X0202 4 2006-05-02 0 0001352713 RAM Holdings Ltd. RAMR 0001335285 Tynan Steven J RAM RE HOUSE 46 REID STREET HAMILTON D0 HM12 BERMUDA 1 0 0 0 Common Shares - par value $0.10 per share 2006-05-02 4 P 0 7000 13.00 A 2460048 I By Liberty Street Partners L.P. Seven thousand common shares were acquired on May 2, 2006 by Liberty Street Partners, L.P. Two million, four hundred fifty three thousand, forty eight common shares were acquired by High Ridge Capital Partners Limited Partnership as previously disclosed on Form 3. Mr. Tynan is a Managing Member of High Ridge Capital LLC, an entity which is the general partner of HRC General Partner Limited Partnership, which entity is the general partner of High Ridge Capital Partners Limited Partnership. Mr. Tynan disclaims beneficial ownership of any of the common shares owned by High Ridge Capital Partners Limited Partnership other than to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Mr. Tynan the President of Liberty Street Corp, an entity which is the general partner of Liberty Street Partners L.P. Mr. Tynan disclaims beneficial ownership of any of the common shares owned by Liberty Street Partners L.P. other than to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. /s/ Steven J. Tynan 2006-05-04