Interim Condensed Financial Statements (Unaudited) Interim Condensed Financial Statements (Unaudited) (IFRS) as of and for the three and six months ended

Interim Condensed Financial Statements (Unaudited)

Interim Condensed Financial

Statements (Unaudited) (IFRS) as of and for the three and six months ended June 30, 2018

EPFL Innovation Park

notes form an integral part of these Interim Condensed Financial Statements (Unaudited).

Statements of Income / (Loss)

The accompanying notes form an integral

part of these Interim Condensed Financial Statements (Unaudited).

Statements of Changes in Equity

The accompanying notes form an integral

part of these Interim Condensed Financial Statements (Unaudited).

Statements of Cash Flows

Additional Information:

In the fiscal second quarter of 2018, the

Company wrote off fixed assets with a net book value of nil between fixed assets and corresponding accumulated depreciation. Furthermore,

the acquisition of CHF 69 thousand of property, plant and equipment purchases was non-cash and recorded within accrued expenses.

The accompanying notes form an integral

part of these Interim Condensed Financial Statements (unaudited).

Notes to the Interim Condensed Financial Statements (Unaudited)

(in CHF thousands, except share and per share amounts)

AC Immune SA (the "Company,"

or "AC Immune," "ACI," "we," "our," "ours," "us") is a

clinical stage biopharmaceutical company leveraging our two proprietary technology platforms to discover, design and develop novel,

proprietary medicines for prevention, diagnosis and treatment of neurodegenerative diseases associated with protein misfolding.

Misfolded proteins are generally recognized as the leading cause of neurodegenerative diseases, such as Alzheimer's disease,

or AD, and Parkinson's disease, or PD, with common mechanisms and drug targets, such as Abeta, tau and alpha-synuclein. Our

corporate strategy is founded upon a three-pillar approach that targets Alzheimer's disease, non-Alzheimer's neurodegenerative

diseases including neuro-orphan indications and diagnostics. Our lead product candidate is crenezumab, a humanized, monoclonal,

conformation-specific anti-Abeta antibody that we developed using our proprietary SupraAntigen platform. The two Phase 3 clinical

studies for crenezumab were commenced in early 2016 and in February 2017, respectively and were fully recruited in the fourth quarter

of 2017 and third quarter of 2018, respectively. We use our two unique proprietary platform technologies, SupraAntigen (conformation-specific

biologics) and Morphomer (conformation-specific small molecules), to discover, design and develop medicines and diagnostics to

target misfolded proteins.

The Interim Condensed Financial Statements

of AC Immune SA as of and for the three and six months ended June 30, 2018 were authorized for issuance by the Company's

Audit and Finance Committee on August 3, 2018.

Statement of compliance

These Interim Condensed Financial Statements

as of and for the three and six months ended June 30, 2018 have been prepared in accordance with International Accounting Standard

34 (IAS 34), Interim Financial Reporting, and such financial information should be read in conjunction with the audited

financial statements in the Company's Annual Report on Form 20-F for the year ended December 31, 2017, and any public announcements

made by the Company during the interim reporting period.

Basis of measurement

The financial statements have been prepared

under the historical cost convention.

Financial assets and liabilities

The Company's financial assets and

liabilities are comprised of receivables, cash and cash equivalents, trade payables and a long-term financing obligation. The carrying

amount for these financial assets and liabilities approximates fair value.

Effective January 1, 2018, the Company

adopted IFRS 15 Revenue from Contracts with Customers, without though deeming any adjustments necessary in the transition

to the new standard. This standard applies to all contracts with customers, except for contracts that are within the scope of other

standards, such as leases, insurance, collaboration arrangements and financial instruments. Under IFRS 15, an entity recognizes

revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the

entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity

determines are within the scope of IFRS 15, the entity performs the following five steps: (i) identify the contract(s) with a customer;

(ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction

price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance

obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration

it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract

is determined to be within the scope of

IFRS 15, the Company assesses the goods or services promised

within each contract and determines those that are performance obligations, and assesses whether each promised good or service

is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance

obligation when (or as) the performance obligation is satisfied. For a complete discussion of accounting for contract revenue,

see Note 3, "Revenues."

Critical judgments and accounting estimates

The preparation of the Company's

interim condensed financial statements in conformity with IAS 34 requires management to make judgments, estimates and assumptions

that affect the amounts reported in the interim condensed financial statements and accompanying notes and the related application

of accounting policies as it relates to the reported amounts of assets, liabilities, income and expenses.

The areas where AC Immune has had to make

judgments, estimates and assumptions relate to (i) revenue recognition from contracts with customers, (ii) clinical development

accruals, (iii) net employee defined benefit liability, (iv) income taxes, and (v) share-based compensation. Actual results may

differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognized in the period in which the estimates are revised.

The Company has tax losses that can generally

be carried forward for a period of 7 years from the period the loss was incurred. These tax losses represent potential value to

the Company to the extent that the Company is able to create taxable profits before the expiry period of these tax losses. Consistent

with prior years, the Company has not recognized any deferred tax assets relating to tax losses available as the recognition criteria

have not been met at the balance sheet date.

The estimated tax expense for the three

and six months ended June 30, 2018 is zero. The estimated tax expense is based on the best estimate of the weighted average annual

income tax rate expected for the full financial year to December 31, 2018. As we expect to incur a loss for the full year, we do

not anticipate any income tax expense.

Accounting policies, new standards, interpretations and

amendments adopted by the Company

The accounting policies adopted in the

preparation of the interim condensed financial statements are consistent with those followed in the preparation of the Company's

annual financial statements for the year ended December 31, 2017, except for the adoption of new standards and interpretations

effective as of January 1, 2018. The Company has not adopted any other standard, interpretation or amendment that has been issued

but is not yet effective.

Recent accounting pronouncements - not

The following pronouncements from the IASB