Document:

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                            CERTIFICATE OF CORRECTION
                                       TO
                             ARTICLES SUPPLEMENTARY
                                       OF
                              RAIT INVESTMENT TRUST
                    (A MARYLAND REAL ESTATE INVESTMENT TRUST)

      RAIT INVESTMENT TRUST, a Maryland real estate investment trust (the
"Trust"), hereby certifies to the State Department of Assessments and Taxation
of Maryland (the "Department") that:

      FIRST: On March 17, 2004 at 2:24 p.m. the Trust filed with the Department
Articles Supplementary dated March 16, 2004. (the "Articles Supplementary") to
the Declaration of Trust of the Trust, and the Articles Supplementary require
correction as permitted by Section 1-207 of the Corporations and Associations
Article of the Annotated Code of Maryland.

      SECOND: (A) Article THIRD, Section (3)(a) of the Articles Supplementary,
as previously filed and to be corrected hereby, reads as follows:

            (3) Dividends. (a) Holders of Series A Preferred Shares shall be
      entitled to receive, when, as and if authorized and declared by the Board
      of Trustees, out of legally available funds of the Trust, cumulative
      preferential cash dividends at the rate of 7.75% of the Liquidation
      Preference (as defined hereinafter) per Series A Preferred Share per annum
      (which is equivalent to a fixed annual amount of $1.9375 per Series A
      Preferred Share). Such dividends shall accrue and cumulate from the date
      of original issuance of such share and shall be payable quarterly in
      arrears on March 31, June 30, September 30 and December 31 of each year
      or, if not a business day, the next succeeding business day (each a
      "Dividend Payment Date"), commencing, with respect to any Series A
      Preferred Share, on the Dividend Payment Date next succeeding the date of
      original issuance of such share. Any dividend payable on the Series A
      Preferred Shares for any partial dividend period shall be pro rated and
      computed on the basis of a 360-day year consisting of twelve 30-day
      months. Dividends shall be payable to holders of record as they appear in
      the stock transfer records of the Trust at the close of business on the
      applicable dividend record date, which shall be the first day of the
      calendar month in which the applicable Dividend Payment Date falls or, if
      not a business day, the next succeeding business day or such other date
      designated by the Board of Trustees for the payment of dividends that is
      not more than 30 nor less than 10 calendar days immediately preceding such
      Dividend Payment Date (each, a "Dividend Record Date").

      (B) Article THIRD, Section (3)(a) of the Articles Supplementary, as
corrected hereby, shall read follows:

            (3) Dividends. (a) Holders of Series A Preferred Shares shall be
      entitled

<PAGE>

      to receive, when, as and if authorized and declared by the Board of
      Trustees, out of legally available funds of the Trust, cumulative
      preferential cash dividends at the rate of 7.75% of the Liquidation
      Preference (as defined hereinafter) per Series A Preferred Share per annum
      (which is equivalent to a fixed annual amount of $1.9375 per Series A
      Preferred Share). Such dividends shall accrue and cumulate from the date
      of original issuance of such share and shall be payable quarterly in
      arrears on March 31, June 30, September 30 and December 31 of each year
      or, if not a business day, the next succeeding business day (each a
      "Dividend Payment Date"), commencing, with respect to any Series A
      Preferred Share, on the Dividend Payment Date next succeeding the date of
      original issuance of such share. Any dividend payable on the Series A
      Preferred Shares for any partial dividend period shall be pro rated and
      computed on the basis of a 360-day year consisting of twelve 30-day
      months. Dividends shall be payable to holders of record as they appear in
      the stock transfer records of the Trust at the close of business on the
      applicable dividend record date, which shall be the first day of the
      calendar month in which the applicable Dividend Payment Date falls or, if
      not a business day, the next succeeding business day or such other date
      designated by the Board of Trustees for the payment of dividends that is
      not more than 30 nor less than 10 calendar days (5 calendar days as to the
      March 31, 2004 Dividend Payment Date) immediately preceding such Dividend
      Payment Date (each, a "Dividend Record Date").

      (C) The inaccuracies or defects contained in Article THIRD, Section (3)(a)
of the Articles Supplementary, as previously filed, is that insufficient time
was allowed for the declaration and payment of the initial dividend.

      THIRD: The name of each party to the document being corrected is RAIT
INVESTMENT TRUST

                                     - 2 -
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      IN WITNESS WHEREOF, RAIT INVESTMENT TRUST has caused this Certificate of
Correction to be signed in its name and on its behalf by its Chairman and Chief
Executive Officer and witnessed by its Assistant Secretary on March 18, 2004.

WITNESS:                              RAIT INVESTMENT TRUST

/s/ Julie Mark                              By: /s/ Betsy Z. Cohen
------------------------                    ----------------------------
   Julie Mark                               Betsy Z. Cohen
   Assistant Secretary                      Chairman and Chief Executive
                                            Officer

      THE UNDERSIGNED, Chairman and Chief Executive Officer of RAIT INVESTMENT
TRUST, with respect to the foregoing Certificate of Correction of which this
certificate is made a part, hereby acknowledges, in the name and on behalf of
the Trust, the foregoing Certificate of Correction to be the act of the Trust
and further certifies that, to the best of his or her knowledge, information and
belief, the matters and facts set forth therein with respect to the
authorization and approval thereof are true in all material respects, under the
penalties of perjury.

                                            /s/ Betsy Z. Cohen
                                            ----------------------------
                                            Betsy Z. Cohen
                                            Chairman and Chief Executive
                                            Officer
                                     - 3 -BANTA CORPORATION 

SHORT-TERM INCENTIVE
PLAN 

(As Amended and
Restated Effective January 1, 2004) 

ARTICLE I  

Statement Of Purpose 

	1.1 	Purpose.
The Banta Corporation Short-Term Incentive Plan (the “Plan”) is the restatement
of the annual bonus program previously known as the Banta Corporation Economic Profit
(EP) Incentive Compensation Plan. The purpose of the Plan is to provide an incentive
compensation system which promotes and rewards covered executives on an annual basis for
the satisfaction of the annual goals established by the Compensation Committee of the
Board of Directors (the “Committee”) of Banta Corporation (the “Company”). 

	1.2 	Traditional
Performance Measurements. During the period 1998 through 2003, the annual bonus plan
focused in part on “economic profit” as a performance measurement of the
participants’ ability to generate a return exceeding the cost of the capital
employed. Effective in 2004, the Plan returns to more traditional performance
measurements selected by the Committee on an annual basis. 

ARTICLE II  

Computation And
Payment Of Bonus 

	2.1 	“Target
Bonus” means the “Target Bonus Percentage” times a Participant’s
Base Pay actually paid for the year (see Article III for calculations related to a change
in a Participant’s employment status). 

	2.2 	“Target
Bonus Percentage” is determined by the Committee annually for each Participant
based on his/her salary grade. 

	2.3 	“Base
Pay” means the Participant’s base rate of salary excluding bonuses and
other benefits or forms of compensation. 

	2.4 	Computation.
Each year, the Committee shall establish in its discretion the applicable rules for
calculating the bonus amounts for such year, including among other items the applicable
components for each Participant (including such individual goals as the Committee may
prescribe), the levels to be attained for each component for threshold compliance and for
maximum credited compliance, and the percentage of bonus to be earned for results within
such range. In any event, the maximum bonus in any year for a Participant shall be twice
the Participant’s Target Bonus. 

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	2.5 	Payment.
After the financial close of each year, the Committee shall determine the bonus earned by
each Participant and the Company shall pay such amount in cash within 30 days following
such determination, subject to Article IV. 

ARTICLE III  

Plan Participation,
Transfers And Terminations 

	3.1 	Participant.
“Participant” shall mean an employee employed on a regular full-time or
part-time basis by the Company and who has been recommended by the Chief Executive
Officer to be eligible to participate in the Plan and approved by the Committee. A person
shall remain a Participant for other purposes of the Plan as long as he/she has a
deferred balance. 

	3.2 	New
Participants. The percentage (%) of award to which a Participant is entitled in the
first year of his/her participation in the Plan is prorated at a rate of 1/12 for each
complete month from the date of participation. 

	3.3 	Changing
Position Level/Promotions. The Target Bonus of a Participant who has changed position
level or has been promoted during a given year and such position change or promotion
necessitates a change in the Participant’s Target Bonus Percentage will be prorated
at a rate of 1/12 for each complete month commencing with the event generating the change
and based on his/her Base Pay in each position. Plan Participants who transfer between
business units during a year will have their Target Bonuses and unit participation
reviewed and approved by the Committee based on the specific circumstances of each
situation. 

	3.4 	Termination.
In the event that a Participant’s employment with the Company is terminated on or
before the end of the applicable fiscal year, the right of the Participant to any
potential current year payout shall be forfeited. Notwithstanding the foregoing, a
special rule applies for a Participant who retires under the terms of the Company’s
Retirement Plan, or suffers a “disability”, as such term is defined in the
Company’s long-term disability benefits program and is not reasonably expected by
management to return to work, or who dies during the year. The actual bonus value for the
said year shall be equal to zero dollars ($0) if such a Participant has not completed six
full months of employment with the Company during the year. Otherwise, the percentage of
award for the said year to which such a Participant is entitled shall be prorated at a
rate of 1/12 for each complete month of employment during the year. 

	3.5 	Breach
of Agreement. Notwithstanding any other provision of the Plan or any other agreement,
in the event that a Participant shall breach any noncompetition agreement with the
Company or breach any agreement with respect to the postemployment conduct of such
Participant, any remaining payment otherwise due to the Participant hereunder shall be
forfeited. 

	3.6  	No
Guarantee.  Selection as a Participant is no guarantee that benefits under the Plan will
be earned or          that selection as a Participant will be made in any subsequent year.

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ARTICLE IV  

Deferred Payment 

	4.1 	Deferrals.
Prior to 2004, all Participants were given the opportunity to defer payment of all or any
portion of the bonus payments he/she would otherwise receive. Given the low participation
in such option, it is being phased out by being limited in any future year to those who
actually elected to defer in the preceding year. New participants will not be eligible.
In addition, no bonus amount otherwise payable in a year shall be deferred for any year
unless the Company shall have received a written notice from the Participant not later
than December 31 of the second preceding year specifying the portion of the award which
is to be deferred. By way of example, an election to defer any 2005 awards (which would
otherwise be paid in early 2006) must be received by December 31, 2004. Any such deferral
election shall be irrevocable. 

	4.2 	Deferral
Accounts. All amounts so deferred will be credited, as of the dates otherwise
payable, to an account created on the Company’s books for the Participant. Amounts
standing to a Participant’s credit in the account shall be paid to the Participant
or his designated beneficiary or estate: (1) over a period of not more than fifteen years
following termination of the Participant’s employment by reason of death, disability
or normal or early retirement as permitted by the Company’s Retirement Plan at such
times and in such installments as shall be determined in the sole discretion of the
Committee; and (2) in a lump sum within 30 days following termination of a Participant’s
employment for any other reason. 

	4.3  	Interest.
Until such time as all amounts in the account are paid in full, a credit in lieu of
interest shall be made to the account on December 31 of each year (or on the date of the
final installment payment from the account, as the case may be) in an amount equal to
interest on the balance from time to time outstanding in the account during the year at a
rate equal to the average prime rate of interest less one percentage point. For purposes
of this section the “average prime rate of interest” in effect during the
applicable period shall be computed by multiplying each prime rate of interest in effect
at the U.S. Bank in Milwaukee during such period by the number of days each such rate was
so in effect, and by dividing the total number so obtained by the total number of days in
such period. 

ARTICLE V  

Administration 

	5.1 	Administration.
The Plan will be administered on a fiscal year basis under the direction and control of
the Committee. At a meeting of the Committee during the first quarter of each year the
Committee will review and approve the list of Participants for such year along with their
respective Target Bonus Percentages, respective performance measurement components, and
other applicable factors for the operation of the Plan. 

	5.2 	Committee
Authority. Except as otherwise expressly provided herein, full power and authority to
interpret and administer this Plan shall be vested in the Committee. The Committee may
from time to time make such decisions and adopt such rules and regulations for
implementing the Plan as it deems appropriate for any Participant under the Plan. Any
decision taken by the Committee arising out of or in connection with the construction,
administration, interpretation and effect of the Plan shall be final, conclusive and
binding upon all participants and any person claiming under or through them. 

3 

ARTICLE VI  

General Provisions 

	6.1 	Withholding
of Taxes. The Company shall have the right to withhold the amount of taxes which in
the determination of the Company are required to be withheld under law with respect to
any amount due or paid under the Plan. 

	6.2  	Expenses.
 All expenses and costs in connection with the adoption and administration of the Plan
shall          be borne by the Company.

	6.3  	No
Prior Right or Offer.  Except and until expressly granted pursuant to the Plan, nothing
in the Plan          shall be deemed to give any employee any contractual or other right
to participate in the benefits of          the Plan.

	6.4 	Rights
Personal to Participant. Any rights provided to a Participant under the Plan shall be
personal to such Participant, shall not be transferable (except by will or pursuant to
the laws of descent or distribution), and shall be exercisable, during his/her lifetime,
only by such Participant. 

	6.5 	Notice.
Any notice to be given pursuant to the provisions of the Plan shall be in writing and
directed to the appropriate recipient thereof at his/her business address or office
location. 

	6.6  	Applicable
Law.  This Plan shall be construed in accordance with the provisions of the laws of the
State          of Wisconsin to the extent not preempted by Federal law.

	6.7 	Elimination
of Bonus Banks. Prior to 2004, all exceptional bonus amounts were credited to “at
risk” accounts (Bonus Banks), with the level of future payout contingent on
continued employment. With the policy change to limit bonuses to 200% of the Target
Bonus, no future additions would be made to the Bonus Banks. Given the relatively small
size of the account balances in the Bonus Banks as of December 31, 2003, such balances
are to be paid in full to the applicable Participants and the Bonus Banks eliminated
promptly after the adoption of this restatement. 

4 

ARTICLE VII  

Limitation 

	7.1 	No
Continued Employment. Nothing contained herein shall provide any Participant with any
right to continued employment or in any way abridge the rights of the Company to
determine the terms and conditions of employment and whether to terminate employment of
any Participant with or without cause at any time. 

	7.2 	No
Vested Rights. Except as otherwise provided herein, no Participant or other person
shall have any claim of right (legal, equitable, or otherwise) to any award, allocation,
or distribution and no officer or employee of the Company or any other person shall have
any authority to make representations or agreements to the contrary. No interest
conferred herein to a Participant shall be assignable or subject to claim by a Participant’s
creditors. The right of the Participant to receive a distribution hereunder shall be an
unsecured claim against the general assets of the Company, and the Participant shall have
no rights in or against any specific assets of the Company as the result of participation
hereunder. 

	7.3 	Not
Part of Other Benefits. The benefits provided in this Plan shall not be deemed a part
of any other benefit provided by the Company to its employees. The Company assumes no
obligation to Participants except as specified herein. This is a complete statement,
along with the Target Bonus components adopted from time to time by the Committee, of the
terms and conditions of the Plan. 

	7.4 	Other
Plans. Nothing contained herein shall limit the Company or the Committee’s power
to grant bonuses to employees of the Company, whether or not Participants in this Plan. 

	7.5 	Unfunded
Plan. This Plan is unfunded. Nothing herein shall create or be construed to create a
trust of any kind, or a fiduciary relationship between the Company and any Participant. 

ARTICLE VIII  

Amendments 

	8.1  	Amendment.
 This Plan may be amended or terminated at any time at the sole discretion of the
Committee.

	8.2  	Protected
Benefits.  Notwithstanding the foregoing, after the last day of an applicable fiscal
year, the          Plan may not be amended or the Participants revised such that the
Participant receives less than the          amount payable by the Plan.

	8.3  	Notice.
 Notice of any amendment or termination shall be given promptly to each Participant.

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