NEW YORK, October 29, 2009 -  Kamakura Corporation announced today that a new paper by Managing Director for Research Robert A. Jarrow on Troubled Asset Relief Program ("TARP") warrant valuation is now available with registration in the research section of the Kamakura website www.kamakuraco.com.  Professor Jarrow, who is also Ronald and Susan Lynch Professor of Investment Management at the Johnson School of Management at Cornell University, authored the paper as part of his work as a contractor for the U.S. Department of the Treasury in July and August.  Professor Jarrow was asked by the U.S. Treasury to review pricing of warrants issued by the major financial institutions who issued preferred stock and warrants to the Treasury under the U.S. government's TARP program.  As these financial institutions recover, the Treasury allows them to repurchase the warrants at a price that represents "fair value" to both the government and the financial institution involved.  The title of Professor Jarrow's paper for the Department of the Treasury is "TARP Warrants Valuation Methods," dated September 22, 2009.

Professor Jarrow has served as Managing Director for Research at Kamakura Corporation since 1995, and he currently serves as one of the five members of the Kamakura Board of Directors.  Professor Jarrow has also served as a senior fellow at the Federal Deposit Insurance Corporation.  Members of senior management at Kamakura have advised the governments of four Organization for Economic Co-operation and Development member countries on complex financial issues on numerous occasions.

Kamakura's President Warren A. Sherman said Thursday, "Kamakura Corporation is very proud that Professor Jarrow could be of service to the U.S. Department of the Treasury.  In troubled times, public service is both a privilege and an obligation.  Now, more than ever, it is essential that best practices in risk management are employed in all branches of government and in the financial services industry so that leading institutions are more than 'too big to fail'-they need to be 'too smart to fail.' Kamakura is pleased to make Professor Jarrow's paper available as part of this effort."

About Kamakura Corporation

Founded in 1990, Honolulu-based Kamakura Corporation is a leading provider of risk management information, processing and software. Kamakura has been a provider of daily default probabilities and default correlations for listed companies since November 2002. Kamakura announced the KRIS Sovereign Default Probability Service on May 19, 2008. Kamakura launched its collateralized debt obligation (CDO) pricing service KRIS-CDO in April 2007. Kamakura is also the first company in the world to develop and install a fully integrated enterprise risk management system that analyzes credit risk, market risk, asset and liability management, transfer pricing, and capital allocation. The Kamakura Risk Manager system, now in version 7.0, was first offered commercially in 1993 and has been continually enhanced since then. Kamakura has served more than 200 clients ranging in size from $3 billion in assets to $1.6 trillion in assets. Kamakura's risk management products are currently used in 32 countries, including the United States, Canada, Germany, the Netherlands, France, Austria, Switzerland, the United Kingdom, Russia, the Ukraine, Eastern Europe, the Middle East, Africa, Australia, Japan, China, Korea and many other countries in Asia.

Kamakura has world-wide distribution alliances with Fiserv, Unisys, and Zylog Systems making Kamakura products available in almost every major city around the globe.

For more information contact:

Kamakura Corporation
2222 Kalakaua Avenue, 14th Floor, Honolulu, Hawaii 96815
Telephone: 1-808-791-9888
Facsimile: 1-808-791-9898
Information: info@kamakuraco.com
Web site: www.kamakuraco.com