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Care Investment Trust Inc. Announces an Agreement in Principle for CIT Healthcare to Purchase Mortgage Assets and Reduce Management Fee
Date:8/12/2008

NEW YORK, Aug. 12 /PRNewswire-FirstCall/ -- Care Investment Trust Inc. (NYSE: CRE) ("Care"), a real estate investment and finance company investing in healthcare-related real estate and commercial mortgage debt, today announced an agreement in principle with its external manager, CIT Healthcare that includes the following terms:

-- Care will receive an option to require CIT Healthcare to purchase up to $125 million of mortgage assets on an individual basis at any time over the next twelve months.

-- The assets will be sold at the fair market value at the time of sale as determined by an independent third party.

-- Care's management fee payable to CIT Healthcare shall be reduced from 1.75% to 0.875% of book equity, decreasing current expenses by approximately $2.5 million per annum.

-- Care will issue 400,000 ten-year warrants at a strike price of $17 per share to CIT Healthcare under its Manager Equity Plan.

F. Scott Kellman, stated, "These important steps ensure that Care will have the liquidity and earnings to accelerate the Company's transformation to a growing healthcare REIT. The Company has an attractive pipeline of investment opportunities which can now be aggressively pursued with the liquidity provided by these new arrangements."

About Care Investment Trust

Care Investment Trust Inc. is a real estate investment and finance company investing in healthcare-related real estate and commercial mortgage debt. It is externally managed and advised by CIT Healthcare LLC, a wholly-owned subsidiary of CIT Group Inc.

Safe Harbor Statement

This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looki
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SOURCE Care Investment Trust Inc.
Copyright©2008 PR Newswire.
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