Mr. Bruno Carbonaro reports

VELAN ANNOUNCES ELECTION OF DIRECTORS

Each Velan Inc. director nominee listed in the management proxy circular dated July 6, 2023, was elected as director of the corporation during the annual meeting of the shareholders held on Aug. 25, 2023, in Montreal, Que.

The details of the election are as shown in the attached table.

The results of the final votes regarding all matters subject to a vote during the annual meeting will be made available under the corporation's profile on SEDAR+.