<table><tr><th>From:</th><th>Fabrizio Cerina &lt;</th></tr><tr><td>Sent:</td><td>Friday, August 5, 2011 9:49 AM</td></tr><tr><td>To:</td><td>Jeffrey EPSTEIN; Jeffrey EPSTEIN</td></tr><tr><td>Subject:</td><td>Time of the year</td></tr></table>

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 <u>CREDIT</u> DES <u>ALPES, lu ano</u> office

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## CREDIT DES ALPES SA

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