IMMUTEP LIMITED — Investor Presentation 2021

Feb 1, 2021

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The global leader in developing LAG-3 therapeutics

Corporate Presentation February 2021 (ASX: IMM, NASDAQ: IMMP)

Notice: Forward Looking Statements

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The purpose of the presentation is to provide an update of the business of Immutep Limited ACN 009 237 889 (ASX:IMM; NASDAQ:IMMP). 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 Immutep 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 Immutep’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 Immutep’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 Immutep. 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.

2

Overview

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Immutep

is an innovative biotechnology company developing novel immunotherapies for cancer and autoimmune diseases

Collaboration deals executed with industry leaders

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Global leadership position

in LAG-3 with four product candidates in immuno-oncology and autoimmune diseases

Clinical Potential

Corporate Strategy:

To develop product candidates to sell, licence or partner with large pharmaceutical companies at key value inflection points

Immutep’s product candidates have demonstrated clinical potential in a range of indications with high unmet need

3

Directors & Officers

Russell J. Howard PhD Non-Executive Chairman

Pete A Meyers Non-Executive Director & Deputy Chairman

Scientist, executive manager and entrepreneur; previously CEO of Maxygen & Oakbio, positions at NIH, DNAX, Affymax

Former Chief Financial Officer of Eagle Pharmaceuticals, Inc.; previously CFO of Motif Bio; previously Co-Head of Global Health Care Investment Banking at Deutsche Bank

Grant Chamberlain Non-Executive Director

Marc Voigt Executive Director & Chief Executive Officer

20+ years in 20+ years in leading investment banking; positions in finance, current principal of venture capital and One Ventures; biotech industry, previously Head of multiple financing & Mergers and licensing transactions Acquisitions and Financial Sponsors Australia at Bank of America Merrill Lynch

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Prof. Frédéric Triebel MD PhD, Chief Scientific Officer & Chief Medical Officer

Deanne Miller Chief Operating Officer, General Counsel & Company Secretary

Clinical haematologist, and PhD in immunology (Paris University) and successfully developed several research programs in immunogenetics and immunotherapy, leading to over 144 publications and 16 patents

Lawyer; previous positions at RBC Investor Services, Westpac, Macquarie and ASIC

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LAG-3 Overview - The most promising immune checkpoint -

LAG-3 Therapeutic Landscape Overview

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Antagonist Agonist Agonist Depleting AB	Company	Program	Preclinical	Phase I	Phase II	Phase III	Total Trials	Patients
		Eftilagimod Alpha(4)		10	5		15	951
	BMS	Relatlimab		10	26	2	38	10,528
		LAG525 (leramilimab)		1	4		5	1,069
	B.I.	BI754111		4	1		5	849
	Macrogenics	MGD013		3	3		5	1054
	Merck & Co. Inc.	MK4280		2	3		3	1080
	Incyte	INCAGN02385		1	1		2	92
	Regeneron(1)	REGN3767		1	1		2	769
	Symphogen A/S	SYM022		3			2	232
	Tesaro(2)	TSR-033		2			2	75
	H-L Roche	RG6139		1			1	320
	Innovent	IBI110		1			1	268
	Xencor	XmAb-22841		1			1	242
	F-Star	FS-118		1			1	43
		IMP761					347 --	--
	(3)	GSK2831781 (IMP731)		1 2	1 1		3	346

Notes:

Sources: Company websites, clinicaltrials.gov, and sec.gov, as of January 2021. The green bars above represent programs conducted by Immutep &/or its partners.

1) As of January 7, 2019 Regeneron is in full control of program and continuing development (https://www.sec.gov/Archives/edgar/data/872589/000110465919000977/a191325_18k.htm)

• 2) Tesaro was acquired by and is now part of GSK (https://www.gsk.com/en-gb/media/press-releases/gsk-completes-acquisition-of-tesaro-an-oncology-focused-

3) 4)

Includes two completed Phase I studies and one discontinued Phase 2 study (see slide 9) Including two planned trials in MBC and HNSCC

6

Targeting LAG-3: Multiple Therapeutics in Numerous Diseases

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LAG-3, an immune checkpoint, was discovered in 1990 by Immutep’s CMO and CSO Prof Frédéric Triebel. Immutep has four LAG-3 product candidates:

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IMMUNOSTIMULATION IMMUNOSUPPRESSION
Efti
IMP761
(APC Activator)
(Agonistic mAb)
MHCII
APC
LAG-3
GSK’781
LAG525
(Depleting mAb)
(Antagonistic mAb) LAG-3 T Cell Outlicensed to:
Out-licensed to:
T Cell
Other
RELEVANT Immuno-oncology RELEVANT Rheumatoid
Viral Infections IBD Autoimmune
DISEASES Combination Therapies DISEASES Arthritis
Diseases
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7

Immunotherapy Pipeline*

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Oncology Autoimm. Inf. Dis.	Program	Preclinical	Phase I	Phase II	Late Stage(5)	Commercial Rights	Market Size(6)
	Eftilagimod Alpha (efti or IMP321) APC activating soluble LAG-3 protein	Metastatic Breast Cancer AIPAC	(Chemo – IO)			Global Rights	US$29.9 billion
		Non-Small-Cell Lung Ca TACTI-002	rcinoma (IO – IO)(1)				US$22.6 billion
		Head and Neck Squamo TACTI-002	us Cell Carcinoma (IO – IO	)(1)			US$1.9 billion
		Head and Neck Squamo	us Cell Carcinoma (IO – IO	)(1b)
		Solid Tumors (IO – IO)(2 INSIGHT-004	), (3)
		Melanoma (IO – IO) (1) TACTI-mel			§		US$4.5 billion
		Solid Tumors (In situ Im INSIGHT	munization)(2)
		Solid Tumors (Cancer Va YNP01 and YCP02	ccine)(4a)
		Metastatic Breast Cancer	(Chemo – IO)(4b)			Chinese Rights	US$2.3 billion
					~~§~~
	Efti	COVID-19 disease (Mono EAT-COVID	therapy)(7)		~~§~~	Global Rights
	IMP761 (Agonist AB)				§	Global Rights	US$149.4 billion (2025)

Notes

• Information in pipeline chart current as at January 2021

• (1) In combination with KEYTRUDA® (pembrolizumab) (1b) Planned new trial for 1[st] line HNSCC patients

• (5) Late stage refers to Phase IIb clinical trials or more clinically advanced clinical trials (6) GlobalData Market Size forecast for US, JP, EU5, Urban China and Australia; KBV Research: https://www.kbvresearch.com/autoimmunedisease-therapeutics-market/)

• (2) INSIGHT Investigator Initiated Trial (“IIT”) is controlled by lead investigator and therefore Immutep has no control over this clinical trial (3) In combination with BAVENCIO® (avelumab)

8

Immutep Out-Licensed Immunotherapy Pipeline*

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Commercial
Program Preclinical Phase I Phase II Late Stage [(1)] Updates
Rights/Partners
Solid Tumors + Blood Cancer (IO-IO Combo)
Triple Negative Breast Cancer (Chemo-IO Combo)
Novartis currently has five
Global Rights clinical trials ongoing for
LAG525
Melanoma (IO-IO-Small Molecule Combo) LAG525 in multiple cancer
(Antagonist AB)
§ indications for over 1,000
patients [(4)]
Solid Tumors (IO-IO Combo)
Triple Negative Breast Cancer
(Chemo-IO-Small Molecule Combo)
Ulcerative ColitisUlcerative Colitis [(6)]
Two successful Phase I
Global Rights
studies, but the Phase II
GSK‘781
Healthy Japanese and Caucasian Subjects [(2)]
clinical study in up to 242
(Depleting AB)
§ ulcerative colitis patients was
discontinued.
Psoriasis [(3)]
Oncology
Autoimmune
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Notes

(1) Late stage refers to Phase IIb clinical trials or more clinically advanced clinical trials (2) Reflects completed Phase I study in healthy volunteers (3) Reflects completed Phase I study in healthy volunteers and in patients with plaque psoriasis

(4) https://clinicaltrials.gov/ct2/results?cond=&term=LAG525&cntry=&state=&city=&dist= (5) https://clinicaltrials.gov/ct2/results?cond=&term=GSK2831781&cntry=&state=&city=&dist= and https://www.gsk.com/media/5957/q1-2020-results-slides.pdf (6) Discontinued in Jan 2021

• Information in pipeline chart current as at January 2021

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Eftilagimod Alpha (efti or IMP321)

Efti: Potential Pipeline in a Product

High intrinsic value

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Unique APC activator (MHC II Agonist)

Effective APC activation leads to immune activation (e.g. CD8 T cells) as shown by ex vivo and in vivo experiments, and in clinical studies

Pipeline in a product - Not limited to a select number of oncology indications, target expressions or treatment lines

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Potentially low costs of goods

Route of admin: subcutaneously Dose: 30 mg every 2 weeks*

Efti’s safety profile enables it to be used in various combination settings

• • can be extended to every 3 weeks after 6 months

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AIPAC Phase IIb Update: - Exciting Interim OS Results in Dec 2020 -

Efti: AIPAC (Phase IIb) design

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AIPAC: Active Immunotherapy PAClitaxel in HER2[-] / HR[+] metastatic breast cancer (MBC)

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Primary endpoint includes:

• Assessment of Progression-Free Survival (PFS) (note: no hypothesis testing) – presented Mar 2020

Fact sheet

• ✓ Conducted in 7 EU countries

• ✓ Local and blinded independent central read

Secondary endpoints include:

• ✓ LPI enrolled Jun 2019

• Overall Survival (OS) – presented Dec 2020

• ✓ Primary analysis PFS (immature OS) March 2020

• Safety and tolerability

• Overall Response Rate (ORR) and other efficacy parameters

• Biomarker and Immune Monitoring

• ✓ Follow-up 1 analysis OS Sep 2020 (SABCS Dec 2020) – ~60% OS events

• ❖ 2[nd] OS follow-up analysis planned mid 2021

Notes:

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ORR – overall response rate, DCR – disease control rate, PFS – progression free survival, OS – overall survival, QoL – Quality of life

AIPAC Phase IIb Clinical Results

Overall Survival – FU1 (60% events; cut-off: Sep 20)

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Improving trend for the overall population (IIT) as data matures Currently 2.7 months difference in median OS

Post-study treatment

was similar with 80.7% (efti) and 83.9% (placebo) receiving any post study systemic anticancer therapy. Vast majority received chemotherapy : 64.0% (efti) vs. 69.6% (placebo)

Prior CDK 4/6

have negative impact on OS in placebo group (median reduced from 20.0 to 14.9 months), but not in the efti group (median OS 20.9 vs. 20.4 months)

CDK4/6 are now standard and most patients will have received it in future studies / real world → favorably for efti

Quality of Life (QLQ-C30)

Significant deterioration of overall QoL in the placebo group at week 25, which was not observed in the efti group

Very important for reimbursement → favorably for efti

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AIPAC Phase IIb Clinical Results Subgroup 1: < 65 years – PFS / OS / ORR

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Clinically meaningful absolute and relative improvement for all efficacy parameters, significance for OS ESMO scale of magnitude* = level 4 (makes reimbursement very likely)

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ORR
Patients with age < 65 yrs Patients with age < 65 yrs 50%
Progression Free Survival Overall Survival
46%
45%
40%
38%
35%
30%
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Notes:

15

• used for reimbursement in Europe: https://www.esmo.org/guidelines/esmo-mcbs/scale-evaluation-forms-v1.0-v1.1

AIPAC Phase IIb Clinical Results

Subgroup 2: Low Monocytes – PFS / OS / ORR

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Clinically meaningful, absolute and relative improvement for all efficacy parameters, significance for PFS/OS ESMO scale of magnitude* = level 4 (makes reimbursement very likely)

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Patients with low monocytes Patients with low monocytes ORR
Progression Free Survival Overall Survival 50%
45% 44%
40%
35%
33%
30%
25%
20%
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Notes:

16

• used for reimbursement in Europe: https://www.esmo.org/guidelines/esmo-mcbs/scale-evaluation-forms-v1.0-v1.1

AIPAC Phase IIb Clinical Results

Immune Monitoring on Fresh Blood (up to 70 patients)

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Cytotoxic CD8[+] T Cell count over time (Mean + SEM million cells/L of blood; p-value Wilcoxon)

Stat. significant (p=0.020) Correlation: OS and cytotoxic CD8[+] T cell count

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Overall survival (months)
/L of blood)
6
(10
CD8 T cell count at 6 months
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Number of T cells increased in efti group, especially cytotoxic CD8[+] → Proof of Principle.

Increased number of cytotoxic CD8[+] T Cells correlated with improved OS in the efti arm → Proof of Concept.

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AIPAC Phase IIb Clinical Results

Summar and Conclusions y

First time

an APC activator has shown meaningful increase in Overall Survival (OS) in a randomised setting

Proof of Concept

Prolonged OS in the overall population and clearly linked to pharmacodynamic effect (increase in CD8 T cells)

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Proof of Principle

Significant increase in cytotoxic T cell numbers compared to placebo

Path Forward

Regulatory (FDA and EMA) discussions are prioritised now

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Updates on Anti-PD-1 Combinations

Efti: TACTI-002 Trial in Different Cancers

TACTI-002 evaluates the combination of efti with KEYTRUDA[®] - (pembrolizumab) in a PD L1 all comer study. In collaboration with

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• Key Results from 1[st] line non-small-cell lung carcinoma (NSCLC) (as at 8[th] October 2020):

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ORR combination results are higher than pembrolizumab alone (ORR of ~20%)[(1)] without additional toxicity

• 36.1% Objective Response Rate (iORR)

• 61% patients had tumour shrinkage

• • 2 Complete Responses (complete disappearance of all lesions)

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Key Results from 2[nd] line head and neck squamous cell carcinoma (HNSCC) (as at 8[th] October 2020):

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Higher ORR compared to pembrolizumab alone (ORR of 14.6%[(2)] ) without additional toxicity

• 35.7% Objective Response Rate (iORR)

• • 3 (10.7%) Complete Responses (complete disappearance of all lesions)

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• Key Results from 2[nd] line non-small-cell lung carcinoma (NSCLC) (as at 8[th] October 2020): • 72% alive at 6.3 months → OS: 6+ months

• • 50+% alive at 12 months

• Next : More data throughout 2021 is expected to be released.

OS already higher than SOC (Docetaxel mOS: 6 months; ~24% alive at 12 months)[(3)]

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Phase II

Open label trial, Simon’s 2 stage design; PD-L1 all comer

Up to 183

Patients with with 2[nd] HNSCC or NSCLC in 1[st] and 2[nd] line

Up to 12 months

Combination treatment, then pembrolizumab alone for another 12 months

12

Clinical trial sites

Multi-centre

Australia, Europe and US

Notes:

(3) CheckMate-017: DOI: 10.1056/NEJMoa1504627; N Engl J Med 2015; 373:123-135

(1) Internal calculation based on published data: Garon et al, N Engl J Med 2015; 372:2018-2028 available from: https://www.nejm.org/doi/full/10.1056/NEJMoa1501824

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(2) Keynote-040 results: EEW Cohen et al. http://dx.doi.org/10.1016/S0140-6736(18)31999-8

TACTI-002 Results[(1)]

1[st] line NSCLC (Part A)

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g
Best response:
120
iUPD/iCPD
100
iSD
60 iPR
iCR
40
20
0
-20
-40
-60
-80
cut-off 8-Oct 2020; n= 33
-100
0 9 18 27 36 45 54 63 72 81
% change compared to baseline
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stage 1 & 2
Best response:
100
iUPD/iCPD
75 iSD
iPR
50
iCR
25
PD-L1 TPS
0
-25
-50
-75
* cut-off 08-Oct 2020; n=33; ** - LN as target lesion
-100
not yet 70 % 50 % 15 % 3 % 15 % 80 % 0% 50% 10% 1% 10% 100% 0% 75% 10% 50% 90 % 90 % 75 % 100% 0%
25% 0 % 1 % not yet 40 % 0 % 0 % 0 % NE 50 % 35 %
best % change from baseline
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weeks

• iORR of 36.1% [95% CI 20.8-53.8]

• 2 complete responses

• 22/36 (61%) with target lesion decrease

• Responses in all PD-L1 subgroups:

• ORR in < 50%: 31.6% (6/19)

• ORR in ≥ 1%: 44% (11/25)

• At data cut-off, 11 pts still under therapy

Notes:

21

(1) Preliminary data, cut-off 15 Oct 2020

TACTI-002 Results[(1)]

Benchmarking - 1[st] line NSCLC

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	PD-L1 (TPS)	Pembro alone (KN042/ KN001)**	TACTI-002
ORR	All comer (with PD-L1 results)	17-20%	41%* (36%, regardless of available PD-L1 test results)
	>= 50%	39.5%	54%*
	>= 1%	27.3%	44%*
	1-49%	~17%	33%*
	< 50%	14-19%	32%*

• only patients evaluated where PD-L1 test results available (32 out of 36 patients); ** Data for pembro derived from KN042 and KN001[(2)(3)]

• Most of pembro responses come from 50%+ and especially 90%+ TPS[(4)]

• Highest unmet medical need in < 50% TPS group → efti adresses these needs.

• TIGIT does not → effects predominantly in ≥50% groups.

• Efti plus pembro warrants further clinical development in 1[st] line NSCLC especially considering the excellent safety profile

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Data for pembro derived from KN042 and KN001[(2)(3) ] and ORR in PD-L1 TPS <1% was taken from doi:10.1093/annonc/mdx076 and used to calculate ORR for TPS <50 for pembro mono. TACTI-002 data cut off 08. Oct. 2020.

Notes: (1) Preliminary data, cut-off 08 Oct 2020 for TACTI-002 (2) KEYNOTE-042: TSK Mok et al, The Lancet 2019, http://dx.doi.org/10.1016/S0140-6736(18)32409-7 (3) KEYNOTE-001: NB Leighl et al, The Lancet 2019, http://dx.doi.org/10.1016/S2213-2600(18)30500-9 (4) EJ Aguilar et al; Annals of Oncology 30: 1653–1659, 2019, doi:10.1093/annonc/mdz288

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TACTI-002 Results[(1)]

2nd line HNSCC (Part C)

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Part C - 2nd line HNSCC
Stage 1&2
100
cut-off 8-Oct 2020, n=23 Best response:
80
iUPD/iCPD
60 iSD
iPR
40
iCR
20
0
-20
-40
-60
-80
-100
0 9 18 27 36 45 54 63 72
weeks
% change compared to start of therapy
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• ➢ All (except one) pts with response ongoing

• ➢ PD-L1 all comer trial → responses in PD-L1 low expressors

Notes:

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(1) Preliminary data, cut-off 15 Oct 2020

TACTI-002 Results[(1)]

Benchmarking – 2[nd] line HNSCC

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PD-L1 (CPS) Pembro alone TACTI-002
17.3% 50%
≥1
2% CR 16.7% CR
ORR
42.9%
(with PD-L1 results) 14.6% (35.7% regardless of
available PD-L1 test results)
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• only patients evaluated where PD-L1 test results available (21 out of 28 patients); ** Data for pembro derived from KN040[(2)]

• ORR of pembro mono generally low → increase to 22% (≥ 20 CPS) and 28% (≥ 50 CPS)[(4)]

• Duration of response drops dramatically if you add chemo[(5) ] – not the case with efti

• ORR is clearly higher with high rates of CRs; duration of response very promising (only 1 pt with PR discontinued in TACTI-002 so far)

Efti plus pembro warrants late stage clinical development in HNSCC especially considering the excellent safety profile

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Trial P015 Part C - Historical comparison of ORRs and CRs in metastatic HNSCC for patients who has a PD-L1 CPS of ≥1. ORR for Pembrolizumab monotherapy was taken from KEYNOTE-040.

Notes:

(3) RL Ferris et al.: Nivolumab for Recurrent Squamous-Cell Carcinoma of the Head and Neck. N Engl J Med 2016;375:1856-67. (4) E Cohen et al; Annals of Oncology 2019; doi:10.1093/annonc/mdz252 (5) KN-048: The Lancet, 2019; https://doi.org/10.1016/S0140-6736(19)32591-7

(1) Preliminary data, cut-off 08 Oct 2020 (2) Keynote-040 results: available from https://www.esmo.org/newsroom/press-office/KEYNOTE-040-EvaluatesPembrolizumab-in-Head-and-Neck-Cancer

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Efti: TACTI-002 Results[(1)]

2[nd] line NSCLC (Part B) - Benchmarking

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OS - Stage 1 - Part B - NSCLC

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100
50
0
0 6 12 18
Probability of Survival
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• All patients included in this trial had progressed on 1[st ] line therapy containing PD-1/PD-L1, confirmed by 2 consecutive scans.

• 85% of patients have PD-L1 expression level < 50%

Encouraging OS with 12 months : Comparison[(2)]

• Docetaxel mOS: 6 months

• ~24% alive at 12 months

months

• 1 confirmed PR and DCR of 35%

• 72% alive at 6.3 months → encouraging although data immature beyond 6 months

• 50+% alive at 12 months

• At data cut-off, 3 patients still under therapy

Notes:

(1) Preliminary data, cut-off 8[th] Oct 2020 25 (2) CheckMate-017: DOI: 10.1056/NEJMoa1504627; N Engl J Med 2015; 373:123-135

Efti: INSIGHT-004 Trial in Solid Tumours

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INSIGHT-004 is a dose escalation study evaluating efti in combination with Bavencio ® (avelumab). Conducted as the 4[th] arm of the INSIGHT trial.

In collaboration with

Key Results in patients with mostly cancers of the gastrointestinal tract :

• No dose limiting toxicity

• 5/12 (41.6%) patients with partial responses

Data presented at: ESMO 2020 Next : Final data expected in 2021

I.K.F.

Encouraging single patient cases in cancers that don’t usually benefit from immunotherapy. Only 5% of patients usually benefit.[(1)]

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Phase I

Open label trial

12 Patients: 2 cohorts of 6 patients each

6 months

Combination treatment , then 6 months avelumab monotherapy

One site Germany

Notes:

Data cut-off: 12 June 2020. (1) J Tintelnot, A Stein: Immunotherapy in colorectal cancer: Available clinical evidence, challenges and novel approaches. World J Gastroenterol 2019 August 7; 25(29): 3920-3928

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Efti: Current Strategic Potential & Plans

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Efti is the ideal candidate to combine with
✓ chemo and ✓ PD-1/PD-L1 antagonists
Chemotherapy Eftilagimod PD-1 / PD-L1
Alpha
Pembrolizumab
Taxanes
Nivolumab
Huge
Potential
Other Chemo
Avelumab
…
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Efti’s current data base includes[(1)] :

Up to 219 patients in anti-PD-(L)1 combinations

272 patients

in chemo-immuno combination

Safety & efficacy

Good safety & encouraging efficacy data in NSCLC, HNSCC, melanoma and MBC

Big pharma

A variety of development options with big pharma support

Notes: (1) As at 8[th] Oct 2020.

27

TACTI-002 Extension in 1[st] line NSCLC Results[(1)] Desi n + Status g

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Eligibility

• Available tumor tissue

• • ECOG 0-1 • Adequate organ functions

• • PD-L1 all comer

Part A:

• 1[st] line met. NSCLC + 74 pts according to protocol

30 mg efti SC + 200 mg pembrolizumab IV Up to 12 months then pembrolizumab alone for another 12 months

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Primary: ORR (iRECIST)
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Secondary: PFS, OS, PK, biomarker, PD, safety and tolerability

Design:

• Expansion of TACTI-002 Part A: 74 additional pts in order to prepare for registration trials (specific patient population analysis)

• Status:

• Approved by all competent authorities (incl. FDA);

• Recruitment commenced with results throughout 2021/2022

• Keytruda supply ensured

• In collaboration with

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Trial in 1[st] line HNSCC Potential Desi n + Status g

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

• HNSCC 1 [st] line
PD-1 antagonist
• Available tumor Primary: ORR
tissue incl. PD-L1
R
CPS results Secondary: PFS, OS, PK,
1:1
• ECOG 0-1 biomarker, PD, safety and
30 mg efti SC tolerability
• Adequate organ
+
functions
PD-1 antagonist
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Design:

• Randomised study with ORR as primary endpoint

• Sites worldwide (AU, US, Europe)

• Approx. 160 pts to be randomized to have sufficient pts in each group

Status:

• Advanced planning & collaboration discussions

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Efti Partnerships

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• EOC, an Eddingpharm spin-off holding the Chinese rights for efti, Phase I study in MBC ongoing with a Phase II trial in preparation (152 patients)

• Milestone and royalty bearing partnership

• Spin off from NEC, Japan: aims to develop cancer drugs discovered by artificial intelligence → mainly cancer vaccines

• Clinical Trial Collaboration (up to US$5 million for Immutep); Phase I completed

• Strategic supply partnership for the manufacture of efti

• Through WuXi, Immutep was the first company to use a Chinese manufactured biologic in a European clinical trial

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Efti in COVID-19 Patients

EAT COVID trial

• Window of opportunity to boost the immune response prior to deterioration requiring intensive care unit (ICU) admission and mechanical ventilation

• Goal is to:

• prevent T cell exhaustion and profound lymphopenia

• eradicate the COVID-19 virus

• • avoid any extensive organ tissue damage

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Notes: Source: https://covid19.who.int/

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EAT COVID trial

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EAT COVID is an investigator-initiated trial evaluating efti in hospitalised COVID-19 patients

Aims to “push the gas” on a patient’s immune response to prevent severe COVID19 symptoms requiring intensive care and leading to respiratory failure and death.

• Fully funded by University Hospital Pilsen, Czech Republic

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Phase II

Placebo controlled, double blinded and 1:1 randomised study

• Efti supplied under a Material Transfer Agreement

Initial safety run-in data from reviewed by independent Data and Safety Monitoring Board:

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Up to 110

Adult patients hospitalised with COVID-19

• 6 patients - age range, 50-83 years; 2 women, 4 men

• All received full treatment and discharged from hospital

• No adverse events reported

Recommendation to advance to randomised portion of study.

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15 day

Primary endpoint is patient’s clinical status at day 15 (WHO recommended)

Next :

Opening of recruitment for first cohort of 26 randomised patients

Further results expected in 2021

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Single site Czech Republic

Efti is currently the only APC activator of its kind being evaluated against COVID-19 in a randomised Phase II trial

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Out-Licensed Immunotherapy Pipeline

LAG525 (IMP701) for Cancer

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• Novartis holds an exclusive WW licence to develop and commercialise LAG525 (which is derived from Immutep’s antagonist antibody known as IMP701)

• 1st and 2nd milestone payments received by Immutep in August 2015 (undisclosed) and August 2017 (US$1 million)

• In 2018 Novartis cancelled 90 other R&D programs but continued to invest heavily in progressing the development of LAG525[(1)]

• Novartis currently has five clinical trials ongoing for LAG525 in multiple cancer indications for over 1,000 patients[(2)]

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• IMP701 is an anti-LAG-3 mAb that blocks LAG-3-mediated immune down-regulation

• LAG-3 is a prime target for immune checkpoint blockade as it is readily expressed at a high level in many human tumors

Notes

(1) https://www.fiercebiotech.com/biotech/novartis-dumps-20-programs-following-pipeline-review (2) Details on all ongoing trials of LAG525 being conducted by Novartis: https://www.clinicaltrials.gov/ct2/results?cond=&term=novartis+lag525&cntry=&state=&city=&dist=

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GSK’781 (IMP731) for Autoimmune Diseases

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• GSK holds an exclusive WW licence to develop and commercialise GSK’781 (which is derived from Immutep’s depleting antibody known as IMP731)

• Up to ₤64 million in upfront payments and milestones, plus royalties

• GSK portfolio review in 2017 -> GSK’781 continued despite cancellation of 13 clinical and 20 preclinical programs[(1)]

• March 2018: Phase I trial in psoriasis completed in 67 subjects/patients[(2)]

• September 2019: 1[st] patient dosed in Phase II trial in ulcerative colitis in 242 patients triggered a £4 million (~US$5.0 million) milestone payment to Immutep[(2)]

• Phase I clinical study completed, evaluating GSK’781 in 36 healthy Japanese and Caucasian subjects, PK/PD study[(2)]

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• Phase II in Ulcerative Colitis discontinued in January 2021

GSK’s investigational product, GSK2831781, which is derived from IMP731 antibody, aims to kill the few activated LAG-3[+] T cells that are auto-reactive in autoimmune disease leading to long term disease control without generalized immune suppression

Notes

(1) https://www.biopharmadive.com/news/glaxosmithkline-gsk-rd-pipeline-restructuring-cut-q2-earnings/447924/ (2) For additional information refer https://www.clinicaltrials.gov/ct2/results?cond=&term=GSK2831781&cntry=&state=&city=&dist=

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IMP761 - Autoimmune Diseases -

Broad potential in targeting auto-reactive memory T cells with IMP761

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THE PRESENT: FIGHTING THE SYMPTOMS

: Treating general inflammation corticoids, methotrexate, anti-TNF-α, -IL-6, -IL-17, -IL-23 mAbs

THE FUTURE: FIGHTING THE CAUSE : Treating the disease process silencing the few autoimmune memory T cells accumulating at the disease site with IMP761

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POTENTIAL GAME CHANGER IN AUTOIMMUNE DISEASES ($149.4 billion market size by 2025)[1]

Notes

(1) Source: KBV Research July 2019

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Other Partnerships

New collaboration with LabCorp

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• Licence and Collaboration Agreement for immunooncology products or services

• Development of lab tests that may help oncologists select the right therapeutic options for their patients

• Upfront and potential commercial milestone and service related payments to Immutep

Laboratory Corporation of America Holdings (LabCorp) is a leading global life sciences company focused on guiding patient care that provides diagnostic, drug development and technology-enabled solutions for more than 160 million patient encounters per year.

• Immutep selected for its LAG-3 expertise

Enables Immutep to enter the immuno-oncology diagnostics market through its technology and LAG-3 expertise

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Corporate Snapshot & Outlook

Corporate Snapshot

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IMM (ASX) Ticker symbols IMMP (NASDAQ) Securities on issue[(1)] 648.7 million ordinary shares (as at 1 February 2021) Cash & Term Deposits ~A$54.9 million (US$42.3 million) (as at 31 December 2020) Market Cap[(2)] A$256.2 million (US$196.3 million) (as at 1 February 2021)

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Notes:

• (1) Currently ~33% of the ordinary shares listed on ASX are represented by ADSs listed on NASDAQ where 1 ADS represents 10 ordinary shares. For a detailed summary of securities on issue refer to latest Appendix 2A released on ASX.

• (2) Market capitalization based on ASX share price and basic ordinary shares outstanding.

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2020 & 2021 News Flow*

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

2020
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• ✓ AIPAC – PFS, ORR, Overall Survival delivered

• ✓ US IND for MBC

• ✓ TACTI-002 – recruitment & data delivered e.g. at ASCO, EMSO & SITC for

• ✓1[st] line NSCLC

• ✓2[nd] line NSCLC

• ✓2[nd] line HNSCC

• ✓ Support of global COVID efforts (Phase II)

• ✓ New partnerships : LabCorp

• ✓ Progress from IMP761

• ✓ Expansion of IP portfolio

• ✓ Strong financial position

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2021
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• ❑ Final data from AIPAC : 2[nd] OS follow up

• ❑ Data from TACTI-002 Parts A, B and C

• ❑ Recruitment & first data from TACTI-002 Part A extension

• ❑ Start & ongoing recruitment of new trial in 1st line HNSCC

• ❑ Final data from INSIGHT-004

• ❑ Ongoing regulatory engagement

• ❑ Updates from IMP761

• ❑ Updates from partnered programs (e.g. GSK, Novartis, EAT COVID, CYTLIMIC and EOC Pharma)

• ❑ Potential new partnerships and expansion of existing programs

Plus, the potential validation of LAG-3 through readout of BMS’s Phase III data for relatlimab

Notes:

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*The actual timing of future data readouts may differ from expected timing shown above. These dates are provided on a calendar year basis.

Summary

Global leadership position in LAG-3 with four related product candidates in immuno-oncology and autoimmune disease

Compelling clinical data from efti & strong rationale to combine with multiple FDA approved treatments

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Multiple active clinical trials (including partnered candidates), with further significant data read-outs in 2021

Established commercial partnerships with Merck (MSD), Pfizer / Merck KGaA, Novartis and GSK

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Thank You