IMMUTEP LIMITED - Investor Presentation 2011

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PRIMA BIOMED INVESTOR UPDATE

EDITION 4 JULY 2011

Message from the CEO

Welcome to the July issue of the Prima BioMed Investor Update.

As I refl ect on the Company’s progress since the last Investor Update, it gives me a great deal of satisfaction to report on what has been a period of signifi cant growth for Prima.

It also highlights what can be achieved when you have a committed team all pulling in the one direction – as we do at Prima.

But, this is no time to dwell on achievements to date. The second half of the year promises to be an extremely exciting time, as we prepare to commence our key Phase III Clinical Trial for our core program, the CVac[TM] immunotherapy ovarian Prima CEO Martin Rogers with cancer vaccine. Dr Amin Al Amiri, CEO Health Ministry UAE

In this issue of your Investor Update, we provide details of the preparation for our Pivotal Phase III Trial. The trial will be a major undertaking with 800 patients, across multiple sites in Europe, US and Australia.

In preparation for the Phase III trial, we recently achieved another signifi cant milestone, with the successful development of a Potency Assay for the CVac™ vaccine. The Potency Assay helps demonstrate a batch-to-batch consistency of the vaccine.

On the corporate front, the Company has completed a highly successful capital raising, with strong participation from investment funds and also our own loyal shareholders, and I would like to thank all our new and existing shareholders for their support.

Prima BioMed prepares for CVac[TM] Phase III Trial

The Company is excited to report on preparations for the CVac[TM] Phase III Clinical Trial.

The Phase III Trial is the fi nal trial in the development timeline for CVac[TM] . Subject to statistical endpoints being successfully reached, CVac™ will be well positioned to become the world’s fi rst ovarian cancer vaccine therapy treatment. This will open up a new paradigm for the treatment of ovarian cancer patients and oncologists globally.

Patient recruitment for the Phase III Trial for CVac[TM] is due to commence in August. The trial will be conducted on a 800 patient population in a double-blind, placebo-controlled study (randomized 1:1) of CVac™ vs Standard of Care.

The trial is a major undertaking, and will be conducted across multiple high quality medical sites in Europe, US and Australia.

These will include the world renowned Charite University Hospital in Berlin, Bonn University, both in Germany, Stanford Medical Centre in the United States and the Austin Hospital in Melbourne, Australia.

The Phase III Trial is designed to deliver statistically powered endpoints for progression free survival, and also for overall survival.

The objective of the trial is to further confi rm the ability of CVac™ to reduce the instance of relapse in ovarian cancer patients, control the metastases of the cancer and increase the life expectancy of patients. Patient quality of life and patient immunological markers will also be measured.

We eagerly await the commencement of patient recruitment into the trial and look forward to providing further details and updates on the progress of the trial over the coming months.

In this issue of your Investor Update, we include a message from our chairman Lucy Turnbull, AO and also hear from our chief medical offi cer Dr Neil Frazer.

In this Issue

Prima prepares for Phase III Trial

Also, we are delighted to report that CVac[TM] has been granted marketing and distribution approval by Dubai Healthcare City in Dubai. This is the fi rst commercial approval of CVac[TM] anywhere in the world, and allows us to commence treatment of ovarian cancer patients in a growing Middle Eastern healthcare market.

I trust you enjoy this issue of your Investor Update.

Prima Chairman Lucy Turnbull, AO on investment in medical innovation
Major capital raise completed
CVac™ granted approval in Dubai
Potency Assay developed for CVac™
Japanse patent granted for CVac™
Dr Neil Frazer at the American Society of Clinical Oncology conference ...and more.

Martin Rogers -

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Prima chairman Lucy Turnbull, AO – the importance of medical innovation

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Since October 2010 I have fulfi lled the role of Chairman of Prima Biomed. Being involved with a company like Prima which could develop the world’s fi rst therapy vaccine to treat ovarian cancer is very exciting. For decades, fi nding a good maintenance therapy for sufferers of ovarian cancer – one of the toughest cancers to diagnose and treat – has eluded medical researchers.

At Prima BioMed, we are working hard to develop a successful treatment for this horrible disease. I believe Prima has a very strong management team with the skills and capacity to drive Prima Biomed’s success.

I am also a passionate believer in the importance of investing in medical innovation which was incubated and developed in Australia: investing in medical innovation is one of the essential keys to a smart future for our nation.

We Australians have been blessed over the past decade with the economic benefi ts of a resources boom fed by China and the rest of Asia’s extraordinary growth. But the greatest asset we have in Australia is our people – and it is our people who undertake research that leads to innovation, and who will benefi t from innovation. We need to invest in them and we need to invest in innovation. As shareholders, you are assisting with this important national priority.

The Australian biotech sector continues to grow and demonstrate its ability to provide medical breakthroughs on a world scale. Companies such as Acrux and Mesoblast (not to mention Prima’s work in the area of cancer immunotherapies) should be congratulated for their foresight, and perseverance – and hopefully their success as well.

The Australian investment market should also be commended for its support of the biotech sector. Investment support, whether it be private or government funding, or from capital markets, is crucial to enabling the high quality of medical innovation we need.

Monash University in Melbourne developed the world’s fi rst IVF program. Without funding this program may not have become a reality. The IVF program has helped many couples have families and each time the program is utilised, a royalty goes back to Monash University which allows it to re-invest in medical advancements.

The head of Prima’s Scientifi c Advisory Board, Professor Ian Frazer, was the creator of the HPV vaccine against cervical cancer. This was the fi rst vaccine designed to prevent a cancer, and is now marketed globally by major pharmas, Merck & Co (as Gardasil) and GlaxoSmithKline (as Cervarix).

These are just two examples of medical innovation achieving breakthrough outcomes, and highlights the need to maintain a focus on medical funding.

Major capital raising completed

for Phase III Trial

The Company recently completed a major capital raising to help fund the Phase III Clinical Trial for CVac[TM] .

We raised a total of $41 million, through a combination of a placement to institutional and sophisticated investors and a share purchase plan to our loyal existing shareholders. The placement raised $21 million and the share purchase plan raised a total of $20 million.

The Company was delighted with the response to our capital raising, and we take it as a strong measure of confi dence in our program to develop CVac[TM] as the world’s fi rst commercially available therapy vaccine to treat ovarian cancer. The level of investor support is particularly pleasing, given the diffi cult conditions currently being experienced in the investment markets.

The placement component was actually expanded from $18 million to $21 million, as a result of the demand from Australian and international investors.

We thank all our new and existing shareholders for their support.

The funds raised will be specifi cally used in the ongoing development of the CVac[TM] vaccine, including the Phase III Clinical Trial which is due to commence patient enrollment in August. Funds will also provide working capital for the Company. The capital raise represents an important milestone for the company, as it provides suffi cient capital to fund the forecast costs of the Phase IIB and Phase III trials.

The issue price for both the placement and the share purchase plan was 28 cents. The placement was managed by Deutsche Bank AG, and Ord Minnett Limited

Best wishes

Lucy Turnbull AO Chairman

Advisory Board Chairman, Professor Ian Frazer

Approval to commercially market CVac[TM] in Dubai

In May the Company achieved a major milestone, with the approval for the marketing and distribution of CVac[TM] by Dubai Healthcare City (DHCC) in Dubai.

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one of major progress and development by the team at Prima, and one that I am most proud of. From the oversubscribed investor support, to the successful development of the Potency Assay for CVac[TM ] it has been a period of strong performance.“ Professor Ian Frazer, Prima BioMed Scientifi c Advisory Board Chairman

This represents the fi rst approval anywhere in the world to make CVac[TM] commercially available.

Subject to required regulatory steps being fi nalised, Prima expects the fi rst sales of CVac[TM] in DHCC to commence before the end of 2011. This will allow the Company to begin treatment of ovarian cancer patients and to generate revenues in a growing Middle Eastern healthcare market.

CVac[TM] will be available in DHCC through a partnership between Prima and The City Hospital in Dubai. The City Hospital is a state-of-the-art, multi-disciplinary modern hospital which provides world-class healthcare.

CVac[TM] - A ‘Focused Cancer Killer’

Prima and The City Hospital have signed a Memorandum of Understanding on the terms and conditions by which CVac[TM] will be available at The City Hospital. A further agreement between the parties will be signed in combination with full regulatory approval for CVac[TM] .

In this issue of your Investor Update we have again included the double-page centre-piece, titled ‘Focused Cancer Killer’, which provides an excellent graphical representation of how the CVac[TM] ovarian cancer vaccine actually works.

In the future, the parties also aim to pursue the potential to extend the application of CVac[TM] in Dubai to other mucin-1 positive tumours – and treat other types of cancer.

It shows a roadmap of the vaccine in action;

from the body’s own key cells being engaged, >> to the cells being selectively harvested from the patient’s blood to make the vaccine, and fi nally >> to the vaccine being administered to the patient and the activated cells targeting the tumour cells

The market for CVac[TM] in the Middle East region is a growing one, with increasing numbers of people gaining access to modern medical treatment options. Access Economics conducted an analysis of IMS Health market data for Prima, and according to its fi ndings the annual global market for oncology chemotherapy is estimated at US$43 billion - of which at least US$517 million is attributable to the Middle East region.

It also provides answers to a number of frequently asked questions on CVac[TM] , and provides some key statistics on ovarian cancer, which help highlight the need for new, alternative treatment options.

In addition to the opportunity to provide CVac[TM] on a commercial scale for the fi rst time, the Company views the approval to market and distribute CVac[TM] in this region as an ideal complement to its core focus of its upcoming Phase III Trial.

Links to additional information on Prima and CVac[TM]

The Prima BioMed company website is set up with a range of different information on the CVac[TM] ovarian cancer therapy vaccine. Below are links to two different items that may be of interest for anyone wanting to know more about how CVac[TM] works and the demand for ovarian cancer treatment options.

Webcast of a recent Experts Conference Call; http://www.investorcalendar.com/IC/CEPage.asp?ID=163542

A short video which provides an overview of how the CVac™ vaccine works in practice; www.primabiomed.com.au/movies/movie_3.php.

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Ovarian cancer Ever since the days of William Coley in represents New York, who pioneered in the year the 1893 the use bacterial injections in an attempt to stimulate the immune system 6th to fi ght cancer, physicians have attempmost ted to harness the awesome power of the commonly human immune system to fi ght tumours. diagnosed Dr. Coley’s patient lived for an additional cancer twenty six years, and his tumour vanished. Such a success should have led to more among and more sophisticated cancer immune women therapies, but physicians chose the route worldwide. of toxic chemotherapy, and harmful radiation to destroy rampaging tumours. Killing fast dividing cells by damaging their DNA seemed swifter than waiting for the body It causes to mount a massive immune system attack more deaths per year than any other cancer of the female reproductive Mucin-1 system Dendritic Cell It is the 5th leading cause of cancer death among women globally Only 3 THE KEY CELLS out of The immune system is primed to fi nd “foreign” proteins and to send killer cells 10 to destroy them. The cells that fi nd the women with foreign protein are antigen presenting ovarian cells, and dendritic cells are a key antigen cancer live presenting cell. The antigen presenting more than cell then picks up some of the bad profi ve years tein, and shows it to T cells. The T cells

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