IMMUTEP LIMITED ABN 90 009 237 889 Appendix 4D Half-Year Financial Report For the Half-Year Ended 31 December 2020 (previous corresponding period: half-year ended 31 December 2019) To be read in conjunction with the 30 J

Half-Year Financial Report

(previous corresponding period: half-year ended 31 December 2019)

To be read in conjunction with the 30 June 2020 Annual Report.

In compliance with Listing Rule 4.2A.

ASX/Media Release (ASX:

Appendix 4D Half-Year Financial Report

Results for Announcement to the Market

Current Reporting Period Half-year Ended 31 December 2020

Previous Reporting Period Half-year Ended 31 December 2019

The loss after tax for the half year ending 31 December 2020 of A$19,844,146 was significantly higher compared to

A$5,950,345 for the half year ending 31 December 2019, mainly due to a significant loss of A$8.1m from the net change in fair value of warrants and the absence of a milestone payment. The net change in fair value of warrants is a non-cash expense.

Net Tangible Assets per Share (cents)*

This half-year financial report does not include all the notes of the type normally included in an annual financial report.

Accordingly, this report should be read in conjunction with the annual report for the year ended 30 June 2020 and any public announcements made by Immutep Limited during the half-year reporting period in accordance with the continuous

disclosure requirements of the Corporations Act 2001.

Immutep Limited is a company limited by shares, incorporated and domiciled in Australia. Its

registered office and principal place of business is at 95 Pitt Street, SYDNEY, NSW 2000. Its shares are listed on the Australian Securities Exchange (ASX) and NASDAQ Global Market (NASDAQ).

Your directors present their report on the

consolidated entity consisting of Immutep Limited and the entities it controlled at the end of, or during (referred to hereafter as the Group or Immutep and or the Company ) the half-year ended 31 December

The following persons were

directors of Immutep during the whole of the half-year and up to the date of this report unless otherwise stated:

Principal Activities

Immutep is a globally active biotechnology company and is a leader in the development of LAG-3 immunotherapeutic

products for cancer and autoimmune disease. It is dedicated to leveraging its technology and expertise to discover and develop novel immunotherapies, and to partner with leading organisations to bring innovative treatment options to market for

Its lead product candidate is eftilagimod alpha ( efti or IMP321 ), a soluble

LAG-3Ig fusion protein based on the LAG-3 immune control mechanism, which is in clinical development for the treatment of cancer. Immutep has two other clinical

candidates (IMP701 and IMP731) that are worldwide, exclusively licensed to major pharmaceutical partners, and a fourth candidate (IMP761) which is in pre-clinical development for autoimmune disease.

Immutep is listed on the Australian Securities Exchange (IMM), and on the NASDAQ (IMMP) in the United States.

REVIEW OF OPERATIONS

In the first half of the financial

year 2021, Immutep reported further encouraging results from its development program for efti, building on the product candidate s growing promise as an innovative immuno-oncology treatment in multiple cancers for patients.

More mature and encouraging Overall Response Rates (ORR) were reported from the Company s TACTI-002 Phase II

trial in 1st Line Non-Small Cell Lung Cancer patients (NSCLC) and 2nd Line Head and Neck Squamous Cell

Carcinoma patients (HNSCC). In addition, first encouraging Overall Survival results (OS) were reported from its AIPAC Phase IIb trial in metastatic breast cancer. Data from these trials were presented at world-leading cancer conferences during the

half year, validating the strength of the data.

These encouraging clinical results have prompted Immutep to scale up efti manufacturing and initiate two

new efti trials or trial extensions during the half year:

Additionally, Immutep s Chinese partner, EOC Pharma announced their new phase II study for efti in

metastatic breast cancer, following the encouraging AIPAC data.

Throughout the half year, Immutep continued its partner collaborations, including with

five major pharmaceutical companies throughout the half year: Novartis, GSK, MSD (i.e. Merck & Co (US)), Merck KGaA (i.e. Merck (Germany)) and Pfizer. It also entered into a new collaboration with LabCorp Corporation of America Holdings to

support the development of immuno-oncology products or services.

Immutep s operations continued with limited disruption as a result of the COVID-19 pandemic, with the Group focusing on protecting the health of patients recruited into its clinical trials and its employees.

Directors Report (Continued)

The Group is continuously monitoring the impact of COVID-19 on its

operations and on the carrying value of certain assets. The Group has worked closely with the regulators and clinical trial sites and implemented measures to safeguard our patients and employees. The Group developed a comprehensive response strategy

including establishing cross-functional response teams and implementing business continuity plans to manage the impact of the pandemic on our employees, patients, and our business. The Group managed to address these challenges without a material

impact on its clinical program and financial performance for the half year.

Patient recruitment was already well underway for the TACTI-002 and INSIGHT-004 trials and the Group s largest trial, AIPAC, was fully recruited when the COVID-19 pandemic was

declared. However, the extent to which the COVID-19 pandemic may impact the Group s business moving forward will depend on future developments, which are highly uncertain and cannot be predicted at this

time. The Group will continue to assess the impact on every level.

Clinical Trials for eftilagimod alpha

AIPAC (Active Immunotherapy PAClitaxel)

evaluates efti in combination with paclitaxel, a standard of care chemotherapy, as a chemo-immunotherapy combination. The trial is a randomised, double blinded, placebo-controlled clinical study with 226 evaluated HR+ metastatic breast cancer

patients and is taking place across in more than 30 clinical trial sites in Germany, the UK, France, Hungary, Belgium, Poland, and the Netherlands. The combination therapy aims to boost the body s immune response against tumour cells compared

to chemotherapy plus placebo.

In December 2020, Immutep reported encouraging first OS data from AIPAC, based on approximately 60% of events. The data was

selected for a spotlight presentation at the San Antonio Breast Cancer Symposium 2020. It showed a promising and improving overall trend in OS in the trial total population. Specifically, a median survival benefit of +2.7 months was observed from

efti plus chemotherapy, compared to chemotherapy plus placebo.

In addition, a statistically significant OS benefit was observed in the efti group in pre-defined patient groups. A +7.1 month survival benefit was observed from efti with chemotherapy for patients under 65 years of age. They reported a median survival benefit of 21.9 months vs. 14.8 months in the

placebo group, marking close to a 50% improvement in survival. Similarly, a +9.4 month survival benefit from efti with chemotherapy was observed for patients with a low starting monocyte count. These patients reported a median survival of 22.4

months compared to 12.9 months for patients in the placebo group, equating to 74% longer survival.

Importantly, a statistically significant increase in

cytotoxic CD8 T cells was reported in patients treated with efti plus chemotherapy compared to chemotherapy and placebo. This increase correlates with prolonged OS in the efti group, indicating pharmacodynamic activity and proof of concept of

efti s mode of action. The combination of efti and paclitaxel chemotherapy was overall safe and well tolerated, further building upon efti s strong safety profile to date.

The collection of OS data is ongoing, and the proportion of patient events has now advanced to approximately 68%. Immutep is on track to report final OS and

ORR data by mid calendar year 2021.

TACTI-002 - Phase II

TACTI-002 (Two ACTive Immunotherapies) is a Phase II study evaluating the combination of efti with KEYTRUDA (or pembrolizumab, an anti-PD-1 therapy) in 183 patients with second line HNSCC and NSCLC in first and second line.

The study is taking place at different clinical sites across Australia, Europe, the UK and US and is being conducted in collaboration with Merck & Co., Inc., Kenilworth, NJ, USA (known as MSD outside the United States and

Canada); MSD refers to the study as Keynote-798.

Throughout the half year, Immutep continued to report

consistently encouraging findings in different patient cohorts of TACTI-002. The data was presented at world-leading conferences: the ESMO Virtual Congress 2020 in September 2020 and at the Society for

Immunotherapy of Cancer (SITC) 35th Anniversary 2020 Annual Meeting in November as part of a late breaker poster presentation and poster walk for highly scored abstracts.

Directors Report (Continued)

At SITC, the Company reported more mature, interim ORRs for

1st line NSCLC (Part A) and 2nd line HNSCC (Part C). A 36% ORR was reported in patients with

1st line NSCLC and 36% ORR in patients with 2nd line HNSCC in the intent to treat population. Five patients (two with 1st line NSCLC and three with 2nd line HNSCC) reported a complete disappearance of all lesions, known as a Complete Response.

First data from patients with 2nd line NSCLC (Part B) who are

PD-1 resistant/refractory were also reported at SITC.

Following the encouraging data, Immutep and its partner MSD

have expanded the TACTI-002 study by 74 additional patients with 1st line NSCLC (Part A). The combination treatment of efti and pembrolizumab continues to

be safe and well tolerated with no new safety signals reported so far.

In November 2020, the Data Monitoring Committee confirmed a positive risk-benefit

assessment for Part B and recommended the opening of Stage 2 of Part B. Recruitment for the extension of Part A opened in late December 2020. In early January 2021, Immutep completed the recruitment of patients with 2nd line HNSCC (Part C) of the trial. Further data from TACTI-002 is expected in H1 calendar year 2021.

New Trial in 1st line HNSCC - Phase II

The data reported from 2nd line HNSCC patients (detailed above in

TACTI-002) was very robust and formed an excellent basis for Immutep to pursue additional clinical development in HNSCC.

In November 2020, Immutep announced plans for a new Phase II, randomised, controlled clinical study in approximately 160 1st line HNSCC patients. Patients will be 1:1 randomised to receive efti in combination with an anti-PD-1 treatment, or anti-PD-1 monotherapy. The trial is intended to take place across clinical sites in the United States, Australia, and Europe.

CYTLIMIC is conducting clinical

trials evaluating efti as part of a cancer peptide vaccine, called CYT001, in patients with advanced or metastatic solid cancer. The cancer vaccine is comprised of the combination of a HSP70 derived peptide, a GPC3 derived peptide, Immutep s

IMP321 (efti) and Hiltonol.

Immutep s partnership with CYTLIMIC continued to progress well during the half year. CYTLIMIC has previously reported

positive results from its YNP01 Phase I clinical trial of CYT001 in early 2020 and interim results from a second Phase I study of CYT001, called YCP02, were reported in June 2020, showing tumour cell death and infiltration of T cells into tumour

regions in 6 out of 9 patients. CYTLIMIC is also collaborating with Chiba University in Japan to start a new Phase I trial of CYT001, called CRESCENT1.