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 Adds Cumulative Default Probabilities to Kamakura Risk Information Services

Cumulative Default Available for Maturities from 1 Month to 5 Years

HONOLULU, June 8, 2005: Kamakura Corporation reported today that it has added cumulative default probabilities for 16,000 public companies in 25 countries to its Kamakura Risk Information Services default probability and correlation service. The cumulative probabilities of default complement the existing annualized term structure of default probabilities available for each of the 16,000 companies. The KRIS service is the only default probability service which offers multiple default probability models and pair-wise correlations in default for each model and each company. The total number of correlations available on the service is in excess of 800 million correlations.

"One of the key advantages of the Kamakura Risk Information Services is its transparency, a key requirement of the new capital accords from the Basel Committee on Banking Supervision," said Warren Sherman, Kamakura President and Chief Operating Officer. "With a transparent system, a sophisticated user group is constantly offering suggestions for further expanding the power of the systems. Our key clients suggested adding cumulative probabilities of default to add more powerful insights to the system. The cumulative probabilities of default give tremendous visibility not just to the likelihood of default but also to its timing. This is one of the reasons for the industry-leading accuracy of the Kamakura default probability models."

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 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 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