Excitation spectra of the two-impurity Anderson model are calculated. The low energy scale, ω1 TK, is approximately given as ( (J-JC 0.4 TK)2+( t 23 TK)2 near the critical point, where TK is the temperature, J the exchange constant between local spin pair and t and f-f transfer integral. The ω1-1, while the antiferromagnetic susceptibility is proportional to ω1-1. When J≅0, the Kondo effect is depressed by the f-f transfer mainly through the induced exchange coupling. The ground state of the Anderson model with multiplet splitting usually becomes singlet, but various stages of compensation appear. Excitation spectra of an over-compensated system with two channels are calculated.