MOODY’S KMV BUILDS CREDIT RISK MANAGEMENT TEAM IN JAPAN

San Francisco - 18 January 2007

-Team will Assist Japanese Financial Institutions to Improve Risk Adjusted Performance through Provision of Default Probability, Portfolio Management, Valuation & Pricing Solutions-

Moody's KMV, the world's leading provider of quantitative credit risk measurement and management solutions to lenders, investors and corporations, today announced the appointment of its new management team in Tokyo, led by credit industry veterans Philip A. Jones, Japan Country Head, and Setsuko Nishiyama, Director. The Tokyo team will spearhead the provision of default probability, portfolio management, valuation and other products and services to Japanese banks and other entities.

“Today’s announcement represents the first step in the Moody’s KMV broader strategy to provide greater service and support to the Japanese banking community,” said Gavin Style, Managing Director of Moody’s KMV, in introducing Mr. Jones and Ms. Nishiyama. “The hiring of a quality management team will greatly enhance our ability to bring to fruition the vision we have for our Japanese organization. We are looking forward to the coming months, and year, as we continue to meet milestones in our strategy of strengthening our service and support of the Japanese banking community.”

As Basel II requirements are phased into the Japanese banking system, more finely tuned assessments of credit risk, including default probability and credit loss estimation under varying credit cycle conditions will be necessary to achieve advanced status (“A-IRB”). Moody’s KMV quantitative credit risk products and model validation, calibration and other services provide cost effective solutions for Japanese banks to meet these requirements.

“It is a privilege to lead a team of professionals that is charged with the mission of bringing Moody’s KMV global standard setting credit risk products and services to Japanese financial institutions, investors and corporations,” said Mr. Jones. “Our team will create a platform that will significantly help Japanese financial institutions improve performance through better pricing of credit on a risk adjusted basis as well as enhanced portfolio management.”

Philip A. Jones brings 30 years of expertise on the Japanese banking and credit system to his new role at Moody’s KMV. Before joining Moody’s KMV, Mr. Jones was General Manager at Kamakura Corporation-Japan, where he provided consulting services for Kamakura clients and marketed and sold Kamakura products and services. Prior to his tenure with Kamakura, Mr. Jones was Director of Financial Institutions for Fitch Ratings, where he conducted ratings and research on major Japanese banks and securities firms.

Setsuko Nishiyama joined Moody’s KMV in London in 2000 after launching her career with a large Japanese bank, where she worked on major international credits. Prior to her current position with the Tokyo based team, Ms. Nishiyama was a Moody’s KMV Director, responsible for Global Banks in the London market. Previous to her Global Banks position Ms. Nishiyama was Manager, Client Service & Marketing at KMV Corporation where she was responsible for client support, training and marketing for European clients.

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