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Chiffre d’affaires des données publiées aux données comparables

Chiffre d’affaires des données publiées aux données comparables. Chiffre d’affaires par société (données publiées). * Fitch Risk Management seule en 2004. Chiffre d’affaires par société (données comparables). Chiffre d’affaires publié par zone géographique.

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Chiffre d’affaires des données publiées aux données comparables

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  1. Page

  2. Page

  3. Chiffre d’affairesdes données publiées aux données comparables

  4. Chiffre d’affaires par société (données publiées) * Fitch Risk Management seule en 2004

  5. Chiffre d’affaires par société (données comparables)

  6. Chiffre d’affaires publié par zone géographique

  7. Du chiffre d’affaires au résultat opérationnel courant

  8. Résultat opérationnel courant par société (données publiées) * Fitch Risk Management seule en 2004

  9. Résultat opérationnel courant par société (données comparables)

  10. Du résultat opérationnel courant au résultat opérationnel (données publiées)

  11. Du résultat opérationnel au résultat net(données publiées)

  12. Page

  13. Historique • Fondation de Fimalac en 1991 • Création d’un département de notation financière : début 1992 • Fimalac acquiert IBCA (Angleterre) : fin 1992 • Acquisition de Fitch (USA) par Fimalac : en 1997 => fusion avec Fitch : création de “Fitch Ibca” • Acquisition de Duff & Phelps (USA) en 2000 => fusion avec “Fitch Ibca” et création de “Fitch Ibca Duff & Phelps” • Acquisition de Bankwatch (Canada) : fin 2000=> “Fitch Ibca Duff & Phelps” prend le nom simplifié de “Fitch Ratings”

  14. Croissance du chiffre d'affaires In $ Mil $693 $511 $455 $356

  15. Croissance du résultat opérationnel courant (EBIT) In $ Mil

  16. Structure de Fitch Group FITCH GROUP 100 % 100 % FITCH RATINGS ALGORITHMICS Y comprisFitch Risk Management

  17. Du chiffre d'affaires au résultat opérationnel courant (données publées)

  18. Résultats par société(données publiées)

  19. Page

  20. Entrée de Hearst au capital de Fitch Group Prise de participation minoritaire de 20 % dans Fitch Group

  21. Valeur de la transaction

  22. Valorisation de Fitch Group (1) CAI Cheuvreux, Exane BNP Paribas, Fideuram Wargny, Oddo Securities.(2) Cazenove, Dawnay Day Lockhart et UBS.

  23. Valorisation de Fimalac (1) CAI Cheuvreux, Exane BNP Paribas, Fideuram Wargny, Oddo Securities.(2) Cazenove, Dawnay Day Lockhart et UBS.

  24. Les aspects contractuels • Opération soumise à l’accord des autorités de la concurrence, closing prévu fin avril 2006 • Les aspects contractuels

  25. Page

  26. Des indicateurs opérationnels en forte croissance en 2005 • Chiffre d'affaires :+ 19,2 % • Résultat opérationnel courant :+ 60,4 % • Les ratios opérationnels du groupe se sont améliorés : • Augmentation du dividende de 19 % à 1,25 € par action • Résultat opérationnel courant / Chiffre d'affaires 18,4 % 24,8 % • Résultat net / Capitaux propres (données publiées) 10,1 % 12,5 % 2004 2005 A données comparables

  27. Dividende ordinaire par action

  28. Cours comparés – Fimalac, CAC 40 & SBF 120de Décembre 1992 à Février 2006 - Base 100 Déc-93 Déc-00 Déc-05 Déc-92 Déc-94 Déc-95 Déc-96 Déc-97 Déc-98 Déc-99 Déc-01 Déc-02 Déc-03 Déc-04 Déc-06 FIMALAC 1 312 SBF 120 304 CAC 40 273

  29. Cours comparés – Fimalac, CAC 40 & SBF 120de janvier 2005 à février 2006 - Base 100 Fév-06 Janv-06 Sept-05 Aoû-05 Nov-05 Mai-05 Juin-05 Mar-05 Déc-05 Janv-05 Fév-05 Avr-05 Oct-05 Juil-05 au 28/02/2006 FIMALAC 188 SBF 120 135 CAC 40 131

  30. "Total Shareholder Return" sur 10 ans des sociétés du SBF120 1 Beneteau 3 220,6% 42,0% 2 Maurel & Prom 2 576,3% 38,9% 3 Vallourec 2 324,3% 37,6% 4 Areva 1 473,0% 31,7% 5 Vinci 994,1% 27,0% 6 Wendel Investissement 870,4% 25,5% 7 Fimalac 861,0% 25,4% 8 SR Teleperformance 770,3% 24,2% 9 Unibail 761,1% 24,0% 10 Klepierre 715,7% 23,4% 11 CFF Recycling 676,8% 22,8% 12 Bouygues 676,3% 22,8% 13 Societe Generale 603,8% 21,6% 14 BNP Paribas 530,1% 20,2% 15 Publicis Groupe 512,0% 19,9% au 28/02/2006 TSR Sur 10 ans Annualisé En % En % Rang Source JCF Group

  31. Page

  32. Revenue by Segment

  33. Revenue by Region

  34. Key Figures(reported)

  35. Revenue and Current Operating Income Growth (in millions of US$) 700 600 500 400 300 200 100 - 1997 1998 1999 2000 2001 2002 2003 2004 2005 Operating Income Revenue Operating Margin 26% 21% 26% 25% 23% 23% 25% 25% 31%

  36. Drivers of Debt Capital Markets Growth Drivers of recent and future growth in debt capital markets • Macroeconomic drivers • Worldwide economic growth • Levels of real interest rates • Levels of capital spending • Merger and acquisition activity • Deregulation • Market structure drivers • Innovation (e.g., new instruments) in the debt capital markets • Growth of securitization • Disintermediation of markets • Increased availability of financial information • Demand from “new money” investors

  37. Points of Differentiation BMA survey: Majority of investors believe 3 ratings is ideal Source: Bond Market Association Rating Industry Day, February 2006

  38. Market Share By Revenue (First Nine Months 2005) Source: Moody’s Investor Presentation, March 2006

  39. Market Share (continued) Fitch 2005 Market Share (By Issuance Dollar Volume) Source: SDC, Bondware, Fitch

  40. Key 2005 Accomplishments Greater Institutional Acceptance – Transitioning the Market to a Three Rating Environment • Inclusion in key fixed income indexes • Lehman Brothers, Merrill Lynch, Banc of America, iTraxx, iBoxx, Bond Buyer, NASD Bloomberg Corporate Bond Indices, etc. • Inclusion in institutional investor investment guidelines • 56% of top 100 institutional investors have changed or are in process of changing • 78% of top 50 public pension fund investors have changed or are in process of changing • Calpers, Citigroup, Dreyfus, Fidelity, PIMCO, TIAA-CREF, etc.

  41. Key 2005 Accomplishments (continued) Key Rating Initiatives • Recovery ratings • Created two new types of ratings – issuer default ratings and recovery ratings • Being rolled out across all corporate, utility, bank and insurance sectors • Credit derivatives • Valuspread acquisition provides data for analysis and a commercial platform • Content additions to FitchCDx, Fitch’s online hub of credit derivatives information • RAPCD announced March 15, will provide integrated platform for credit and market risk in growing synthetic CDO market • Quantitative financial research • Invested in 2005 to build QFR teams in NY and London • Focused on structured finance, but also involved in other areas • Focused on updating current Fitch internal and external models plus building new solutions

  42. Key 2005 Accomplishments (continued) Key Rating Initiatives (continued) • VECTOR version 2.2 released for CDO market • Insurance Q Ratings • Built on success of QIFS ratings in Europe with U.S. rollout • Furthers market transparency by providing information on insurers of all size • Introduced two measures of banking system vulnerability – Banking System Indicator and Macro Prudential Indicator • Continued expansion in high yield, leveraged loans and covered bonds • International Securitisation Report and Structured Finance International best structured finance rating agency awards – again Products & Services • Focused on identifying opportunities to complement core products -- Fitch Research and Ratings Delivery Service -- with new products and services • Launched three structured finance-focused products in 2005 • Bond Compare, FASTracker, ABCP SMART

  43. Key 2006 Initiatives Structured Finance Initiatives • Updated RMBS model • Revised VECTOR CDO model • RAPCD for synthetic CDOs • Continue to build QFR team Corporate/Financial Institution Initiatives • Continued recovery ratings implementation • Insurance capital model • Financial guaranty capital model • Expand in high yield and leveraged loan markets Business Development Initiatives • Build on index and investment guideline inclusion momentum • Grow products and services

  44. Regulatory Update U.S. • SEC continues its ongoing review of the appropriate level of regulation for ratings agencies • Released for public comment Proposed Rule on definition of NRSRO in April 2005 • Produced technical assistance for Congress relating to SEC statutory authority in June 2005 • “Credit Rating Agency Duopoly Relief Act of 2005” introduced in House in June 2005 • Hearings held in 2005; additional hearings in House possible in 2006 • Senate hearing held March 7 International • European Parliament asked EU Commission to assess need for rating agency legislation in 2004 • EU Commission announced it will not propose new legislation to regulate but will monitor compliance with existing and self-regulatory rules • IOSCO published Code of Conduct Fundamentals for Credit Rating Agencies in December 2004 • Fitch supports the IOSCO approach ; published its official Code of Conduct in January 2005

  45. Market Outlook • Long-term secular outlook remains favorable but cyclical factors may induce some volatility • Continued worldwide economic growth • Potential for rising real interest rates • Increased M&A activity • Basel II • BMA projects 13% decline in total US issuance volume in 2006 (driven by RMBS) • EMEA issuance outlook more positive, particularly in structured finance

  46. Goals • Continue to capitalize on overall institutionalization efforts • Maintain and grow market share across all key segments and region • Revised models should drive incremental ratings share • Enhanced pricing flexibility • Continue to grow revenue from products and services • Fitch Ratings: 10-12% revenue growth annually • US: 8-10% • International: 20%

  47. Algorithmics Incorporated Page

  48. Key Figures(reported) Algorithmics Incorporated Note: 2004 includes FRM only. 2005 reflects only ~11 months of Algorithmics revenue, an adjustment of the revenue recognition policy, and $15.7 million amortization charge associated with acquired Algo IP

  49. Revenue by Region Algorithmics Incorporated (in millions of US$) IAS Norms

  50. Overview Algorithmics Incorporated Algorithmics strives to be the single most respected and widely used provider of risk management solutions in the world. • Founded in 1989, a recognized leader in enterprise risk management • 660 professionals in 18 global offices • Serves the global financial services industry • Over 300 solutions clients including 70 of the world’s largest banks

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