The Long and Foster Companies appoints Stevens President, News Release Maryland

THE LONG & FOSTER® COMPANIES
APPOINTS STEVENS PRESIDENT

Chantilly, VA (October 23, 2008 )-- P. Wesley Foster, Jr., Founder, Chairman, and CEO of The Long & Foster® Companies, today announced the appointment of David H. Stevens, 51, as President and Chief Operating Officer of The Long & Foster Companies, comprised of Long & Foster Real Estate, Inc., the largest and most-respected privately-owned real estate company in America, Prosperity Mortgage Company, Long & Foster Insurance Agency, Inc., and Long & Foster Settlement Services. Stevens had been President of Long & Foster’s Affiliated Businesses--mortgage, title, and insurance--since joining the firm in July of 2006.

According to Foster, “The appointment of Dave Stevens to be President of The Long & Foster Companies is designed to ensure the continued viability of our well-managed and financially stable company during these difficult economic times. Dave has the financial background and strategic thinking necessary to lead Long & Foster forward into the new reality imposed upon our industry by the nationwide liquidity and credit crisis. He will be a strong leader who will guide the company towards solutions and work for the best interests of our customers, our agents, and our employees,” Foster added.

Long & Foster Appoints Stevens President

Prior to joining The Long & Foster Companies, Stevens was Executive Vice President and National Wholesale Manager responsible for all sales, operations, and finance at Wells Fargo Home Mortgage. Prior to that, he was Senior Vice President of the single family business at Freddie Mac where he was responsible for all sales and marketing, affordable lending, product development, loan prospector, and communications for the firm. At Freddie Mac, he managed all activities related to sales, market share, customer management, and business strategy. Stevens began his career at World Savings Bank where, after 16 years of increasing responsibility, he was promoted to Group Senior Vice President and National Sales Manager for its mortgage division.

Stevens was the founding executive sponsor of the Women’s Mortgage Industry Network, and he coordinated the first Latino joint venture initiative between Freddie Mac and Latino mortgage industry leaders. He is on the Board of Directors of RESPRO.

Stevens is a graduate of the University of Colorado at Boulder. He resides in Oakton, Virginia, with his wife, Mary, and four children.

Brenda Shipplett, President of The Long & Foster Companies since 2004, has chosen to return to regional management of Long & Foster Real Estate, Inc.

About The Long & Foster® Companies
The Long & Foster® Companies is the largest privately-owned real estate firm in America with more than 230 residential real estate sales offices throughout Maryland, Virginia, the District of Columbia, Delaware, Pennsylvania, West Virginia, New Jersey, and North Carolina, and more than 14,000 sales associates, 2,000 employees, and annual real estate sales volume for 2007 of $35.4 billion on 95,871 transaction sides. Long & Foster Real Estate, Inc., the real estate sales arm for the firm, as well as Prosperity Mortgage® Company, Long & Foster Insurance agency, Inc., and Long & Foster Settlement Services, are all part of The Long & Foster Companies. 2007 sales and sales equivalents for all the Long & Foster Companies totaled $61 billion worth of homes, mortgages, insurance, title insurance, and settlement services.

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