IMMUTEP LIMITED — Capital/Financing Update 2011

Jan 9, 2011

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ASX/Media Release 10[th] January 2011

PLACEMENT TO SPRINGTREE AND EARLY TERMINATION OF THE FACILITY

Australian healthcare company Prima BioMed Ltd (ASX: PRR) (Prima) would like to advise that it has reached an agreement for the early termination of the convertible loan funding facility with New York-based investment fund SpringTree Special Opportunities Fund, LP (SpringTree) by mutual consent of Prima and SpringTree. The termination will take effect no later than on 29 March 2011.

Prima entered into the funding agreement with SpringTree in July 2009. Under the funding agreement, SpringTree agreed to provide Prima with $25.5 million in funding. SpringTree has provided an aggregate amount of $12.2 million in funding in this time period. The funds were provided on a fixed schedule, as originally agreed, allowing Prima to issue the majority of the shares at significantly higher prices than the prices that prevailed at the time the agreement was entered into in July 2009.

The funds provided by SpringTree to date have proved invaluable to Prima, and have been an appropriate and vital source of funding for Prima during a phase of significant growth for the Company. Prima has utilised the funds to attract top industry talent and continue its work to develop and commercialise its CVac™ immunotherapy vaccine for the treatment of ovarian cancer.

As previously announced, Prima is now preparing for its upcoming listing on the NASDAQ, and what it anticipates will be an increased level of exposure and interest from US investors. With that in mind, both Prima and SpringTree agreed that the early termination of the SpringTree funding facility is in the best interests of Prima and its shareholders and, as such, SpringTree has agreed to waive the termination fee that would have otherwise been due under the agreement.

Additionally, SpringTree has agreed to undertake an additional one-off investment of $2.5 mil in Prima. Of the $2.5 mil, $1.25 mil is invested by way of a subscription for shares at $0.20 per share, representing yesterday’s VWAP (the “Share Placement”); and the other $1.25 mil is invested by way of a convertible security, convertible on or before 29 March 2011, at 90% of the average of the VWAPs per share during a specified period prior to the date of the conversion. Prima will grant SpringTree options in the number equal to 20% of the number of the shares issued on the conversion of the convertible security, exercisable at 150% of the average of the VWAPs per share for the 20 business days immediately prior to the date of grant of such options. The Share Placement will not be accompanied by a grant of options.

Prima BioMed Managing Director Martin Rogers said: “We have been delighted with the funding and the support and flexibility offered by SpringTree over the past year and a half. Their funding has provided invaluable financial capital that has allowed us to progress our development plans for the CVac™ ovarian cancer vaccine treatment into late stage clinical trials, which are now underway. Due to the progress made

Prima BioMed Ltd , Suite 1, 1233 High St, Armadale, VIC 3143 Ph: +61 (0) 3 9824 5254 Fax: +61 (0) 3 9822 7735 www.primabiomed.com.au ABN: 90 009 237 889

over the last 18 months, Prima is now in a position to broaden its investor base and is receiving increased interest from U.S. institutional investors. The additional $2.5 million provided by SpringTree enables us to enter the US capital markets with a very strong cash balance allowing us the ability to continue to execute on our development plans for CVac.”

SpringTree Global Investors, LLC’s managing director Jeff Easton said: “We enjoy a very strong relationship with Prima BioMed and are delighted that our funding agreement has bridged Prima to the next stage of its development. We remain a shareholder in the Company, and look forward to following its development closely.”

ENDS

For further information please contact:

Mr Martin Rogers Mr James Moses Chief Executive Officer Investor and Media Relations Prima BioMed Mandate Corporate Ph: +61 (0) 428 268 357 Ph: +61 (0) 420 991 574 E: martin.rogers@primabiomed.com.au E: james@mandatecorporate.com.au W: www.primabiomed.com.au

US Investor Relations

Ms Danielle Spangler Investor Relations The Trout Group Ph: +1 (646) 378-2900 E: dspangler@troutgroup.com

About Prima BioMed

Prima BioMed is an ASX listed Australian health care company. The Company is focused on technologies in the fields of cancer immunotherapy and immunology. Prima’s lead product is the CVac™ ovarian cancer therapy treatment. It has completed two successful clinical trials and is progressing toward eventual commercialisation in the United States, Australia, Europe, and globally.

The Company’s broader, long term goal is to develop commercial cancer treatment technologies and programs for global markets.

About CVac™ Ovarian Cancer Treatment

CVac™ is Prima BioMed’s lead product. It is of key importance as there is a large unmet medical need for new treatments for ovarian cancer which has a very high morbidity rate. CVac™ is a maintenance therapy administered post-surgery and post-chemotherapy to delay relapse and control metastases.

There are currently no products available as maintenance based therapies for ovarian cancer and the global market for ovarian cancer therapeutics was valued at US$2.1b in 2007 and is expected to total US$3.6b this year.

Regulatory approval and commercialisation of CVac™ is the core focus for Prima.

Prima BioMed Ltd , Suite 1, 1233 High St, Armadale, VIC 3143 Ph: +61 (0) 3 9824 5254 Fax: +61 (0) 3 9822 7735 www.primabiomed.com.au ABN: 90 009 237 889