Investor PresentationAugust 2020immunoprecise.com | TSX.V: IPA, OTCQB: IPATF

DisclosuresDisclaimerThis presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of ImmunoPrecise Antibodies Ltd. (the “Company”) securities, or an offer, invitation or recommendation to sell, or solicitation of an offer to buy, the facilities or of the Company’s securities in any jurisdiction. Neither this presentation nor anything in it shall form the basis of any contract or commitment. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this presentation based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. These projections should not be considered a representation of the Company’s potential cash generation performance in any way.

Forward Looking Statements This presentation includes forward-looking statements, including future-oriented financial information (“FOFI”). Forward-looking statements can generally be identified by the use of language such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe”, “potential” and “continue” or the negative thereof or similar variations. Forward-looking statements are not statements of historical fact or assurances of future performance. They are based on the current beliefs, expectations and assumptions of the Company’s management about the Company’s business, planned acquisitions, future plans, anticipated events and other future conditions. All forward–looking statements attributable to the Company or persons acting on its behalf apply only as of the date of this document and are expressly qualified in their entirety by the cautionary statements included in this presentation. The Company undertakes no obligation to update or revise these forward–looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Inevitably, some assumptions will not materialize, and anticipated events and circumstances may affect the ultimate financial results. Projections are inherently subject to substantial and numerous uncertainties and to a wide variety of significant business, economic and competitive risks, and the assumptions underlying the projections may be inaccurate in any material respect, including, but not limited to, those risks set forth in the Company’s Management Discussion and Analysis for the interim period ended January 31, 2020, a copy of which may be obtained from SEDAR.com. The purpose of FOFI provided in this presentation is to provide prospective investors with information pertaining to the Company’s long-term business objectives. Readers are cautioned that this information may not be appropriate for other purposes.

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ISSUED AND OUTSTANDING SHARES

January 31, 2020 67,994,445

Warrants exercised 3,821,471

Debenture Settlement 1,244,792

Deferred acquisition payment 664,163

July 10, 2020 73,724,871

Share price July 10, 2020 $1.48

Market Cap $109,112,809

CASH

January 31, 2020 $1,938,836

Warrants exercised $3,811,205

DEBT

Due May 15, 2022Private Placement Debentures 10% interest p.a $2,627,000

Due April 15, 2022Unsecured US Small Business Administration, 1% interest p.a

$280,060

DEFERRED PAYMENTS FOR PAST ACQUISITIONS

Due December 31, 2020 $1,058,098

Due May 1, 2021 $517,012

WARRANTS OUTSTANDING: EXERCISE PRICE $0.70 TO $1.25

January 31, 2020 18,148,442

Warrants exercised 3,821,471

July 10, 2020 14,326,971

Capital Structure

As of July 10, 2020. $ in CAD.

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Dr. Jennifer Bath CEO> Twenty years' experience in biopharma

industry, previously on executive teamat Aldevron, LLC

> Experienced & proven leader in strategicoperations & corporate growth

> Specializes in business operationalignment & value creation

> PhD in Cellular & Molecular biologyfrom North Dakota State University

Lisa Helbling CFO> Over 30 years’ broad experience in

accounting, finance, enterprise riskmanagement, audit & ESOPs

> Industry experience includes privateand public sectors in manufacturing,hospitality, electric utility, construction,transportation, life insurance andpublic accounting

Dr. Yasmina Abdiche CSO> Over 16 years' experience in the

biotechnical industry, previously servedas CSO at Carterra, Inc

> Leading a team in biomolecularinteraction analysis at Pfizer-Rinat

> Experienced in clinical and commercialantibody development

> PhD from Oxford University, UK inBiological Chemistry

Dr. Stefan Lang CBO> Twenty years' experience in biopharma

industry, previously serving as the VP ofBusiness Development at Aldevron, LLC,leading R&D innovation and sales

> Previously worked at GENOVAC, apioneer in genetic immunization for novelantibody discovery

> Holds a Dr. rer. nat. in biology from theTechnical University Karlsruhe, Germany

Kari GraberVP Client Relations

> Over seven years’ business developmentand customer support roles including clientrelations management for Aldevron, LLC’santibody services

> Directed the quality assurance and regulatorycompliance activities in manufacturingenvironments for over 20 years

Management

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Dr. James Kuo Chairman

> CEO FIT Biotech, founder and chairman of Monarch Labs, Managing Director Athena Bioventures

> Former Chairman and CEO of Synthetic Biologics & BioMicro Systems and former CEO of Discovery Laboratories

> Served as head of BD at Myriad Genetics, Assoc. Director of Corporate Licensing & Development at Pfizer, and Managing Director of HealthCare Ventures

Dr. Jennifer Bath Director

> Twenty years' experience in biopharma industry, previously on executive team at Aldevron, LLC.

> Experienced and proven leader in strategic operations, corporate growth, converting pharma challenges into operational solutions

> Founder and Director of CC Global Vaccine Institute - vaccine and therapeutic design, development and testing

Paul Andreola Director

> Over 20 years’ BD and financial markets

including senior management, marketing, and

communications for early-stage companies

> Served over ten years as licensed investment

advisor, facilitated multiple private and public

companies in resource and technology sectors

> CEO and Director of NameSilo Technologies (URL:

CSE) and Ironwood Capital Corp. (TSXV: IRN.P)

Dr. Robert Burke Director

> Published over 100 peer-reviewed publications and has supervised numerous trainees

> Emeritus Professor at the University of Victoria, formerly Chair of Depart. of Biochemistry and Microbiology for eight years, UVIC Senate for twelve years

> Served on numerous advisory and management committees nationally and internationally

Greg Smith Director

> Held senior positions in investment banking before

transitioning to private equity

> Ten years’ experience as Executive Director,

Canadian Securitization Group, CIBC World Markets

and portfolio manager for Phillips, Hagar and North

> President & Director of Broadway Refrigeration and

Air Conditioning Co. Ltd. and Omega Mechanical

Ltd., chairman of Lite Access Technologies

(TSXV:LTE)

Brian Lundstrom Director

> Over 30 years’ biotech industry experience

> Founder and CEO of Abvivo, LLC

> Served as business development and

financing lead for companies such as OGS

(now UCB), SangStat (now Sanofi Genzyme),

ACADIA and ISCO

Board of Directors

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Our History1984

2010

2016

2017

2018

2019

2020

IPA Opens

B cell Select™ Launches

RTO, TSXV: IPA

OmniAb® Preferred Provider Status

Acquired UPE

New Management

Acquired ModiQuest

DeepDisplay™ Launches

Talem created: Internal Pipeline Established

Abthena™ & Artemis™ Launch

Talem Receives OmniAb® License

Coronavirus Programs Launch

Janssen Research Agreement

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aHealthcare Insights Life Sciences, CRO Sector Fundamentals

Remain Hot for M&A Consolidation, October 3, 2019.

CRO MarketSector $30B USD

Drivers for CRO Growth: > Pharma increasing reliance on CROs

> More efficient, faster, enables access to advanced & integrated expertise > Increased funding for pharma, translating to larger R&D budgets

> Increasing number of biopharma without internal R&D > Pharma R&D budgets increasing

> Cancer and other chronic diseases increasing in prevalence > Antibodies now a leading treatment for cancer

> Consolidation to reduce the number of outsourcing partners

Unparalleled Opportunity for a CRO with Full Scale and Breadth of Service

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Q3/18

Total Revenue YOY Q3/FY18-FY20

Q3/19 Q3/20

The CRO Engine > Leadership team, networks, key relationships

> Positioning in new markets

> Development of new services

> Pricing/profit margin alignment

> Strategic acquisitions

> Rise in large pharma onboarding

> Increase in scope/complexity of programs

$12M

$10M

$8M

$6M

$4M

$2M

$0

Accelerators of Growth:

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Inside OurCRO Operations

Our Niche > State of the art technologies that are custom applied to every pharma program

> No one-size-fits-all solution, comprehensive suite of powerful tools to discover new therapies

> Full scale and breadth of service to enable pharma to consolidate vendors without sacrificing quality

> Result: Faster turnaround without the risk, optimizing client return

Our Contracts > Global service, one company, global laboratories > Consolidated and streamlined operations > Now working with over half top twenty global pharma > Long-term service agreements allow future capacity planning > Commitment to rigorous science and excellent communication supports over 95% client retention

> Clients have articulated that our end-to-end suites have enabled the integration of dozens of vendors

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The Commercial Antibody MarketDrivers for Pharmaceutical Antibody Growth:

> Accelerated drug approval rate> Growing number of clinical trials> Therapeutic antibodies now represent majority of drugs on market> New antibodies being approved at record rates> Major success in key cancer treatments> Record high capital market funding for the biotechnology sector

HUMIRA® (adalimumab). Top selling Rx Drug Globally

$19.9B in 2018$5.5B in 2010

AVASTIN®(bevicizumab)$7.3 B in 2018

The Antibody Society; Mabs 2015 Jan-Feb 7(1): 9–14; Roots analysis research report, Antibody Discovery: Services and Platforms 2017; Antibody Market Report, Biocompare 2015; abbvie.com; roche.com; mAbs Nov 2016

Drugs inDevelopment

OTHER47%

mAB's53%

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Proprietary and Unparalleled Platforms EnablePartner Access to Advanced Technologies That:

> Are customized with exceptionally high success rates> Greatly increase the number of novel candidates> Are performed by scientific teams with decades of experience> Directly analyze individual B cells to more rapidly discovery antibodies

with greater specificity> Enable uncommon access to develop antibodies from any species

(including human)> Can analyze any protein class including complex therapeutic targets> Result in antibodies with less manufacturing liabilities

World Class Discovery Platforms: Our Advantage

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Answering the Call:Global End-to-End Service, Our Niche

ImmunoPrecise is the World’s Only SINGLE SOURCE CRO to Offer this Full Complement of Human Antibody Development

Computational Analyses

Discovery Characterization Engineering Production

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Talem Therapeutics:IPA’s Internal PipelineWho we are

> Wholly owned subsidiary of IPA

> Experienced in generatingsuccessful clinical leads

> Knowledgeable in the discoveryand development of fullyhuman, monoclonal, therapeuticantibodies

> Agile, with direct access toIPA’s experience and suite ofinnovative technologies

> Full access to Ligand’s OmniAb®

transgenic animal technology

Our goals> Develop on-demand and in-house

antibodies

> Target immuno-oncology, infectiousdiseases, and other indications

> Internal pipeline focused on multipleindications

> Joint research and development(R&D) programs with pharmaceuticalcompanies

Notable success> First asset deal via Research License

Agreement with Janssen R&D(March 2020)

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TATX-99

PHASE 1PRECLINICALIND-ENABLING

TARGETVALIDATION

TARGETIDENTIFICATION DISCOVERYPROGRAM

LEAD CANDIDATE SELECTION

TATX-09

TATX-13

TATX-03

TATX-16

IPA Internal Pipeline Partnering Pipeline

TATX-114

TATX-115

TATX-113

TATX-112

An�body Therapeu�cs

Inflamma�on

Autoimmune

Neuropathology Immuno-oncology

TATX-06

SARS-CoV-2

TATX-01

TATX-36

Vaccines

Rare/Neglected Diseases

Protein-Based Therapeu�cs

TalemPipeline

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Covid-19ProgramPolyTope™ is our scientifically rigorous & comprehensive approach employed in our anti-COVID-19 programs, as ImmunoPrecise scientists lead extensive efforts toward the development of effective coronavirus preventions and therapies

We caution that this is pre-clinical research and is not making any express or implied claims that IPA is able to eliminate SARS-CoV-2 at this time.

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IPA’s PolyTope™ mAb TherapyA scientifically rigorous and comprehensive cocktail therapy approach

Antibodies derived from several animal species> Exploit multiple antibody formats, valency, size> Select antibodies against multiple/rare epitopes

Robust characterization> In-depth binding profiles> Differentiation from SARS-CoV-1 (2003)> Functional blocking and neutralization> Epitope mapping and binning/clustering> True cocktail combination: minimize loss of

efficacy due to virus mutation

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The PolyTope™ AdvantageA proven approach to tackling viruses and emerging, infectious diseases

> Rapid timelines for addressing novel diseases

> Designed to be effective against more thanone virus strain

> Retain efficacy as the virus mutates

> Effective for a larger portion of the population

> Draws from multiple species to enableseveral antibody formats

> Access to epitopes not available to traditionalantibodies

Provides hundreds of data points on thousands of antibodies, enabling data correlation and analysis to address future SARS sequences, includes new strains and seasonal variations

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PolyTope™ mAb TherapyAntibody Discovery:OmniRat®, Rabbit, Llama, Human

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Opportunities for Growth> Expansion of animal facilities> Growth of Talem Pipeline> Continued outsourcing opportunities> Downstream services> Additional pre-clinical offerings> Pre-clinical and clinical manufacturing> Increased services through R&D expansion

Frédéric ChabotInvestor Relationsfrederick@contactfinancial.com438-863-7071Im

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TSX.V: IPA, OTCQB: IPATF

Contact InformationImmunoPrecise Antibodies Ltd.Vancouver Island Technology ParkUnit 3204-4464 Markham StreetVictoria, British Columbia,V8Z 7X8, Canada

Jennifer L. Bath, Ph.DPresident & CEOwww.immunoprecise.com