Press Contacts: Warren Sherman President Kamakura Corporation 1-201-600-7542 wsherman@kamakuraco.com www.kamakuraco.com

FOR IMMEDIATE RELEASE:

Kamakura Client Ontario Teachers Pension Plan Named Pension Fund Risk Manager of the Year

HONOLULU, January 24, 2005: Kamakura Corporation announced today that RISK Magazine has named Kamakura client Ontario Teachers Pension Plan as pension fund risk manager of the year. The RISK awards for 2005 "highlight the institutions... that have surpassed expectations in highly challenging and competitive markets."

Ontario Teachers Pension Plan and Kamakura Corporation reported in September 2003 that OTPP had subscribed to the Kamakura Risk Manager enterprise-wide risk management system, the Kamakura Risk Information Services default probability service, and to Kamakura's consulting services for proprietary credit model development.

"Under the leadership of Bob Bertram and his risk management team, OTPP has set the standard for sophisticated risk management in the pension fund industry," said Warren Sherman, Kamakura President and Chief Operating Officer. "OTPP has been among the first institutions to recognize the impact of credit risk on both fixed income and equity portfolios, even when the equity portfolio is a perfect match for the equity benchmark. Credit risk-related changes in benchmark composition after trading hours represent a significant risk for all equity managers. Kamakura is honored to be able to work together with OTPP as it implements its advanced strategies for credit risk management."

More information on KRM, first launched in 1993, and Kamakura's approach to integrated interest rate risk and credit risk be found on the Kamakura Corporation web site and in  Advanced Financial Risk Management (John Wiley & Sons, 2004) by Kamakura's van Deventer, Kenji Imai, and Mark Mesler available on Amazon. Advanced Financial Risk Management was recently named "best finance book of 2004" on riskbook.com.

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 for listed companies since November, 2002. Kamakura launched its private firm modeling product in January 2004. Kamakura is also the first company in the world to develop and install a fully integrated credit risk, market risk, asset and liability management, and transfer pricing system. Kamakura has clients ranging in size from $3 billion in assets to $1 trillion in assets. Kamakura's risk management software is currently used in the United States, Germany, Canada, the United Kingdom, Australia, China 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 twenty-one books and more than 100 publications on credit risk, market risk, and asset and liability management. Kamakura has world-wide distribution alliances with IPS-Sendero and Unisys, making Kamakura products available in almost every major city around the globe.

For more information contact

Kamakura Corporation
2222 Kalakaua Ave.
Suite 1400
Honolulu, HI 96815
Telephone: 1-808-791-9888
Facsimile: 1-808-791-9898
Information: info@kamakuraco.com
Web site: www.kamakuraco.com