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Waste Management, Inc. selects SunGard’s Panorama for its new pulp and paper trading group - Panorama to provide market and credit risk management for new business

NEW YORK, December 17, 2001– SunGard Trading and Risk Systems, an operating group of SunGard (NYSE: SDS), today announced that Waste Management, Inc. (NYSE: WMI) has selected Panorama to support the trading activity of its new pulp and paper trading group, and to track and manage the market and credit risks related to its long-term physical delivery contracts.

Waste Management is its industry's leading provider of comprehensive waste management services. Based in Houston, the company serves municipal, commercial, industrial and residential customers throughout North America.

Waste Management selected Panorama to help it achieve its goal of reducing overall long-term commodity price exposure. The company’s pulp and paper trading group serves as a competitive tool for customer retention and growth since it can potentially provide value to key commercial, municipal and mill customers.

Joe Reposa, director of systems development for Waste Management’s recycle
America subsidiary, said, "We see paper trading as a natural extension of our physical recycling efforts and as a differentiator for our company. We chose Panorama because it offers us greater confidence in the trade support and risk management of our new trading group."

Waste Management will be the first Panorama client in the pulp and paper trading market. Scott Olle, president of SunGard Trading and Risk Systems’ Energy operating unit, said, "Panorama was able to meet Waste Management's need for an end-to-end solution that seamlessly integrates with its work environment to streamline its trading operation. Panorama's flexible architecture makes it entirely commodity neutral, able to robustly support any traded market with state-of-the-art risk reporting and management. While it easily accepts and supports new commodities, Panorama also recognizes the unique characteristics inherent in varying commodities, particularly as they approach physical movement. Attention to those differences is where Panorama thrives. We are committed to continuing to bring Panorama, already a proven trading and risk management solution in various markets, to new markets such as pulp and paper trading."