SCOM 2007 SP1,SRS Server Validation error when installing OpsMgr Reporting

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PROBLEM:
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SRS Server Validation error when installing OpsMgr Reporting
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CAUSE:
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Proxy issue

RESOLUTION:
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1.Checked the Internet Options > Connections > LAN Settings > and found that all requests were configure to go thru proxy.

2.Cchecked the box for Bypass proxy for local addresses and saved the changes

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3.Running the setup now completed the installation successfully.