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Homestore Inc. Director Resigns

October 10, 2002

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WESTLAKE VILLAGE, Calif. (AP) _ A director who served on the audit committee at Homestore Inc. has resigned from the board of the company that supplies online technology tools and Web sites for buying, selling and renting real estate.

The company said Wednesday that Barbara T. Alexander had served as a member of the audit committee since April 6, 2001. She was elected to the executive committee when it was formed on Nov. 15, 2001.

``Her longstanding leadership regarding corporate governance, including assisting the company in the implementation of rigorous internal audit controls, the adoption of a companywide code of conduct and the introduction of an anonymous ‘whistle-blower’ program, will continue to serve Homestore very well,″ , said Homestore chairman Joe Hanauer.

Homestore discovered accounting irregularities late last year and Alexander supervised the company’s finance department when the chief financial officer left.

As a member of the audit committee, she brought in independent experts, including forensic accountants, to restate the company’s previous financial statements, Hanauer said.

Homestore Web sites include REALTOR.com; HomeBuilder.com; and Homestore.com.

In trading on the Nasdaq Stock Market, Homestore shares rose 4 cents, or 12.1 percent, to close Thursday at 37 cents.


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