[October 31, 2014]

SunGard Announces Third Quarter 2014 Results

SunGard Data Systems Inc. ("SunGard" or the "Company"), one of the world's leading software and technology services companies, today reported results for the third quarter ended September 30, 2014. For the third quarter, revenue was $691 million, up 2% year over year (also up 2% adjusting for currency). Operating income was $95 million in the quarter, down 11% year over year, driven by a 5% increase in total costs and expenses due to increased investments in sales and delivery capacity and higher restructuring costs. The operating income margin was 13.7%, down 2.1 points year over year. Adjusted EBITDA was $188 million, down 4% year over year, and the adjusted EBITDA margin was 27.1%, down 1.7 points year over year. Adjusted EBITDA is defined in Note 1 attached to this release.

For reference, during last year's third quarter, the Company recognized revenue of $11.5 million from the sale of a customer bankruptcy claim. Excluding this sale, third quarter 2014 revenue grew 4%, operating income was down 1% compared to the prior year and adjusted EBITDA increased 2% year over year.

Year to date, revenue was $2.0 billion, up 1% year over year (also up 1% adjusting for currency) and the Company incurred an operating loss of $117 million, which included a $339 million non-cash impairment charge related to the Availability Services split-off in the first quarter. Adjusted EBITDA was $492 million, down 3% year over year, and the adjusted EBITDA margin was 24.4%. Excluding the impairment charge and the sale of the bankruptcy claim in the third quarter of 2013, year to date revenue grew 2%, operating income declined 4%, and adjusted EBITDA was flat.

Russ Fradin, president and chief executive officer, commented, "Over the past few years, we've been making investments to help our customers improve their competitiveness and address the litany of risk and compliance issues that are common in today's marketplace. We're providing new functionality, an improved end-user experience and superior delivery, and they're taking hold in both the established and emerging markets around the world. We're pleased to see these long term commitments improving the top line growth of the company. We will continue to make prudent investments to improve our top and bottom line growth in the future."

Financial Systems ("FS") segment revenue was $637 million in the third quarter, up 2% year over year (also up 2% year over year adjusting for currency). Growth in services, as well as broker dealer revenues, more than offset a decline in software license fees. FS segment costs and expenses were $453 million, up 4% year over year, due to investments in sales and delivery capacity. Adjusted EBITDA for the period was $184 million, down 3% from the prior year, and the adjusted EBITDA margin was 28.9%, down 1.6 points from last year. Excluding the sale of the bankruptcy claim in the third quarter of 2013, FS revenue grew 4% and adjusted EBITDA grew 3%.

Year to date, FS revenue was $1.9 billion, up 1% year over year (also up 1% adjusting for currency). For the same period, adjusted EBITDA was $477 million, a decrease of 3%, compared to the prior year, and the adjusted EBITDA margin was 25.7%, down 1.2 points from last year. Excluding the sale of the bankruptcy claim in the third quarter of 2013, year to date FS revenue grew 2%, adjusted EBITDA declined 1%.

Notable SunGard solutions in the quarter included the following deals:

• Valdi was selected by one of the world's largest financial services firms for a three-year deal to support its growing order management, market access, and compliance requirements.
• Aligne was chosen by a large oil and natural gas producer to support the expansion of its pipeline operations platform.
• Omni Retirement Business Process as a Service (BPaaS) was selected by one of the largest financial services firms in the U.S. to aid in the streamlining of its back-office operations and support new business growth.
• Protegent Surveillance was selected by one of North America's largest independent broker-dealers to assist in meeting regulatory requirements and better manage the risks within its advisory business.
• XSP platform was chosen by one of the world's largest financial services firms to automate their corporate actions processing.
• Quantum was selected by a large European car manufacturer to supply a treasury management solution hosted in a private cloud environment.
• Prophet Enterprise was selected by one of the UK's largest insurance companies in a licensing and services agreement to assist in meeting the increased reporting requirements of Solvency II and reduce its risks within a fully auditable environment.
• IntelliMatch was selected by one of the largest banks in Latin America to provide a centralized platform to automate transaction matching and reconciliation processes across the bank's wholesale, retail, and wealth management operations.

Public Sector and Education ("PS&E") segment revenue was $54 million in the third quarter, up 2% year over year. Adjusted EBITDA was $17 million, up 1% year over year, and the adjusted EBITDA margin was 31.2%, down 0.2 points from last year. These results continue to reflect strong demand for our public sector solutions.

Year to date, PS&E revenue was $162 million, up 5% year over year. For the same period, adjusted EBITDA was $50 million, an increase of 4%, compared to the prior year, and the adjusted EBITDA margin was 30.9%, down 0.3 points from last year.

Notable SunGard solutions in the quarter included the following deals:

• ONESolution was selected by a county in Maryland to provide public safety solutions for computer-aided emergency dispatch, records management, jails management, and mobile computing.
• eFinancePLUS was selected by a Maryland public school district to help manage financial, procurement, payroll, and personnel functions.
• ONESolution was selected by a sheriff's department in Ohio to provide public safety solutions for computer-aided emergency dispatch, records management, and mobile computing.
• eSchoolPLUS, IEPPLUS and PerformanceTRACKER software were chosen by a Pennsylvania school district to manage student information, performance data, and special education information.

Financial Position

For the nine months ended September 30, 2014, the continuing operations of the Company generated $222 million in cash flow from operations. Capital expenditures were $98 million, up $28 million year over year, including a $22 million increase in the capitalization of software due to new product investments.

At September 30, 2014, total debt was $4.7 billion and cash was $396 million. The Company's leverage ratio, as defined in its senior secured credit agreement, was 5.59x, down from 5.64x at the end of the second quarter. The leverage ratio is calculated using adjusted EBITDA as defined in Note 2 attached to this release. See Note 3 attached to this release for supplemental information on debt.

Conference Call & Webcast

SunGard will host a conference call and live web broadcast to discuss third quarter 2014 results today at 9:00 a.m. (Eastern Time). The call may also include a discussion of company developments, forward-looking information and other material information about business and financial matters. The dial-in number for the conference call is 706-902-1370, and the conference ID number is 22805452. You may also listen to the call at www.investorcalendar.com by clicking on the "audio" icon for SunGard. An audio replay will be available two hours after the call ends through midnight on November 14, 2014. To listen to the replay, please dial 1-855-859-2056 or 404-537-3406 and enter the conference ID number 22805452. A replay will also be available two hours after the call ends through midnight on November 14, 2014 at www.investorcalendar.com.

About SunGard

SunGard is one of the world's leading software and technology services companies, with annual revenue of about $2.8 billion. SunGard provides software and processing solutions for financial services, education and the public sector. SunGard serves approximately 16,000 customers in more than 100 countries and has approximately 13,000 employees. For more information, please visit www.sungard.com.

Trademark Information: SunGard, the SunGard logo, Aligne, eFinancePLUS, eSchoolPLUS, IEPPLUS, IntelliMatch, Omni, ONESolution, PerformanceTRACKER, Prophet, Protegent Surveillance, Quantum, Valdi, XSP are trademarks or registered trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.

SunGard's "Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995

Statements in this release other than historical facts constitute forward-looking statements. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "would," "should," "seeks," "approximately," "intends," "plans," "estimates," or "anticipates" or similar expressions which concern our strategy, plans or intentions. All statements we make relating to estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates, financial results and pro forma estimates are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Some of the factors that we believe could affect our results include: global economic and market conditions; the condition of the financial services industry, including the effect of any further consolidation among financial services firms; our high degree of debt-related leverage; the effect of war, terrorism, natural disasters or other catastrophic events; the effect of disruptions to our systems and infrastructure; the timing and magnitude of software sales; the timing and scope of technological advances; the market and credit risks associated with broker/dealer operations; the ability to retain and attract customers and key personnel; risks relating to the foreign countries where we transact business; the integration and performance of acquired businesses; the ability to obtain patent protection and avoid patent-related liabilities in the context of a rapidly developing legal framework for software and business-method patents; a material weakness in our internal controls; and unanticipated changes in our income tax provision or the enactment of new tax legislation, issuance of regulations or relevant judicial decisions The factors described in this paragraph and other factors that may affect our business or future financial results are discussed in our periodic filings with the U.S. Securities and Exchange Commission, copies of which may be obtained from us without charge. We assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events or other factors.

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