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 2024 Previous corresponding period

Preliminary final report

PRELIMINARY FINAL REPORT

Explanation of the above information:

The increase in loss after tax for the financial year ended 30 June 2024 was mainly attributable to the following:

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

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.

Details of attachments (if any):

The annual report for the year ended 30 June 2024 is attached.

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

Dear Fellow Shareholders,

On behalf of the Board, I m

pleased to present Immutep Limited s Annual Report for the 2024 Financial Year.

Immutep continues to be the leading biotech focused on the

development of products using Lymphocyte Activation Gene-3 (LAG-3) for the treatment of cancer and autoimmune disease. LAG-3

immunotherapy is an exciting and promising area drawing increasing attention from global pharmaceutical companies.

It has been a remarkable year for

Immutep with further impressive clinical results and good progress delivering on our strategy to advance our lead product candidate, eftilagimod alfa (efti) through clinical trials towards market approvals. We have continued later-stage clinical

evaluation of efti in three large oncology indications, namely first line non-small cell lung cancer, first line head and neck squamous cell carcinoma, and metastatic breast cancer. We have also initiated

earlier stage trials in soft tissue sarcoma and urothelial cancer.

Within the fast-emerging area of cancer therapy, efti is the only LAG-3 product that activates antigen-presenting cells (e.g. dendritic cells) and, in turn, activates both the adaptive and innate immune systems to drive a broad immune response that fights cancer. Another key

advantage is efti s strong safety profile which enables it to be paired with a variety of other cancer therapies, including anti-PD-(L)1 therapies, radiotherapy,

Immutep s strategy to develop efti as part of a combination therapy opens up multiple strategic opportunities. Our options include

partnering with an existing efti collaboration partner, partnering/collaboration with the owner of any of the other cancer therapies, or drug commercialisation opportunities for ourselves. Aligned with these options, Immutep continues to build value

and options for our commercial path by continuing to advance efti towards marketing authorisation while retaining all commercial rights at this time.

June 2024, we entered into our third and most important collaboration with MSD for our upcoming registrational Phase III trial in non-small cell lung cancer (1L NSCLC) called

TACTI-004. In addition to working together, MSD is also supplying KEYTRUDA for the trial. TACTI-004 is among the few global Phase III trials evaluating a

combination therapy with KEYTRUDA that addresses almost the entire 1L NSCLC patient population eligible for anti-PD-(L)1 therapy. This is significant as KEYTRUDA became

the world s top-selling drug in 2023, and lung cancer was estimated to represent over 35% of KEYTRUDA s $25 billion in sales last year. With positive feedback now received from multiple agencies

and other stakeholders, we are planning to enrol the first patient into this ~750 patient trial in late 2024 or early 2025.

Thanks to the tireless

efforts of Immutep s team and management we made excellent progress on the clinical front during the financial year and continued to report strong clinical data including:

Beyond these conference presentations, we reported positive results from efti in combination with MSD s KEYTRUDA from the TACTI-003 Phase IIb trial in first line head and neck squamous cell carcinoma (1L HNSCC). In the randomised Cohort A portion of the trial, we are excited to see patient response rates in 1L HNSCC from the

combination exceed KEYTRUDA monotherapy across all levels of PD-L1 expression (an indicator of whether or not a patient is likely to respond to KEYTRUDA therapy on its own).

Furthermore, we are pleased to see the high response rates and complete responses in Cohort B from the combination therapy in patients with no PD-L1 expression (CPS <1%) and its prominent selection of these results for oral presentation at an ESMO Virtual Plenary session in July 2024.

CHAIRMAN S LETTER (CONTINUED)

Additionally, encouraging initial safety and efficacy data in soft tissue sarcoma (STS), including deep

responses rarely seen with standard therapeutic approaches, was reported in May 2024 from the EFTISARC-NEO Phase II trial evaluating the novel triple combination of efti with radiotherapy and KEYTRUDA. STS is a

hard-to-treat orphan disease with poor prognosis and high unmet medical need.

Importantly, during the financial year Immutep successfully scaled up its manufacturing process for efti to commercial levels (2,000L) and received regulatory

authorisation to use the product in its clinical trials across multiple countries.

Underpinning Immutep s position as a pioneer in the advancement

of LAG-3 immunotherapy, we continue our preclinical efforts with our longstanding collaborators at Cardiff University to development an orally available, small molecule blocking anti-LAG-3 therapy to treat cancer. An easy-to-administer oral pill may offer significant cost

advantages over anti-LAG-3 antibodies that are under development or have received regulatory approval.

Moving to autoimmune diseases, we appointed the Centre for Human Drug Research, a world-class institute in Leiden, the Netherlands, to perform the first-in-human clinical study of IMP761, Immutep s proprietary LAG-3 agonist antibody. IMP761 aims to restore balance to

the immune system by enhancing the brake function of LAG-3 to silence unregulated self-antigen-specific memory T cells that accumulate at disease sites. By addressing the underlying cause of many

autoimmune diseases, this first-in-class agonist LAG-3 immunotherapy potentially opens up multiple large therapeutic markets for

Immutep including rheumatoid arthritis, Type 1 diabetes, and multiple sclerosis.

Shifting to financials, the overall biotech equity market reached a

trough during the fourth quarter of CY2023 and then started to recover as the multi-year global challenges in healthcare began to abate. Nonetheless, during the first half of CY2024 the biotech indices have underperformed the broader markets and

challenges remain in place for many biotech companies. Despite this, strong support from new and existing shareholders enabled Immutep to raise $100.2 million (~US$63 million) via a fully underwritten issue of new equity during the financial

year. The new funds provide us with a very strong cash position and extends our cash runway to the end of calendar year 2026.

Although we are in a

fundamentally strong position, as we continue to advance efti towards registration, we are disappointed that our significant progress to date has not yet been adequately reflected in the share price.

To strengthen our Board, Immutep appointed Anne Anderson as independent non-executive director in February 2024. Ms

Anderson has extensive board governance and leadership experience serving Australian and international companies, including more than 35 years in her executive career focused on the finance and investment sectors.

As we look ahead, we are very excited about the coming year with many important milestones in our sights. Our confidence in efti and its potential to make

meaningful positive change in the treatment landscape for cancer patients is as strong as ever.

On behalf of the Board, I would like to thank all of our

shareholders for their continued support of Immutep. We look forward to keeping you updated on our continued progress in the year ahead.

Chairman, Immutep Limited

REVIEW OF OPERATIONS AND ACTIVITIES

PRINCIPAL ACTIVITIES

Immutep is a late-stage clinical

biotechnology company developing novel LAG-3 related immunotherapies for cancer and autoimmune disease. The Company is a pioneer in the understanding and advancement of therapeutics related to Lymphocyte

Activation Gene-3 (LAG-3). It has a diversified product portfolio that harnesses LAG-3 s unique ability to stimulate the

body s immune response to fight cancer or suppress it to address autoimmune disease.

Immutep is dedicated to leveraging its expertise to bring

innovative treatment options to patients in need and to maximise value for shareholders. The Company is listed on the Australian Securities Exchange (IMM) and on the NASDAQ (IMMP) in the United States.

REVIEW OF OPERATIONS

Eftilagimod Alfa Through Late-Stage Development

Immutep is advancing its lead product candidate, eftilagimod alfa (efti) through late-stage

clinical trials towards marketing approval in three cancer indications:

TACTI-004: Phase III trial in first line non-small

cell lung cancer (1L NSCLC)

TACTI-004 (also designated KEYNOTE-PNC-91) is Immutep s pivotal Phase III trial of efti in combination with MSD s anti-PD-1 therapy KEYTRUDA (pembrolizumab) and chemotherapy in 1L NSCLC, one of the most significant cancer indications with a high unmet medical need. The trial is designed to set a new standard of care and is considered

to be the key value driver of Immutep.

In June 2024, Immutep entered into its third and most important clinical trial collaboration and supply agreement

with MSD (Merck & Co., Inc., Rahway, NJ, USA), for the TACTI-004 Phase III trial. Under the collaboration, Immutep will conduct the trial and retain commercial rights to efti, while MSD will supply

KEYTRUDA at no cost to Immutep.

TACTI-004 will be a 1:1 randomised, double-blind, multinational, controlled

clinical study to evaluate Immutep s efti in combination with KEYTRUDA and standard chemotherapy compared to the standard-of-care combination of KEYTRUDA,

chemotherapy and placebo in first-line metastatic NSCLC, regardless of PD-L1 expression. In this pivotal PD-L1 all comer trial, the dual primary endpoints will be

progression-free and overall survival with a prespecified futility boundary and a pre-planned interim analysis.

During FY24, Immutep advanced preparations for the trial, including productive interactions with regulatory agencies and other stakeholders. In December 2023,

Immutep received supportive and constructive feedback from the German regulatory authority, the Paul-Ehrlich-Institut, which was followed by similar feedback in April 2024 from the Spanish Agency for Medicines and Health Products (AEMPS) Competent

Authority. Subsequent to the end of the financial year, a final discussion with the US Food and Drug Administration (FDA) took place, successfully concluding the strategic regulatory preparations for the trial design.

In other trials targeting 1L NSCLC, efti in combination with KEYTRUDA without chemotherapy (TACTI-002) or with

chemotherapy (INSIGHT-003) has generated compelling efficacy and favourable safety across all levels of PD-L1 expression, including negative (TPS <1%) and low (TPS 1-49%) PD-L1.

TACTI-004 will enrol

approximately 750 patients regardless of PD-L1 expression and include both squamous and non-squamous subtypes to address almost the entire 1L NSCLC market eligible for anti-PD-1 therapy. The first patient is expected to be enrolled in late CY2024 or Q1 CY2025.

REVIEW OF OPERATIONS AND ACTIVITIES (CONTINUED)

TACTI-003: Phase IIb trial in first line head and neck squamous