Page1. 2 Chiffre daffaires des données publiées aux données comparables (en M) 20042005Variation...

Chiffre d’affairesChiffre d’affairesdes données publiées aux données comparablesdes données publiées aux données comparables

(en M€)(en M€) 20042004 20052005 VariationVariation

Chiffre d'affaires Chiffre d'affaires (données publiées)(données publiées) 412,7412,7 557,9557,9 + 35,2%+ 35,2%

Effet de conversion ($ et £)Effet de conversion ($ et £) 2,72,7

Variation du périmètre (Variation du périmètre (Entrée AlgorithmicsEntrée Algorithmics)) - 68,7- 68,7

CHIFFRE D'AFFAIRESCHIFFRE D'AFFAIRES(données comparables)(données comparables)

412,7412,7 491,9491,9 + 19,2%+ 19,2%

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

(en M(en M€€)) 20042004 20052005 VariationVariation

FITCHFITCH GROUP GROUP 411,6411,6 556,1556,1 + 35,1%+ 35,1%

Fitch RatingsFitch Ratings 403,8403,8 476,6476,6 + 18,0%+ 18,0%

AlgorithmicsAlgorithmics 7,8 7,8 ** 79,579,5

Autres (société mère)Autres (société mère) 1,11,1 1,81,8

CHIFFRE D'AFFAIRES CHIFFRE D'AFFAIRES (donn(donnéées publies publiéées)es)

412,7412,7 557,9557,9 + 35,2%+ 35,2%

* Fitch Risk Management seule en 2004* Fitch Risk Management seule en 2004

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




AlgorithmicsAlgorithmics 7,87,8 11,011,0 + 41,0%+ 41,0%

Autres (société mère)Autres (société mère) 1,11,1 1,81,8

CHIFFRE D'AFFAIRES CHIFFRE D'AFFAIRES (donn(donnéées comparables)es comparables)

412,7412,7 491,9491,9 + 19,2%+ 19,2%

Chiffre d’affaires publié par zone géographiqueChiffre d’affaires publié par zone géographique

20042004 %% 20052005 %%

11 États-UnisÉtats-Unis 241,5241,5 58,5 %58,5 % 297,1297,1 53,3%53,3%

22 Grande BretagneGrande Bretagne 51,551,5 12,5 %12,5 % 78,678,6 14,1%14,1%

33 AllemagneAllemagne 11,911,9 2,9 %2,9 % 20,120,1 3,6 %3,6 %

44 ItalieItalie 9,79,7 2,3 %2,3 % 14,314,3 2,6%2,6%

55 FranceFrance 10,010,0 2,4 %2,4 % 13,613,6 2,4%2,4%

66 EspagneEspagne 8,68,6 2,1 %2,1 % 11,011,0 2,0%2,0%

77 Pays-BasPays-Bas 6,86,8 1,7 %1,7 % 11,011,0 2,0%2,0%

88 SuisseSuisse 9,29,2 2,2 %2,2 % 10,710,7 1,9%1,9%

99 MexiqueMexique 5,55,5 1,3 %1,3 % 10,010,0 1,8%1,8%

1010 JaponJapon 5,75,7 1,4 %1,4 % 9,29,2 1,6%1,6%

% du chiffre d'affaires % du chiffre d'affaires publié totalpublié total 87,3%87,3% 85,2%85,2%

Du chiffre d’affaires Du chiffre d’affaires au résultat opérationnel courantau résultat opérationnel courant

(en M€)(en M€) 20042004 20052005 VariationVariation

Chiffre d’affaires Chiffre d’affaires (données publiées)(données publiées) 412,7412,7 557,9557,9 + 35,2%+ 35,2%

Autres produits et charges d’exploitationAutres produits et charges d’exploitation - 336,6- 336,6 - 450,7- 450,7

Résultat opérationnel courant Résultat opérationnel courant (données (données publiées) publiées)

76,176,1 107,2107,2 + 40,9%+ 40,9%

Effet de conversion ($ et £)Effet de conversion ($ et £) 0,70,7

Variation du périmètre Variation du périmètre ((Entrée AlgorithmicsEntrée Algorithmics)) 14,214,2

RÉSULTAT RÉSULTAT OPÉRATIONNEL COURANTOPÉRATIONNEL COURANT (données comparables)(données comparables)

76,176,1 122,1122,1 + 60,4%+ 60,4%

Résultat opérationnel courant par société Résultat opérationnel courant par société (données publiées)(données publiées)




AlgorithmicsAlgorithmics - 10,7 - 10,7 ** - 28,5- 28,5

Autres (société mère)Autres (société mère) - 12,3- 12,3 - 13,3- 13,3

RÉSULTAT OPÉRATIONNEL COURANTRÉSULTAT OPÉRATIONNEL COURANT (donn(donnéées publies publiéées)es)

76,176,1 107,2107,2 + 40,9%+ 40,9%

* Fitch Risk Management seule en 2004* Fitch Risk Management seule en 2004

Résultat opérationnel courant par société Résultat opérationnel courant par société (données comparables)(données comparables)




AlgorithmicsAlgorithmics - 10,7- 10,7 - 14,3- 14,3 - 33,6%- 33,6%

Autres (société mère)Autres (société mère) - 12,3- 12,3 - 13,3- 13,3

RÉSULTAT OPÉRATIONNEL COURANTRÉSULTAT OPÉRATIONNEL COURANT (donn(donnéées comparables)es comparables)

76,176,1 122,1122,1 + 60,4%+ 60,4%

Marge opérationnelle (ROC / CA)Marge opérationnelle (ROC / CA) 18,4%18,4% 24,8%24,8%

Du résultat opérationnel courantDu résultat opérationnel courant au résultat opérationnel au résultat opérationnel (données publiées)(données publiées)


Résultat opérationnel courant Résultat opérationnel courant (données publiées)(données publiées)

76,176,1 107,2107,2 + 40,9%+ 40,9%

Autres produits et charges opérationnelsAutres produits et charges opérationnels 2,22,2 - 1,2- 1,2

RÉSULTAT OPÉRATIONNEL RÉSULTAT OPÉRATIONNEL ((donndonnéées publiéeses publiées))

78,378,3 106,0106,0 + 35,4%+ 35,4%

Du résultat opérationnel au résultat netDu résultat opérationnel au résultat net (données publiées)(données publiées)

(en M(en M€€)) 20042004 20052005

Résultat opérationnel Résultat opérationnel (données publiées)(données publiées)

78,378,3 106,0106,0

Coût de l’endettement financierCoût de l’endettement financier - 18,2- 18,2 - 18,1- 18,1

Autres produits et charges financiersAutres produits et charges financiers - 3,5- 3,5 0,30,3

Charge d’impôtCharge d’impôt 6,96,9 - 40,3- 40,3

Résultat net des sociétés mises en Résultat net des sociétés mises en équivalenceéquivalence

0,40,4 0,50,5

Résultat net des sociétés cédées ou en cours Résultat net des sociétés cédées ou en cours de cessionde cession

- 14,9- 14,9 9,49,4

Intérêts minoritairesIntérêts minoritaires - 2,6- 2,6 - 0,2- 0,2

RÉSULTAT NET – Part Groupe RÉSULTAT NET – Part Groupe ((donndonnéées publiéeses publiées))

46,446,4 57,657,6

HistoriqueHistorique

Fondation de Fimalac en 1991Fondation de Fimalac en 1991

Création d’un département de notation financière : début 1992Création d’un département de notation financière : début 1992

Fimalac acquiert IBCA (Angleterre) : fin 1992Fimalac acquiert IBCA (Angleterre) : fin 1992

Acquisition de Fitch (USA) par Fimalac : en 1997 Acquisition de Fitch (USA) par Fimalac : en 1997 =>=> fusion avec Fitch : création de “Fitch Ibca”fusion avec Fitch : création de “Fitch Ibca”

Acquisition de Duff & Phelps (USA) en 2000 Acquisition de Duff & Phelps (USA) en 2000 =>=> fusion avec “Fitch Ibca” et création de “Fitch Ibca Duff & fusion avec “Fitch Ibca” et création de “Fitch Ibca Duff & Phelps” Phelps”

Acquisition de Bankwatch (Canada) : fin 2000Acquisition de Bankwatch (Canada) : fin 2000=>=> “Fitch Ibca Duff & Phelps” prend le nom simplifié de “Fitch Ibca Duff & Phelps” prend le nom simplifié de

“Fitch Ratings” “Fitch Ratings”

Croissance du chiffre d'affairesCroissance du chiffre d'affaires

0

100

200

300

400

500

600

700

800

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

0

100

200

300

400

500

600

700

800

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

In $ MilIn $ Mil

$356$356

$455$455

$511$511

$693$693

In $ Mil

$83

$113$120

$150

0

20

40

60

80

100

120

140

160

180

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

$83

$113$120

$150

0

20

40

60

80

100

120

140

160

180

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Croissance du résultat opérationnel Croissance du résultat opérationnel courant courant (EBIT)(EBIT)

Structure de Fitch GroupStructure de Fitch Group

FITCH GROUP

FITCH RATINGS ALGORITHMICSY comprisFitch Risk Management

100 %100 %100 %100 %

Du chiffre d'affaires au résultat Du chiffre d'affaires au résultat opérationnel courant opérationnel courant (données publées)(données publées)

en M$en M$Normes IASNormes IAS

20042004 20052005 % variation% variation2005 vs. 20042005 vs. 2004

Chiffre d’Affaires Chiffre d’Affaires (données publiées)(données publiées) 511,3511,3 692,6692,6 + 35,5 %+ 35,5 %

Charges de personnelCharges de personnel - 227,5- 227,5 - 325,6- 325,6

Autres charges externesAutres charges externes - 95,3- 95,3 - 134,2- 134,2

Total chargesTotal charges - 322,8- 322,8 - 459,8- 459,8

EBITDA EBITDA (données publiées)(données publiées) 188,5188,5 232,8232,8 + 23,5 %+ 23,5 %

Provision intéressementProvision intéressement - 67,7- 67,7 - 53,2- 53,2

Dépréciations & amortissementsDépréciations & amortissements - 11,0- 11,0 - 29,5- 29,5

Résultat Opérationnel Courant Résultat Opérationnel Courant (données publiées)(données publiées)

109,8109,8 150,1150,1 + 36,7 %+ 36,7 %

Résultats par sociétéRésultats par société(données publiées)(données publiées)

En M$En M$Normes IASNormes IAS

20042004 20052005 % variation% variation2005 vs. 20042005 vs. 2004

Chiffre d’Affaires FITCH GROUPChiffre d’Affaires FITCH GROUP 511,3511,3 692,6692,6

FitchRatingsFitchRatings 501,5501,5 593,6593,6 + 18,4 %+ 18,4 %

AlgorithmicsAlgorithmics 9,89,8 99,099,0

EBITDA FITCH GROUPEBITDA FITCH GROUP 188,5188,5 232,8232,8


AlgorithmicsAlgorithmics - 9,0- 9,0 - 14,8- 14,8

Résultat opérationnel courant Résultat opérationnel courant FITCH GROUPFITCH GROUP 109,8109,8 150,1150,1


AlgorithmicsAlgorithmics - 13,3- 13,3 - 35,5- 35,5

Prise de participation minoritaire de Prise de participation minoritaire de

20 % dans Fitch Group 20 % dans Fitch Group

Entrée de Hearst au capital de Fitch GroupEntrée de Hearst au capital de Fitch Group

Valeur de la transactionValeur de la transaction

en M$en M$ ValorisationValorisation ValorisationValorisation

Fitch GroupFitch Group transactiontransaction

100%100% 20%20%

EBITDA FITCH RATINGSEBITDA FITCH RATINGS 247,6247,6 247,6247,6

Multiple Moody'sMultiple Moody's 17,2 x17,2 x 17,2 x17,2 x

Valeur d'entreprise Fitch RatingsValeur d'entreprise Fitch Ratings 4 2594 259 4 2594 259

Valeur d'entreprise AlgorithmicsValeur d'entreprise Algorithmics 175175 175175

Valeur d'entreprise FITCH GROUPValeur d'entreprise FITCH GROUP 4 4344 434 4 4344 434

Décote minoritaireDécote minoritaire -1 080-1 080

Dette nette estimée au closingDette nette estimée au closing -234-234 -234-234

Provision intéressement cumulée estimée au closingProvision intéressement cumulée estimée au closing -162-162 -162-162

Valeur Nette 100% FITCH GROUPValeur Nette 100% FITCH GROUP 4 0384 038 2 9582 958

Valeur Nette 20% FITCH GROUPValeur Nette 20% FITCH GROUP 592592

Valorisation de Fitch GroupValorisation de Fitch Group

parité : 1€ = 1,2$parité : 1€ = 1,2$ ValorisationValorisationFitchFitchselonselon

transactiontransaction

MoyenneMoyenneAnalystesAnalystesFrançaisFrançais

(1)(1)

MoyenneMoyenneAnalystesAnalystesEtrangersEtrangers

(2)(2)

MoyenneMoyenneAnalystesAnalystes

Valeur d'entreprise FITCH GROUPValeur d'entreprise FITCH GROUP 4 4344 434 2 8322 832 3 5963 596 3 1593 159

Décote appliquée sur Moody'sDécote appliquée sur Moody's 0%0%

Dette nette estiméeDette nette estimée -234-234

Provision intéressement cumulée estiméeProvision intéressement cumulée estimée -162-162

Valeur Nette FITCH GROUP en M$Valeur Nette FITCH GROUP en M$ 4 0384 038

Valeur Nette FITCH GROUP en M€Valeur Nette FITCH GROUP en M€ 3 3653 365 2 1042 104 2 6792 679 2 3502 350

(1) CAI Cheuvreux, Exane BNP Paribas, Fideuram Wargny, Oddo Securities.(2) Cazenove, Dawnay Day Lockhart et UBS.

Valorisation de FimalacValorisation de Fimalac

parité : 1€ = 1,2$parité : 1€ = 1,2$ ValorisationValorisationFitchFitchselonselon

transactiontransaction

MoyenneMoyenneAnalystesAnalystesFrançaisFrançais

(1)(1)

MoyenneMoyenneAnalystesAnalystesEtrangersEtrangers

(2)(2)

MoyenneMoyenneAnalystesAnalystes

Valeur Nette FITCH GROUP en M€Valeur Nette FITCH GROUP en M€ 3 3653 365 2 1042 104 2 6792 679 2 3502 350

Valeur Nette 80% FITCH GROUP Valeur Nette 80% FITCH GROUP (ap. impôts)(ap. impôts) 2 6502 650

Trésorerie cession 20% FITCH GROUP Trésorerie cession 20% FITCH GROUP (ap. impôts)(ap. impôts) + 467+ 467

Trésorerie, autres actifs et passifs de FimalacTrésorerie, autres actifs et passifs de Fimalac + 133+ 133 + 133+ 133 + 133+ 133 + 133+ 133

ANR FIMALAC en M€ANR FIMALAC en M€ = 3 250= 3 250 = 2 237= 2 237 = 2 812= 2 812 = 2 483= 2 483

Nbre de titres FIMALAC Nbre de titres FIMALAC (en millions)(en millions)(après annulation de 400 000 titres)(après annulation de 400 000 titres)

37,537,5 37,537,5 37,537,5 37,537,5

Cours théorique en €Cours théorique en € 86,786,7 59,759,7 75,075,0 66,266,2

Cours au 28/02/06 en €Cours au 28/02/06 en € 66,366,3

Potentiel de haussePotentiel de hausse 31%31% 45%45% 16%16% 31%31%

(1) CAI Cheuvreux, Exane BNP Paribas, Fideuram Wargny, Oddo Securities.(2) Cazenove, Dawnay Day Lockhart et UBS.

Opération soumise à l’accord des autorités Opération soumise à l’accord des autorités de la concurrence, closing prévu fin avril de la concurrence, closing prévu fin avril 20062006

Les aspects contractuelsLes aspects contractuels

Les aspects contractuelsLes aspects contractuels

Des indicateurs opérationnels en Des indicateurs opérationnels en forte croissance en 2005forte croissance en 2005

• Chiffre d'affaires :Chiffre d'affaires : + 19,2 %+ 19,2 %

• Résultat opérationnel courant :Résultat opérationnel courant : + 60,4 %+ 60,4 %

• Les ratios opérationnels du groupe se sont améliorés :Les ratios opérationnels du groupe se sont améliorés :

• Augmentation du dividende de 19 % à 1,25 € par actionAugmentation du dividende de 19 % à 1,25 € par action

Résultat opérationnel courant / Chiffre d'affairesRésultat opérationnel courant / Chiffre d'affaires 18,4 %18,4 % 24,8 %24,8 %Résultat net / Capitaux propres Résultat net / Capitaux propres (données publiées)(données publiées) 10,1 % 10,1 % 12,5 %12,5 %

2004 2005

A données comparablesA données comparables

Dividende ordinaire par action Dividende ordinaire par action

0,48 0,52 0,55

0,74

0,900,95 0,95 0,95

1,05

1,25

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Cours comparés – Fimalac, Cours comparés – Fimalac, CAC 40 & SBF 120CAC 40 & SBF 120 de Décembre 1992 à Février 2006 - Base 100de Décembre 1992 à Février 2006 - Base 100

CAC 40CAC 40

273273

FIMALACFIMALAC

1 3121 312

100

300

500

700

900

1100

1300

SBF 120SBF 120

304304

Déc-92

Déc-92

Déc-93

Déc-93

Déc-94

Déc-94

Déc-95

Déc-95

Déc-96

Déc-96

Déc-97

Déc-97

Déc-98

Déc-98

Déc-99

Déc-99

Déc-00

Déc-00

Déc-01

Déc-01

Déc-02

Déc-02

Déc-03

Déc-03

Déc-04

Déc-04

Déc-05

Déc-05

Déc-06

Déc-06

Cours comparés – Fimalac, Cours comparés – Fimalac, CAC 40 & SBF 120CAC 40 & SBF 120 de janvier 2005 à février 2006 - Base 100de janvier 2005 à février 2006 - Base 100

CAC 40CAC 40

131131

FIMALACFIMALAC

188188

SBF 120SBF 120

135135

100

110

120

130

140

150

160

170

180

190

200

Janv-05

Janv-05

Fév-05

Fév-05

Mar-

05

Mar-

05

Avr-05

Avr-05

Mai-

05

Mai-

05

Juin-05

Juin-05

Juil-

05

Juil-

05Aoû-05

Aoû-05

Sept-0

5

Sept-0

5

Oct-05

Oct-05Nov-05

Nov-05

Déc-05

Déc-05

Janv-06

Janv-06

Fév-06

Fév-06

au 28/02/2006

"Total Shareholder Return" sur 10 ans "Total Shareholder Return" sur 10 ans des sociétés du SBF120des sociétés du SBF120

Source JCF Group

au 28/02/2006Rang

TSR Sur 10 ans Annualisé En % En %

11 BeneteauBeneteau 3 220,6%3 220,6% 42,0%42,0%

22 Maurel & PromMaurel & Prom 2 576,3%2 576,3% 38,9%38,9%

33 VallourecVallourec 2 324,3%2 324,3% 37,6%37,6%

44 ArevaAreva 1 473,0%1 473,0% 31,7%31,7%

55 VinciVinci 994,1%994,1% 27,0%27,0%

66 Wendel InvestissementWendel Investissement 870,4%870,4% 25,5%25,5%

77 Fimalac Fimalac 861,0%861,0% 25,4%25,4%

88 SR TeleperformanceSR Teleperformance 770,3%770,3% 24,2%24,2%

99 UnibailUnibail 761,1%761,1% 24,0%24,0%

1010 KlepierreKlepierre 715,7%715,7% 23,4%23,4%

1111 CFF RecyclingCFF Recycling 676,8%676,8% 22,8%22,8%

1212 BouyguesBouygues 676,3%676,3% 22,8%22,8%

1313 Societe GeneraleSociete Generale 603,8%603,8% 21,6%21,6%

1414 BNP ParibasBNP Paribas 530,1%530,1% 20,2%20,2%

1515 Publicis GroupePublicis Groupe 512,0%512,0% 19,9%19,9%

Revenue by SegmentRevenue by Segment

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

IAS Norms IAS Norms 20042004 20052005

change change 2005/20042005/2004

% of % of 2005 2005 total total

Structured FinanceStructured Finance 267,5267,5 324,9324,9 21,5%21,5% 54,7%54,7%

Corporate FinanceCorporate Finance 143,4143,4 163,7163,7 14,2%14,2% 27,6%27,6%

Public Finance/SovereignsPublic Finance/Sovereigns 34,834,8 40,940,9 17,5%17,5% 6,9%6,9%

Subscriptions / TrainingSubscriptions / Training 55,855,8 64,164,1 14,9%14,9% 10,8%10,8%

TOTAL FITCH RATINGSTOTAL FITCH RATINGS 501,5501,5 593,6593,6 18,4%18,4% 100%100%

Revenue by RegionRevenue by Region


IAS Norms IAS Norms 20042004 20052005change change

2005/20042005/2004

% of % of 2005 2005 total total

North AmericaNorth America 291,4291,4 342,0342,0 17,4%17,4% 57,6%57,6%

Europe, Middle East & Europe, Middle East & AfricaAfrica

175,1175,1 207,9207,9 18,7%18,7% 35,0%35,0%

Latin AmericaLatin America 19,119,1 24,024,0 25,7%25,7% 4,0%4,0%

Asia PacificaAsia Pacifica 15,915,9 19,719,7 23,9%23,9% 3,3%3,3%

TOTAL FITCH RATINGSTOTAL FITCH RATINGS 501,5501,5 593,6593,6 18,4%18,4% 100 %100 %

Key FiguresKey Figures(reported)(reported)


IAS Norms IAS Norms 20042004 20052005 % change% change

2005 vs. 20042005 vs. 2004

Revenue Revenue (reported)(reported) 501,5501,5 593,6593,6 + 18,4 %+ 18,4 %

EBITDA EBITDA (reported)(reported) 197,5197,5 247,6247,6 + 25,4 %+ 25,4 %

EBITDA marginEBITDA margin 39,4 %39,4 % 41,7 %41,7 %

Current Operating Income Current Operating Income (reported)(reported)

123,1123,1 185,6185,6 + 50,8 %+ 50,8 %

Current Operating Income marginCurrent Operating Income margin 24,5 %24,5 % 31,3 %31,3 %

Revenue and Revenue and Current Operating Income GrowthCurrent Operating Income Growth


--

100100

200200

300300

400400

500500

600600

700700

19971997 19981998 19991999 20002000 20012001 20022002 20032003 20042004 20052005

RevenueRevenue Operating IncomeOperating IncomeOperating Operating

MarginMargin 21%21% 26%26% 26%26% 25%25% 23%23% 23%23% 25%25% 25%25% 31%31%

Drivers of Debt Capital Markets Drivers of Debt Capital Markets GrowthGrowth

Drivers of recent and future growth in debt capital marketsDrivers of recent and future growth in debt capital markets

Macroeconomic driversMacroeconomic drivers Worldwide economic growth Levels of real interest rates Levels of capital spending Merger and acquisition activity Deregulation

Market structure driversMarket structure drivers Innovation (e.g., new instruments) in the debt capital markets Growth of securitization Disintermediation of markets Increased availability of financial information Demand from “new money” investors

Points of DifferentiationPoints of Differentiation

BMA survey: Majority of investors believe 3 ratings is idealBMA survey: Majority of investors believe 3 ratings is ideal

Source: Bond Market Association Rating Industry Day, February 2006

3 - is ideal61%

1 - is ideal8%

2 - is ideal31%

3 - is ideal61%

1 - is ideal8%

2 - is ideal31%

Market ShareMarket Share

By Revenue By Revenue (First Nine Months 2005)(First Nine Months 2005)

Source: Moody’s Investor Presentation, March 2006

Moody's39%

Fitch15%

Others3%AM Best

3%

S&P39%

Market Share Market Share (continued)(continued)

Fitch 2005 Market Share Fitch 2005 Market Share (By Issuance Dollar Volume)(By Issuance Dollar Volume)

Source: SDC, Bondware, Fitch

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Non-FinancialCorporates

FinancialInstitutions

StructuredFinance

U.S. PublicFinance

Sovereigns

Key 2005 AccomplishmentsKey 2005 Accomplishments

Greater Institutional Acceptance – Transitioning the Market Greater Institutional Acceptance – Transitioning the Market to a Three Rating Environmentto a Three Rating Environment

Inclusion in key fixed income indexesInclusion in key fixed income indexes Lehman Brothers, Merrill Lynch, Banc of America, iTraxx, iBoxx, Lehman Brothers, Merrill Lynch, Banc of America, iTraxx, iBoxx,

Bond Buyer, NASD Bloomberg Corporate Bond Indices, etc.Bond Buyer, NASD Bloomberg Corporate Bond Indices, etc.

Inclusion in institutional investor investment guidelinesInclusion in institutional investor investment guidelines 56% of top 100 institutional investors have changed or are in process of 56% of top 100 institutional investors have changed or are in process of

changingchanging 78% of top 50 public pension fund investors have changed or are in 78% of top 50 public pension fund investors have changed or are in

process of changingprocess of changing Calpers, Citigroup, Dreyfus, Fidelity, PIMCO, TIAA-CREF, etc.Calpers, Citigroup, Dreyfus, Fidelity, PIMCO, TIAA-CREF, etc.

Key 2005 Accomplishments Key 2005 Accomplishments (continued)(continued)

Key Rating InitiativesKey Rating Initiatives

Recovery ratingsRecovery ratings Created two new types of ratings – issuer default ratings and recovery Created two new types of ratings – issuer default ratings and recovery

ratingsratings Being rolled out across all corporate, utility, bank and insurance sectorsBeing rolled out across all corporate, utility, bank and insurance sectors

Credit derivativesCredit derivatives Valuspread acquisition provides data for analysis and a commercial Valuspread acquisition provides data for analysis and a commercial

platformplatform Content additions to FitchCDx, Fitch’s online hub of credit derivatives Content additions to FitchCDx, Fitch’s online hub of credit derivatives

informationinformation RAPCD announced March 15, will provide integrated platform for credit RAPCD announced March 15, will provide integrated platform for credit

and market risk in growing synthetic CDO marketand market risk in growing synthetic CDO market Quantitative financial researchQuantitative financial research

Invested in 2005 to build QFR teams in NY and LondonInvested in 2005 to build QFR teams in NY and London Focused on structured finance, but also involved in other areasFocused on structured finance, but also involved in other areas Focused on updating current Fitch internal and external models plus Focused on updating current Fitch internal and external models plus

building new solutionsbuilding new solutions

Key 2005 Accomplishments Key 2005 Accomplishments (continued)(continued)

Key Rating Initiatives (continued)Key Rating Initiatives (continued)

VECTOR version 2.2 released for CDO marketVECTOR version 2.2 released for CDO market Insurance Q RatingsInsurance Q Ratings

Built on success of QIFS ratings in Europe with U.S. rolloutBuilt on success of QIFS ratings in Europe with U.S. rollout Furthers market transparency by providing information on insurers of all sizeFurthers market transparency by providing information on insurers of all size

Introduced two measures of banking system vulnerability – Banking System Introduced two measures of banking system vulnerability – Banking System Indicator and Macro Prudential IndicatorIndicator and Macro Prudential Indicator

Continued expansion in high yield, leveraged loans and covered bondsContinued expansion in high yield, leveraged loans and covered bonds International Securitisation ReportInternational Securitisation Report and and Structured Finance InternationalStructured Finance International best best

structured finance rating agency awards – againstructured finance rating agency awards – again

Products & ServicesProducts & Services

Focused on identifying opportunities to complement core products -- Fitch Focused on identifying opportunities to complement core products -- Fitch Research and Ratings Delivery Service -- with new products and servicesResearch and Ratings Delivery Service -- with new products and services

Launched three structured finance-focused products in 2005Launched three structured finance-focused products in 2005 Bond Compare, FASTracker, ABCP SMARTBond Compare, FASTracker, ABCP SMART

Key 2006 InitiativesKey 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 Continue to build QFR teamContinue to build 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

Regulatory UpdateRegulatory Update

U.S.U.S. SEC continues its ongoing review of the appropriate level of regulation for SEC continues its ongoing review of the appropriate level of regulation for

ratings agenciesratings agencies Released for public comment Proposed Rule on definition of NRSRO in April 2005Released for public comment Proposed Rule on definition of NRSRO in April 2005 Produced technical assistance for Congress relating to SEC statutory authority in June 2005Produced technical assistance for Congress relating to SEC statutory authority in June 2005

““Credit Rating Agency Duopoly Relief Act of 2005” introduced in House in Credit Rating Agency Duopoly Relief Act of 2005” introduced in House in June 2005June 2005 Hearings held in 2005; additional hearings in House possible in 2006Hearings held in 2005; additional hearings in House possible in 2006 Senate hearing held March 7Senate hearing held March 7

InternationalInternational European Parliament asked EU Commission to assess need for rating agency European Parliament asked EU Commission to assess need for rating agency

legislation in 2004legislation in 2004 EU Commission announced it will not propose new legislation to regulate but will monitor EU Commission announced it will not propose new legislation to regulate but will monitor

compliance with existing and self-regulatory rulescompliance with existing and self-regulatory rules

IOSCO published Code of Conduct Fundamentals for Credit Rating Agencies IOSCO published Code of Conduct Fundamentals for Credit Rating Agencies in December 2004in December 2004 Fitch supports the IOSCO approach ; published its official Code of Conduct in January 2005Fitch supports the IOSCO approach ; published its official Code of Conduct in January 2005

Market OutlookMarket Outlook

Long-term secular outlook remains favorable but cyclical Long-term secular outlook remains favorable but cyclical factors may induce some volatilityfactors may induce some volatility

Continued worldwide economic growthContinued worldwide economic growth

Potential for rising real interest ratesPotential for rising real interest rates

Increased M&A activityIncreased M&A activity

Basel IIBasel II

BMA projects 13% decline in total US issuance volume in BMA projects 13% decline in total US issuance volume in 2006 (driven by RMBS)2006 (driven by RMBS)

EMEA issuance outlook more positive, particularly in EMEA issuance outlook more positive, particularly in structured financestructured finance

GoalsGoals

Continue to capitalize on overall institutionalization effortsContinue to capitalize on overall institutionalization efforts

Maintain and grow market share across all key segments Maintain and grow market share across all key segments and regionand region

Revised models should drive incremental ratings shareRevised models should drive incremental ratings share

Enhanced pricing flexibilityEnhanced pricing flexibility

Continue to grow revenue from products and servicesContinue to grow revenue from products and services

Fitch Ratings: 10-12% revenue growth annuallyFitch Ratings: 10-12% revenue growth annually

US: 8-10%US: 8-10%

International: 20%International: 20%

Algorithmics Algorithmics

Incorporated Incorporated

Key FiguresKey Figures (reported)(reported)


IAS Norms IAS Norms 20042004 20052005

Revenue Revenue (reported)(reported) 9,89,8 99,099,0

EBITDA EBITDA (reported)(reported) - 9,0- 9,0 - 14,8- 14,8

Current Operating Income Current Operating Income (reported)(reported) - 13,3- 13,3 - 35,5- 35,5

Note: 2004 includes FRM only. 2005 reflects only ~11 months of Algorithmics revenue, an adjustment of the revenue recognition policy, and $15.7 million amortization charge associated with acquired Algo IP

Algorithmics

Incorporated

Revenue by RegionRevenue by Region

North America

31%

Europe, Middle East

& Africa57%

Latin America

4%

Asia Pacifica

8%North

America31%

Europe, Middle East

& Africa57%

Latin America

4%

Asia Pacifica

8%


IAS Norms IAS Norms

Algorithmics

Incorporated

OverviewOverview

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

660 professionals in 18 global offices 660 professionals in 18 global offices

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

Over 300 solutions clients including 70 of the world’s largest banksOver 300 solutions clients including 70 of the world’s largest banks

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

Algorithmics

Incorporated

Recognized LeadershipRecognized Leadership

Source: Celent, February 2006

““The broadest and deepest offering available for Basel II ...advanced features The broadest and deepest offering available for Basel II ...advanced features and technology... an integrated approach to market, credit, and operational and technology... an integrated approach to market, credit, and operational

risk, but also delivers data and sophisticated analytics/models.“risk, but also delivers data and sophisticated analytics/models.“

Algorithmics

Incorporated

Recognized LeadershipRecognized Leadership

" Algorithmics stands in the Leaders quadrant due to proven implementation " Algorithmics stands in the Leaders quadrant due to proven implementation capability, functional breadth across the entire Basel II criteria solution capability, functional breadth across the entire Basel II criteria solution

architecture, and its deep domain and issue knowledge." architecture, and its deep domain and issue knowledge."

Source: Gartner, September 2005

Algorithmics

Incorporated

TodayToday

Do business and Do business and thenthen compute risk. compute risk.

TomorrowTomorrow

Compute risk and Compute risk and thenthen do business! do business!

Financial Institution of the FutureFinancial Institution of the FutureAlgorithmics

Incorporated

Comprehensive SolutionsComprehensive Solutions

Key differentiators:Key differentiators: Enterprise wideEnterprise wide Comprehensive solutionsComprehensive solutions Integrated frameworkIntegrated framework Scalable architectureScalable architecture Advanced analyticsAdvanced analytics Proven solutionsProven solutions

Algo SuiteAlgo Suite

One data architectureOne data architectureOne analytical engineOne analytical engineOne suite of solutionsOne suite of solutions

Algorithmics

Incorporated

GrowthGrowth

Secured >90 new licensesSecured >90 new licenses

Enhanced Resources and ApproachEnhanced Resources and Approach

Completed successful integration of Fitch RiskCompleted successful integration of Fitch Risk

Established focused, revenue-oriented business linesEstablished focused, revenue-oriented business lines

Developed new 3Developed new 3rdrd party alliances: NumeriX, Citigroup, Polaris party alliances: NumeriX, Citigroup, Polaris

Delivered ValueDelivered Value

Secured powerful value-added statements by clientsSecured powerful value-added statements by clients

Industry RecognitionIndustry Recognition

Risk Awards, Gartner Magic Quadrant, American Banker Top 100, Celent Risk Awards, Gartner Magic Quadrant, American Banker Top 100, Celent Basel IIBasel II

Corporate Achievements in 2005Corporate Achievements in 2005Algorithmics

Incorporated

Solution Achievements in 2005Solution Achievements in 2005

Algo Suite 4.5Algo Suite 4.5

Successful launch in April; more than 20 upgrades completed or Successful launch in April; more than 20 upgrades completed or underwayunderway

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

Leading market share for Basel II Vendors (Celent 2006) Leading market share for Basel II Vendors (Celent 2006) Proven economic and regulatory capital solutionsProven economic and regulatory capital solutions Successful launch of European Credit Data ServicesSuccessful launch of European Credit Data Services Introduced credit workflow solutions to the marketIntroduced credit workflow solutions to the market Over 80 capital management and credit risk clientsOver 80 capital management and credit risk clients

Algorithmics

Incorporated

Solution Achievements in 2005Solution Achievements in 2005

Operational Risk (Algo OpVantage)Operational Risk (Algo OpVantage) Integration created the largest operational risk team in the worldIntegration created the largest operational risk team in the world Recognized by Chartis Research as leading operational risk providerRecognized by Chartis Research as leading operational risk provider Loss Event Database (FIRST) Loss Event Database (FIRST) More than 80 operational risk clients worldwideMore than 80 operational risk clients worldwide

Market Risk for the Buy Side and Sell Side (Algo Risk) Market Risk for the Buy Side and Sell Side (Algo Risk) Gained momentum with partnered ASP solutions (BBG, BHF, SSID)Gained momentum with partnered ASP solutions (BBG, BHF, SSID) Opened MtF framework to accommodate 3rd party modelsOpened MtF framework to accommodate 3rd party models Extended decision support, including optimization Extended decision support, including optimization Over 100 market risk (Algo Risk) clientsOver 100 market risk (Algo Risk) clients

Collateral Management (Algo Collateral)Collateral Management (Algo Collateral) Optimized for scalabilityOptimized for scalability Progress made toward development of version 5.0 (launch Q3 2006)Progress made toward development of version 5.0 (launch Q3 2006) Over 60 long-term collateral clientsOver 60 long-term collateral clients

Algorithmics

Incorporated

Evolving PositioningEvolving Positioning

Financial Institution of the Financial Institution of the FutureFuture

Compute Risk then do Compute Risk then do businessbusiness

Solution Strategy, building on Solution Strategy, building on core competencies:core competencies:

• Full forward valuation. No Short CutsFull forward valuation. No Short Cuts

• Enterprise wide consolidation of all risksEnterprise wide consolidation of all risks

• Risk related work-flow and decision Risk related work-flow and decision processprocess

Integrated Solution Integrated Solution Strategy for ERMStrategy for ERM

• SoftwareSoftware

• ContentContent

• Services Services

• AdvisoryAdvisory

Algorithmics

Incorporated

http://www.algorithmics.com/

Evolving regulatory pressuresEvolving regulatory pressures

Increasing complexity in financial markets and products Increasing complexity in financial markets and products

Ongoing trends toward buying solutions rather than building in-houseOngoing trends toward buying solutions rather than building in-house

Increasing scope and scale of risk management requirements Increasing scope and scale of risk management requirements

Growing interest from non-traditional markets – ex. buy sideGrowing interest from non-traditional markets – ex. buy side

Evolving trends towards risk management best practice for competitive Evolving trends towards risk management best practice for competitive and business advantageand business advantage

Risk Management Growth DriversRisk Management Growth DriversAlgorithmics

Incorporated

Sell SideSell Side

Decision supportDecision support

Advanced analyticsAdvanced analytics

Open MtF program (NumeriX)Open MtF program (NumeriX)

Buy SideBuy Side

Investment decision processInvestment decision process

Managed service / ASPManaged service / ASP

Explore related verticalsExplore related verticals

Capital ManagementCapital Management

AdvisoryAdvisory

Economic & regulatory capital Economic & regulatory capital

EPE (Basel II)EPE (Basel II)

Content (Credit Data Services)Content (Credit Data Services)

Extensive models platform Extensive models platform (Citigroup)(Citigroup)

Analytics for Fitch RatingsAnalytics for Fitch Ratings

Credit ProcessesCredit Processes

Credit workflowCredit workflow

Internal ratings processInternal ratings process

Limit managementLimit management

Operational Risk Operational Risk

Scalability and flexibilityScalability and flexibility

AdvisoryAdvisory

ContentContentCollateral ManagementCollateral Management

Scalability and flexibilityScalability and flexibility

Risk-based marginingRisk-based margining

Key Investment Areas in 2006Key Investment Areas in 2006

People: People: Increased investment in subject matter expertise in business lines and field; Increased investment in subject matter expertise in business lines and field; significant enhancements to services and advisory resourcessignificant enhancements to services and advisory resources

Algorithmics

Incorporated

Risk LeadershipRisk Leadership

Growth ObjectivesGrowth Objectives

20%+ overall revenue growth20%+ overall revenue growth

Market opportunity Market opportunity

Our market positionOur market position

Solutions that matter Solutions that matter

Investment in growth strategyInvestment in growth strategy

Algorithmics

Incorporated

Global PresenceGlobal Presence

HeadcountHeadcount

NA: ~870NA: ~870

LA: ~160LA: ~160

EMEA: ~590EMEA: ~590

AP: ~160AP: ~160

Total: ~1,780Total: ~1,780

Mexico CityMexico City

Santiago Santiago

Brisbane Brisbane

Sao Paulo Sao Paulo

Buenos Aires Buenos Aires

Paris Paris FrankfurtFrankfurt London London

Chicago Chicago

Caracas Caracas

Austin Austin

JohannesburgJohannesburg

SydneySydney

Singapore Singapore

Hong Kong Hong Kong

TokyoTokyo

BeijingBeijing

Tampa Tampa

New York New York

Lima Lima

SeoulSeoul

MumbaiMumbai Tunis Tunis

BarcelonaBarcelona

Milan Milan

Toronto Toronto MoscowMoscow

La Paz La Paz

Bogota Bogota

Rio De Janeiro Rio De Janeiro

San JoseSan Jose

QuitoQuito

San Salvador San Salvador

Kuala Lumpur Kuala Lumpur BangkokBangkok

Taipei Taipei

Colombo Colombo

IstanbulIstanbul

Monterrey Monterrey

San Francisco San Francisco

Washington Washington

WarsawWarsaw

New DelhiNew DelhiChennaiChennai KolkataKolkata

Montevideo Montevideo

Market CoverageMarket Coverage

Fitch’s Ratings Universe (as of year end 2005)Fitch’s Ratings Universe (as of year end 2005)

5,387 financial institutions 5,387 financial institutions 3,212 banks 1,976 insurance companies

1,279 corporate ratings 1,279 corporate ratings 96 sovereign ratings 96 sovereign ratings 80,323 municipal transactions under surveillance 80,323 municipal transactions under surveillance 117 sub-sovereign ratings 117 sub-sovereign ratings structured finance deals under surveillancestructured finance deals under surveillance

6,361 U.S. 1,436 EMEA 271 Asia-Pacific

Points of DifferentiationPoints of Differentiation

Opinions respected by investors and issuers

Experienced career analysts

Thorough analysis and reporting

In-depth criteria and modeling

Global regulatory recognition

Sharing the ideas behind our opinions

Open decision-making framework

Accessibility of analysts

Timely presale research

Ongoing surveillance

Innovative and forward thinking

Original Research and modeling

Receptivity to new ideas and markets

Specialized knowledge in complex credits

Proven record of innovation

Service-oriented culture

Commitment to proactive service

Prompt response to inquiries

Active investor visitation program

Frequent seminars and conferences

A multinational firm built on local expertise

Dual headquarters in New York and London

Coverage in over 90 countries

Regional presence in six US cities

Credit decisions reflecting on the groundperspective

Code of ConductCode of Conduct

Introduction to Fitch Ratings Code of ConductIntroduction to Fitch Ratings Code of Conduct ““Fitch Ratings is committed to providing the world's securities markets with Fitch Ratings is committed to providing the world's securities markets with

objective, timely, independent and forward-looking credit opinions. Fitch is objective, timely, independent and forward-looking credit opinions. Fitch is dedicated to several core principles -- objectivity, independence, integrity and dedicated to several core principles -- objectivity, independence, integrity and transparency. Investor confidence in Fitch’s ratings and research is difficult to win, transparency. Investor confidence in Fitch’s ratings and research is difficult to win, and easy to lose, and Fitch’s continued success is dependent on that confidence.and easy to lose, and Fitch’s continued success is dependent on that confidence.

““Fitch expects all of its employees to act in accordance with the highest standards Fitch expects all of its employees to act in accordance with the highest standards of personal and professional integrity in all aspects of their activities and to comply of personal and professional integrity in all aspects of their activities and to comply with all applicable laws, rules and regulations, and all policies and procedures with all applicable laws, rules and regulations, and all policies and procedures adopted by Fitch, that govern the conduct of Fitch employees. Each employee is adopted by Fitch, that govern the conduct of Fitch employees. Each employee is personally responsible for maintaining the highest levels of integrity to preserve the personally responsible for maintaining the highest levels of integrity to preserve the trust and confidence of global investors.trust and confidence of global investors.

““Throughout its history, Fitch has established and implemented policies, procedures Throughout its history, Fitch has established and implemented policies, procedures and internal controls to ensure the objectivity and integrity of its ratings. Fitch’s and internal controls to ensure the objectivity and integrity of its ratings. Fitch’s Code of Conduct summarizes Fitch’s existing policies and procedures designed to Code of Conduct summarizes Fitch’s existing policies and procedures designed to ensure the highest standards for Fitch’s ratings. Fitch will promptly disclose any ensure the highest standards for Fitch’s ratings. Fitch will promptly disclose any changes to this Code, or to how this Code is implemented and enforced.”changes to this Code, or to how this Code is implemented and enforced.”

Additional Information Additional Information on Key 2005 Accomplishmentson Key 2005 Accomplishments

Recovery RatingsRecovery Ratings Fitch has created two new rating types; recovery ratings (RR) and issuer Fitch has created two new rating types; recovery ratings (RR) and issuer

default ratings (IDR)default ratings (IDR) Rolled-out through 2005 and Q1 2006, recovery ratings provide investors Rolled-out through 2005 and Q1 2006, recovery ratings provide investors

with information on the two components of credit risk — a benchmark with information on the two components of credit risk — a benchmark probability of default and a recovery expectation given defaultprobability of default and a recovery expectation given default

These ratings are being consistently applied globally across all corporate, These ratings are being consistently applied globally across all corporate, bank, utility and insurance sectorsbank, utility and insurance sectors

High YieldHigh Yield Recognizing the increased importance of this asset class and growing Recognizing the increased importance of this asset class and growing

demand from investors and other market constituents, Fitch formed a demand from investors and other market constituents, Fitch formed a group to focus on better serving the high yield market in the Fall of 2004group to focus on better serving the high yield market in the Fall of 2004

Fitch currently rates 80 of the top 100 high yield issuersFitch currently rates 80 of the top 100 high yield issuers Approximately 1/3 of Fitch's corporate ratings are high yieldApproximately 1/3 of Fitch's corporate ratings are high yield Over 360 loan assessments were requested and completed in 2005Over 360 loan assessments were requested and completed in 2005


Covered BondsCovered Bonds Covered bonds are securities issued by financial institutions and secured on a portfolio of Covered bonds are securities issued by financial institutions and secured on a portfolio of

assets such as mortgage loans (residential or commercial) and loans to public entitiesassets such as mortgage loans (residential or commercial) and loans to public entities Fitch currently rates the following types of covered bondsFitch currently rates the following types of covered bonds

Germany’s Hypotheken and Oeffentliche Pfandbrief, Spain's Cedulas Hipotecarias, Germany’s Hypotheken and Oeffentliche Pfandbrief, Spain's Cedulas Hipotecarias, France's Obligations Foncieres, UK Contractual Covered Bonds, Ireland's Asset Covered France's Obligations Foncieres, UK Contractual Covered Bonds, Ireland's Asset Covered Securities, Luxembourg's Lettres de Gage Publiques, Italy's Covered Bonds, Dutch Securities, Luxembourg's Lettres de Gage Publiques, Italy's Covered Bonds, Dutch Contractual Covered BondsContractual Covered Bonds

Credit DerivativesCredit Derivatives The use of credit derivatives, and synthetic transactions in particular, reflects a change in The use of credit derivatives, and synthetic transactions in particular, reflects a change in

behavior by investors and bankers in the capital marketsbehavior by investors and bankers in the capital markets In 2005, Fitch invested in the research and development of new credit derivatives products and In 2005, Fitch invested in the research and development of new credit derivatives products and

services designed to marry the analysis of credit risk and market risk, particularly in the services designed to marry the analysis of credit risk and market risk, particularly in the growinggrowing market for synthetic CDOsmarket for synthetic CDOs RAPCD announced at Fitch’s Credit Derivatives Conference in New York March 15RAPCD announced at Fitch’s Credit Derivatives Conference in New York March 15

Valuspread provides banks and other market participants with prices on credit default swaps Valuspread provides banks and other market participants with prices on credit default swaps direct from leading global market makersdirect from leading global market makers


Q RatingsQ Ratings Q-IFS ratings are generated solely using a statistical model that utilizes financial statement Q-IFS ratings are generated solely using a statistical model that utilizes financial statement

informationinformation The model incorporates “rating logic” that mirrors many aspects of the quantitative analysis The model incorporates “rating logic” that mirrors many aspects of the quantitative analysis

used to assign Fitch’s traditional Insurance Financial Strength ratings, as well as new measures used to assign Fitch’s traditional Insurance Financial Strength ratings, as well as new measures and tools intended to enhance the quantitative parts of Fitch’s traditional analysisand tools intended to enhance the quantitative parts of Fitch’s traditional analysis

Throughout the year, Fitch initiated Q-IFS ratings on 166 insurance and reinsurance companies Throughout the year, Fitch initiated Q-IFS ratings on 166 insurance and reinsurance companies in France, Germany, the United Kingdom, and the U.S. Fitch assigned ratings to 473 U.S. in France, Germany, the United Kingdom, and the U.S. Fitch assigned ratings to 473 U.S. property/casualty insurance companies and 280 U.S. life insurance companiesproperty/casualty insurance companies and 280 U.S. life insurance companies

New Products & ServicesNew Products & Services Bond Compare - allows subscribers to conduct side-by-side evaluations of individual structured Bond Compare - allows subscribers to conduct side-by-side evaluations of individual structured

finance dealsfinance deals FASTracker - Fitch Alert Surveillance Tracker (FASTracker) - is a portfolio management tool FASTracker - Fitch Alert Surveillance Tracker (FASTracker) - is a portfolio management tool

that delivers frequent email alerts about new research, press releases, and performance data for that delivers frequent email alerts about new research, press releases, and performance data for structured financestructured finance

ABCP S.M.A.R.T (Surveillance. Metrics. Analytics. Research. Tools.) provides a detailed and ABCP S.M.A.R.T (Surveillance. Metrics. Analytics. Research. Tools.) provides a detailed and consistent reporting format for U.S. asset backed commercial paper performance dataconsistent reporting format for U.S. asset backed commercial paper performance data

Algorithmics Algorithmics

Incorporated Incorporated

““The rankings show that Algorithmics' brand is as The rankings show that Algorithmics' brand is as strong as ever… Algorithmics once again swept the strong as ever… Algorithmics once again swept the board in terms of risk management."board in terms of risk management."

Clive Davidson, Risk Magazine Contributing Clive Davidson, Risk Magazine Contributing EditorEditor

First In: First In: Basel IIBasel IIMarket RiskMarket RiskCredit RiskCredit RiskCollateral ManagementCollateral ManagementOp Risk Capital CalculationOp Risk Capital Calculation

Recognized LeadershipRecognized LeadershipAlgorithmics

Incorporated

Sample Client ListSample Client ListAlgorithmics

Incorporated

http://www.anz.com/default.asp

http://www.anz.com/default.asp

http://www.firstrand.co.za/default.asp

http://www.kiupbank.co.kr/english/index.jsp

http://www.robeco.com/eng

http://www.dmo.gov.uk/index.htm

http://www.kochind.com/newsroom/news_detail.asp?id=802

http://www.hanabank.com/index.jsp

http://www.pkobp.pl/

http://www.bovespa.com.br/indexi.asp

http://www.td.com/index.jsp

http://www.rbcroyalbank.com/RBC:Q-Y45471A8cAAOMMgpY/index.html

http://www.bankofireland.ie/html/gws/index.html

http://www.nbg.gr/en/index.html

Risk InitiativeRisk InitiativeBuy side risk managementBuy side risk management

Risk management for hedge funds Risk management for hedge funds

Economic capital Economic capital

Portfolio credit risk Portfolio credit risk

Capital management Capital management

Credit derivatives Credit derivatives

Risk data architectureRisk data architecture

KRI for op riskKRI for op risk

SOX outside the USSOX outside the US

Energy riskEnergy risk

Financial Insights 2006Financial Insights 2006

Algorithmics SolutionsAlgorithmics Solutions

Algo Risk, Algo CollateralAlgo Risk, Algo Collateral

Algo Risk, Algo CollateralAlgo Risk, Algo Collateral

Algo CapitalAlgo Capital


Algo Credit Algo Credit



Algo OpVantageAlgo OpVantage

Algo Risk Algo Risk


=

Top 10 Strategic Risk InitiativesTop 10 Strategic Risk InitiativesAlgorithmics

Incorporated

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