FORM 51-102F3

MATERIAL CHANGE REPORT

Item 1 Name and Address of Company

ImmunoPrecise Antibodies Ltd. (the Company)

3204 - 4464 Markham Street,

Victoria, British Columbia

V8Z 7X8

Item 2 Date of Material Changes

October 13, 2021

Item 3 News Release

A press release was disseminated by the Company and subsequently filed on SEDAR and EDGAR on October 13, 2021.

Item 4 Summary of Material Changes

On October 13, 2021, the Company entered into an At-The-Market Distribution Agreement (the ATM Agreement) with H.C. Wainwright & Co., LLC, as sole sales agent (the Agent). Under the ATM Agreement, the Company will be entitled, at its discretion and from time-to- time during the term of the ATM Agreement, to sell through the Agent common shares of the Company (the Common Shares) having an aggregate gross sales price of up to US$50 million. Sales of the Common Shares will be made in transactions that are deemed to be "at- the-market offerings" as defined in Rule 415 of the United States Securities Act of 1933, as amended, and "at-the-market distributions" as defined in National Instrument 44-102 - Shelf Distributions, including, without limitation, sales made directly on the Nasdaq Global Market or any other existing trading market for the Common Shares in the United States. No offers or sales of Common Shares will be made in Canada on the TSX Venture Exchange or other trading markets in Canada.

Item 5 Full Description of Material Changes

Please see the attached press release dated October 13, 2021 for a full description of the material change.

Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102

Not applicable.

Item 7 Omitted Information

Not applicable.

1

Item 8 Executive Officer

Jennifer Bath

Chief Executive Officer (250) 483-0308

Item 9 Date of Report

October 22, 2021

2

SCHEDULE "A"

Press Release of the Company dated October 13, 2021