Immuron Ltd — Regulatory Filings 2006

Apr 4, 2006

April 5th, 2006

Company Announcement Office Australian Stock Exchange Ltd (ASX) 4^th Floor, 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam

Please find herewith a company announcement "Investor Presentation"" for release and distribution to the market immediately.

Yours sincerely

CONOR GRAHAM Managing Director & CEO

Company Presentation - April 2006

ANADIS

www.anadis.com.au www.travelan.com.au

Forward-looking statements

This presentation contains forward-looking statements which are subject to risks and uncertainties. These statements include those regarding the therapeutic and commercial potential of Anadis technologies and products in development and commercialisation.

Any statement describing the company's goals, expectations, intentions or beliefs is a forward-looking statement and should be considered an "at-risk" statement. Such statements involve known and unknown risks and important factors that may cause the actual results, performance or achievements to be different from the statements in this presentation.

Actual results could differ materially depending on a number of factors including, but are not limited to, results of studies and trials, the timing and effects of regulatory actions, ability to penetrate markets, the strength of competition and the effectiveness of patent protection.

Anadis Limited

• . Melbourne based, Australian Biopharmaceutical company with products in development and a diverse research pipeline with a significant portion late stage (at market within 2 years).
• . Offers a biotechnology investment opportunity in late stage product commercialisation and lower risk, shorter term research and development pipelines.
• Expertise in the development of specific polyclonal antibodies, for utilisation in clinically proven human therapeutics. Products for large markets with specific unmet needs.
• · Products under commercialisation near term sales into large markets. Expansion of Travelan to accelerate from 2H06; EV-71 during 1H07.
• $\cdot$ Natural bias of products $\rightarrow$ reduced regulatory hurdles in the US and many other markets. No expensive, time consuming "Phase III" trials required for most products. Time to market reduced considerably.

Anadis Pipeline

MANADISMAN

Key Commercial Drivers (Travelan & EV71)

2006 H1

• First Travelan sales to Canada
• First Travelan sales to Singapore
• Registration of Travelan in South Africa and Scandinavia

2006 H2

• Appointment of distributor for EV-71 in Taiwan
• . First Travelan sales to South Africa
• Travelan registration in India and UK
• Trial for Travelan as a therapy in IBD
• Travelan distribution into Taiwan
• Expansion of Travelan program into US

2007 H1

• First sales of EV-71 into Taiwan
• Major marketing of Travelan in US
• Marketing of Travelan for IBD and other gastrointestinal indications

EV-71 - Enterovirus 71 Preventative MAD

• Anadis in conjunction with the Taiwanese Development Centre for Biotechnology (DCB) have developed a protective antibody therapy against Enerovirus 71
• Estimates for Taiwanese demand are in excess of 110 million doses per annum (this represents a penetration rate of around 30-35% of the target market (young children) for one dose per day during the summer months).
• The commercialisation phase of this therapy aim to deliver 20 million doses to Taiwan during 2007, growing consistently over the next 5 years.
• First sales outside of Taiwan are anticipated to being during 2008, targeted at other Enterovirus 71 affected markets including China, Hong Kong, Singapore, Malaysia and Vietnam.
• Anadis is considering establishing an Asian headquarters in Taiwan or Singapore to facilitate the distribution of this product and other existing and emerging therapies into the region.

EV-71 - Commercialisation Timeline

WANNADIS WARRANT

Travelan

• Travelan is a patent protected, revolutionary over-the-counter (OTC) preparation scientifically and clinically proven to significantly reduce the risk of Travellers' Diarrhoea (more commonly known as Delhi Belly, Bali Belly, etc)
• Travellers' Diarrhoea is the number one health problem for international travellers, in terms of frequency and economic impact.
• Travelan is based on antibody technology and is not an antibiotic preparation.
• Anadis is developing an International marketing and distribution strategy for Travelan using Australia as the test market to develop and fine tune the most effective methods for communicating this product to market.
• Analysis by the Australian Government Analytical Laboratory, (IOC (International Olympic Committee) accredited) confirmed the absence of any prohibited substances. Travelan can be used safely by international athletes during competition.

Travelan Distribution

• Distribution strategy. To develop key markets and take advantage of keen third party distributor interest in ancillary markets.
• The key markets identified at this stage are Australia, the United States and potentially parts of Europe.
• Travelan is registered in Australia and Anadis has received a "Green Light" to market in the US under GRAS (Generally Regarded as Safe) classification
• Expansion into ancillary markets, by third parties, offers considerable revenue potential, without straining Anadis' resources.
• 『Key third party markets include: Canada, Singapore, Taiwan, India, Korea, United Arab Emirates, Thailand, Malaysia and South Africa.
• Canadian distributor Valeo Pharma \ Baralex appointed. Registration expected end of April 2006, sales to begin shortly after.
• Registration / Relevant Authority Approval is the key time hurdle preventing sales into these other markets.

Travelan Global Forecast

Travelan Revenue Projections ELANADIS

FY Ending	2007	2008	2009
聚 二甲烷 三氧烯 Market	Sales 000's Packs
Australia	54	90	150
Canada	45	-76	126
India	194	324	540
S. Africa	39	65	108
Asia (ex. China)	117	194	324
Uk & Old EU		:369	616
US	389	648	1.080
Total pkts (000's)	838	766	2.944
Revenue \$'000's	10.476

Assumed constant growth in the relevant markets until reaching expected sales levels where growth is restricted to 3% pa.

Revenue fixed at AUD\$12.50/packet with no increase over time.

Projected Sales of Travelan for Travellers Diarrhoea

Travelan in IBD and IBS

• Additional gastrointestinal therapeutic indications have potentially been identified for Travelan in the areas of Inflammatory Bowel Disease (IBD), Irritable Bowel Syndrome (IBS), Crohn's disease and Ulcerative colitis.
• Chronic Diarrhoea is prevalent in many lower gastrointestinal tract conditions.
• Reports by healthcare providers, including medical specialists, indicated patients experiencing an improvement in some symptoms (e.g. chronic diarrhoea) whilst taking Travelan during travel.
• IBD effects approximately 70,000 people in Australia and more than 1,000,000 people the US. The figures for IBS are significantly higher.
• The scientific basis for this therapy in IBD, relate to the ability of Travelan antibodies to bind to bacterial products which are believed to mediate the persistent inflammation occurring with these conditions.
• Expectation for this trial to be running during late 2006.

Travelan IBD Market Forecast

and the model of the
FY Ending	$\sim$ 2007
wasance Web as
AUS Patients	3500	[5, 145]
AUS Revenue \$'000s	1,183	\$1,739	S2.087
US Patients		10.500	33,075
US Revenue \$'000's		\$3.549	\$11,179
Total Revenue \$'000's	183	\$5,288	13.266

Current IBD effects approximately 70,000 and 1,000,000 people in Australia and the US respectively. Travelan has a GRAS (Generally Regarded as Safe) classification in the US and can already be sold in that market

These estimates are restricted to the use of Travelan only in the IBD (Inflammatory Bowel Disease) market. The IBS market significantly larger.

Assumptions: Patient Growth 5% pa Revenue = 36 packets pa * \$12.50 * 75% patient compliance

÷Δ

Travelan Combined Forecast ELANADIS

2008

2007

2010 $2009$

2011

2012

• A A N

$\cdot$ $\cdot$ $\cdot$

Collecting Antibodies BBBANADIS

Hyper-immunise ordinary dairy cows, with Anadis vaccines, during last trimester of pregnancy.

Post calving, use patented TACHS* to harvest high IgG Colostrum with high levels of specific antibodies as a result of hyper-immunisation, and high levels of other important and useful colostrum fractions. Tatura Anadis Colostrum Harvesting System

Use Hyperimmune Colostrum often in conjunction with other technologies eg. "Bio-Shield"

Purify colostrum to concentrate only specific antibodies

A N A D I S

Anadis Limited

鰯 A Ni A D I S

• Travelan commercialised and preparing for international distribution.
• EV-71 in commercialisation scale up phase.
• Forecast significant uplift in revenue during 2007.
• Pyloran, Bio-Shield 10 and Immune Stimulating Infant Formula, all in late stage development.
• Influenza and C. difficle emerging population health issues.
• Natural product bias, with corresponding attractiveness.
• Anadis highly successful in securing Government grant funding.
• Products protected by Patents and in house "know-how".
• "Blue Sky" opportunities not at the expense of real world products and business realities.
• Risk mitigation strategy of toll manufacturing for third parties
• . Anadis Limited Delivering on the Promise of Biotechnology

Contact Information

Anadis Limited

8888 ANADI

• 4 Capital Link Drive Campbellfield VIC Australia 3061
• Telephone: +61 3 9358 6388 Facsimile: +61 3 9358 6399
• www.anadis.com.a
• www.travelan.com

Conor Graham - MD & CEO conor.g@atazis.com/au

Arie Nudel - Investor Relations EU UM 1978 (PRESERVENT DE L'AU