Immuron Limited Appendix 4D Half-year 31 December 2022 Name of entity: Immuron Limited ABN: Half-year ended: Previous period: 80 063 114 045 31 December 2022 31 December 2021 Results for announcement to the market $ Reve

The calculation of net tangible assets excludes right-of-use

assets arising from AASB 16 Leases.

Explanation of results

An 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.

No dividends have been paid or declared by the company

for the current financial period. No dividends were paid for the previous financial period.

Changes in controlled entities

There have been no changes in controlled entities during the

half-year ended 31 December 2022.

Other information required by Listing Rule 4.2A

On 25 November 2022, Immuron has been allotted 800,767 shares

in Ateria Health Limited (Ateria), representing 17.5% of the issued share capital of Ateria post the group's upfront cash investment,

following satisfaction of conditions precedent for the transaction, including completion of Immuron confirmatory due diligence and Ateria

shareholder approval. As at 31 December 2022, Immuron has a 17.1% interest and one board seat in Ateria.

Immuron is deemed to have significant influence over Ateria.

For more information, refer to note 12(b).

The financial statements have been reviewed by the group's

independent auditor without any modified opinion, disclaimer or emphasis of matters.

Interim financial report

for the half-year 31

Interim report - 31 December 2022

This interim financial report does not include all the

notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with the annual

report for the year ended 30 June 2022 and any public announcements made by Immuron Limited during the interim reporting period in accordance

with the continuous disclosure requirements of the Corporations Act 2001.

of operations and activities

Immuron Limited has reported a loss for the half-year ended 31 December

2022 of A$1,978,383 (31 December 2021: A$1,811,454). The group's net assets decreased to A$21,264,280 compared with A$23,177,401 at 30

June 2022, including cash reserves of A$18,475,125 (30 June 2022: A$22,110,278).

Immuron Receives FDA Approval for Travelan IND Application;

Immuron Executes Clinical Trial Agreement with Pharmaron

2022 the company announced FDA approval to proceed with the clinical evaluation of Travelan. The Investigational New Drug (IND) application

to evaluate the safety and efficacy of a single dose of Travelan to prevent infectious diarrhea caused by Enterotoxigenic Escherichia

Coli (ETEC) is now active. The company will proceed with the planned clinical trial in the United States. The Phase Two clinical

trial will evaluate Travelan in a controlled human infection model clinical trial

design. Immuron announced in October 2022 that it is the sponsor of the IND and the clinical study will be conducted by Pharmaron CPC,

at its FDA inspected clinical research facility located in Baltimore, Maryland.

The proposed development program

is based on the past commercial and clinical trial experience with Travelan . Two company sponsored clinical studies have demonstrated

that Travelan conferred 84% to over 90% protective efficacy against moderate to severe diarrhea upon challenge with ETEC in comparison

to a placebo. These clinical studies were performed using two different doses of Travelan (200 mg and 400 mg), administered 3 times

a day. Ongoing discussions with Army and Navy leadership have highlighted that such a regimen is cumbersome for military personnel deployed

in austere environments and military field studies have shown that compliance is low with products dosed more than once per day.

updated on Uniformed Services University of the Health Sciences and Travelan clinical field trial

The company announced in January

the Uniformed Services University of the Health Sciences (USU) clinical trial program to evaluate Travelan had recruited 157 of 1032 study

participants. Travelan is our successful over-the-counter non-antibiotic treatment for Traveler's Diarrhea. USU anticipated to complete

clinical trial enrolment in 18 months. Along with the USU's Infectious Diseases Clinical Research Program (IDCRP), the UK Ministry

of Defence and the New York City Travel Clinic have undertaken to carry out the randomized, double blind, placebo-controlled trial involving

The P3TD study is a randomized,

double-blind, placebo controlled multicenter clinical trial designed to evaluate the effectiveness of 2 commercially available nutraceuticals:

a probiotic (Florastor ) and IMM-124E (Travelan ) passive immunoprophylaxis verses a placebo, for prophylaxis during deployment

or travel to a high- TD risk region.

Immuron US Department of Defense/NMRC receives

FDA feedback on IND application for Campylobacter and ETEC therapeutic

The FDA placed a clinical hold

on clinical trials of the new oral therapeutic under the IND application. The Sponsor Investigator and Principal Investigator from John

Hopkins University (JHU) Bloomberg School of Public Health and personnel from the Naval Medical Research Institute (NMRC) and Immuron

received written guidance from the FDA on a path forward to address the safety concerns and supporting data associated with this new product.

JHU, NMRC and Immuron addressed each specific concern raised in the FDA's written guidance. FDA feedback is anticipated in calendar

Immuron Receives European Patent

on Drug Composition to Treat Clostridioides difficile

The company also recently announced

that it has been granted European Patent 2986316, entitled "Methods and Compositions for the treatment and/or prophylaxis of Clostridium

difficile associated disease", will be published on January 25, 2023. The European registration adds to Immuron's patent position

for compositions and methods for treating Clostridioides difficile in Australia, New Zealand and the Unites States.

The company has continued to develop

a business plan for the development of IMM-529 to treat Clostridioides difficile infection (CDI) patients subject to recurrent

disease through a formal filing of an IND with FDA. Recurrent CDI continues to be a major unmet medical need with limited treatment options

available for patients suffering with CDI.

Immuron Completes Strategic Investment

in Leading Gut Health Biotech Ateria Health

2022 the company announced completion of settlement of strategic investment in Ateria Health Limited (Ateria); investment of approximately

1.5m (A$2.6m) to acquire an initial 17.5% with an option for a further investment of 1.47m expiring on 31 July 2023. Ateria

is a UK based company that developed and recently launched a ground-breaking product, JuviaTM

for the treatment of irritable bowel syndrome (IBS).

and Ateria intend to enter into reciprocal distribution agreements for Travelan

in the UK market and JuviaTM in Australian and North American markets.

Your 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 2022.

The following persons were directors of Immuron Limited

during the whole of the half-year and up to the date of this report:

Dr Roger Aston, Independent Non-Executive Chairman

Daniel Pollock, Independent Non-Executive Director

Mr Stephen Anastasiou, Independent Non-Executive Director

Prof. Ravi Savarirayan, Independent Non-Executive Director

Mr Paul Brennan, Independent Non-Executive Director

Principal activities

We are a commercial and clinical-stage biopharmaceutical

company with a proprietary technology platform focused on the development and commercialization of a novel class of specifically targeted

polyclonal antibodies in the treatment of diseases associated with the gastrointestinal tract. We believe that we can address this significant

unmet medical need. Our polyclonal antibodies are orally active and offer localized delivery within the gastrointestinal ("GI")

tract. As our products do not cross from the gut into the bloodstream, they potentially offer much improved safety and tolerability, without

sacrificing efficacy. We currently market our flagship commercial products Travelan and Protectyn in Australia, both products