SunGard Announces First Quarter 2008 Results

SunGard Data Systems Inc. Consolidated Statements of Operations (in millions) Three Months Ended ------------------ Mar. 31, Mar. 31, 2007 2008 --------- -------- Revenue: Services $1,022 $1,198 License and resale fees 65 59 --------- -------- Total products and services 1,087 1,257 Reimbursed expenses 29 45 --------- -------- 1,116 1,302 --------- -------- Costs and expenses: Cost of sales and direct operating 525 643 Sales, marketing and administration 240 277 Product development 74 79 Depreciation and amortization 59 67 Amortization of acquisition-related intangible assets 104 112 --------- -------- 1,002 1,178 --------- -------- Income from operations 114 124 Interest income 5 5 Interest expense and amortization of deferred financing fees (165) (148) Other expense (37) (21) --------- -------- Income before income taxes (83) (40) Income tax (benefit) expense 13 (18) --------- -------- Net loss $ (96) $ (22) ========= ======== See Notes to Consolidated Condensed Financial Information.

SunGard Data Systems Inc. Consolidated Condensed Balance Sheets (in millions) Dec. 31, Mar. 31, 2007 2008 -------- -------- Assets: Current: Cash and cash equivalents $ 427 $ 427 Accounts receivable, net 353 370 Clearing broker assets 469 555 Prepaid expenses and other current assets 198 176 Retained interest in accounts receivable sold 243 241 -------- -------- Total current assets 1,690 1,769 Property and equipment, net 852 869 Software products, net 1,266 1,256 Customer base, net 2,745 2,735 Other assets, net 1,201 1,216 Goodwill 7,086 7,108 -------- -------- Total Assets $14,840 $14,953 ======== ======== Liabilities and Stockholder's Equity: Current: Short-term and current portion of long-term debt $ 55 $ 313 Accounts payable and accrued expenses 894 762 Clearing broker liabilities 434 529 Deferred revenue 825 859 -------- -------- Total current liabilities 2,208 2,463 Long-term debt 7,430 7,322 Deferred income taxes 1,646 1,625 -------- -------- Total liabilities 11,284 11,410 Stockholder's equity 3,556 3,543 -------- -------- Total Liabilities and Stockholder's Equity $14,840 $14,953 ======== ======== See Notes to Consolidated Condensed Financial Information.

SunGard Data Systems Inc. Notes to Consolidated Condensed Financial Information Note 1. Reconciliation of Income from Operations to Adjusted Income from Operations Adjusted income from operations represents income from operations adjusted for amortization of acquisition-related intangible assets, merger costs, adjustments for deferred revenue, stock-based compensation expense and external management fee expense. Adjusted income from operations is not a recognized term under generally accepted accounting principles (GAAP). Adjusted income from operations does not represent income from operations, as that term is defined under GAAP, and should not be considered as an alternative to income from operations as an indicator of our operating performance. We have included information concerning adjusted income from operations because we use such information when evaluating income from operations to better evaluate the underlying performance of the Company. Adjusted income from operations as presented herein is not necessarily comparable to similarly titled measures. The following is a reconciliation between adjusted income from operations and income from operations, the GAAP measure we believe to be most directly comparable to adjusted income from operations.

Three Months Ended ------------------ Mar. 31, Mar. 31, (in millions) 2007 2008 --------------------------------------------------- --------- -------- Income from operations $ 114 $ 124 Amortization of acquisition-related intangible assets 104 112 Purchase accounting adjustments 1 11 Stock-based compensation and other costs 8 10 --------- -------- Adjusted income from operations $ 227 $ 257 ========= ========

SunGard Data Systems Inc. Notes to Consolidated Condensed Financial Information Note 2. Reconciliation of Net Income (Loss) to EBITDA and Reconciliation of EBITDA to Adjusted EBITDA EBITDA represents net income (loss) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to give effect to certain items that are required in calculating covenant compliance under our senior and senior subordinated notes as well as under our senior secured credit facilities, both of which were entered into in August 2005. Adjusted EBITDA is calculated by subtracting from or adding to EBITDA items of income or expense described below. EBITDA and Adjusted EBITDA are not recognized terms under generally accepted accounting principles, or GAAP. EBITDA and Adjusted EBITDA do not represent net income (loss), as that term is defined under GAAP, and should not be considered as an alternative to net income (loss) as an indicator of our operating performance. Additionally, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management or discretionary use as such measures do not consider certain cash requirements such as capital expenditures (including capitalized software expense), tax payments and debt service requirements. SunGard considers EBITDA and Adjusted EBITDA to be key indicators of our ability to pay our debt. EBITDA and Adjusted EBITDA as presented herein are not necessarily comparable to similarly titled measures. The following is a reconciliation of EBITDA and Adjusted EBITDA to net income (loss), the GAAP measure we believe to be most directly comparable to EBITDA and Adjusted EBITDA.

Three Months Ended ------------------ Mar. 31, Mar. 31, (in millions) 2007 2008 --------------------------------------------------- --------- -------- Net income (loss) $ (96) $ (22) Interest expense, net 160 143 Income tax (benefit) expense 13 (18) Depreciation and amortization 163 179 --------- -------- EBITDA 240 282 Purchase accounting adjustments 1 11 Non-cash charges 8 6 Unusual or non-recurring charges 30 1 Acquired EBITDA, net of disposed EBITDA (4) (2) Other 6 20 --------- -------- Adjusted EBITDA - senior secured credit facilities 281 318 Loss on sale of receivables 7 4 --------- -------- Adjusted EBITDA - senior notes due 2013 and senior subordinated notes due 2015 $ 288 $ 322 ========= ========