EXHIBIT 13.2

SunGard Business Areas



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|Businesses:                                                                                                                     |  | Solutions used for:                                                                                                                                                                 |  | Solutions used by:                                                                                                                      |  | Principal brands/services:                                                                                                                                       |  | Leadership:                                                                                                                                                                                     
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|Investment Support
Systems                                       
             Revenue: $1.61 billion2003 / $1.41 billion2002
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|Brokerage & Trading  Revenue $541 million  2003 $405 million  2002                                                            |  | Integrated straight-through processing for trade analysis, capture, matching, routing, confirmation, clearance, settlement, accounting and reporting.                               |  | Broker/dealers, trading and sales desks in banks, proprietary trading firms and hedge funds.                                            |  | BRASS; FRONT ARENA; MicroHedge; UMA; U2                                                                                                                          |  | 70% of Nasdaq trade orders flow through SunGard systems.                                                                                                                                        
|                                                                                                                                |  |                                                                                                                                                                                     |  | Bank and brokerage back-offices, and clearing firms in the U.S. and U.K. Futures back-offices worldwide.                                |  | GMI; InTrader; Octagon; Phase3; SunGard Stream                                                                                                                   |  | 75 exchanges worldwide are supported by SunGard futuressystems.                                                                                                                                 
|                                                                                                                                |  | Brokerage, execution and clearing services.                                                                                                                                         |  | Broker/dealers, institutional investors and professional traders, mostly in North America.                                              |  | BRUT; HammerTrade; SunGard Transaction Network                                                                                                                   |  | 1,800 asset managers, 700 issuers and 90 broker/dealers are connected to the SunGard Transaction Network.  5 million transactions/day are processed on SunGard systems.                         
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|Wealth Management  Revenue $286 million  2003 $279 million  2002                                                              |  | Integrated wealth management, asset accounting, portfolio management, trust accounting, trust tax services, securities lending and custody back-office processing.                  |  | Private banks, trust banks, brokers, investment advisors, custodians and fiduciaries worldwide.                                         |  | AddVantage; Charlotte; Custody Services; Global One; Global Plus; Loanet; OmniLend; SunGard Wealth Management Services; Trust Tax Services of America; WorldLend |  | 750 trust banks manage $2.5 trillion in assets on SunGard systems. $5 trillion in securities loans are processed on SunGard systems.                                                            
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|                                                                                                                                |  | Financial planning and asset allocation. On-line trading and market data services. Compliance monitoring.                                                                           |  | Brokers, financial planners, investment advisors, and fiduciaries, mostly in North America.                                             |  | BrokerWare; Frontier; PlanningStation; PowerData; PowerPartner; PowerPortal; PowerStation; Synapse; Tradeline; WealthStation; WebPlaid                           |  | 40,000 investment advisors offer financial planning services using SunGard systems.                                                                                                             
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|Treasury & Risk Management
 Revenue $327 million  2003 $268 million  2002                                                     |  | Market and credit risk management. Asset and liability management. Derivatives trading and back-office processing. Systems integration, project management and consulting services. |  | Trading departments dealing in derivatives and related instruments in banks, specialized finance companies and hedge funds worldwide.   |  | Adaptiv; BancWare; Credient; Infinity; Monis; Opus; Panorama; Reech                                                                                              |  | 400 OTC derivatives trading organizations use SunGard systems.                                                                                                                                  
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|                                                                                                                                |  | Processing of energy transactions, energy trading and energy risk management.                                                                                                       |  | Utilities, power generating companies, energy traders and marketers, and distribution companies.                                        |  | Entegrate; Entegrate NG                                                                                                                                          |  | 200 energy industry participants trade and process 3
billion megawatt hours of power and 100 Bcf of gas per day on SunGard systems.                                                             
|                                                                                                                                |  | Global corporate treasury functions including cash management and transaction initiation.                                                                                           |  | Treasury departments of corporations and banks worldwide.                                                                               |  | AvantGard/APS 2; AvantGard/ETX; AvantGard/GTM; AvantGard/ICMS; AvantGard/Quantum; AvantGard/ResIQ                                                                |  | 47 Fortune 100 corporations use SunGard systems.                                                                                                                                                
|                                                                                                                                |  | Payments exception management and reconciliation and messaging.                                                                                                                     |  | Correspondent and clearing banks. Asset managers and custodians.                                                                        |  | intelliMATCH EP; intelliTRACS; MINT Knowledge Family; STeP; Stor/QM PLUS                                                                                         |  | 15 of the worlds 20 largest financial services companies use SunGard systems for messaging or exception management.                                                                            
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|Investment Management*  Revenue $192 million  2003 $178 million  2002                                                         |  | Institutional investment accounting, portfolio management and performance measurement.                                                                                              |  | Institutional asset managers, mutual funds, hedge funds, funds of funds, banks, prime brokers and third party administrators worldwide. |  | Decalog; GP3; HedgePower; IMPower; INVEST ONE; InvesTier; V3; XAMIN                                                                                              |  | Investment managers, banks, hedge funds, insurance companies, and custodians manage $10 trillion in assets on SunGard systems.                                                                  
|                                                                                                                                |  | Integrated front-to-back office support for private banking.                                                                                                                        |  | International private banks mostly in Switzerland and Luxembourg.                                                                       |  | APSYS III                                                                                                                                                        |  |                                                                                                                                                                                                 
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|Benefit, Insurance &
Investor Accounting*  Revenue $260 million  2003 $278 million2002                                        |  | Participant accounting, recordkeeping, workflow
management and document generation for 401(k) plan administration.                                                                  |  | Retirement plan administrators including mutual funds and banks, mostly in the U.S.                                                     |  | MACESS; OmniDBEN; OmniPay; OmniPlus; PowerImage; Relius Administration; Relius Documents; Relius Government Forms                                                |  | 50 million retirement plan accounts are processed on SunGard systems.                                                                                                                           
|                                                                                                                                |  | Investor accounting, recordkeeping and workflow management for equities, bonds and mutual funds.                                                                                    |  | Corporate trustees, transfer agents, banks and mutual funds.                                                                            |  | BondMaster; CertMaster; CSSII; Investar*ONE; SUNSTAR; Trustware Corporate Trust                                                                                  |  | 25 million mutual fund, equity and bond holders with $10 trillion in assets are managed on SunGard systems. The top six corporate trust agents use SunGard systems for their debt
recordkeeping.
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|                                                                                                                                |  | Sales support, benefit and policy administration, financial accounting, portfolio management, statutory accounting and reporting for all lines of
insurance.                        |  | Insurance companies and agents, and financial services companies.                                                                       |  | ABC; Amarta; CDS; EAS; EFS; EPS; FrontTier; ProCede; ProGen; SunGard AIMS; SunGard COMPASS; SunGard Financials; SunGard VIP                                      |  | 2,000 insurance companies including 7 of the top 10 U.S. life insurance carriers use SunGard systems.                                                                                           
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|Availability
Services                                       
                     Revenue: $1.17 billion2003 / $1.05 billion2002
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|                                                                                                                                   |  | Access to mission-critical data and systems through a combination of business continuity services, managed IT services and professional services.                                                                                                                          |  | Broad range of North American and European businesses and government agencies.                                                                                                          |  | Business Continuity Services:  Systems Recovery; End-User Recovery; Mobile Recovery; Test Management Services; Voice Recovery Services; Network Recovery Services                                            |  | Pioneer and leading provider for 25 years of information availability services, with vendor-neutral support for over 30 current and legacy platforms keeping data available up to 99.99% of the
time.                                                                       
|                                                                                                                                   |  | A complete portfolio of information availability serviceswith the support of secure, redundant facilities, systems and networksto maintain cost-effective, reliable and compliant IT
environments.                                                                       |  | Information-dependent entities including financial services, business services, healthcare, retail and manufacturing companies.                                                         |  | Managed IT Services:  System Management; Managed Security; Managed Storage; Monitoring; IT Outsourcing; Network Services; Managed Internet Access; Hosting Infrastructure                                    |  | 10,000 customers in North America and Europe.  More than 60 facilities spanning 3 million square feet of hardened secure infrastructure. 25,000 mile global network.                                                                                                        
|                                                                                                                                   |  |                                                                                                                                                                                                                                                                            |  |                                                                                                                                                                                         |  | Professional Services:  Business Continuity Planning; Continuity Program Management; Information Security Services; IT Technical Services; Availability Engineering Services; Availability
Planning Software |  | 100% recovery success rate on more than 1,500 actual recoveries.  5,000 business continuity plans written. 350,000 hours of business continuity consulting provided annually by 200 consultants.                                                                            
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|Higher Education & Public Sector Systems                    Revenue: $179
million  2003 / $133 million  2002                    
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|                                                                                                                                   |  | Accounting, payroll, personnel, utility billing, land management, public safety and justice administration for governments. Accounting, payroll, personnel, fundraising, grant and project
management, student administration and reporting for K-12 and higher education. |  | Local, state and federal governments and special districts, K-12 schools, universities and colleges, and nonprofit organizations such as associations, hospitals and charitable
trusts. |  | Advance; Click2Gov; CommunityPLUS; eGovPLUS; FinancePLUS; IFAS; Naviline; SmartCall; StudentPLUS                                                                                                             |  | Thousands of local government agencies and educational and nonprofit organizations use SunGard systems.  In February 2004, SunGard became a leading global provider of technology solutions for higher
education when it acquired Systems & Computer Technology Corporation.
|                                                                                                                                   |  | Automated mailing and integrated statement processing services.                                                                                                                                                                                                            |  | U.S. corporations, often used in conjunction with other SunGard solutions.                                                                                                              |  | ePresent; intelliSTOR; Output Solutions                                                                                                                                                                      |  |                                                                                                                                                                                                                                                                             
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|* | 2002 reclassified for comparative purposes.
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