Lausanne, 31 May 2019 Invitation to the Ordinary Shareholders' Meeting Date: 28 June 2019, at 11:30 am Swiss time Place: Rosa Parks Learning Center, ACI offices, EPFL Innovation Park, Building G, South, 1st Floor, 1015 L

Full Press Release Details

Lausanne, 31 May 2019

the Ordinary Shareholders' Meeting

Date:	28 June 2019, at 11:30 am Swiss time
Place:	Rosa Parks Learning Center, ACI offices, EPFL Innovation Park, Building G, South, 1st Floor, 1015 Lausanne

In 2018, AC Immune continued to shape the

future by discovering and developing breakthrough therapies to treat neurodegenerative diseases, one of the most important societal

challenges of our day, through pioneering science and precision medicine. Specifically, our two validated proprietary discovery

platforms, SupraAntigen and Morphomer , already have and are continuing to produce value-creating innovative potential

therapeutics and diagnostics for neurodegenerative diseases.

AC Immune's partnerships with global

leaders in neurodegeneration, Eli Lilly, Genentech (a Roche company) and Janssen, have generated close to CHF300 million in funds

and are a testament to our approach. Our cash position, CHF300 million as of 31 March 2019, funds the company through Q3 2023,

allowing us to achieve multiple potentially transformative goals, even as we accelerate implementation of our strategy to new high

value therapeutic targets, like neuroinflammation.

We are glad to report that our strategy

and ongoing development programs closely match the evolving views of key opinion leaders. The recent setbacks in Abeta development,

including the discontinuation by our partner Roche of the Phase 3 crenezumab program, were very disappointing. Viewed positively

and taken together with other recent scientific findings, these events served to further elucidate the roadmap for developing effective

therapies and diagnostics to treat Alzheimer's disease (AD) and other neurodegenerative diseases.

We are already implementing the new strategies

recommended by KOLs going forward: 1) pursue Abeta in earlier-stage patients to prevent rather than treating AD and; 2) target

Tau, which has been shown to correlate with disease progression; 3) run trials of Abeta therapeutics in more homogeneous populations

(e.g. in our case, Down syndrome1 and familial AD2; 4) pursue combination therapies; 5) pursue neuroinflammation.

To succeed with the above, it is necessary to develop/access and utilize novel diagnostics allowing earlier treatment and more

specific identification of patients' pathologies applying Precision Medicine to neurodegenerative diseases

In the short- to medium-term, we and others

in the industry are increasingly focused on clinical trials of Tau therapies to treat early and late stage AD based on emerging

clinical evidence that Tau pathology drives disease progression3,4. We are also actively pursuing other strategies,

such as targeting neuroinflammation5,6, and look forward to communicating specifics on this soon.

In addition, we are targeting earlier therapeutic

intervention and prevention, for example by testing new diagnostic tools in the clinic that will allow us to identify and track

patients earlier and throughout the course of the disease. Effective diagnostics will allow us to detect and track specific pathologies,

making possible the study of combination therapies and prevention studies in pre-symptomatic patients, who could not otherwise

have been diagnosed.

Discovery platforms underpin pipeline

The AC Immune pipeline, all of which originated

from the SupraAntigenTM and MorphomerTM platforms, is broad and robust. It includes nine therapeutic and

three diagnostic product

1.Strydom A, et al., Alzheimers Dement (N Y) 2018;	2.Lott IT and Head E.,Nat Rev Neurol. 2019
3. Pontecorvo MJ, et al., Brain 2019;	4. Gordon BA, et al., Brain 2019
5. Heneka MT et al., Nat Rev Neurosci. 2018;	6.Wang S et al., Int Immunopharmacol. 2019

candidates, with three product candidates

currently in four Phase 2 trials, as well as highly-valued preclinical assets targeting Tau, a-syn and TDP-43.

In December 2018, we initiated a transformative

license agreement with Lilly to research and develop small molecule Tau Morphomer aggregation inhibitors to treat AD and

other neurodegenerative diseases. The terms include upfront payment of CHF 80 million, USD 50 million convertible equity note,

CHF 60 million in potential near-term milestones, as well as additional potential milestones of approximately CHF 1.68 billion,

plus tiered royalty payments in the low double digits.

recruitment for a second Phase 2 trial of AC Immune's anti-Tau monoclonal antibody in moderate AD, supplementing a separate

Phase 2 trial to evaluate its efficacy and safety in participants with prodromal to mild AD. We expect data readout from the

Crenezumab continues to be studied in a

landmark trial of cognitively healthy individuals in Colombia with an autosomal dominant mutation who are at risk of developing

familial AD, under the Alzheimer's Prevention Initiative (API). The goal is to show that crenezumab will prevent or delay disease

onset and progression of AD, and continuing this study has been encouraged by KOLs since amyloid is still considered a critical

genetic and molecular pathology leading to the emergence of AD. The current prevailing view is that Abeta treatment was tested

too late in the course of the disease to have an impact and that Abeta monotherapy should be applied in primary or secondary prevention

studies as tested in the API study.

a Phase 2 clinical trial with an adaptive design for evaluation of ACI-24 (anti-Abeta vaccine) in patients with mild AD, and

completed recruitment of the ACI-24 Phase 1b study for the treatment of AD-like characteristics in adults with Down syndrome.

We expect interim data in 2019 and a potential decision to start Phase 2 ahead of plan.

There are several other milestones approaching

in 2019, including lead selection of a-synuclein and TDP-43 antibodies and proof-of-concept of the first candidate targeting neuroinflammation.

The Morphomer Tau Phase 1 study by Lilly is expected to start in Q2 2019, and Phase 2 testing of ACI-35 is anticipated to

Management Appointments

On the personnel front, we strengthened

the executive management team with the appointments of Dr. Marie Kosco-Vilbois, as Chief Scientific Officer, with a strong background

in immunology and inflammation. We also appointed Piergiorgio Donati as Head of Technical Operations and Program Management and

Dr. Sonia Poli as Head of Translational Science.

The achievements of AC Immune - not

just in 2018 but looking back to the foundation of the company more than 15 years ago - have been enabled by the commitment

and support of you, our highly valued shareholders. We would like to take this opportunity to extend our gratitude for your continued

interest and engagement in our work in such an exciting and challenging field, which is one of the greatest unmet medical needs

as well as one of the biggest opportunities in healthcare. We always appreciate your different and sometimes challenging insights

and feedback, all of which contribute to our growth and success, and we look forward to keeping you up to date on the exciting

developments ahead of us in 2019.

Together, we can look forward to taking

AC Immune forward to developing innovative treatments and diagnostics that shape how we address neurodegenerative diseases.

Martin Velasco	Prof. Andrea Pfeifer
Chairman of the Board	CEO

Kindly find hereafter the agenda items and

proposals of the Board of Directors in connection with the third ordinary annual meeting of AC Immune SA as a public company:

Agenda Items and Proposals of the Board

The Board proposes to approve

the Annual Report, the Annual Statutory Financial Statements and the Financial Statements under IFRS of AC Immune SA for the year

2018, and to take note of the Reports of the Auditors. Copies of these documents are available for download in the "Investors"

section of our website (www.acimmune.com).