0001047469-05-001919 Sample Contracts

FALCON FINANCIAL INVESTMENT TRUST
Falcon Financial Investment Trust • January 31st, 2005 • Personal credit institutions

We are pleased to inform you that on January 19, 2005, Falcon Financial Investment Trust ("Falcon") entered into an Agreement and Plan of Merger (the "Merger Agreement") with iStar Financial Inc. ("iStar), a Maryland corporation, and Flash Acquisition Company LLC, a Maryland limited liability company and a wholly owned subsidiary of iStar ("iStar Subsidiary").

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