On a like-for-like basis, the decline was 15.9%. Reported revenue includes a €43.2 million negative currency effect due to the weakness of the dollar and sterling, and the €18.4 million positive impact of consolidating Korea Ratings from April 2007.

(*) Based on a comparable scope of consolidation and at constant exchange rates

Fitch Ratings reported revenue of $558.2 million (€371.6 million) for the first nine months of fiscal 2008, compared with $643.4 million (€488.3 million) for the year-earlier period. This represented a decline of 13.2% on a reported basis in dollars, corresponding to Fitch Ratings' functional currency. However, excluding the currency effect and the first-time consolidation of Korea Ratings, like-for-like revenue in euros declined by 20.2%, representing slightly less than the 20.5% downturn observed in the first half.

Algorithmics' revenue for the period amounted to $119.5 million (€79.6 million) compared with $102 million (€77.4 million) for the first nine months of fiscal 2007, representing an increase of 17.2% in dollars. Like-for-like growth in euros came to 11.9%.

II) Recent developments: further expansion of Fitch Ratings' business in Asia

In July, Fitch Ratings took up the opportunity to increase its interest in Korea Ratings by nearly 10% to 64.2%. Korea Ratings became a subsidiary of Fitch Ratings in 2007, following the decision by the South Korean authorities to allow foreign investors to acquire a stake in the domestic rating industry. It covers over 440 South Korean companies and is the local market leader. Today, South Korea ranks as Fitch Ratings' third largest country market by revenue.

With a strong presence in major Asian countries, Fitch Ratings should reap the benefits of its international diversification in the future. Other recent developments include the acquisition of a 49% stake in one of the leading rating agencies in China, a market that has also been opened up to foreign players.

III) Fitch Ratings' outlook for fiscal 2008

In line with previous guidance, in light of the persistently difficult market conditions, Fitch Ratings' revenue may decline by around 20% like-for-like over the twelve months ending September 30, 2008.

IV) Ownership structure/Treasury stock

On June 1, 2008, a total of 1,952,867 treasury shares were cancelled, representing 5.7% of share capital at that date.

At June 30, 2008, 32,375,811 shares were outstanding. At that date, 4.6% of the shares were held in treasury and Marc Ladreit de Lacharrière's direct and indirect interest represented 70.6%.