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    2. What is Fitch Ratings? Fitch provides an opinion on the ability of an entity or a securities issue to meet financial commitments on a timely basis Credit ratings apply to a variety of entities and issues, including, but not limited to: Sovereigns Governments Structured financings Corporates Banks Insurance companies Credit ratings do not directly address any risk other than credit risk A RATING AGENCY PROVIDES AN OPINION AS TO THE ABILITY OF AN ISSUER TO MEET THEIR FINANCIAL COMMITMENTS. I STRESS THE WORD “OPINION”. JUST LIKE JOURNALISTS IN AN ENVIRONMENT OF FREE SPEECH CAN EXPRESS AN OPINION, SO TOO CAN A RATING AGENCY. THIS OPINION DOES HOWEVER ALWAYS REMAIN OUR OPINION. ENTITIES OR ISSUERS CARRYING THE SAME INTERNATIONAL RATING ARE OF SIMILAR, BUT NOT NECESSARILY IDENTICAL CREDIT QUALITY. RATINGS CATEGORIES DO NOT FULLY REFLECT SMALL DIFFERENCES IN THE DEGREES OF CREDIT RISK. RATINGS ARE ASSIGNED TO A VARIETY OF ENTITIES OR ISSUERS. PTO – PTO - PTO A RATING AGENCY PROVIDES AN OPINION AS TO THE ABILITY OF AN ISSUER TO MEET THEIR FINANCIAL COMMITMENTS. I STRESS THE WORD “OPINION”. JUST LIKE JOURNALISTS IN AN ENVIRONMENT OF FREE SPEECH CAN EXPRESS AN OPINION, SO TOO CAN A RATING AGENCY. THIS OPINION DOES HOWEVER ALWAYS REMAIN OUR OPINION. ENTITIES OR ISSUERS CARRYING THE SAME INTERNATIONAL RATING ARE OF SIMILAR, BUT NOT NECESSARILY IDENTICAL CREDIT QUALITY. RATINGS CATEGORIES DO NOT FULLY REFLECT SMALL DIFFERENCES IN THE DEGREES OF CREDIT RISK. RATINGS ARE ASSIGNED TO A VARIETY OF ENTITIES OR ISSUERS. PTO – PTO - PTO

    3. Fitch Corporate History FITCH INVESTOR SERVICES WAS FOUNDED IN 1913. IT WAS REALLY A PUBLISHER OF FINANCIAL STATISTICS. IN 1924 FITCH INTRODUCED THE NOW FAMILIAR AAA TO D RATING SCALES. FOLLOWING OUR MERGER WITH THE IBCA GROUP IN 1997 AND ANOTHER MERGER WITH DUFF & PHELPS IN APRIL 2000, WE ALSO ACQUIRED THE BANKWATCH UNIT FROM THOMSON CORPORATION IN OCTOBER 2000. FITCH RATINGS AS CURRENTLY CONSTITUTED LAUNCHED ITS NEW NAME IN JANUARY 2002. ALL THESE ENTITIES HAVE A LONG AND CREDIBLE HISTORY. FITCH INVESTOR SERVICES WAS FOUNDED IN 1913. IT WAS REALLY A PUBLISHER OF FINANCIAL STATISTICS. IN 1924 FITCH INTRODUCED THE NOW FAMILIAR AAA TO D RATING SCALES. FOLLOWING OUR MERGER WITH THE IBCA GROUP IN 1997 AND ANOTHER MERGER WITH DUFF & PHELPS IN APRIL 2000, WE ALSO ACQUIRED THE BANKWATCH UNIT FROM THOMSON CORPORATION IN OCTOBER 2000. FITCH RATINGS AS CURRENTLY CONSTITUTED LAUNCHED ITS NEW NAME IN JANUARY 2002. ALL THESE ENTITIES HAVE A LONG AND CREDIBLE HISTORY.

    4. FITCH RATINGS SERVICES THE GLOBE. THIS CAN BE SEEN FROM THIS GRAPHIC REPRESENTING OUR OFFICE LOCATIONS. THIS AGAIN ADDS (WE BELIEVE) TO OUR INTERNATIONAL CREDIBILITY.FITCH RATINGS SERVICES THE GLOBE. THIS CAN BE SEEN FROM THIS GRAPHIC REPRESENTING OUR OFFICE LOCATIONS. THIS AGAIN ADDS (WE BELIEVE) TO OUR INTERNATIONAL CREDIBILITY.

    5. Fitch Facts One of 3 global rating agencies with expertise and critical mass across the credit spectrum The only European owned rating agency Dual headquartered in New York and London Over 2,000 subscribers globally 1,400 employees (including over 700 analysts) in 50 offices world-wide over 680 employees in 8 European offices (incl. UK) of which 380 are analytical staff WE ARE ONE OF THE INTERNATIONALLY RECOGNIZED ‘BIG 3’ RATING AGENCIES. AFRICA IS MANAGED OUT OF LONDON. WE STRESS THIS GLOBAL COVERAGE BECAUSE IT MEANS THAT A FITCH RATING ISSUED IN RESPECT OF AN AFRICAN CORPORATE IS IMMEDIATELY RECOGNIZABLE ACROSS THE WORLD.WE ARE ONE OF THE INTERNATIONALLY RECOGNIZED ‘BIG 3’ RATING AGENCIES. AFRICA IS MANAGED OUT OF LONDON. WE STRESS THIS GLOBAL COVERAGE BECAUSE IT MEANS THAT A FITCH RATING ISSUED IN RESPECT OF AN AFRICAN CORPORATE IS IMMEDIATELY RECOGNIZABLE ACROSS THE WORLD.

    6. Worldwide Market Presence 1,700 Banks and Non-Bank Financial Institutions 1,100 Corporates 1,200 Insurance Companies 37,000 Municipal Transactions Structured Finance – 6,600 deals under surveillance 1,300 U.S. asset-backed securities 4,000 U.S. residential mortgage-backed securities 425 U.S. commercial mortgage-backed securities 790 European structured finance 160 International structured finance 81 Sovereigns OUR WORLDWIDE MARKET PRESENCE IS SUMMARIZED ON THIS SLIDE. I WILL LEAVE THIS FOR YOU TO GO THROUGH IN YOUR OWN TIME, BUT IT AGAIN HIGHLIGHTS WHY RATING AGENCY’S HAVE CREDIBILITY. LETS LOOK AT SOME OF THOSE SOVEREIGNS THAT MIGHT BE MORE RELEVANT TO US HERE.OUR WORLDWIDE MARKET PRESENCE IS SUMMARIZED ON THIS SLIDE. I WILL LEAVE THIS FOR YOU TO GO THROUGH IN YOUR OWN TIME, BUT IT AGAIN HIGHLIGHTS WHY RATING AGENCY’S HAVE CREDIBILITY. LETS LOOK AT SOME OF THOSE SOVEREIGNS THAT MIGHT BE MORE RELEVANT TO US HERE.

    7. Fitch Sovereign Ratings in Africa Cameroon Cape Verde Egypt The Gambia Kingdom of Lesotho Mozambique South Africa Tunisia Actively working on four others in terms of a US State Department initiative ON THE AFRICAN CONTINENT WE CURRENTLY RATE 8 SOVEREIGNS. WE ARE ACTIVELY WORKING ON 4 OTHERS AT PRESENT. THIS SLIDE EXCLUDES OUR CURRENT ‘MARKETING OPPORTUNITIES’. THE US STATE DEPARTMENT HAS RECOGNIZED A NEED FOR MORE SOVEREIGN RATINGS IN AFRICA. TO THIS END, WE HAVE BEEN MANDATED TO PERFORM SOVEREIGN RATINGS ON A DEFINED NUMBER OF AFRICAN SOVEREIGNS. THE US STATE DEPARTMENT CARRIES A SIGNIFICANT PORTION OF THE FIRST YEAR’S FEES. THE SOVEREIGN IN QUESTION HAS TO COMMIT TO AT LEAST MAINTAIN THE RATING FOR A FEW YEARS THEREAFTER. THIS REINFORCES THE POINT THAT SUBSTANTIAL ECONOMIC GROWTH IS REQUIRED IN AFRICA, THAT THE DEVELOPMENT OF THE CAPITAL MARKETS ASSISTS IN THIS GROWTH, THAT THE STARTING POINT IS USUALLY A SOVEREIGN RATING, AND THAT THE UNITED STATES ACKNOWLEDGES THIS FACT. ON THE AFRICAN CONTINENT WE CURRENTLY RATE 8 SOVEREIGNS. WE ARE ACTIVELY WORKING ON 4 OTHERS AT PRESENT. THIS SLIDE EXCLUDES OUR CURRENT ‘MARKETING OPPORTUNITIES’. THE US STATE DEPARTMENT HAS RECOGNIZED A NEED FOR MORE SOVEREIGN RATINGS IN AFRICA. TO THIS END, WE HAVE BEEN MANDATED TO PERFORM SOVEREIGN RATINGS ON A DEFINED NUMBER OF AFRICAN SOVEREIGNS. THE US STATE DEPARTMENT CARRIES A SIGNIFICANT PORTION OF THE FIRST YEAR’S FEES. THE SOVEREIGN IN QUESTION HAS TO COMMIT TO AT LEAST MAINTAIN THE RATING FOR A FEW YEARS THEREAFTER. THIS REINFORCES THE POINT THAT SUBSTANTIAL ECONOMIC GROWTH IS REQUIRED IN AFRICA, THAT THE DEVELOPMENT OF THE CAPITAL MARKETS ASSISTS IN THIS GROWTH, THAT THE STARTING POINT IS USUALLY A SOVEREIGN RATING, AND THAT THE UNITED STATES ACKNOWLEDGES THIS FACT.

    8. Fitch Value Proposition Quality and frequency of research and communication Clear rating rationales/expectations Innovative research Timely delivery Annual/Semi-annual published updates on issuers Accessibility to analysts Low issuer to analyst ratio Experience (averages 10+ years experience per analyst) OUR VALUE PROPOSITION, WHICH IS ADVISED TO ANYONE WHO ASKS, AGAIN HIGHLIGHTS WHY RATINGS PROVIDE A BOOST TO ANY FIXED INCOME ISSUE. HOW WE RATE, AND WHAT WE RATE, IS CLEARLY LAID OUT IN PUBLIC ALLY AVAILABLE CRITERIA PIECES. OUR RESEARCH IS METICULOUS, WHILST AT THE SAME TIME ATTEMPTING TO BE INNOVATIVE. AN “AFTER THE FACT” RATING IS PROBABLY NOT THAT USEFUL, AND THEREFORE WE STRIVE TO BE TIMEOUS IN OUR DELIVERY. OUR ANALYSTS ARE AVAILABLE FOR COMMENT. PTO – PTO - PTOOUR VALUE PROPOSITION, WHICH IS ADVISED TO ANYONE WHO ASKS, AGAIN HIGHLIGHTS WHY RATINGS PROVIDE A BOOST TO ANY FIXED INCOME ISSUE. HOW WE RATE, AND WHAT WE RATE, IS CLEARLY LAID OUT IN PUBLIC ALLY AVAILABLE CRITERIA PIECES. OUR RESEARCH IS METICULOUS, WHILST AT THE SAME TIME ATTEMPTING TO BE INNOVATIVE. AN “AFTER THE FACT” RATING IS PROBABLY NOT THAT USEFUL, AND THEREFORE WE STRIVE TO BE TIMEOUS IN OUR DELIVERY. OUR ANALYSTS ARE AVAILABLE FOR COMMENT. PTO – PTO - PTO

    9. Investor Development in Europe ABN AMRO Asset Mgmt Activest Aegon (UK/Neths) Allianz Dresdner AXA Investment Mgmt Barclay’s Global Investors BNP Paribas AM CDC Asset Mgmt Citigroup AM Commerzbank AM Credit Lyonnais AM Credit Suisse Asset Mgmt DEKA Dresdner RCM Global DAM/ DWS Fidelity Inv Foreign & Colonial Group Gartmore Intesa BCI JP Morgan Fleming IM Henderson Hermes Invesco Perpertual ING Investment Mgmt. Julius Baer I M Legal & General I M Lombard Odier SWIP M&G MLIM Morgan Grenfell Asset Mgmt. Prudential Portfolio Managers Rothschild Asset Mgmt. Royal & Sun Alliance Standard Life Schroder IM Societe Generale A M UBS Asset Mgmt. Union Inv Top US investors in Europe AIG Alliance Cap Blackrock Capital Research Intl GS AM MSDW Putnam Delaware TIAA Metlife Pricoa Principal Cap Mgmnt THIS VERY BUSY SLIDE GIVE YOU SOME EXAMPLES OF INVESTORS WE ACTIVELY DEAL WITH IN EUROPE. THESE NAMES ARE GENERALLY WELL KNOWN AND RESPECTED, AND MORE IMPORTANTLY, THEY USE OUR RATINGS. JUST FOR THE RECORD, I AM NOT IMPLYING THAT THEY ONLY USE OUR RATINGS.THIS VERY BUSY SLIDE GIVE YOU SOME EXAMPLES OF INVESTORS WE ACTIVELY DEAL WITH IN EUROPE. THESE NAMES ARE GENERALLY WELL KNOWN AND RESPECTED, AND MORE IMPORTANTLY, THEY USE OUR RATINGS. JUST FOR THE RECORD, I AM NOT IMPLYING THAT THEY ONLY USE OUR RATINGS.

    10. Investor Recognition In a survey of 80 of the largest European Institutional Investors, the following conclusions were made: Fitch’s Ratings are highly regarded in the investor community Accepted as one of two ratings on issues Trends Progression toward using any of three ratings Fitch research considered distinctive re quality, detail and transparency Investor Comments Fitch analysts are accessible and proactive Many said they can/do buy Fitch-only rated issues Wide recognition of Fitch Structured Finance value FOR A BIT OF A MARKETING INTERLUDE, THIS SLIDE PROVIDES SOME FEEDBACK AS TO SURVEYS CONDUCTED IN EUROPE.FOR A BIT OF A MARKETING INTERLUDE, THIS SLIDE PROVIDES SOME FEEDBACK AS TO SURVEYS CONDUCTED IN EUROPE.

    11. Importance of Ratings Benefits to Issuers Facilitates access to capital markets Broadens the investor base Enhances visibility and profile Provides added liquidity Lessens reliance on bank funding Provides a universally accepted benchmark of issuers’ credit standing I HAVE BEEN SPEAKING QUITE A LOT OVER THE LAST FEW MINUTES. ALLOW ME TO PROVIDE YOU WITH 6 BULLET POINTS AS TO THE IMPORTANCE OF RATINGS, AND WHY ISSUES OUT OF AFRICA ARE ENHANCED BY HAVING A RATING ATTACHED TO THAT ISSUE. I HAVE DISCUSSED EACH ONE OF THESE POINTS. TO REINFORCE THE POINT.. AN INVESTOR LOOKING TO INVEST OFTEN HAS LIMITED INFORMATION AS TO THE RELEVANT ENTITY OR ISSUER. LET US COLLECTIVELY MAKE IT EASIER BY PROVIDING.. CONSISTENT.. COMPARABLE.. INFORMATION.I HAVE BEEN SPEAKING QUITE A LOT OVER THE LAST FEW MINUTES. ALLOW ME TO PROVIDE YOU WITH 6 BULLET POINTS AS TO THE IMPORTANCE OF RATINGS, AND WHY ISSUES OUT OF AFRICA ARE ENHANCED BY HAVING A RATING ATTACHED TO THAT ISSUE. I HAVE DISCUSSED EACH ONE OF THESE POINTS. TO REINFORCE THE POINT.. AN INVESTOR LOOKING TO INVEST OFTEN HAS LIMITED INFORMATION AS TO THE RELEVANT ENTITY OR ISSUER. LET US COLLECTIVELY MAKE IT EASIER BY PROVIDING.. CONSISTENT.. COMPARABLE.. INFORMATION.

    12. Fitch and The Capital Markets in Europe – Fitch’s Support ratings on banks are unique Fitch rates over 70% of the top 50 Euro Commercial Paper Programme issuers, and over 70% of the largest 100 Euro Medium Term Note Programme issuers Fitch rates over 80% of the bank and financial institution issuers in the Euro iBoxx Index Fitch rates 80% of the ‘liquid’ secondary market in the € & £ Tier 1 Bank capital sub-sectors. A high correlation to the ‘bank capital’ constituents of most of the major IB indices Fitch has a strong presence in many corporate sectors in Europe: Telecoms, Energy, Retail, Construction, Consumer Products, Property and Heavy Building materials Fitch rating actions influence sentiment, and can cause market movements in debt, equities, currencies or derivatives pricing 85% of the US top 50, and 38 out of the top 40 US asset management firms are substantial subscribers to Fitch Research. So are 20 of the largest European AM firms. Our 10 largest asset management clients in the US downloaded more than 15,000 items from FitchResearch between January 2002 and March 2003 I PROVIDE YOU WITH SOME MORE BULLET POINTS ON THE CAPITAL MARKETS IN EUROPE, JUST TO INDICATE THE EXTENT TO WHICH RATINGS ARE UTILIZED. BECAUSE OF OUR INVOLVEMENT IN OTHER REGIONS, RATINGS OUT OF AFRICA ARE IMMEDIATELY RECOGNIZABLE AND GIVEN CREDIBILITY. PEOPLE ALSO LIKE EMPIRICAL STUDIES. HOW ACCURATE ARE RATINGS?I PROVIDE YOU WITH SOME MORE BULLET POINTS ON THE CAPITAL MARKETS IN EUROPE, JUST TO INDICATE THE EXTENT TO WHICH RATINGS ARE UTILIZED. BECAUSE OF OUR INVOLVEMENT IN OTHER REGIONS, RATINGS OUT OF AFRICA ARE IMMEDIATELY RECOGNIZABLE AND GIVEN CREDIBILITY. PEOPLE ALSO LIKE EMPIRICAL STUDIES. HOW ACCURATE ARE RATINGS?

    13. Accuracy of Ratings THIS IS AN EXTRACT FROM A REPORT SUBMITTED BY OUR PRESIDENT TO THE SEC IN THE US. IT SHOWS THE AVERAGE ANNUAL DEFAULT RATES DURING ESSENTIALLY THE 1990’s. TO PICK ON 1 LINE. THIS SAYS THAT ON AVERAGE A BBB CORPORATE ISSUER DEFAULTED 0.27% ON AN ANNUAL BASIS DURING THE PERIOD SHOWN THIS CAN BE COMPARED TO BB ISSUERS AT A DEFAULT RATE OF 1.55%. PTO-PTO-PTO THIS IS AN EXTRACT FROM A REPORT SUBMITTED BY OUR PRESIDENT TO THE SEC IN THE US. IT SHOWS THE AVERAGE ANNUAL DEFAULT RATES DURING ESSENTIALLY THE 1990’s. TO PICK ON 1 LINE. THIS SAYS THAT ON AVERAGE A BBB CORPORATE ISSUER DEFAULTED 0.27% ON AN ANNUAL BASIS DURING THE PERIOD SHOWN THIS CAN BE COMPARED TO BB ISSUERS AT A DEFAULT RATE OF 1.55%. PTO-PTO-PTO

    14. France Telecom…Wall Street Journal Europe: 16/12/02 ’Spreads on France Telecom’s benchmark 2008 bonds initially tightened by about 0.15 percentage points as details emerged regarding the company’s three year recovery plan… (as) Fitch rating upgraded its outlook on France Telecom to positive from stable.’ Commerzbank…Wall Street Journal Europe: 7/10/02 ‘…floating-rate notes by German banks widening by 10-15 basis points, traders said. Commerzbank's floating-rate notes were hit the hardest, widening by about 15 basis points, as Fitch Ratings revised its outlook for the bank's long-term single-A-rating to negative from stable.’ TXU Europe…Financial Times: 9/10/02 ‘The utility sector saw a further slide in price for bonds issued by troubled power group TXU Europe. The company’s 2005 euro bonds were quoted at 37% of face value yesterday , down from 42% on Monday and 80% at the end of last week. Investors became concerned about TXU’s financial health last week after Fitch cut its rating to below investment grade, a move that may force the company into an early bond repayment of £275 million’ Iran…Euroweek: 12/7/02 ‘Iran made a strong showing on its debut in the euro denominated bond markets this week with the launch of a well received E500m five year issue…..the bond emerged at the top end of the E300m-E500m indicated range on the back of an order book in excess of E 800m.’ Financial Times: Iran is rated B+ by Fitch. Moody’s withdrew its rating after the US government raised concern about the US registered company providing a service to Iran. Allianz…Reuters: 28/03/03 ‘Insurer Allianz shares fell 5.3 percent to 107.99 euros after credit ratings agency Fitch said it may cut credit ratings on Allianz and its Dresdner Bank unit following the insurance giant's massive 2.5 billion euro third-quarter loss, its worst ever quarterly performance. "We have known that Allianz's credit rating is not good and the Fitch decision fits in with the overall negative rating scenario," said a trader at a major German bank.’ Germany …Dow Jones: 19/2/03 ‘At midday, the benchmark bund due January 2013 was out at 104.30 to yield 3.96%, up from 104.00 yielding about 4% late Tuesday. “Rumours about a possible downgrade of Germany by Fitch brought sellers of the German bonds onto the market” said a dealer.’ Romania Govt Bonds…Reuters 31/12/02. ‘Credit rating agency Fitch upgraded Romania’s long-term foreign currency rating to BB- from B+ on Wednesday, lifting prices of the country’s bond and those of neighbouring Bulgaria, traders said. Romania’s benchmark 700 million euro 8.5% bond, due 2012, rose half a point to 103.75 after Fitch Ratings announced the rating move..’ I WILL LEAVE YOU TO READ THIS AT YOUR LEISURE. BUT I WANT TO MAKE ONE POINT. IT IS BETTER TO HAVE A RATING, ALBEIT A LOWER RATING, THANK TO HAVE NO RATING AT ALL. WHY? WITH A RATING INVESTORS HAVE ANOTHER TOOL TO UTILIZE IN THEIR ASSESSMENTS. THEY DON’T SOLELY HAVE TO RELY ON THE PROVERBIAL CRYSTAL BALL AS MUCH AS THEY WOULD WITHOUT A RATING. I WILL LEAVE YOU TO READ THIS AT YOUR LEISURE. BUT I WANT TO MAKE ONE POINT. IT IS BETTER TO HAVE A RATING, ALBEIT A LOWER RATING, THANK TO HAVE NO RATING AT ALL. WHY? WITH A RATING INVESTORS HAVE ANOTHER TOOL TO UTILIZE IN THEIR ASSESSMENTS. THEY DON’T SOLELY HAVE TO RELY ON THE PROVERBIAL CRYSTAL BALL AS MUCH AS THEY WOULD WITHOUT A RATING.

    15. LADIES AND GENTLEMEN WITH THANKS TO NEDBANK FOR ALLOWING ME TO USE THESE EXTRACTS FROM ONE OF THEIR PUBLICATIONS I LEAVE YOU WITH 3 SLIDES THAT SHOW THE CORPORATE AND SECURITISATION BOND MATRICES FOR SOUTH AFRICA. I ALWAYS FIND IT INTERESTING TO COMPARE THE SPREADS ACROSS THE RATING CATEGORIES, AND ALSO TO SEE THE EXTENT TO WHICH THE MARKET HAS GROWN IN SOUTH AFRICA SINCE 2000. I BELIEVE THAT THIS CAN BE REPLICATED IN SELECTED ECONOMIES ACROSS AFRICA (OBVIOUSLY OVER TIME). IT IS INCREDIBLY EXCITING TO WORK IN THESE MARKETS, AND TRUST THAT THIS CONFERENCE WILL GO SOME WAY TO HELPING THIS SPREAD TO THE NORTH.LADIES AND GENTLEMEN WITH THANKS TO NEDBANK FOR ALLOWING ME TO USE THESE EXTRACTS FROM ONE OF THEIR PUBLICATIONS I LEAVE YOU WITH 3 SLIDES THAT SHOW THE CORPORATE AND SECURITISATION BOND MATRICES FOR SOUTH AFRICA. I ALWAYS FIND IT INTERESTING TO COMPARE THE SPREADS ACROSS THE RATING CATEGORIES, AND ALSO TO SEE THE EXTENT TO WHICH THE MARKET HAS GROWN IN SOUTH AFRICA SINCE 2000. I BELIEVE THAT THIS CAN BE REPLICATED IN SELECTED ECONOMIES ACROSS AFRICA (OBVIOUSLY OVER TIME). IT IS INCREDIBLY EXCITING TO WORK IN THESE MARKETS, AND TRUST THAT THIS CONFERENCE WILL GO SOME WAY TO HELPING THIS SPREAD TO THE NORTH.

    16. INFORMATION EDUCATION SHARING OF EXPERIENCES ARE KEY TO THE DEVELOPMENT OF ANYTHING NEW.INFORMATION EDUCATION SHARING OF EXPERIENCES ARE KEY TO THE DEVELOPMENT OF ANYTHING NEW.

    17. FITCH RATINGS IS COMMITTED TO AFRICA. WE ARE, AND MAKE OURSELVES AVAILABLE, AT ALL TIMES, TO ANYONE WHO WISHES TO LEARN FROM OUR EXPERIENCES. NEXT SLIDE I LEAVE YOU WITH MY CONTACT DETAILS AND INVITE YOU ALSO TO HAVE A LOOK AT OUR WEBSITE. THANK YOU FOR YOUR KIND ATTENTION. ANY QUESTIONS? FITCH RATINGS IS COMMITTED TO AFRICA. WE ARE, AND MAKE OURSELVES AVAILABLE, AT ALL TIMES, TO ANYONE WHO WISHES TO LEARN FROM OUR EXPERIENCES. NEXT SLIDE I LEAVE YOU WITH MY CONTACT DETAILS AND INVITE YOU ALSO TO HAVE A LOOK AT OUR WEBSITE. THANK YOU FOR YOUR KIND ATTENTION. ANY QUESTIONS?

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