July 27,2009

Emil Estafanous, CPA
Emil Estafanous
12501 Imperial Highway, Suite 115
Norwalk, California 90650-8395

Dear Mr. Estafanous:

It is my pleasure to notify you that on July 24, 2009, the California Peer Review Committee accepted the report on the most recent peer review of your firm. The due date of your next review is May 31, 2012 unless the firm at any time after the year end of this peer review performs, or is engaged to perform, any engagements under the Statements on Auditing Standards, Government Auditing Standards or examination engagements under the Statements on Standards for Attestation Engagements in accordance with the Standards for Performing and Reporting on Peer Reviews.

As you know, the report had a peer review rating of pass. The Committee asked me to convey its congratulations to the firm on the results of your review.

Sincerely,

Linda McCrone,

Director, Technical Services

Cc:  Patrick Spafford, CPA

Firm Number: 10113418                               Review Number: 273758

Engagement Review Report

June 23, 2009

Emil Estafanous, CPA
and the Peer Review Committee of the
California Society of Certified Public Accountants

We have reviewed selected accounting engagements of Emil Estafanous, CPA (the firm) in effect for the year ended November 30, 2008. Our peer review was conducted in accordance with the Standards for Performing and Reporting on Peer Reviews established by the Peer Review Board of the American Institute of Certified Public Accountants. The firm is responsible for designing a system of quality control and complying with it to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects. Our responsibility is to evaluate whether the engagements submitted for review were performed and reported on in conformity with applicable professional standards in all material respects. An Engagement Review does not include reviewing the firm’s system of quality control and compliance therewith and accordingly, we express no opinion or any form of assurance on that system. The nature, objectives, scope, limitations of, and the procedures performed in an Engagement Review are described in the standards at www.aicpa.org/prsummary.

Based on our review, nothing came to our attention that caused us to believe that the engagements submitted for review by Emil Estafanous, CPA for the year ended November 30, 2008, were not performed and reported on in conformity with applicable professional standards in all material respects. Firms can receive a rating on pass, pass with deficiency (ies), or fail. Emil Estafanous, CPA has received a peer review rating of pass.

Patrick Spafford, Review Captain