KAMAKURA SIGNS MAJOR JAPANESE LEASING COMPANY FOR RISK PROCESSING SERVICES

HONOLULU, January 30, 2001 - Honolulu-based Kamakura Corporation announced today that it has reached agreement a major Japanese leasing company for Kamakura's On-Line Processing Services. Kamakura will use its Kamakura Risk Manager software system to provide the leasing company, which has assets of about $10 billion, with full option-adjusted interest rate risk hedge ratios based on client-specified prepayment behavior on the leases.

The Kamakura On-line Processing Services (KOPS) facility, announced last July, allows clients to submit data for processing for Financial Accounting Standard 133 and other purposes; Kamakura uses the industry-leading Kamakura Risk Manager system to provide risk management output data via the web or alternative electronic formats preferred by the client. Kamakura Risk Manager is the first software system in the world with installed clients who can estimate default probabilities, perform valuation and value at risk on an entire balance sheet, and simulate and stress test net income from a single software system. KOPS clients can submit data in any electronic format. Kamakura takes full responsibility for data mapping to Kamakura Risk Manager format in order to reduce cost and speed implementation for clients. Kamakura also provides all relevant market data for the client’s analysis. Kamakura has already signed processing clients with asset sizes in excess of $200 billion.

"FAS 133 is just one of the factors motivating clients to outsource risk processing to firms like Kamakura," said Donald R. van Deventer, President of Kamakura Corporation. "Our clients are increasingly telling us that their staff turnover and the risk of software installations that they have experienced in the past are two key considerations leading to the outsourcing decision. Kamakura's outstanding credit risk, market risk and asset and liability analytics are other important factors in making an outsourcing decision. Clients who are considering a change in risk management vendors like the flexibility of moving to Kamakura on an outsourcing basis while in the process of moving their risk management processing to Kamakura Risk Manager."

Kamakura Corporation is one of the leading firms world-wide in risk management information, processing and software and risk management information. Kamakura’s clients include all five of the five largest banks in the world. Kamakura’s 28 risk management software and information clients range in size from $3 billion in assets to $1 trillion in assets. Kamakura risk management software is currently used in the United States, Germany, Canada, Mexico, Japan, Australia, Korea, and Hong Kong. Kamakura management has published six books and more than 100 publications on credit risk, market risk, and asset and liability management. Kamakura has a world-wide marketing alliance with Unisys and a number of other systems integrators who make Kamakura products available in almost every major city around the globe.

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