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

FOR IMMEDIATE RELEASE:

Kamakura Reports Third Consecutive Monthly Decline in Corporate Credit Quality
Kamakura Index of Troubled Companies Jumps in March

HONOLULU, April 8, 2005: Kamakura Corporation reported today that its monthly index of troubled companies in the United States rose for the third consecutive month, reaching 13.6% of the public company universe in March. The Kamakura troubled company index was up from 13.0% in February and compares with the 12.0% level in December. The index hit its most recent low of 11.1% in April, 2004. Kamakura classifies any company with a default probability of more than one percent as troubled.

"The Kamakura troubled company index remains at relatively low levels but the climb in the index for the last three months is quite pronounced," said Dr. Donald R. van Deventer, Kamakura Chairman and Chief Executive Officer. "The number of companies with default probabilities between 1% and 5% was 8.1% of the public company universe, up from 7.8% in February. Companies with default probabilities between 5 and 10% were up 0.2% to 2.1% of the universe. Companies with default probabilities between 10% and 20% were down 0.2% to 1.3% of the universe. The riskiest firms in the universe, those with default probabilities over 20%, rose 0.2% to reach 2.0% of the universe in March."

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 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 software 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, 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: sales@kamakuraco.com
Web site: www.kamakuraco.com