X0202 4 2008-03-20 0 0001352713 RAM Holdings Ltd. RAMR 0001362766 Voldstad Conrad P RAM RE, RAM RE HOUSE 46 REID STREET HAMILTON D0 HM 12 BERMUDA 1 0 0 0 Common Shares, $0.10 par value 2008-03-20 4 P 0 46000 A 151400 D Of the 46,000 shares purchased, 10,000 were purchased at $1.3999, 2,000 were purchased at $1.3999, 5,000 were purchased at $1.40, 1,000 were purchased at $1.40, 1,000 were purchased at $1.3492, 23,000 were purchased at $1.4627, and 4,000 were purchased at $1.4767. /s/ Conrad P Voldstad 2008-03-24