IMMUTEP LIMITED — Capital/Financing Update 2010

Dec 9, 2010

Appendix 3B New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New Issue Announcement, Application for Quotation of Additional Securities and Agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of Entity:

Prima Biomed Limited (ASX: PRR)

ABN:

90 009 237 889

We (the entity) give ASX the following information.

Part 1 - All Issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of+securities issued or to be issued 2 Number of+securities issued or to be issued (if known) or maximum number which may be issued 3 Principal terms of the+securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)	a) Ordinary Fully Paid Shares (PRR) b) Ordinary Fully Paid Shares (PRR) c) Unlisted Options d) Unlisted Options
	a) 71,242 b) 1,250,000 c) 32,500,000 d) 2,000,000
	a)&b) Pari passu with existing Ordinary Fully Paid Shares (PRR) c) Excise price $0.20 on or before 6 Dec. 2013 d) Excise price $0.10 on or before 6 Dec. 2014

• See chapter 19 for defined terms.

24/10/2005

Appendix 3B Page 1

Appendix 3B New issue announcement

4 Do the[+] securities rank equally in all a) & b) Yes (PRR) respects from the date of allotment c) & d) Yes, on exercise of options. with an existing[+] class of quoted +securities? If the additional securities do not rank equally, please state: the date from which they do the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 5 Issue price or consideration a) $0.02 per share b) Directors’ services c) Directors’ services d) Employee services 6 Purpose of the issue a) Exercise of Options (If issued as consideration for the b) & c) & d) Issuance of shares and options to acquisition of assets, clearly identify directors as approved at the 2010 AGM held those assets) on 26 November 2010. 7 Dates of entering[+] securities into a) 10 December 2010 uncertificated holdings or despatch b) & c) & d) 6 December 2010 of certificates Number +Class 8 Number and +class of all 745,133,072 Ordinary fully paid shares (PRR) +securities quoted on ASX ( including the securities in clause 2 if applicable) 114,985,202 Options exercisable at $0.02 on or before 31 December 2011 (PRRO)

• See chapter 19 for defined terms.

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24/10/2005

Appendix 3B New issue announcement

9 Number and+class of all +securities not quoted on ASX (including the securities in clause 2 if applicable) 10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)		**Number **	+Class	+Class	+Class
		Amount	Exercise Price	Expiration Date	ASX Code
		15,000,000	$0.0629	20 July 2014	PRRAI
		1,547,988	$0.1053	10 August 2014	PRRAM
		1,766,784	$0.1325	9 September 2014	PRRAQ
		1,884,253	$0.2231	10 October 2014	PRRAO
		1,884,253	$0.2685	9 November 2014	PRRAS
		1,884,253	$0.2360	8 December 2014	PRRAU
		1,061,411	$0.2271	12 January 2015	PRRAY
		1,118,211	$0.2345	12 February 2015	PRRAW
		1,075,269	$0.2277	18 March 2015	PRRAZ
		1,076,095	$0.2196	19 April 2015	PRRAA
		100,000	$0.1000	1 February 2011	PRRAB
		2,500,000	$0.2500	6 May 2015	PRRAC
		1,055,011	$0.2351	19 May 2015	PRRAD
		1,144,726	$0.2070	21 June 2015	PRRAE
		1,722,017	$0.1605	21 July 2015	PRRAF
		1,694,915	$0.1439	20 August 2015	PRRAK
		1,741,294	$0.1414	22 September 2015	PRRAG
		1,540,154	$0.1944	27 October 2015	PRRAH
		1,315,789	$0.1893	24 November 2015	TBA
		32,500,000	$0.2000	6 December 2013	TBA
		2,000,000	$0.1000	6 December 2014	TBA
		75,612,423	Total
		Unchanged

Part 2 - Bonus Issue or Pro Rata Issue

• 11 Is security holder approval required?

• 12 Is the issue renounceable or nonrenounceable?

• 13 Ratio in which the[+] securities will be offered

• 14 +Class of +securities to which the offer relates

• See chapter 19 for defined terms.

1/1/2003

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Appendix 3B New issue announcement

15 +Record date to determine entitlements 16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements? 17 Policy for deciding entitlements in relation to fractions 18 Names of countries in which the entity has+security holders who will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7. 19 Closing date for receipt of acceptances or renunciations 20 Names of any underwriters 21 Amount of any underwriting fee or commission 22 Names of any brokers to the issue 23 Fee or commission payable to the broker to the issue 24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of+security holders 25 If the issue is contingent on +security holders’ approval, the date of the meeting 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders 28 Date rights trading will begin

• See chapter 19 for defined terms.

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Appendix 3B New issue announcement

	(if applicable)
29	Date rights trading will end
	(if applicable)
30	How do+security holders sell their
	entitlements_in full_through a
	broker?
31	How do+security holders sell_part_
	of their entitlements through a
	broker and accept for the balance?

• 32 How do[+] security holders dispose of their entitlements (except by sale through a broker)?

• 33 +Despatch date

Part 3 - Quotation of Securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities ( tick one )

• (a)[Securities described in Part 1 ]

• (b)[All other securities ]

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35[If the ][+][securities are ][+][equity securities, the names of the 20 largest holders of the ] additional[+] securities, and the number and percentage of additional[+] securities held by those holders 36 +[If the ] securities setting out the number of holders in the categories[+][securities are ][+][equity securities, a distribution schedule of the additional ] 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over

• See chapter 19 for defined terms.

1/1/2003

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Appendix 3B New issue announcement

37[A copy of any trust deed for the additional ][+][securities ] Entities that have ticked box 34(b)

38 Number of securities for which +quotation is sought 39 Class of +securities for which quotation is sought 40 Do the[+] securities rank equally in all respects from the date of allotment with an existing[+] class of quoted +securities? If the additional securities do not rank equally, please state: the date from which they do the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 41 Reason for request for quotation now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security) Number +Class 42 Number and[+] class of all[+] securities quoted on ASX ( including the securities in clause 38)

• See chapter 19 for defined terms.

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24/10/2005

Appendix 3B New issue announcement

Quotation Agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

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• The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those[+] securities should not be granted[+] quotation.

• An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

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• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no-one has any right to return any[+] securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the[+] securities be quoted.

• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the[+] securities to be quoted, it has been provided at the time that we request that the[+] securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before[+] quotation of the[+] securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

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Sign Here:
Company Secretary Date: Friday, 10 December 2010
Print Name: Phillip Hains
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The CFO Solution
10.12.2010
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• • See chapter 19 for defined terms.

1/1/2003

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ASX ANNOUNCEMENT

Notice Under Section 708A(5) of the Corporations Act [ASX Code: PRR]

Friday 10 December 2010

This notice is given under paragraph (5)(e) of section 708A of the Corporations Act.

The Following securities of the Company were issued as approved at the 2010 AGM held on 26 November 2010.

Type:	OrdinaryShares	Unlisted Options	Unlisted Options
Class/Description:	Ordinary (Fully Paid)	Exercisable at $0.20 on or before 6 December 2013	Exercisable at $0.10 on or before 6 December 2014
ASX Code:	PRR	To be advised	To be advised
Date of Issue:	6 December 2010	6 December 2010	6 December 2010
Number Issued:	1,250,000	32,500,000	2,000,000
Issue Price per Security:	Nil Cash	Nil Cash	Nil Cash

The Company intends to apply to Australian Stock Exchange Limited for quotation of the above shares.

Accordingly the Company gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) (the "Corporations Act") that:

1. the abovementioned ordinary shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act ;

2. as at the date of this notice the Company has complied with:

3. (i) the provisions of Chapter 2M Corporations Act as they apply to the Company; and

4. (ii) section 674 Corporations Act ; and

5. as at the date of this notice there is no "excluded information" (as defined in subsection 708A(7) of the Corporations Act) which is required to be disclosed by the Company.

For and on behalf of the Company,

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Phillip Hains Company Secretary