X0306 4 2012-11-07 0 0001045425 RAIT Financial Trust RAS 0001383119 Licht Raphael C/O RAIT FINANCIAL TRUST CIRA CENTRE, 2929 ARCH ST., 17TH FL. PHILADELPHIA PA 19104 0 1 0 0 COO & Secretary Common Shares of Beneficial Interest 2012-11-07 4 P 0 1500 5.437 A 70131 D Common Shares of Beneficial Interest 833 I By reporting person as UGMA custodian for his child Common Shares of Beneficial Interest 833 I By reporting person as UGMA custodian for his child The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions on the transaction date at prices ranging from $5.43 to $5.44, 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 purchased at each separate price within the range set forth in this footnote. Excludes 333 common shares held by the reporting person's father. The reporting person disclaims beneficial ownership of the common shares held by the reporting person's father, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such common shares for purposes of Section 16 or for any other purpose. The reporting person disclaims beneficial ownership of these common shares, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such common shares for purposes of Section 16 or for any other purpose. Anders F. Laren, attorney-in-fact 2012-11-08