Dear CES Members,

I am pleased to report that CES did well for the year financially.  In terms of Income, the total net profit for the year is $9,567.  In terms of equity, the total CES net assets was $765,000 as of Oct. 31, 2013, 24% increase from last year (mainly due to the growth of stocks). Comparatively, as of October 31, 2003, the value of total CES assets was $403,875, including $200, 000 donation from Professor Gregory Chow in the year). Please find the forwarded IRS Tax Return Report and P/L Statement for (11/2012-10/2013). 

Many thanks to Mr. Joseph Yung, our accountant for compiling the report.

CES is now in its strongest financial position.

Best regards,

Jason