1. Presentation May 28, 2008 Presentation

2. Key figures of the first half 2007-2008 ending at March 31, 2008 (October 1, 2007 – March 31, 2008) Key figures of the first half 2007-2008 ending at March 31, 2008 (October 1, 2007 – March 31, 2008)

3. Sales from Reported to Like-for-Like 1H 2006/2007 (Oct. 06 – Mar. 07) % Change SALES (reported) Currency Translation Impact Changes in Consolidation Scope (Korea Ratings) SALES (like-for-like) 365.7297.9-18.5% 365.7305.7-16.3% 26.2 (in € millions)1H 2007/2008 (Oct. 07 – Mar. 08) -18.4

4. Sales by Company (reported) SALES (reported) 365.7297.9-18.5% 313.3227.7 FITCH GROUP Fitch Ratings (excl. Korea Ratings) Korea Ratings Fitch Ratings Intercompany Eliminations 27.3% 18.4 313.3246.121.4% - 1.7 (*) Split of Korea Ratings Sales Ratings: 8.0 M€ Other: 10.4 M€ Algorithmics 54.153.51.1% (*) - - - (in € millions)1H 2006/2007 (Oct. 06 – Mar. 07) % Change1H 2007/2008 (Oct. 07 – Mar. 08)

5. Sales by Company (like-for-like) SALES (like-for-like) 365.7305.7- 16.3% 313.3249.2 FITCH GROUP Fitch Ratings Algorithmics Intercompany Eliminations - 20.5% 54.158.4+ 7.9% - 1.7- 1.9 1H 2006/2007 (Oct. 06 – Mar. 07) % Change1H 2007/2008 (Oct. 07 – Mar. 08) (in € millions)

6. % % 1USA178.5 48.8%113.037.9% 2UK 53.214.5%36.812.4% 3South Korea 1.10.3%18.96.3% 4Germany 13.83.8%14.24.8% 5Netherlands 10.42.8%10.13.4% 6Spain 8.32.3%8.02.7% 7Italy 8.62.4%8.02.7% 8France 8.12.2%7.82.6% 9Switzerland 6.71.8%6.62.2% 10Ireland 6.71.8%5.92.0% 80.7%77.0% Sales by Geographic Regions (reported) Total Sales % (reported) 1H 2006/2007 (Oct. 06 – Mar. 07) 1H 2006/2007 (Oct. 07 – Mar. 08)

7. From Sales to Recurring Operating Income RECURRING OPERATING INCOME (like-for-like) 78.269.9- 10.6% - 287.5- 232.2 Sales (reported) 78.265.7- 16.0% 7.5 - 3.3 365.7297.9- 18.5% Operating Expenses Recurring Operating Income (reported) Currency Translation Impact Changes in Consolidation Scope (Korea Ratings) 1H 2006/2007 (Oct. 06 – Mar. 07) % Change1H 2007/2008 (Oct. 07 – Mar. 08) (in € millions)

8. Recurring Operating Income by Company (reported) RECURRING OPERATING INCOME (reported) 78.265.7- 16.0% 101.075.9 FITCH GROUP - 24.9% 3.3 101.079.2- 21.6% - 6.1- 5.2 84.370.9- 15.9% Fitch Ratings (excl. Korea Ratings) Other (Parent Company & Holdings) Korea Ratings Fitch Ratings - 16.7- 8.3+ 50.3% Algorithmics 1H 2006/2007 (Oct. 06 – Mar. 07) % Change1H 2007/2008 (Oct. 07 – Mar. 08) (in € millions)

9. Recurring Operating Income by Company (like-for-like) RECURRING OPERATING INCOME (like-for-like) 78.269.9- 10.6% 101.082.5 FITCH GROUP - 18.3% - 16.7- 7.4+ 55.7% - 6.1- 5.2 84.375.1- 10.9% Fitch Ratings Other (Parent Company & Holdings) Algorithmics Operating Margin Rate (ROI / Sales) 32.2% 23.1% 21.4% 33.1% 24.6% 22.9% Fitch Ratings Level Fitch Group Level Fimalac Consolidation Level 1H 2006/2007 (Oct. 06 – Mar. 07) % Change1H 2007/2008 (Oct. 07 – Mar. 08) (in € millions)

10. From Recurring Operating Income to Operating Result (reported) OPERATING RESULT (reported) 104.678.9- 24.6% Recurring Operating Income (reported) 26.413.2 78.265.7- 16.0% Other Operating Income & Expense 1H 2006/2007 (Oct. 06 – Mar. 07) % Change1H 2007/2008 (Oct. 07 – Mar. 08) (in € millions)

11. NET EARNINGS Group Share (reported) 53.930.9 Operating Result (reported) 4.5 104.678.9 Net Interest Expense, Other Financial Income / (Expense) - 47.0 Taxes 0.3 Equity in Net Earnings of Affiliated Companies - 8.5 Minority Interests - 12.5 - 26.5 0.3 - 9.3 1H 2006/2007 (Oct. 06 – Mar. 07) 1H 2007/2008 (Oct. 07 – Mar. 08) (in € millions) From Operating Result to Net Earnings (reported)

12. Evolution of Fimalac’s Shareholding including Reserved Treasury Stocks (stock options) Majority Shareholder Treasury Stocks Others 09/30/2007 100.0% 1.1% 66.3% 6.9% 26.8% 03/31/2008 100.0% 1.1% 67.7% 9.9% 22.4%

13. Cash and Cash Equivalents / (Net Debt) by Company Fitch Group Parent Company & Holdings Net Cash Position (excl. Building) - 160 + 243 + 83 North Colonnade (London Building) - 225 - 196 + 187 - 9 - 182 09/30/2007 03/31/2008 (in € millions)

14. Fimalac Share Performance vs. CAC40 and SBF120 December 1992 to May 15, 2008 CAC 40 272 FIMALAC872 SBF 120 375 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 Dec-06 Dec-07 05/31/08

16. Group History Group History

17. Group Structure 80%20% Note: Derivative Fitch subsidiary folded back into Fitch Ratings in January 2008

18. Fitch Group Revenue Trend In $ Mil Note: Korea Ratings included beginning in 1H 2007 / 2008

19. In $ Mil Fitch Group Operating Income Trend

20. Fitch Group Sales to Operating Income in US$ millions 1H 06/071H 07/08% ChangeRevenue473.6438.9-7.3% Personnel costs 231.6226.2 - 2.3% External expenses 75.175.5 + 0.1% Total charges Total charges306.7301.7 - 1.6% EBITDA166.9137.2-17.8% Profit sharing plan 37.99.1 Depreciation8.59.9 Intangible assets amortization 11.413.7 Operating Income 109.1104.5 - 4.2%

21. 1H 07/08 Financial Highlights (US$ millions) RevenueEBITDA Op Income 1H 06/07 1H 07/08 1H 06/07 1H 07/08 1H 06/07 1H 07/08 FITCH GROUP 473.6438.9 - 7.3% 166.9137.2-17.8%109.1104.5 - 4.2% Fitch Ratings 405.7335.5-17.3%175.1128.4-26.7%130.8111.9-14.4% Korea Ratings 27.16.74.9 Algorithmics70.178.8+12.4%-8.22.1-21.7-12.3 Eliminations - 2.2 - 2.5

23. Market Overview The credit markets began to turn in mid-2007 as the impact of broader market factors became clearer Significantly increased leverage Reduced risk premia Mismatch of long- and short-dated funding Aggressive underwriting / fraud Evidence of underlying asset performance far worse than expected led to downgrades- primarily affecting US sub-prime RMBS and CDOs of ABS The overall impact has been far-reaching Bank asset write-downs / reported losses Increased volatility and widening spreads across asset classes Decreased investor demand for riskier, more complex assets Reduced bond issuance Contagion effects – e.g., auction rate securities, financial guarantors, SIVs, etc. Tightened lending standards

24. Structured Finance Ratings Activity The pace and magnitude of deterioration in the US sub-prime market greatly exceeded expectations and led to Criteria reviews Portfolio reviews Rating actions (e.g. US RMBS, CDOs of ABS) 2007 However, many asset classes continue to perform within stress parameters (e.g. ABS and CMBS) Consequently, Fitch’s ratings actions reflect a significantly higher number of downgrades than upgrades in 2007

25. Corporate Finance Ratings Activity Corporate credit quality remained resilient- relative to structured finance- as upgrades marginally exceeded downgrades in 2007 In calendar 2H07, corporate credit quality began to show strain linked to the declining housing market, leading to an increased number of downgrades Financial institutions, particularly in North American and Europe, experienced meaningful credit deterioration toward the end of 2007 and into 2008 2007

26. Global Debt Issuance Source: Thomson Reuters In fiscal 1H 07/08, global bond issuance volume tumbled Global deal volume of $1.2 trillion in calendar 1Q08 was 45% less than 1Q07 Asset classes most relevant to Fitch have experienced significant decreases in issuance 1H 07/08 Global Debt Capital Markets by Asset Class 1H 06/07

27. Structured Finance Global structured finance issuance volume totaled $99B in calendar 1Q08, the lowest quarterly volume since 3Q96 Issuance volume in calendar 1Q08 represents an 87% drop from issuance in 1Q07 Calendar 1Q08 is the third consecutive quarter-over-quarter decline in issuance volume Source: Dealogic; Bank of England Global Structured Finance (a) (a) (a)Quarterly issuance. ‘Other’ includes auto, credit card and student loan ABS. (b) (b)Commercial mortgage-backed securities (c) (c)Residential mortgage-backed securities

28. Structured Finance The US structured finance market saw its lowest quarterly volume in more than a decade Total US residential real estate securitizations declined 97% in calendar 1Q08 compared to the same period in 2007 US CDO issuance declined 91% in calendar 1Q08 versus the same period last year US CMBS issuance in calendar 1Q08 was down 89% versus 1Q07 Issuance volumes in the European structured finance market were also impacted, as evidenced by calendar 1Q08 issuance versus 1Q07 ABS down 18% RMBS down 51% CDO down 58% CMBS down 93% Sources: Thomson Reuters, JPMorgan, ABAlert

29. Corporate Finance Investment Grade The investment grade market has been less affected and remains attractive for borrowers as investors pursue a “flight to quality” US investment grade bond issuance rose 11% in calendar 1Q08 versus the prior quarter but declined 13% from the prior year Issuance in April hit a record as companies took advantage of the improving market sentiment and strong investor demand Investment grade bond issuance in EMEA decreased in 9% in calendar 1Q08 as compared with 4Q07 Source: Dealogic, Goldman Sachs, Fitch Ratings Global Investment Grade Bond Issuance

30. Corporate Finance High Yield and Leverage Loans Source: Fitch Ratings However, US and European high yield bond and leveraged loan markets have been impacted more significantly In calendar 1Q08, Europe saw no high yield bond issuance while US high yield bond issuance was down 72% versus 1Q07 US and European leveraged loan issuance volume declined 74% and 88%, respectively, in calendar 1Q08 as compared with the same period last year US High Yield and Loan Volumes ($B) Sources: Fitch Ratings, European High Yield Association European High Yield and Loan Volumes (€B) Source: European High Yield Association

31. Regulatory Environment As current market conditions evolve, regulatory bodies have been assessing the roles and policies of the rating agencies and proposing recommendations for change IOSCO SEC Committee on European Securities Regulators Financial Stability Forum (central bankers, regulators and finance ministers) US President’s Working Group on Financial Markets US Congress Final reports from key regulators are anticipated soon Fitch has committed to a series of specific measures to enhance the independence, transparency and quality of the credit rating process and the credit rating industry Developed and committed to jointly with the other credit rating agencies These efforts are in addition to Fitch’s own analytical and organizational initiatives

32. Credit Initiatives Fitch’s primary focus is on credit analytics and delivering the most appropriate ratings to the market in the timeliest manner Rating reviews, updating methodologies / models, publishing research, etc Key analytical developments include: Real time engagement with the market Evaluating potential complementary rating scales for structured finance Assessing the merits of “harmonizing” corporate and public finance rating scales Analytical initiatives Revised criteria and model for CDOs exposed to corporate debt Completed full review of US RMBS ratings criteria; revised ResiLogic model Initiated deterministic stress analysis of the global structured finance portfolio Updated criteria for rating Market Value Structures Focus on IFS ratings for financial guarantors Established a “Complex Bank Group”

33. Organizational Initiatives Recent organizational changes include: Launched Fitch Solutions in January 2008 to reinforce the independence of the rating agency and create a more focused grouping of credit products and services Several senior management changes Implementation of Chief Credit Officer and Risk Officer roles in both Corporates / Financial Institutions and Structured Finance To bring enhanced analytical oversight, experience and training to the analytical groups

34. Fitch Solutions Overview A new division that consolidates all non-rating products and services, product development, credit training, and the firm's product sales force Reinforces and further separates Fitch’s analytical activities from commercial activities Current Fitch Ratings content forms the core of initial offerings – e.g., research, ratings data Over 1,100 subscribing firms and 8,500 users Subscription-based revenue streams Predictable, recurring revenue base with historically strong renewal rates Not directly tied to issuance Scalable, growth oriented business model Incorporates recently launched / acquired products such as Fitch CDS Pricing, Market Implied Ratings and RAP CD Specialized products to meet increased market demand for data and tools used in the assessment of credit and market risk

35. Fitch Solutions Recent Developments Acquisition of equity stake in Portsmouth Financial Systems in May 2008 Next generation provider of structured finance analytics (e.g. cash flow models, underlying assets, etc.) Reaffirms Fitch’s commitment to provide solutions that meet evolving investor needs and to increase transparency in structured finance markets Launch of Fitch ABCDS Pricing in March 2008 Consensus pricing for asset-backed credit default swaps (ABCDS) with a benchmark service to provide a derived price for illiquid assets Complements existing single name CDS and Loan CDS services and reflects expansion of Fitch’s efforts in the pricing and valuation services business Introduction of Covered Bonds SMART in March 2008 New surveillance and research service for the covered bonds market First rating agency to have developed this type of service for this sector

36. Asia Pacific Growth Platforms Fitch maintains 15 offices in 11 countries throughout the Asia Pacific region Asian capital markets are growing and dynamic; Fitch is continually evaluating investment and acquisition opportunities Strategic investments over the past year include: Acquisition of 54% stake in Korea Ratings, the leading Korean credit rating agency Acquisition of 49% stake in China Lianhe Credit Rating, one of China’s largest domestic market rating agencies Investments in Fitch’s Indian operations to capitalize on growing domestic market Note: Equity stake in Korea Ratings effective April 2007. 1H06/07 Korea Ratings revenue is represented on a pro-forma basis as if Fitch Ratings held a majority stake during this period.

37. Revenue by Segment (US$ millions) Revenue 1H 06/07 1H 07/08 % change FITCH RATINGS 405.7335.5 - 17.3% Structured Finance 213.1128.5 - 39.7% - 39.7% Corporate Finance 149.4155.0 + 3.7% Subscriptions / Training 43.252.0 + 20.4% KOREA RATINGS N/A27.1 Note: The 1H06/07 segment split reflects minor changes from previously released figures for the reclassification of Global Infrastructure ratings revenue. “Subscriptions / Training” reflects business managed as “Fitch Solutions”

38. Revenue by Region (US$ millions) Revenue 1H 06/07 1H 07/08 % change FITCH RATINGS 405.7335.5 - 17.3% North America 218.5152.6 - 30.2% - 30.2% EMEA150.4145.6 + 3.2% Latin America 18.120.3 + 12.2% Asia Pacific 18.717.0 - 9.1% KOREA RATINGS N/A27.1 Note: The 1H06/07 regional split reflects minor changes in regional reporting from previously reported figures.

39. Fitch Ratings EBITDA and Operating Income Note: Financials exclude Korea Ratings (in US$ millions) 1H 06 / 071H 07 / 08% ChangeRevenue405.7335.5-17.3% EBITDA175.1128.4-26.7% EBITDA Margin 43.2%38.3% Profit sharing plan 37.79.0 Depreciation & Amortization 6.67.5 Operating Income 130.8111.9-14.4% Operating Income Margin 32.2%33.4%

40. Expense Management Fitch has been cautiously managing all costs, specifically compensation expenses, by reducing Variable compensation expenses, bonus accruals, and incentive compensation charges Headcount In January 2008, Fitch announced a reduction in headcount of 150, or roughly 7%, by September 2008 In April 2008, Fitch revised staff reduction estimates to 180 – 200, or 8% – 10% of total employees by fiscal year end Careful expense management, balanced with focused investments in areas of continued growth, will provide Fitch with a stable platform to move forward

41. Current Market Dynamics Some positive developments… BlackRock’s purchase of a $15 billion portfolio of sub-prime mortgage debt and other similar deals Banks reducing unsold bond and leveraged loan commitments (from $300B last summer to about $100B recently) Bond issuance by banks of $303 billion globally in April, the third-highest month of all time US high yield debt issuance of over $4 billion in April, the highest monthly volume since November 2007 Spreads tightening in April and May, but still much wider than same period last year … but continued challenges remain Fundamentals in housing markets remain weak Further ratings downgrades possible Concerns over broader economic slowdown Many structured finance markets remain inactive Financial institutions continue to write down assets Sources: Dealogic, Thomson Reuters, The Wall Street Journal

42. Key Challenges for 2008 Balancing the short term business impact against longer term challenges and opportunities Dichotomy between Structured and Corporates, US and the rest of the world Ever increasing demand for quality due to the complexity of the capital markets and market volatility Longer term opportunity to distinguish ourselves Reputational and regulatory challenges to the industry Market confidence in rating agencies has been shaken Numerous regulatory bodies are interested in “fixing” the credit problems Reacting without overreacting Organizational changes Introducing new products to fill market voids Acquisitions to complement the business

43. ConclusionConclusion The entire organization has rallied around the urgency of the credit challenges, aiming to be timely and transparent with our research and ratings We expect that corporate ratings will continue on a growth trend We are less sure about the timing and extent of structured markets recovery Fitch Ratings revenues for the fiscal year ending September 2008 could decrease by roughly 20% on a like-for-like basis as compared to fiscal 2007

45. Algorithmics Highlights Notes: 1 1 Top 100 banks according to “The Banker” 54New License Orders ♦ Strong add-on sales and new business 383 Software Solution clients ♦ Continuing expansion into existing accounts 162 Content and Data clients ♦ Growth in subscription revenue Over 70 1 of the world’s 100 largest financial institutions ♦ Provides annuity stream 756 professionals in 19 global offices ♦ Strengthening sales and delivery capabilities

46. Credit and Capital Solutions 126 clients Market Risk Solutions 154 clients Operational Risk Solutions 102 clients Collateral Management Solutions 70 clients Algorithmics Solution Achievements

47. Algorithmics Revenue by Region (in millions of US$) 2006/2007 (Oct 06 – Mar 07) 2007/2008 (Oct 07 - Mar 08) % Change North America 18.720.1+ 7.5% Europe, Middle East & Africa 36.247.2+ 30.4% Latin America 3.03.4+13.3% Asia Pacific 12.28.1- 33.6% TOTAL ALGORITHMICS 70.1*78.8* + 12.4% * Includes inter-company revenue of $2.2 and $2.5M million for the period March 07 and March 08 respectively.

48. Algorithmics EBITDA and Operating Income *Includes inter-company revenue of $2.2M and $2.5M for the period March 07 and March 08 respectively. (in millions of US$) 2006/2007 (Oct 06 – Mar 07) 2007/2008 (Oct 07 - Mar 08) % Change Revenue 70.1 (*) 78.8 (*) + 12.4% EBITDA - 8.2 + 2.1 Profit sharing plan 0.20.1 Depreciation1.92.9 Intangible assets amortization 11.411.4 Recurring Operating Income - 21.7 - 12.3

49. Algorithmics Market Drivers Current market turmoil reinforces the importance of ubiquitous and effective risk management Increasingly, financial institutions adopt ‘risk-aware’ business applications to enable informed growth Sound risk management is becoming a critical requirement in ‘related’ market verticals and emerging markets Growing complexity and cost pressures reinforce ‘buy’ over ‘build’ decisions

50. Algorithmics Investment Focus  Establishing presence in new geographical markets January 15, 2008 – “IBM and Algorithmics to build first advanced risk management system for a Securities House in China – Guotai Juan Securities “ December 11, 2007 – “RenaissanceRe Holdings, one of the world’s largest reinsurers of natural and man-made catastrophes selected Algo Risk Service to advance its risk culture.” Life and Pensions 2008– “ING developed a replication approach using technology provided by Algorithmics for back-end analysis, and a very unique replication portfolio technology, which was implemented globally for 96% of ING’s business in 2007 April 9, 2008 – “Nedbank, working in partnership with Algorithmics has implemented a comprehensive, integrated market and credit risk management infrastructure to support informed risk decision making. Nedbank uses a suite of products, including Algo Credit Regulatory Capital, Algo Credit Administrator and Algo Credit Limits.” March 5, 2008– “Alliance Bank Malaysia Berhad, Malaysia’s premier integrated financial services group has selected and implemented the Algo OpVar Standard Edition solution for operational risk. “  Investing in managed service solutions for asset managers and hedge funds  Continued focus on core solutions  Developing broader risk solution for the insurance industry

51. Algorithmics Recognized Leadership 2007 -- Risk Rankings: 5 First Place Finishes “ Algorithmics held its dominant position in market, credit, operational risk, collateral management and Basel II ”. 2008 -- Operational Risk and Compliance: Close Second Ranked a very close second overall with top rankings in Scenario analysis and Regulatory and Economic Capital 2008 -- Celent Evaluation: Ranked as Leader Ranked as a leader in Celent ’ s Evaluation of Financial and Credit Risk Solution Vendors in advanced features and technology amongst 10 competitors 2008 -- Life and Pensions: Adapted technology for new use “ By enhancing its optimisation technology, and combining this with its scenario-based market risk capabilities, Algorithmics has caught the traditional vendors of actuarial software on the hop. ”