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3. Sales from reported to like-for-like (in € millions) 1st Half 2005 1st Half 2006 Change Sales (reported) 239.3289.1 + 20.8 % Currency translation impact ($ and £) - 10.3 Changes in consolidation scope ( Algorithmics entrance ) - 2.3 SALES(like-for-like)239.3276.5 + 15.5 %

4. Sales by company (reported) (in € millions) 1st Half 2005 1st Half 2006 1st Half 2006Change FITCH GROUP 239.0288.9 + 20.9 % Fitch Ratings 206.5246.2 + 19.2 % Algorithmics32.542.7 + 31.4 % Other (Parent company) 0.30.2 SALES (reported) 239.3289.1 + 20.8 %

5. Sales by company (like-for-like) (in € millions) 1st Half 2005 1st Half 2006 1st Half 2006 Change Change FITCH GROUP 239.0276.3 + 15.6 % Fitch Ratings 206.5238.2 + 15.4 % Algorithmics32.538.1 + 17.2 % Other (Parent company) 0.30.2 SALES (like-for-like) 239.3276.5 + 15.5 %

6. (in € millions) 1st half 2005% 1st half 2006% 1 USA USA134.4 56.2 % 156.4 54.1 % 2 UK UK30.9 12.9 % 34.3 11.9 % 3 Germany Germany8.0 3.3 % 10.4 3.6 % 4 Switzerland Switzerland5.5 2.3 % 6.8 2.4 % 5 France France6.2 2.6 % 6.3 2.2 % 6 Netherlands Netherlands4.2 1.8 % 6.0 2.1 % 7 Italy Italy6.7 2.8 % 5.8 2.0 % 8 Spain Spain4.3 1.8 % 5.0 1.7 % 9 Mexico Mexico4.5 1.9 % 5.0 1.7 % 10 Eire Eire2.0 0.8 % 4.6 1.6 % % TOTAL SALES 86.4 % 83.2 % Sales by geographic regions (reported)

7. From sales to current operating income (in € millions) 1st half 2005 1st half 2006Change Sales (reported) 239.3289.1 + 20.8 % Operating expenses - 199.7 - 245.4 Current operating income (reported) 39.643.7 + 10.4 % Currency translation impact ($ and £) - 1.8 Changes in consolidation scope ( Algorithmics entrance ) 2.9 CURRENT OPERATING INCOME (like-for-like) CURRENT OPERATING INCOME (like-for-like)39.644.8 + 13.1 %

8. Current operating income by company (reported) (in € millions) 1st half 2005 1st half 2006Change FITCH GROUP 46.249.1 + 6.3 % Fitch Ratings 59.070.1 + 18.8 % Algorithmics - 12.8 - 21.0 - 64.1 % Other (Parent company) - 6.6 - 5.4 CURRENT OPERATING INCOME (reported) 39.643.7 + 10.4 %

9. Current operating income by company (like-for-like) (in € millions) 1st half 2005 1st half 2006Change FITCH GROUP 46.250.2 + 8.7 % Fitch Ratings 59.067.2 + 13.9 % Algorithmics - 12.8 - 17.0 - 32.8 % Other (Parent company) - 6.6 - 5.4 CURRENT OPERATING INCOME (like-for-like) 39.644.8 + 13.1 % Operating margin (COI / Sales) 16.5 % 16.2 %

10. From current operating income to operating result (reported) (in € millions) 1st half 2005 1st half 2006Change Current operating income (reported) 39.643.7 + 10.4 % Other operating income and expense - 0.6 3.7 OPERATING RESULT (reported) 39.047.4 + 21.5 %

11. From operating result to net earnings (reported) (in € millions) 1st half 2005 1st half 2006Change Operating result (reported) 39.047.4 + 21.5 % Other financial income (expense) - 10.2 - 0.8 Taxes - 18.7 - 20.2 Equity in net earnings of affiliated companies 0.20.2 Net earnings from discontinued operations, and in process of disposal 2.9451.0 Minority interests - - 4.9 NET EARNINGS (reported) 13.2472.7

12. Cash and cash equivalents / (net debt) by company (in € millions) 12/ 31/2005 06/ 30/2006 08/ 31/2006 Estimate Fitch Group - 226 - 296 - 276 Parent company - 186 525418 Net cash position - Fimalac - 412 229142

13. Main cash flows of the parent company from January 1 through August 31, 2006 (in € millions) Net debt as of 12/31/2005 - 186 Facom disposal (January 2006) + 344 Sale of 20 % of Fitch Group (April 2006) + 493 BASA and options exercise + 47 Fimalac shares buyback - 256 Dividends (received/payed), other flows - 24 NET CASH POSITION AS OF 08/31/2006 + 418

14. Evolution of the treasury stocks level since January 1, 2006 Number of treasury stocks POSITION AS OF 12/31/2005 2 762 131 7.3 % 2006 Buybacks 2006 Buybacks + 3 848 980 10.1 % 17.4 % Service / BASA and options BASA - 1 544 628 - 4.1 % Options - 274 859 - 0.7 % Cancellations (reductions in capital) 03/15/2006 03/15/2006 - 400 000 - 1.1 % 05/30/2006 05/30/2006 - 1 700 000 - 4.5 % 09/19/2006 09/19/2006 - 1 480 000 - 3.9 % - 14.3 % POSITION AS OF 09/19/ 2006 1 211 624 3.5 % (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)

15. Impact of the treasury stocks operations on the share capital Total number of FIMALAC shares BASIS PRESENT CAPITAL 34 328 678 100.0 Without BASA service 35 873 306 104.5 Without cancellations and BASA service 39 453 306 114.9

16. Fimalac share performance vs. CAC 40 and SBF 120 December 1992 to August 2006 CAC 40 282 FIMALAC 1 301 SBF 120 313 Dec-92Dec-93Dec-94Dec-95Dec-96Dec-97Dec-98Dec-99Dec-00Dec-01Dec-02Dec-03Dec-04Dec-05 Aug-06 August 31, 2006

17. Fimalac share performance vs. CAC 40 and SBF 120 January 2006 to August 2006 CAC 40 110 FIMALAC127 SBF 120 110 Jan-06 Feb-06 Mar-06 Apr-06 May-06 June-06 July-06 Aug-06 August 31, 2006

18. "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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20. History

21. Fitch Group structure

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

23. Fitch Group Operating Income Growth (EBIT)

24. Fitch Group Sales to Operating Income in US$ millions 1 st H 2005 1 st H 2006 % Change Revenue307.4351.8 + 14.4 % Personnel costs 157.9192.6 + 22.0 % External expenses 58.869.1 + 17.5 % Total charges Total charges216.7261.7 + 20.8 % EBITDA90.790.1 - 0.7 % Profit sharing plan 17.714.5 - 18.1 % Depreciation6.36.5 + 3.2 % Intellectual property 7.39.3 + 27.4 % Operating Income 59.459.8 + 0.7 %

25. Key Figures by Company (in US$ millions) 1 st H 2005 1 st H 2006 % Change Revenue FITCH GROUP 307.4351.8 + 14.4 % FitchRatings265.6299.8 + 12.9 % Algorithmics41.854.0 + 29.2 % Intercompany revenue --2.0 EBITDA FITCH GROUP 90.790.1 - 0.7 % FitchRatings94.2103.7 + 10.1 % Algorithmics - 3.5 - 13.6 Operating Income FITCH GROUP 59.459.8 + 0.7 % FitchRatings72.384.2 + 16.5 % Algorithmics - 12.9 - 24.4

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

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

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

30. Fitch Ratings Revenue by Segment (in US$ millions) 1H 05 1H 06 % Change Structured Finance 143.4157.19.6% Corporate Finance 90.8106.417.2% Subscriptions /Training 31.436.315.6% TOTAL FITCH RATINGS 265.6299.812.9%

31. Fitch Ratings Revenue by Region (in US$ millions) 1H 05 1H 06 % Change North America 159.9177.811.2% Europe, Middle East & Africa 86.7100.115.5% Latin America 11.312.38.8% Asia Pacific 7.79.624.7% TOTAL FITCH RATINGS 265.6299.812.9%

32. Fitch Ratings EBITDA and Operating Income (in US$ millions) 1H 05 1H 06 % Change Revenue265.6299.8 + 12.9 % EBITDA94.2103.7 + 10.1 % EBITDA Margin 35.5 % 34.6 % Profit sharing plan 17.714.0 - 20.9 % Depreciation4.25.5 + 31.0 % Operating Income 72.384.2 + 16.5 % Operating Income Margin 27.2 % 28.1 %

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%

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38. EBITDA and Operating Income (in US$ millions) 1H 2005 1H 2006 % change Revenue41.854.0 + 29.2 % EBITDA - 3.5 - 13.6 Profit sharing plan -0.5 Depreciation2.11.7 - 19.0 % Intellectual property 7.38.6 + 17.8 % Current Operating Income - 12.9 - 24.4

39. Revenue by Region 1H 05 1H 06 % Change North America 13.916.720.1% Europe, Middle East & Africa 23.529.023.4% Latin America 1.82.116.7% Asia Pacific 2.66.2138.5% TOTAL ALGORITHMICS 41.854.029.2% (in US$ millions)

40. 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

41. 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

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)