RAIT FINANCIAL TRUST

CUSIP: 749227104 Class: COMMON STOCK

TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA's Holding History (CIK: 0000315038)

Note: Option positions (PUT/CALL) are excluded.

Q1 2006
Shares 100,000 Value ($000) $2,824 Avg Close — Range —
Q4 2005
Shares 100,000 Value ($000) $2,592 Avg Close — Range —
Q2 2004
Shares 80,000 Value ($000) $1,972 Avg Close — Range —