X0303 4 2008-11-13 0 0001045425 RAIT Financial Trust RAS 0001247745 COHEN DANIEL G C/O RAIT FINANCIAL TRUST CIRA CENTRE, 2929 ARCH ST., 17TH FL. PHILADELPHIA PA 19104 0 1 0 1 Chief Executive Officer Trustee Common Shares of Beneficial Interest 2008-11-13 4 P 0 50000 2.0114 A 1485611 D Common Shares of Beneficial Interest 510434 I by Cohen & Company The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.96 to $2.03, inclusive. The reporting person undertakes to provide to RAIT Financial Trust ("RAIT"), any security holder of RAIT or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The reporting person indirectly owns approximately 87.6% of the ownership interests in Cohen Brothers, LLC d/b/a Cohen & Company. Anders F. Laren, attorney-in-fact 2008-11-14