IMEXHS LIMITED — Audit Report / Information 2011

Jul 24, 2011

38 Station Street Subiaco, WA 6008 PO Box 700 West Perth WA 6872 Australia

Tel: +8 6382 4600 Fax: +8 6382 4601 www.bdo.com.au

==> picture [77 x 30] intentionally omitted <==

INDEPENDENT ASSURANCE PRACTITIONER’S REVIEW REPORT

Report on Balance Sheet

We have reviewed the Balance Sheet of SWW Energy Limited as at 30 June 2011.

Directors’ Responsibility for the Balance Sheet

The Balance Sheet was prepared by the Directors of SWW Energy Limited to comply with the requests of the Australian Stock Exchange Limited (“the Exchange”) in relation to the application for re-listing of the shares in SWW Energy Limited on the Exchange.

The Directors are responsible for the preparation of the Balance Sheet and have determined that the accounting policies used are appropriate to the needs of the users. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the Balance Sheet that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Assurance Practitioner’s Responsibility

Our responsibility is to express a conclusion on the Balance Sheet based on our review. We have conducted our review of the Balance Sheet in accordance with Australian Auditing Standard on Review Engagements ASRE 2405 “Review of Historical Financial Information Other than a Financial Report” , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the Balance Sheet is not in accordance with the applicable accounting policies including giving a true and fair view of SWW Energy Limited’s financial position as at 30 June 2011. ASRE 2405 requires us to comply with the requirements of the applicable code of professional conduct of a professional accounting body.

A review of the Balance Sheet consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO (Australia) Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO (Australia) Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each State or Territory other than Tasmania.

==> picture [77 x 30] intentionally omitted <==

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the attached Balance Sheet of SWW Energy Limited as at 30 June 2011 does not present fairly the financial position of SWW Energy Limited at that date.

Yours Faithfully BDO Audit (WA) Pty Ltd

==> picture [120 x 66] intentionally omitted <==

Phillip Murdoch Director

Perth, Western Australia Dated this 22[nd] day of July 2011

SWW Energy Limited Level 1

225 St Georges Terrace PERTH WA 6000

Balance Sheet as at 30 June 2011

CURRENT ASSETSCash and cash equivalentsOther receivablesTOTAL CURRENT ASSETSTOTAL ASSETSCURRENT LIABILITIESTrade and other payablesLoans from related partiesTOTAL CURRENT LIABILITIESTOTAL LIABILITIESNET ASSETSEQUITYContributed equityReservesAccumulated lossesTOTAL EQUITY	AUD $1,676,41124,590
	1,701,001
	1,701,001
	45,43670,673
	116,109
	116,109
	1,584,892
	1,822,307552,000(789,415)
	1,584,892