DAVID SHIMKO NAMED TO BOARD OF DIRECTORS OF KAMAKURA CORPORATION

HONOLULU, March 5, 2001-- Honolulu-based Kamakura Corporation announced today that Dr. David Shimko has been elected to the Board of Directors of its new Delaware holding company. 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.

"We are extremely pleased to have Dr. Shimko on the Board of Directors at Kamakura Corporation," said Donald R. van Deventer, President and Chief Executive Officer at Kamakura. "My colleague Robert Jarrow and I have the greatest respect for what David has accomplished at Risk Capital Management Partners, JPMorgan, Bankers Trust and Harvard Business School. He is an extremely rare example of someone who combines excellence in both academics and excellence in practical application. We look forward to his wise counsel in the years ahead in his role at outside director of the company."

"I have been an admirer of Kamakura’s risk management software and information products since we first worked jointly on a project valuing commodity derivatives for one of the three largest banks in the world in 1992," said Dr. Shimko. "I am proud that I introduced Dr. Robert Jarrow, now Kamakura director of research and Professor at Cornell University, to the Company in 1994. I believe that Kamakura is pioneering the development and practical application of a fully integrated credit risk, market risk and asset and liability management software package that will revolutionize the way that financial institutions and corporations manage their risk. I am excited about the Company’s prospects and honored to serve as an outside director."

While at JPMorgan, Dr. Shimko was responsible for commodity derivatives research on Morgan’s trading desk. He has worked extensively with clients around the world in evaluating, designing, and implementing risk management strategies and programs, and putting in place strategic frameworks for the valuation of business risks and capital deployment. Prior to joining Morgan, Dr. Shimko was Assistant Professor of Finance at the University of Southern California. He has published over 50 academic and trade articles on strategic issues and the practice of risk management. He has produced financial software packages and has written a technical textbook at the Ph.D. level entitled Finance in Continuous Time: A Primer He has written a monthly end-user column in RISK Magazine for many years. Dr. Shimko completed his Ph.D. in Managerial Economics/Finance from Northwestern University in 1988 and his BA in Economics from Northwestern in 1982. He joins Donald van Deventer and Robert Jarrow as directors of Kamakura Corporation.

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