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

PROBLEM:
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SRS Server Validation error when installing OpsMgr Reporting

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

3.Running the setup now completed the installation successfully.