IMUGENE LIMITED — Capital/Financing Update 2017

Nov 22, 2017

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23 November 2017

Dear Shareholder

Imugene Limited ACN 009 179 551 Level 3, 62 Lygon Street Carlton VIC 3053

Imugene Entitlement Offer – notice to ineligible shareholders

On 23 November 2017, Imugene Limited (ASX code: IMU) ( Imugene ) announced a $8.7 million equity raising via a placement to institutional investors at $0.018 per share (and 1 new option for every 2 new shares issued with an exercise price of $0.026 per new option exercisable on or before 30 November 2020) to raise approximately $6.7 million ( Institutional Placement ), and 1 for 21 non-­renounceable entitlement offer of fully paid ordinary shares in Imugene ( New Shares ) (and 1 new option for every 2 New Shares issued) to raise approximately $2.03 million ( Entitlement Offer ).

In addition to providing additional working capital to meet operational needs, the proceeds of the Entitlement Offer and Placement (together, the Equity Raising ) will enable Imugene to proceed with:

• 1 completion of a HER-­Vaxx Phase 1b/2 clinical trial;;

• 2 completion of at least two investigator sponsored studies (in collaboration with institutional centers);;

• 3 identifying and developing mimotope candidates;; and

• 4 securing mimotope intellectual property.

The Entitlement Offer is fully underwritten by Bell Potter Securities Limited.

Terms of the Entitlement Offer

Under the Entitlement Offer, Eligible Shareholders (defined below) will be invited to subscribe for 1 New Share for every 21 existing ordinary shares (and 1 new option for every 2 New Shares issued with an exercise price of $0.026 per new option exercisable on or before 30 November 2020) in Imugene held at 7.00pm (AEDT) on 29 November 2017 ( Record Date ) at an offer price of $0.018 per New Share ( Entitlement ).

The Entitlement Offer is being made by Imugene in accordance with section 713 of the Corporations Act 2001 (Cth). Imugene lodged a prospectus for the Entitlement Offer with the Australian Securities and Investments Commission on 23 November 2017.

Documents relating to the Entitlement Offer, including the prospectus, were lodged with ASX on 23 November 2017 and are being mailed to eligible shareholders.

Shareholder approval is not required for Imugene to make the offer under the Entitlement Offer.

Eligibility of shareholders to participate in the Entitlement Offer

In accordance with the ASX Listing Rules and the Corporations Act 2001 (Cth), Imugene has considered the number of shareholders with registered addresses outside Australia and New Zealand, the number and value of the shares held by those shareholders and the number of New Shares those shareholders would be offered pursuant to the Entitlement Offer.

Taking this into consideration, as well as the costs of complying with the legal requirements and the requirements of the regulatory authorities relating to the shareholders with registered addresses outside of Australia and New Zealand, Imugene has formed the view that it is unreasonable to extend the Entitlement Offer to shareholders with registered addresses outside of Australia and New Zealand and

IMUGENE LIMITED Telephone +61 3 9824 5254 Fax +61 3 9822 7735 Website www.imugene.com

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that the offer pursuant to the Entitlement Offer will only be extended to Imugene shareholders on the Record Date with registered addresses in Australia or New Zealand.

As you do not satisfy the criteria for eligibility, Imugene is unfortunately unable to extend the Entitlement Offer to you.

New Shares equivalent to the number of New Shares you would have been entitled to if you were an Eligible Shareholder will be allocated in accordance with the underwriting agreement.

As the Entitlement Offer is non-­renounceable, you will not receive any payment or value for these entitlements in respect of any New Shares that would have been offered to you if you were eligible.

You are not required to do anything in response to this letter.

Further information

If you have any queries, please call 1300 288 664 (within Australia) or +61 2 9698 5414 (outside Australia) between 8.30am and 5.00pm AEDT Monday to Friday during the offer period or, alternatively, consult your professional adviser.

On behalf of the Directors, I thank you for your continued support of Imugene.

Paul Hopper Chairman Imugene Limited

IMUGENE LIMITED Telephone +61 3 9824 5254 Fax +61 3 9822 7735 Website www.imugene.com

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