Yorkshire Building Society Extends its SunGard Implementation to Include Valuation of Structured Derivatives and Debt Instruments Independent Valuation from SunGard's Reech FastVal helps pricing policy

NEW YORK, February 23, 2004– SunGard Trading and Risk Systems, an operating group of SunGard (NYSE: SDS), today announced that Yorkshire Building Society is using Reech FastVal in its Treasury division to value and price structured interest rate and equity instruments.

FastVal uses Reech's proprietary models and independent market data, collated and constructed from reliable data sources. Reech FastVal enables derivatives users to compute the fair value of portfolios containing virtually any financial product from vanilla cash products to complex exotics and hybrid structures. Reech FastVal can handle a broad range of range of asset classes, including interest rate, credit, foreign exchange, equity and inflation-linked products. Using FastVal to value derivatives elements of new long-term value products, the Yorkshire can now develop and price these products competitively.

The building society has also licensed Reech Automatic Derivatives Pricer (ADEP), a proprietary language that describes financial products in plain English and provides the value and risk management parameters for them. ADEP is the language behind FastVal and the Yorkshire uses it to describe new products in FastVal.

Richard Driver, the Yorkshire’s treasury derivatives market manager, said, "We chose Reech FastVal because we needed a system that can accommodate the wide variety of structures that we currently need to value and price, with the flexibility to handle instruments that we might encounter in the future. Reech FastVal is also easy to use and offers a high level of knowledgeable support. We knew we could rely on Reech’s technical resources and expertise, having attended several of its training courses. Additionally, Reech FastVal is delivered as an online service, which enabled rapid implementation, and reduced maintenance and support costs."

Christophe Reech, president of the Reech operating unit of SunGard Trading and Risk Systems, said, "Because of the flexibility of the ADEP language and the scalability of the Reech RiskFrame calculation architecture, Reech FastVal can support a large volume and variety of derivatives instruments. Yorkshire Building Society’s decision to take Reech not only underlines FastVal’s suitability, but also the Yorkshire Building Society’s desire to remain at the forefront of derivatives and derivatives technology."

The Yorkshire Building Society is already a SunGard client, using BancWare Convergence since 2000 for asset and liability management.

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