Q3 Hiring Update for 2012

Despite a Presidential election on the horizon, ongoing economic uncertainty, a broad emphasis on debt reduction and the threat of a fiscal cliff, hiring for real estate positions in the western U.S. in 3Q12 was very strong with approximately 100 new searches from clients. RETS averaged about 100 searches from clients in the first three quarters of both 2011 and 2012. Hiring typically slows down in Q4 (64 searches in Q411 and 74 in Q410). Given the aforementioned influences, Q412 is projected to match Q411 and Q410 levels.