X0202 4 2007-11-20 0 0001352713 RAM Holdings Ltd. RAMR 0001335285 Tynan Steven J 152 HARBOR ROAD RYE NH 03870 1 0 0 0 Common Shares, $0.10 par value 2007-11-20 4 P 0 10000 6.25 A 20000 D Common Shares, $0.10 par value 100000 I By Liberty Street Partners, L.P. Common Shares, $0.10 par value 2453048 I By High Ridge Capital Partners Limited Partnership Mr. Tynan is 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. 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. Victoria W. Guest, Attorney-in-Fact 2007-11-21