SOURCE: FIMALAC

January 27, 2006 12:35 ET

FIMALAC : 2005 REVENUE: Up 34.7% on a reported basis / Up 18.9% like-for-like*

Paris -- (MARKET WIRE) -- January 27, 2006 -- Fimalac's 2005 consolidated revenue totaled E555.7 million, consisting almost entirely of the revenue generated by Fitch Group (E555.3 million).

+-------------------------+-----+------+-------+
|(in E millions)          |2004 | 2005 |       |
+-------------------------+-----+------+-------+
|Revenue – reported       |412.4| 555.7|+ 34.7%|
+-------------------------+-----+------+-------+
|Currency effect (mainly $|     | + 2.5|       |
|and £)                   |     |      |       |
+-------------------------+-----+------+-------+
|Effect of Algorithmics   |     |- 68.0|       |
|acquisition              |     |      |       |
+-------------------------+-----+------+-------+
|Revenue – like-for-like  |412.4| 490.2|+ 18.9%|
+-------------------------+-----+------+-------+
a) Fitch Ratings' revenue came to $585.9 million, compared with $494.5 million in 2004, representing an increase of 18.5% in dollar terms. After conversion into euros, its contribution to consolidated revenue amounted to E470.4 million versus E398.2 million, representing an increase of 18.1% on a reported basis and 18.7% like-for-like.

The ratings business grew at an even faster rate than in 2004, which was already a very good year, achieving significant gains in all major segments and geographic regions. The strong pace of growth continued in the fourth quarter, with revenue up by a better-than-expected 11.9% in dollar terms, despite the previous year's exceptionally high basis of comparison. All told, Fitch Ratings enjoyed sustained business momentum throughout 2005.

b) Revenue from the risk management business, comprising an eleven-month contribution from Algorithmics, which was acquired in January 2005, and a twelve-month contribution from the existing businesses (Fitch Risk Management and Fitch Training), totaled $105.8 million (E84.9 million) versus $16.8 million (E13.6 million) in 2004. Like-for-like growth came to 25.5%.

c) In all, Fitch Group, which combines the rating and risk management businesses, reported revenue of $691.7 million (E555.3 million), compared with $511.4 million (E411.7 million) in 2004. This represented an increase in euros of 34.9% on a reported basis and 19% like-for-like.

* Based on an identical Group structure and constant exchange rates.

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