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

FOR IMMEDIATE RELEASE:

Tokio Marine and Nichido Fire Insurance Signs for Kamakura Default Probability and Correlation Service

HONOLULU, March 28, 2005: Kamakura Corporation announced today that Tokio Marine and Nichido Fire Insurance has subscribed to the Kamakura Risk Information Services default probability and default correlation service. Tokio Marine & Nichido, with assets in excess of 9 trillion yen, is the largest property and casualty insurance company in Japan.

Tokio Marine and Nichido plans to use Kamakura's default probability service in order to enhance credit risk management.

"Tokio Marine & Nichido is widely recognized as one of the most sophisticated managers of credit risk in Japan," said Warren Sherman, Kamakura President and Chief Operating Officer. "We look forward to working closely with Tokio Marine & Nichido for many years in credit risk management from our offices in Tokyo and Honolulu."

Kamakura is offering free trials of its KRIS default probability service to qualified institutions. For more information on Kamakura's free trial offer please visit the Kamakura Corporation web site. Additional information can also be found 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 Tokio Marine & Nichido

Tokio Marine & Nichido is the core company of Millea Holdings Inc. in Japan (Tokyo Stock Exchange: 8766). The Company, founded in 1879, has more than 17,000 employees and more than 69,000 sales agents representing its products throughout Japan. The Company wrote more than 1.9 trillion yen of premium revenue in its most recent fiscal year.

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 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 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, the Middle East, Africa, 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 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