Comments: Ladies & Gentlemen: It's a privilege for me to be here with you today. My name is Tom Kunz, and I am the president & CEO of Century 21 Real Estate LLC. I hope to share the unique perspective of someone who currently sells franchises to real estate brokers and provides services to affiliated brokers and sales professionals. Previously, I have been president of an independently owned and operated real estate brokerage company in Southern California, and also headed up a software company earlier in my career. I am here representing the over 137,000 small, independent businessmen and women who are members of the Century 21 franchise system, either as brokers or sales associates. We have more than 7,500 offices worldwide, but half our offices have 17 or fewer sales associates and the median number for closed transactions by office last year was 141. We're a big system, but one that is proud to have so many small to mid-sized businesses in our ranks along with our larger brokers.