Immuron Ltd — Capital/Financing Update 2008

May 4, 2008

==> picture [58 x 71] intentionally omitted <==

1301011221012102012221332120133322113

1 May 2008

Dear Shareholders,

Anadis Limited is turning the corner to deliver on its promise for novel, safe and effective immunotherapies to improve human health, leveraging both biotechnology and dairy sciences.

We have restructured the company and are focusing our strategies to deliver the growth and business development you are expecting, all the while recognizing that the present world economic conditions are placing limits on our ability to attract new capital.

Our current strategies can be summed up concisely as follows:

1. Partner selectively to market our current products beyond Australia thereby raising our visibility to investors locally and in the US, and validating our dairy product platform

2. Provide clinical data regarding several new high value products leading to attractive licensing/ commercialization deal opportunities

3. Restructure the company to live within our budget and expand as new capital allows

4. Attract suffi cient investors interest to grow the company

We recognize that there are a number of new opportunities to immediately expand our product lines, such as sales of our new anti-Rotavirus product for young children and starting up new clinical trial activities. Specifi c new clinical trial work includes the expansion of our Infl ammatory Bowel Disease trial from one site in Melbourne to include a major clinical research site in Israel, as well as embarking on a series of clinical trial activities to reduce cancer-related gastrointestinal mucositis. The successful outcome of these trials will hopefully translate directly into commercial deal fl ow.

We have recently completed a capital raising totalling almost $300,000 in which there was a substantial participation from Company senior management and Directors, in full accordance with investment regulations, as well as a number of long term company investors. The Board however wants to be certain that our current shareholders are offered shares on the same terms as that recently offered to these investors as an indication of their ongoing support for the company’s future.

ANADIS LIMITED ABN 80 063 114 045 4 Capital Link Drive Campbellfi eld Victoria Australia 3061 Ph (61) 3 9358 6388 Fax (61) 3 9358 6399 email: info@anadis.com.au website: www.anadis.com.au

037609_00QIVB

This Shareholder Share Purchase Plan (SSPP) will allow each shareholder to acquire a limited amount of new shares (up to $5000) in Anadis at a price below our current market value with out any associated transaction costs. This SSPP is limited in time and also to only 15 million new shares. Shares in the SSPP will be allocated on a “fi rst come, fi rst served” basis.

Please join me, as well as Directors and management, in adding to our existing portfolios at this opportune time and price and contributing to what we believe will be a year of solid growth and new opportunities. I anticipate that the future will reward those of us who continue to demonstrate their involvement in the company for considerable periods of time.

Sincerely,

==> picture [162 x 49] intentionally omitted <==

Zeil Rosenberg, MD Chief Executive Offi cer

037609_00QIVB