Board of Directors
RAM HOLDINGS LTD.

Steven J. Tynan
Edward F. Bader
Clement S. Dwyer, Jr.
Debra J. Roberts
David K. Steel

Board of Directors
RAM REINSURANCE COMPANY LTD.

Steven J. Tynan
Edward F. Bader
Debra J. Roberts
Clement S. Dwyer, Jr.
David K. Steel
David W. Geiss