RAIT Financial Trust announced that on March 4, 2013, the company's board of trustees, or the board, increased the size of the board from eight trustees to nine trustees, elected Andrew Batinovich to serve on the board and determined that Mr. Batinovich was an independent trustee in accordance with all relevant standards set in RAIT's trust governance guidelines. Andrew Batinovich, has served as a trustee of RAIT since March 2013. Mr. Batinovich currently serves as President and Chief Executive Officer of Glenborough, LLC.