Fitch Ratings in German Competition Approval of $175 Million Algorithmics Acquisition

January 25, 2005

Cleary Gottlieb won pre-merger notice approval from the German Federal Cartel Office (FCO) for Fitch Ratings Inc.’s $175 million acquisition of Algorithmics Inc.

Algorithmics Inc. is a Canadian provider of risk management software.  Fitch Ratings is a leading global rating agency and a wholly owned subsidiary of Fimalac S.A., an international support services group listed and headquartered in Paris.