Immutep : Receives A$3.4 million R&D French Tax Incentive

ASX/Media Release

Immutep Receives A$3.4 million R&D Tax Incentive from French Government

SYDNEY, AUSTRALIA - 29 September 2021 - Immutep Limited(ASX: IMM; NASDAQ: IMMP) ("Immutep" or "the Company"), a biotechnology company developing novel LAG-3related immunotherapy treatments for cancer and autoimmune diseases, is pleased to announce it has received a €2,126,617 (~ A$3,430,952) research and development (R&D) tax incentive payment in cash from the French Government under its Crédit d'Impôt Recherche scheme (CIR).

The "Crédit d'Impôt Recherche" (CIR), meaning "Research Tax Credit", is a French government tax incentive by which French companies conducting research and development activities in Europe can be reimbursed 30% of their eligible expenditure.

Immutep qualifies to receive CIR tax incentive through its subsidiary Immutep S.A.S. due to the research and development conducted in its laboratory at Châtenay-Malabry in southwestern Paris. The cash payment is provided in respect of expenditure incurred on eligible R&D activities conducted in European Union in the 2020 calendar year. Immutep also qualifies for cash rebates from the Australian Federal Government's R&D tax incentive program in respect of expenditure incurred on eligible R&D activities conducted in Australia. In April 2021, the Company received a A$1,155,055 cash rebate in respect of expenditure incurred on eligible R&D activities conducted in the 2020 fiscal year.

The funds will be used to support the ongoing and planned global clinical development of eftilagimod alpha and the preclinical development of IMP761.

About Immutep

Immutep is a globally active biotechnology company that is a leader in the development of LAG-3 related immunotherapeutic products for the treatment of cancer and autoimmune disease. Immutep is dedicated to leveraging its technology and expertise to bring innovative treatment options to market for patients and to maximize value to shareholders. Immutep is listed on the Australian Securities Exchange (IMM), and on the NASDAQ (IMMP) in the United States.

Immutep's current lead product candidate is eftilagimod alpha ("efti" or "IMP321"), a soluble LAG-3 fusion protein (LAG-3Ig), which is a first-in-class antigen presenting cell (APC) activator being explored in cancer and infectious disease. Immutep is also developing an agonist of LAG-3 (IMP761) for autoimmune disease. Additional LAG-3 products, including antibodies for immune response modulation, are being developed by Immutep's large pharmaceutical partners.

Immutep Limited, Level 12, 95 Pitt Street, Sydney NSW 2000

ABN: 90 009 237 889

Further information can be found on the Company's website www.immutep.comor by contacting:

Australian Investors/Media:

Australian Investors/Media:

Catherine Strong, Citadel-MAGNUS

[phone];[e-mail]

U.S. Media:

Tim McCarthy, LifeSci Advisors

+1 [phone];[e-mail]

Immutep Limited, Level 12, 95 Pitt Street, Sydney NSW 2000

ABN: 90 009 237 889