ORIX Deputy President Yukio Yanase and RISK Hall of Fame Member Robert Jarrow Named Kamakura Directors

Honolulu - 19 October 2006

Leading Risk Management Firm Expands Board to Five Members

Kamakura Corporation announced today that Yukio Yanase, Deputy President of ORIX Corporation, and Professor Robert Jarrow, Ronald P. and Susan E. Lynch Professor of Investment Management at Cornell University, have been named to the Board of Directors of Kamakura Corporation. The appointment of Mr. Yanase and Professor Jarrow, who also serves as Managing Director for Research at Kamakura, brings the Board of Directors at Kamakura Corporation to five members. The other directors are V. Vance Roley, Dean of the Shidler College of Business at the University of Hawaii, Warren A. Sherman, Kamakura President, and Dr. Donald R. van Deventer, Kamakura founder and Chief Executive Officer.

"Kamakura is honored to have outstanding directors with the financial experience and insights of Yukio Yanase and Robert Jarrow," said Warren Sherman, Kamakura President and Chief Operating Officer. "Mr. Yanase’s years as president of Asahi (now Resona) Bank and his oversight of international business at ORIX bring incredible value to the shareholders of Kamakura. Professor Jarrow has been affiliated with Kamakura since 1995. His combination of analytical brilliance and his intimate knowledge of Kamakura’s history are a great addition to the board of directors."

Kamakura Corporation is 80% owned by management and friends of the firm and 20% owned by institutional investors. Like Microsoft and Intuit from their early days, Kamakura’s capital structure includes no long term institutional debt or preferred stock. The Kamakura Board of Directors represents the interests of both institutional and retail investors in the firm and is committed to accelerating the firm’s already strongly profitable, rapid growth in the years ahead.

About Yukio Yanase

Yukio Yanase joined the Saitama Bank (which became Asahi Bank in 1991 and is now Resona Bank) in April 1968 and held a number of positions within the bank before becoming president of the Asahi Bank in October 2001. His responsibilities as a banker included such areas as human resources, international business activities, risk management, corporate planning and corporate communications and investor relations.

Yanase joined ORIX in November 2003. ORIX Corporation is an integrated financial services group based in Tokyo, Japan, providing innovative value-added products and services to both corporate and retail customers. With operations in 23 countries and regions worldwide, ORIX's activities include corporate financial services, such as leases and loans, as well as automobile operations, rental operations, real estate-related finance, real estate, life insurance, and investment banking. ORIX is listed on the Tokyo Stock Exchange (TSE: 8591) and the New York Stock Exchange (NYSE: IX). Mr. Yanase was appointed the Executive Officer responsible for overseas activities in May 2004 in addition to his responsibilities for the Office of the President. In February 2005, Mr. Yanase was appointed Deputy President and added the Alternative Investment & Development Headquarters to his duties. In June 2005 he was also made a Director. Mr. Yanase was born in 1944 and graduated from Waseda University's School of Law in 1968.

About Robert Jarrow

Professor Jarrow's teaching and research interests involve the study of mathematical finance. He is interested in derivatives, risk management, investments and asset pricing theory. At Cornell, he is a graduate faculty representative in four fields: management, economics, operations research and industrial engineering, and applied mathematics. Professor Jarrow has also served as Managing Director for Research of Kamakura Corporation since 1995 and is one of that firm’s largest shareholders.

Jarrow is on the advisory board for Mathematical Finance, a journal he co-founded, and he serves as an associate editor for numerous other finance journals. His research has won numerous awards including the Graham and Dodd Scrolls Award 2001 and the CBOE Pomerance Prize in 1982. In 1997, he was named IAFE Financial Engineer of the Year in recognition of his research accomplishments. He is currently an IAFE senior fellow and an FDIC senior fellow. He is in the Fixed Income Analysts Society Hall of Fame, Risk Magazine's 50 member Hall of Fame, and listed in the Who's Who of Economics. He has published over 100 academic journal articles and four books. He also serves on various corporate board of directors and advisory boards. Professor Jarrow received his Ph.D. degree from the Massachusetts Institute of Technology, where he studied under Nobel Prize winner Robert Merton. He earned an MBA from Dartmouth University and a bachelors degree from Duke University.

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