Purchase of AppraiserLoop completed

Real Estate Weekly, Jan 15, 2003

Marshall & Swift, Inc., a leading worldwide provider of residential and commercial real estate cost data and appraisal technologies, and LoopNet, Inc., a leading commercial real estate information services provider that operates the largest commercial listing service online, announce that Marshall & Swift has completed the purchase of LoopNet's Internet-based subscription service, AppraiserLoop.

With a suite of tools and services for commercial real estate appraisers, AppraiserLoop combines a variety of data sources and state-of-the-art data management tools into one comprehensive package. Marshall & Swift is re-launching the AppraiserLoop product as "M&Sconnect(TM)." The acquisition taps the largely undeveloped networking possibilities within the appraisal industry. "Marshall & Swift welcomes the opportunity to expand our relationship with the appraisal industry by offering this new service," said Bob Dowdell, Marshall & Swift's CEO. "Marshall & Swift is committed to providing data and technologies that help appraisers become more efficient. We see great synergy between M&Sconnect and our other Internet-based appraiser-oriented products and services.

"While LoopNet recognized the long-term potential of the AppraiserLoop business, we believe the significant added synergies of the initiative s association with Marshall & Swift, a well-respected player in the appraisal industry, will ensure an even greater level of success," said Richard Boyle, CEO of LoopNet, Inc. "Additionally, the sale allows us to focus our resources on our core listing and information service businesses, which are experiencing rapid growth. LoopNet will remain a data exchange partner with Marshall & Swift."

Also included in the sale is the long-term contract with the Appraisal Institute, a professional organization of real estate appraisers, to develop and operate the Web-based data cooperative Appraisal Institute Commercial Database(R). "We are delighted with Marshall & Swift's acquisition of AppraiserLoop and the Appraisal Institute Commercial Database," said Alan Hummel, SRA, and 2003 President of the Appraisal Institute. "Marshall & Swift is a name known and trusted by real estate appraisers for many decades."