Immutep : Corporate Presentation

The global leader in developing

LAG-3 therapeutics

Corporate Presentation

January 2020

(ASX: IMM, NASDAQ: IMMP)

Notice: Forward Looking Statements

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.

Additionally, the INSIGHT investigator sponsored clinical trial described in this presentation is controlled by the lead investigator and therefore Immutep has no control over this clinical trial. 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	Notes:
The release of this presentation was authorised by Marc Voigt, Immutep´s Executive Director & Chief Executive Officer.

Company Snapshot

Financial Snapshot

•	Global leadership position in LAG-3
•	Four LAG-3 related candidates in immuno-oncology

Ticker symbols

IMM (Australian Securities Exchange)

IMMP (NASDAQ)

and autoimmune diseases

• Partnerships with five of the world's largest

pharmaceutical companies - Novartis, GSK, Merck

(MSD), Pfizer & Merck KGaA

• Decisive data (from two Phase II trials) in Q1 2020

from lead program

Securities on issue(1)

391.6 million ordinary shares

(as at 6 January 2020)

Cash & Term Deposits

~A$20.5 million (US$14.4 million)

(as at 31 December 2019)

Market Cap(2)

A$103 million (US$71.6 million)

(as at 6 January 2020)

Notes:

1. Currently ~27% of the ordinary shares are represented by ADSs listed on NASDAQ where 1 ADS represents 10 ordinary shares.
2. Market capitalization based on ASX share price. For a detailed summary of all securities on issue refer to latest Appendix 3B released on ASX.

Shareholder Base

27%

73%

Australian Securities Exchange

Nasdaq

3

Directors & Officers

Russell J. Howard, PhD, Non-Executive Chairman

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

Pete A Meyers, Non-Executive Director & Deputy Chairman

Current 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

20+ years in investment banking; current principal of One Ventures; previously Head of Mergers and Acquisitions and Financial Sponsors Australia at Bank of America Merrill Lynch

Marc Voigt, Executive Director & Chief Executive Officer

20+ years in leading positions in finance, venture capital and biotech industry, multiple financing & licensing transactions

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

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

Deanne Miller, Chief Operating Officer, General Counsel & Company Secretary

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

4

LAG-3 Overview

• the most promising immune checkpoint -

Immune Checkpoint Landscape beyond PD-1 and CTLA-4

2015 and 2019
	18
	16
	14
Products	12
10
8
No. of
6
	4
	2
	0
	(2015)	(2019)	(2015)	(2019)	(2015)	(2019)	(2015)	(2019)	(2015)	(2019)	(2015)	(2019)
	CD80	GITR	ICOS	LAG3	TIGIT	TIM3
		Preclin		Ph I	Ph I/II	Ph II	Ph II/III		Ph III

6	Notes:
* Modified from Biocentury; 21st October 2019

LAG-3 as a Therapeutic Target

LAG-3, an immune checkpoint, is widely expressed on tumor infiltrating lymphocytes (TILs) and cytotoxic T cells → Prime target for immune therapy

LAG-3 / MHC Class II Interaction

→ Positive regulation of antigen presenting

LAG-3

cells (APCs) → increase in antigen presentation to

7

MHCIIcytotoxic CD8+

T cells

	→ Negative regulation
APC*	of LAG-3+ T Cells
T Cell

Notes:

* APC: antigen presenting cell

Targeting LAG-3 / MHC II may lead to multiple therapeutics in numerous indications

IMMUNOSTIMULATION

IMMUNOSUPPRESSION

APC Efti

Activator

APC

			MHCII
	Antagonistic
	mAb
	LAG525
			LAG-3
	Partnered with

T Cell

Immuno-oncology	Viral Infections
Combination Therapies

Agonistic IMP761 mAb

	LAG-3
Depleting
mAb
GSK'781	T Cell
Partnered with

Rheumatoid IBD Multiple

ArthritisSclerosis

8

Immutep Controlled Immunotherapy Pipeline*

Oncology

Program	Preclinical	Phase I	Phase II	Late Stage(4)	Commercial	Market Size(5)
Rights	(by)
	Metastatic Breast Cancer (Chemo - IO)				US$12.7 billion
	AIPAC						(2024)
	Non-Small-Cell Lung Carcinoma (IO - IO) (1)				US$33.9 billion
	TACTI-002						(2026)
	Head and Neck Squamous Cell Carcinoma (IO - IO) (1)				US$2.8 billion
Eftilagimod	TACTI-002					Global Rights	(2026)
Alpha
(IMP321)	Solid Tumors (IO - IO) (2), (3)
APC activating	INSIGHT-004
soluble LAG-3
protein	Melanoma (IO - IO)						US$7.8 billion
	TACTI-mel						(2026)

Solid Tumors (In situ Immunization) (2)

INSIGHT

Metastatic Breast Cancer (Chemo - IO)

Chinese Rights

Autoimmune

IMP761

(Agonist AB)

Global Rights

Notes

9 (1)	In combination with KEYTRUDA® (pembrolizumab) in non-small cell lung carcinoma ("NSCLC") or head and neck carcinoma ("HNSCC")	(3)	In combination with BAVENCIO® (avelumab)
(2)	INSIGHT Investigator Initiated Trial ("IIT") is controlled by lead investigator and therefore Immutep has no control over this clinical trial	(4)	Late stage refers to Phase IIb clinical trials or more clinically advanced clinical trials
		(5)	Estimation of Datamonitor Healthcare, Informa Pharma Intelligence for US, Jap, EU (5)

Immutep Out-Licensed Immunotherapy Pipeline*

Oncology

Autoimmune

Program	Preclinical	Phase I	Phase II	Late Stage(1)	Commercial
Rights/Partners
	Solid Tumors + Blood Cancer (IO-IO Combo)
	Triple Negative Breast Cancer (Chemo-IO Combo)
LAG525	Melanoma (IO-IO-Small Molecule Combo)			Global Rights
(Antagonist AB)
	Solid Tumors (IO-IO Combo)
	Triple Negative Breast Cancer
	(Chemo-IO-Small Molecule Combo)
	Ulcerative Colitis
GSK'781					Global Rights
Healthy Japanese and Caucasian Subjects
(Depleting AB)
	Psoriasis(2)

Notes

• Information in pipeline chart current as at 30 September 2019

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

Lead Program

Eftilagimod Alpha

(efti or IMP321)

- APC activation -

Efti: IO Therapy Response Rates

Approximately 70-80% of patients do not respond to anti-PD-1 monotherapy(1)

How can we enable more efficacious T-cell responses?

• immunogenic cell death to liberate/uncover tumor antigens
• cross-presentationof those antigens
• recruitment of T cells into the tumor microenvironment
• reversing the pathways driving a repressive tumor environment

This could be achieved through the right APC activation

APC activators:

• MHC II agonism

• TLR or STING agonism

• CD40 agonism

• Oncolytic viral therapies

Notes:

12 (1) See, for example, Callahan et al Front. Oncol. (2015) 4:385 and Gauci et al Clin Cancer Res. (2019) Feb 1;25(3):946-956.

Efti: an Innovative LAG-3 IO Product Candidate

• the only APC targeting LAG-3 product candidate currently in clinical development
• a unique approach ("turning cold tumors into hot tumors" with LAG-3)
• synergistic with other therapeutic agents and modalities e.g. IO agents or chemotherapy

"PUSHING THE ACCELERATOR ON IMMUNE RESPONSES"	"RELEASING THE BRAKE ON THE T CELL"

Efti is an MHC II agonist

APC activator

• boost and sustain the CD8+ T cell responses
• activate multiple immune cell subsets

LAG-3antagonist, or blocking, antibodies:

Immune checkpoint inhibitor

• increase cytotoxicity of the pre-existing CD8 T cell response

13

Efti: a pipeline in a product

Efti has disruptive potential for oncology.

✓ First-in-ClassMHCII agonist	Priming and activation
(APCs & T cells)
✓ good safety profile	3

• encouraging efficacy data
• low cost of goods
• potential for use in various combination settings ->

efti is a "pipeline in a product" Cancer antigen presentation	2
(dentritic cells/APCs)

Trafficking of T cells to

tumors (CTLs)

4

Infiltration of T cells

5 into tumors

(CTLs, endothelial cells)

6	Recognition of cancer
cells by T cells

(CTLs, cancer cells)

Chemotherapy	1	7	PD-1/PD-L1
	Release of cancer	Killing of cancer
	cell antigens	cells (Immune and
	(cancer cell death)	cancer cells)

	Notes:
14	(1) In collaboration with Merck & Co., Inc., Kenilworth, NJ, USA (known as MSD outside the United States and Canada) and in combination with KEYTRUDA® (pembrolizumab) (2) In collaboration with Merck KGaA, Darmstadt, Germany and Pfizer Inc.
	and in combination with BAVENCIO® (avelumab). This extension of INSIGHT is also referred to as INSIGHT-004 (3) INSIGHT Investigator Initiated Trial ("IIT") is controlled by lead investigator and therefore Immutep has no control over this clinical trial

Efti: a pipeline in a product

Efti is the ideal candidate to combine with

✓ chemo	and ✓ PD-1/PD-L1 antagonists
Chemotherapy	Eftilagimod	PD-1 /PD-L1

Alpha

Pembrolizumab

Taxanes

	Huge	Nivolumab
	Potential
Other Chemo		Avelumab
		…

Which kind of combinations were successful in the past?

• Different MoA to hit virus/cancer simultanously

Historical examples:

• Pembrolizumab + Chemo in 1st line NSCLC
• CHOP + rituximab in large B-cell lymphoma
• Tritherapy in HIV

Notes:

15 (1) In collaboration with Merck & Co., Inc., Kenilworth, NJ, USA (known as MSD outside the United States and Canada) and in combination with KEYTRUDA® (pembrolizumab) (2) In collaboration with Merck KGaA, Darmstadt, Germany and Pfizer Inc. and in combination with BAVENCIO® (avelumab). This extension of INSIGHT is also referred to as INSIGHT-004 (3) INSIGHT Investigator Initiated Trial ("IIT") is controlled by lead investigator and therefore Immutep has no control over this clinical trial

Efti Clinical Development

AIPAC (Phase IIb)

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

			Arm 1, 113 patients:
	Patients with			Phase IIb,		Primary: PFS
		paclitaxel + efti
			multinational,
	HR+/HER2-					Secondary: OS, safety,
				randomized,
	MBC		Arm 2, 113 patients:			ORR, QoL
			double-blind
			paclitaxel + placebo

Results of efti plus paclitaxel in MBC from two Phase I studies :

Antitumor activity acc. to	P005	P011
RECIST 1.1	(N=30)	(N=15)
ORR*	47%	47%
DCR**	87%	83%
Preliminary data, status Interim CSR April 2018, best response acc. to RECIST 1.1

Observed ORR are substantially better than the 22-33% response rates seen in historical control groups with paclitaxel alone

Status Report

• Regulatory approval in 7 EU countries
• 227 patients recruited in Stage
  2 → LPI Jun 2019

• PFS & ORR data expected calendar Q1 2020 (March)

Key features: 1. double blinded pivotal trial in MBC patients → potential to seek conditional marketing authorization in the EU, pending positive data

2. broader perspective: validation of Antigen Presenting Cell activators → a new class of active I-O products after the Immune Checkpoint Inhibitors

Notes:

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

Treatment Landscape for HR+/HER2- MBC

Epidemiology:

• 812,500 HR+/HER2- diagnoses per annum worldwide(1)
• approximately 250,000 develop metastatic disease and are eligible to receive chemotherapy

• Despite all changes → no improvement for patients receiving first-line chemotherapy
• Paclitaxel one of the most widely used chemotherapies
• No active IO in this setting thus far
• No active development of any IO agent or other game changer in late stage clinical trials

	Notes
17	(1)	Source: GlobalData 2019	MBC - metastatic breast cancer BC - breast Cancer
(2)	Caldeira et al Oncology and therapy 2016; 4:189-197

1. https://www.ascopost.com/News/59389 ; Usage to be determined as not yet approved by EMA
2. https://www.onclive.com/insights/mbc-endocrine-partner/role-of-pi3k-inhibitors-in-hr-positive-metastatic-breast-cancer

Efti Clinical Development

TACTI-mel (Phase I)

TACTI-mel: Two ACTive Immunotherapeutics in Melanoma

			Recommended
	efti (IMP321) + anti-	Phase I, multicenter,
24 patients,	Phase II dose,
open label,
4 cohorts of 6 patients	PD-1 (Keytruda®)	safety and
		dose escalation	tolerability

Other objectives	PK and PD of efti, response rate, PFS
Patient Population	Metastatic melanoma

7 sites in Australia

Status Report

• Part A: 1, 6 and 30 mg efti s.c. every 2 weeks starting with cycle 5 of pembrolizumab
• Part B: efti at 30 mg s.c. every 2 weeks starting with cycle 1 of pembrolizumab
• Pembrolizumab (Keytruda®) 2 mg/kg every 3 weeks i.v. Parts A and B
• Recruitment completed
• Encouraging final efficacy results presented

18

Efti Clinical Development

TACTI-mel: Results (Parts A + B)

Swimmerplot Parts A + B

(starting cycle 1 day 1 pembrolizumab)

Conclusion

• No treatment termination due to safety issues with the combination

• 9 patients (38%) on treatment for ~12 months → durable responses / disease control

• 2 CR according to RECIST 1.1 and 1 metabolic inactive (PET-CT) PR

• 6 patients with complete disappearance of target tumour lesions according to irRC

	Notes:
19	BOR: Best Overall Response per patient with start of pembrolizumab as baseline (cycle 1 day 1)	irPD - PD accoritng to ir
EOS - end of study	Data-cut-off: Oct 2019

PFS-FU - progression free survival follow-up

Efti Clinical Development

TACTI-002 (Phase II)

TACTI-002: Two ACTive Immunotherapeutics in different indications

Up to 109 patients

efti (IMP321) + anti-PD-

Phase II, multi-national,

ORR, PFS, OS, PK,

with NSCLC or1 (Keytruda®)

HNSCC

Patient	A: 1st line NSCLC, PD-X naive
B: 2nd line NSCLC, PD-X refractory
Population
C: 2nd line HNSCC, PD-X naïve
Treatment	30 mg efti (IMP321) s.c.
200 mg pembrolizumab i.v.

In collaboration with

open label, Simon`s 2

stage design

Status Report

• Fully approved in all countries (ES, GB, US and AU)
• Part A (1st line NSCLC): 41% initial
  ORR
• Stage 2 already opened for Parts A and C
• 49 patients recruited in total

Updated results will be presented

German Cancer Congress in Feb 2020

biomarker, safety and

tolerability

13 sites in Europe / US /

Australia

Key features: PD-X refractory patients (Part B), chemo-free option for NSCLC, first FDA IND for efti,

PD-L1 all comers

20	Notes:
NSCLC - non-small-cell lung cancer, HNSCC - head and neck squamous cell cancer, ORR - overall response rate, PFS - progression free survival, OS - overall survival, PK -pharmacokinetics,PD-X - any PD-1 or PD-L1 treatment

Efti Clinical Development

INSIGHT-004 (Phase I)

INSIGHT-004: dose escalation of efti in combination with avelumab

Dose escalation, solid		efti (IMP321) + avelumab
tumors, 2 cohorts of 6		(Bavenico®) for 6 months + 6
patients each		months avelumab monotherapy

Patient		Solid tumors after failure of standard
Population		therapy
		6 / 30 mg efti (IMP321) s.c.
Treatment		800 mg avelumab i.v.
		Both every 2 weeks
	In collaboration with
		I.K.F.

Phase I,		RP2D, Safety, ORR,
monocenter DE,
	PFS, PK, PD
open label, IIT

Status Report

• 1 site in Germany
• Protocol approved by CA / ED
• Six patients dosed thus far at 6 mg w/o DLT
• 1 PR at 6 mg
• 30 mg cohort opened

Key features: safety with a PD-L1 antagonist (avelumab)

Notes:

21 R2PD - recommended phase 2 dose, ORR - overall response rate, PFS - progression free survival, OS - overall survival, PK -pharmacokinetics

Eftilagimod Alpha Partnerships

• EOC, an Eddingpharm spin-off holding the Chinese rights for efti, Phase I study in MBC ongoing
• Milestone and royalty bearing partnership
• Spin off from NEC, Japan. Est. December 2016; aims to develop cancer drugs

discovered by artificial intelligence → mainly cancer vaccines

• Clinical Trial Collaboration (up to US$5 million); clinical research ongoing
• 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

22

Out-Licensed Immunotherapy

Pipeline

LAG525 (IMP701) for Cancer

• 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
• Novartis currently has five clinical trials ongoing for LAG525 in multiple cancer indications for over 1,100 patients(1)
• IMP701 is an anti-LAG-3 mAb that blocks LAG-3-mediated immune down-regulation
• LAG-3is a prime target for immune checkpoint blockade as it is readily expressed at a

high level in many human tumors

24	Notes
(1) Details on all ongoing trials of LAG525 being conducted by Novartis can be found: https://www.clinicaltrials.gov/ct2/results?cond=&term=novartis+lag525&cntry=&state=&city=&dist=

GSK'781 (IMP731) for Autoimmune Diseases

• 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
• March 2018: Phase I trial in psoriasis completed in 67 subjects/patients(2)
• Phase I clinical study ongoing evaluating GSK'781 in 36 healthy Japanese and
  Caucasian subjects, PK/PD study
• September 2019: 1st patient dosed in Phase II trial in ulcerative colitis in 280 patients triggered a £4 million (~US$5.0 million) milestone payment to Immutep(1)

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

25 (1)

For additional information on this clinical trial: https://www.clinicaltrials.gov/ct2/show/NCT03893565?term=NCT03893565&rank=1)

1. For additional information on this clinical trial: http://www.gsk-clinicalstudyregister.com/study/200630#ps

IMP761

(Autoimmune Diseases)

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

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

27

IMP761 Overview

• The Concept: treating the cause of autoimmune diseases, not just the symptoms
• The Target: the self-peptide specific memory T cells harboring LAG-3
• The Tool: an agonistic LAG-3-specific mAb down-modulatingself-peptide-induced TCR signaling
• The Evidence (1)*: in vitro down-modulation of peptide-induced human T cell proliferation and activation
• The Evidence (2)*: in vivo down-modulation of peptide-induced T cell infiltration / inflammation at the tissue site in a NHP model
• IP: 1 family - composition of matter & methods of treatment, expiry 2036
• The Status: cell line development ongoing and GMP manufacturing preparations underway in order to progress to clinical development

Notes:

28 * Based on: M Angin, C Brignone, F Triebel: A LAG-3-Specific Agonist Antibody for the Treatment of T Cell-Induced Autoimmune Diseases. J Immunology (2020), Vol. 204, Issue 2.

LAG-3 Landscape

and Outlook

LAG-3 Therapeutic Landscape Overview

Oncology

Autoimmune

				Company
	Agonist			BMS
		B.I		B.I.
				Merck & Co. Inc.
	Antagonist			Macrogenics
			Tesaro(1)
				Regeneron(2)
				Xencor
				Symphogen A/S
		Xencor
				Incyte
				F-Star
	Agonist
Depleting AB	(3)

Program	Preclinical	Phase I	Phase II	Phase III	Total Trials	Patients on Trials
Eftilagimod Alpha		2	2		4	424
Relatlimab		6	19	2	27	9,422
LAG525 (IMP701)		1	4		5	1,100
BI754111		4	1		5	849
MK4280		2	1		3	910
MGD013		1	1		2	1,105
TSR-033		1			1	260
REGN3767		1			1	589
XmAb-22841		1			1	242
SYM022		2			2	132
INCAGN02385		1			1	40
FS-118		1			1	51
IMP761					--	--
GSK2831781
	2	1		3	383
(IMP731)

	Notes:	Note: The green bars above represent programs conducted by Immutep &/or its partners..
	Sources: Company websites, clinical trials.gov, and sec.gov, as of September 27, 2019
30	(1)	Tesaro was acquired by and is now part of GSK
	(2)	As of January 7, 2019 Regeneron is in full control of program and continuing development (Sanofi discontinued)
	(3)	Includes the Phase I study in psoriasis (completed March 2018)

2020 Clinical Guidance*

Reported 2019:

• TACTI-002to commence, Phase II trial in collaboration with MSD: H1 2019
• IMP761 program update: 2019
• INSIGHT-004to commence, IIT Phase I trial in collaboration with Pfizer and Merck KGaA: Q2 2019
• AIPAC fully recruited: Q2 2019
• TACTI-002first data in September 2019
• TACTI-melfinal efficacy data: Q4 2019
• TACTI-002data update: Q4 2019
• INSIGHT-004update: Q4 2019

31

Upcoming Data 2020 (est):

• MBC - mature, robust PFS & ORR data from AIPAC: Q1 2020 (March)
• NSCLC 1st line - more data from Stages 1 and 2 from TACTI- 002 throughout 2020 (e.g. German Cancer Congress February 2020)
• HNSCC 2nd line - initial data from Stages 1 and 2 from TACTI-002 throughout 2020 (e.g. AACR April 2020)
• NSCLC 2nd line - initial data from Stage 1 from TACTI-002 throughout 2020
• Combination with avelumab - initial data from Phase I trial

throughout 2020

*The actual timing of future data readouts may differ from expected timing shown

above. These dates are provided on a calendar year basis.

Highlights

Global Leader in

Development of LAG-3

Therapeutics

First-in-Class /

Potential Pipelines in

Product Candidates

Near-Term Phase II

Clinical Data Expected

for Eftilagimod Alpha

Leading Industry

Partners

• More clinical-stageLAG-3 programs than any other company
• Dr. Frédéric Triebel, MD Ph.D., Immutep's Chief Scientific Officer and Chief Medical Officer, discovered the LAG-3 gene
• LAG-3fusion protein that is a MHC II agonist and APC activator for oncology
• LAG-3agonist mAb for autoimmune diseases
• Significant data updates from Phase II clinical study in combination with Keytruda(1) expected in 2020
• PFS data from Phase IIb double blind placebo-controlled study of 227 patients with HER2-negative / HR positive MBC expected in Q1 2020 (March)
• Relationships with multiple industry partners including Novartis, GSK, Merck (MSD), Pfizer & Merck KGaA

32	Notes:
(1) In combination with KEYTRUDA® (pembrolizumab) in non-small cell lung carcinoma ("NSCLC") or head and neck carcinoma ("HNSCC")

Thank you!