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HONOLULU, March 14, 2001-- Honolulu-based Kamakura Corporation announced today that the Company has completed a $2.5 million common stock financing led by a number of renowned experts in the derivatives market and risk management. Kamakura Corporation, one of the leading firms world-wide in risk management information and software, issued the common stock through its newly-formed Delaware parent company. The investors include Dr. David Shimko, Dr. Lee Wakeman, George Holt, Sanjay Arora, and Kamakura Managing Committee members Dr. Donald van Deventer, Dr. Robert Jarrow, and Tatsuo Kishi. Convergent Technology Capital is advising the Company on a subsequent offering of preferred stock to institutional investors.

Dr. Shimko, who is President of Risk Capital Management Partners, is the former head of risk management research for JPMorgan Securities and former head of the risk management advisory group at Bankers Trust. Dr. Shimko holds a half-time appointment teaching finance at Harvard Business School. He was named the first outside director of Kamakura Corporation on March 5.

Dr. Lee Wakeman is one of the derivatives market’s pioneers. Dr. Wakeman joined Citicorp’s London swaps team in 1984 from his post as associate professor at the University of Rochester. He served in key positions at Chemical Bank, Continental Illinois, and Sakura Global Capital before founding TMG Financial Products, where he was chief executive officer. He is currently head of North American business strategy at Credit Agricole-Indosuez.

George Holt is the former managing director of the quantitative risk management practice at Arthur Andersen LLP. Mr. Holt was head of mortgage finance at Nomura Securities International and was previously with First Interstate Bank, Ltd. and Chase Manhattan Bank Mr. Holt has MBA and MSEE from the Massachusetts Institute of Technology and a M.Phil. from New York University in Financial Economics.

Sanjay Arora is senior vice president and co-head of the international yen sales group at Lehman Brothers Japan, Ltd. Prior to joining Lehman Brothers in 1994, Mr. Arora spent seven years with Morgan Stanley Japan, Ltd. as vice president of the futures and options desk. Mr. Arora has a bachelors degree in industrial engineering from Stanford University.

Dr. van Deventer founded Kamakura Corporation in 1990 after serving as senior vice president in the investment banking department of Lehman Brothers in Tokyo. Dr. Jarrow, Managing Director for Research at Kamakura, is Professor of Finance at Cornell University and 1997 IAFE Financial Engineer of the Year. Tatsuo Kishi joined Kamakura as Managing Director for Japan in 1996 after a distinguished career at Chase Manhattan, Salomon Brothers, and First Boston Corporation. A number of other individuals have also joined the investor group.

The proceeds of the common stock issue will be used for working capital purposes and to refinance debt of the former Japanese parent company. Convergent Technology Capital is acting as exclusive advisor to the Company with respect to a potential offering of preferred stock to institutional investors.