As previously announced, RAM Re had requested in March that Moody's withdraw its insurance financial strength rating of RAM Re and therefore the above actions were not unexpected.  However, RAM Re wishes to comment on a statement in Moody's press release that Moody's believes that, if RAM Re's remaining customers were to exercise their rights to recapture their insured portfolios from RAM Re, RAM Re's remaining financial resources would be insufficient to repay all outstanding debt and preferred stock.  If RAM Re's remaining customers were to recapture their insured portfolios at current ceded loss and unearned premium reserves in accordance with contractual terms, RAM Re's financial resources would be sufficient to repay all outstanding debt and preferred stock.   RAM Re believes that Moody's statement assumes that loss reserves ceded by RAM Re's customers increase substantially from current ceded loss reserves. 

Forward-Looking Statements

This release contains statements that may be considered "forward-looking statements."  These statements are based on current expectations and the current views of the economic and operating environment and are not guarantees of future performance.  A number of risks and uncertainties, including economic competitive conditions, could cause actual results to differ materially from those projected in forward-looking statements.  Our actual results could differ materially from those expressed or implied in the forward-looking statements.  Among the factors that could cause actual results to differ materially are: (i) the recapture of business by customers with whom we have a concentration of our reinsurance in force; (ii) the adverse developments in the housing and credit markets that began in mid 2007 and have continued through the date of this release and credit risk; (iii) our inability to access capital on acceptable terms or at all; (iv) more severe losses or more frequent losses associated with our reinsurance products or changes in our assumptions used to estimate loss reserves and unrealized (losses) gains on derivative financial instruments; (v) income taxes, including our ability to write reinsurance business through Bermuda or other similarly tax-efficient  

jurisdictions; (vi) the timing of cash flows including, principally, receipt of premium and timing of loss payments; (vii) developments in the world's financial and capital markets that adversely affect our loss experience, our unrealized (losses) gains on derivative financial instruments or our investment returns; (viii) our inability to execute our business strategy; (ix) changes in regulation or tax laws applicable to us, our subsidiaries or customers; (x) our ability to retain qualified management and other personnel; (xi) contract cancellations; (xii) the effects of mergers, acquisitions, amalgamations and divestitures; (xiii) changes in accounting policies or practices; and (xiv) changes in general economic conditions, including inflation, credit, foreign currency environment, interest rates and other factors.  The Company undertakes no obligation to revise or update any forward-looking statement to reflect changes in conditions, events, or expectations, except as required by law.

About RAM

RAM Holdings Ltd. is a Bermuda-based holding company.  Its operating subsidiary RAM Reinsurance Company Ltd. provides financial guaranty reinsurance for U.S. and international public finance and structured finance transactions.  More information can be found at www.ramre.com.

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Contact Information:

RAM Holdings Ltd., Hamilton

Victoria Guest, 441-298-2116

vguest@ramre.bm

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