June 9, 2006 – LAWFUEL – Press Release Service – Clifford Chance U…

June 9, 2006 – LAWFUEL – Press Release Service – Clifford Chance US LLP represented Taberna Realty Finance Trust (“Taberna”) in connection with a merger announced under which Taberna will become a subsidiary of RAIT Investment Trust in a transaction valued at approximately $1.2 billion. The merger, which is expected to close in the fourth quarter of 2006, must be approved by the shareholders of both companies and is subject to other customary conditions to closing. The combined company will continue to trade on the NYSE and will operate under the name RAS Financial Trust. RAIT and Taberna expect to retain the senior management of each company. The combined company will be a diversified real estate finance company that will provide a broad range of financial products to real estate borrowers, REITs and real estate operating companies (REOCs). The company will have total assets of approximately $9.0 billion. Taberna, a real estate investment trust, is a leading provider of long term subordinated debt and trust preferred securities financing to REITs and REOCs.

M&A partner Brian Hoffmann led the New York-based Clifford Chance team, which included corporate finance partner Kathleen Werner, tax partner Richard Catalano, employee benefits partner Jeffrey Lieberman, tax counsel Christopher Roman and M&A associates Benjamin Sibbett, Michael Salmon and Taylor Le, tax associates Julanne Allen and David Levine, and employee benefits associates Elana Krieger and Tali Harel. Merrill Lynch acted as financial adviser to Taberna.

Clifford Chance Limited Liability Partnership is the first fully integrated global law firm with 28 offices in 19 countries. Over 325 lawyers are based in the Americas region. The firm provides seamless global services to the world’s leading financial institutions and multinational businesses. Unrivalled in its international resources, Clifford Chance has over 3,300 legal advisers and is organized around six global practice areas: capital markets; corporate (including M&A), finance; litigation and dispute resolution; real estate; and tax, pensions and employment law.

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