| Cash Flow for RAM Holdings Ltd. (RAMR) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | | | Net Income | (144,120) | 41,053 | 19,588 | | Provision for Loan Loss | - | - | - | | Depreciation & Amortization | 1,015 | 773 | (40) | | Deferred Income Taxes | - | - | - | | Change in Assets (Receivables) | (2,712) | (2,333) | (67) | | Change in Liabilities (Payables) | 97,133 | 25,372 | 29,553 | | Investment Securities Gain | (31,726) | 1,002 | - | | Net Policy Acquisition Cost | (13,467) | (7,617) | (7,568) | | Realized Investment Gains | - | - | 4,109 | | Net Premiums Receivables | (180) | (1,476) | (5) | | Change in Income Taxes | - | - | - | | Other Non-Cash Items | 178,557 | 461 | (553) | | Net Cash from Operating Activities | 84,501 | 57,235 | 45,018 | | | | Proceeds from Sale/Mat. Inv. | 138,136 | 118,997 | 144,659 | | Purchase of Investment Securities | (244,098) | (220,304) | (218,689) | | Net Increase Fed. Funds Sold | - | - | - | | Purchase of Property & Equipment | (24) | (20) | (26) | | Acquisitions | - | - | - | | Other Investment Changes, Net | - | - | - | | Net Cash from Investing Activities | (105,986) | (101,327) | (74,056) | | | Net Change in Deposits | - | - | - | | Cash Dividends paid | - | - | - | | Repayment of Long Term Debt | - | - | - | | Change in Short Term Debt | - | - | - | | Issuance of Long term Debt | - | - | - | | Issuance of Preferred Stock | - | 73,901 | - | | Issuance of Common Stock | - | 16,592 | - | | Purchase of Treasury Stock | - | - | (340) | | Other Financing Activities | - | (523) | (638) | | Cash from Financing Activities | - | 89,970 | (978) | | | | Effect of Exchange Rate Changes | - | - | - | | Net Change in Cash & Equivalents | (21,485) | 45,878 | (30,016) | | | Cash at Beginning of Period | 41,989 | 6,070 | 36,087 | | Cash at End of Period | 20,504 | 51,948 | 6,070 | | | |
