Presentation May 28, 2008 Presentation. Key figures of the first half 2007-2008 ending at March 31, 2008 (October 1, 2007 – March 31, 2008) Key figures.

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<ul><li><p>PresentationMay 28, 2008</p></li><li><p>Key figures of the first half 2007-2008ending at March 31, 2008</p><p>(October 1, 2007 March 31, 2008)</p></li><li><p>Sales from Reported to Like-for-Like </p><p>1H 2006/2007(Oct. 06 Mar. 07)% ChangeSALES (reported) Currency Translation ImpactChanges 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</p></li><li><p>Sales by Company(reported)SALES(reported)365.7297.9-18.5%313.3227.7FITCH GROUPFitch Ratings (excl. Korea Ratings)Korea RatingsFitch RatingsIntercompany Eliminations27.3%18.4313.3246.121.4%- 1.7- 1.7(*) Split of Korea Ratings Sales Ratings: 8.0 M Other: 10.4 MAlgorithmics54.153.51.1%(*)---(in millions)1H 2006/2007(Oct. 06 Mar. 07)% Change1H 2007/2008(Oct. 07 Mar. 08)</p></li><li><p>Sales by Company(like-for-like)SALES(like-for-like)365.7305.7- 16.3%313.3249.2FITCH GROUPFitch RatingsAlgorithmicsIntercompany Eliminations- 20.5%54.158.4+ 7.9%- 1.7- 1.91H 2006/2007(Oct. 06 Mar. 07)% Change1H 2007/2008(Oct. 07 Mar. 08)(in millions)</p></li><li><p>Sales by Geographic Regions(reported)Total Sales % (reported)1H 2006/2007(Oct. 06 Mar. 07)1H 2006/2007(Oct. 07 Mar. 08)</p><p> % %1USA178.548.8%113.037.9%2UK53.214.5%36.812.4%3South Korea1.10.3%18.96.3%4Germany13.83.8%14.24.8%5Netherlands10.42.8%10.13.4%6Spain8.32.3%8.02.7%7Italy8.62.4%8.02.7%8France8.12.2%7.82.6%9Switzerland6.71.8%6.62.2%10Ireland6.71.8%5.92.0%80.7%77.0%</p></li><li><p>From Salesto Recurring Operating IncomeRECURRING OPERATINGINCOME (like-for-like)78.269.9- 10.6%- 287.5- 232.2Sales (reported)78.265.7- 16.0%7.5- 3.3365.7297.9- 18.5%Operating ExpensesRecurring Operating Income (reported)Currency Translation ImpactChanges in Consolidation Scope (Korea Ratings)1H 2006/2007(Oct. 06 Mar. 07)% Change1H 2007/2008(Oct. 07 Mar. 08)(in millions)</p></li><li><p>Recurring Operating Income by Company(reported)RECURRING OPERATINGINCOME (reported)78.265.7- 16.0%101.075.9FITCH GROUP- 24.9%3.3101.079.2- 21.6%- 6.1- 5.284.370.9- 15.9%Fitch Ratings (excl. Korea Ratings)Other (Parent Company &amp; Holdings)Korea RatingsFitch Ratings- 16.7- 8.3+ 50.3%Algorithmics1H 2006/2007(Oct. 06 Mar. 07)% Change1H 2007/2008(Oct. 07 Mar. 08)(in millions)</p></li><li><p>Recurring Operating Income by Company(like-for-like)RECURRING OPERATINGINCOME (like-for-like)78.269.9- 10.6%101.082.5FITCH GROUP- 18.3%- 16.7- 7.4+ 55.7%- 6.1- 5.284.375.1- 10.9%Fitch RatingsOther (Parent Company &amp; Holdings)AlgorithmicsOperating Margin Rate (ROI / Sales)32.2%23.1%21.4%33.1%24.6%22.9%Fitch Ratings LevelFitch Group LevelFimalac Consolidation Level 1H 2006/2007(Oct. 06 Mar. 07)% Change1H 2007/2008(Oct. 07 Mar. 08)(in millions)</p></li><li><p>From Recurring Operating Incometo Operating Result (reported)OPERATING RESULT (reported)104.678.9- 24.6%Recurring Operating Income (reported)26.413.278.265.7- 16.0%Other Operating Income &amp; Expense1H 2006/2007(Oct. 06 Mar. 07)% Change1H 2007/2008(Oct. 07 Mar. 08)(in millions)</p></li><li><p>NET EARNINGSGroup Share (reported)53.930.9Operating Result (reported)4.5104.678.9Net Interest Expense, Other FinancialIncome / (Expense)- 47.0Taxes0.3Equity in Net Earnings of Affiliated Companies- 8.5Minority Interests- 12.5- 26.50.3- 9.31H 2006/2007(Oct. 06 Mar. 07)1H 2007/2008(Oct. 07 Mar. 08)(in millions)From Operating Resultto Net Earnings (reported)</p></li><li><p>Evolution of Fimalacs Shareholdingincluding Reserved Treasury Stocks(stock options)Majority ShareholderTreasury StocksOthers09/30/2007100.0%1.1%66.3%6.9%26.8%03/31/2008100.0%1.1%67.7%9.9%22.4%</p></li><li><p>Cash and Cash Equivalents / (Net Debt)by CompanyFitch GroupParent Company &amp; HoldingsNet Cash Position (excl. Building)- 160+ 243+ 83North Colonnade (London Building)- 225- 196+ 187- 9- 18209/30/200703/31/2008(in millions)</p></li><li><p>Fimalac Share Performance vs. CAC40 and SBF120December 1992 to May 15, 2008CAC 40272FIMALAC872SBF 120375Dec-92Dec-93Dec-94Dec-95Dec-96Dec-97Dec-98Dec-99Dec-00Dec-01Dec-02Dec-03Dec-04Dec-05Dec-06Dec-0705/31/08</p></li><li><p> Group History</p></li><li><p>Group Structure80%20%Note: Derivative Fitch subsidiary folded back into Fitch Ratings in January 2008</p></li><li><p>Fitch Group Revenue TrendIn $ Mil Note: Korea Ratings included beginning in 1H 2007 / 2008</p><p>Chart2</p><p>24.2</p><p>43.3</p><p>155.9</p><p>168.9</p><p>222.4</p><p>305.1</p><p>356.1</p><p>455</p><p>511.3</p><p>692.6</p><p>774</p><p>989</p><p>473.6</p><p>438.9</p><p>Sheet1</p><p>19961997199819992000200120022003200420052005/20062006/20071H 2006/20071H 2007/2008</p><p>24.243.3155.9168.9222.4305.1356.1455511.3692.6774989473.6438.9</p><p>Sheet1</p><p>24.2</p><p>43.3</p><p>155.9</p><p>168.9</p><p>222.4</p><p>305.1</p><p>356.1</p><p>455</p><p>511.3</p><p>692.6</p><p>774</p><p>989</p><p>473.6</p><p>438.9</p><p>Sheet2</p><p>Sheet3</p></li><li><p>In $ MilFitch Group Operating Income Trend</p><p>Chart3</p><p>5.2</p><p>9.5</p><p>29.3</p><p>31.9</p><p>36.6</p><p>71.5</p><p>83</p><p>112.9</p><p>109.8</p><p>150.1</p><p>160</p><p>211</p><p>109.1</p><p>104.8</p><p>Sheet1</p><p>19961997199819992000200120022003200420052005/20062006/2007</p><p>24.243.3155.9168.9222.4305.1356.1455511.3692.6160211</p><p>Sheet1</p><p>Sheet2</p><p>19961997199819992000200120022003200420052005/20062006/20071H 2006/20071H 2007/2008</p><p>5.29.529.331.936.671.583112.9109.8150.1160211109.1104.8</p><p>Sheet2</p><p>Sheet3</p></li><li><p>Fitch Group Sales to Operating Income</p></li><li><p>1H 07/08 Financial Highlights</p></li><li><p>Market OverviewThe credit markets began to turn in mid-2007 as the impact of broader market factors became clearerSignificantly increased leverage Reduced risk premiaMismatch of long- and short-dated fundingAggressive underwriting / fraud</p><p>Evidence of underlying asset performance far worse than expected led to downgrades- primarily affecting US sub-prime RMBS and CDOs of ABS</p><p>The overall impact has been far-reachingBank asset write-downs / reported lossesIncreased volatility and widening spreads across asset classesDecreased investor demand for riskier, more complex assetsReduced bond issuanceContagion effects e.g., auction rate securities, financial guarantors, SIVs, etc.Tightened lending standards</p></li><li><p>Structured Finance Ratings ActivityThe pace and magnitude of deterioration in the US sub-prime market greatly exceeded expectations and led toCriteria reviewsPortfolio reviewsRating actions (e.g. US RMBS, CDOs of ABS)</p><p>2007However, many asset classes continue to perform within stress parameters (e.g. ABS and CMBS)</p><p>Consequently, Fitchs ratings actions reflect a significantly higher number of downgrades than upgrades in 2007</p></li><li><p>Corporate Finance Ratings ActivityCorporate credit quality remained resilient- relative to structured finance- as upgrades marginally exceeded downgrades in 2007</p><p>In calendar 2H07, corporate credit quality began to show strain linked to the declining housing market, leading to an increased number of downgradesFinancial institutions, particularly in North American and Europe, experienced meaningful credit deterioration toward the end of 2007 and into 2008</p><p>2007</p></li><li><p>Global Debt IssuanceSource: Thomson ReutersIn fiscal 1H 07/08, global bond issuance volume tumbledGlobal deal volume of $1.2 trillion in calendar 1Q08 was 45% less than 1Q07</p><p>Asset classes most relevant to Fitch have experienced significant decreases in issuance</p><p>1H 07/08Global Debt Capital Markets by Asset Class1H 06/07</p></li><li><p>Structured FinanceGlobal structured finance issuance volume totaled $99B in calendar 1Q08, the lowest quarterly volume since 3Q96Issuance 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</p><p>Source: Dealogic; Bank of EnglandGlobal Structured Finance (a)Quarterly issuance. Other includes auto, credit card and student loan ABS.Commercial mortgage-backed securitiesResidential mortgage-backed securities</p></li><li><p>Structured FinanceThe 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 yearUS CMBS issuance in calendar 1Q08 was down 89% versus 1Q07</p><p>Issuance volumes in the European structured finance market were also impacted, as evidenced by calendar 1Q08 issuance versus 1Q07ABS down 18%RMBS down 51% CDO down 58%CMBS down 93%</p><p>Sources: Thomson Reuters, JPMorgan, ABAlert</p></li><li><p>Corporate Finance Investment GradeThe investment grade market has been less affected and remains attractive for borrowers as investors pursue a flight to quality </p><p>US investment grade bond issuance rose 11% in calendar 1Q08 versus the prior quarter but declined 13% from the prior yearIssuance in April hit a record as companies took advantage of the improving market sentiment and strong investor demandInvestment grade bond issuance in EMEA decreased in 9% in calendar 1Q08 as compared with 4Q07Source: Dealogic, Goldman Sachs, Fitch RatingsGlobal Investment Grade Bond Issuance</p></li><li><p>Corporate FinanceHigh Yield and Leverage LoansSource: Fitch RatingsHowever, US and European high yield bond and leveraged loan markets have been impacted more significantlyIn calendar 1Q08, Europe saw no high yield bond issuance while US high yield bond issuance was down 72% versus 1Q07US and European leveraged loan issuance volume declined 74% and 88%, respectively, in calendar 1Q08 as compared with the same period last yearUS High Yield and Loan Volumes ($B)Sources: Fitch Ratings, European High Yield AssociationEuropean High Yield and Loan Volumes (B)Source: European High Yield Association</p></li><li><p>Regulatory EnvironmentAs current market conditions evolve, regulatory bodies have been assessing the roles and policies of the rating agencies and proposing recommendations for change IOSCOSECCommittee on European Securities RegulatorsFinancial Stability Forum (central bankers, regulators and finance ministers)US Presidents Working Group on Financial MarketsUS Congress</p><p>Final reports from key regulators are anticipated soon</p><p>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 industryDeveloped and committed to jointly with the other credit rating agenciesThese efforts are in addition to Fitchs own analytical and organizational initiatives</p></li><li><p>Credit InitiativesFitchs 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</p><p>Key analytical developments include:</p><p>Real time engagement with the marketEvaluating potential complementary rating scales for structured financeAssessing the merits of harmonizing corporate and public finance rating scales </p><p>Analytical initiativesRevised criteria and model for CDOs exposed to corporate debtCompleted full review of US RMBS ratings criteria; revised ResiLogic modelInitiated deterministic stress analysis of the global structured finance portfolio Updated criteria for rating Market Value StructuresFocus on IFS ratings for financial guarantorsEstablished a Complex Bank Group</p></li><li><p>Organizational InitiativesRecent organizational changes include: </p><p>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</p><p>Several senior management changes</p><p>Implementation of Chief Credit Officer and Risk Officer roles in both Corporates / Financial Institutions and Structured FinanceTo bring enhanced analytical oversight, experience and training to the analytical groups</p></li><li><p>Fitch Solutions OverviewA new division that consolidates all non-rating products and services, product development, credit training, and the firm's product sales forceReinforces and further separates Fitchs analytical activities from commercial activities</p><p>Current Fitch Ratings content forms the core of initial offerings e.g., research, ratings dataOver 1,100 subscribing firms and 8,500 usersSubscription-based revenue streamsPredictable, recurring revenue base with historically strong renewal ratesNot directly tied to issuanceScalable, growth oriented business model</p><p>Incorporates recently launched / acquired products such as Fitch CDS Pricing, Market Implied Ratings and RAP CDSpecialized products to meet increased market demand for data and tools used in the assessment of credit and market risk</p></li><li><p>Fitch Solutions Recent DevelopmentsAcquisition of equity stake in Portsmouth Financial Systems in May 2008Next generation provider of structured finance analytics (e.g. cash flow models, underlying assets, etc.)Reaffirms Fitchs commitment to provide solutions that meet evolving investor needs and to increase transparency in structured finance markets</p><p>Launch of Fitch ABCDS Pricing in March 2008Consensus pricing for asset-backed credit default swaps (ABCDS) with a benchmark service to provide a derived price for illiquid assetsComplements existing single name CDS and Loan CDS services and reflects expansion of Fitchs efforts in the pricing and valuation services business</p><p>Introduction of Covered Bonds SMART in March 2008New surveillance and research service for the covered bonds marketFirst rating agency to have developed this type of service for this sector</p></li><li><p>Asia Pacific Growth PlatformsFitch maintains 15 offices in 11 countries throughout the Asia Pacific region</p><p>Asian capital markets are growing and dynamic; Fitch is continually evaluating investment and acquisition opportunities</p><p>Strategic investments over the past year include:Acquisition of 54% stake in Korea Ratings, the leading Korean credit rating agencyAcquisition of 49% stake in China Lianhe Credit Rating, one of Chinas largest domestic market rating agenciesInvestments in Fitchs Indian operations to capitalize on growing domestic market</p><p>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.</p></li><li><p>Revenue by SegmentNote: 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</p><p>(US$ millions)Revenue1H 06/071H 07/08% changeFITCH RATINGS405.7335.5- 17.3%Structured Finance213.1128.5 - 39.7%Corporate Finance149.4155.0+ 3.7%Subscriptions / Training43.252.0+ 20.4%KOREA RATINGSN/A27.1</p></li><li><p>Revenue by RegionNote: The 1H06/07 regional split reflects minor changes in regional reporting from previously reported figures.</p><p>(US$ millions)Revenue1H 06/071H 07/08% changeFITCH RATINGS405.7335.5- 17.3%North America218.5152.6 - 30.2%EMEA150.4145.6+ 3.2%Latin America18.120.3+ 12.2%Asia Pacific18.717.0- 9.1%KOREA RATINGSN/A27.1</p></li><li><p>Fitch Ratings EBITDA and Operating Income Note: Financials exclude Korea Ratings</p></li><li><p>Expense ManagementFitch has been cautiously managing all costs, specifically compensation expenses, by reducing</p><p>Variable compensation expenses, bonus accruals, and incentive compensation chargesHeadcountIn January 2008, Fitch announced a reduction in headcount of 150, or roughly 7%, by September 2008In April 2008, Fitch revised staff reduction estimates to 180 200, or 8% 10% of total employees by fiscal year end</p><p>Careful expense management, balanced with focused investments in areas of continued growth, will provide Fitch with a stable platform to m...</p></li></ul>