X0202 4/A 2007-02-20 2007-02-22 0 0001352713 RAM Holdings Ltd. ramr 0001359566 Guest Victoria W RAM RE HOUSE 46 REID STREET HAMILTON D0 HM 12 BERMUDA 0 1 0 0 General Counsel Common Shares 2007-02-20 4 A 0 1811 0 A 2011 D Restricted Share Units (RSUs) were granted under the Issuer's 2006 Equity Plan as a portion of the officer's annual incentive award. The RSUs vest in four equal installments on each of the first four anniversaries of the date of grant. The number of RSUs previously reported as granted on the Form 4 filed 2/22/07 (2,012 RSUs) was incorrect due to an error in calculating the officer's annual incentive award. Victoria W. Guest 2007-03-16