CODE of CONDUCT
(For directors, CEO and other senior management)
(Corporate Governance Recommendation 3.1)

Immuron is guided in all its activities by respect for all its stakeholders including employees, shareholders, contractors, customers and suppliers.

The Board has articulate the Company's requirements for standards of conduct based on the following principles;

Directors are subject to re-election every three years,
The Chairman must be independent,
Conflict of interest must be avoided wherever possible. If, for any reason, a potential conflict arises, the director/employee must declare the conflict and absent themselves from all discussions and decisions on the relevant matter.
Employees and directors must respect the confidentiality of the Company's assets, including intellectual property, both during and after employment,
The Company will comply with all relevant legislation and regulation,
The Company will deal fairly with all its stakeholders, and
The Company will promote a culture of ethical behavior, encouraging openness amongst employees, directors and contractors.
Amended by the board of Anadis Limited 16 June, 2004.