Appendix 4C Quarterly report for entities admitted on the basis of commitments Appendix 4C 2nd Quarter Quarterly Report For Entities Admitted on the Basis of Commitments Introduced 31/3/2000. Amended 30/9/2001 Name of En

4C Quarterly report for entities admitted on the basis of commitments Appendix 4C 2nd Quarter Quarterly Report For Entities Admitted on the Basis of Commitments Introduced 31/3/2000. Amended 30/9/2001 Name of Entity: Prima BioMed Ltd

(ASX:PRR) ABN: Quarter Ended ( Current Quarter ) 90 009 237 889 31 December 2014 Consolidated Statement of Cash Flows Current Quarter Year-to-Date Cash flows related to operating activities $A 000 $A 000 1.1 Receipts from

customers - 1.2 Payments for (a) staff costs (926) (1,787) (b) advertising and marketing (79) (149) (c) research and development (2,194) (4,665) (d) leased assets - (e) other working capital

(478) (839) 1.3 Dividends received - 1.4 Interest and other items of a similar nature received 113 327 1.5 Interest and other costs of finance paid - 1.6 Income taxes expense - 1.7 Other (R&D tax refund, grants received) 210 381

Net operating cash flows (3,354) (6,732) + See chapter 19 for defined terms. 30/9/2001 Appendix 4C Page 1

4C Quarterly report for entities admitted on the basis of commitments Current Quarter $A 000 Year-to-Date $A 000 1.8 Net operating cash flows (carried forward) (3,354) (6,732) Cash flows related to investing activities 1.9

Payment for acquisition of: (a) businesses (item 5) (15,796) (15,796) (b) equity investments - (c) intellectual property - (d) physical non-current assets (27) (46) (e) other non-current assets - 1.10

Proceeds from disposal of: (a) businesses (item 5) - (b) equity investments - (c) intellectual property - (d) physical non-current assets - (e) other non-current assets - 1.11 Loans to other entities - 1.12 Loans repaid by

other entities - 1.13 Other (provide details if material) - Net investing cash flows (15,832) (15,842) 1.14 Total operating and investing cash flows (19,177) (22,574) Cash flows related to financing activities 1.15 Proceeds from

issues of shares, options, etc. 1,364 1,364 1.16 Transfer of shares - 1.17 Proceeds from borrowings net finance costs 2,854 2,854 1.18 Repayment of borrowings - 1.19 Dividends paid - 1.20 Other - capital raising costs (11) (11) Net

financing cash flows 4,207 4,207 Net increase (decrease) in cash held (14,970) (18,367) 1.21 Cash at beginning of quarter/year to date 19,859 23,200 1.22 Exchange rate adjustments to item 1.21 843 890 1.23 Cash at end of quarter 5,732

5,732 + See chapter 19 for defined terms. 30/9/2001 Appendix 4C Page 2

4C Quarterly report for entities admitted on the basis of commitments Payments to Directors of the Entity and Associates of the Directors Payments to Related Entities of the Entity and Associates of the Related Entities Current Quarter $A 000

1.24 Aggregate amount of payments to the parties included in item 1.2 149 1.25 Aggregate amount of loans to the parties included in item 1.11 - 1.26 Explanation necessary for an understanding of the transactions Directors fees and consulting

fees at normal commercial rates Non-Cash Financing and Investing Activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated Assets and liabilities but did not involve cash flows Issued 86,120,815

ordinary shares and 200,000,000 warrants in acquisition of Immutep S.A. Issued 11,792,588 ordinary shares and 17,800,000 collateral shares, 19,800,000 options and a $US2.5M convertible note in relation to the Bergen funding agreement. 2.2 Details of

outlays made by other entities to establish or increase their share in businesses in which the reporting entity has an interest Financing Facilities Available Add notes as necessary for an understanding of the position. (See AASB 1026 paragraph

12.2). Amount Available Amount Used $A 000 $A 000 3.1 Loan facilities (*1) 45,599 4,421 3.2 Credit standby arrangements - Note: 1) On 2 October 2014 an agreement was entered into with the Bergen Global Opportunity Fund, LP

( Bergen ) providing an equity drawdown facility of up to US$34.9M and a US$2.5M convertible + See chapter 19 for defined terms. 30/9/2001 Appendix 4C Page 3

4C Quarterly report for entities admitted on the basis of commitments + See chapter 19 for defined terms. 30/9/2001 Appendix 4C Page 4 note. As at 31 December 2014, the total fund received from Bergen was US$3.675m. During the term of the

agreement, Bergen will invest up to $US700k per month in Prima s equity over a 24 month period, with the option to increase each of the monthly tranches to an amount not exceeding US$1.5 million by mutual consent of Bergen and the Company.

Reconciliation of Cash Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. Current Quarter Previous Quarter $A 000 $A 000 4.1 Cash on

hand and at bank 4,114 7,209 4.2 Deposits at call 318 4,350 4.3 Bank overdraft - 4.4 Other (Term Deposit) 1,300 8,300 Total: Cash at end of quarter (item 1.23) 5,732 19,859 Acquisitions and Disposals of Business Entities Acquisitions Disposals (Item

1.9(a)) (Item 1.10(a)) 5.1 Name of entity Immutep S.A. - 5.2 Place of incorporation or registration France - 5.3 Consideration for acquisition or disposal $28,521,343 - 5.4 Total net assets Refer note below - 5.5 Nature of business Biotechnology -

On 12 December 2014, the Group acquired 100% of the issued share capital of Immutep S.A., a biopharmaceutical company in the field of Immuno-Oncolocy. The estimated fair value of the purchase consideration is as follows: $ Cash paid 15,230,663

Deferred consideration 6,272,069 Fair value of shares issued 3,458,612 Fair value of warrants issued 3,560,000 Total purchase consideration 28,521,343 The estimated fair value of the consideration as outlined above is provisional. Given the

proximity of the acquisition to the quarter-end, management is currently in the process of finalising the provisional acquisition accounting, which includes estimating the fair value of the consideration provided and the net assets acquired. The

provisional acquisition accounting will be disclosed in the Appendix 4D, Half Year report.

4C Quarterly report for entities admitted on the basis of commitments Compliance Statement 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act (except to the extent

that information is not required because of note 2) or other standards acceptable to ASX. 2 This statement does give a true and fair view of the matters disclosed. Sign Here: Date: Friday 30th January 2015 Company Secretary Print Name: Deanne

Miller + See chapter 19 for defined terms. 30/9/2001

4C Quarterly report for entities admitted on the basis of commitments Notes 1. The quarterly report provides a basis for informing the market how the entity s activities have been financed for the past quarter and the effect on its cash

position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report. 2. The definitions in, and provisions of, AASB 1026: Statement of Cash Flows apply to this report except for the

paragraphs of the Standard set out below. - 6.2 - reconciliation of cash flows arising from operating activities to operating profit or loss - 9.2 - itemised disclosure relating to acquisitions - 9.4 - itemised disclosure relating to disposals -

12.1(a) - policy for classification of cash items - 12.3 - disclosure of restrictions on use of cash - 13.1 - comparative information 3. Accounting Standards. ASX will accept, for example, the use of International Accounting Standards for foreign

entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with. + See chapter 19 for defined terms. 30/9/2001 Appendix 4C Page 6