ABN 90 009 237 889 Appendix 4D Interim Financial Report For the Half-Year Ended 31 December 2014 (previous corresponding period: half-year ended 31 December 2013) To be read in conjunction with the 30 June 2014 Annual Re

For the Half-Year Ended

corresponding period: half-year ended 31 December 2013)

To be read in conjunction with the 30 June 2014 Annual Report.

In compliance with Listing Rule 4.2A

ASX/Media Release (ASX: PRR)

Interim Financial Report

Results for Announcement to the Market

Current Reporting Period Half-year Ended 31 December 2014

Previous Reporting Period Half-year Ended 31 December 2013

Explanation of the above information:

Refer to the Directors Report - Review of Operations.

Your directors are pleased to provide the following half-year report on Prima Biomed Ltd and its subsidiaries (referred to hereafter as the Group or Prima or

the Company) for the half-year ended 31 December 2014.

The following persons were directors of Prima during the whole of the half-year and up to the date of this report unless otherwise stated:

Ms Lucy Turnbull, AO (Non-executive Director and Chairman)

Mr Marc Voigt (CEO and Executive Director appointed on 9 July 2014)

Mr Matthew Lehman (CEO and Executive Director until 9 July 2014)

Mr Albert Wong (Non-executive Director and Deputy Chairman)

Dr Russell J. Howard (Non-executive Director)

Mr Pete A. Meyers (Non-executive Director and Chair of Audit Committee)

Review of Operations

During the first half of FY 2015

Prima underwent significant changes. In addition to a change of CEO and senior management, the mission of the company has been broadened towards a focus on immuno oncology based on a pipeline of immunotherapy technologies:

Acquisition of Immutep SA

2014 Prima finalised the acquisition of privately owned and venture capital backed French company Immutep SA (Immutep), a biopharmaceutical company in the rapidly growing field of immuno- oncology. The completion followed shareholder approval at the

Company s AGM on 14 November to increase its share placement capacity to fund the transaction.

The acquisition, which was announced in October

2014, followed a due diligence process conducted by Prima team members and with external advisors.

Immutep has three technologies in development. They

are based on a specific target called lymphocyte activation gene 3 or LAG-3. Two of these technologies are partnered with Novartis and GlaxoSmithKline (GSK). Immutep s most advanced product candidate IMP321 will be developed by the Prima group

in the major markets.

IMP321 is a recombinant protein that could be used in conjunction with chemotherapy in the form of chemo- immunotherapy to amplify

a patient s immune response. The development of IMP321 is being conducted in conjunction with Eddingpharm, who licenced the rights for China and Taiwan.

Immutep s other drug candidates include IMP701, an antagonist antibody that acts to stimulate T cell proliferation in cancer patients, licensed to CoStim

(Novartis) and IMP731, a depleting antibody that removes T cells involved in autoimmunity, licensed to GSK.

In addition to these products Immutep also

has a dedicated R&D laboratory outside Paris with other research candidates in development.

The fair value of the consideration paid by Prima for the

acquisition was $26,275,569.

Prima made an upfront cash payment of $15,772,737 with the remaining cash component of $5,707,836 partly payable on the

achievement of predetermined milestones and partly subject to the satisfaction of warranty retention arrangements.

Prima also issued $2,593,958 worth of

Prima ordinary shares, which are subject to trading limitations, to Immutep shareholders; and issued 200M warrants with a fair value of $2,201,038, which expire after four years. Some of these warrants are only exercisable twelve months from the

date of completion subject to the achievement of a predetermined milestone.

Director s Report (continued)

Immutep s lead product

IMP321 (a LAG-3Ig fusion protein) works by binding to a receptor on antigen presenting cells (APC s) such as dendritic cells to activate them. The APC s are important for showing cancer antigens to T cells and activating them to destroy

cancer cells. IMP321 is a first-in-class APC activator.

Prima plans to further clinically develop IMP321 in the chemoimmunotherapy combination in

metastatic breast cancer (mBC) based on an existing scientific advice from EMA. Previous trials in mBC have been encouraging with a 50% response rate in 30 patients treated with IMP321 plus paclitaxel. In addition a pilot study in a combination

therapy with a checkpoint inhibitor and IMP321 is planned.

CVac, Prima s cell therapy product candidate, is in Phase II clinical trials for the treatment of adenocarcinomas including ovarian and pancreatic cancer.

It is based on autologous dendritic cells, pulsed with a tumour-specific antigen (mucin 1/MUC 1) coupled to oxidized mannan as an adjuvant. It stimulates the patient s own immune system to target and destroy tumour cells.

Prima s CAN-003 trial with 63 ovarian cancer patients investigated CVac treatment in two different patient populations: patients in first and patients in

second remission. Final analysis of median progression free survival (PFS) indicated that CVac treated patients demonstrated a clinically significant improvement of approximately 8 months, compared to standard of care for epithelial ovarian cancer

patients in remission after second-line treatment (the CVac arm and the comparator arm each contained 10 subjects). The magnitude of the increase in PFS, as well as the extended duration of the PFS intervals, in the second remission patient group

are very compelling signals. In first remission no significant difference was observed.

In November 2014, Prima announced updated interim Overall

Survival (OS) data from the CAN-003 trial. It reported that while the median OS for standard of care patients in second remission had been reached at 25.53 months, the median for the CVac second remission treatment arm had still not been observed

after 36 months. The interim data suggests that those patients receiving CVac are demonstrating a clinical benefit in OS of greater than 10 months. This patient group is still under observation in terms of OS data with final data expected around

Prima significantly modified its CAN-004 clinical trial at the end of 2013. Following regulatory approval in some countries for these

amendments, recruitment for a larger randomised, open-label Phase II trial (CAN-004B) of CVac versus standard of care in epithelial ovarian cancer patients in remission after second line therapy commenced in 2014 with a number of clinical sites

activated primarily in Eastern Europe. First line remission patients were allowed to continue on the CAN-004 study (CAN 004A) but with OS as the primary endpoint.

The CAN-301 pilot trial in pancreatic cancer was initiated in December 2014 and was planned to be conducted in Bulgaria, Germany and Poland with up to 40

patients to be enrolled.

A strategic review of the clinical program commenced in late 2014. The recruitment of second remission ovarian cancer patients

has taken significantly longer than forecasted due to prolonged clinical and regulatory approvals and the limited availability of platinum-sensitive second remission ovarian cancer patients in some of these countries. At current rates, the Company

believes the timeframe for generating sufficient data in this indication will be considerably longer and more expensive than planned. Based on this and financial considerations discussed below, the Board has determined that recruitment for CAN-004B

and CAN-301 will cease with immediate effect. The most important mid-term milestone of CVac, the final analysis of the CAN-003 overall survival data, will take place in mid-2015 and will represent an important outcome for our partnering efforts.

The clinical development of autologous dendritic cell cancer vaccines such as CVac is complex and they are more costly to produce than most other

biologicals such as IMP321. Biologicals like IMP321 offer greater commercial potential based on cost of goods alone.

As a small biotech company with

limited cash resources, Prima needs to focus on developing immunotherapy treatments with the greatest commercial potential and most efficient path to commercialisation, especially when clinical trials might be performed without a partner. We believe

that IMP321, both in combinations with chemotherapy or with an immune checkpoint inhibitor, provides the best possible opportunity and will therefore focus our ongoing investment in this product candidate.

Director s Report (continued)

This decision for portfolio reprioritisation has not been taken lightly and has been made with the best interests of shareholders and patients in mind;

terminating recruitment for the CVac clinical program will significantly reduce the company s annual cash outflows.

The clinical data derived from

the CVac studies, especially from CAN-003, remain very encouraging and Prima will continue to seek to maximise the potential for CVac through third party partnerships. We will also assess opportunities for monetising our efficient manufacturing and

logistics platform for cellular therapies.

The consolidation of the CVac clinical development program will allow Prima to focus on developing its IMP321

clinical trial program. LAG-3 related biologicals such as IMP321 are much more cost effective to produce and clinical trial designs for biologicals will be simpler where they can be added to existing standard chemotherapy regimens. Prima s

management believes that the timeframe for taking IMP321 through to commercialisation could be considerably shorter than for CVac.

development partners GSK, Novartis and Eddingpharm will continue to fund the development of its LAG-3 based technologies in the markets for which they hold licence agreements.

LAG-3 is widely recognised within the industry as being one of the most important targets in immuno- oncology therapies, which are increasingly attracting the

attention of global pharma companies.

After detailed consideration of the risk and opportunities across our product portfolio and supported by external

expert advice, the Board is firmly of the view that focusing on the development of IMP321, a highly attractive immunotherapy treatment that has the potential to treat cancer sufferers including ovarian, pancreatic and metastatic breast cancer

patients is the right and the most responsible course of action.

Manufacturing Operations