Austria’s Oesterreichische Kontrollbank Extends its Use of SunGard’s Reech ADEP for Derivatives Pricing

NEW YORK, June 17, 2004–SunGard Trading and Risk Systems, an operating group of SunGard (NYSE: SDS), today announced that Oesterreichische Kontrollbank Aktiengesellschaft (OKB), an Austrian specialized financial services provider for the export industry and the capital markets, is extending its use of SunGard’s Reech Automatic Derivatives Pricer (ADEP). ADEP is a proprietary language that can describe any OTC derivative, in plain English, from a simple vanilla swap or option to the most complex hybrid structure, and instantly provide the pricing and risk management parameters for the product.

The international finance department of OKB, headed by Waltraut Burghardt, senior director and Anton Ebner, director, has chosen Reech as a partner for complex derivatives pricing because of its quantitative background and expertise and ADEP’s ability to support complex structures such as PRDC notes. The nature of the products that OKB uses to hedge and to enhance the structure of its refinancing portfolio requires the flexible nature of the ADEP cash flow description language. With ADEP, new structures can be captured as derivatives instruments evolve. Using independent models is also very important in light of regulatory requirements for valuation.

Christophe Reech, president of SunGard’s Reech operating unit, said, “We are pleased to be working with OKB, a prestigious and sophisticated player in Austria, particularly as the expertise required and the regulatory issues are well defined. Reech ADEP provides independent pricing to satisfy regulators and the flexibility to quickly adapt to the dynamic derivatives market.”

The ADEP cash flow description language is linked to a range of multi-factor interest rate, equity, FX, credit and hybrid structures. The ADEP service is available over the Web as an ASP service or in XLL or DLL format for spreadsheet or system integration use.

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