IMMUTEP LIMITED — Share Issue/Capital Change 2020

Jan 1, 2020

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 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, 04/03/13

Name of entity

Immutep Limited ( IMM )

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 1.Unlisted Performance Rights be issued 2.Ordinary Shares 3.Ordinary Shares

• 2 Number of[+] securities issued or 1. 2,850,000 Unlisted Performance Rights to be issued (if known) or 2. 1,666,667 Ordinary Shares maximum number which may 3. 1,166,667 Ordinary Shares

• be issued

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• 3 Principal terms of the[+] securities (e.g. 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)

• 4 Do the[+] securities rank equally in all respects from the[+] issue date with an existing[+] class of quoted[+] securities?

1. Performance Rights Number of performance rights 2,850,000 Vesting conditions Service-based vesting conditions only Tranche 1 950,000on 1 October 2020 Tranche 2 950,000on 1 October 2021 Tranche 3 950,000 on1 October 2022 Expiry Date The Performance Rights will expire, if not exercised, one year after the relevant vesting date for each tranche of performance rights (see above). Price of performance rights Performance Rights will be granted at no cost. Once the vesting condition is satisfied (or waived in exceptional circumstances), the Performance Rights will be exercisable at nil cost. 2. Pari passu with existing Fully Paid Ordinary Shares 3. Paripassu with existingFullyPaid OrdinaryShares	1. Performance Rights Number of performance rights 2,850,000 Vesting conditions Service-based vesting conditions only Tranche 1 950,000on 1 October 2020 Tranche 2 950,000on 1 October 2021 Tranche 3 950,000 on1 October 2022 Expiry Date The Performance Rights will expire, if not exercised, one year after the relevant vesting date for each tranche of performance rights (see above). Price of performance rights Performance Rights will be granted at no cost. Once the vesting condition is satisfied (or waived in exceptional circumstances), the Performance Rights will be exercisable at nil cost. 2. Pari passu with existing Fully Paid Ordinary Shares 3. Paripassu with existingFullyPaid OrdinaryShares
	2,850,000
	Service-based vesting conditions only
	950,000on 1 October 2020
	950,000on 1 October 2021
	950,000 on1 October 2022
	The Performance Rights will expire, if not exercised, one year after the relevant vesting date for each tranche of performance rights (see above).
	Performance Rights will be granted at no cost. Once the vesting condition is satisfied (or waived in exceptional circumstances), the Performance Rights will be exercisable at nil cost.

1. Yes, if/when the Performance Rights vest to shares 2. ‘Pari Passu’ with existing Fully Paid Ordinary Shares 3. ‘Pari Passu’ with existing Fully Paid Ordinary Shares

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

• Nil

• Nil

• Nil

• See chapter 19 for defined terms. Appendix 3B Page 2 ME_161839830_1

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6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets) 6a Is the entity an+eligible entity that has obtained security holder approval under rule 7.1A? If Yes, complete sections 6b – 6h in relation to the+securities the subject of this Appendix 3B, and comply with section 6i 6b The date the security holder resolution under rule 7.1A was passed 6c Number of+securities issued without security holder approval under rule 7.1 6d Number of+securities issued with security holder approval under rule 7.1A 6e Number of+securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting) 6f Number of+securities issued under an exception in rule 7.2	1. Unlisted Performance Rights are issued to employees under the Executive Incentive Plan 2. Mr Marc Voigt exercises 3rdtranche of his performance rights which vested to him i.e. 1,666,667 (post share consolidation basis) to convert to ordinary shares, in accordance with shareholder approval received at the AGM on 17 November 2017. 3. Vesting & exercise of Performance Rights under the Executive Incentive Plan into fully paid ordinary shares.
	Yes
	1 November 2019
	Nil
	Nil
	2. 1,666,667 ordinary shares are issued on exercise of 3rd tranche out of 5,000,000 performance rights (post share consolidation basis) approved for Mr Marc Voigt at the AGM on 17 November 2017.
	1. 2,850,000 performance rights issued 3. 1,166,667 ordinary shares are issued to employee on exercising performance rights

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6g If+securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the +issue date and both values. Include the source of the VWAP calculation. 6h If+securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements 6i Calculate the entity’s remaining issue capacity under rule 7.1 and rule 7.1A – complete Annexure 1 and release to ASX Market Announcements 7 +Issue dates Note: The issue date may be prescribed by ASX (refer to the definition of issue date in rule 19.12). For example, the issue date for a pro rata entitlement issue must comply with the applicable timetable in Appendix 7A. Cross reference: item 33 of Appendix 3B. 8 Number and +class of all +securities quoted on ASX (_including_the +securities in section 2 if applicable)	Not applicable	Not applicable
	Not applicable
	Refer to Annexure 1
	2 January 2020
	Number		+Class
	391,630,938		Fully paid ordinary shares
	Number Amount
		+Class	- Options
		Exercise Price		Expiration Date

• See chapter 19 for defined terms.

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9 Number and +class of all +securities not quoted on ASX (including the +securities in section 2 if applicable)	37,144,524	$0.235	4 August 2020
	79,311	$0.568	30 October 2020
	102,628	$0.398	7March 2021
	847,600	$0.248	4August 2025

Number	+Class – Warrants over NASDAQ listed American DepositoryShares	+Class – Warrants over NASDAQ listed American DepositoryShares
Amount	Exercise Price	Terms
1,553,718	US$2.49	Each Warrant entitles the holder to purchase 1 ADS (where one ADS = 10 Ordinary Shares) at the exercise price and is exercisable immediately. Each Warrant will expire on5 January2023.
2,080,000	US$2.49	Each Warrant entitles the holder to purchase 1 ADS (where one ADS = 10 Ordinary Shares) at the exercise price and is exercisable immediately. Each Warrant will expire on 12 February2022.

Number	+Class – Performance Rights	+Class – Performance Rights
Amount	Type	Expiration Date
273,637	NED PRs	Each tranche of NED PRs will expire one year after Vesting Date if not exercised as indicated in the appendix 3B released on 6 December 2016.
426,654	NED PRs	Each tranche of NED PRs will expire one year after Vesting Date if not exercised as indicated in the appendix 3B released on4December 2016.
500,000	LTI	LTIs will vest on 1 October 2020.

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387,560	LTI	Each tranche of LTIs will expire one year after Vesting Date if not exercised as indicated in the appendix 3B released on 2 October 2018.
500,000	NED PRs	Each tranche of NED PRs will expire one year after Vesting Date if not exercised as indicated in the appendix 3B released on 21 November 2018.
4,500,000	LTI	Each tranche of LTIs will expire one year after the relevant vesting date unless exercised as indicated in the appendix 3B released on 3 October 2019, subject to accelerated vesting conditions.
1,500,000	NED PRs	Each tranche of NED PRs will expire one year after Vesting Date if not exercised as indicated in the appendix 3B released on 2 December 2019, subject to accelerated vestingconditions.
3,600,000	LTI	Each tranche of LTIs will expire one year after the relevant vesting date unless exercised as indicated in the appendix 3B released on 2 December 2019, subject to accelerated vesting conditions.
2,850,000	LTI	Each tranche of LTIs will expire one year after the relevant vesting date unless exercised, subject to accelerated vesting conditions.

Number	+Class – Convertible Notes	+Class – Convertible Notes
Amount	Type	Expiration Date
13,750,828	Convertible Notes each with a face value of AU$1,expiringon4August 2025.

• See chapter 19 for defined terms. Appendix 3B Page 6 ME_161839830_1

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10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests) Part 2 - Bonus issue or Pro	Unchanged
	rata issue

11 Is security holder approval required? 12 Is the issue renounceable or non- renounceable? 13 Ratio in which the+securities will be offered 14 +Class of+securities to which the offer relates 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 offer 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	Not applicable
	Not applicable
	Not applicable
	Not applicable
	Not applicable
	Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
	Not applicable

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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 offer documents 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 (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 +Issue date	Not applicable
	Not applicable
	Not applicable
	Not applicable
	Not applicable
	Not applicable
	Not applicable
	Not applicable
	Not applicable
	Not applicable
	Not applicable
	Not applicable

• See chapter 19 for defined terms. Appendix 3B Page 8 ME_161839830_1

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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 are[+] equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over

• 37 A copy of any trust deed for the additional[+] securities

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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+issue date 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) 42 Number and +class of all +securities quoted on ASX (_including_the+securities in clause 38)	N/A
	N/A
	N/A
	N/A
	Number	+Class
	N/A	N/A

• See chapter 19 for defined terms.

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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.

• 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

• 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.

• 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 is not available now, we 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.

==> picture [160 x 39] intentionally omitted <==

Sign here: ............................................................ (Company secretary)

Date: 2 January 2020

Print name: Tom Bloomfield

== == == == ==

• See chapter 19 for defined terms.

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Appendix 3B – Annexure 1

Calculation of placement capacity under rule 7.1 and rule 7.1A for eligible entities

Introduced 01/08/12 Amended 04/03/13

Part 1

Rule 7.1 – Issues exceeding 15% of capital

Step 1: Calculate “A”, the base figure from which the placement capacity is calculated

Insert number of fully paid[+] ordinary 338,359,830 securities on issue 12 months before the + issue date or date of agreement to issue Add the following: 53,269,069

• Number of fully paid[+] ordinary securities issued in that 12 month period under an exception in rule 7.2

• Number of fully paid[+] ordinary securities issued in that 12 month period with shareholder approval

• Number of partly paid[+] ordinary securities that became fully paid in that 12 month period

Note:

• Include only ordinary securities here – other classes of equity securities cannot be added

• Include here (if applicable) the securities the subject of the Appendix 3B to which this form is annexed

• It may be useful to set out issues of securities on different dates as separate line items

• Subtract the number of fully paid[+] ordinary Nil securities cancelled during that 12 month period “A” 391,628,899

• See chapter 19 for defined terms.

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Step 2: Calculate 15% of “A”
“B”	0.15 [Note: this value cannot be changed]
Multiply“A” by 0.15	58,744,334
Step 3: Calculate “C”, the amount of placement capacity under rule 7.1 that has already been used
Insertnumber of+equity securities issued or agreed to be issued in that 12 month period_not counting_those issued: • Under an exception in rule 7.2 • Under rule 7.1A • With security holder approval under rule 7.1 or rule 7.4 Note: • This applies to equity securities, unless specifically excluded – not just ordinary securities • Include here (if applicable) the securities the subject of the Appendix 3B to which this form is annexed • It may be useful to set out issues of securities on different dates as separate line items	Nil
“C”	Nil
Step 4: Subtract “C” from [“A” x “B”] to calculate remaining placement capacity under rule 7.1
“A” x 0.15 Note: number must be same as shown in Step 2	58,744,334
Subtract“C” Note: number must be same as shown in Step 3	Nil
Total[“A” x 0.15] – “C”	58,744,334 [Note: this is the remaining placement capacity under rule 7.1]

• See chapter 19 for defined terms.

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Part 2

Rule 7.1A – Additional placement capacity for eligible entities

Step 1: Calculate “A”, the base figure from which the placement capacity is calculated

“A” 391,628,899 Note: number must be same as shown in Step 1 of Part 1 Step 2: Calculate 10% of “A” “D” 0.10 Note: this value cannot be changed Multiply “A” by 0.10 39,162,889

Step 3: Calculate “E”, the amount of placement capacity under rule 7.1A that has already been used

Insert number of[+] equity securities issued Nil or agreed to be issued in that 12 month period under rule 7.1A

Notes:

• This applies to equity securities – not just ordinary securities

• Include here – if applicable – the securities the subject of the Appendix 3B to which this form is annexed

• Do not include equity securities issued under rule 7.1 (they must be dealt with in Part 1), or for which specific security holder approval has been obtained

• It may be useful to set out issues of securities on different dates as separate line items

• “E” Nil

• See chapter 19 for defined terms.

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Step 4: Subtract “E” from [“A” x “D”] to calculate remaining placement capacity under rule 7.1A

Step 4: Subtract “E” from [“A” x “D”] to calculate remaining placement capacity under rule 7.1A	Step 4: Subtract “E” from [“A” x “D”] to calculate remaining placement capacity under rule 7.1A
“A” x 0.10 Note: number must be same as shown in Step 2	39,162,889
Subtract“E” Note: number must be same as shown in Step 3	Nil
Total[“A” x 0.10] – “E”	39,162,889 Note: this is the remaining placement capacity under rule 7.1A

• See chapter 19 for defined terms.

Appendix 3B Page 15

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