X0202 4 2008-01-03 0 0001352713 RAM Holdings Ltd. RAMR 0000935724 PMI GROUP INC 3003 OAK ROAD WALNUT CREEK CA 94597 0 0 1 0 option - right to buy 5.50 2008-01-03 4 J 0 1000 5.50 A 2008-01-03 2008-01-23 common stock 1000 1000 D Pursuant to the Amended and Restated Shareholders Agreement of RAM Holdings, Ltd. ("Issuer") dated as of May 2, 2006, in the event that shares of common stock of the Issuer ("Shares") are issued in connection with equity awards made to Issuer's employees, the Reporting Person has the option to purchase that number of Shares that will maintain the Reporting Person's voting percentage of the Issuer's outstanding Shares ("Option"). The price at which the Option may be exercised is the average trading price of the Shares for the 30 trading days ending December 31 of the year in which the issuance of Shares on account of equity awards was effected. /s/Victor J. Bacigalupi, Executive Vice President, on behalf of The PMI Group, Inc. 2008-01-04