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Kathren Bade
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Kamakura Reports First Corporate Credit Quality Improvement in Six Months

HONOLULU, July 6, 2005: Kamakura Corporation announced today that its monthly index of troubled companies in the United States dropped to 14.3% of the public company universe in June, the first decline in the index in six months. The index had been at 16.0% of the public company universe in both April and May. The Kamakura troubled company index remains well above the most recent low point of 11.1%, reached in April 2004. Kamakura classifies any company with a default probability of more than one percent as troubled.

"The Kamakura troubled company index remains at moderately high levels, indicating that we have passed the safest part of the credit cycle," said Warren Sherman, Kamakura President and Chief Operating Officer. "The number of companies with default probabilities between 1% and 5% improved to 8.4% of the universe in June from 9.6% the previous month. Companies with default probabilities between 5 and 10% also improved to 2.1% of the universe. Companies with default probabilities between 10% and 20% were down 0.2% to 1.5% of the universe. The riskiest firms in the universe, those with default probabilities over 20%, increased 0.1% to 2.3% of the universe in June."