IMMUTEP LIMITED — Capital/Financing Update 2008

Jan 17, 2008

ABN 90 009 237 889

==> picture [193 x 51] intentionally omitted <==

18 January 2008

Dear Option Holder

Prima BioMed Limited ("Prima" or "the Company") has lodged a prospectus for a 1 for 3 pro-rata offer of options to shareholders, and a placement offer of 40 million options ("the Prospectus"). The options will be issued at 0.5 cents ($0.005) each, and will have an exercise price of 2.5 cents ($0.025) and an expiry date of 31 December 2011 ("the Options").

Under the terms of the options you currently hold, there is no entitlement to participate in the pro-rata offer of options unless you exercise your existing options, and are entered onto the register as a shareholder on or before the Record Date.

The timetable and important dates of the pro-rata offer of options are set out below.

Lodgement of Prospectus and notice to option holders of recorddate	Friday 18 January 2008
Shares quoted 'ex’ rights	Tuesday 22 January 2008
Record Date (for determining entitlement to participate in pro rataoffer)	Tuesday 29 January 2008(5pm Perth WA time)
Dispatch of Prospectus to Shareholders	Monday 4 February 2008
Closing date of pro-rata offer	Monday 18 February 2008
Pro-rata offer options quoted on a deferred settlement basis andNotification of under subscriptions for the pro-rata offer	Thursday 21 February 2008
Dispatch date	Tuesday 26 February 2008

If you wish to participate in the pro-rata offer of options (in respect of your options), it will be necessary for you to exercise all or part of your options. Accordingly, you should complete a Notice of Exercise of Options and lodge the Notice with the Company, together with your payment for the number of shares you wish to take up. If payment for the exercise of options is not received by the Record Date, you will not be able to participate in the pro-rata offer of options.

If you do not wish to participate in the pro-rata offer of options (in respect of your options), you do not

need to take any action.

Before deciding whether to exercise any or all of your options, you should read the Prospectus in its

entirety and, if any doubt, consult with your professional advisor.

The full terms and conditions of the pro rata offer are detailed in the Prospectus which can be viewed on the ASX website at www.asx.com.au or at the Company’s website at www.primabiomed.com.au. A copy of the Prospectus will be sent to each eligible Shareholder.

Yours faithfully PRIMA BIOMED LIMITED

==> picture [139 x 42] intentionally omitted <==

ROBERT KLEINE

Company Secretary

Offers of Prima Biomed Ltd’s options are made in the Prospectus dated 18 January 2008 which has been lodged with the Australian Securities and Investments Commission. Anyone wishing to acquire Prima Biomed Ltd options who is eligible to participate in the pro-rata offer will need to complete an Entitlement and Acceptance Application Form that will accompany the Prospectus. Only recipients of an invitation to participate in the placement offer also made in the Prospectus are eligible to apply for options under the placement offer.

Prima BioMed Ltd , Suite 1, 1233 High St, Armadale VIC 3143 Ph: (03) 9824 5254 www.primabiomed.com.au