Kamakura Client Ontario Teachers Pension Plan Named Pension Fund Risk Manager of the Year

HONOLULU, January 24, 2005: Kamakura Corporation announced today that RISK Magazine has named Kamakura client Ontario Teachers Pension Plan as pension fund risk manager of the year. The RISK awards for 2005 "highlight the institutions... that have surpassed expectations in highly challenging and competitive markets."

Ontario Teachers Pension Plan and Kamakura Corporation reported in September 2003 that OTPP had subscribed to the Kamakura Risk Manager enterprise-wide risk management system, the Kamakura Risk Information Services default probability service, and to Kamakura's consulting services for proprietary credit model development.

"Under the leadership of Bob Bertram and his risk management team, OTPP has set the standard for sophisticated risk management in the pension fund industry," said Warren Sherman, Kamakura President and Chief Operating Officer. "OTPP has been among the first institutions to recognize the impact of credit risk on both fixed income and equity portfolios, even when the equity portfolio is a perfect match for the equity benchmark. Credit risk-related changes in benchmark composition after trading hours represent a significant risk for all equity managers. Kamakura is honored to be able to work together with OTPP as it implements its advanced strategies for credit risk management."

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