On February 21, 2018, Scott L.N. Davidson, the Chief Executive Officer and President of RAIT Financial Trust, a Maryland real estate investment trust ('RAIT'), pursuant to his previously disclosed Employment Agreement with RAIT, dated November 1, 2016, provided 60 days prior written notice to the Board of Trustees of RAIT (the 'Board') of his intent to resign from his employment with RAIT for 'Good Reason'. Effective upon Mr. Davidson's resignation, the Board has appointed John J. Reyle to serve as Interim Chief Executive Officer and Interim President of RAIT. Mr. Reyle will also continue to serve as RAIT's General Counsel, a role in which he has served since February 2017.

Prior to becoming RAIT's General Counsel, Mr. Reyle served as RAIT's senior managing director—chief legal officer from January 2015 to February 2017, as RAIT's senior vice president—corporate counsel from January 2014 to December 2014, as RAIT's vice president—corporate counsel from May 2012 to December 2013 and as RAIT's corporate counsel from August 2009 to May 2012. Prior to joining RAIT, Mr. Reyle was an associate in the real estate legal departments of Ledgewood, from October 2005 to February 2009, and Cozen O'Conner, from August 2004 to October 2005. In addition, on February 26, 2018, RAIT entered into a Non-Executive Chairman Agreement with Michael J. Malter, Chairman of the Board.

Under the Chairman Agreement, Mr. Malter will assume additional responsibilities as the independent, non-executive Chairman of the Board in connection with RAIT's on-going assessment of its financial performance and financial needs.