RAM Holdings (RAMR)

          Accelerated Vesting of Share Options and Restricted Share Units

     In the case of the circumstances set forth in columns B, D, E and F of each table, above, all of the unvested options and restricted share units granted as part of the annual incentive award would vest upon termination of employment. In addition, in the case of the circumstances stated in column C and G, all restricted share units granted as part of the annual incentive award for 2006 would vest. No amount is recorded in the tables as a result of the accelerated vesting of the options because all of the options had an exercise price above $0.37 at December 31, 2008. The RSUs are valued using the closing price per share of $0.37 at December 31, 2008.

          Accelerated
Vesting of Share Options and Restricted Share Units

     In
the case of the circumstances set forth in columns B, D, E and F of each table,
above, all of the unvested options and restricted share units granted as part of
the annual incentive award would vest upon termination of employment. In
addition, in the case of the circumstances stated in column C and G, all
restricted share units granted as part of the annual incentive award for 2006
would vest. No amount is recorded in the tables as a result of the accelerated
vesting of the options because all of the options had an exercise price above
$0.37 at December 31, 2008. The RSUs are valued using the closing price per
share of $0.37 at December 31, 2008.

Accelerated Vesting of Share Options and Restricted Share Units

In the case of the circumstances set forth in columns B, D, E and F of each table, above, all of the unvested options and restricted share units granted as part of the annual incentive award would vest upon termination of employment. In addition, in the case of the circumstances stated in column C and G, all restricted share units granted as part of the annual incentive award would vest. No amount is recorded in the tables as a result of the accelerated vesting of the options because all of the options had an exercise price above $4.94 at December 31, 2007. There were no restricted share units outstanding at fiscal year end.

       In the case of the circumstances set forth in columns B, D, E and F of each table, above, all of the unvested options and restricted share units granted as part of the annual incentive award would vest upon termination of employment. In addition, in the case of the circumstances stated in column G, all restricted share units granted as part of the annual incentive award would vest, but no such units were outstanding at December 31, 2006. The dollar amount reflected in each table is the unamortized expense of outstanding options at fiscal year end. There were no restricted share units outstanding at fiscal year end.