Fitch Group, which was formed in 2004, is the holding entity of financial service organizations Fitch Ratings and Algorithmics. With offices in 39 countries, the Fitch Group companies are committed to ratings and risk products which foster comprehensive understanding, enable better decision making and provide improved perspective throughout the global capital markets and within individual organizations.

Fitch Ratings is a leading global rating agency dedicated to providing the world's credit markets with independent, timely and prospective credit opinions, research, and data. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade, gaining market presence and institutional acceptance throughout the world and across all fixed income markets.

Algorithmics is an internationally recognized leader in the development and delivery of enterprise solutions for the measurement and reporting of risk, and business applications that enable customers to make risk-aware business decisions. Algorithmics was founded in 1989 and acquired by Fitch Group in January 2005.

Fitch Group reported revenue of $988.5 million for the twelve months ended September 30, 2007, compared with $774 million for the comparable period of 2005/2006, representing an increase of 27.7% on a reported basis in dollars.

Consolidated revenue for fiscal 2007, corresponding to the revenues of Fitch Ratings and Algorithmics, totaled €744.8 million, compared with €630.3 million for the comparable period of 2005/2006, representing an increase of 18.2% on a reported basis and 20.4% like-for-like (based on a comparable scope of consolidation and at constant exchange rates).

The credit rating business, represented by Fitch Ratings, contributed €623.4 million, up 21.4% like-for-like, while the enterprise risk management business, represented by Algorithmics, contributed €105.1 million, a like-for-like increase of 14.1%.

Its consolidated recurring operating profit stood at $211.2 million, versus $160.1 million for the comparable period of 2005/2006, an increase of 31.9% on a reported basis in dollars.

In Euros, the fiscal 2007-recurring operating profit for the twelve months ended September 30, 2007 increased to €159.1 million, versus €130.3 million for the twelve months ended September 30, 2006, representing an increase of 22.1% on a reported basis and 24.6% like-for-like.

INTERNATIONAL ADVISORY COMMITTEE
In January 2002, Fitch Ratings set up an international advisory committee to provide a prospective view of the global economy and of developments in the main international markets.

The committee is chaired by former French President Valéry GISCARD d’ESTAING, with Marc LADREIT de LACHARRIERE as vice-chairman. The members of the Committee are:

OPERATING HIGHLIGHTS

(in € Millions)	Fiscal 2006 (pro forma)	Fiscal 2007
Consolidated Revenue International Revenue as a % of total	630.3 97.7 %	744.8 97.4 %
Recurring Operating Profit % of Revenue	130.3 20.7 %	159.1 21.3 %
Average Number of Employees Employees outside France as a % of total	2 661 97.9 %	3 103 98.3 %

REVENUE BY GEOGRAPHIC AREA

Web site : www.fitchratings.com