X0202 4 2006-12-11 0 0001045425 RAIT INVESTMENT TRUST RAS 0001383119 Licht Raphael C/O RAIT PARTNERSHIP, L.P. 1818 MARKET STREET, 28TH FLOOR PHILADELPHIA PA 19103 0 1 0 0 CAO, CLO & Secretary Common Shares of Beneficial Interest 2006-12-11 4 A 0 34819 A 34985 D Received in exchange for 65,507 Taberna Realty Finance Trust ("Taberna") common shares ("Taberna Common Shares") in connection with the merger (the "Merger") of Taberna into a subsidiary of RAIT Investment Trust ("RAIT"). In the Merger, each Taberna Common Share was exchanged for 0.5389 of a RAIT common share of beneficial interest (a "RAIT Common Share"). On the effective date of the Merger, the closing price of a RAIT Common Share was $34.37 per share. Excludes 483 common shares of beneficial interest held by the reporting person's father. The reporting person disclaims beneficial ownership of these common shares of beneficial interest. Anders F. Laren, attorney-in-fact 2006-12-13