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31 May 2012

The Manager The Company Announcement Office Australian Stock Exchange Sydney NSW 2000

Dear Sir

Extraordinary General Meeting Presentations

Attached are the following presentations to be made to the Extraordinary General Meeting on 31 May 2012:

Chairman's address by Professor Colin Chapman; and
presentation by Joe Baini, Chief Executive Officer of Immuron Limited.

Yours Faithfully

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Graeme Stevens Company Secretary

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Professor Colin Chapman’s Address

When we last convened on 30 November 2011, at our AGM, we confirmed that the company would be addressing 7 key points.

Briefly these were:

Review the structure of the Board
Control spend
Continue the globalisation of Travelan
Discussions underway with potential partners for NASH/fatty liver
Manage product supply chain
Continued development of product pipeline, including influenza
Continue to develop and strengthen the intellectual property strategy

This progress is reflected in recent announcements that relate to our NASH/fatty liver program, the commercialisation of Travelan, and to a revamped, more commercially focused board with expertise in our industry. The Executive Director will address each of these in more detail.

It is significant that two well respected industry experts have joined the board, based on their belief in the company and the company’s management.

It is also significant that one of Australia’s eminent brokers has underwritten our share purchase plan – this is based on their recognition of the company’s opportunities and its strong management.

The $1M capital raising led by Patersons, was fully subscribed. The subsequent Share Purchase Plan is providing the opportunity for all shareholders to participate if they wish. Patersons is fully underwriting this SPP.

Our progress has included and continues to include substantial work to build a robust regulatory infrastructure as we prepare for imminent registrations, and in the longer term, product registrations. In addition, we continue to improve the logistics of our production in preparation for anticipated greater volumes

Immuron is very fortunate to have an experienced CEO who has worked in pharmaceutical companies and has a track record in building and growing successful pharmaceutical products and businesses. There are only a few companies in our industry with such an executive at the helm.

In the Board’s view we have reached a significant crossroads

We have strong and well credentialed management.
We have validated the technology beyond doubt, with Travelan now licensed into many markets.
This gives the Company confidence with the NASH opportunity and our pipeline.
This is further endorsed by the Company’s ability to attract directors of the caliber of Stewart and Roger.
The Board recognizes that there has been some pressure on the share price in recent months. We do not believe it is reflective of the progress Immuron has made to date. In fact the Directors are of the view that the current price represents good buying value.
The Company has the support of Patersons Securities.

To conclude my address, I’d like to say that the SPP and Placement that are the subject of this meeting, place the Company in a strong financial position.

We believe Immuron is entering into an exciting period of growth in Travelan and further development of our proprietary technology with a focus on the anticipated NASH trial.

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Immuron’s Progress Report, May 2012

31 May 2012

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FORWARD LOOKING STATEMENT

This presentation and Immuron’s accompanying comments and explanations may include forward‐looking statements including statements containing words such as “ may ”, “ expect ”, “ believe ”, and “ intend ”, and may describe opinions about future events.

We have based these forward‐looking statements on information currently available to us and on our current intentions, beliefs, expectations and projections about future events.

These statements are not guarantees of future performance which involves a range of risks, such as risks relating to the development of new products, any of which may cause Immuron’s actual results, performance or achievements to be materially different from any

Table of Content

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Section I

Company Overview

About Immuron

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Publically listed (ASX: IMC) Melbourne based biopharmaceutical company
Flexible platform supports multiple regulatory routes, including consumer products: quicker to market.
Focuses on Oral Immunotherapy using dairy‐derived antibodies
Superior safety profile products makes it possible to accelerate product development
First product on market : Travelan, for travelers’ diarrhea
Cleared by the FDA: IND for Phase 2b double‐blind placebo controlled multi‐centre dose ranging study
Rich pipeline over a broad range of indications: infectious diseases, immune mediated diseases and oncology

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Section II

Board Objectives

Progress Report – May 2012

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Company Objectives – for 2012 1. Review of board structure 2. Control of expenditure 3. Continue globalisation of Travelan 4. Complete IND; commence discussions for NASH Phase 2b 5. Continued development of product pipeline – incl influenza 6. Continuity of product supply chain 7. Continue to develop & strengthen IP strategy

Board Restructure

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Internal Review

Commercialisation focus
Strong biotechnology investment focus
High profile, solid track record, well networked members sought
Experienced in development of medicines

Control of Expenditure

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Board and Management Control

Cash flow reviews
Reduced/cut expenditure in specific areas
Reduction of days worked by staff
Staff/board paid partly via options/shares

Travelan Globalisation

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Paladin Labs Inc
Distribution partner for Canada, Latin America, Africa
$2M + up to $115M in milestone payments
Filing commenced with Health Canada
IntegraMed Asia (Thailand) Co Ltd
Thailand, Vietnam, Cambodia, Laos, Hong Kong
44M travellers + 190M residents
Regulatory process commenced
Ziwell Medical (S) Pte Ltd

• Singapore, Malaysia, Brunei

NASH Development

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Discussions underway

IND cleared by FDA in January 2012
Multi‐national pharmaceutical companies in discussion
Strategic investors showing strong interest
Clinical sites primed for recruitment

Product pipeline

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R&D rich with possibilities

Platform technology creates opportunities
Immuron seeks the best opportunities for return on investment
Influenza remains a priority to commence human trials
C. diff to be driven through Monash Uni as Immuron seeks an accelerated program
Others including hepatic carcinoma & hepatic encephalopathy are being reviewed

Product Supply Chain

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Supply being ramped

Countries placing orders ‐ planning & forecasting become critical
Cost of production & manufacturing remains a focus
Supply of finished goods provides opportunity to grow revenue through margins
Synlait Milk Ltd (NZ) to add great value, increase output and reduce costs

Intellectual Property

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Strengthen Core IP Monopoly

Patents cover aspects production & use of our products for prevention &/or treatment of diseases; including NASH & influenza
Patent monopolies are complemented by
regulatory hurdles that we have overcome; and
trade secret advantages

Milestones Achieved in Last 6 Months

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FDA cleared Phase 2b IND for IMM‐124E for NASH/Fatty Liver ‐ blockbuster potential
FDA provided further clarity/visibility on Phase III NASH endpoints
Completed license agreement and strategic investment with Paladin Labs for Travelan (Canada, Latin America, Africa)
Board of Directors restructured ‐ aligned with bio‐pharmaceutical & commercial focus
Recent licence for Travelan with IntegraMed & Ziwell (7 Asian countries)
Agreement with Synlait announced – reflects substantially improved COGs & gross margins

Product Pipeline

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Indication	Research	Pre‐Clinical	Phase I	Phase II	Phase III	Market
Traveller’s Diarrhea
Metabolic Syndrome
/ NASH (IMM‐124E)
Influenza (IMM‐255)
*Clostridium difficile*
infection
HIV IMM‐243
Hepatic Carcinoma
Cancer/radiation therapies
Other

Management Team

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Joe Baini, CEO

Experienced pharmaceutical executive; former GM for Gilead Sciences & non‐exec chairman for Avexa Ltd

Mr Graeme Stevens, Chief Financial Officer & Company Secretary

Qualified Chartered Accountant; more than 30 years professional experience
Dr Grant Rawlin, Chief Scientific Officer
Registered veterinary surgeon; extensive experience in regulatory affairs and R&D

Prof Yaron Ilan, Medical Director

Director, Department of Medicine, Hadassah Medical Center ‐ Hebrew University, Jerusalem. Scientist /clinician in internal medicine, immunology, liver diseases

Mr Amos Meltzer, VP Business Development

Experienced life sciences commercialisation specialist, scientist & lawyer, formerly Compugen Ltd

The Board of Directors

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Professor Colin Chapman, Chairman and Non‐executive Director

Emeritus professor and Immediate Past Dean, Faculty of Pharmacy and Pharmaceutical Sciences,
Monash University; key role in establishment of Acrux

Dr Elane Zelcer, Non‐executive Director

Extensive senior executive, board and commercialisation experience in biotechnology &
multinational companies, universities & government‐related roles

Dr Stewart Washer, Non‐executive Director

Significant CEO and board experience in medical and agricultural innovation companies

Dr. Roger Aston, Non‐executive Director

Extensive board & CEO experience in manufacturing, clinical development and commercialisation in
pharmaceutical, banking and stockbroking sectors

Joe Baini, Executive Director and CEO

Experienced pharmaceutical executive; former GM for Gilead Sciences & non‐exec chairman for

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Section III

Platform Technology

Mode of Action

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Hyper‐Immune Colostrum (HIC) ‐ Advantages

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Immuron Product	Typical small molecule product
�Completely natural product	�Synthetic product
�Not associated with immune suppression	�Can be associated with immune suppression
�No side effects or toxicity – low risk profile	�Some side effects & toxicity cause issues for patients
�Easily tolerated by patients	�Not easily tolerated by patients
�Polyclonal antibodies advantageous in combating infectious diseases	�Monoclonal antibodies strain specific
�Oral administration	�Oral administration
�Rapid Development Cycle	�Longer development time

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Section IV

NASH – IND Cleared for Phase 2b

Non‐Alcoholic Steatohepatitis (NASH)

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NASH: the most severe form of liver injury within non‐alcoholic fatty liver disease (NAFLD)

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Fatty liver: one of most common liver diseases in the industrialized world Chronic Inflammatory Disease, associated with Obesity, Type II Diabetes (insulin resistance), Hyperlipidemia Insufficiently served by “off‐label drugs”

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NASH – A Major Epidemic of the 21[st] Century

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NCID : >25m Americans will have NASH by 2025

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No approved treatment for NASH or Fatty Liver Disease globally

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Demand for off‐label use expected to be US$3.2bn at 2016

Very Positive Results for phase 1/2a Clinical Trials

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IMM‐124E – Immuron’s Rx Solution to NASH

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Orally administrated treatment

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Results to date very positive :

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Phase I/IIa trials for IMM‐124E showed trending of all parameters in the right direction and only after 30 days of treatment.

Safe

Trending of all parameters in the desirable direction Addresses inflammatory mechanism

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IND for Phase IIB clinical cleared

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Intending to negotiate fast

Immuron Value Proposition – IMM‐124E

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----- Start of picture text -----

� IMM‐124E: Accelerated time
Typical to market
commercial risk
IMM‐124E value
IMM‐124E risk � Blockbuster indication
� Proven technology � No competition
� Proven safety profile � Large unmet need
� Clear development pathway
� Patient availability
Typical commercial
value of the average
therapeutic
----- End of picture text -----

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Section V

Our Flagship – Travelan

Traveller's Diarrhoea

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Travelers’ Diarrhea: the most common health condition facing travellers
Up to 50% of people who travel to developing countries will contract the disease
Typically characterized by stomach cramps, diarrhea, fever and nausea
The most common bacteria that causes this condition is Enterotoxigenic E. Coli (ETEC)

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Travelan – Immuron’s Product on the Market

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Unique oral preventative against bacteria that cause travellers’ diarrhoea
TGA approved, sales in Australia
Seeking steep sales growth. Global market ~US$650m+ pa
Exclusively licensed to Nycomed in Aust/NZ since Apr 2010
Exclusively licensed to Paladin for Canada, LatAm and Sub‐Saharan Africa
With Meda’s consent, seeking stronger consumer partner for USA
Additional global markets being aggressively pursued

Infection prevented Infection through passive immunity

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www.travelan.com.au

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Section VI

Immuron’s Pipeline ‐ Influenza

Influenza

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Direct medical costs in US – $10.4B pa*
3‐5m cases pa of severe illness
Over 500,000 deaths worldwide pa
Influenza is the 8[th] leading cause of American deaths

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Revolutionising the Influenza Therapy

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IMM 255 is being designed as the world’s first dual‐acting and all‐natural OTC : therapy that can both

+ Oral Antibody IMM 255 Colostrum Derived Adjuvants

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Passive immunity, inhibiting the influenza infection

Binds and inhibits influenza

infection

Boosts the immune system to fight influenza

Decrease of suppressor cells
Augment anti influenza cellular

immunity

IMM‐255 – Immuron’s Solution to Influenza

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Antibodies designed to cope with the rapidly changing strains of flu as virus evolves (advantage of polyclonal antibodies)

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----- Start of picture text -----

Aiming for world’s first
dual‐acting orally
administered product;
mucosal protection
against influenza virus
and boosting immunity
against influenza
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Convenience of an easily accessible OTC therapy – not requiring a doctor visit or prescription

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Market size : unlike vaccines, usually reserved for the elderly and immune compromised, IMM 255’s potential market is the entire population

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IMM 255 is safe

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R&D Programs

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Monash University: Clostridium difficile infection

Harvard Medical School: Radiation Therapy University of Melbourne: Influenza

Hadassah Medical School:Hepatic Carcinoma; Hepatic Encephalitis; Mucositis; and a range of neurological disorders

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Section VIII

Summary

12‐18 Months Outcomes

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$6 million investment:

Complete NASH Phase 2b clinical trial – ready to licence
Commence Global/Territorial license/distribution discussions with interested Pharma cos.

• Pipeline products progressed

First human trial for Influenza
Clostridium difficile prevention and treatment
Hepatic carcinoma treatment
Cancer & radiation treatments

Investment Summary

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Safe & proven technology platform
Rich product pipeline
Travelan approved & already in market generating sales
Paladin Labs Inc recently signed up as distribution partner for Canada, Latin America, Africa ($2m + up to $115m in royalties)
2[nd] product: IMM124E targeting NASH ‐ an expected off‐label use $3.2B market by 2016 in the US alone with no current treatment
Very positive Phase I/IIa results
FDA granted IND for Phase IIB trials for NASH
Multiple revenue streams forIMM124E by also accessing medical food & dietary supplements for NASH/fatty liver disease
3[rd] product: developing world’s first oral dual‐acting preventative to fight influenza.

Summary

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Oral Immunotherapy Using Antibodies
Strong Intellectual Property
Tight Collaboration with Key Research Partners
Key Alliance with Global Pharmaceutical Company
Proven, Novel Technology – Hyper Immune Colostrum (HIC)
Innovation Commercialized Product: Travelan
Phase IIB Clinical Trials for a Treatment for NASH
Developing World’s First Oral Preventive to Fight Influenza

AI assistant

Immuron Ltd — AGM Information 2012

35121_rns_2012-05-30_57973974-c29b-488a-ac0a-48bf8ad48bac.pdf

Extraordinary General Meeting Presentations

Yours Faithfully

Professor Colin Chapman’s Address

Immuron’s Progress Report, May 2012

FORWARD LOOKING STATEMENT

Table of Content

Section I

About Immuron

Section II

Progress Report – May 2012

Board Restructure

Internal Review

Control of Expenditure

Board and Management Control

Travelan Globalisation

NASH Development

Discussions underway

Product pipeline

R&D rich with possibilities

Product Supply Chain

Supply being ramped

Intellectual Property

Strengthen Core IP Monopoly

Milestones Achieved in Last 6 Months

Product Pipeline

Management Team

Joe Baini, CEO

The Board of Directors

Professor Colin Chapman, Chairman and Non‐executive Director

Dr Elane Zelcer, Non‐executive Director

Dr Stewart Washer, Non‐executive Director

Dr. Roger Aston, Non‐executive Director

Joe Baini, Executive Director and CEO

Section III

Mode of Action

Hyper‐Immune Colostrum (HIC) ‐ Advantages

Section IV

Non‐Alcoholic Steatohepatitis (NASH)

NASH – A Major Epidemic of the 21[st] Century

NCID : >25m Americans will have NASH by 2025

IMM‐124E – Immuron’s Rx Solution to NASH

Immuron Value Proposition – IMM‐124E

Section V

Traveller's Diarrhoea

Travelan – Immuron’s Product on the Market

www.travelan.com.au

Section VI

Influenza

Revolutionising the Influenza Therapy

+ Oral Antibody IMM 255 Colostrum Derived Adjuvants

IMM‐255 – Immuron’s Solution to Influenza

R&D Programs

Section VIII

12‐18 Months Outcomes

$6 million investment:

• Pipeline products progressed

Investment Summary

Summary

Thank You

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Immuron Ltd AGM Information 2012