Press Release

Bank Pekao S.A. Goes Live with Kamakura Risk Manager for Basel II, Liquidity Risk and Interest Rate Risk Management

HONOLULU, December 10, 2007: Kamakura Corporation announced today that Bank Pekao S.A., based in Warsaw, has completed its installation of the Kamakura Risk Manager enterprise-wide risk management system and gone into full production. Bank Pekao, a member of the Unicredit Group, uses the KRM system for compliance with the Basel II capital regulations and for static asset and liability management. The Bank is currently processing more than two million transactions in KRM. Systems integration on the project was led by IPS-Sendero, a unit of Fiserv, Ernst & Young and Asseco.
"As the largest bank in Poland, Bank Pekao has ambitious targets for creating shareholder value," said Dr. Marek Lusztyn, Director of Financial Risk Department of Bank Pekao S.A. "A critical determinant of our ability to create value is the ability to measure risk on an integrated basis, from interest rate risk management to the credit focus of Basel II. Kamakura’s research leadership and its fully integrated KRM risk management system give us an unmatched ability to do that."

"The Bank Pekao team is creative and analytical," said Warren Sherman, Kamakura President and Chief Operating Officer. "It is an honor to have the Bank join the Kamakura user group. We look forward to the Bank’s advice and counsel for many years ahead as we continue to broaden and strengthen the integrated ALM, market risk, credit risk, and capital allocation capabilities in KRM."

About Bank Pekao S.A.

Bank Pekao S.A. is the leading bank in Poland and the biggest in Central and Eastern Europe in terms of capitalization. The Bank is the largest in Poland in terms of assets, credits, deposits and investment products. It provides service to 5 million retail customers, 300 thousand small businesses and 15 thousand corporate clients. For convenience of clients, there are more than 1,000 branches and over 3,000 ATMs, with full national coverage. Bank Pekao SA is headquartered in Warsaw. Bank Pekao SA belongs to UniCredit Group which is present in 23 countries and has 170,000 employees, more than 40 million customers, and a network of over 9,000 branches. For more on Bank Pekao S.A., see www.pekao.com.pl.

About Kamakura Corporation

Kamakura Corporation is a leading provider of risk management information, processing and software. Kamakura has been a provider of daily default probabilities and default correlations for listed companies since November, 2002. Kamakura launched its business mortality model for unlisted companies in January 2004. Kamakura is also the first company in the world to develop and install a fully integrated enterprise risk management system that analyzes credit risk, market risk, asset and liability management, and transfer pricing software system. Kamakura has served more than 160 clients ranging in size from $3 billion in assets to $1.6 trillion in assets. Kamakura's risk management products are currently used in 23 countries, including the United States, Canada, Germany, the Netherlands, France, Switzerland, the United Kingdom, Eastern Europe, the Middle East, Africa, Australia, Japan, China, Korea and many other countries in Asia.

Kamakura's research effort is led by Professor Robert Jarrow, who was named Financial Engineer of the Year in 1997 by the International Association of Financial Engineers. Professor Jarrow and Dr. van Deventer were both named to the 50 member RISK Hall of Fame in December 2002. Kamakura management has published more than 100 publications on credit risk, market risk, and asset and liability management.

Kamakura has world-wide distribution alliances with Fiserv and Unisys, making Kamakura products available in almost every major city around the globe.

For more information contact

Kamakura Corporation
2222 Kalakaua Avenue, 14th Floor, Honolulu, Hawaii 96815
Telephone: 1-808-791-9888
Facsimile: 1-808-791-9898
Information: info@kamakuraco.com
Web site: www.kamakuraco.com