Gruppo RAS Selects SunGard’s Reech for Structured Products Valuation

London - 13 March 2007

Allianz’s Italian group RAS SpA, today announced that it has selected SunGard’s Reech FastVal and Reech REAL for the valuation of its structured products. The service will help enable RAS’s risk department to report standard, consistent values for its IAS 39 reporting requirements.

Reech FastVal also helps RAS to monitor the maturity of any given portfolio of callable issues. With increasing complexity in derivatives pricing and construction, valuations may differ between counterparties. In order to evaluate different contracts from different counterparties, an independent platform offering a quick and decisive price is needed.

Michele Gaffo, investment and risk strategy director at RAS SpA, explained: “RAS’s financial department decided to find an independent provider to develop and maintain an internal pricing system comparable with industry best practices, in terms of high quality of results, quantitative expertise and sophistication. The system developed internally is based on SunGard’s Reech libraries. In this way we are able to focus on flexibility, customisation and integration with internal processes and legacy accounting systems.”

SunGard’s Reech FastVal is powered by the Reech ADEP (Automatic Derivatives Pricer) language. ADEP is used to describe any financial product, in plain English, from a simple vanilla swap or option to the most complex hybrid structure, and instantly provide the value and risk management parameters for the product.

Samuel Hard, senior sales manager at SunGard’s Reech business unit, added: “RAS was looking for a transparent and innovative solution. It selected Reech because of its flexibility to adapt as the industry develops and more complex products evolve. Through the use of our generic models, which facilitate the pricing of any product, SunGard’s Reech will help provide RAS with a cost-effective, long-term solution.”

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