IMUGENE LIMITED — AGM Information 2003

Nov 26, 2003

ANNUAL GENERAL MEETING

Shareholder Presentation

27 NOVEMBER 2003

• Continue to build the business with a focus on high value niche animal health products with large global markets.

IM LIE ENE

• Improve animal health using economically viable biological treatments increasing farm site productivity.

• Contract / In-house Manufacturing
• Focus on products with new markets
• No existing competition
• Commercial demand expedites development

MIIE EN

• Replace / eliminate reliance on drugs, antibiotics and chemicals

NIIE EN

• Global animal health organisation
• Equally owned by Merck & Aventis
• Sales of US\$1.7 Billion pa
• Market leader in Viral Vector Vaccines
• Strong commitment & support to Imugene

Poultry Vaccines natural disease prevention and control treatments

IMLISENE

E.IMITRO

Poultry Natural Immune Enhancer Growth Enhancement

Pig Products - US\$

Poultry Products US\$

• US Dept of Agriculture (not FDA)
• Shorter time frame for registration
• Less stringent data requirements
• Less expensive dossier preparation
• Vaccines are quicker to register than drugs
• · Safe, natural, no residue, no genetic modification of animal

• Progress regulatory approvals
• Test & fully assess impact of recent improvement to platform delivery system
• Large commercial scale efficacy trials
• Continue collaboration with Merial
• New product trialing
• Masterseed Production
• Flea vaccine animal trials

MIIE EN

• Biological solutions reduce or eliminate the use of drugs, antibiotics and chemicals
• Effective & safe no residues or genetic modification of animal
• Large existing global markets & potential to expand markets
• Multiple commercialisation strategies
• MERIAL commitment & validation
• IP secure patent position
• Relevant and experienced management