Date: December 13, 2007
To: All Realcomp II Ltd. MLS Subscribers
From: Karen S. Kage, Chief Executive Officer
Subject: ALJ Issues Initial Decision Dismissing Complaint Against  Realcomp II Ltd.

We are very pleased to inform you of today’s favorable ruling at the Federal Trade Commission (FTC) regarding Realcomp’s listing publication model, that will allow us to continue our mission to serve, first and foremost, the interests of our REALTOR® subscribers.

The initial decision released today dismissed a formal complaint filed last year by the FTC. As such, Realcomp will continue to operate under its current rules, policies and organizational tenets. The FTC staff now has 10 days to appeal this decision.

Over the course of the past year and a half, we have argued strenuously that, as an organization supported by REALTOR® members, our online listings should remain a resource whereby REALTORS® benefit from the sale of the properties advertised. The FTC, meanwhile, has contended that when an MLS does not allow public access to real estate listings that are also “for sale by owner” through REALTOR® funded Internet sites it creates an uncompetitive environment.

Over the course of the past year and a half, more than a dozen multiple listing services around the country were targets of the FTC regarding rules related to what listings can be posted to REALTOR® internet websites. Realcomp is the only MLS targeted by the FTC that challenged the FTC.

The MLS has been a staple of the real estate industry for nearly 100 years, and, as such, has long been recognized for encouraging competition by ensuring all brokers have equal access to information and commissions. Moreover, it ensures buying and selling consumers have access to a resource of properties as well as the expertise, protection and buying power of a licensed REALTOR®.

If you have questions or comments, please do not hesitate to contact me directly.

On behalf of our Board, Shareholders, and Staff, thank you again for your confidence and support.