drug formulation of cannabidiol intended for use in heart failure -- a leading cause of death and hospitalization in the developed world, with associated health care costs in the United States exceeding $30-billion annually.

We seek Safe Harbor.