CARDIOL THERAPEUTICS INC. 602-2265 Upper Middle Road East, Oakville, ON, Canada, L6H 0G5 NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS NOTICE IS HEREBY GIVEN that an annual general meeting (the " Meeting ") of the hol

CARDIOL THERAPEUTICS INC.

602-2265 Upper Middle Road East,

Oakville, ON, Canada, L6H 0G5

NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS

NOTICE IS HEREBY GIVEN that an annual general

meeting (the "Meeting") of the holders (the "Shareholders") of all of the issued and outstanding

Class A common shares ("Common Shares") in the capital of Cardiol Therapeutics Inc. (the "Corporation"

or "Cardiol") will be held on June 28, 2022, at 4:30 p.m. (EDT) for the following purposes:

Shareholders must return their proxies or voting

instruction forms to intermediaries not later than 48 hours (excluding Saturdays, Sundays, and statutory holidays in the City of Toronto,

Ontario) prior to the time set for the Meeting or any adjournments or postponements thereof.

Cardiol is conducting an online only shareholders'

meeting. Registered Shareholders (as defined in this Circular) and duly appointed proxyholders can attend the meeting online at https://web.lumiagm.com/452344863

where they can participate, vote, or submit questions during the meeting's live webcast.

Website Where Meeting Materials are Posted

The Circular, financial statements of the Corporation

for the year ended December 31, 2021 ("Financial Statements"), and management's discussion and analysis of the

Corporation's results of operations and financial condition for 2021 ("MD&A") may be viewed online via the System

for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com or on the Corporation's website at

Obtaining Paper Copies of Materials

Shareholders may also obtain paper copies of the

Circular, Financial Statements, and MD&A free of charge by contacting Computershare Investor Services Inc. ("Computershare")

toll-free at 1-866-962-0498 or upon request to the Corporation's Corporate Secretary at 602-2265 Upper Middle Road East, Oakville, ON,

Canada, L6H 0G5, telephone (289) 910-0850.

A request for paper copies which are required

in advance of the Meeting should be sent so that they are received by the Corporation or Computershare, as applicable, by June 14,

2022 in order to allow sufficient time for Shareholders to receive the paper copies and to return their proxies or voting instruction

forms to intermediaries not later than 48 hours (excluding Saturdays, Sundays, and statutory holidays in the City of Toronto, Ontario)

prior to the time set for the Meeting or any adjournments or postponements thereof (the "Proxy Deadline").

The Corporation is utilizing the notice-and-access

mechanism (the "Notice-and-Access Provisions") under National Instrument 54-101 - Communication with Beneficial

Owners of Securities of a Reporting Issuer and National Instrument 51-102 - Continuous Disclosure Obligations, for distribution

of Meeting materials to registered and beneficial Shareholders. The Notice-and-Access Provisions allow reporting issuers to post electronic

versions of proxy-related materials (such as proxy circulars and annual financial statements) on-line, via SEDAR, and on one other website,

rather than mailing paper copies of such materials to Shareholders. The Corporation anticipates that using notice-and-access for delivery

to all Shareholders will directly benefit the Corporation through a substantial reduction in both postage and material costs, and also

promote environmental responsibility by decreasing the large volume of paper documents generated by printing proxy-related materials.

The Corporation will not use procedures known

as "stratification" in relation to the use of Notice-and-Access Provisions. Stratification occurs when a reporting issuer using

the Notice-and-Access Provisions provides a paper copy of the Circular to some Shareholders with this notice package. In relation to the

Meeting, all Shareholders will receive the required documentation under the Notice-and-Access Provisions, which will not include a paper

copy of the Circular.

Shareholders with questions about notice-and-access

can call the Corporation's transfer agent, Computershare, toll-free at 1-866-962-0492.

The Board of Directors of the Corporation has

fixed the close of business on May 13, 2022 as the record date (the "Record Date") for the purpose of determining

Shareholders entitled to receive notice of, and vote at, the Meeting. The failure of any Shareholder to receive notice of the Meeting

does not deprive such Shareholder of the right to vote at the Meeting. Only Shareholders of record at the close of business on May 13,

2022 are entitled to vote at the Meeting.

All Shareholders are invited to attend the Meeting

and may attend or may be represented by proxy. A "beneficial" or "non-registered" Shareholder will not be recognized

directly at the Meeting for the purposes of voting common shares registered in the name of his/her/its broker; however, a beneficial Shareholder

may attend the Meeting as proxyholder for a registered Shareholder and vote the common shares in that capacity. Only Shareholders as of

the Record Date are entitled to receive notice of and vote at the Meeting. Shareholders who are unable to attend the Meeting, or any adjournments

or postponements thereof, are requested to complete, date, and sign the form of proxy (registered holders) or voting instruction form

(beneficial holders).

SHAREHOLDERS ARE REMINDED TO REVIEW THE CIRCULAR

DATED at Oakville, Ontario, on this 13th