I) CONSOLIDATED RESULTS

Following the change in the Group's accounting year-end, fiscal 2012 is a transition year exceptionally covering the 15-month period from October 1, 2011 to December 31, 2012.

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Attributable net profit amounted to €197.8 million for the period, compared with €41.6 million in the previous fiscal year, which covered the 12 months ended September 30, 2011.

(in € millions)	12 months to September 30, 2011		15 months to December 31, 2012
Net result from fully consolidated companies:
Recurring operating result	(8.9)		(9.3)
North Colonnade fair value adjustment			(24.4)
Net financial result	(8.5)		(15.5)
Other	(2.2)		(9.7)
Share of profit of associates (excluding Fitch)	10.8		10.3
Fitch Group profit for the period	50.4		74.5
Net gain on the disposal of 10% of Fitch Group			81.2
Net gain on the disposal of Algorithmics			90.7
Profit attributable to equity holders of Fimalac	41.6		197.8

This profit performance reflected both the significant improvement in Fitch's operating profit over the period and the major capital gains realized by the Fimalac Group.

II) AN EXCELLENT PERFORMANCE BY FITCH

1)     Recurring operating profit of €250.9 million

(in € millions)	12 months to September 30, 2011	15 months to December 31, 2012	% change (reported)		% change (like-for-like)*
			12 months	15 months	12 months	15 months
Revenue	525.7	789.3	+ 18.3%	+ 19.3%	+ 12.7%	+ 14.1%
EBITDA**	176.7	293.0	+ 27.7%	+ 32.5%	+ 22.4%	+ 26.6%
Recurring operating profit	162.8	250.9	+ 22.1%	+ 23.8%	+ 17.3%	+ 18.5%

*   Based on a comparable scope of consolidation and at constant exchange rates
** EBITDA: Earnings before interest, taxes, depreciation and amortization

Demand for Fitch services was particularly strong during the period, driving increasingly faster growth, quarter by quarter, at both Fitch Ratings and Fitch Solutions. Over the 15 months to December 31, 2012, consolidated revenue rose by 19.3% as reported and 14.1% like-for-like (excluding the currency effect).

Revenue was higher across every region, with generally stronger gains in the corporate and financial institutions rating segments. In North America, growth was a robust 18.7% like-for-like over the 15-month period. Geographic diversification also acted as a powerful driver, with Asia and Latin America reporting like-for-like revenue up 17.3% and 19.5%, respectively, over the 15-months. Growth was slower in the Europe-Middle East-Africa region, with a 7% like-for-like 15-month gain.

Operating profit outpaced revenue growth, with 15-month EBITDA climbing 32.5% as reported and 26.6% like-for-like.

Alongside the rating operations, Fitch Solutions' subscription-based research and database services represent a solid second business, whose products are increasingly popular among specialized investors, financial institutions and large organizations. Fitch Solutions now accounts for nearly 17.5% of total Fitch revenue.

Fitch Group has also acquired 7city, a leading provider of learning and development solutions for the financial services industry. Based in London with offices in New York, Singapore and Dubai, 7city has more than 150 employees. Fitch will combine 7city with its Fitch Training unit to form Fitch 7city Learning, which will be the Group's third business alongside Fitch Ratings and Fitch Solutions.

2)     Other significant events