COMPANY

PRESENTATION

JEFFERIES

HEALTHCARE

CONFERENCE

JUNE 2015

Page 2

FORWARD LOOKING STATEMENT

This document has been prepared by Innate

Pharma S.A. (the “Company”) solely for the

purposes of a presentation to investors

concerning the Company. This document is not to

be reproduced by any person, nor to be

distributed.

This document contains forward-looking

statements. Although the Company believes its

expectations are based on reasonable

assumptions, these forward-looking statements

are subject to various risks and uncertainties,

which could cause the Company’s actual results

or financial condition to differ materially from those

anticipated. Please refer to the risk factors

outlined from time to time in the Company’s

regulatory filings or publications.

This document contains data pertaining to the

Company's potential markets and the industry and

environment in which it operates. Some of these

data comes from external sources that are

recognized in the field or from Company’s

estimates based on such sources.

The information contained herein has not been

independently verified. No representation,

warranty or undertaking, express or implied, is

made as to, and no reliance should be placed on,

the fairness, accuracy, completeness or

correctness of the information or opinions

contained herein. The Company is under no

obligation to keep current the information

contained in this presentation and any opinion

expressed is subject to change without notice.

The Company shall not bear any liability

whatsoever for any loss arising from any use of

this document or its contents or otherwise arising

in connection therewith.

Please refer to the Document de Référence filed

with the Autorité des marchés financiers (“AMF”),

available on the AMF’s website (www.amf-

france.org) and on the Company’s website

(www.innate-pharma.com). Such documents may

not be necessarily up to date.

This document and the information contained

herein do not constitute an offer to sell or a

solicitation of an offer to buy or subscribe to

shares of the Company in any country.

Page 3

INNATE PHARMA AT A GLANCE

Primary focus in immuno-oncology

Partnerships with leaders in IO

BMS and AZN

Portfolio of first-in-class checkpoint inhibitors

Leading scientific edge in innate immunity pharmacology

Page 4

PARTNERSHIP WITH ASTRAZENECA

• Acceleration of IPH2201 development

> Phase II combination trials with MEDI4736, AZN anti-PD-L1, in solid tumors

> 4 Phase II trials planned by Innate, single agent and combination

> Development of associated biomarkers

• Global co-development and co-promotion agreement for IPH2201

> Initial payment: $250 million

> Further $100 million prior to initiation of Phase III development,

> Additional regulatory and sales-related milestones of up to $925 million

> Double digit royalties on net sales and right for Innate Pharma to co-promote

in Europe for 50% profit share in the territory

Page 5

A LONG TERM STRATEGY IN ACTION

R&D collaboration2003-

2009

Licence of lirilumab2011

Co-development and

co-promotion of IPH22012015

Page 6

INNATE PHARMA PIPELINE

PROGRAM TARGET INDICATIONS AND SETTING ONGOING STUDIES

Lirilumab

(IPH2102/BMS-986015)

licensed to

Bristol-Myers Squibb

KIR2DL1,2,3

AML, single agent • Randomized Phase II

Solid & heme tumors

Multiple combinations• 5 Phase I and II trials

IPH2201

co-development with

AstraZeneca

NKG2ASolid & heme tumors

Multiple combinations• Phase II

IPH4102 KIR3DL2 Cutaneous T-cell lymphomas • Phase I start in 2015

IPH33 TLR3 Inflammation / Autoimmunity • Preclinical

IPH43 MICA Cancer • Preclinical

Other / Discovery Undisclosed Cancer / Inflammation • Preclinical

Page 7

CLINICAL PIPELINE OF IMMUNOMODULATING MABS IN CANCER

AMP: Amplimmune; CRUK: Cancer Research UK; MGNX: MacroGenix; IMP: Immutep

TARGET PHASE I PHASE II PHASE III MARKET

Ch

eckp

oin

t in

hib

ito

rs CTLA-4 AZN BMS

PD-1 AZN BMS/ONO, Merck

PD-L1 BMS Pfizer/Merck KGaA Roche, AZN

KIR IPH/BMS

NKG2A IPH/AZN

LAG-3 BMS

Ag

on

ist

anti

bo

die

s

CD137 Pfizer, BMS

B7-H3 Servier/MGNX

CD40 Roche

OX40 AZN, Roche

GITR GITR Inc, Merck

CD27 Celldex

FIRST-IN-CLASS

ANTI-KIR MAB

LIRILUMAB

Page 9

THERAPEUTIC POTENTIAL OF NK CELLS IN ACUTE MYELOID LEUKEMIA

• NK cells can protect against tumor relapse, leading to improved

survival in AML patients after stem cell transplantation

Effects are:

• Durable

• Safe

• Controlled by KIR

• Mediated by NK cells

Velardi et al., Science, 2002 (not shown)

Ruggeri et al, Blood, 2007

NK activation

NK inhibition

Page 10

LIRILUMABFIRST-IN-CLASS NK CELL CHECKPOINT INHIBITOR

• Fully human antibody (IgG4) blocking NK cell inhibitory receptor KIR2DL1/2/3

• Prevents interaction with HLA class 1 molecules to potentiate NK anti-tumor

activity

• Development and commercialization rights licensed to Bristol-Myers Squibb

• $35 million upfront, up to $430 million in milestone payments, double-digit

royalties (signed July 2011)

NK inhibition by KIR

KIR HLA-C

NK cell

Activating ligand

Activating receptor

Tumor cell

+ +

Anti-KIR

KIR HLA-C

Activating ligand

Activating receptor

Activation through KIR blockade+

Page 11

CLINICAL PROGRAM WITH LIRILUMAB

SETTINGPATIENTS

(PLANNED)INDICATION STATUS

MonotherapyRandomized

Phase II150

Acute Myeloid Leukemia

Maintenance setting

LFS expected

2Q 2016

Com

bina

tion

NivolumabPhase I with cohort

expansion162

Selected solid tumors:

MEL, NSCLC, GI, SCCHN, HCC

Enrollment close to

completion

Nivolumab Phase I 315(1)

Selected hematologic tumors:

Relapsed/refractory

NHL, HL, MM or CML

Started in

October 2014

Elotuzumab

Phase I with

randomized cohort

expansion

136(2)

Multiple myeloma:

Relapsed/refractory MM

Post autologous transplant

Started in

October 2014

5-azacytidine

(Vidaza)

Phase II with dose

escalation64

Acute Myeloid Leukemia

Relapsed/refractory

Started in

April 2015

IpilimumabPhase I with cohort

expansion125*

Selected solid tumors:

NSCLC, CRPC, MEL

Enrollment stopped

in Dec. 2014

(1) Three arms (nivo, nivo + ipi, nivo + liri) / (2) Two arms (elo + liri, elo + ure); *originally planned

Page 12

EFFIKIR PHASE II TRIALDOUBLE-BLIND PLACEBO-CONTROLLED RANDOMIZED TRIAL IN AML

• Target enrollment completed in July 2014 (150 patients)

• Data on LFS expected 2Q16

• One active arm stopped in March 2015 upon DSMB recommendation

R

A

N

D

O

M

I

Z

E

1:1:1

Elderly

1st complete remission

Max 2 consolidations

Not eligible for HST

Minimization

Placebo q 4 weeks

Lirilumab 0.1 mg/kg q 12 weeks Intermittent full KIR occupancy

Lirilumab 1.0 mg/kg q 4 weeksContinuous full KIR occupancy

Center

1º vs 2nd AML

No. consolidations

Cytogenetics

Treatment for 2 years

Primary endpoint: Leukemia-Free Survival (Independent Review Committee)

N=50 per arm

Maximum follow-up period: 24 months after last patient entry

ClinicalTrials.gov Identifier: NCT01687387

FIRST-IN-CLASS

ANTI-NKG2A MAB

IPH2201

Page 14

IPH2201 TARGETS NKG2A CHECKPOINT INHIBITORY RECEPTOR

ON NK AND CD8 T CELLS

• NKG2A is a inhibitory receptor on tumor infiltrating CD8 T cells and NK cells

NK and T cell inhibition by NKG2A

HLA-E

NK cell

Activating ligand

Activating receptor

Tumor cell

+ +

Anti-NKG2A

Activation through NKG2A blockade

T cell

NKG2A

TCR

MHCNKG2A

HLA-E

Anti-NKG2A

+

Page 15

MANY TUMORS OVEREXPRESS NKG2A LIGAND SUGGESTING A

MAJOR MECHANISM OF IMMUNE EVASION

• HLA-E upregulated on a wide variety of tumor types

Nb of patients

Source: internal data

Page 16

PHASE II PROGRAM

SETTING INDICATION STATUS

Monotherapy Phase Ib/II Head & Neck Started in December 2014

Monotherapy Phase II High grade ovarian cancer Start expected in 2015

Com

bina

tion

Ibrutinib Phase II Chronic Lymphocytic Leukemia Start expected in 2015

Cetuximab Phase I/II Head & Neck Start expected in 2015

MEDI4736

(anti-PD-L1)Phase II Solid tumors To be started (AZN)

PERSPECTIVES

Page 18

MAIN NEWS IN 2014-2015 / EXPECTED NEWSFLOW

Lirilumab

• EffiKIR Phase II fully enrolled

• Combination in solid tumors close to full enrollment

• New combination trials in heme malignancies

IPH2201

• Acquisition of full rights to IPH2201

• First patient in Phase II

• Co-development / co-promotion agreement w. AZ

IPH4102

• Orphan drug designation in the European Union

Corporate

• €70m raised from specialist investors

• $250m initial payment for AZ agreement

• Expanded clinical team

Lirilumab: start of

clinical trials read-out

IPH2201 Phase II trials

roll out

IPH4102: start of Phase I

trial

Further pipeline growth

INVESTOR

RELATIONS

Laure-Hélène Mercier

Sr Director, Investor relations

investors@innate-pharma.com

Tel: +33 (0)4 30 30 30 87

Fax: +33 (0)4 30 30 30 30