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Sales from reported to like-for-like

Sales from reported to like-for-like. Sales by company (reported). Sales by company (like-for-like). Sales by geographic regions (reported). From sales to recurring operating income. Recurring operating income by company (reported). Recurring operating income by company (like-for-like).

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Sales from reported to like-for-like

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  1. Salesfrom reported to like-for-like

  2. Sales by company (reported)

  3. Sales by company (like-for-like)

  4. Sales by geographic regions(reported)

  5. From sales to recurring operating income

  6. Recurring operating income by company(reported)

  7. Recurring operating income by company (like-for-like)

  8. From recurring operating income to operating result (reported)

  9. From operating result to net earnings(reported)

  10. Cash and cash equivalents / (net debt) by company

  11. Main cash flows of the parent companyfrom January 1 through September 30, 2006

  12. Evolution of the treasury stocks level since January 1, 2006 Reserved for options : 1.1 % Reserved for BASA : 0.3 % Free : 2.3 % • % of capital as of 12/31/2005 • % of capital as of 09/30/2006

  13. Fimalac share performance vs. CAC 40 and SBF 120 December 1992 to November 15, 2006 FIMALAC 1 435 SBF 120 337 CAC 40 301 Dec-92 Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Nov 15-06

  14. Fimalac share performance vs. CAC 40 and SBF 120January 2006 to November 15, 2006 FIMALAC 137 SBF 120 117 CAC 40 116 July-06 May-06 June-06 Feb-06 Aug-06 Jan-06 Mar-06 Sept-06 Apr-06 Oct-06 Nov15-06

  15. "Total Shareholder Return" over 10 years SBF120 companies TSR Over 10 years Annualized in % in % Ranking Source JCF Group

  16. Ordinary dividend per share 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 9 months

  17. History

  18. Fitch Group structure

  19. Fitch Group Revenue Growth In $ Mil

  20. Fitch Group Operating Income Growth (EBIT) In $ Mil

  21. Fitch Group Sales to Operating Income

  22. Key Figures by Company

  23. Fitch RatingsOverview • A leading global provider of credit ratings, opinions, research and data for debt issued in domestic and international markets. • Fitch Research • A subscription based product that provides access to all of Fitch Ratings’ global credit ratings and research. • Fitch Training • A service that provides credit risk training to capital market participants

  24. Fitch Ratings Revenue growth (in millions of US$)

  25. Global Debt Issuance ($ Volume) ($US Billions) Source: Thomson Financial

  26. Fitch Ratings Market Share Fitch Market Share(By Dollar Volume)

  27. Fitch Ratings Revenue by Segment

  28. Fitch Ratings Revenue by Region

  29. Fitch Ratings EBITDA and Operating Income

  30. 2006 Accomplishments Structured Finance • Enhanced analytical model for RMBS market. • Launched a new performance analytics product SMARTView, for US CMBS, to provide timely monthly surveillance for all rated deals. • Won The International Securitisation Report’s, Best International Structured Finance Rating Agency of the Year award.

  31. 2006 Accomplishments Structured Finance (cont’d) • Credit Derivative Initiative • Updated VECTOR model for the Structured Credit Market. • Released a new Rating Analytics Platform for Credit Derivatives (RAP CD) that provides mark to model pricing for synthetics CDOs. • Acquired Reoch Credit, Ltd, and its pricing model platform. • Launched Stability Scores, a service that provides transparency to compare and contrast tranches of transactions and their relative stability. • Created Commercial Real Estate CDO team.

  32. 2006 Accomplishments Corporate Finance • Added 250 corporate, financial institution and insurance mandate ratings during the first nine months of 2006. • Roll-out of Recovery Ratings. • Launched Prism, the first global stochastic Insurance Capital Model. • Financial Guaranty Capital Model in development. • Expansion into the leveraged loan market.

  33. 2006 Accomplishments Business Development • Continued institutionalization of Fitch into investment guidelines, risk management systems and trading platforms. • 80 of the top 100 U.S. investors • 42 of the top 50 public pension fund investors • 19 of the top 50 corporate pension fund investors • Growth in subscription research and data products

  34. Fitch Ratings Investment in Human Capital Headcount

  35. 2007 Initiatives Structured Finance Initiatives • Derivative Fitch launch and continued focus on meeting demands of the credit derivatives market • Release and implementation of new models: • ResiLogic, new US RMBS model • New US CMBS model • Continued focus on EMEA expansion and emerging markets securitization growth • Participation in the global growth of Asset Backed Commercial Paper.

  36. 2007 Initiatives (cont’d) Corporate Finance • Continued expansion into rapidly growing new markets • Corporate loan ratings • Emerging markets • Covered bonds • Continued expansion in existing markets • The high yield and loan markets • Introduction of new analytical tools and procedures including new quantitative models and analytics • Focused effort at servicing the burgeoning infrastructure financing market

  37. Fitch RatingsLaunch of Derivative Fitch FitchGroup

  38. Fitch RatingsCredit Derivative Growth Outpacing Cash Market Notional Outstanding (USD Trillion) *as of 30 June 2006 Source: British Bankers Association, Bank for International Settlements, ISDA

  39. Fitch Ratings Global CDO Market Issuance (in millions of US$) Source: The Bond Market Association

  40. Fitch RatingsDerivative Fitch Today Key Features • Credit Ratings & Surveillance • Established & Leading Credit Models • Leading Edge Research • Market Risk Analytics

  41. Fitch RatingsExpanding Tools and Methodologies Used to Analyze Credit Stability and Market Risk • Derivative Ratings • Ratings and services that incorporate credit and market risk Traditional Ratings - Further granularity of credit risk Mean default probability Recovery Analysis Surveillance Market Implied Ratings Scenario & Stress Analysis Default Risk Modeling Pre-sale reports Migration Analysis Mark to Model Pricing Correlation CDS Pricing Greek Sensitivity Analysis Stability Analysis Portfolio Evaluation

  42. Fitch Ratings Goals • Create and maintain reputation for highest quality ratings and research • Maintain and grow market share across all key segments and regions • Enhance pricing flexibility • Continue consistent long-term investment plan • Fitch Ratings secular revenue growth: 10–12% • US: 8–10% • International: 15–20%

  43. AlgorithmicsIntroduction Algorithmics is an internationally recognized leader in the development and delivery of enterprise solutions for the measurement and reporting of risk, and business applications that enable clients to make risk-aware business decisions

  44. AlgorithmicsRevenue by Region * Includes inter-company revenue of $3.3 million

  45. AlgorithmicsEBITDA and Operating Income * Includes inter-company revenue of $3.3 million

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