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Sales from reported to like-for-like (in € millions) 1st Half st Half 2006 Change Sales (reported) % Currency translation impact ($ and £) Changes in consolidation scope ( Algorithmics entrance ) SALES(like-for-like) %

Sales by company (reported) (in € millions) 1st Half st Half st Half 2006Change FITCH GROUP % Fitch Ratings % Algorithmics % Other (Parent company) SALES (reported) %

Sales by company (like-for-like) (in € millions) 1st Half st Half st Half 2006 Change Change FITCH GROUP % Fitch Ratings % Algorithmics % Other (Parent company) SALES (like-for-like) %

(in € millions) 1st half 2005% 1st half 2006% 1 USA USA % % 2 UK UK % % 3 Germany Germany % % 4 Switzerland Switzerland % % 5 France France % % 6 Netherlands Netherlands % % 7 Italy Italy % % 8 Spain Spain % % 9 Mexico Mexico % % 10 Eire Eire % % % TOTAL SALES 86.4 % 83.2 % Sales by geographic regions (reported)

From sales to current operating income (in € millions) 1st half st half 2006Change Sales (reported) % Operating expenses Current operating income (reported) % Currency translation impact ($ and £) Changes in consolidation scope ( Algorithmics entrance ) 2.9 CURRENT OPERATING INCOME (like-for-like) CURRENT OPERATING INCOME (like-for-like) %

Current operating income by company (reported) (in € millions) 1st half st half 2006Change FITCH GROUP % Fitch Ratings % Algorithmics % Other (Parent company) CURRENT OPERATING INCOME (reported) %

Current operating income by company (like-for-like) (in € millions) 1st half st half 2006Change FITCH GROUP % Fitch Ratings % Algorithmics % Other (Parent company) CURRENT OPERATING INCOME (like-for-like) % Operating margin (COI / Sales) 16.5 % 16.2 %

From current operating income to operating result (reported) (in € millions) 1st half st half 2006Change Current operating income (reported) % Other operating income and expense OPERATING RESULT (reported) %

From operating result to net earnings (reported) (in € millions) 1st half st half 2006Change Operating result (reported) % Other financial income (expense) Taxes Equity in net earnings of affiliated companies Net earnings from discontinued operations, and in process of disposal Minority interests NET EARNINGS (reported)

Cash and cash equivalents / (net debt) by company (in € millions) 12/ 31/ / 30/ / 31/2006 Estimate Fitch Group Parent company Net cash position - Fimalac

Main cash flows of the parent company from January 1 through August 31, 2006 (in € millions) Net debt as of 12/31/ Facom disposal (January 2006) Sale of 20 % of Fitch Group (April 2006) BASA and options exercise + 47 Fimalac shares buyback Dividends (received/payed), other flows - 24 NET CASH POSITION AS OF 08/31/

Evolution of the treasury stocks level since January 1, 2006 Number of treasury stocks POSITION AS OF 12/31/ % 2006 Buybacks 2006 Buybacks % 17.4 % Service / BASA and options BASA % Options % Cancellations (reductions in capital) 03/15/ /15/ % 05/30/ /30/ % 09/19/ /19/ % % POSITION AS OF 09/19/ % (1)% of capital as of 12/ 31/2005 (2)% of present capital Reserved for options : 1.1 % Reserved for BASA : 0.4 % Free: 2.0 % (1) (1) (1) (1) (1) (1) (1) (2)

Impact of the treasury stocks operations on the share capital Total number of FIMALAC shares BASIS PRESENT CAPITAL Without BASA service Without cancellations and BASA service

Fimalac share performance vs. CAC 40 and SBF 120 December 1992 to August 2006 CAC FIMALAC SBF Dec-92Dec-93Dec-94Dec-95Dec-96Dec-97Dec-98Dec-99Dec-00Dec-01Dec-02Dec-03Dec-04Dec-05 Aug-06 August 31, 2006

Fimalac share performance vs. CAC 40 and SBF 120 January 2006 to August 2006 CAC FIMALAC127 SBF Jan-06 Feb-06 Mar-06 Apr-06 May-06 June-06 July-06 Aug-06 August 31, 2006

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

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History

Fitch Group structure

Fitch Group Revenue Growth (in US$ millions)

Fitch Group Operating Income Growth (EBIT)

Fitch Group Sales to Operating Income in US$ millions 1 st H st H 2006 % Change Revenue % Personnel costs % External expenses % Total charges Total charges % EBITDA % Profit sharing plan % Depreciation % Intellectual property % Operating Income %

Key Figures by Company (in US$ millions) 1 st H st H 2006 % Change Revenue FITCH GROUP % FitchRatings % Algorithmics % Intercompany revenue EBITDA FITCH GROUP % FitchRatings % Algorithmics Operating Income FITCH GROUP % FitchRatings % Algorithmics

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Fitch Ratings Revenue growth (in US$ millions)

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

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

Fitch Ratings Revenue by Segment (in US$ millions) 1H 05 1H 06 % Change Structured Finance % Corporate Finance % Subscriptions /Training % TOTAL FITCH RATINGS %

Fitch Ratings Revenue by Region (in US$ millions) 1H 05 1H 06 % Change North America % Europe, Middle East & Africa % Latin America % Asia Pacific % TOTAL FITCH RATINGS %

Fitch Ratings EBITDA and Operating Income (in US$ millions) 1H 05 1H 06 % Change Revenue % EBITDA % EBITDA Margin 35.5 % 34.6 % Profit sharing plan % Depreciation % Operating Income % Operating Income Margin 27.2 % 28.1 %

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

Fitch Ratings Investment in Human Capital

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  Senate Banking Committee approved the “Credit Rating Agency Reform Act of 2006” in August  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

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%

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EBITDA and Operating Income (in US$ millions) 1H H 2006 % change Revenue % EBITDA Profit sharing plan -0.5 Depreciation % Intellectual property % Current Operating Income

Revenue by Region 1H 05 1H 06 % Change North America % Europe, Middle East & Africa % Latin America % Asia Pacific % TOTAL ALGORITHMICS % (in US$ millions)

Overview  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 Algorithmics strives to be the single most respected and widely used provider of risk management solutions in the world 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

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 Corporate Achievements

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)