March 15, 2004 FRIEDMAN, BILLINGS, RAMSEY & CO., INC. 1001 19th Street North Arlington, Virginia 22209 as Representative of the several Underwriters listed in Schedule I hereto Dear Sirs: RAIT Investment Trust, a Maryland real estate investment trust...Underwriting Agreement • March 22nd, 2004 • Rait Investment Trust • Real estate investment trusts • New York
