Investor PresentationMay 2020

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Disclosures

DisclaimerThis 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 toinvestors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should considersuch factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this presentationbased 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 expressedherein. These projections should not be considered a representation of the Company’s potential cash generation performance in any way.

Forward Looking StatementsThis presentation includes forward-looking statements, including future-oriented financial information (“FOFI”). Forward-looking statements can generally be identifiedby 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 andassumptions of the Company’s management about the Company’s business, planned acquisitions, future plans, anticipated events and other future conditions. Allforward–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 theirentirety by the cautionary statements included in this presentation. The Company undertakes no obligation to update or revise these forward–looking statements toreflect 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 andto 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 ofwhich may be obtained from SEDAR.com. The purpose of FOFI provided in this presentation is to provide prospective investors with information pertaining to theCompany’s long-term business objectives. Readers are cautioned that this information may not be appropriate for other purposes.

Capital Structure

Issued and Outstanding 69,920,208

Market Cap C$53,838,560

Options 5,315,003Exercise price range: C$0.30 to C$1.24

Insider Ownership 16,341,222 shares* (23.4%)

Fully Diluted 91,646,621

Cash Position C$2,500,000

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Debt C$2,000,000Unsecured debentures, 12.5% interest p.a. due 9/26/20

C$291,451Unsecured US Small Business Administration, 1% interest p.a. due 4/15/22

Deferred Payments for Past Acquisitions C$509,574 due 5/1/20

C$901,090 due 12/31/20C$439,999 due 4/5/21

Warrants C$16,411,413Exercise price range: C$0.70 to C$1.25

Expiry date Exercise PriceRemaininglife (years)

Warrants Outstanding

June 18, 2020 1.00 .16 875,000September 24, 2020 1.25 .43 9,102,500October 25, 2020 1.25 .52 1,377,000March 26, 2022* 0.70 1.93 5,703,000*Includes 409,971 finder's warrants C$1.04 .95 C$17,467,471*Insider ownership as of April 30, 2020

Management

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

• Experienced & proven leader in strategic operations & corporate growth

• Specializes in business operation alignment & value creation

• Ph.D. in Cellular & Molecular biology from North Dakota State University

Dr. Jennifer Bath CEO

• Over 30 years’ broad experience in accounting, finance, enterprise risk management, audit & ESOPs

• Industry experience includes private and public sectors in manufacturing, hospitality, electric utility, construction, transportation, life insurance and public accounting

Lisa Helbling CFO

Dr. Stefan Lang CBO

• Twenty years' experience in biopharma industry, previously serving as the VP of Business Development at Aldevron, LLC, leading R&D innovation and sales

• Previously worked at GENOVAC, a pioneer in genetic immunization for novel antibody discovery

• Holds a Dr. rer. nat. in biology from the Technical University Karlsruhe, Germany

Kari Graber VP Client Relations

• Over seven years’ business development and customer support roles including client relations management for Aldevron, LLC’s antibody services

• Directed the quality assurance and regulatory compliance activities in manufacturing environments for over 20 years

• Over 16 years' experience in the biotechnical industry, previously served as CSO at Carterra, Inc

• Leading a team in biomolecular interaction analysis at Pfizer-Rinat

• Experienced in clinical and commercial antibody development

• PhD from Oxford University, UK in Biological Chemistry

Dr. Yasmina Abdiche CSO

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Board of DirectorsDr. James Kuo CEO FIT Biotech, founder and chairman of Monarch Labs, Managing Director Athena BioventuresChairman Former Chairman and CEO of Synthetic Biologics and 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 Twenty years' experience in biopharma industry, previously on executive team at Aldevron, LLC. Director 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 Over 20 years’ BD and financial markets including senior management, marketing, and communications for early-stage companiesDirector 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 Published over 100 peer-reviewed publications and has supervised numerous trainees Director 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 Held senior positions in investment banking before transitioning to private equityDirector 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)

Robert Beecroft Founder and former President and CEO of ImmunoPrecise AntibodiesDirector Thirty years’ experience in biotech industry

Brian Lundstrom Over 30 years’ biotech industry experience Director 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

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Our History

IPA OpensAcquired

UPETalem

Created

OmniAb®License (Ligand)

B cell Select™

OmniAb® Preferred

Provider Status

DeepDisplay™ launches

Abthena™and Artemis™

Launch

RTOTSXV:IPA

NewManagement

Acquired ModiQuest

Coronavirus Programs

Launch

Janssen Research

Agreement

CRO Market Sector – USD$30B

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

*Healthcare Insights Life Sciences, CRO Sector Fundamentals Remain Hot for M&A Consolidation, October 3, 2019.

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The CRO Engine – Reliable Growth

Accelerators of Growth:

• 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 $-

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

Q3/FY18 Q3/FY19 Q3/FY20

Total Revenue YOY Q3/FY18-FY20

Inside Our CRO Operations

Our Niche• State-of-the art technologies that are custom applied to every discovery program• No one-size-fits all solution, comprehensive suite of powerful tools to discover new therapies• Full-scale and breadth of service, enables 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• 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 Market

Drivers 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

Other 47%

mAb’s53%

Drugs InDevelopment

HUMIRA® (adalimumab)Top selling Rx Drug Globally

$19.9B in 2018 | $5.5B in 2010e

AVASTIN® (bevicizumab)$7.3 B in 2018f

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

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World Class Platforms Our Advantage

Proprietary and unparalleled platforms enable partner 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 analyzes individual B cells to more rapidly discovery antibodies with greater specificity

• Enables uncommon access to develop antibodies from any species (including human)

• Can analyze any protein class including complex therapeutic targets

• Results in antibodies with less manufacturing liabilities

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

ImmunoPrecise is the World’s Only Single Source Contract Research Organizationto Offer the Full Complement of Human Antibody Discovery Platforms

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ComputationalAnalyses Discovery Characterization Engineering Production

Talem TherapeuticsPipeline

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PolyTopeTM is a 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.

Talem Therapeutics – IPA’s Internal Pipeline

Who we are:• Wholly owned subsidiary of IPA • Experienced in generating successful clinical leads• Knowledgeable in the discovery and development of fully human, monoclonal, therapeutic antibodies • Agile, with direct access to IPA’s experience and suite of innovative technologies • Full access to Ligand’s OmniAb® transgenic animal technology

Our goals:• Develop on-demand and in-house antibodies• Target immuno-oncology, infectious diseases, and other indications• Internal pipeline focused on multiple indications• Joint research and development (R&D) programs with pharmaceutical companies

Notable success:• First asset deal via Research License Agreement with Janssen R&D (March 2020)

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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

Investor Relations Frederick Chabotfrederick@contactfinancial.com

For more information, please contact:

Dr. Jennifer L. BathPresident & CEO

ImmunoPrecise Antibodies, Ltd.Vancouver Island Technology Park

Unit 3204, 4464 Markham StreetVictoria, British Columbia V8Z 7X8

Canada