Letter to management

This email has been sent to the management:

Dear IMMUTEP BoD,

I am a long term share holder, with a reasonable parcel of shares in the company.

I am writing to express my deepest concern about the financial decisions and marketing approaches you have taken in the last year.

I understand and support the fact that Capital Raising is and has been necessary. However, I am at a total loss in understanding the exact timing. They have either been at a low or BEFORE expected positive announcements. This week's being absolutely symbolic of that approach by the management.

I do understand the argument that the timing suited the company in making it attractive to institutions and sophisticated investors. However, I cannot understand that the move had ANY consideration for rewarding long term loyal retail share holders.

In the last year the company has made three very poor decisions with timing of CR. It has further FAILED to achieve any objective that was used to justify the consolidation, most notably "preventing volatility". We have seen the exact opposite since consolidation.

There have also been two significant and very poor marketing approaches led by Marc Voigt. One ahead of recent AIPAC results which did nothing but to create false hype and was THE SINGLE MAJOR cause of disappointment in the results and crashing of the share price. The other, of course was today's "Investors Presentation", being of LITTLE VALUE in cushioning the effect of poor timing for CR. It left me wonder and in fact question what purpose was it to serve.

I am only left to not just be disappointed but wonder whether there is a systematic approach here and to me that approach is certainly not in favor of long term loyal retail holders.

I appreciate a response and I feel I deserve an intelligent response. A response that treats me as a long term loyal share holder and my intelligence with respect, and not with just empty words that Marc Voigt delivered in his recent video prior to AIPAC when mentioning retail holders.

Regards

Signed name