IMMUTEP LIMITED — Investor Presentation 2015

May 19, 2015

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Nasdaq: PBMD, ASX:PRR

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2015 Capital Raising Presentation

19 May 2015

Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

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Nasdaq: PBMD, ASX:PRR

Immuno-Oncology: A cancer treatment Revolution Our LAG-3 programs: An important part of the Revolution

Beneficiaries: Patients...and our shareholders

19 May 2015 Capital Raising Presentation Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

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Notice: Forward Looking Statements

The purpose of the presentation is to provide an update of the business of Prima BioMed Ltd ACN 009 237 889 (ASX:PRR; NASDAQ:PBMD). These slides have been prepared as a presentation aid only and the information they contain may require further explanation and/or clarification. Accordingly, these slides and the information they contain should be read in conjunction with past and future announcements made by Prima BioMed and should not be relied upon as an independent source of information. Please refer to the Company's website and/or the Company’s filings to the ASX and SEC for further information.

The views expressed in this presentation contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward looking statements in this presentation have been prepared on the basis of a number of assumptions which may prove incorrect and the current intentions, plans, expectations and beliefs about future events are subject to risks, uncertainties and other factors, many of which are outside Prima BioMed’s control. Important factors that could cause actual results to differ materially from assumptions or expectations expressed or implied in this presentation include known and unknown risks. Because actual results could differ materially to assumptions made and Prima BioMed’s current intentions, plans, expectations and beliefs about the future, you are urged to view all forward looking statements contained in this presentation with caution. This presentation should not be relied on as a recommendation or forecast by Prima BioMed. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

19 May 2015 Capital Raising Presentation Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

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Prima BioMed – Who are we?

• A cancer drug development company focused on immuno-

• oncology , a revolutionary new field of cancer treatment

• Our original product, CVac[TM] , is a cancer vaccine with favourable clinical data in second-remission ovarian cancer

• After acquiring Paris-based Immutep (completed Dec. 2014), and attracting A$15m in new capital (announced May 2015) we are now focused on the immune checkpoint receptor LAG-3 , where we are a world leader

• Multiple partners including GSK and Novartis

19 May 2015 Capital Raising Presentation Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

A TRANSFORMATIVE CAPITAL RAISING

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19 May 2015 Capital Raising Presentation Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

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Prima plans to raise A$20m

• Ridgeback Capital Investments , a US-based specialist healthcare

• investor, is investing A$15m in Prima

• Ridgeback has taken an immediate placement of ~72 million Prima shares at 1.73 cents per share, worth approx. A$1.25m

• Ridgeback will invest the remainder of its A$15m commitment via 3% convertible promissory notes which convert, at Ridgeback’s election, into Prima ordinary shares at 2.00 cents per share

• Prima Board currently considering an SPP to shareholders which could yield another A$5m

• Bergen funding arrangement to be mutually terminated

19 May 2015 Capital Raising Presentation

Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

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Significant cash reach achieved

• Proceeds fund two new clinical trials with Prima’s lead product, IMP321 (soluble recombinant LAG-3)

• A Phase IIb chemo-immunotherapy trial of IMP321 together with paclitaxel to treat metastatic breast cancer in patients ineligible for Herceptin®

• A Phase I trial of IMP321 together with an immune checkpoint inhibitor

• Pending shareholder approval of Ridgeback’s A$15m investment, Prima can make significant progress with its LAG-3 programs, both existing and new

• Estimated cash reach to late 2016

19 May 2015 Capital Raising Presentation

Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

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A transformative capital raise

• Ridgeback is a highly regarded and fundamentally oriented investor in established and emerging healthcare companies

• Ridgeback, which knows immuno-oncology very well, to name new Prima director

• Ridgeback due diligence represents strong validation of Prima’s strategy for immuno-oncology and LAG-3

• Ridgeback‘s investment has a fixed price , ie 1.73 cents for its initial

• placement and 2.00 cents per share for the convertible promissory notes

• Extraordinary General Meeting of Prima shareholders will be held in due course to approve Ridgeback’s investment

19 May 2015 Capital Raising Presentation

Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

PRIMA BIOMED TODAY – A LEADING IMMUNO-ONCOLOGY COMPANY

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19 May 2015 Capital Raising Presentation Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

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Prima BioMed today…

– = Immuno-oncology Probably the most important field of cancer drug development today

= LAG-3 – An increasingly important immuno-oncology target, which we dominate

= Shareholder value as the

market recognises the value of our products

19 May 2015 Capital Raising Presentation Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

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LAG-3* both inhibits and activates

immune response

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• The Lymphocyte Activation Gene 3 product

• On the surface of T cells, can inhibit them from killing cancer cells

• Our soluble LAG-3 (sLAG) can activate by the immune system to kill cancer cells binding to molecules on APCs called MHC Class II, activating those molecules to present antigen to T cells

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19 May 2015 Capital Raising Presentation Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

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Three significant partners

Phase I Phase IIa Phase IIb Phase III

IMP321 GSK2831781

Cancer

Autoimmune diseases

Cancer

IMP701

19 May 2015 Capital Raising Presentation Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Our partners

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Nasdaq: PBMD, ASX:PRR

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IMP321* doubled response rate in metastatic breast cancer Phase IIa

*Soluble LAG-3 (sLAG)

60% 50% 40% 30% 20% 10%

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0% IMP321+paclitaxel Paclitaxel

• PRR believes IMP321 will work in combination with other immune checkpoint regulators and other chemotherapies

• Randomised, placebo-controlled Phase IIb study will start in 2015

• Pilot Phase I study in an immunooncology combination will start in Q4 2015

19 May 2015 Capital Raising Presentation Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

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GSK2831781* to treat

autoimmune diseases

*LAG-3 depleting antibody - GSK2831781 is based on Immutep‘s original IMP731 antibody

• Dec. 2010: GlaxoSmithKline licensed from Immutep the right to develop LAG-3 depleting antibodies for autoimmune disease - ₤64m total deal package (~A$124m as at 13 May 2015)

• Jan. 2015: PRR announced single-digit million dollar milestone for GSK’s Phase I trial commencement

• GSK’s investigational product aims to kill the few activated LAG-3+ T cells that are auto-reactive in autoimmune disease, leading to long term disease control

19 May 2015 Capital Raising Presentation Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

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IMP701* brings Novartis into the LAG-3 camp

• Antagonist (ie blocking) anti-LAG-3 antibody

• 2012: US biotech CoStim licensed LAG-3 antagonists for cancer from Immutep

• Feb. 2014: Novartis bought CoStim for undisclosed sum

• History: Novartis persevered with Gleevec® - today a super-blockbuster

19 May 2015 Capital Raising Presentation Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

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Our basic CVac thesis seems correct

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----- Start of picture text -----

CVac Hazard Ratio =
0.17 for second
remission ovarian
cancer
45
40
35
30
25
20
15
10
5
0
CVac Standard of care
Months Overall Survival
----- End of picture text -----

- Thesis : Mannan+MUC1* will generate tumourdestroying immune response in ovarian cancer

Evidence Progression-Free Survival: Nov. 2014, 8 month advantage for second remission patients (CAN-003 study, n=20, treatment 12.9 months, control 4.9 months, p=0.04)

- Evidence Overall Survival: May 2015, at least 16 month advantage (CAN-003 second remission treatment median not reached at 42 months, control median 25.5 months, p=0.07)

• Mannan is a sugar taken up by Antigen Presenting Cells, the orchestrators of the immune system. MUC1 is a protein overexpressed on many cancer cells.

19 May 2015 Capital Raising Presentation Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

WHY INVESTORS SHOULD LOOK AT PRIMA AGAIN

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19 May 2015 Capital Raising Presentation Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

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Until recently, the market hasn’t liked us much (Oct. ’14 – May. ’15)

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$0.05
-
Concerns over cash reduction from
Immutep acquisition and need for
$0.04
more capital
$0.03 - Lack of familiarity with Immutep
programs
$0.02 -
Disappointment regarding the
cessation of CVac clinical recruitment
(Feb. 2015)
$0.01
-
Uncertain market for Life Sciences
$0.00 stocks in Australia
Oct-2014 Nov-2014 Dec-2014 Jan-2015 Feb-2015 Mar-2015 Apr-2015 May-2015
AUD share price for PRR on ASX
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19 May 2015 Capital Raising Presentation Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

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Six reasons why investors should look again

• Depth: We are now a multi-product company

• Important market space. Immuno-oncology is the most important area of cancer R&D today.

• Superior technology: With LAG-3, we are in a strong position within the

• emerging immuno-oncology drug class

• Partnerships: GSK, Novartis and Eddingpharm collaborations have potential to

• deliver mid-term milestones

• Leadership: Strong board and management plus impressive clinical and scientific

• advisors

• Funding: Prima’s 2Q2015 capital raising funds commencement of two important

• clinical studies

19 May 2015 Capital Raising Presentation

Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

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Prima is one of the least

expensive of our peer group PRR US$40m

19 May 2015 Corporate Presentation

Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) 7ww.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

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Potential for great news flow …

• GSK milestone reached 

• MTA with NEC and Yamaguchi 

• CAN-003 final Overall Survival data 

• Start of Phase IIb with IMP321

• Start of immuno-combination study with IMP321

• • Start of Phase I for IMP701

• Continued expansion of intellectual property

• • R&D for new products

• Ongoing: Business development

19 May 2015 Capital Raising Presentation

Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR

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Thank you

Stuart Roberts, Global Head of IR stuart.roberts@primabiomed.com.au +61 (0) 447 247 909

Merci

Professor Frédéric Triebel, CSO frederic.triebel@primabiomed.com.au

Danke

Marc Voigt, CEO marc.voigt@primabiomed.com.au

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Nasdaq: PBMD, ASX:PRR

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Our stock

• Current market cap: A$50.5m (as at 19 May 2015)

• Current share price: 3.4 cents (AUD)

• Shares on issue, pre Ridgeback (ASX: PRR): 1.48 billion

• Listed options on issue ( ASX: PRRO), 77.4 million (5.6% of current issued capital), exercisable at 20 cent by 19/6/2017

- Unlisted options: 226.5 million (16.3% of current issued capital), average exercise price 5.44 cents (AUD), average expiry date 7/10/2018

- Turnover: ASX, 2.9 million shares per day; Nasdaq, 25,000 ADRs per day (last 12 months average) - ISIN: US745154B2034

• Share ratio for ADRs traded on Nasdaq : 1:30 (Depositary is BNY Mellon, Nasdaq: PBMD)

• ADRs outstanding as at 15 May 2015 : 2.8 million (5.7% of capital) - ADRs potentially available for trade on Nasdaq: 49.5 million - Registered shareholders as at May 2015 - ~12,300 - Substantial shareholders (ie >5%): None.

19 May 2015 Capital Raising Presentation Marc Voigt (CEO) and Stuart Roberts (Global Head of IR) www.primabiomed.com.au

Nasdaq: PBMD, ASX:PRR