X0206 3 2012-10-17 1 0001045425 RAIT Financial Trust RAS 0001559072 Silberstein Andrew Mark C/O RAIT FINANCIAL TRUST 2929 ARCH ST., 17TH FL. PHILADELPHIA PA 19104 0 0 0 1 Trustee Pursuant to the Securities Purchase Agreement dated as of October 1, 2012 among ARS VI Investor I, LLC (the "Investor"), the issuer, and certain subsidiaries of the issuer, the Investor may designate a trustee on the issuer's board of trustees. The deputized trustee of the Investor is the reporting person, who serves on the issuer's board of trustees as the Investor's representative. /s/ Anders F. Laren, attorney-in-fact 2012-10-19