Page1. 2 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

Page 1

Page 2

SalesSalesfrom reported to like-for-likefrom reported to like-for-like

(in € millions)(in € millions) 1st Half 1st Half 20052005

1st Half 1st Half 20062006

ChangeChange

Sales Sales (reported)(reported) 239.3239.3 289.1289.1 + 20.8 %+ 20.8 %

Currency translation impact ($ and £)Currency translation impact ($ and £) - 10.3- 10.3

Changes in consolidation scopeChanges in consolidation scope((Algorithmics entranceAlgorithmics entrance))

- 2.3- 2.3

SALESSALES(like-for-like)(like-for-like)

239.3239.3 276.5276.5 + 15.5 %+ 15.5 %

Sales by company Sales by company (reported)(reported)


1st Half 1st Half 20062006

ChangeChange

FITCHFITCH GROUP GROUP 239.0239.0 288.9288.9 + 20.9 %+ 20.9 %

Fitch RatingsFitch Ratings 206.5206.5 246.2246.2 + 19.2 %+ 19.2 %

AlgorithmicsAlgorithmics 32.532.5 42.742.7 + 31.4 %+ 31.4 %

Other (Parent company)Other (Parent company) 0.30.3 0.20.2

SALES (reported)SALES (reported) 239.3239.3 289.1289.1 + 20.8 %+ 20.8 %

Sales by company Sales by company (like-for-like)(like-for-like)


1st Half 20061st Half 2006 ChangeChange




Other (Parent company)Other (Parent company) 0.30.3 0.20.2

SALES (like-for-like)SALES (like-for-like) 239.3239.3 276.5276.5 + 15.5 %+ 15.5 %

(in € millions)(in € millions) 1st half2005 %% 1st half

2006 %%

11 USAUSA 134.4134.4 56.2 %56.2 % 156.4156.4 54.1 %54.1 %

22 UKUK 30.930.9 12.9 %12.9 % 34.334.3 11.9 %11.9 %

33 GermanyGermany 8.08.0 3.3 %3.3 % 10.410.4 3.6 %3.6 %

44 SwitzerlandSwitzerland 5.55.5 2.3 %2.3 % 6.86.8 2.4 %2.4 %

55 FranceFrance 6.26.2 2.6 %2.6 % 6.36.3 2.2 %2.2 %

66 NetherlandsNetherlands 4.24.2 1.8 %1.8 % 6.06.0 2.1 %2.1 %

77 ItalyItaly 6.76.7 2.8 %2.8 % 5.85.8 2.0 %2.0 %

88 SpainSpain 4.34.3 1.8 %1.8 % 5.05.0 1.7 %1.7 %

99 MexicoMexico 4.54.5 1.9 %1.9 % 5.05.0 1.7 %1.7 %

1100

EireEire 2.02.0 0.8 %0.8 % 4.64.6 1.6 %1.6 %

% TOTAL SALES% TOTAL SALES 86.4 %86.4 % 83.2 %83.2 %

Sales by geographic regionsSales by geographic regions(reported)(reported)

From sales From sales to current operating incometo current operating income

(in € millions)(in € millions)1st half

20051st half

2006ChangeChange

Sales Sales (reported)(reported) 239.3239.3 289.1289.1 + 20.8 %+ 20.8 %

Operating expensesOperating expenses - 199.7- 199.7 - 245.4- 245.4

Current operating income Current operating income (reported) (reported) 39.639.6 43.743.7 + 10.4 %+ 10.4 %

Currency translation impact ($ and £)Currency translation impact ($ and £) - 1.8- 1.8

Changes in consolidation scopeChanges in consolidation scope ((Algorithmics entranceAlgorithmics entrance))

2.92.9

CURRENT OPERATING INCOMECURRENT OPERATING INCOME (like-for-like)(like-for-like)

39.639.6 44.844.8 + 13.1 %+ 13.1 %

Current operating income by company Current operating income by company (reported)(reported)

(in € millions)(in € millions) 1st half2005

1st half2006

ChangeChange



AlgorithmicsAlgorithmics - 12.8- 12.8 - 21.0- 21.0 - 64.1 %- 64.1 %

Other (Parent company)Other (Parent company) - 6.6- 6.6 - 5.4- 5.4

CURRENT OPERATING INCOMECURRENT OPERATING INCOME (reported)(reported)

39.639.6 43.743.7 + 10.4 %+ 10.4 %

Current operating income by company Current operating income by company (like-for-like)(like-for-like)


1st half2006

ChangeChange



AlgorithmicsAlgorithmics - 12.8- 12.8 - 17.0- 17.0 - 32.8 %- 32.8 %

Other (Parent company)Other (Parent company) - 6.6- 6.6 - 5.4- 5.4

CURRENT OPERATING INCOMECURRENT OPERATING INCOME (like-for-like)(like-for-like)

39.639.6 44.844.8 + 13.1 %+ 13.1 %

Operating margin (COI / Sales)Operating margin (COI / Sales) 16.5 %16.5 % 16.2 %16.2 %

From current operating incomeFrom current operating income to operating result to operating result (reported)(reported)


1st half2006

ChangeChange

Current operating income Current operating income (reported)(reported)

39.639.6 43.743.7 + 10.4 %+ 10.4 %

Other operating income and Other operating income and expenseexpense

- 0.6- 0.6 3.73.7

OPERATING RESULTOPERATING RESULT(reported)(reported)

39.039.0 47.447.4 + 21.5 %+ 21.5 %

From operating result to net earningsFrom operating result to net earnings (reported)(reported)


1st half2006

ChangeChange

Operating result Operating result (reported)(reported)

39.039.0 47.447.4 + 21.5 %+ 21.5 %

Other financial income (expense)Other financial income (expense) - 10.2- 10.2 - 0.8- 0.8

TaxesTaxes - 18.7- 18.7 - 20.2- 20.2

Equity in net earnings of affiliated Equity in net earnings of affiliated companiescompanies

0.20.2 0.20.2

Net earnings from discontinued Net earnings from discontinued operations, and in process of disposaloperations, and in process of disposal

2.92.9 451.0451.0

Minority interestsMinority interests -- - 4.9- 4.9

NET EARNINGS NET EARNINGS (reported)(reported)

13.213.2 472.7472.7

Cash and cash equivalents / (net debt) by companyCash and cash equivalents / (net debt) by company

(in € millions)(in € millions) 12/ 31/200512/ 31/2005 06/ 30/200606/ 30/2006 08/ 31/200608/ 31/2006EstimateEstimate

Fitch GroupFitch Group - 226- 226 - 296- 296 - 276- 276

Parent companyParent company - 186- 186 525525 418418

Net cash position - FimalacNet cash position - Fimalac - 412- 412 229229 142142

Main cash flows of the parent companyMain cash flows of the parent companyfrom January 1 through August 31, 2006from January 1 through August 31, 2006

(in € millions)(in € millions)

Net debt as of 12/31/2005Net debt as of 12/31/2005 - 186- 186

Facom disposal (January 2006)Facom disposal (January 2006) + 344+ 344

Sale of 20 % of Fitch Group (April 2006)Sale of 20 % of Fitch Group (April 2006) + 493+ 493

BASA and options exerciseBASA and options exercise + 47+ 47

Fimalac shares buybackFimalac shares buyback - 256- 256

Dividends (received/payed), other flowsDividends (received/payed), other flows - 24- 24

NET CASH POSITION AS OF 08/31/2006NET CASH POSITION AS OF 08/31/2006 + 418+ 418

Evolution of the treasury stocks level Evolution of the treasury stocks level since January 1, 2006since January 1, 2006

Number of treasury stocksNumber of treasury stocks

POSITION AS OF 12/31/2005POSITION AS OF 12/31/2005 2 762 1312 762 131 7.3 %7.3 %

2006 Buybacks2006 Buybacks + 3 848 980+ 3 848 980 10.1 %10.1 %

17.4 %17.4 %

Service / BASA and optionsService / BASA and options

BASABASA - 1 544 628- 1 544 628 - 4.1 %- 4.1 %

OptionsOptions - 274 859- 274 859 - 0.7 %- 0.7 %

Cancellations (reductions in capital)Cancellations (reductions in capital)

03/15/200603/15/2006 - 400 000- 400 000 - 1.1 %- 1.1 %

05/30/200605/30/2006 - 1 700 000- 1 700 000 - 4.5 %- 4.5 %

09/19/200609/19/2006 - 1 480 000- 1 480 000 - 3.9 %- 3.9 %

- 14.3 %- 14.3 %

POSITION AS OF 09/19/ 2006POSITION AS OF 09/19/ 2006 1 211 6241 211 624 3.5 %3.5 %

(1)(1) % of capital as of 12/ 31/2005% of capital as of 12/ 31/2005(2)(2) % of present capital% of present capital

Reserved for options Reserved for options : : 1.1 %1.1 %

Reserved for BASAReserved for BASA : : 0.4 %0.4 %

FreeFree : : 2.0 %2.0 %

(1)(1)

(1)(1)

(1)(1)

(1)(1)

(1)(1)

(1)(1)

(1)(1)

(2)(2)

Impact of the treasury stocks operations Impact of the treasury stocks operations on the share capitalon the share capital

Total number ofTotal number of FIMALAC FIMALAC

sharesshares

BASISBASIS

PRESENT CAPITALPRESENT CAPITAL 34 328 67834 328 678 100.0100.0

Without BASA serviceWithout BASA service 35 873 30635 873 306 104.5104.5

Without cancellations and Without cancellations and BASA serviceBASA service 39 453 30639 453 306 114.9114.9

Fimalac share performance vs. Fimalac share performance vs. CAC 40CAC 40 and and SBF 120SBF 120 December 1992 to August 2006December 1992 to August 2006

CAC 40CAC 40

282282

FIMALACFIMALAC

1 3011 301

SBF 120SBF 120

313313

0

200

400

600

800

1000

1200

1400

1600

Dec-92

Dec-92

Dec-93

Dec-93

Dec-94

Dec-94

Dec-95

Dec-95

Dec-96

Dec-96

Dec-97

Dec-97

Dec-98

Dec-98

Dec-99

Dec-99

Dec-00

Dec-00

Dec-01

Dec-01

Dec-02

Dec-02

Dec-03

Dec-03

Dec-04

Dec-04

Dec-05

Dec-05

Aug-06

Aug-06

August 31, 2006

Fimalac share performance vs. Fimalac share performance vs. CAC 40CAC 40 and and SBF 120SBF 120 January 2006 to August 2006January 2006 to August 2006

CAC 40CAC 40

110110

FIMALACFIMALAC

127127

SBF 120SBF 120

110110

100

105

110

115

120

125

130

135

140

145

150

Jan-

06

Jan-

06

Feb-

06

Feb-

06

Mar

-06

Mar

-06

Apr-0

6

Apr-0

6

May

-06

May

-06

June

-06

June

-06

July

-06

July

-06

Aug-0

6

Aug-0

6

August 31, 2006

"Total Shareholder Return" over 10 years "Total Shareholder Return" over 10 years SBF120 companiesSBF120 companies

Source JCF Group

1 Beneteau 3 558,7% 43,3%

2 Vallourec 3 500,9% 43,1%

3 Maurel et Prom 2 259,8% 37,2%

4 Vinci 1 326,8% 30,4%

5 CFF Recycling 1 112,8% 28,3%

6 Areva 1 054,2% 27,7%

7 Eiffage 971,3% 26,8%

8 Unibail 895,1% 25,8%

9 Klepierre 797,5% 24,5%

10 Wendel Investissement 725,6% 23,5%

11 Societe Generale 688,1% 22,9%

12 Fimalac 658,9% 22,5%

13 Bouygues 652,9% 22,4%

14 BNP Paribas 650,2% 22,3%

15 Agf 548,1% 20,5%

August 31, 2006August 31, 2006

RankingRanking TSRTSR

Over 10 yearsOver 10 years AnnualizedAnnualized in %in % in % in %

Page 19

HistoryHistory

Fitch Group structureFitch Group structure

Fitch Group Fitch Group Revenue GrowthRevenue Growth

$24$43

$156 $169

$222

$305

$356

$455

$511

$693

0

100

200

300

400

500

600

700

800

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

$24$43

$156 $169

$222

$305

$356

$455

$511

$693

0

100

200

300

400

500

600

700

800

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

$307

$352

1H05 1H06

$307

$352

1H05 1H06

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


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

$5 $10

$29 $32 $37

$72$83

$113 $110

$150

0

20

40

60

80

100

120

140

160

180

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

$5 $10

$29 $32 $37

$72$83

$113 $110

$150

0

20

40

60

80

100

120

140

160

180

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

$59 $60

1H05 1H06

$59 $60

1H05 1H06

Fitch Group Fitch Group Sales to Operating IncomeSales to Operating Income

in US$ millionsin US$ millions 11stst H 2005 H 2005 11stst H 2006 H 2006 % Change% Change

RevenueRevenue 307.4307.4 351.8351.8 + 14.4 %+ 14.4 %

Personnel costsPersonnel costs 157.9157.9 192.6192.6 + 22.0 %+ 22.0 %

External expensesExternal expenses 58.858.8 69.169.1 + 17.5 %+ 17.5 %

Total chargesTotal charges 216.7216.7 261.7261.7 + 20.8 %+ 20.8 %

EBITDAEBITDA 90.790.7 90.190.1 - 0.7 %- 0.7 %

Profit sharing planProfit sharing plan 17.717.7 14.514.5 - 18.1 %- 18.1 %

DepreciationDepreciation 6.36.3 6.56.5 + 3.2 %+ 3.2 %

Intellectual propertyIntellectual property 7.37.3 9.39.3 + 27.4 %+ 27.4 %

Operating IncomeOperating Income 59.459.4 59.859.8 + 0.7 %+ 0.7 %

Key Figures by CompanyKey Figures by Company

(in US$ millions)(in US$ millions) 11stst H 2005 H 2005 11stst H 2006 H 2006 % Change% Change

Revenue Revenue FITCH GROUPFITCH GROUP 307.4307.4 351.8351.8 + 14.4 %+ 14.4 %

FitchRatingsFitchRatings 265.6265.6 299.8299.8 + 12.9 %+ 12.9 %


Intercompany revenueIntercompany revenue - - -2.0-2.0

EBITDA FITCH GROUPEBITDA FITCH GROUP 90.790.7 90.190.1 - 0.7 %- 0.7 %


AlgorithmicsAlgorithmics - 3.5- 3.5 - 13.6- 13.6

Operating Income Operating Income FITCH GROUPFITCH GROUP 59.459.4 59.859.8 + 0.7 %+ 0.7 %


AlgorithmicsAlgorithmics - 12.9- 12.9 - 24.4- 24.4

Page 26

$305

$353

$448

$502

$594

0

100

200

300

400

500

600

700

2001 2002 2003 2004 2005

$305

$353

$448

$502

$594

0

100

200

300

400

500

600

700

2001 2002 2003 2004 2005

Fitch Ratings Fitch Ratings Revenue growthRevenue growth


$266

$300

1H05 1H06

$266

$300

1H05 1H06

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

Source: Thomson Financial Source: Thomson Financial

(in US$ billions)(in US$ billions)

0

1 000

2 000

3 000

4 000

5 000

6 000

2002 2003 2004 20050

1 000

2 000

3 000

4 000

5 000

6 000

2002 2003 2004 2005 1H05 1H061H05 1H06

Fitch Ratings Fitch Ratings Market Share Market Share

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

53%

89%

65% 64% 65%

52%

90%

62% 62% 65%

100%92%

0%10%20%30%40%50%60%70%80%90%

100%

StructuredFinance

FinancialInstitutions

Non-FinancialCorporates

U.S. PublicFinance

Sovereigns Total MarketShare

FY 2005 1H 2006

53%

89%

65% 64% 65%

52%

90%

62% 62% 65%

100%92%

0%10%20%30%40%50%60%70%80%90%

100%

StructuredFinance

FinancialInstitutions

Non-FinancialCorporates

U.S. PublicFinance

Sovereigns Total MarketShare

FY 2005 1H 2006

Fitch Ratings Fitch Ratings Revenue by SegmentRevenue by Segment

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

1H 051H 05 1H 061H 06 % Change % Change

Structured FinanceStructured Finance 143.4143.4 157.1157.1 9.6%9.6%

Corporate FinanceCorporate Finance 90.890.8 106.4106.4 17.2%17.2%

Subscriptions /TrainingSubscriptions /Training 31.431.4 36.336.3 15.6%15.6%

TOTAL FITCH RATINGSTOTAL FITCH RATINGS 265.6265.6 299.8299.8 12.9%12.9%

Fitch Ratings Fitch Ratings Revenue by RegionRevenue by Region

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


North AmericaNorth America 159.9159.9 177.8177.8 11.2%11.2%

Europe, Middle East & AfricaEurope, Middle East & Africa 86.786.7 100.1100.1 15.5%15.5%

Latin AmericaLatin America 11.311.3 12.312.3 8.8%8.8%

Asia PacificAsia Pacific 7.77.7 9.69.6 24.7%24.7%

TOTAL FITCH RATINGSTOTAL FITCH RATINGS 265.6265.6 299.8299.8 12.9%12.9%

Fitch Ratings Fitch Ratings EBITDAEBITDA and Operating Income and Operating Income

(in (in US$ millions)US$ millions) 1H 051H 05 1H 061H 06 % Change% Change

Revenue Revenue 265.6265.6 299.8299.8 + 12.9 %+ 12.9 %

EBITDA EBITDA 94.294.2 103.7103.7 + 10.1 %+ 10.1 %

EBITDA MarginEBITDA Margin 35.5 %35.5 % 34.6 %34.6 %

Profit sharing planProfit sharing plan 17.717.7 14.014.0 - 20.9 %- 20.9 %DepreciationDepreciation 4.24.2 5.55.5 + 31.0 %+ 31.0 %

Operating Income Operating Income 72.372.3 84.284.2 + 16.5 %+ 16.5 %Operating Income MarginOperating Income Margin 27.2 %27.2 % 28.1 %28.1 %

Recap of 2006 InitiativesRecap of 2006 Initiatives

Structured Finance InitiativesStructured Finance Initiatives Updated RMBS modelUpdated RMBS model Revised VECTOR CDO modelRevised VECTOR CDO model RAPCD for synthetic CDOsRAPCD for synthetic CDOs Build QFR teamBuild QFR team

Corporate/Financial Institution InitiativesCorporate/Financial Institution Initiatives Continued recovery ratings implementationContinued recovery ratings implementation Insurance capital modelInsurance capital model Financial guaranty capital modelFinancial guaranty capital model Expand in high yield and leveraged loan marketsExpand in high yield and leveraged loan markets

Business Development InitiativesBusiness Development Initiatives Build on index and investment guideline inclusion momentumBuild on index and investment guideline inclusion momentum Grow products and servicesGrow products and services

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

1 714

1 971

06/30/05 06/30/06

1 714

1 971

06/30/05 06/30/06

Regulatory Update Regulatory Update

EMEA and Asia / PacificEMEA and Asia / Pacific

Recognized for ECAI purposes in the EU, Hong Kong, Japan, Kuwait and Recognized for ECAI purposes in the EU, Hong Kong, Japan, Kuwait and the Philippines. the Philippines.

Fitch release of “Code of Conduct – One Year On” Fitch release of “Code of Conduct – One Year On”

The Committee of European Securities Regulators is expected to deliver an The Committee of European Securities Regulators is expected to deliver an annual report during the fourth quarter of 2006 to report on rating agency annual report during the fourth quarter of 2006 to report on rating agency compliance with the code of conduct published by IOSCO (the International compliance with the code of conduct published by IOSCO (the International Organization of Securities Commissions)Organization of Securities Commissions)

North AmericaNorth America

““Credit Rating Agency Duopoly Relief Act” passed in House of Credit Rating Agency Duopoly Relief Act” passed in House of Representatives in July 2006.Representatives in July 2006.

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

Unclear if the bill will be reconciled between the two houses of Congress and Unclear if the bill will be reconciled between the two houses of Congress and voted on before November elections. voted on before November elections.

Recognized for ECAI purposes in CanadaRecognized for ECAI purposes in Canada

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%

Page 37

EBITDAEBITDA and Operating Income and Operating Income

(in (in US$ millions)US$ millions) 1H 20051H 2005 1H 20061H 2006 % change% change

RevenueRevenue 41.841.8 54.054.0 + 29.2 %+ 29.2 %

EBITDAEBITDA - 3.5- 3.5 - 13.6- 13.6

Profit sharing planProfit sharing plan -- 0.50.5

DepreciationDepreciation 2.12.1 1.71.7 - 19.0 %- 19.0 %

Intellectual propertyIntellectual property 7.37.3 8.68.6 + 17.8 %+ 17.8 %

Current Operating IncomeCurrent Operating Income - 12.9- 12.9 - 24.4- 24.4

Revenue by RegionRevenue by Region


North AmericaNorth America 13.913.9 16.716.7 20.1%20.1%

Europe, Middle East & AfricaEurope, Middle East & Africa 23.523.5 29.029.0 23.4%23.4%

Latin AmericaLatin America 1.81.8 2.12.1 16.7%16.7%

Asia PacificAsia Pacific 2.62.6 6.26.2 138.5%138.5%

TOTAL ALGORITHMICSTOTAL ALGORITHMICS 41.841.8 54.054.0 29.2%29.2%


OverviewOverview

Founded in 1989, a recognized leader in enterprise risk management Founded in 1989, a recognized leader in enterprise risk management

720 720 (+60)(+60) professionals in professionals in 1919 (+1) global offices (+1) global offices

Serves the global financial services industry Serves the global financial services industry

320 320 (+20) software solution clients including (+20) software solution clients including 7070 of the world’s largest of the world’s largest banksbanks

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

GrowthGrowth 3030 software license deals in 1H 2006 software license deals in 1H 2006 17.2 17.2 % revenue growth 1H 2006 vs. 1H 2005 (comparable numbers)% revenue growth 1H 2006 vs. 1H 2005 (comparable numbers)

Investment in Human CapitalInvestment in Human Capital Building subject matter expertise; growing services, advisory, sales.Building subject matter expertise; growing services, advisory, sales. Added Added 6060 professionals in 1H 2006 professionals in 1H 2006

Industry Recognition Industry Recognition New in 2006: Financial Insight, Waters, ChartisNew in 2006: Financial Insight, Waters, Chartis Successful global user conference ARC 2006Successful global user conference ARC 2006

Corporate AchievementsCorporate Achievements

Solution Achievements Solution Achievements

Algo Suite 4.5 Algo Suite 4.5

Capital Management and Credit Risk Capital Management and Credit Risk (Algo Capital, Algo Credit)(Algo Capital, Algo Credit)

Operational Risk Operational Risk (Algo OpVantage)(Algo OpVantage)

Market Risk for the Buy Side and Sell Side Market Risk for the Buy Side and Sell Side (Algo Risk) (Algo Risk)

Collateral Management Collateral Management (Algo Collateral)(Algo Collateral)

Documents

Page1. 2 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