NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS Notice is hereby given that an Annual General Meeting of Shareholders (the " Meeting ") of Purple Biotech Ltd. (the " Company ") will be held on Thursday

NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS

Notice is hereby given that

an Annual General Meeting of Shareholders (the "Meeting") of Purple Biotech Ltd. (the "Company")

will be held on Thursday, August 25, 2022, at 4:30 p.m. Israel time at the Company's executive offices at4 Oppenheimer Street, Science

Park, Rehovot, Israel, for the following purposes:

In addition, at the Meeting,

representatives of the Company's management will be available to review and discuss the consolidated financial statements of the

Company for the year ended December 31, 2021.

Only shareholders and holders

of the Company's American Depositary Shares ("ADSs") of record at the close of business in New York on Monday,

July 25, 2022 (the "Record Date"), are entitled to receive notice of, and vote at, the Meeting and any adjournments

or postponements thereof.

Whether or not you plan to

attend the Meeting, it is important that your ordinary shares be represented. Accordingly, holders of ADSs (whether registered in their

name or in "street name") will receive voting instruction forms from Bank of New York Mellon (which acts as the Depositary

for the ADSs) in order to instruct their banks, brokers or other nominees on how to vote, and they are kindly requested to complete, date,

sign and mail the voting instruction form in the envelope provided at the earliest convenience so that it will be received no later than

the date and time indicated on the voting instruction form.

registered in the Company's shareholders' register in Israel and shareholders who hold ordinary shares through members of

the Tel Aviv Stock Exchange (the "TASE"), may vote at the Meeting in person or through a voting slip, by completing,

dating, signing and mailing the voting slip to the Company's offices so that it is received by the Company no later than four (4)

hours prior to the designated time of the Meeting, namely by no later than Thursday, August 25, 2022, 12:30 p.m. Israel time. Such shareholders

(whether attending the Meeting in person or voting through a voting slip) must also provide the Company with an ownership certificate

confirming their ownership of our ordinary shares as of the Record Date from the applicable TASE member, as required by the Israeli Companies

Regulations (Proof of Ownership of Shares for Voting at General Meeting) of 2000, as amended. Alternatively, a shareholder whose shares

are registered with a TASE member may also vote electronically via the electronic voting system of the Israel Securities Authority (the

"ISA"). You should receive instructions about electronic voting from the TASE member through which you hold your shares.

Voting via the electronic voting system will be permitted until six (6) hours prior to the Meeting commencement, namely by no later than

Thursday, August 25, 2022, 10:30 a.m. Israel time.

A holder of ordinary shares

at the close of business on the Record Date shall also be entitled to participate in the Meeting by proxy, which proxy shall be in writing

and signed by the appointing party or its authorized attorney, and if the appointing party is a corporation, the appointment shall be

in writing signed by authorized corporate signatories together with the company stamp or by an authorized attorney. The proxy, or a copy

satisfactory to the Company Secretary, must be deposited at the Company offices no later than 72 hours prior to the time scheduled for

the Meeting. However, the Meeting chairman is entitled to waive this requirement with respect to all participants at the Meeting, and

to accept all proxies at the commencement of the Meeting, subject to the presentation of proof of share ownership. A proxy held by a participant

at the Meeting that is dated more than 12 months from the date of the signature shall be considered invalid.

The quorum required for the

Meeting consists of at least two shareholders who are present at the Meeting, in person, by proxy, voting instruction form or voting slip

(paper or electronic) or otherwise represented at the Meeting by their authorized persons ("Valid Meeting Participants"),

and who hold in the aggregate twenty-five percent (25%) or more of the voting rights of the Company. In the event that there is no quorum

present thirty minutes after the scheduled time, the Meeting will be adjourned for one week, to the same time and place, i.e., on Thursday,

September 1, 2022, at 4:30 p.m. (Israel time) at the Company offices (each such adjourned meeting is referred to as an "Adjourned

Meeting"). If there is no quorum present thirty minutes after the time set for the Adjourned Meeting, any two shareholders present

as Valid Meeting Participants will then constitute a legal quorum at the Adjourned Meeting. This notice will serve as notice of such Adjourned

Meeting if no quorum is present at the original date and time, and no further notice of the Adjourned Meeting will be given to shareholders.

The affirmative vote of the

holders of a majority of the Company's ordinary shares, including those represented by ADSs, participating and voting on the matter

at the Meeting as Valid Meeting Participants, is required to approve each of the proposals. In addition, the approval of each of Proposal

3 and Proposal 4(b) also requires that either (i) a majority of the shares, including those represented by ADSs, held by shareholders

or ADS holders (as applicable) who are neither controlling shareholders nor have a personal interest in the matter, participating and

voting on the matter at the Meeting as Valid Meeting Participants (excluding abstentions), voted in favor of the proposal, or (ii) the

total number of shares, including those represented by ADSs, voted against the proposal by the disinterested shareholders described in

clause (i) does not exceed two-percent (2%) of our outstanding voting rights (either of (i) or (ii) being referred to as a "Special

We are not aware of any shareholder

that would be deemed to be a controlling shareholder of our Company as of the current time for purposes of Proposal 3 or Proposal 4(b).

A shareholder who votes via voting slip or proxy, or an ADS holder who signs and returns a voting instruction form will be deemed to

be confirming that such shareholder or ADS holder, and any related party of such shareholder or ADS holder, is not a controlling shareholder

for purposes of any such proposal. If you believe that you, or a related party of yours, may be deemed to be a controlling shareholder

and you wish to participate in the vote on Proposal 3 or Proposal 4(b), you should contact Nir Livneh, our Vice President-Legal Affairs

and Secretary, at telephone: +972-3-9333121 or email: nirl@purple-biotech.com.

Under the Israeli Companies

Law, 1999 (the "Companies Law"), each shareholder or ADS holder (as applicable) voting on Proposal 3 or Proposal 4(b),

is required to indicate on the proxy or voting instruction form or voting slip (paper or electronic), or, if voting in person at the Meeting,

inform us prior to voting on the matter at the Meeting, whether or not the shareholder or ADS holder has a personal interest in the proposal.

If a shareholder or ADS holder voting on Proposal 3 or Proposal 4(b) does not so indicate, the shareholder or ADS holder is not eligible

to vote on such proposal and his or her or its vote will not be counted for the purposes of such proposal. Under the Companies Law, a

"personal interest" of a shareholder in an act or transaction of a company (i) includes a personal interest of (a) any spouse,

sibling, parent, grandparent or descendant of the shareholder, any descendant, sibling or parent of a spouse of the shareholder and the

spouse of any of the foregoing; and (b) a company with respect to which the shareholder (or any of the foregoing relatives of the shareholder)

serves as a director or chief executive officer, owns at least 5% of the outstanding shares or voting rights or has the right to appoint

one or more directors or the chief executive officer; and (ii) excludes a personal interest arising solely from the ownership of shares.

Under the Companies Law, in the case of a person voting by proxy, "personal interest" includes the personal interest of either

the proxy holder or the shareholder granting the proxy, whether or not the proxy holder has discretion how to vote.

Written position statements

must be submitted to the Company by no later than August 15, 2022.

The full version of the proposed

resolutions may be viewed in the proxy statement, which together with the accompanying voting instruction form and voting slip (collectively,

the "Proxy Materials"), will be available to the public on the U.S. Securities and Exchange Commission's website

at http://www.sec.gov. This Notice of Annual General Meeting of Shareholders and the Proxy Materials will also be submitted to the ISA

and TASE and will be available on their respective websites for listed company reports. The Proxy Materials will also be made available

on our corporate website and may also be viewed at our offices during regular business hours at 4 Oppenheimer Street, Science Park, Rehovot,

Israel; Tel: +972-3-9333121. The Company's representative is Nir Livneh, our Vice President-Legal Affairs and Secretary, who can

be reached at telephone: +972-3-9333121 or email: nirl@purple-biotech.com. Detailed voting instructions are provided in the proxy statement,

the voting instruction form and the voting slip.

ANNUAL GENERAL MEETING OF SHAREHOLDERS

This Proxy Statement is being

furnished to the holders of ordinary shares, no par value, and to holders of American Depositary Shares ("ADSs"), each

representing ten ordinary shares issued by the Bank of New York Mellon ("BNY Mellon"), in connection with the solicitation

of proxies on behalf of the Board of Directors of Purple Biotech Ltd. ("we," "us," "our,"

"Purple" or the "Company") to be voted at an Annual General Meeting of Shareholders (the "Meeting")

and at any adjournment thereof, pursuant to the accompanying Notice of Annual General Meeting of Shareholders. The Meeting will be held

on Thursday, August 25, 2022, at 4:30 p.m. Israel time at our executive offices at 4 Oppenheimer Street, Science Park, Rehovot, Israel

(the "Company Offices").

Purpose of the Meeting

At the Meeting, shareholders

will be asked to consider and vote upon the following: (i) the election of Dr. Eric Rowinsky, Ido Agmon and Robert Gagnon as members of

the first class of directors of the Board of Directors, each for a three-year term until the annual general meeting to be held in 2025,

and until their respective successors are duly elected and qualified; (ii) the approval of the grant of equity-based awards to each of