ASX/Media Release IMMUTEP QUARTERLY ACTIVITIES REPORT & APPENDIX 4C Encouraging clinical results from TACTI-002 and INSIGHT-004 trials of eftilagimod alpha Immutep completes recruitment for Stage 1 of Part B in TACTI-002

IMMUTEP QUARTERLY ACTIVITIES REPORT & APPENDIX 4C

SYDNEY, AUSTRALIA 22 October 2020 Immutep Limited (ASX: IMM; NASDAQ: IMMP) a biotechnology company

developing novel immunotherapy treatments for cancer and autoimmune diseases, provides an update on the ongoing development of its product candidates, eftilagimod alpha ( efti or IMP321 ) and IMP761, and the activity of its new

and existing partners.

Over the quarter, we have continued to report further supportive data from our trials of efti in multiple cancers. This has

built a strong pool of data to discuss with potential out licensing and collaboration partners. We already have committed partnerships in place with five of the world s largest pharmaceutical companies: Merck, Pfizer, Merck MSD, Novartis and

GSK, plus our partner in China, EOC Pharma, giving us confidence that we can build on our LAG-3 leadership position, said Marc Voigt, CEO of Immutep.

Eftilagimod Alpha Clinical Updates

TACTI-002 - Phase II clinical trial

Immutep presented encouraging interim results from its TACTI-002 trial in two poster presentations at the ESMO Virtual Congress 2020 in September 2020. These results showed three patients had complete responses (complete disappearance of all lesions) to the combination

therapy of efti with KEYTRUDA (pembrolizumab). Two of these patients had second line head and neck squamous cell carcinoma (HNSCC) and one had first line

non-small cell lung cancer (NSCLC). Pleasingly, five partial responses were reported from patients (across both indications) with negative (< 1%) or moderate PD-L1

expression. Pembrolizumab monotherapy is typically less effective in these patients.

A median Progression Free Survival (PFS) of 4.3 months was achieved

for patients with second line HNSCC and 47% of these patients were progression free at the 6-month landmark in this very aggressive late stage disease. For 1st line NSCLC patients, median PFS continues to

improve and is 11.8 months. The combination treatment continues to be safe and well tolerated with no new safety signals reported thus far.

Immutep enrolled and safely dosed the last patient for Stage 1 of Part B (2nd line NSCLC) of TACTI-002, completing recruitment of this stage. Recruitment is also complete for both stages of Part A (1st line

NSCLC) and is ongoing for Stage 2 of Part C (2nd line HNSCC). Pending the Data Monitoring Committee s recommendation, Immutep will consider opening Stage 2 of Part B for recruitment. Overall, recruitment for the trial continues to progress

well, with 92 out of up to 109 patients now enrolled.

TACTI-002 is evaluating the combination of efti with

Merck & Co s KEYTRUDA (pembrolizumab) in up to 109 patients with second line HNSCC or NSCLC in first and second line.

INSIGHT-004 - Phase I clinical trial

Immutep also reported improving interim data from its INSIGHT-004 trial of efti at the ESMO Virtual Congress 2020 in

September 2020. In the trial 41.7% of patients showed a Partial Response to the combination therapy of efti and avelumab, building on the previous interim data of 33%.

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More importantly, the trial also reported encouraging early anti-tumour activity signals across a variety of

cancer indications not typically sensitive to immune checkpoint inhibitor (ICI) therapy, including PD-L1-negative cervical cancer, squamous anal cell carcinoma, and

mesothelioma. The combination of efti and avelumab continues to be safe and well tolerated.

evaluating the combination of efti with avelumab, a human anti-PD-L1 antibody, in 12 patients with different advanced solid malignancies, primarily gastrointestinal

indications. The trial is being conducted under Immutep s collaboration with Merck KGaA, Darmstadt, Germany, and Pfizer Inc., as the 4th arm of the ongoing INSIGHT Phase I clinical trial. The Institute of Clinical Cancer Research, Krankenhaus

Nordwest GmbH in Frankfurt, Germany ( IKF ) is the trial sponsor for INSIGHT-004.

Immutep is continuing cell line development for IMP761. IMP761 is an immunosuppressive agonist antibody to

LAG-3 for the treatment of autoimmune diseases, such as inflammatory bowel diseases, rheumatoid arthritis, and multiple sclerosis.

In August, Immutep and its research partner, Monash University, were awarded a A$671,427 grant under the Australian Research Council s (ARC) Linkage

Project scheme to support their research collaboration into Lymphocyte Activation Gene-3 (LAG-3) for a further three years. The collaboration commenced in 2017.

Novartis has five clinical trials

ongoing for LAG525 (Ieramilimab) in multiple cancer indications, including a Phase II clinical trial in triple negative breast cancer. According to the Q2 Novartis earnings call a regulatory submission is planned for LAG525 in

Immutep s other partnerships with GlaxoSmithKline, EOC Pharma and CYTLIMIC continue to progress well.

Intellectual Property

In August, the United States

Patent and Trade Mark Office granted Immutep a new patent entitled Combined Preparations for the Treatment of Cancer . The new patent relates to the use of efti in combined therapeutic preparations with a chemotherapy agent and follows

the grant of similar European, Australian and Japanese patents in May 2019, June 2019 and May 2020, respectively. The expiry date of this United States patent is 25 January 2035.

In July, a new patent was granted by the United States Patent and Trade Mark Office entitled Antibody molecules to

LAG-3 and uses thereof . The patent relates to embodiments of LAG525, a humanised form of Immutep s IMP701 antibody which is out-licensed to Novartis AG. The

patent is co-owned by Novartis AG and Immutep S.A.S. and will expire on 26 March 2035.

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Cash receipts from customers for the quarter were $23k, compared to $128k in Q4 FY2020. Cash receipts from government grants and tax incentives for the quarter

were $126k, compared to $5.1 million in Q4 FY2020.

The net cash used in G&A activities in the quarter was $0.35 million compared to

$0.36 million in Q4 FY2020. G&A costs for the quarter includes $127K in payment of Non-Executive Director s fees and Executive Director s salary.

Total net cash outflows used in operating activities in the quarter was $3.34 million. In comparison, total net cash inflows from the operating

activities in Q4 FY2020 were $0.12 million.

The net cash used in Research and Development activities in the quarter was $2.10 million, compared

to $3.77 million in Q4 FY2020. R&D expenditure declined further as all patients in the AIPAC Phase IIb clinical trial have completed the treatment and moved into the follow-up phase.

Interest paid of $6k is the interest component of the office lease under the application of AASB 16 Leases.

The cash balance as at 30 September 2020 was $22.7 million compared to a balance of $26.3 million as at 30 June 2020. The Company s

cash runway extends to the end of calendar year 2021, beyond several significant data read-outs.

A copy of the Appendix 4C - Quarterly Cash Flow Report

for the quarter is attached.

is a globally active biotechnology company that is a leader in the development of LAG-3 related immunotherapeutic products for the treatment of cancer and autoimmune disease. Immutep is dedicated to leveraging

its technology and expertise to bring innovative treatment options to market for patients and to maximize value to shareholders. Immutep is listed on the Australian Securities Exchange (IMM), and on the NASDAQ (IMMP) in the United States.

Immutep s current lead product candidate is eftilagimod alpha ( efti or IMP321 ), a soluble

LAG-3 protein (LAG-3Ig) based on the LAG-3 immune control mechanism. This mechanism plays a vital role in the regulation of the T

cell immune response. Efti is currently in a Phase IIb clinical trial as a chemoimmunotherapy for metastatic breast cancer termed AIPAC (clinicaltrials.gov identifier NCT02614833); a Phase II clinical trial being conducted in collaboration with

Merck & Co., Inc., Kenilworth, NJ, USA (known as MSD outside the United States and Canada) referred to as TACTI-002 to evaluate a combination of efti with KEYTRUDA (pembrolizumab) in several different solid tumours (clinicaltrials.gov identifier NCT03625323); a Phase I clinical trial being conducted in collaboration with Merck KGaA, Darmstadt, Germany and

Pfizer Inc. referred to as INSIGHT-004 to evaluate a combination of efti with avelumab (clinicaltrials.gov identifier NCT03252938); and a Phase I combination therapy trial in metastatic melanoma termed

TACTI-mel (clinicaltrials.gov identifier NCT02676869).

Additional LAG-3 products, including antibodies, for

immune response modulation in autoimmunity and cancer are being developed by Immutep s large pharmaceutical partners. Immutep is also developing an agonist of LAG-3 (IMP761) for autoimmune disease.

Further information can be found on the Company s website www.immutep.com or by contacting:

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Australian Investors/Media:

Catherine Strong, Citadel-MAGNUS

McCarthy, LifeSci Advisors

+1 (212) 915.2564; tim@lifesciadvisors.com

This announcement was authorised for release by the Board of Immutep Limited.

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cash flow report for entities

subject to Listing Rule 4.7B

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an

explanation for, such payments.

The amount at 6.1 includes payment of Non-Executive Directors fees and

Executive Directors salary

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Compliance statement