LETTER FROM THE CHAIRMAN Dear Fellow Shareholder, I invite you to join our Board and management team at Immutep s Annual General Meeting (AGM) to be held on Friday, 16 November 2018, in Sydney. An agenda for the AGM acco

LETTER FROM THE CHAIRMAN

Dear Fellow Shareholder,

I invite you to join our Board and

management team at Immutep s Annual General Meeting (AGM) to be held on Friday, 16 November 2018, in Sydney. An agenda for the AGM accompanies this letter and the business of the AGM is set out in the enclosed Notice of Annual General Meeting

and Explanatory Statement.

This will be my first AGM as your Chairman and the first as Immutep, after the Company name change approved at last

year s meeting. At the time, we felt that the new name would resonate well with our industry stakeholders as many of our clinical partner associations are with Immutep and several patents remain registered under the Immutep name.

We also believe that the name Immutep has assisted in strengthening the association of our Company with Lymphocyte-activation gene 3 (LAG-3), given

Immutep s strong historic association with LAG-3 and its founder, our Chief Scientist and Chief Medical Officer, Dr Frederic Triebel. There is strong evidence that LAG-3, in which we are the global leader, could play a significant role in

potential new novel immuno-oncology combination therapies as well as in autoimmune diseases.

Our new collaborations entered into this year with some of

the world s largest pharmaceutical companies and data we presented at different conferences all speak to the growing importance of LAG- 3. In March we signed a collaboration and supply agreement with Merck & Co., Inc., Kenilworth, NJ,

USA (known as MSD outside the United States and Canada), to commence a new Phase II clinical trial called TACTI-002. The TACTI-002 trial will evaluate the combination of our lead product candidate eftilagimod alpha ( efti or

IMP321 ) with MSD s anti-PD-1 therapy KEYTRUDA (pembrolizumab) in three different clinical settings (NSCLC 1st and 2nd line and HNSCC 2nd line).

Furthermore, in September we entered into a separate clinical trial collaboration and supply agreement with Merck KGaA, Darmstadt, Germany and Pfizer Inc., to

evaluate the combination of efti with avelumab, a human anti-PD-L1 antibody, in patients with advanced solid malignancies. These new collaborations further support our hypothesis of a potentially meaningful therapeutic benefit combining efti with a

checkpoint inhibitor in the treatment of cancer.

These two new partnerships build on the three established partnerships we have in place for development

of LAG-3 product candidates with large pharmaceutical companies: GlaxoSmithKline (GSK), Novartis and Eddingpharm.

During the year we also added to our

funding capacity. Firstly through a share Placement in March 2018, which brought two major Australian institutional investors, Australian Ethical Investment and Platinum Asset Management to our register, and was further supported by former Chairman

Lucy Turnbull, AO and Ridgeback Capital. Secondly, through a share purchase plan in April 2018 for which we are grateful to our shareholders for their support. The total proceeds from these financing activities were A$13.16 million, meaning Immutep

has a cash reach into the second quarter of FY2020.

Fundamentally, Immutep s success will be driven by the clinical data that emerges from our trials and those of our

pharma partners, as pictured in our most recent pipeline chart below.

As you can see, terrific progress has been made over the past year. The strong operational and business development

progress gives me and the rest of the Board tremendous confidence in the prospects of our Company and we believe, has positioned us well for further success in the years ahead.

On behalf of the Board, I would like to thank you, our shareholders, for your continued support. I look forward to updating you on further progress in the

NOTICE OF ANNUAL GENERAL MEETING

TAKE NOTICE that the 2018 Annual General Meeting of shareholders of Immutep Limited (ACN 009 237 889) will be held at the time, date and place

for the purposes of transacting the business referred to in this Notice of Annual General Meeting

This is an important document and should be read in its entirety. If you are in doubt

as to the course you should follow, please consult your financial or other

professional adviser.

2018 Financial statements and reports

receive and consider the financial statements, Directors report and auditor s report for the Company and its controlled entities for the financial year ended 30 June 2018.

To consider, and if thought fit, to pass the following resolution as a non-binding ordinary resolution:

That, for the purposes of section 250R(2) of the Corporations Act 2001 (Cth) for all other purposes, the Company adopt the Remuneration Report for the

financial year ended 30 June 2018.

Voting Exclusion Statement:

In accordance with sections 250BD(1) and 250R(4) of the Corporations Act, no member of the Key Management Personnel (KMP) of the

Company (details of whose remuneration are included in the Remuneration Report), or a member of the KMP of the Group at the date of the Meeting acting as proxy or a Closely Related Party of any such member may vote on Resolution 1.

However, in accordance with the Corporations Act, a person described above may vote on Resolution 1 if:

If the chairman of the Meeting is appointed as a proxy for a person who is permitted to vote on Resolution 1, the chairman will vote any proxies which do

not indicate on their Proxy Form the way the chairman must vote, in favour of Resolution 1.

To consider, and if thought fit, pass the following resolution as an ordinary resolution, with or without amendment:

That, Dr Russell John Howard, who is retiring in accordance with the Constitution, and who offers himself for re-election, is re-elected as a Director

Note: Dr Russell John Howard retires as a Director in accordance with the requirement of clause 23.1(c)

of the Constitution. Being eligible, he offers himself for re-election.

To consider, and if thought fit, pass the following resolution as a special resolution, with or without amendment:

That, for the purposes of ASX Listing Rule 7.1A and for all other purposes, Shareholders approve the issue of equity securities totalling up to 10% of

the issued capital of the Company (at the time of issue) calculated in accordance with the formula prescribed in ASX Listing Rule 7.1A.2 and on the terms and conditions set out in the Explanatory Memorandum.

Immutep Limited | 2018

Notice of Annual General Meeting | Page 2

Voting exclusion statement:

The Company will disregard any votes cast in favour of Resolution 3 by or on behalf of a person who is expected to participate in, or who will obtain a

material benefit as a result of, the proposed issue (except a benefit solely by reason of being a holder of ordinary securities in the Company); or an associate of that person (or those persons).

However, the Company will not disregard a vote if:

Resolution 3 is a special resolution and can only be passed if at least 75% of the votes cast, in person or by proxy, by Shareholders entitled to vote on

Resolution 3, are voted in favour.

To consider, and if thought fit, pass the following resolution as an ordinary resolution, with or without amendment:

That, for the purposes of ASX Listing Rule 7.4 and for all other purposes, the prior issue, on 14 March 2018, of 326,192,381 Shares, on the terms set

out in the Explanatory Memorandum be ratified.

Voting exclusion statement:

The Company will disregard any votes cast in favour of Resolution 4 by or on behalf of any person who participated in the issue of the

Shares referred to in Resolution 4; or an associate of that person (or those persons).

However, the Company will not disregard a vote if:

To consider, and if thought fit, to pass the following resolution as an ordinary resolution, with or without amendment:

That, for the purposes of ASX Listing Rule 10.11 and for all other purposes, Shareholders approve the issue of 10,000,000 performance rights to

subscribe for 10,000,000 fully paid ordinary shares in the Company to Dr. Russell Howard (or his nominee) on the terms and conditions set out in the Explanatory Memorandum.

Voting exclusion statement:

disregard any votes cast in favour of Resolution 5 by:

However, the Company will not disregard a vote if:

If the chairman of the Meeting is appointed as a proxy for a

person who is permitted to vote on Resolution 5, the chairman will vote any proxies which do not indicate on their Proxy Form the way the chairman must vote, in favour of Resolution 5.

Immutep Limited | 2018

Notice of Annual General Meeting | Page 3

To consider, and if thought fit, to pass the following resolution as an ordinary resolution, with or without amendment:

That, for the purpose of Exception 9(b) of ASX Listing Rule 7.2 and for all other purposes, approval is given for the issue of performance rights and/

or options to, or for the benefit of employees of the Company under the Company s Executive Incentive Plan, the terms and conditions set out in the Explanatory Memorandum.

Voting exclusion statement:

disregard any votes cast in favour of Resolution 6 by or on behalf of:

However, the Company will not disregard a vote if:

BY ORDER OF THE BOARD

Immutep Limited | 2018

Notice of Annual General Meeting | Page 4

The Explanatory Memorandum and the annexure accompanying this Notice of Annual General Meeting are incorporated in and comprise part of this

Notice of Annual General Meeting and should be read in conjunction with this Notice of Annual General Meeting.

In accordance with Regulation 7.11.37 of the Corporations Regulations 2001 (Cth), the Company (as convenor of the Meeting) has

determined that a person s entitlement to attend and vote at the Meeting will be those persons set out in the register of Shareholders as at 7.00pm (AEDT) on Wednesday, 14 November 2018. This means that any Shareholder registered

at 7.00pm (AEDT) on Wednesday, 14 November 2018 is entitled to attend and vote at the Meeting.

A Shareholder entitled to attend the Meeting and vote, is entitled to appoint a proxy to attend and vote on behalf of that Shareholder at the

Any corporate Shareholder who has appointed a person to act as its corporate representative at the Meeting should provide that person with a

certificate or letter executed in accordance with the Corporations Act authorising him or her to act as that company s representative. The authority must be sent to the Company and/or registry at least 24 hours in advance of the Meeting.

Immutep Limited | 2018

Notice of Annual General Meeting | Page 5

EXPLANATORY MEMORANDUM

This Explanatory Memorandum forms part of the Notice convening the Annual General Meeting of Shareholders of Immutep Limited (Company) to be held at

11.15am (AEDT) on Friday, 16 November 2018 at the offices of Boardroom Pty Limited at Level 12, 225 George St Sydney, NSW 2000.