Not for release to US wire services or distribution in the United States ASX/Media Release IMMUTEP RAISES A$10M VIA PLACEMENT AND UNDERWRITTEN ENTITLEMENT OFFER Approximately A$10 million being raised to drive developmen

Not for release to US wire services or distribution in the United States

A$10M VIA PLACEMENT AND UNDERWRITTEN ENTITLEMENT OFFER

SYDNEY, AUSTRALIA July 9, 2019 Immutep Limited (ASX: IMM; NASDAQ: IMMP) ( Immutep or

Company ), a biotechnology company developing novel immunotherapy treatments for cancer and autoimmune diseases, today announced an equity financing to raise approximately A$10 million comprising the following:

to be issued under the Placement will be issued under the Company s available placement capacity under ASX Listing Rule 7.1 and 7.1A.

The Company will use the proceeds received from the Placement and the Entitlement Offer to finance its

LAG-3 related clinical program in immuno-oncology and autoimmune disease. This includes the ongoing clinical development of eftilagimod alpha ( efti or IMP321 ), via its TACTI-mel, TACTI-002, and INSIGHT clinical studies, development of IMP761 and for general corporate purposes.

sufficient and clinically meaningful data from the Company s most advanced and potentially pivotal clinical trial, AIPAC (expected in Q1 of calendar year 2020) the funds raised may also be applied to pursue the appropriate regulatory pathways

for efti and to explore ways to bridge Immutep s research efforts in metastatic breast cancer to the US.

Immutep CEO Marc Voigt commented: We are pleased to welcome new institutional investors to our

register and receive further support from our existing institutional shareholders in Australia and overseas. We are also providing eligible existing shareholders with the opportunity to participate on the same terms via the Entitlement Offer. We are

pleased with the excess demand and support that Immutep is receiving ahead of reporting first data from our Phase IIb AIPAC trial in Q1 of calendar year 2020.

Immutep has built a strong clinical trial pipeline and has a data-heavy period ahead. This financing provides important funding for our immuno-oncology

and autoimmune programs. In particular, we will allocate funding for our value creating work for efti.

Details of Entitlement Offer

Under the Entitlement Offer, eligible shareholders are invited to subscribe for 1 new Share for every 11.8 existing Shares (Entitlement) held as at

7.00pm (Sydney, Australia time) on 12 July 2019 (Record Date) at an offer price of A$0.021 per new Share.

Eligible shareholders may also

apply for New Shares in excess of their Entitlement (Additional New Shares) at the Offer Price, up to a maximum of A$20,000. The Company may apply any scale-back to applications for Additional New Shares in its absolute discretion.

The Offer Price of A$0.021 represents:

Approximately 287.2 million new Shares will be issued under the Entitlement

Offer. Shares issued under the Entitlement Offer will rank equally with existing Shares as at their date of issue.

The Entitlement Offer has been fully

underwritten by Bell Potter Securities Limited.

Eligibility to participate in Entitlement Offer

Shareholders with a registered address in Australia or New Zealand on the Record Date (Eligible Shareholders) will be invited to participate in the

Entitlement Offer. The Entitlement Offer will open on 16 July 2019.

Entitlements are non-renounceable and cannot be traded on the ASX or any other

exchange, nor can they be privately transferred. Shareholders who do not take up their Entitlements in full will not receive any payment or value for those Entitlements they do not take up.

Further details on the Entitlement Offer are set out in the Entitlement Offer booklet provided to ASX today.

These documents contain important information including key risks and foreign selling restrictions with respect to the Entitlement Offer.

The Company has secured commitments from institutional investors to subscribe for A$4 million in new Shares. Shares to be issued

under the Placement will be issued at the Offer Price and will be issued on 18 July 2019.

Indicative Timetable

Dates and times are indicative only and subject to change. All times and dates refer to Sydney, Australia time.

The Company reserves the right, subject to the Corporations Act, ASX Listing Rules and other applicable laws, to vary the dates of the Placement and

Entitlement Offer without prior notice, including extending the Placement and Entitlement Offer or accepting late applications, either generally or in particular cases, or to withdraw the Entitlement Offer without prior notice. Applicants are

encouraged to submit their personalised Entitlement and Acceptance Forms as soon as possible. No cooling-off rights apply to applications submitted under the Entitlement Offer. The commencement of quotation of

new Shares is subject to confirmation from ASX.

Bell Potter Securities Limited acted as the Lead Manager to the Placement and Entitlement Offer.

Immutep is a globally active biotechnology

company that is a leader in the development of immunotherapeutic products for the treatment of cancer and autoimmune disease. Immutep is dedicated to leveraging its technology and expertise to bring innovative treatment options to market for

patients and to maximize value to shareholders. Immutep is listed on the Australian Securities Exchange (IMM), and on the NASDAQ (IMMP) in the United States.

Immutep s current lead product candidate is eftilagimod alpha ( efti or IMP321 ), a soluble

LAG-3Ig fusion protein based on the LAG-3 immune control mechanism. This mechanism plays a vital role in the regulation of the T cell immune response. Efti is currently

in a Phase IIb clinical trial as a chemoimmunotherapy for metastatic breast cancer termed AIPAC; a Phase II clinical trial being conducted in collaboration with Merck & Co., Inc., Kenilworth, NJ, USA (known as MSD outside the

United States and Canada) referred to as TACTI-002 (Two ACTive Immunotherapies) to evaluate a combination of efti with KEYTRUDA (pembrolizumab) in

several different solid tumours (clinicaltrials.gov identifier NCT03625323); a Phase I clinical trial being conducted in collaboration with Merck KGaA, Darmstadt, Germany and Pfizer Inc. referred to as

INSIGHT-004 to evaluate a combination of efti with avelumab (clinical trials.gov identifier NCT03252938); and a Phase I combination therapy trial in metastatic melanoma termed TACTI-mel (clinicaltrials.gov

identifier NCT02676869).

Further information can be found on the Company s website www.immutep.com or by contacting:

Jay Campbell, Chief Business Officer,

+1 (917) 860-9404; jay.campbell@immutep.com

Australian Investors/Media:

Matthew Gregorowski,

+61 2 8234 0105; mgregorowski@citadelmagnus.com

This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This

announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. The Shares have not been registered under the US Securities Act of 1933 and may not be offered or sold in the United

States or to US Persons (as defined in Rule 902(k) under the US Securities Act) except in transactions registered under the US Securities Act or pursuant to an exemption from, or in transactions not subject to, the registration requirements of the

US Securities Act of 1933 and any applicable US state securities laws

This announcement may include forward-looking statements. These forward-looking

statements are based on Immutep s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Immutep, which could

cause actual results to differ materially from such statements. Immutep makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of this