Kamakura Corporation's Jarrow and van Deventer Named to Risk Hall of Fame Four Nobel Prize Winners Also Named to 50 Person Hall of Fame

HONOLULU, January 7, 2003: Kamakura Corporation announced today that its Managing Director for Research Dr. Robert Jarrow and President and CEO Dr. Donald R. van Deventer have both been named to the 50 person Risk Hall of Fame by Risk Magazine in its December edition. The editors of Risk noted that "The Risk Hall of Fame recognizes 50 dealers, brokers, end-users, [quantitative experts] and systems developers who have made a profound contribution to... risk management... beyond their firms and beyond their own careers." The Hall of Fame also includes Nobel Prize winners Robert Merton, Merton Miller, Myron Scholes and William Sharpe. Jarrow and van Deventer were named to the Hall of Fame both because of their academic work and their work with Kamakura Corporation, one of the world's leading providers of risk management systems and risk management information. Only five of the Hall of Fame members are currently employed at privately held risk management systems companies like Kamakura Corporation.

Robert Jarrow, who is also a professor of investment management at Cornell University, was cited for three decades of research in the areas of market risk, credit risk and liquidity risk. This research, in turn, has been embedded in the enterprise wide integrated risk management system sold by Kamakura Corporation. Jarrow's best known research includes the Heath-Jarrow-Turnbull model for valuation of interest rate derivatives contracts and the Jarrow-Turnbull credit risk model. Dr. Jarrow has served as Kamakura Managing Director since 1995. Dr. Jarrow's Ph.D. is from the Massachusetts Institute of Technology.

Donald van Deventer founded Kamakura in 1990 after earning his Ph.D. in business economics at Harvard University and spending 13 years in finance at Security Pacific and First Interstate in Los Angeles and Lehman Brothers in Tokyo. He is the author of three books on risk management, an appointed director of the Harvard University Alumni Association and the Japanese Association for Financial Econometrics and Engineering. Dr. van Deventer has led Kamakura's risk management software and advisory work for many of the largest financial institutions and rating agencies in the world. He has served as adviser in the resolution of well-known derivatives disputes involving JP Morgan and Orange County. He was also a visiting professor at Hitotsubashi University's Graduate School of International Corporate Strategy in 2002.

Both Dr. Jarrow and Dr. van Deventer served as interim directors of the Global Association of Risk Professionals during 2002.

"Bob and I are gratified at this recognition by the bible of the risk management industry, Risk Magazine," said Dr. van Deventer. "It is an honor to be included in such a prestigious group of risk experts, and it is a tribute to Kamakura clients and staff that we were given such a prestigious award."

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