Item 1.01 Entry into a Material Definitive Agreement

On June 2, 2008, the Cellular Telecommunications and Internet Association (the "CTIA") and NeuStar, Inc. (the "Company") entered into an Amended and Restated Common Short Code License Agreement (the "Agreement") under which the Company will continue to be the exclusive operator of the U.S. Common Short Code registry on behalf of the leading wireless providers in the United States.

Under the Agreement, the Company will continue to operate the U.S. Common Short Code registry through December 31, 2015, unless it has been determined that the Company has been in material breach of certain provisions of the Agreement and has failed to cure such breach. The Company must continue to meet certain functional and performance specifications established by the CTIA, perform more extensive audits for the CTIA and provide increased audit rights to the CTIA.

With certain minor adjustments, the royalty fee structure under the Agreement is substantially similar to the royalty fee structure that existed before the Agreement was amended and restated. Finally, the Agreement contains other terms that are customary for an agreement of this type, some of which are in addition to the terms that existed before the Agreement was amended and restated, including additional warranties, increased security provisions, privacy protections, intellectual property provisions and terms covering the addition of new services.