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

FOR IMMEDIATE RELEASE:

Kamakura Reports Another Sharp Decline in Global Credit Quality in January
Economy Teeters on the Brink of a Recession

HONOLULU, February 4, 2008: Kamakura Corporation announced today that its monthly index of troubled public companies increased sharply in January, rising 1.9% to 12.1% of the global public company universe. Current credit conditions are barely better than the 13.4% average for the index in 18-year period since January 1990. Current credit conditions are better than only 51.5% of the monthly periods since the start of the index in January, 1990. The percent of public companies classified as troubled was as low as 8.0% in September 2007. Credit conditions are now at their worst level since December 2003. The index is presently 6.7% higher than its all time low 5.4%, a level reached in April and May, 2006. Kamakura defines a troubled company as a company whose default probability is in excess of 1%. The index covers more than 20,000 public companies in 29 countries using the fourth generation version of Kamakura's advanced credit models.

"If one defines a recession as a period when credit conditions are below average, we are teetering on the brink of a recession right now," said Warren Sherman, Kamakura President and Chief Operating Officer. "The credit crisis that began in late spring is now pervasive. The auto companies, for example, which were in crisis in May 2005, now have default probabilities as high as they had in that crisis period. In January, the percentage of the global corporate universe with default probabilities between 1% and 5% leaped by 1.6% to 8.7%. The percentage of companies with default probabilities between 5% and 10% was up by 0.3% to 1.8% of the universe in January. The percentage of the universe with default probabilities between 10 and 20% was down slightly, dropping 0.1% to 0.9% of the universe. The percentage of companies with default probabilities over 20% was also down by 0.1% to 0.9% of the total universe in January."

Beginning in January 2006, Kamakura has moved to a global index covering 29 countries using the annualized one month default probability produced by the best performing credit model of the Kamakura Risk Information Services default and correlation service. The model used is the fourth generation Jarrow-Chava reduced form default probability, a formula that bases default predictions on a sophisticated combination of financial ratios, stock price history, and macro-economic factors. The countries currently covered by the index include Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Hong Kong, India, Ireland, Israel, Italy, Japan, Luxemburg, Malaysia, the Netherlands, New Zealand, Norway, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, United Kingdom, and the United States.

About Kamakura Corporation

Founded in 1990, 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 collateralized debt obligation (CDO) pricing service KRIS-CDO in April 2007. Kamakura is also the first company in the world to develop and install a fully integrated enterprise risk management system that analyzes credit risk, market risk, asset and liability management, transfer pricing, and capital allocation. Kamakura has served more than 160 clients ranging in size from $3 billion in assets to $1.6 trillion in assets. Kamakura’s risk management products are currently used in 25 countries, including the United States, Canada, Germany, the Netherlands, France, Austria, Switzerland, the United Kingdom, Russia, Eastern Europe, the Middle East, Africa, Australia, Japan, China, Korea and many other countries in Asia.

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
E-mail: wsherman@kamakuraco.com
Web site: www.kamakuraco.com