March 2018 Dear Fellow Shareholder It is with pleasure that I write to invite certain eligible shareholders of Immutep to participate in Immutep s Share Purchase Plan ( SPP ), as announced on 12 March 2018. Eligible shar

Dear Fellow Shareholder

It is with pleasure that I write to

invite certain eligible shareholders of Immutep to participate in Immutep s Share Purchase Plan ( SPP ), as announced on 12 March 2018. Eligible shareholders are being offered the opportunity to subscribe for ordinary shares in

Immutep on the same terms as the private placement to institutional investors including, Australian Ethical, Platinum and Ridgeback and our former Chairman Lucy Turnbull, in which we raised $6.85m, as announced on the same date.

This interest in your Company from prominent investors further validates our Lymphocyte Activation Gene-3

( LAG-3 ) product development programs. Immutep has a strong pipeline with multiple ongoing immunotherapy clinical trials which are expected to provide data readouts in 2018 and 2019.

Our focus on LAG-3 prompted the re-naming of the Company to Immutep in late calendar 2017, to reflect our new therapeutic concentration on the LAG-3 assets

that came with our acquisition of Immutep SA, completed in 2014. Immutep currently has four LAG-3 product candidates. The most advanced is efti, which is based on the LAG-3 immune control mechanism which plays a vital role in regulating T cells.

Efti is best described as an immune activator, boosting T cell responses to fight cancer in combination with chemotherapy or other immunotherapies.

proceeds from the private placement and proposed SPP are expected to extend our cash reach towards the end of calendar 2019. Crucially, this capitalises the Company well past the expected timing for the progression free survival ( PFS )

data readout from our ongoing European Phase IIb clinical trial evaluating eftilagimod alpha ( efti or IMP321 ) in combination with chemotherapy, paclitaxel, in metastatic breast cancer, referred to as AIPAC (Active

Immunotherapy PAClitaxel).

Our concentration on the LAG-3 immune checkpoint and combinatory clinical trials is capturing the attention of

the international pharmaceutical market and we are proud to now have partnerships in place with three of the world s leading pharmaceutical companies in the immunotherapy space, GlaxoSmithKline, Novartis and, as announced earlier this week,

Merck & Co., Inc. Kenilworth, NJ, USA (known as MSD outside the United States and Canada), in addition to our other existing partnerships such as Eddingpharm. We believe our new collaboration with MSD is further validation of

our lead LAG-3 product candidate, efti.

The planned Phase II clinical trial, referred to as TACTI-002 (Two ACTive Immunotherapies),

will evaluate the combination of efti with MSD s anti-PD-1 therapy KEYTRUDA (pembrolizumab) in a new clinicaltrial. This trial will evaluate the safety and efficacy of this novel

immunotherapy combination in patients with non-small cell lung cancer ( NSCLC ), head and neck cancer, or ovarian cancer. The TACTI-002 clinical trial will be a Phase II, Simon two-stage,

non-comparative, open-label, single-arm, multicentre clinical study. Up to 120 patients across the three indications are planned to be treated in medical centres in Europe and the United States with the trial expected to commence in the second half

The new clinical trial announced this week significantly builds on the momentum we are generating in the evaluation of efti through our

existing clinical trial pipeline. Our ongoing Phase IIb AIPAC clinical trial in metastatic breast cancer reported positive safety and efficacy data from its safety run-in phase in Europe in June 2017. The trial remains on track to be fully recruited

by mid-(calendar) 2018. Continuing

this momentum, Immutep plans to file an investigational new drug application for efti with the U.S. Food & Drug Administration ( FDA ) in the first half of calendar 2018 to

assess the development pathway for efti in the U.S. This follows a pre-investigational new drug application meeting with the FDA in late 2017.

Additionally, in February 2018 the Database Safety Monitoring Board confirmed that the combination of efti and KEYTRUDA is safe and well tolerated in patients in doses up to 30 mg per subcutaneous injection. This news enabled Immutep to expand the Phase I ( TACTI-mel ) clinical trial in Australia with an

additional six patients and commence the combination therapy at an earlier stage of treatment. This is also very important for the previously mentioned new Phase II clinical trial.

Efti is also being evaluated in an investigator sponsored Phase I clinical trial ( INSIGHT ) in Germany. This trial is investigating the effect of

direct injection of efti into solid tumours and was approved for commencement in July 2017.

Our pharma partners are also reporting encouraging progress

with their respective Immutep LAG-3 product candidates. Novartis, which is developing IMP701 (or LAG525), an anti-LAG-3 antibody, is currently recruiting a total of 675 patients for its two ongoing clinical

GlaxoSmithKline is developing IMP731, a novel LAG-3 depleting antibody, for the treatment of autoimmune diseases and has now fully recruited 67

patients for its Phase I, first-in-human clinical trial which is expected to complete this month. Both Novartis and GlaxoSmithKline are responsible for all development costs with Immutep entitled to receive royalty and milestone payments.

Eddingpharm owns the exclusive rights to develop and market efti in mainland China, Hong Kong, Macau, and Taiwan.

Also setting us apart from many other

biotech companies, our partnerships are already generating revenue. Last year Novartis paid Immutep a milestone payment, its second payment in relation to the development of IMP701. The Company also recently received a milestone payment of

US$1 million from EOC Pharma, an affiliate of Eddingpharm, in relation to the development of efti in China.

The macro economic perspective for

Australian biotech is encouraging, underpinned by the recent acquisition of Viralytics by Merck for AU$502 million (US$394 million). I m very pleased at the pace and direction of our Company s achievements. This positive momentum, the

macro environment, and our growing shareholder support, gives me great confidence that our Company has a bright future.

The SPP offer documentation (a

copy of which is enclosed with this letter), sets out the eligibility criteria for participation in the offer. I encourage you to read the offer documentation and to consider taking up the offer of new shares to further invest in Immutep.

2018 SHARE PURCHASE PLAN

2018, Immutep Limited ACN 009 237 889 (Immutep or Company) announced to the Australian Securities Exchange (ASX) that it had successfully raised A$6.85 million from an institutional placement of 326,192,381 new fully paid

ordinary shares in Immutep shares to institutional investors at an issue price of $0.021 per share (Placement).

The board of directors of Immutep

(Board) recognises that a number of the Company s loyal shareholders did not have an opportunity to participate in the Placement. The Board is therefore pleased to offer eligible shareholders (as defined below) an opportunity to

participate in the Company s 2018 share purchase plan (SPP or Offer). The SPP will give all Eligible Shareholders (defined below) an opportunity to apply for up to $15,000 worth of new shares (New Shares) in the Company at

an issue price of $0.021 per New Share, being the issue price per Share paid by institutional investors under the Placement (Issue Price).

Offer to subscribe for New Shares is made on the basis of the attached SPP terms and conditions of the (Offer Document) and the accompanying Application Form.

The SPP is open to all shareholders recorded as holding Shares on the Company s register of members as at 7.00pm (Sydney time) on 9 March 2018 and who

have a registered address in Australia or New Zealand (and who otherwise meet the eligibility criteria set out in the attached Offer Document) (Eligible Shareholders).

Participation in the SPP is completely optional. However, an Eligible Shareholder s entitlement to participate in the SPP is non-renounceable. This means

that an Eligible Shareholder s right to participate in the SPP cannot be transferred to anyone else.

The full terms and conditions of the SPP are

enclosed and, if you are eligible and wish to participate in the SPP, you should complete and return the enclosed Application Form together with a cheque, bank draft or money order for the relevant amount of application monies, or submit a BPAY payment, in accordance with the instructions on the Application Form. If you are a custodian , you may be required to submit a custodian certificate to Immutep in order to participate

on behalf of any beneficiaries. Please see the attached Offer Document for further details. Your application and payment must be received by no later than 5.00pm (Sydney time) on 6 April 2018.

You should be aware that your own financial institution may implement earlier cut-off times with regard to electronic payment, and you should therefore

take this into consideration when making payment. It is your responsibility to ensure that funds submitted through BPAY are received by 5.00pm (Sydney time) on 6 April 2018.

Important information

The offer of New Shares under the SPP is made in accordance with Class Order [CO 09/425] Share and interest purchase plans (ASIC [CO

09/425]) issued by the Australian Securities and Investments Commission which grants relief from the requirement in the Corporations Act 2001 (Cth) to issue a disclosure document for the SPP.

It is important to ensure that you read this Offer Document and the accompanying Application Form in full before deciding whether to apply for New

Shares under the SPP.

In particular, you should note the future market price of Shares is uncertain and may rise or fall. This means the price

you pay for Shares under the SPP may be either higher or lower than the Share price as traded on ASX at the time the Shares are issued to you under the SPP, with the effect that the value of your investment in the Shares could rise or fall.

This document does not provide financial advice and has been prepared without taking account of any person s investment objectives, financial situation

or particular needs. If you are in any doubt about the course of action you should follow, you should seek advice from your financial, taxation or other professional adviser in relation to the SPP before participating in the SPP.

who have applied for New Shares on a first come, first serve basis or in any other manner it sees

fit . Should a scale back happen, an Eligible Shareholder may not receive the full number of New Shares applied for under the SPP and the balance of any application monies not applied to purchase New Shares under the S PP will, if equal to $2 or

more, be refunded to the Applicant, but otherwise aggregated and donated to charity. Refunds will be paid to the Applicant by cheque. No interest shall be paid on refunded application monies.

All references to $ amounts in the Plan and this Offer Document are to

If you wish to participate in the SPP you must apply for New Shares using the personalised Application Form accompanying this Offer

Document, unless you are a custodian and wish to apply on behalf of distinct beneficiaries (see Section 3.3 below).

If any of your details on the

Application Form are incorrect, please contact the Company s Share Registrar urgently on 1300 737 760 (within Australia) or +61 2 9290 9600 (outside Australia), between Monday to Friday 9am to 5pm

Immutep 2018 SPP Offer Document

Immutep Limited (Immutep or Company) invites Eligible Shareholders (as defined below) to apply for up to A$15,000 worth of new fully paid

ordinary shares in Immutep (Shares) under a share purchase plan on the terms and conditions set out in this document (SPP or Offer) at an issue price per Share of $0.021 being the price per Share paid by institutional investors

under the placement announced by Immutep on 12 March 2018 (Placement) (which represented a discount of 12.5% to Immutep s closing Share price on the Australian Securities Exchange (ASX) on 9 March 2018).

If you are eligible to purchase Shares under the SPP and you decide to participate, you must purchase a minimum parcel of Shares with a dollar value of $1,000

or a maximum parcel of Shares with a dollar value of $15,000 (Maximum) or any of the other increments set out in the application form included with these SPP terms and conditions (Application Form), namely parcels of Shares having a

dollar value of $1,000, $2,500, A$5,000, A$7,500, A$10,000 or A$15,000 stated in the Application Form.

Please carefully read these SPP terms and

conditions relating to the Offer, as you will be bound by them.

Part 2 The terms and conditions of the Offer

This document has been prepared by Immutep.

The Offer of new fully paid ordinary shares in Immutep (New Shares) under the SPP is not a recommendation by Immutep to purchase New Shares. Nothing in

these SPP Terms and Conditions, the SPP Application Form or any other accompanying documentation constitutes investment or financial product advice or is intended to influence your decision whether or not to participate in the SPP.

The SPP documentation does not constitute a prospectus or a product disclosure statement and does not (and nor is it required under the Corporations Act

2001 (Cth) (Corporations Act) to contain all the information that a prospectus or a product disclosure statement is required to contain under the Corporations Act. Rather, the Corporations Act and Australian Securities and Investments

Commission (ASIC) Class Order [CO 09/425] allow an offer under share purchase plans to be made by providing certain confirmations to the market on the basis that all information that investors and their professional advisers would

reasonably require to make an informed investment decision in relation to the SPP, when read with these SPP terms and conditions and the accompanying information, is publicly available. Accordingly, you must rely on your own knowledge of Immutep,

previous disclosures made by Immutep to the ASX and, if necessary, consult with your professional adviser when making your decision whether or not, and the extent to which, you wish to apply for New Shares under the SPP (taking into account your own

financial situation, needs and objectives).

This document and the accompanying materials do not constitute an offer of securities for sale in the United