Immuron Limited Appendix 4D Half-year 31 December 2018 Name of entity: Immuron Limited ABN: 80 063 114 045 Half-year ended: 31 December 2018 Previous period: 31 December 2017 Results for announcement to the market $ Reve

for announcement to the market

tangible assets per security

explanation of the key financial elements contributing to the revenue and result above can be found in the review of operations

included within the directors' report.

dividends have been paid or declared by the Company for the current financial period. No dividends were paid for the previous

in controlled entities

have been no changes in controlled entities during the half-year 31 December 2018.

information required by Listing Rule 4.2A

financial statements have been reviewed by the Company's independent auditor without any modified opinion, disclaimer or

emphasis of matters.

Limited ABN 80 063 114 045

financial report - 31 December 2018

interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly,

this report is to be read in conjunction with the annual report for the year ended 30 June 2018 and any public announcements made

by Immuron Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations

Directors present their report on the consolidated entity consisting of Immuron Limited and the entities it controlled at the

end of, or during, the half-year ended 31 December 2018.

following persons held office as Directors of Immuron Limited during the financial period:

Richard Berman (appointed 1 July 2018)

York New York - New Board Member and New Chief Executive Officer

York based Mr. Richard Jay Berman joined the Immuron Board in July 2018. Richard brings with him over 35 years of venture capital,

senior management and merger & acquisition experience. Dr. Gary Jacob also New York based was appointed Chief Executive Officer

in November 2018. Dr. Jacob's is the former Co-founder, Chairman, President and Chief Executive Officer of Synergy Pharmaceuticals

Inc. a Nasdaq-listed public biopharmaceutical company.

enjoys continued sales growth

flag-ship product Travelan , an over-the-counter travelers' diarrhoea supplement, experienced steady sales growth in

both Australian and U.S. markets throughout the first half of FY2019, with global gross sales reaching AU$1.083 million during

the 6-month period. In the US, Travelan sales grew by 10% to AU$369,000 in FY19 1H, as the brand continued to prosper via

USA's largest travel medicine provider, Passport Health. Growth of online sales on Amazon USA also contributed to this increase

following a successful promotional campaign in December.

Australia, Immuron sales reached AU$714,000 for 1H FY2019, with a 6% YoY growth rate. Travelan continues to experience strong

sales within Australia's pharmacy network. A concerted marketing push to educate GPs and consumers about Travelan will

continue into 2H FY2019, including a program to improve the brand's online footprint through a new global website and increased

collaborations with the travel blogger community.

of operations (continued)

enjoys continued sales growth (continued)

Canada Ltd was incorporated under the Canadian Business Corporations Act in April 2018. The associated Natural Product Number

for Travelan was officially transferred from former distributor Paladin Labs to Immuron Canada Limited in June 2018. A Distribution

and Sales Agreement was executed with ANB Canada Inc in October 2018. The company this year announced that Health Canada has approved

the product licence for Travelan , paving the way to re-launch the product within Canada in April 2019. ANB Canada will manage

the distribution and marketing of Travelan within the Retail Pharmacy sector, whilst Passport Health will sell the product

through their Canadian Travel Medicine Clinic network.

studies by US Department of Defense

provided an update on its cooperative research and development agreements with the US Department of Defense (US DoD) in July,

which included three studies on Travelan , the company's commercially available flagship over-the-counter gastrointestinal

and digestive health supplement. The studies aim to determine Travelan's effectiveness in neutralizing pathogenic gastrointestinal

bacterial infections as a preventative treatment for US military personnel stationed in locations where such infections may be

work completed at the US Armed Forces Research Institute of Medical Sciences, US Naval Medical Research Center and the Walter

Reed Army Institute of Research (WRAIR) found Travelan was effective across all strains and species of enteropathogenic bacteria

tested. The specificity of antibodies incorporated into Travelan cross-react with multiple Campylobacter, ETEC and Shigella strains.

The product is truly cross-reactive indicating a substantially broader spectrum of antimicrobial action than previously reported.

preventative treatment that protects against enteric diseases, specifically Shigella, is a high priority objective for the US

Army. Shigella is estimated to cause 80 -165 million cases of disease worldwide, resulting in 600,000 deaths annually and is particularly

prevalent in both sub-Saharan Africa and South Asia.

September 2018 we reported the findings of a study conducted by The US Armed Forces Research Institute of Medical Sciences (AFRIMS),

an overseas laboratory of the Walter Reed Army Institute of Research (WRAIR), located in Bangkok, Thailand. The study evaluated

the therapeutic potential of Travelan in a non-human primate (NHP) preclinical Shigella challenge model that closely mimics

the disease seen in humans. The study was performed in collaboration with the Department of Enteric Diseases and the Department

of Veterinary Medicine, AFRIMS, and the Department of Enteric Infections, Bacterial Diseases Branch, WRAIR.

reported in September, Travelan prevented clinical shigellosis (bacillary dysentery) in 75% of Travelan treated NHPs

compared to placebo. A placebo-controlled study was carried out in 12 NHPs segregated into two groups: a Travelan treatment

cohort of 8 and a placebo cohort of 4, which were treated with either Travelan or placebo respectively twice daily for a

total of 12 doses over a 6-day period. The animals received treatment for 3-days prior to oral challenge with ~3 x 109 viable

Shigella flexneri strain 2a organisms. All (4 of 4 - 100%) placebo-treated animals displayed acute dysentery symptoms within 24

- 36 hours of Shigella flexneri 2a challenge. A single (1 of 8 - 12.5%) of the Travelan -treated cohort displayed dysentery

symptoms at this time point. The remaining individuals (7 of 8 - 87.5%) in the Travelan treatment cohort remained symptom-free

to 4-days post Shigella flexneri 2a challenge. Once the treatment period concluded, a second individual in the Travelan treatment

group developed symptoms (2 of 8 - 25%). The remainder (6 of 8 - 75%) of the Travelan treated cohort remained symptom-free

to the conclusion of the study 11-days post Shigella flexneri 2a challenge.

of operations (continued)

specific therapeutics

July, Immuron announced it had once again engaged the services and facilities of the Commonwealth Scientific & Industrial

Research Organisation (CSIRO) to produce three Shigella specific therapeutic products utilizing vaccines developed by the Walter

Reed Army Institute of Research (WRAIR). Immuron received approval from Biosecurity Australia earlier last year to import the

Shigella specific vaccines developed and produced by the WRAIR which were used to manufacture the products. The vaccination program

was initiated in August last year and was completed in November. The hyperimmune colostrum from the study was harvested in December

and the freeze-dried finished products should be available in Q1 CY2019 for shipment to the WRAIR for preclinical assessment.

Under the current terms of the Cooperative Research Agreement, the WRAIR will fund the evaluation of the anti-Shigella therapeutics

and assess their protective capacity in a head to head comparison with Travelan in established small animal models.

Liver Clinical Update

results of our IMM-124E phase II Non-Alcoholic Steatohepatitis (NASH) clinical trial were reported in March 2018. Trial data demonstrated

a significant reduction in serum lipopolysaccharide (LPS), as well as reductions in other biomarkers associated with liver damage.

The company is presently focused on completing the final clinical study report, and is currently working with our contract research

organization partners to complete final analysis of data generated, and any additional tests performed. The final clinical study

report is expected to be completed early this year.

trial findings from the NASH trial were presented by Professor Arun Sanyal at the American Association for the study of Liver

Disease which was held in San Francisco, California during the 9th - 13th of November 2018. The presentation entitled "IMM-124E

Improves Metabolic Endotoxemia and Markers of Liver Injury in Non-Alcoholic Steatohepatitis" was presented during the Novel

Therapeutics for NASH session. A copy of the final presentation is available on the company website.

Arun Sanyal is also lead Principal Investigator of our alcoholic steatohepatitis ("ASH") clinical trial at Virginia

Commonwealth University. The overall trial, funded by the NIH, has successfully recruited a total of 56 patients which have been

randomized into the study. The trial is now closed to recruitment and the last patient last visit was completed in December 2018.

Top-line results are expected to be reported in Q2 2019.