PRESS RELEASE

PROFESSIONAL FEES: ANTITRUST LAUNCHES INVESTIGATION INTO POSSIBLE COMPETITION-RESTRICTING AGREEMENT BY NOTARY COUNCIL OF LUCCA

Investigation triggered by a report from a notary being subjected to disciplinary proceedings.

In a meeting on 08^th February 2012, the Autorità Garante della Concorrenza e del Mercato decided to launch an investigation to determine whether the Notary Council of Lucca has been violating the prohibition on competition-restricting agreements.

The decision responds to a report submitted by a notary after the Notary Council had asked him to document the fact that his fees were in compliance with the four rate tables that had been approved by resolution in 2009. The Council responded to the professional's refusal to submit the requested documentation by initiating disciplinary proceedings.

According to the Antitrust, the decisions of the Council (the resolution approving the rate tables, the subsequent monitoring activities, the resolution to investigate the notary who submitted the report and the initiation of disciplinary proceedings) may constitute a competition-restricting agreement. The Council, in fact, intervened directly to limit the capacity of notaries to set their own fees for services related to real estate deeds and immovable property loans, thus preventing competitive pricing in violation of antitrust principles.

The investigation shall be concluded by 15^th December 2012.

Rome – 27^th February 2012