From: Jeffrey Epstein <[email protected]>

From: Jeffrey Epstein <[email protected]> To: Subject: Re: Time of the year Date: Fri, 05 Aug 2011 17:21:24 +0000 what does it own? On Fri, Aug 5, 2011 at 6:26 PM, Fabrizio Cerina < wrote: Milan is a safer inv.mnt. Credit des Alpes proposal is to buy Pirelli Real Estate SpA (now Prelios SpA). Today Mkt Cap: E230 mil. 55percent + majority premium, say E140-150mil. Can be leveraged. Deal can't be done by obvious speculators as it could become politic.ly sensitive, although so small. I believe I've the right local very credible partner with an impeccable track record and CV. If of interest we should act quickly. Regards, Fabrizio Cerina CREDIT DES ALPES, Geneva office CREDIT DES ALPES, Lugano office This message is intended only for the person(s) to which it is addressed and may contain privileged, confidential and/or insider information. If you have received this communication in error, please notify us immediately by replying to the message and deleting it from your computer. Any disclosure, copying, distribution, or the taking of any action concerning the contents of this message and any attachment(s) by anyone other than the named recipient(s) is strictly prohibited. CREDIT DES ALPES SA From: [email protected] Date: Fri, 5 Aug 2011 10:25:30 +0000 To: <[email protected]> Subject: Re: Time of the year i am in paris , rome on sat sun, what ideas? On Fri, Aug 5, 2011 at 11:48 AM, Fabrizio Cerina < wrote: Dear Komrat, In Milan real estate and Private equity inv.nts I begin seeing blood on the walls. Instead of being in Sardinia or St. Tropez I'm right now in Milan (that should tell you it all). You might want to take a look. Be good, Fabrizio Cerina CREDIT DES ALPES, Geneva office EFTA00917072 CREDIT DES ALPES• Lugano office This message is intended only for the person(s) to which it is addressed and may contain privileged, confidential and/or insider information. If you have received this communication in error, please notify us immediately by replying to the message and deleting it from your computer. Any disclosure, copying, distribution, or the taking of any action concerning the contents of this message and any attachment(s) by anyone other than the named recipient(s) is strictly prohibited. CREDIT DES ALPES SA The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00917073