Immuron Ltd — Regulatory Filings 2003

Apr 30, 2003

HEADING : ANADIS LIMITED JOINS FORCES WITH TATURA MILK INDUSTRIES

The board of Anadis Limited is pleased to announce the establishment of a business linkage between Anadis Limited and Tatura Milk Industries. The companies have joined forces under a Heads-of Agreement to make the most of synergies of production and product development relating to value added nutritional and dairy components.

Tatura Milk Industries (TMI) is a successful milk manufacturing company which processes over half a billion litres of milk annually from its base at Tatura in the Goulburn Valley. Tatura in Victoria is the centre of Australia's largest dairy production region.

TMI historically has a record of the highest payment to farmers for their milk and been able to maintain this record by being at the forefront of innovative dairy product manufacture. The M.D of TMI - Mr. Jeff Martin said, "TMI believes that linking with Anadis through this alliance will further enhance our company's position as a market leader in the development of value added products within the dairy industry.

Anadis and TMI will be working together on several levels.

• $\circ$ Joint production projects such as scaling-up production of high-grade colostrumbased products for sale into food and pharmaceutical markets. This will use TMI's production infrastructure and Anadis' innovative base.
• o Anadis will provide a conduit for TMI to search out and commercialise innovations from the research community of Australia.
• o Anadis will be developing intellectual property positions for current and future TMI/Anadis products and processes.

The Boards of both Companies are pleased that this agreement establishes an exciting platform for technology growth and enhanced returns that would not be available working alone.

For further information contact:

Conor Graham, CEO, Anadis Limited. Ph: 03 9358 6388 Fax: 03 9358 6399

or Jeff Martin, M.D. Tatura Milk Industries. Ph: 03 5824 6200 Fax: 03 5824 2534