EXHIBIT b(9)
Imperial Credit Commercial Mortgage
Investment Corp.
[LOGO] Prudential
Securities
Presentation to the Special Committee of the
Board of Directors
October 12, 1999
Projection Assumptions as Presented to ICMI Board of
Directors and ICMI Special Committee
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Asset Category Year 0 to Year 2 Balances Underlying Assumptions
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Asset Investment
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Cash and Equivalents $116 million to $36 million Set so as to provide
enough liquidity to last
4 years
Mortgage Loans $397 million to $548 million Loan Port's @ $75mm/Qtr
Real Estate $102 million to $146 million Limited by available
equity to invest in new
acquisitions
CMBS/Securities $49 million to $87 million Limited to investment in
retained sub pieces from
whole-loan sales. No
debt to support
discretionary purchases.
Financing of Assets
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Mortgage Loans Debt $245 million to $357 million 95% qualified first
mortgages. Max. credit
line limit-$300mm. Whole
loan sales at credit
limit.
Real Estate Mortgages $47 million to $100 million 75% LTV on new
acquisitions
CMBS/Securities Debt $0 million to $0 million No available debt
financing on subordinated
securities.
Stockholders' Equity $364 million to $365 million Initially marked down to
economic net asset value.
No access to external
equity during 4 years.
Approx. 90% of cash
earnings paid out to
shareholders.
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Comparison of Key Financial Statistics
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Year 1 Year 2
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Board Management Board Management
Presentation Projections Presentation Projections
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Total Assets $ 912,335 $ 1,545,490 $ 839,081 $ 1,574,178
Total Liabilities 547,004 1,143,502 473,783 1,161,547
Total Stockholders' Equity 365,331 401,989 365,298 412,631
Total Revenue $ 81,009 $ 113,269 $ 85,477 $ 163,612
Total Expenses 45,894 67,214 49,600 105,890
Net Earnings 35,115 34,787 35,877 42,077
FFO 38,750 41,133 39,982 52,356
Diluted Earnings per Share $ 1.23 $ 1.22 $ 1.26 $ 1.48
Diluted FFO per Share $ 1.36 $ 1.44 $ 1.40 $ 1.84
Dividends $ 34,200 $ 35,340 $ 35,910 $ 41,895
Dividends per Share $ 1.20 $ 1.24 $ 1.26 $ 1.47
FFO Payout Ratio 88.3% 85.9% 89.8% 80.0%
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NPV Analysis Based on Management's Projections
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Assumption
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Discount Rate 17.5%
Terminal Value (% of Book
Value) 90%
-------------------------------------- Year 1 Year 2
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Stand-Alone Cashflows
Dividends 7,125 7,980 9,975 10,260 10,260 10,545 10,545 10,545
Terminal Value - - - - - - - 371,368
------ ------ ------ ------- ------- ------ ------ -------
Total Stand-Alone Cashflows 7,125 7,980 9,975 10,260 10,260 10,545 10,545 381,913
NPV 326,960
NPV per Share $ 11.47
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