3%
in February to 4. Kamakura has
clients ranging in size from $3 billion in assets to $1. Kamakura's risk management products are currently used in 19
countries, including the United States, Canada, Germany, the Netherlands ,
France, Switzerland, the United Kingdom, Eastern Europe, the Middle East,
Africa, Australia, Japan, China, Korea and many other countries in Asia.com), making
Kamakura products available in almost every major city around the globe. TMCnet.
Corporate Express is one of the world's largest business-to-business
suppliers of essential office, facilities, furniture and computer products and
services, with 2004 sales of approximately $4.

About Corporate Express
Corporate Express, Inc.

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Kamakura expanded the index beginning in January to a
global index covering 16,000 public companies in 29 countries using the
fourth generation version of Kamakura's advanced credit models. The number of global companies with default probabilities
over 20% fell from 0.
Press inquiries regarding INTERNET TELEPHONY Conference + EXPO
Miami 2005 can be directed to Mostafa Razzak of 23-31 Communications:
646-442-3361 or m.

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com ).itexpo., a
Buhrmann company (NYSE: BUH), announced today that it has named Jeffrey Lasher
as the Vice President-Controller for Corporate Express North America.

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9% in March 1994.6 trillion in
assets.

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The index
now is in excess of the 98th percentile for "best" credit quality since
1990. The index fell to 6. That is again the case,
but we're also seeing delegates from Europe, Asia, Africa and the
Middle East," said Rich Tehrani, TMC president and conference
chairman. Corporate Express has operations in
Australia, Austria, Belgium, Canada , France, Germany, Hungary, Ireland, Italy,
Luxembourg, Mexico, the Netherlands, New Zealand, Poland , Sweden, the United
Kingdom and the United States.

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The all time low in the index was 5.
(Click here for details)
"Global credit quality is currently very strong relative to the 15 year
average of the Kamakura troubled country index, a level equal to 14. The Company's
Web site address is http: //www.

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The all
time high of the index was 28%, reached at the peak of the last recession
in September , 2001.0% of
the universe," said Warren Sherman, Kamakura President and Chief Operating
Officer .3% of the universe. Kamakura is also the first company in the world to develop
and install a fully integrated credit risk, market risk, asset and
liability management, and transfer pricing software system.0!"
"Historically, this event in Miami has attracted a strong
contingent of attendees from Latin America. TMC is also the first publisher to test new products
in its own on-site laboratories , TMC Labs.tmcnet.

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6% of
the universe.6% to 0. The countries currently covered by
the index include Australia, Austria, Belgium, Brazil, Canada, Denmark,
Finland, France, Germany, Hong Kong, India , Ireland, Israel, Italy, Japan,
Luxemburg, Malaysia, Netherlands, New Zealand, Norway, Singapore , South
Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, United Kingdom,
and the United States.riskbook. (www.com
publishes more than 25 topical online newsletters.
Jeff's extensive finance career includes a number of senior financial
positions including the last five years as Vice President of Finance at
AutoNation.
"Jeff's strong finance and leadership background makes him a great asset
to the finance department and to Corporate Express," said John Brenholt,
Senior Vice President/ Chief Financial Officer for Corporate Express.

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PRESS RELEASE Global Credit Quality Shows Further Improvement in February

van Deventer were both named
to the 50 member RISK Hall of Fame in December 2002.com
The conference will be held February 22-25, 2005 at the Hyatt
Regency Hotel in downtown Miami, Florida.razzak@23-31. is a wholly owned subsidiary of Buhrmann, NV
(AEX: BUHR; NYSE: BUH), an international business services and distribution
group.com.

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The model used is the fourth generation
Jarrow-Chava reduced form default probability, a formula that bases default
predictions on a sophisticated combination of financial ratios, stock price
history, and macro-economic factors . For more
information on Kamakura's free trial offer please contact Kamakura at
info@kamakuraco .

Kamakura's research effort is led by Professor Robert Jarrow, who was named
Financial Engineer of the Year in 1997 by the International Association of
Financial Engineers.

Attendees from 67 Countries Register for INTERNET TELEPHONY Conference + EXPO Miami 2005; Leading VoIP Conference in Miami Begins in 12 Days

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Kamakura Corporation reported today that its
monthly global index of troubled companies improved again in February and
moved closer to its all time record for best credit conditions . "The index value for February means that credit conditions are
currently better than 98.com.-- --Technology
Marketing Corporation (TMC(R)) today released pre-registered
attendance figures for this month's INTERNET TELEPHONY Conference +
EXPO in Miami showing delegates registered to date represent 67
countries from around the globe.
Registration for the show is now open.com. For more
information about TMC, visit its Web site at www.

Corporate Express Names Jeffrey Lasher Vice President Controller

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4% of the global
public company universe in February from 6. The number
of companies with default probabilities between 1% and 5% improved by 0.

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Kamakura defines a troubled company as a company whose default
probability is in excess of 1%. Companies with default probabilities
between 5 and 10% remained steady at 1.0% of the universe.1% to 0.kamakuraco. Advanced Financial
Risk Management was recently named "best finance book of 2004" on
www. Through exclusive strategic partnerships ,
Corporate Express can deliver product to China, Finland, Hong Kong, Malaysia,
Norway, Portugal , Singapore, Slovenia, Spain, Switzerland and Taiwan.

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Companies with
default probabilities between 10% and 20% strengthened by 0. Kamakura has been a provider of daily default
probabilities and default correlations for listed companies since November,
2002. TMC also produces The VoIP
Developer Conference , Speech-World Conference, IP Contact Center
Summit and The Global Call Center Outsourcing Summit .5 billion in North America. He also held senior positions at Ryder TRS, Budget Group Inc. and
Ford Motor Company. Buhrmann is a leading global supplier of office products and graphic
systems for the business market.
Corporate Express' North American operations 187 facilities, including 38
distribution centers, and the Company employs 10,775 people.

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2% in
December.com, Planet PDA Magazine, WiFi Revolution , Alternative Power
and BiometriTech.com

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5% of index values reported since 1990. More information can also be found on the Kamakura
Corporation web site www.

Business Editors/High-Tech Writers
Internet Telephony 2005 Miami

NORWALK, Conn.
Here is a complete list of countries with attendees registered to
attend the event:

Argentina Guatemala Norway
Aruba Haiti Pakistan
Austria Honduras Panama
Bahamas Hong Kong Paraguay
Bangladesh Hungary Peru
Bolivia Iceland Poland
Brazil India Puerto Rico
Bulgaria Ireland Qatar
Cameroon Israel Saudi Arabia
Canada Italy Singapore
Chad Jamaica South Africa
Chile Japan Sri Lanka
China Kenya Sweden
Colombia Kuwait Taiwan
Costa Rica Liberia Tanzania
Dominican Republic Malaysia Togo
Ecuador Mauritius Turkey
Egypt Mexico Ukraine
El Salvador Monaco United Arab Emirates
Finland Morocco United Kingdom
France Netherlands Antilles USA
Germany Nicaragua Venezuela
Ghana

According to TMC, total attendance at last year's INTERNET
TELEPHONY Conference + EXPO in Miami was 3,629.CorporateExpress.

nepal members

9% in January and 7. Professor Jarrow and Dr.unisys.

While current trends
project attendance to be over 7,000, TMC officials caution against
setting unrealistic expectations. They estimate 4,000-4,500 people
will actually attend the conference and expo.

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Kamakura has
world-wide distribution alliances with
IPS-Sendero (www. BROOMFIELD, Colo.

prospective associate

Kamakura launched its business mortality model for unlisted companies
in January 2004.

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Kamakura is offering free trials of its KRIS default probability and
default correlation service to qualified institutions.com. The theme of this year's
conference is "Witness the Evolution of IP Telephony: VoIP 2. Anyone interested may
register by visiting http: //www.com

About TMC(R)

Technology Marketing Corporation (TMC) publishes two print
magazines: Customer Interaction Solutions, and Internet Telephony;
five digital publications, SIP Magazine, Speech-World, WiFi Telephony
Magazine, VoIP Developer, WiMAX Magazine; and the online publications
TMCnet., Corporate Express, Inc.

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"

Beginning in January, Kamakura has moved to a global index covering 29
countries using the annualized one month default probability produced by
the best performing credit model of the Kamakura Risk Information Services
default and correlation service .amazon.itexpo. Corporate Express' product offering includes
office and computer supplies, imaging and computer graphics supplies, office
furniture, document and print management, desktop software , promotional
products, and other similar products.

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Jeff holds a BS from the University of Alabama and an MBA from
Pennsylvania State University.

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4% of the universe.com and in Advanced Financial Risk
Management (John Wiley & Sons, 2004) by Kamakura's van Deventer, Kenji
Imai, and Mark Mesler (available on www. Kamakura management
has published twenty-one books and more than 100 publications on credit
risk, market risk, and asset and liability management.

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Booth space is completely
sold out.
As Vice President, Controller for Corporate Express North America, Lasher
will be responsible for Corporate Expresses' finance and accounting functions,
as well as designing and executing Corporate Express' world-class financial
strategies and processes.

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About Kamakura Corporation

Kamakura Corporation is a leading provider of risk management information,
processing and software.