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FIMALAC : First quarter 2006 revenues : Up 26.1% on a reported basis - Up 16.0% like-for-like*

FIMALAC : First quarter 2006 revenues : Up 26.1% on a reported basis - Up 16.0% like-for-like*

PARIS -- (MARKET WIRE) -- 04/27/06 -- Fitch Group had a good first quarter in 2006, generating revenues of EUR 130.5 million versus EUR 103.5 million in the prior-year period, an increase of 26.1% as reported and 16.0% like-for- like.

(In € millions)   First quarter   First quarter   % Change    % Change
                      2005            2006       (reported) (like-for-like)

Fitch Ratings          89.3           110.6       + 23.9 %     + 16.5 %

Algorithmics           14.2            19.9       + 40.1 %     + 13.4 %

Total revenues -
 Fitch Group          103.5           130.5       + 26.1 %     + 16.0 %

Fitch Ratings had revenues of $133.0 million in first-quarter 2006, versus $117.3 million a year earlier.

Algorithmics reported first quarter revenues of $23.9 million, compared with $18.7 million in first-quarter 2005. In the above table, the difference between growth as reported (40.1%) and like-for-like (13.4%) is mainly due to the fact that Algorithmics was acquired at the end of January 2005, so that the first-quarter 2005 figure includes only two months of business rather than three.

Given that Fitch Group accounts for almost all of its business, Fimalac's revenue also rose by 26.1% on a reported basis and 16.0% like-for-like, with first quarter revenues of EUR 130.6 million versus EUR 103.6 million in 2005.

(In € millions)                First quarter      First quarter
                                   2005               2006

Revenue - reported                 103.6              130.6       + 26.1 %
Currency effect (mainly $ and £)                      - 8.1
Impact of Algorithmics acquisition                    - 2.3


Revenue - like-for-like            103.6              120.2       + 16.0 %

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


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