1

2

Chiffre d’affairesChiffre d’affairesdes données publiées aux données comparablesdes données publiées aux données comparables

(en M€)(en M€) 2005

9 mois

2006

9 mois

VariationVariation

Chiffre d'affaires Chiffre d'affaires (données publiées)(données publiées) 382,7382,7 457,4457,4 + 19,5 %+ 19,5 %

Effet de conversion ($ et £)Effet de conversion ($ et £) - 6,6- 6,6

Variation du périmètre (Variation du périmètre (Entrée AlgorithmicsEntrée Algorithmics)) - 2,3- 2,3

CHIFFRE D'AFFAIRESCHIFFRE D'AFFAIRES

(données comparables)(données comparables)

382,7382,7 448,5448,5 + 17,2 %+ 17,2 %

Chiffre d’affaires par société Chiffre d’affaires par société (données publiées)(données publiées)

(en M€)(en M€) 2005

9 mois

2006

9 mois VariationVariation

FITCHFITCH GROUP GROUP 382,4382,4 457,1457,1 + 19,5 %+ 19,5 %

Fitch RatingsFitch Ratings 331,4331,4 388,8388,8 + 17,3 %+ 17,3 %

AlgorithmicsAlgorithmics 51,051,0 68,368,3 + 33,9 %+ 33,9 %

Autres (société mère)Autres (société mère) 0,30,3 0,30,3

CHIFFRE D'AFFAIRES CHIFFRE D'AFFAIRES

(donn(donnéées publiées)es publiées)

382,7382,7 457,4457,4 + 19,5 %+ 19,5 %

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

(en M€)(en M€) 2005

9 mois

2006

9 mois VariationVariation

FITCHFITCH GROUP GROUP 382,4382,4 448,2448,2 + 17,2 %+ 17,2 %

Fitch RatingsFitch Ratings 331,4331,4 383,6383,6 + 15,8 %+ 15,8 %

AlgorithmicsAlgorithmics 51,051,0 64,664,6 + 26,7 %+ 26,7 %

Autres (société mère)Autres (société mère) 0,30,3 0,30,3

CHIFFRE D'AFFAIRES CHIFFRE D'AFFAIRES

(donn(donnéées comparables)es comparables)

382,7382,7 448,5448,5 + 17,2 %+ 17,2 %

2005 9 mois %%

2006 9 mois %%

11 Etats-UnisEtats-Unis 210,2210,2 54,9 %54,9 % 237,4237,4 51,9 %51,9 %

22 Royaume UniRoyaume Uni 51,351,3 13,4 %13,4 % 58,458,4 12,8 %12,8 %

33 AllemagneAllemagne 13,013,0 3,4 %3,4 % 18,518,5 4,0 %4,0 %

44 FranceFrance 8,58,5 2,2 %2,2 % 10,410,4 2,3 %2,3 %

55 Pays-BasPays-Bas 6,96,9 1,8 %1,8 % 10,110,1 2,2 %2,2 %

66 SuisseSuisse 7,87,8 2,0 %2,0 % 9,99,9 2,2 %2,2 %

77 ItalieItalie 9,49,4 2,5 %2,5 % 9,89,8 2,1 %2,1 %

88 EspagneEspagne 7,07,0 1,8 %1,8 % 8,88,8 1,9 %1,9 %

99 MexiqueMexique 7,27,2 1,9 %1,9 % 8,28,2 1,8 %1,8 %

1010 JaponJapon 5,85,8 1,5 %1,5 % 6,96,9 1,5 %1,5 %

% du chiffre d'affaires% du chiffre d'affaires publié total publié total 85,5 %85,5 % 82,7 %82,7 %

Chiffre d’affaires publié par zone géographiqueChiffre d’affaires publié par zone géographique

Du chiffre d’affaires Du chiffre d’affaires au résultat opérationnel courantau résultat opérationnel courant

(en M€)(en M€)2005

9 mois

2006

9 moisVariationVariation

Chiffre d’affaires Chiffre d’affaires (données publiées)(données publiées) 382,7382,7 457,4457,4 + 19,5%+ 19,5%

Autres produits et charges d’exploitationAutres produits et charges d’exploitation - 317,2- 317,2 - 377,4- 377,4

Résultat opérationnel courantRésultat opérationnel courant (données publiées) (données publiées)

65,565,5 80,080,0 + 22,1%+ 22,1%

Effet de conversion ($ et £)Effet de conversion ($ et £) - 1,2- 1,2

Variation du périmètre Variation du périmètre (Entrée Algorithmics) (Entrée Algorithmics)

2,92,9

  RÉSULTAT RÉSULTAT OPÉRATIONNEL COURANTOPÉRATIONNEL COURANT (données comparables)(données comparables)

65,565,5 81,781,7 + 24,7%+ 24,7%

(en M€)(en M€) 2005

9 mois

2006

9 mois VariationVariation

FITCHFITCH GROUP GROUP 75,875,8 85,685,6 ++ 12,9 %12,9 %

Fitch RatingsFitch Ratings 96,596,5 111,7111,7 ++ 15,8 %15,8 %

AlgorithmicsAlgorithmics - 20,7- 20,7 - 26,1- 26,1 -- 26,1 %26,1 %

Autres (société mère)Autres (société mère) - 10,3- 10,3 - 5,6- 5,6 ++ 45,6 %45,6 %

RÉSULTAT OPÉRATIONNEL COURANTRÉSULTAT OPÉRATIONNEL COURANT (donn(donnéées publies publiéées)es)

65,565,5 80,080,0 ++ 22,1 %22,1 %

Résultat opérationnel courant par société Résultat opérationnel courant par société (données publiées)(données publiées)

Résultat opérationnel courant par société Résultat opérationnel courant par société (données comparables)(données comparables)

Marge opérationnelle (ROC / CA)Marge opérationnelle (ROC / CA) 17,1 %17,1 % 18,2 %18,2 %

(en M€)(en M€) 2005

9 mois

2006

9 mois

VariationVariation

FITCHFITCH GROUP GROUP 75,875,8 87,387,3 ++ 15,2 %15,2 %

Fitch RatingsFitch Ratings 96,596,5 110,0110,0 ++ 14,0 %14,0 %

AlgorithmicsAlgorithmics - 20,7- 20,7 - 22,7- 22,7 -- 9,7 %9,7 %

Autres (société mère)Autres (société mère) - 10,3- 10,3 - 5,6- 5,6 ++ 45,6 %45,6 %

RÉSULTAT OPÉRATIONNEL RÉSULTAT OPÉRATIONNEL

COURANTCOURANT (donn(donnéées publies publiéées)es)65,565,5 81,781,7 ++ 24,7 %24,7 %

Du résultat opérationnel courantDu résultat opérationnel courant au résultat opérationnel au résultat opérationnel (données publiées)(données publiées)

(en M€)(en M€) 2005

9 mois

2006

9 mois

VariationVariation

Résultat opérationnel courant Résultat opérationnel courant (données publiées)(données publiées)

65,565,5 80,080,0 + 22,1 %+ 22,1 %

Autres produits et charges Autres produits et charges opérationnelsopérationnels

- 5,0- 5,0 - 2,5- 2,5

RÉSULTAT OPÉRATIONNEL RÉSULTAT OPÉRATIONNEL ((donndonnéées publiéeses publiées))

60,560,5 77,577,5 + 28,1 %+ 28,1 %

Du résultat opérationnel au résultat netDu résultat opérationnel au résultat net (données publiées)(données publiées)

(en M€)(en M€) 2005

9 mois

2006

9 mois

Résultat opérationnel Résultat opérationnel (données publiées)(données publiées)

60,560,5 77,577,5

Coût de l’endettement financier etCoût de l’endettement financier etautres produits et charges financiersautres produits et charges financiers

- 13,3- 13,3 1,41,4

Charge d’impôtCharge d’impôt - 26,9- 26,9 - 29,1- 29,1

Résultat net des sociétés mises en Résultat net des sociétés mises en équivalenceéquivalence

0,20,2 1,01,0

Résultat net des cessions, des activités Résultat net des cessions, des activités arrêtées ou en cours de cessionarrêtées ou en cours de cession

- 1,7- 1,7 450,7450,7

Intérêts minoritairesIntérêts minoritaires -- - 9,8- 9,8

RÉSULTAT NET – Part Groupe RÉSULTAT NET – Part Groupe ((donndonnéées publiéeses publiées))

18,818,8 491,7491,7

Trésorerie / endettement net par sociétéTrésorerie / endettement net par société

(en M€)(en M€) 31/12/200531/12/2005 30/09/200630/09/2006

Fitch GroupFitch Group - 226- 226 - 273- 273

Société-mèreSociété-mère - 186- 186 + 413+ 413

Trésorerie nette - FimalacTrésorerie nette - Fimalac - 412- 412 + 140+ 140

Flux principaux de trésorerie de la société-mèreFlux principaux de trésorerie de la société-mèredu 1er janvier au 30 septembre 2006du 1er janvier au 30 septembre 2006

(en M€)(en M€)

Endettement net au 31/12/2005Endettement net au 31/12/2005 - 186- 186

Cession de Facom (janvier 2006)Cession de Facom (janvier 2006) + 344+ 344

Cession 20% de Fitch Group (avril 2006)Cession 20% de Fitch Group (avril 2006) + 493+ 493

Exercices BASA et levées optionsExercices BASA et levées options + 48+ 48

Rachats d’actions FimalacRachats d’actions Fimalac - 265- 265

Dividendes (reçus/payés), flux diversDividendes (reçus/payés), flux divers - 21- 21

TRESORERIE NETTE au 30/09/2006TRESORERIE NETTE au 30/09/2006 + 413+ 413

Evolution de l’auto-contrôle Evolution de l’auto-contrôle depuis le 1er janvier 2006depuis le 1er janvier 2006

Nombres d’actions auto-détenuesNombres d’actions auto-détenues

POSITION AU 31/12/2005POSITION AU 31/12/2005 2 762 1312 762 131 7,3 %7,3 %

Acquisitions 2006Acquisitions 2006 + 3 942 828+ 3 942 828 10,4 %10,4 %

17,7 %17,7 %

Livraisons / BASA et optionsLivraisons / BASA et options

BASABASA - 1 576 805- 1 576 805 - 4,2 %- 4,2 %

OptionsOptions - 275 039- 275 039 - 0,7 %- 0,7 %

Annulations (réductions capital)Annulations (réductions capital)

15/03/200615/03/2006 - 400 000- 400 000 - 1,1 %- 1,1 %

30/05/200630/05/2006 - 1 700 000- 1 700 000 - 4,5 %- 4,5 %

19/09/200619/09/2006 - 1 480 000- 1 480 000 - 3,9 %- 3,9 %

- 14,4 %- 14,4 %

POSITION AU 30/09/2006POSITION AU 30/09/2006 1 273 1151 273 115 3,7 %3,7 %

(1)(1) % du capital au 31/12/2005% du capital au 31/12/2005(2)(2) % du capital au 30/09/2006% du capital au 30/09/2006

Couverture options Couverture options : 1,1 %: 1,1 %Couverture BASA Couverture BASA : 0,3 %: 0,3 %Disponibles :Disponibles : : 2,3 %: 2,3 %

(1)(1)

(1)(1)

(1)(1)

(1)(1)

(1)(1)

(1)(1)

(1)(1)

(2)(2)

Cours comparés – Fimalac, Cours comparés – Fimalac, CAC 40 & SBF 120CAC 40 & SBF 120 de Décembre 1992 au 15 Novembre 2006 - Base 100de Décembre 1992 au 15 Novembre 2006 - Base 100

CAC 40CAC 40

301301

FIMALACFIMALAC

1 4351 435

SBF 120SBF 120

337337

100

300

500

700

900

1100

1300

1500

1700

Déc-92

Déc-92

Déc-93

Déc-93

Déc-94

Déc-94

Déc-95

Déc-95

Déc-96

Déc-96

Déc-97

Déc-97

Déc-98

Déc-98

Déc-99

Déc-99

Déc-00

Déc-00

Déc-01

Déc-01

Déc-02

Déc-02

Déc-03

Déc-03

Déc-04

Déc-04

Déc-05

Déc-05

15 Nov-06

15 Nov-06

Cours comparés – Fimalac, Cours comparés – Fimalac, CAC 40 & SBF 120CAC 40 & SBF 120 de janvier 2006 au 15 Novembre 2006 de janvier 2006 au 15 Novembre 2006 - Base 100- Base 100

CAC 40CAC 40

116116

FIMALACFIMALAC

137137

SBF 120SBF 120

117117

100

105

110

115

120

125

130

135

140

145

150

Jan-

06

Jan-

06Fé

v-06

Fév-

06M

ar-0

6

Mar

-06

Avr-0

6

Avr-0

6M

ai-06

Mai-

06Ju

in-0

6

Juin

-06

Juil-

06

Juil-

06Aoû

-06

Aoû-0

6Se

pt-0

6

Sept

-06

Oct-06

Oct-06

15 N

ov-0

6

15 N

ov-0

6

"Total Shareholder Return" sur 10 ans "Total Shareholder Return" sur 10 ans des sociétés du SBF120des sociétés du SBF120

Source JCF Group

Rang TSR

Sur 10 ans Annualisé En % En %

1 Beneteau 3 738,8% 44,0%

2 Vallourec 2 836,9% 40,2%

3 Eiffage 2 167,6% 36,6%

4 Maurel Et Prom 2 077,3% 36,1%

5 Vinci 1 400,8% 31,1%

6 Unibail 1 101,2% 28,2%

7 CFF Recycling 1 035,6% 27,5%

8 Areva 999,5% 27,1%

9 Wendel Investissement 913,3% 26,1%

10 Klepierre 852,2% 25,3%

11 Bouygues 731,8% 23,6%

12 Societe Generale 704,7% 23,2%

13 Fimalac 663,6% 22,5%

14 Ciments Français 634,1% 22,1%

15 BNP Paribas 579,6% 21,1%

Dividende ordinaire par action Dividende ordinaire par action

0,48 0,52 0,55

0,74

0,900,95 0,95 0,95

1,05

1,251,40

2006200619961996 19971997 19981998 19991999 20002000 20012001 20022002 20032003 20042004 20052005

9 mois9 mois

19

HistoriqueHistorique

Structure de Fitch GroupStructure de Fitch Group

Fitch Group Fitch Group Revenue GrowthRevenue Growth

In $ MilIn $ Mil

$24 $43

$156 $169

$222

$305

$356

$455

$511

$693

$483

$565

0

100

200

300

400

500

600

700

800

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 YTDSept 05

YTDSept 06

In $ Mil

Fitch Group Fitch Group Operating Income Growth (EBIT)Operating Income Growth (EBIT)

$5$10

$29 $32$37

$72

$83

$113 $110

$150

$96$106

0

20

40

60

80

100

120

140

160

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 YTDSept 05

YTDSept 06

Fitch Group Fitch Group Sales to Operating IncomeSales to Operating Income

in US$ millionsin US$ millions YTD YTD

Sept 05Sept 05

YTD YTD

Sept 06Sept 06

% Change% Change

RevenueRevenue 483,1483,1 565,0565,0 ++ 17,0%17,0%

Personnel costsPersonnel costs 254,2254,2 299,6299,6 ++ 17,9 %17,9 %

External expensesExternal expenses 83,783,7 107,4107,4 ++ 28,3 %28,3 %

Total chargesTotal charges 337,9337,9 407,0407,0 ++ 20,4 %20,4 %

EBITDAEBITDA 145,2145,2 158,0158,0 ++ 8,8 %8,8 %Profit sharing planProfit sharing plan 28,628,6 27,127,1 -- 5,2 %5,2 %DepreciationDepreciation 9,39,3 9,79,7 ++ 4,3 %4,3 %Intellectual propertyIntellectual property 11,611,6 15,415,4 ++ 32,8 %32,8 %

Operating IncomeOperating Income 95,795,7 105,8105,8 ++ 10,6 %10,6 %

Key Figures by CompanyKey Figures by Company

(in US$ millions)(in US$ millions)YTD YTD

Sept 05Sept 05YTD YTD

Sept 06Sept 06% Change% Change

Revenue Revenue FITCH GROUPFITCH GROUP 483,1483,1 565,0565,0 ++ 17,0 %17,0 %

FitchRatingsFitchRatings 418,6418,6 480,5480,5 ++ 14,8 %14,8 %

AlgorithmicsAlgorithmics 64,564,5 87,887,8 ++ 36,1 %36,1 %

Intercompany revenueIntercompany revenue -- - 3,3- 3,3

EBITDA FITCH GROUPEBITDA FITCH GROUP 145,2145,2 158,0158,0 ++ 8,8 %8,8 %

FitchRatingsFitchRatings 156,8156,8 173,4173,4 ++ 10,6 %10,6 %

AlgorithmicsAlgorithmics - 11,6- 11,6 - 15,4- 15,4

Operating Income Operating Income FITCH GROUPFITCH GROUP 95,795,7 105,8105,8 ++ 10,6 %10,6 %

FitchRatingsFitchRatings 121,9121,9 138,1138,1 ++ 13,3 %13,3 %

AlgorithmicsAlgorithmics - 26,2- 26,2 - 32,3- 32,3

26

Fitch RatingsFitch RatingsOverviewOverview

A leading global provider of credit ratings, opinions, A leading global provider of credit ratings, opinions, research and data for debt issued in domestic and research and data for debt issued in domestic and international markets. international markets.

Fitch Research Fitch Research A subscription based product that provides access to all of

Fitch Ratings’ global credit ratings and research.

Fitch TrainingFitch Training A service that provides credit risk training to capital

market participants

Fitch Ratings Fitch Ratings Revenue growthRevenue growth

(in (in millions of US$)millions of US$)

$305

$353

$448

$502

$594

$419

$481

0

100

200

300

400

500

600

700

2001 2002 2003 2004 2005 YTD Sept 05 YTD Sept 06

Global Debt Issuance Global Debt Issuance ($ Volume)($ Volume)

Source: Thomson Financial Source: Thomson Financial

($US Billions)($US Billions)

0

1,000

2,000

3,000

4,000

5,000

6,000

2002 2003 2004 2005 YTD Sept 05 YTD Sept 06

Fitch Ratings Fitch Ratings Market Share Market Share

53%

89%

65%

51%

89%

66%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Structured Finance Financial Institutions Non-Financial Corporates

FY 2005 YTD Sept 06

53%

89%

65%

51%

89%

66%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Structured Finance Financial Institutions Non-Financial Corporates

FY 2005 YTD Sept 06

Fitch Market ShareFitch Market Share (By Dollar Volume)(By Dollar Volume)

Fitch Ratings Fitch Ratings Revenue by SegmentRevenue by Segment

(in (in US$ millions)US$ millions)

YTD YTD Sept 05Sept 05

YTD YTD Sept 06Sept 06

% Change % Change

Structured FinanceStructured Finance 224,7224,7 246,7246,7 + 9,8%+ 9,8%

Corporate FinanceCorporate Finance 147,2147,2 178,8178,8 + 21,5%+ 21,5%

Subscriptions /TrainingSubscriptions /Training 46,746,7 55,055,0 + 17,8%+ 17,8%

TOTAL FITCH RATINGSTOTAL FITCH RATINGS 418,6418,6 480,5480,5 + 14,8%+ 14,8%

Fitch Ratings Fitch Ratings Revenue by RegionRevenue by Region

(in (in US$ millions)US$ millions)

YTD YTD Sept 05Sept 05

YTD YTD Sept 06Sept 06

% Change % Change

North AmericaNorth America 248,5248,5 271,3271,3 + 9,2%+ 9,2%

Europe, Middle East & AfricaEurope, Middle East & Africa 139,6139,6 173,0173,0 + 23,9%+ 23,9%

Latin AmericaLatin America 17,517,5 20,020,0 + 14,3%+ 14,3%

Asia PacificAsia Pacific 13,013,0 16,216,2 + 24,6%+ 24,6%

TOTAL FITCH RATINGSTOTAL FITCH RATINGS 418,6418,6 480,5480,5 + 14,8%+ 14,8%

Fitch Ratings Fitch Ratings EBITDA and Operating Income EBITDA and Operating Income

(in (in US$ millions)US$ millions) YTD YTD Sept 05Sept 05

YTD YTD Sept 06Sept 06

% Change% Change

Revenue Revenue 418,6418,6 480,5480,5 + 14,8%+ 14,8%

EBITDA EBITDA 156,8156,8 173,4173,4 + 10,6%+ 10,6%

EBITDA MarginEBITDA Margin 37,5 %37,5 % 36,1 %36,1 %

Profit sharing planProfit sharing plan 28,428,4 27,227,2 - 4,2%- 4,2%Depreciation & AmortizationDepreciation & Amortization 6,56,5 8,18,1 + 24,6%+ 24,6%

Operating Income Operating Income 121,9121,9 138,1138,1 + 13,3%+ 13,3%

Operating Income MarginOperating Income Margin 29,1 %29,1 % 28,7 %28,7 %

2006 Accomplishments2006 Accomplishments

Structured FinanceStructured Finance

Enhanced analytical model for RMBS market.Enhanced analytical model for RMBS market.

Launched a new performance analytics product Launched a new performance analytics product SMARTView, for US CMBS, to provide timely monthly SMARTView, for US CMBS, to provide timely monthly surveillance for all rated deals.surveillance for all rated deals.

WonWon The International Securitisation Report’s, The International Securitisation Report’s, Best Best International Structured Finance Rating Agency of the International Structured Finance Rating Agency of the Year awardYear award. .

2006 Accomplishments2006 Accomplishments

Structured Finance (cont’d)Structured Finance (cont’d)

Credit Derivative InitiativeCredit 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.

2006 Accomplishments2006 Accomplishments

Corporate Finance Corporate Finance

Added 250 corporate, financial institution and insurance Added 250 corporate, financial institution and insurance mandate ratings during the first nine months of 2006.mandate ratings during the first nine months of 2006.

Roll-out of Recovery Ratings.Roll-out of Recovery Ratings.

Launched Prism, the first global stochastic Insurance Launched Prism, the first global stochastic Insurance Capital Model.Capital Model.

Financial Guaranty Capital Model in development.Financial Guaranty Capital Model in development.

Expansion into the leveraged loan market.Expansion into the leveraged loan market.

2006 Accomplishments2006 Accomplishments

Business DevelopmentBusiness Development

Continued institutionalization of Fitch into investment Continued institutionalization of Fitch into investment guidelines, risk management systems and trading guidelines, risk management systems and trading platforms.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 productsGrowth in subscription research and data products

Fitch Ratings Fitch Ratings Investment in Human CapitalInvestment in Human Capital

1,827

1,6171,447

1,350

0

300

600

900

1,200

1,500

1,800

2,100

12/31/02 12/31/03 12/31/04 12/31/05

1,827

1,6171,447

1,350

0

300

600

900

1,200

1,500

1,800

2,100

12/31/02 12/31/03 12/31/04 12/31/05

2,064

1,767

09/30/05 09/30/06

2,064

1,767

09/30/05 09/30/06

HeadcountHeadcount

2007 Initiatives 2007 Initiatives

Structured Finance InitiativesStructured 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.

2007 Initiatives 2007 Initiatives (cont’d)(cont’d)

Corporate Finance 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

Fitch RatingsFitch RatingsLaunch of Derivative FitchLaunch of Derivative Fitch

FitchGroup

Fitch RatingsFitch RatingsCredit Derivative Growth Outpacing Cash MarketCredit Derivative Growth Outpacing Cash Market

No

tion

al O

uts

tan

din

g

(US

D T

rillio

n)

Source: British Bankers Association, Bank for International Settlements, ISDA *as of 30 June 2006

0

5,000

10,000

15,000

20,000

25,000

30,000

Cash Bonds Credit Derivatives

$157

$249

$322

0

50

100

150

200

250

300

350

2004 2005 YTD Sept 06

$157

$249

$322

0

50

100

150

200

250

300

350

2004 2005 YTD Sept 06

Fitch Ratings Fitch Ratings Global CDO Market IssuanceGlobal CDO Market Issuance

(in (in millions of US$)millions of US$)

Source: The Bond Market AssociationSource: The Bond Market Association

Fitch RatingsFitch RatingsDerivative Fitch Today Derivative Fitch Today

Key FeaturesKey Features

Credit Ratings & SurveillanceCredit Ratings & Surveillance

Established & Leading Credit ModelsEstablished & Leading Credit Models

Leading Edge ResearchLeading Edge Research

Market Risk AnalyticsMarket Risk Analytics

Fitch RatingsFitch RatingsExpanding Tools and Methodologies Used to Analyze Expanding Tools and Methodologies Used to Analyze

Credit Stability and Market RiskCredit Stability and Market 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

Traditional Ratings- Further granularity of credit risk

Derivative Ratings- Ratings and services that incorporate credit and market risk

Fitch Ratings Fitch Ratings GoalsGoals

Create and maintain reputation for highest quality Create and maintain reputation for highest quality ratings and research ratings and research

Maintain and grow market share across all key Maintain and grow market share across all key segments and regionssegments and regions

Enhance pricing flexibilityEnhance pricing flexibility

Continue consistent long-term investment planContinue consistent long-term investment plan

Fitch Ratings secular revenue growth: 10Fitch Ratings secular revenue growth: 10––12%12%

US: 8–10%

International: 15–20%

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AlgorithmicsAlgorithmicsIntroductionIntroduction

Algorithmics is an internationally recognized leader in Algorithmics is an internationally recognized leader in

the development and delivery of enterprise solutions the development and delivery of enterprise solutions

for the measurement and reporting of risk, and for the measurement and reporting of risk, and

business applications that enable clients to make risk-business applications that enable clients to make risk-

aware business decisionsaware business decisions

AlgorithmicsAlgorithmicsRevenue by RegionRevenue by Region

(in (in millions of US$)millions of US$) YTD YTD Sept 05Sept 05

YTD YTD Sept 06Sept 06

% Change % Change

North AmericaNorth America 19,9 28,8 44,7%

Europe, Middle East & AfricaEurope, Middle East & Africa 37,037,0 46,4 25,4%

Latin AmericaLatin America 3,23,2 3,9 21,9%

Asia PacificAsia Pacific 4,44,4 8,7 97,7%

TOTAL ALGORITHMICSTOTAL ALGORITHMICS 64,564,5 87,8*87,8* 36,1%36,1%

* Includes inter-company revenue of $3,3 million* Includes inter-company revenue of $3,3 million

AlgorithmicsAlgorithmicsEBITDA and Operating Income EBITDA and Operating Income

(in (in millions of US$)millions of US$) YTD YTD Sept 05Sept 05

YTD YTD Sept 06Sept 06

% change% change

RevenueRevenue 64,564,5 87,8*87,8* + 36,1%+ 36,1%

EBITDAEBITDA - 11,6- 11,6 - 15,4- 15,4

Profit sharing planProfit sharing plan 0,20,2

- 0,1- 0,1

DepreciationDepreciation 2,82,8 2,52,5

Intellectual propertyIntellectual property 11,611,6 14,514,5

Current Operating IncomeCurrent Operating Income - 26,2- 26,2 - 32,3- 32,3

* Includes inter-company revenue of $3,3 million* Includes inter-company revenue of $3,3 million

AlgorithmicsAlgorithmicsHighlightsHighlights

330 software solution clients (30 new) 330 software solution clients (30 new)

120 data and content clients120 data and content clients

70 of the world’s top 100 banks 70 of the world’s top 100 banks 11

752 (87 new) professionals in 19 (+1) global offices752 (87 new) professionals in 19 (+1) global offices

Notes: 1 1 Top 100 banks according to “The Banker”

GrowthGrowth 53 new licenses 53 new licenses

26,7 % revenue growth vs. 2005 (comparable numbers)26,7 % revenue growth vs. 2005 (comparable numbers)

Investment in Human CapitalInvestment in Human Capital Grew expertise and capacity in services, advisory, sales Grew expertise and capacity in services, advisory, sales

and marketingand marketing

Recent Media and Analyst Recognition Recent Media and Analyst Recognition Risk Technology rankings: #1 in 6 categoriesRisk Technology rankings: #1 in 6 categories

Placed in Gartner’s Leaders Quadrant for Basel II for 2006Placed in Gartner’s Leaders Quadrant for Basel II for 2006

AlgorithmicsAlgorithmics2006 Achievements2006 Achievements

Credit and Capital SolutionsCredit and Capital Solutions 108 clients (80 in 2005)108 clients (80 in 2005)

Market Risk SolutionsMarket Risk Solutions 128 clients (100 in 2005)128 clients (100 in 2005)

Operational Risk SolutionsOperational Risk Solutions 89 clients (80 in 2005) 89 clients (80 in 2005)

Collateral Management SolutionsCollateral Management Solutions 68 clients (60 in 2005)68 clients (60 in 2005)

AlgorithmicsAlgorithmicsSolution Achievements Solution Achievements

AlgorithmicsAlgorithmicsRecognized LeadershipRecognized Leadership

Source: Celent, February 2006

““The broadest and deepest offering available for Basel II ...advanced features and The broadest and deepest offering available for Basel II ...advanced features and technology... an integrated approach to market, credit, and operational risk, but also technology... an integrated approach to market, credit, and operational risk, but also

delivers data and sophisticated analytics/models.“delivers data and sophisticated analytics/models.“

AlgorithmicsAlgorithmicsInvestment FocusInvestment Focus

Pursuing our Growth Strategy in 2007Pursuing our Growth Strategy in 2007

Expanding sales and services to support revenue growth Expanding sales and services to support revenue growth Establishing presence in new geographical marketsEstablishing presence in new geographical markets Investing in direct managed service solutions for asset Investing in direct managed service solutions for asset

managers and hedge fundsmanagers and hedge funds Developing broader risk solution for the insurance industryDeveloping broader risk solution for the insurance industry Continued focus on core solutions – completing product Continued focus on core solutions – completing product

development plans development plans

AlgorithmicsAlgorithmics2007 Outlook 2007 Outlook

Market DriversMarket Drivers

Adoption of ‘risk aware’ business applications in financial Adoption of ‘risk aware’ business applications in financial servicesservices

Increasingly complex financial markets and products which Increasingly complex financial markets and products which require more sophisticated toolsrequire more sophisticated tools

Regulation for banks (more countries adopting Basel II), asset Regulation for banks (more countries adopting Basel II), asset managers and insurance companies (e.g. Solvency II)managers and insurance companies (e.g. Solvency II)

Financial institutions’ increasing use of external vendors for risk Financial institutions’ increasing use of external vendors for risk solutionssolutions

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AppendixAppendix

Fitch RatingsFitch RatingsGlossary of TermsGlossary of Terms

Asset Backed Security (ABS)Asset Backed Security (ABS) - - A financial security backed by a loan, lease or receivables against assets other than real estate and mortgage-backed securities

Collateralized Debt Obligation (CDO) Collateralized Debt Obligation (CDO) - - An investment-grade security backed by a pool of bonds, loans and other assets. A CDO is unique in that it is comprised of different tranches, each with a different maturity and risk associated with it.

Collateralized Loan Obligation (CLO) Collateralized Loan Obligation (CLO) - - A CDO backed by a pool of loans. Financial institutions back this security with receivables from loans.

Commercial Mortgage Backed Security (CMBS)Commercial Mortgage Backed Security (CMBS) - - A type of mortgage-backed security that is secured by the loan on a commercial property. .

Residential Mortgage Backed Security (RMBS)Residential Mortgage Backed Security (RMBS) - - A type of security whose cash flows come from residential debt such as mortgages, home-equity loans and sub-prime mortgages

Fitch RatingsFitch RatingsGlossary of Terms (cont’d)Glossary of Terms (cont’d)

Fitch Prism Capital Model (Prism)Fitch Prism Capital Model (Prism) - a fully stochastic economic global capital model that will be used to apply ratings consistency from insurer to insurer.

Fitch RAP CD Fitch RAP CD - - Fitch’s Risk Analytics Platform for Credit Derivatives is a breakthrough global market-risk assessment service that helps investors understand how their CDO investments trade by tracing price movements back to the changes in the CDOs underlying portfolio from which they stem.

Fitch Recovery RatingsFitch Recovery Ratings –A sophisticated approach to measure the primary components of credit risk: default and loss given default Recovery Ratings - the prospects of recovery in the event of a default Issuer Default Ratings - The probability that an entity will default on its commitment.

Fitch Stability ScoresFitch Stability Scores - - CDOs are divided into tranches, each having a different maturity and risk associated with it and therefore each carrying its own rating. A stability score is an estimate of the probability of a rating remaining in the same category after the passage of one year, thus helping investors compare and contrast transactions that may have the same ratings but possess different characteristics.

Fitch VECTOR Default Model (VECTOR)Fitch VECTOR Default Model (VECTOR) - - Fitch Ratings’ main quantitative tool for evaluating default risk in credit portfolios backing CDOs. The main outputs of VECTOR are the rating default rate, rating loss rate and the rating recovery rate corresponding to each rating tier within a security.