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

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Kamakura to Announce New Credit Model Performance Results in Boston, Tokyo, Hong Kong and Six European Cities

Basel II Credit Model Test Results Outlined in May, June Seminars

HONOLULU, April 27, 2005: Kamakura Corporation announced today that seminars will be held in nine cities around the world to publicize the credit model performance results for the newest generation of its Kamakura Risk Information Services default probabilities and default correlations. The seminars will be held in Boston, Tokyo, Hong Kong, Milan, Paris, London, Frankfurt, Amsterdam, and Warsaw. Banks are required to provide quantitative credit model performance tests under the Basel II Capital Accords announced in 2004 by the Basel Committee on Banking Supervision.

"Kamakura Corporation is the only vendor of default probabilities and default correlations that has an established track record of published, quantitative model performance results," said Warren Sherman, Kamakura President and Chief Operating Officer. "We believe strongly that extensive Basel II model performance tests are part of the product clients expect when they subscribe to the Kamakura default probability and correlation service. We also believe that even minimum standards of corporate governance should prohibit the use of any modeling technology for which such test results are not available. Kamakura extends an open invitation to financial services regulators around the world to audit the Kamakura test results, subject only to a standard confidentiality agreement. This series of seminars will document Kamakura's new generation credit model performance in great detail."

Dr. Donald R. van Deventer, Kamakura founder and CEO, will lead the seminars. The seminar dates and registration information are summarized below:

Tokyo, May 16-17. Registration at www.garp.com or 88kb PDF
Hong Kong, May 19-20. Registration at www.garp.com
Boston, June 9-10. Registration at info@kamakuraco.com
Milan, June 13-14. Registration at financemasterclass@concentric-italy.com or 531kb PDF

Paris, June 15
London, June 16
Frankfurt, June 20
Amsterdam, June 22
Warsaw, June 23
Registration for each of the above at roy.williamson@ips-sendero.com

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