Immutep Limited Preliminary final report APPENDIX 4E PRELIMINARY FINAL REPORT 1. Company details Name of entity: Immutep Limited ABN: 90 009 237 889 Reporting period: Year ended 30 June 2020 Previous corresponding period

Preliminary final report

PRELIMINARY FINAL REPORT

There were no dividends paid or declared during the current financial period.

consolidated entity after providing for income tax amounted to $13,468,232 (30 June 2019: $18,343,984).

Explanation of the above information:

The loss after tax of $13,468,232 for the financial year 30 June 2020 decreased substantially compared to the previous corresponding period loss of

$18,343,984. This decrease was mainly attributable to the significant increase of licensing income. Licensing revenue increased significantly from $140K in FY 2019 to $7.49 million in FY 2020, mainly attributed to the GSK milestone payment of

GBP 4 million ($7.49 million) received in this fiscal year related to the first patient being dosed in GSK s Phase II clinical trial evaluating GSK2831781 in ulcerative colitis.

For other details of the current year results, refer to the Review of Operations and Activities.

Preliminary final report

no dividends paid or declared during the current financial period.

Previous corresponding period

There were no dividends paid or declared during the previous financial period.

This report is based on financial statements which have been audited.

Details of attachments (if any):

The annual report for the year ended 30 June 2020 is attached.

Dear Fellow Shareholder,

It s my pleasure to present Immutep s annual report for the financial year 2020.

Immutep is focused on improving the lives of patients with cancer and autoimmune disease by leveraging the body s immune system. We are leaders in the

development of immunotherapeutic products stemming from the LAG-3 immune mechanism, which was discovered by our CMO and CSO Prof Fr d ric Triebel.

We have four product candidates that are advancing well, despite the global challenges in protecting our trial patients and our employees precipitated by the

COVID19 pandemic. These product candidates are being evaluated in 12 active clinical trials and almost 2,000 patients across the globe. Two of them, IMP731 (from which GSK2831781 is derived) and IMP701 (from which LAG525 is derived), are already

licensed out to global pharmaceutical companies GSK and Novartis, respectively. During the year we collected $7.7 million in receipts from customers, mainly due to the GSK milestone payment of 4 million.

Our lead product candidate is eftilagimod alpha (efti or IMP321) which is in clinical development for a range of cancer indications. Our other retained

program is IMP761, which is in preparations for GMP manufacturing in autoimmune diseases after successful preclinical results.

Cancer and autoimmune

diseases are large and growing markets where new therapies are urgently needed for patients. The global oncology drugs market is expected to reach an estimated US$176.5 billion by 20251 and

the global autoimmune treatment market is expected to grow to US$149.4 billion by 20252.

Immutep deepened its knowledge of efti through multiple trial readouts this financial year. Our largest clinical trial of efti, called AIPAC (Phase IIb)

combines it with paclitaxel in breast cancer patients. In this study, efti delivered better progression free survival (PFS) compared to the placebo group at the 6-month landmark. While a number of specific

patient subgroups showed good results from the combination therapy in AIPAC, we had hoped for stronger overall PFS results. Unfortunately, this impacted the Company s share price at a time where the global markets were also reacting with

volatility to the uncertainty of the emerging COVID19 pandemic.

When efti is combined with pembrolizumab in our

TACTI-002 study (Phase II), encouraging results have also been achieved so far in head and neck squamous cell carcinoma and non-small cell lung cancer. These results

were presented to the scientific community at ASCO in June 2020. The same combination therapy with pembrolizumab was tested in patients with melanoma in TACTI-mel (Phase I), reporting deep and durable

responses which were presented in October last year. The INSIGHT-004 (Phase I) studying the combination of efti with avelumab showed encouraging early efficacy signals in patients. Importantly, efti continues

to be in general comparably safe and well tolerated in all these trials.

Each of these trials tests efti when administered to patients in combination

with either an approved chemotherapy agent or another immunotherapeutic. This has been a deliberate strategy that focuses on improving patient outcomes by using efti to push the gas of the immune system by stimulating cancer-fighting T

cells, while also combating cancer with an approved therapy.

This strategy also enables us to demonstrate efti s potential to pharmaceutical

companies that are aligned with our mission to enhance patient outcomes, helping us to form strategic collaborations. Immutep is already partnered with five of the world s major pharmaceutical companies: Novartis, GSK, Merck & Co

(MSD), Merck (Germany) and Pfizer. In addition, we continue to collaborate with CYTLIMIC (NEC s drug discovery business) and our Chinese licensee for efti, EOC Pharma.

CHAIRMAN S LETTER (CONTINUED)

During the year, we were very pleased to have the continued support of new and existing

institutional and sophisticated investors as we raised A$12 million via a placement in April 2020 and A$10 million from a placement and fully underwritten Entitlement Offer in July 2019. The funds are supporting our LAG-3 clinical programs in cancer and autoimmune disease. The financings extended our cash runway to the end of calendar year 2021, beyond many anticipated clinical trial data read outs.

Results from multiple trials of efti will be reported throughout the coming financial year, which could further expand the intrinsic value of this promising

asset. AIPAC will report overall survival data by the end of calendar year 2020 and more mature data will come from TACTI-002 and INSIGHT-004 throughout calendar year

I am pleased with the progress made by our Company this year and wish to pass on the Board s thanks to the whole Immutep team for their

continued diligence and passion through what have been challenging and unprecedented times. I also extend our thanks to our loyal shareholders who have continued to support us and share our commitment to bringing new therapies to market to improve

REVIEW OF OPERATIONS AND ACTIVITIES

Principal Activities

Immutep is a globally active biotechnology company that 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 fully 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

Throughout the financial year 2020,

Immutep advanced the development of its lead product candidate, efti and reported data from its trials. It reported supportive efficacy data from its largest study, AIPAC (Phase IIb), in breast cancer patients. This included progression-free

survival (PFS) data that showed that efti provided an improvement for patients compared to a placebo group at the 6-month landmark. While we are very pleased by the results from some of the pre-defined patient subgroups, we had hoped for better overall results in terms of PFS. The results were, unfortunately, reported at a time of relatively high market uncertainty and volatility related to the COVID19

pandemic. We look forward to reporting Overall Survival results by the end of 2020.

Encouraging first and more mature interim results have also been

reported for Immutep s Phase II clinical trial, TACTI-002. A first group of patients participating in the trial with 1st line non-small cell lung cancer (NSCLC) have reported a median PFS estimate of more than 9 months, which is a very encouraging interim result for patients with such advanced cancer. Immutep also reported the first

Complete Response (complete disappearance of target lesion) from a patient with 2nd line head and neck squamous cell carcinoma (HNSCC). Both the AIPAC and

TACTI-002 trials are ongoing.

In addition, Immutep reported positive final efficacy data for its Phase I TACTI-mel trial during the financial year. These results showed deep durable responses to the combination treatment in patients with melanoma. In this trial, half of patients had a decrease of 75% in the target lesions when treated with pembrolizumab and efti.

Immutep continued to work with its

collaborators, including five major pharmaceutical companies throughout the financial year: Novartis, GSK, Merck & Co (MSD), Merck (Germany) and Pfizer.

From July to August 2019, the Company completed a capital raise via its ASX listing raising approximately A$10 million, via a Placement and a fully

underwritten Entitlement Offer which included participation from Immutep s directors and the entire executive management team. In April 2020, the Company raised a further A$12 million via a Placement supported by high quality institutional

The financings have extended Immutep s cash runway to the end of calendar year 2021, beyond several significant data read-outs. The

proceeds are being used to continue the LAG-3 related programs, including the ongoing clinical development of efti and the manufacturing of IMP761.

Immutep also rationalised its share capital by completing a share consolidation in November 2019, pursuant to which every 10 shares has been consolidated into

Immutep operations experienced minimal disruption as a result of the COVID19 pandemic. Protecting the health of patients recruited into the

Company s clinical trials and its employees has been a key priority for Immutep. The Company has been working closely with its clinical sites and regulators to monitor the situation and make any necessary adjustments to trial protocols to

diminish risks to patients. Importantly, the Company has not seen a significant impact on the pace of trial recruitment for its two actively recruiting trials: TACTI-002 and

INSIGHT-004. AIPAC has been fully recruited since June 2019.

REVIEW OF OPERATIONS AND ACTIVITIES (CONTINUED)

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 March 2020, Immutep reported the first results from AIPAC, including supportive efficacy data. PFS

results showed that efti provided an improvement for patients compared to the placebo group at the 6-month landmark. In addition, efti demonstrated an increased Overall Response Rate (ORR) of 48.3% compared to