Form 51-102F3

MATERIAL CHANGE REPORT

Item 1Name and Address of Company

IMMUNOPRECISE ANTIBODIES LTD. (the "Company")

3204-4464 Markham Street, Victoria

British Columbia, V8Z 7X8, Canada

Item 2. - Date of Material Change

September 19, 2023.

Item 3. - News Release

A news release dated September 19, 2023 announcing the material change was disseminated via Business Wire and filed under the Company's profile at www.sedarplus.com, and www.sec.gov (the "News Release").

Item 4 - Summary of Material Change

On September 19, 2023, the Company announced a change of Chief Financial Officer ("CFO").

Item 5.1 - Full Description of Material Change

Mr. Brad McConn has resigned as CFO, effective September 29, 2023.

The Company has named Mrs. Kristin Taylor, MBA, CPA, as interim CFO.

A full description of the material change is contained in the News Release attached to this Material Change Report.

Item 5.2. - Disclosure for Restructuring Transactions

Not applicable.

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

Not applicable.

Item 7. - Omitted Information

Not applicable.

Item 8. - Executive Officer

Inquiries in respect of the material change referred to herein may be made to:

Jennifer L. Bath

President & Chief Executive Officer

(250) 483-0308

Item 9. - Date of Report

September 22, 2023

IMMUNOPRECISE ANTIBODIES ANNOUNCES CFO TRANSITION

Brad McConn to Step Down Later This Month

Kristin Taylor, MBA, CPA, Named Interim CFO

VICTORIA, BRITISH COLUMBIA (CANADA), September 19, 2023 - IPA (IMMUNOPRECISE ANTIBODIES LTD.) (the "Company" or "IPA") (NASDAQ: IPA), today announced that it has accepted the resignation of Brad McConn, CFO, effective September 29, 2023. IPA has named Kristin Taylor, MBA, CPA, as interim Chief Financial Officer.

"On behalf of IPA, I thank Brad for his leadership and contributions and wish him every success in his future endeavors," said Dr. James Kuo, Chairman of the Board. "I also welcome Kristin as interim CFO. Ms. Taylor brings extensive executive management and life sciences experience, as well as strong background in capital markets and investor relations. Combined with IPA's strong accounting, financial reporting, and treasury teams we have in place, we are confident all CFO-related capabilities and responsibilities will be sustained for a smooth transition."

ImmunoPrecise Antibodies Ltd.

ImmunoPrecise Antibodies Ltd. has several subsidiaries in North America and Europe including entities such as Talem Therapeutics LLC, Biostrand BV, ImmunoPrecise Antibodies (Canada) Ltd. and ImmunoPrecise Antibodies (Europe) B.V. (collectively, the "IPA Family"). The IPA Family is a biotherapeutic research and technology group that leverages systems biology, multi-omics modelling and complex artificial intelligence systems to support its proprietary technologies in bioplatform-based antibody discovery. Services include highly specialized, full-continuum therapeutic biologics discovery, development, and out-licensing to support its business partners in their quest to discover and develop novel biologics against the most challenging targets. For further information, visit www.ipatherapeutics.com.

Forward Looking Information

This news release contains forward-looking statements within the meaning of applicable United States securities laws and Canadian securities laws. Forward-looking statements are often identified by the use of words such as "potential", "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information contained in this news release includes but is not limited to the expected results of the appointment of the three new directors to the Board, and Mr. Smith's resignation from the Board. In respect of the forward-looking information contained herein, IPA has provided such statements and information in reliance on certain assumptions that management believed to be reasonable at the time.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements stated herein to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, without limitation, the risk that the appointment of the three new directors to the Board and Mr. Smith's resignation from the Board may not yield desired results, or that the upcoming Annual General Meeting is not held by early November 2023, as well as those risks discussed in the Company's Annual Information Form dated July 10, 2023 (which may be viewed on the Company's profile at www.sedarplus.com), and the Company's Form 40-F, dated July 10, 2023 (which may be viewed on the Company's profile at www.sec.gov). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking information contained in this news release. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. The Company does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.

Investor contact: investors@ipatherapeutics.com

Source: ImmunoPrecise Antibodies Ltd.