Vern Endo, CEO of RAM Holdings Ltd.,
Rings The NASDAQ Stock Market Closing Bell

Wednesday, September 6, 2006
at NASDAQ's MarketSite
in New York City.

RAM Holdings Ltd.
[RAMR]

Vern Endo, CEO of RAM Holdings Ltd. (RAMR), presides over the closing bell to celebrate its initial public offering on the NASDAQ.
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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Click for larger pictures of the NASDAQ MarketSite. Additional Photographs for 9/6/2006 Download Hi-Res Quality Photo of this NASDAQ Market Close - Pictured: Vern Endo, CEO of RAM Holdings Ltd., signs in at the Closing Bell These photos are Copyright 2006, The Nasdaq Stock Market Inc. and available for re-publication by the news media only. Any commercial use is strictly prohibited without the prior written consent of The Nasdaq Stock Market Inc. © Copyright 2006, The NASDAQ Stock Market, Inc. Reprinted with the permission of The Nasdaq Stock Market, Inc.