by Karen Kage, Chief Executive Officer

Here we are again, at the end of another year! There have been many changes this year, not just at Realcomp but in the real estate industry as a whole. While all of these changes are taking place, I am very pleased to announce one thing that won’t be changing for 2005 – the MLS fees.

The Realcomp Board of Governors has approved the operating budget for 2005 in which the MLS fees remain the same for the fifth year in a row. More subscribers and better, more efficient business practices allow
Realcomp to continue to provide the products and services that you have come to expect, and consider additional services, all for the same fee. Watch for highlights of the Realcomp 2005 Business Plan to be published in an upcoming edition of RealSolutions.

Now for an update on our negotiations with MiRealSource…as reported last month, Realcomp sent a letter to MiRealSource offering two (2) options. The first option was to
begin negotiations to bring MiRealSource into Realcomp as a Shareholder. The other was to enter into a data sharing agreement, similar to those agreements Realcomp has with eight (8)
surrounding MLSs. On November 4, 2004, Realcomp received a response from MiRealSource declining both offers that were proposed. Realcomp continues to be committed to exploring all viable options for creating a single, regional and/or statewide MLS. We will keep you updated if any additional
information becomes available.

From all of us at Realcomp, we wish you happy holidays and a healthy, prosperous 2005. As always, let me know how we are doing. I can be reached by e-mail or by phone at 248-699-9120.