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Business 2.0(TM) Names Kamakura "Company to Watch" in One of Seven Hottest Technologies

Kamakura Research Also Named to Riskbooks.com Top 10 for 2004

Kamakura Corporation reported today that leading high technology magazine Business 2.0(TM) has named Kamakura one of three "companies to watch" in the credit risk modeling sector. Business 2.0 named credit risk modeling one of the seven hottest technologies of the year, with current revenues of $100 million, projected to grow to $1 billion by 2008. Kamakura was the only privately held company of the three firms named "companies to watch" in this sector. The full text of the article in Business 2.0, owned by Time Inc., can be accessed with registration by AOL users or via web site www.business2.com.

Riskbook.com also announced that "Advanced Financial Risk Management" was named one of the top ten finance books of 2004. The book, written by Kamakura authors Donald R. van Deventer, Mark Mesler, and Kenji Imai, was described this way in a review accompanying the award: "This is the best risk management title published in 2004. It is essential reading for risk managers at commercial banks. I highly recommend it to anyone who works in financial risk management. The book is outstanding." "Advanced Financial Risk Management" was ranked number 1 "bestseller" of 2,373 books on www.amazon.com with "risk management" in the title and number 1 of 196 books on the same web site with "credit risk" in the title as of December 16, 2004.

"Kamakura is gratified at the industry recognition of its leading edge technology in integrated credit risk, market risk, asset and liability management, and performance measurement," said Donald R. van Deventer, Kamakura founder and Chief Executive Officer. "Our efforts to incorporate the links between macro-economic factors and total risk stems from pioneering research done over the last 20 years by Kamakura research director Dr. Robert Jarrow and many like-minded colleagues in academia and finance services. Our Kamakura Risk Manager enterprise wide software solution and our related Kamakura Risk Information Services default probabilities are now used across the globe by the world's leading financial institutions and corporations. We are grateful to Business 2.0 and Riskbook.com for recognizing the clients that made these awards possible."

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 private firm modeling product 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, China 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 worldwide distribution alliances with IPS-Sendero and Unisys www.unisys.com)">, making Kamakura products available in almost every major city around the globe.