• Safe Harbor:  This presentation contains forward‐looking statements relating to our anticipated plans, products, services and financial performance. These statements are not guarantees of future performance and it is important to remember that our actual results may differ – and may differ in a material wayremember that our actual results may differ  and may differ in a material way – from these forward‐looking statements. In addition to the factors that we mention today, additional factors that could affect our actual results can be found in our 2009 Annual Report on Form 10‐K and our most recent Form 10‐Q filed with the Securities and Exchange Commission. The forward‐looking statements are made as of today’s date and we assume no obligation to update any such statements to reflect events or circumstances after today’s date.

• Reg G: This presentation includes Adjusted EBITDA which is a “non‐GAAP”• Reg G:  This presentation includes Adjusted EBITDA, which is a  non‐GAAP  financial measure. You can find a reconciliation of net income, the most comparable GAAP measure to Adjusted EBITDA, in our Forms 8‐K relating to our recent earnings releases which have been furnished to the Securities and Exchange Commission and are available under the investor relations section of our website, located at www.MarketLeader.com.

• Retention: Comparisons of customer retention rates refer to the past thirteen quarters for which we have directly comparable dataquarters for which we have directly comparable data.  

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Market Leader provides leading real estate 

professionals with innovative marketing andprofessionals with innovative marketing and 

technology solutions that enable them to grow 

and manage their business. 

3

Deliver More Sales Opportunities

Provide Tools to Help Them pScale and Manage Their Business

4

Pi d R l E L d G i• Pioneered Real Estate Lead Generation– Rapid growth led to our IPO in Dec‐04– $24M Adjusted EBITDA on $87M revenue in 2005

• Managed Through Real Estate Downturn– Dramatic declines in industry revenues and marketing spend– Deep cuts and decision not to fund unprofitable customer acquisitionp p q– Maintained competencies and service levels while funding strategic initiatives

• Rebuilt Company, Products, and ModelAcq ired Realt Generator for broker c stomer base and CRM sol tion– Acquired RealtyGenerator for broker customer base and CRM solution

– Invested in enterprise level relationships– Re‐launched the company around new SaaS Vision products

• Market Leader Today– 5,000+ customers, including >300 brokerages– Vision revenue doubled in LTM; now 55% of revenue

$– Strong balance sheet with $53M in April cash; no long‐term debt– Grew revenue in Q1 for the first time since downturn began 5

The Next Wave of Lead GenerationThe Next Wave of Lead Generation• Leverages competencies in software and lead generation

C l l b d d i• Consumers engage on local, customer branded sites

• Integrated CRM provides automated follow‐up; insight i t b h i d hi h i tinto consumer behavior, and higher conversion rates

• Brokerage version adds team and partner management

• Dual business model:  SaaS + Lead Generation6

www.ServingGarnerville.com

www.HomesInGarnerville.com

7

8

hJimmy is looking for a $495,718 Single Family with at least 4 beds and 2 baths in Garnervi l le

What prospects are looking for

Jimmy Choo

Jimmy ChooGarnervi l le

When they last searchedWhen they last searched

9

Tools that engage the consumer

10

Tools that tell agents what to do next

11

12

$10,000,000

$12,000,000

$8,000,000

$6,000,000

$4,000,000

$0

$2,000,000

$0

2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q113

$10,000,000

$12,000,000

$8,000,000

$6,000,000

$4,000,000

$0

$2,000,000

$

2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1

Traditional Products Vision Revenue 14

$3 000 000

$3,500,000

$2,500,000

$3,000,000

$2,000,000

$1,000,000

$1,500,000

$500,000

$0

2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 15

95.0%

95.5%

94.0%

94.5%

93.0%

93.5%

92.0%

92.5%

91.0%

91.5%

90.5%

2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 16

$370

$380

$350

$360

$330

$340

$310

$320

$290

$300

$290

2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q117

Dramatic Increases in Customer Lifetime Value

RealtyGenerator

enue

er Reve

Traditional ProductsGrowth Leader

ustome

Cu

Customer LifetimeCustomer  Lifetime18

FinancialR l

2009 2009  2009  2010 Results(millions)

Q2 Q3 Q4 Q1

Revenue $5.9 $5.8 $5.6 $5.8

Net Income (Loss) ($3.0) ($2.9) $1.4 ($3.4)

AdjustedEBITDA ($1.2) ($1.2) ($1.8) ($1.7)

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Balance Sheet HighlightsBalance Sheet Highlights

(millions)March 31, 2010

g gCash and Short‐Term Investments $49.0

Total Assets $61.2

T t l Li biliti $4 5Total Liabilities $4.5

Shareholders’ Equity $56.7Shareholders  Equity $56.7

Shares Outstanding 24.6

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Sizable Market Opportunity • Cyclical downturn has masked shift of spend online• Low penetration relative to opportunityp pp y• Stable and engaged customer base with improved retention rate

Strong Products and Growth MomentumStrong Products and Growth Momentum• Premier offerings in lead generation & lead management• 114% Vision revenue growth in last year• Transforming customer unit economics• Transforming customer unit economics

Positioned for Growth and LeadershipR d th i Q1 2010• Renewed revenue growth in Q1 2010

• Experienced leadership team with deep domain expertise• Strong financial footing

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