Chiffre d’affaires des données publiées aux données comparables

3. Chiffre d’affairesdes données publiées aux données comparables

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

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

6. Chiffre d’affaires publié par zone géographique

7. Du chiffre d’affaires au résultat opérationnel courant

8. Résultat opérationnel courant par société (données publiées)

9. Résultat opérationnel courant par société (données comparables)

10. Du résultat opérationnel courant au résultat opérationnel (données publiées)

11. Du résultat opérationnel au résultat net(données publiées)

12. L’évolution de l’actionnariat de Fimalac

13. Trésorerie / endettement net par société

14. Cours comparés – Fimalac, CAC 40 & SBF 120de Décembre 1992 au 15 novembre 2007 - Base 100 FIMALAC 1 234 SBF 120 412 CAC 40 299 Déc-92 Déc-93 Déc-94 Déc-95 Déc-96 Déc-97 Déc-98 Déc-99 Déc-00 Déc-01 Déc-02 Déc-03 Déc-04 Déc-05 Déc-06 15 nov 07

15. "Total Shareholder Return" sur 10 ans des sociétés du SBF120 Au 15 nov. 2007 TSR Sur 10 ans Annualisé En % En % Rang Source FACTSET

17. History

18. Fitch Group Structure 80% 20% 100% 100% 100%

19. Fitch Group (including Korea Ratings)Revenue Growth In $ Mil

20. Fitch Group (including Korea Ratings)Operating Income Growth (EBIT) In $ Mil

21. Fitch Group (including Korea Ratings)Sales to Operating Income

22. Key Figures by Company

24. Fitch Ratings (excl. Korea Ratings) Revenue growth (in millions of US$)

25. Fitch Ratings (excl. Korea Ratings) Revenue by Segment + 25.0%

26. Fitch Ratings (excl. Korea Ratings) Revenue by Region

27. Fitch Ratings (excl. Korea Ratings) EBITDA and Operating Income

28. Fitch Ratings (excl. Korea Ratings) Investment in Human Capital Headcount

29. Fitch Ratings Investment in Korea Ratings • In April 2007, Fitch acquired 53% of Korea Ratings Corporation, the leading Korean credit rating agency • Fitch and Korea Ratings first entered into a strategic alliance in 1999 • Since then, Fitch and Korea Ratings have collaborated on the provision of credit ratings and risk management services, as well as hosting joint conferences and seminars. • Fitch made its first equity investment in Korea Ratings in 2001. • Korea aspires to become Northeast Asian financial hub. • 2006 Domestic bond issuance – USD18.2 BN • 2006 International bond issuance – USD16.8BN • Expands Fitch’s footprint in the region • 15 offices throughout Asia in 11 countries • 230 professionals in the region

30. Important Trends in 2007 • Strong market volumes through June • Emerging credit issues in subprime Residential Mortgage Backed Securities evident in late 2006 began to accelerate • Extension of subprime weakness into Structured products (CDOs, SIVs, Asset Backed Commercial Paper) and Corporates (Financial Institutions and Monolines) • Significant deterioration in Structured Finance market volumes • High grade Corporate issuance strong due to bank funding / capital needs, reduction of commercial paper, flight to quality by investors

31. Strong Market Volumes Through June Source: Thomson Financial

32. Emerging Credit Issues in Subprime Residential Mortgage Backed Securities Evident in Late 2006 Begin to Accelerate • Rapidly growing subprime market in 2006 fueled by aggressive underwriting • High combined loan-to-value ratios / piggyback seconds • Higher number of loans with limited documentation • Deterioration fueled by declines in home prices, rising interest rates, and lenders failing • Losses will exceed the expectations inherent in our ratings, necessitating a total portfolio review and criteria / model changes • Re-rated all 2006 and 2007 vintage subprime deals • Over 250 transactions comprised of almost 4,000 tranches • We have affirmed 88% (in $ volume) or 66% of the rated tranches • A small portion of AAAs have been downgraded or put on Rating Watch Negative, mostly comprised of second-lien loans, some 2007 first liens

33. Extension of Subprime Weakness into Structured Products (CDOs, SIVs, and ABCP) and Corporates (Banks and Monolines) • Downgrades of subprime RMBS have reverberated through the market as that collateral was prevalent in recent vintage CDOs, SIVs, and other market funded vehicles • Credit concerns were exacerbated by the market disruption which created pricing dislocations • Fitch reviewed all rated Structured Finance CDOs • 431 transactions with current outstandings of US$ 300 billion • 150 have been placed on Rating Watch • Review to be concluded by mid-November, including projected downgrades of AAA tranches • Fitch reviewed all ratings in Market Value Conduits, SIVs, and Asset Backed Commercial Paper • A few downgrades, but we have a small presence in this market • Losses reported at commercial banks and investment banks have merited select downgrades and renewed scrutiny of risk-management processes and appetites • Fitch announced a review of the monoline insurance industry upon completion of the September 30 capital model

34. Significant Deterioration in Structured Finance Market Volumes US$ Billons Source: Inside Mortgage Finance

35. Worldwide CDO Issuance US$ Billons Source: Asset-Backed Alert

36. Volatility in ABS and CMBS Market VolumesUS Securitized Asset Issuance US$ Billons Source: Inside Mortgage Finance

37. Resilient Demand for High Grade Corporates • Record year (over US$ one trillion) for US investment grade bonds, the “flight to simplicity” • Growing capital needs for financial institutions, stable economic environment, and contraction in commercial paper underlie the strong supply • Growing demand from new emerging economies • Continuing to invest in this business despite slowdown in structured finance • Noninvestment grade issuance hurt by decline in CLO activity

38. Key Issues 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

39. Regulatory Issues • Credit Rating Agency Reform Act passed by US Congress in September 2006 • Fitch was officially recognized as one of seven NRSROs under new guidelines in June of 2007 • IOSCO (International Organization of Securities Commissioners) will release a report in late 2007 on compliance with their Code of Conduct Fundamentals, and in spring 2008 regarding issues specific to structured finance ratings • Recent market turmoil has led to increased attention from securities regulators globally, the European Commission, the US Congress, and Certain US States’ Attorneys-General • We remain open and constructive in the dialogue, eager to find solutions to help restore market confidence in ratings • Greater regulation seems inevitable

40. Conclusion • The entire organization has rallied around the urgency of the credit challenges, aiming to be timely and transparent with our research and ratings • Visibility into the months ahead is limited • We do expect that corporate ratings will continue on a growth trend • Less sure about the timing and extent of structured markets recovery

42. AlgorithmicsIntroduction Algorithmics is a leading provider in the development and delivery of enterprise risk solutions that enable growth, innovation and the efficient use of risk capital. Financial organizations from around the world rely on our software, content,delivery and advisory services to make risk aware business decisions and meet regulatory requirements.

43. AlgorithmicsHighlights 101 New License Orders 390 Software Solution clients (22 new) 169 Content and Data clients (47 new) 721 of the world’s 100 largest financial institutions 724 professionals in 19 global offices Notes: 1 Top 100 banks according to “The Banker”

44. AlgorithmicsRevenue by Region * Includes inter-company revenue of $3.9 million

45. AlgorithmicsEBITDA and Operating Income (*) (*) * Includes inter-company revenue of $3.9 Million in 2005-2006 and 2006-2007

46. AlgorithmicsSolution Achievements Credit and Capital Solutions • 125 clients (108 in 2006) Market Risk Solutions • 161 clients (128 in 2006) Operational Risk Solutions • 104 clients (89 in 2006) Collateral Management Solutions • 70 clients (68 in 2006)

47. AlgorithmicsRecognized Leadership 2007 Chartis Research: Credit Risk Management Systems World’s most complete Credit Risk Management solutions 2007 OpRisk & Compliance Magazine: Technology Rankings Algorithmics voted top for Regulation and Economic Capital Modelling 2007 Synergy Award for Innovation Recognized by the Canadian Federal Government, Department of Natural Sciences and Engineering for innovation in partnership with the University of Toronto 2007 – Awarded a patent for "System and Method for Trading Off Put and Call Values of a Portfolio" methodology. An innovative framework for ranking investment funds on a risk-adjusted basis. 2007 Media and Analyst Recognition

48. AlgorithmicsMarket Drivers • Adoption of ‘risk aware’ business applications in financial services, coupled with increased risk awareness. • Increasingly complex financial markets and products which require more sophisticated tools • Regulation for banks (more countries adopting Basel II), asset managers and insurance companies (e.g. Solvency II)

49. AlgorithmicsInvestment Focus • Expanding sales and services to support revenue growth • Establishing presence in new geographical markets • Investing in managed service solutions for asset managers and hedge funds • Developing broader risk solution for the insurance industry • Continued focus on core solutions