MORTGAGE AND RISK MANAGEMENT EXPERT NAMED KAMAKURA MANAGING DIRECTOR

HONOLULU, April 11, 2001 -- Honolulu-based Kamakura Corporation announced today that George A. Holt, a prominent expert in the mortgage market and quantitative risk management, has joined Kamakura Corporation in New York as a Managing Director. Prior to joining Kamakura, Mr. Holt was Managing Director at Arthur Andersen for quantitative risk management and head of the U.S. mortgage derivatives business for Nomura Securities International in New York. At Kamakura, Mr. Holt leads a wide array of consulting assignments that apply Kamakura credit risk technology and integrated risk software package Kamakura Risk Manager to the practical solution of advanced risk management problems.

"Kamakura is extremely pleased to have George Holt join the management team," said Donald R. van Deventer, President and Chief Executive Officer at Kamakura. "We believe that his quantitative background and vast market experience will help our clients apply state of the art risk management technology more effectively than ever before." Kamakura has acted as adviser to central banks in three countries and to major financial institutions ranging from Malaysia to Canada on complex credit risk, market risk and asset and liability management performance issues. Kamakura was financial adviser to the legal teams in a well-known $500 million derivatives lawsuit in 1998 and in the Orange County bankruptcy aftermath in 1999, among other assignments.

Mr. Holt's primary emphasis is on developing and leading Kamakura's risk consulting and financial advisory services business to enhance and broaden the company’s software product lines. Prior to joining Kamakura Corporation, Mr. Holt was Managing Director of the Quantitative Finance practice at Arthur Andersen, where he led and supervised management consulting engagements with banks and other financial and energy market participants, both in the United States and internationally. These engagements emphasized financial engineering skills and experience, such as structuring, pricing and valuing complex derivative instruments and securities, measuring and hedging financial risk, counterparty and portfolio credit risk management, and asset securitization and credit enhancement. The engagements applied these capabilities to a broad spectrum of client needs, including developing and reviewing business and financial strategies and processes, evaluating and improving methodologies and models, and advising and supporting transactional opportunities.
Mr. Holt’s background includes establishing and managing the mortgage derivatives structuring and trading business at Nomura Securities International. In his capacity as Head of Mortgage Finance, he marketed the firm’s capabilities to major participants in the mortgage derivatives market. During his tenure at Nomura, he also analyzed and structured mortgage derivatives deals and priced and closed more than $10 billion of public mortgage securities underwritings. He also was responsible for development of the firm’s mortgage derivatives analytics and for continuous monitoring of yield curve, volatility and credit arbitrage opportunities in the mortgage derivatives markets. While at Nomura, he also established two mortgage securitization conduits, including filing a shelf registration with the U.S. SEC and obtaining an SEC investment company exemption.

At First Interstate Bank Ltd., Mr. Holt led the securitization and structured sale of $1.7 billion of residential mortgage loan held in an affiliate’s $18 billion mortgage portfolio. He also was involved in product development for mortgage derivatives and structured collateralized commercial paper and with the sale of commercial loan participations. At Chase Manhattan Bank, Mr. Holt was responsible for the development of corporate management information systems and led a global program to acquire and analyze information on the bank’s worldwide portfolio of credit-risky positions.

Mr. Holt holds a B.S. in Management Science and an M.S. in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology. He also earned an M.B.A. from the Sloan School of Management at the Massachusetts Institute of Technology. Additionally, he studied at the Stern School of Business at New York University, where he qualified for the Ph.D. and received a M.Phil. in Financial Economics. He is also a graduate of the Global Credit Training Program at Chase Manhattan Bank.

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