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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 current operating income. Current operating income by company (reported). Current operating income by company (like-for-like).

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Sales from reported to like-for-like

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  1. Page

  2. Page

  3. Salesfrom reported to like-for-like

  4. Sales by company (reported)

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

  6. Sales by geographic regions(reported)

  7. From sales to current operating income

  8. Current operating income by company (reported)

  9. Current operating income by company (like-for-like)

  10. From current operating income to operating result (reported)

  11. From operating result to net earnings(reported)

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

  13. Main cash flows of the parent companyfrom January 1 through August 31, 2006

  14. Evolution of the treasury stocks level since January 1, 2006 Reserved for options : 1.1 % Reserved for BASA : 0.4 % Free : 2.0 % • % of capital as of 12/ 31/2005 • % of present capital

  15. Impact of the treasury stocks operations on the share capital

  16. Fimalac share performance vs. CAC 40 and SBF 120December 1992 to August 2006 August 31, 2006 FIMALAC 1 301 SBF 120 313 CAC 40 282 Aug-06 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

  17. Fimalac share performance vs. CAC 40 and SBF 120January 2006 to August 2006 August 31, 2006 FIMALAC 127 SBF 120 110 CAC 40 110 July-06 May-06 June-06 Feb-06 Aug-06 Jan-06 Apr-06 Mar-06

  18. "Total Shareholder Return" over 10 years SBF120 companies August 31, 2006 TSR Over 10 years Annualized in % in % Ranking Source JCF Group

  19. Page

  20. History

  21. Fitch Group structure

  22. Fitch Group Revenue Growth (in US$ millions)

  23. Fitch Group Operating Income Growth (EBIT) (in US$ millions)

  24. Fitch Group Sales to Operating Income

  25. Key Figures by Company

  26. Page

  27. Fitch Ratings Revenue growth (in US$ millions)

  28. Global Debt Issuance ($ Volume) (in US$ billions) Source: Thomson Financial

  29. Fitch Ratings Market Share Fitch Market Share(By Issuance Dollar Volume)

  30. Fitch Ratings Revenue by Segment

  31. Fitch Ratings Revenue by Region

  32. Fitch Ratings EBITDA and Operating Income

  33. Recap of 2006 Initiatives Structured Finance Initiatives • Updated RMBS model • Revised VECTOR CDO model • RAPCD for synthetic CDOs • 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

  34. Fitch Ratings Investment in Human Capital

  35. Regulatory Update EMEA and Asia / Pacific • Recognized for ECAI purposes in the EU, Hong Kong, Japan, Kuwait and the Philippines. • Fitch release of “Code of Conduct – One Year On” • The Committee of European Securities Regulators is expected to deliver an annual report during the fourth quarter of 2006 to report on rating agency compliance with the code of conduct published by IOSCO (the International Organization of Securities Commissions) North America • “Credit Rating Agency Duopoly Relief Act” passed in House of Representatives in July 2006. • Senate Banking Committee approved the “Credit Rating Agency Reform Act of 2006” in August 2006. • Unclear if the bill will be reconciled between the two houses of Congress and voted on before November elections. • Recognized for ECAI purposes in Canada

  36. 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%

  37. Page

  38. EBITDA and Operating Income

  39. Revenue by Region (in US$ millions)

  40. Overview 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 • 720 (+60)professionals in 19 (+1) global offices • Serves the global financial services industry • 320 (+20) software solution clients including 70 of the world’s largest banks Note: Changes are with respect to reported 2005 year-end numbers. Client and employee numbers are as of June 30 and rounded to closest multiple of 5

  41. Corporate Achievements Growth • 30 software license deals in 1H 2006 • 17.2 % revenue growth 1H 2006 vs. 1H 2005 (comparable numbers) Investment in Human Capital • Building subject matter expertise; growing services, advisory, sales. • Added 60 professionals in 1H 2006 Industry Recognition • New in 2006: Financial Insight, Waters, Chartis • Successful global user conference ARC 2006

  42. Solution Achievements • Algo Suite 4.5 • Capital Management and Credit Risk (Algo Capital, Algo Credit) • Operational Risk (Algo OpVantage) • Market Risk for the Buy Side and Sell Side (Algo Risk) • Collateral Management (Algo Collateral)

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