IMMUTEP LIMITED — AGM Information 2025

Nov 26, 2025

Dear Fellow Shareholders,

On behalf of the Board of Directors, I am delighted to welcome you to Immutep Limited’s Annual General Meeting for the 2025 financial year. Thank you to everyone who has joined us today, both in person and virtually.

It’s my pleasure to provide you with an overview of Immutep’s progress during the financial year, a pivotal one for our company as we made the successful transition into a Phase III biotechnology company, saw strong execution across our clinical programs and maintained strong financial management.

We continued to build on our leadership in Lymphocyte Activation Gene-3 (LAG-3) immunotherapy, delivering on key milestones and generating compelling clinical data across both oncology and autoimmune disease pipelines.

Our lead immuno-oncology candidate, eftilagimod alfa (efti), advanced into the TACTI-004 (KEYNOTE-F91), a registrational Phase III trial in first line non-small cell lung cancer (1L NSCLC), with the first patient dosed in March 2025.

TACTI-004 is among a select few global Phase III studies in 1L NSCLC evaluating combination therapies with KEYTRUDA. TACTI-004 is targeting one of the broadest patient populations in this large indication. The trial, conducted in collaboration with MSD who supply KEYTRUDA® (pembrolizumab) for the study, represents our most significant program to date.

As reported in October, this global trial has enrolled and randomised over 170 patients. This level of patient enrolment represents an important milestone since 170 patients is above the number needed to conduct the futility analysis. Futility analysis remains on track for completion in the first quarter of CY2026. There are now over 100 clinical sites open for enrolment, and 24 countries have delivered regulatory approval.

In September, Immutep presented a Trial in Progress poster presentation for TACTI-004 at the IASLC 2025 World Conference on Lung Cancer (WCLC), in Barcelona, Spain. Feedback from physicians at this conference and several others, including the European Lung Cancer Congress (ELCC) and American Society of Clinical Oncology (ASCO) meeting earlier in the year, has been very encouraging. We receive a common view of efti as a safe, easy-to-administer immunotherapy that has shown strong efficacy across two trials in first line non-small cell lung cancer, TACTI-002 and INSIGHT-003.

Efti is unique, the only immunotherapy that activates antigen-presenting cells (e.g. dendritic cells) directly via the MHC Class II pathway, thereby facilitating the transport of tumour antigenic fragments to the lymph nodes for presentation to T cells and driving a broad immune response to fight cancer.

In August, Immutep received positive and constructive feedback from the US Food and Drug Administration (FDA) regarding future late-stage clinical development of efti in first line treatment of head and neck squamous cell carcinoma patients (1L HNSCC) who have PD-L1 expression below 1 (CPS <1). Based on its review of the encouraging data from TACTI-003 in 1L HNSCC with CPS<1, the FDA agreed on the potential of efti in combination with KEYTRUDA® to address the high unmet need in this patient segment and is supportive of the combination’s further development.

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The multi-centre INSIGHT-003 investigator-initiated trial, which is evaluating efti in combination with KEYTRUDA and chemotherapy in 1L non-squamous NSCLC, continued to deliver pleasing results.

Data presented at the European Society for Medical Oncology (ESMO) Congress 2025 in Berlin, Germany, showed a high 62.7% objective response rate and 90.2% disease control rate across all PD-L1 expression levels. The results were most impressive in patients of high unmet need with PDL1 expression below 50%.

Importantly, INSIGHT-003 is evaluating the same immunotherapy/chemotherapy combination being used in the pivotal TACTI-004 Phase III in 1L NSCLC.

In metastatic breast cancer, we completed enrolment in the Phase II portion of our AIPAC-003 trial evaluating efti in combination with chemotherapy. We continued patient follow-up throughout the year. This study helped determine the optimal biological dose of 30mg for efti while addressing an underserved patient population that has exhausted endocrine therapy options. An update will be provided at the San Antonio Breast Cancer Symposium in San Antonio, Texas, USA in December 2025 and we look forward to sharing further data.

In September, the Company announced the launch of an investigator-initiated Phase II trial evaluating neoadjuvant efti as monotherapy in combination with chemotherapy prior to surgery in earlystage HR+/HER2-negative breast cancer patients.

We also reached a significant milestone in the investigator-initiated EFTISARC-NEO trial in soft tissue sarcoma with completion of patient enrolment and announcement that the trial had met its primary endpoint. This Phase II trial demonstrated a marked increase in tumour hyalinization, a surrogate marker of long-term survival, when efti was added to radiotherapy and anti-PD-1 treatment. Data from this trial was the subject of a Proffered Paper oral presentation at the ESMO Congress 2025 last month.

Moving on to autoimmune diseases, our first-in-human Phase I trial of IMP761, a first-in-class LAG3 agonist antibody, progressed through multiple dose cohorts. Encouragingly, at the highest dose tested to date, IMP761 showed a favourable safety profile and a promising 80% reduction in T cell activity in skin tissue. These early results support IMP761’s potential to selectively silence overactive memory T cells and restore immune balance without broadly and unnecessarily suppressing the immune system.

Immutep's leadership in LAG-3 immunotherapy continues to be recognised through its continuing partnerships and growth of our intellectual property estate. In FY25, we were granted 17 new patents across key territories for both efti and IMP761. Also, in FY25, landmark research from our collaboration with Monash University was published in Science Immunology.

Pleasingly, we reached a significant corporate milestone by being added to the S&P/ASX 300 Index in the September 2024 review, which we believe is a strong indicator of investor confidence in our trajectory and growth. This milestone is a testament to the tireless work over many years undertaken by Marc and the team across multiple jurisdictions.

Financially, we maintained a strong balance sheet throughout the year. We ended FY25 with a cash and term deposit balance of A$129.7 million, providing a cash runway through to the end of CY2026. This prudent financial management is crucial for driving success in clinical trials, avoiding delays from unforeseen costs and enabling us to progress our trials on schedule.

Looking back at the year I am particularly proud of the extensive progress the Immutep team have made considering the complex challenges currently impacting the biotechnology sector.

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Our strong clinical data and the quality of our leadership and operational skills mean we are well placed to navigate the challenges and hurdles presented in navigating changing global regulatory requirements.

Supply chain disruptions also present hurdles, affecting everything from access to critical raw materials to the overall cost structure, including heightened tax implications due to shifting international regulations. Geopolitical instability further compounds these issues, influencing market access, investment flows, and collaboration opportunities globally.

As we navigate sometimes unpredictable conditions, our focus remains on execution and completion of our clinical trials with priority on our global registrational Phase III trial where we are eager to see efti validated clinically, and with success, provide a meaningful benefit to cancer patients.

On behalf of the Board, I would like to acknowledge a number of key leadership changes during the year.

I would like to thank Dr Stephan Winckels for accepting the role of Chief Medical Officer of Immutep and congratulate Christian Mueller on his promotion to Chief Development Officer. We are fortunate to have people of Dr Winckels’ and Mr Mueller’s calibre and experience helping to steer our company. Their deep knowledge of our clinical programs and longstanding involvement with efti will be invaluable as we navigate the next stages of its development.

As we look ahead, FY26 promises to be another year of meaningful progress. You can expect continued momentum for TACTI-004, data updates from AIPAC-003, INSIGHT-003, and EFTISARCNEO, and further advancement in our autoimmune portfolio with IMP761.

Our team remains focused on our mission to develop and commercialise innovative immunotherapies that offer new hope to patients with cancer and autoimmune diseases. I would like to thank all our shareholders for their continued support as we work to deliver long-term value and transformative outcomes for patients and their families.

Yours sincerely, Dr Russell Howard

Chairman Immutep Limited

About Immutep

Immutep is a late-stage biotechnology company developing novel 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), and its diversified product portfolio harnesses LAG3’s ability to stimulate or suppress the immune response. Immutep is dedicated to leveraging its expertise to bring innovative treatment options to patients in need and to maximise value for shareholders. For more information, please visit www.immutep.com.

Australian Investors/Media:

Eleanor Pearson, Sodali & Co. +61 2 9066 4071; eleanor.pearson@sodali.com

U.S. Investors/Media:

Chris Basta, VP, Investor Relations and Corporate Communications +1 (631) 318 4000; chris.basta@immutep.com

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