X0202 3 2006-05-01 0 0001352713 RAM Holdings Ltd. RAMR 0001260103 GREENWICH STREET INVESTMENTS II LLC 500 CAMPUS DRIVE SUITE 220 FLORHAM PARK, NJ 07932 0 0 1 0 Common Shares 3250000 I See footnotes See attached Exhibit 99, Footnote (1) See attached Exhibit 99, Footnote (2) Remarks: Exhibit List Exhibit 99 - Explanation of Responses Greenwich Street Investments II, L.L.C. Name: /s/ Matthew C. Kaufman, Title: Managing Member 2006-05-10