SOURCE: FIMALAC

October 25, 2007 12:52 ET

FIMALAC : 2006/2007 Revenue up 20.4% on a like for like basis

PARIS--(Marketwire - October 25, 2007) - The Fimalac Group's revenue for fiscal 2006/2007, covering the 12 months from October 1, 2006 to September 30, 2007, totaled EUR 744.8 million, consisting entirely of Fitch Group revenue.

The currency effect was a negative EUR 33.4 million, due mainly to the fall in the dollar against the euro. Changes in the scope of consolidation had a positive impact of EUR 19.2 million, corresponding to the consolidation of Korea Ratings from April 2007. Adjusted for these effects, like-for-like revenue growth was as shown below:

+-------------------------+-----------+-----------+--------------------+--+
|                         |           |           | % change (reported)|  |
+-------------------------+-----------+-----------+--------------------+--+
|(in EUR  millions)          |  2005/2006|  2006/2007|                    |
|
+-------------------------+-----------+-----------+--------------------+--+
|Ratings                  |      534.3|      632.3|             + 18.3%|  |
+-------------------------+-----------+-----------+--------------------+--+
|Financial risk management|       99.4|      105.1|              + 5.7%|  |
+-------------------------+-----------+-----------+--------------------+--+
|Other (including         |      (3.4)|        7.4|                    |  |
|intercompany             |           |           |                    |  |
|eliminations)            |           |           |                    |  |
+-------------------------+-----------+-----------+--------------------+--+
|Consolidated revenue     |      630.3|      744.8|             + 18.2%|  |
+-------------------------+-----------+-----------+--------------------+--+
+-------------------------+-----------+-----------+--------------------+--+

+-------------------------+------------------+
|                         |     % change     |
+-------------------------+------------------+
|(in EUR  millions)          |  (like-for-like*)|
+-------------------------+------------------+
|Ratings                  |           + 21.4%|
+-------------------------+------------------+
|Financial risk management|           + 14.1%|
+-------------------------+------------------+
|Other (including         |                  |
|intercompany             |                  |
|eliminations)            |                  |
+-------------------------+------------------+
|Consolidated revenue     |           + 20.4%|
+-------------------------+------------------+
+-------------------------+------------------+
(*) At constant exchange rates and based on a comparable scope of consolidation

Excluding Korea Ratings, revenue generated by Fitch Ratings amounted to $827.4 million (EUR 623.4 million) in fiscal 2006/2007, compared with $655.9 million (EUR 534.3 million) the previous year. Revenue growth in dollars came to 26.1%. Based on comparable data and in euros, the increase was 21.4%.

Korea Ratings, which has been 53%-owned by Fitch Ratings since April 2007, contributed $25.6 million (EUR 19.2 million) to consolidated revenue for the fiscal year, including $11.7 million (EUR 8.9 million) reported under "Ratings".

Algorithmics reported revenue of $139.4 million (EUR 105.1 million) versus $122.2 million (EUR 99.4 million) the previous year, representing a like- for-like increase of 14.1%.

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