First we would like to reaffirm that we are continuing with our long term strategic plan to grow & strengthen our presence within previously existing markets, and to grow our newly established footprints in St. Petersburg, and most recently, in Eastlake Woodlands. We have doubled our overall Tampa Bay market share in the past 1 1/2 years and our Sales Executive population has grown to 530 Residential Sales Executives and 29 Commercial Sales Executives. We have worked diligently to provide a much greater WEB solution & have invested heavily in the area of Lead Generation. While we acknowledge a very large educational challenge in all area's of our Company to convert leads to sales, we are very confident that the infrastructure is in place to see tremendous results. In addition, with the introduction of Your ORION to our suite of services, our Sales Executives have state of the art tools to serve Commercial clientele.

We believe the consumer initiatives that we employ; i.e. PRU Promise, QSC, etc... will continue to give us a competitive advantage & get us closer to providing a "World Class Experience". We will soon be visiting each office to announce our new & updated "Value Proposition" for both Sales Executives & Consumers. The updates are a direct response to our recent 5 best/worst surveys as well as consumer reports.

Our business partner, Prudential Real Estate Affiliates, was recently awarded the JD Powers Highest Satisfaction For Home Sellers Among National Real Estate Firms, while Wells Fargo was recently named one of the 10 safest banks in the world by Global Finance magazine and the only US bank to make this list. In addition, with the purchase of Wachovia, Wells Fargo will become the largest bank in the State of Florida, greatly strengthening the brand & our partnership. Wells Fargo recently chose us, out of 250 joint ventures nationwide, to be featured in the November issue of RIS Media. The magazine will be showcased at NAR Convention in Orlando. Capstone Title continues to grow with First American Title, our underwriter, being the largest provider of Real Estate Title Services in the United States.

With all that being said, we are currently evaluating better & more efficient ways to operate. To ignore the overall market conditions of the past 3 years would be both naive and irresponsible. As you know we have been converting as much of our overall space utilization as possible to production, while minimizing both corporate and/or under utilized space. We are seeking more efficient ways to deliver services while minimizing cost. Some of the measures may result in a temporary inconvenience, and may be painful, but in the long run will provide even greater strength to the entire organization.

As we continue to face and overcome new challenges, we turn to you, our sales executives, management, and support staff for help with two strategic initiatives that will strengthen our company for the future: recruiting real estate professionals and gaining market share. Utilize the TeamBuilder bonus program to your benefit by encouraging others to join the PTR team. Incorporate the many tools and resources available to you to help you win more listings and attract more buyers. This is a team effort and as such, we need your help so that we can continue to grow the company and secure our position as the compelling choice for consumers and real estate professionals.

We are steadfast in our mission to drive the growth and development of our family of companies, and our vision to be the premier real estate services provider in the Greater Tampa Bay area. We sincerely appreciate your hard work, dedication and the sacrifices you have made. This is an exciting time of new opportunities and it is up to us to capitalize on them. Together, with your help, we will emerge stronger than ever!

Many Thanks and Warmest Personal Regards,

Dewey Mitchell &

Allen Crumbley