-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VG58EQHUqzFbUdmlMbjKaKFmi88MMw+G5u99LPc5x489ZMrg+IY3gtoSOkyYvjAk R2aDVkigoVrMNJpgDF1XTA== 0000950129-02-003748.txt : 20020726 0000950129-02-003748.hdr.sgml : 20020726 20020726164834 ACCESSION NUMBER: 0000950129-02-003748 CONFORMED SUBMISSION TYPE: SC 13E3/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20020726 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: FIRSTCITY FINANCIAL CORP CENTRAL INDEX KEY: 0000828678 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 760243729 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13E3/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-40461 FILM NUMBER: 02712333 BUSINESS ADDRESS: STREET 1: 6400 IMPERIAL DRIVE CITY: WACO STATE: TX ZIP: 76712 BUSINESS PHONE: 2547511750 MAIL ADDRESS: STREET 1: 6400 IMPERIAL DRIVE CITY: WACO STATE: TX ZIP: 76712 FORMER COMPANY: FORMER CONFORMED NAME: FIRST CITY ACQUISITION CORP DATE OF NAME CHANGE: 19880523 FORMER COMPANY: FORMER CONFORMED NAME: FIRST CITY BANCORPORATION OF TEXAS INC/ DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FIRSTCITY FINANCIAL CORP CENTRAL INDEX KEY: 0000828678 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 760243729 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13E3/A BUSINESS ADDRESS: STREET 1: 6400 IMPERIAL DRIVE CITY: WACO STATE: TX ZIP: 76712 BUSINESS PHONE: 2547511750 MAIL ADDRESS: STREET 1: 6400 IMPERIAL DRIVE CITY: WACO STATE: TX ZIP: 76712 FORMER COMPANY: FORMER CONFORMED NAME: FIRST CITY ACQUISITION CORP DATE OF NAME CHANGE: 19880523 FORMER COMPANY: FORMER CONFORMED NAME: FIRST CITY BANCORPORATION OF TEXAS INC/ DATE OF NAME CHANGE: 19920703 SC 13E3/A 1 h97606bsc13e3za.txt FIRSTCITY FINANCIAL CORP - AMENDMENT NO.1 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO SCHEDULE TO TENDER OFFER STATEMENT UNDER TO SECTION 14(d)(1) OR 13(e)(1) OF THE SECURITIES EXCHANGE ACT OF 1934 FIRSTCITY FINANCIAL CORPORATION (Name of Subject Company (Issuer)) FIRSTCITY FINANCIAL CORPORATION JAMES R. HAWKINS JAMES T. SARTAIN RICHARD E. BEAN (Name of Filing Persons (Issuer)) NEW PREFERRED STOCK, PAR VALUE $0.01 PER SHARE (Title of Class of Securities) 33761X 305 (CUSIP Number of Class of Securities) JAMES T. SARTAIN PRESIDENT AND CHIEF EXECUTIVE OFFICER FIRSTCITY FINANCIAL CORPORATION 6400 IMPERIAL DRIVE WACO, TEXAS 76712 (254) 751-1750 WITH COPIES TO: BRIAN D. BARNARD RICHARD J. VANDER WOUDE HAYNES AND BOONE, LLP SENIOR VICE PRESIDENT, 201 MAIN STREET GENERAL COUNSEL AND SECRETARY SUITE 2200 FIRSTCITY FINANCIAL CORPORATION FORT WORTH, TEXAS 76102 6400 IMPERIAL DRIVE (817) 347-6600 WACO, TEXAS 76712 (254) 751-1750
(Names, Addresses and Telephone Numbers of Persons Authorized to Receive Notices and Communications on Behalf of Filing Persons) [ ] Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. Check the appropriate boxes below to designate any transactions to which the statement relates: [ ] third-party tender offer subject to Rule 14d-1. [X] issuer tender offer subject to Rule 13e-4. [X] going-private transaction subject to Rule 13e-3. [ ] amendment to Schedule 13D under Rule 13d-2. Check the following box if the filing is a final amendment reporting the results of the tender offer: [ ] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- This Amendment No. 1 to combined Tender Offer Statement on Schedule TO and Rule 13e-3 Transaction Statement (collectively, the "Schedule TO") is filed by FirstCity Financial Corporation, a Delaware corporation ("FirstCity"), James R. Hawkins ("Hawkins"), James T. Sartain ("Sartain"), and Richard E. Bean ("Bean" and together with Hawkins and Sartain, the "Filing Persons"), and relate to the offer (the "Offer") by FirstCity to exchange each issued and outstanding share of its New Preferred Stock, par value $0.01 per share (the "New Preferred Stock"), for, at the election of the holder of the New Preferred Stock, either (a) two shares of FirstCity common stock, par value $0.01 per share, and cash totaling $10.00 or (b) three shares of FirstCity common stock and cash totaling $8.00 (the "Exchange Consideration"), on the terms and subject to the conditions described in the prospectus filed as Exhibit (a)(1) hereto. FirstCity has filed with the Securities and Exchange Commission Pre-Effective Amendment No. 1 to its registration statement on Form S-4 (SEC File No. 333-90258) relating to the shares of common stock to be issued to stockholders in the Offer (the "Registration Statement"). The terms and conditions of the Offer are set forth in the prospectus which is a part of the registration statement (the "Prospectus"), and the related Letter of Transmittal, which are exhibits (a)(1) and (a)(2) hereto. ITEM 1. SUMMARY TERM SHEET Information is disclosed to security holders in a prospectus meeting the requirements of Rule 421(d) of the Securities Act of 1933. A summary term sheet is set forth on page 1 of the Prospectus. ITEM 2. SUBJECT COMPANY INFORMATION (a) Name and Address. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Information About FirstCity and Certain Affiliates" is incorporated by reference pursuant to General Instruction F to Schedule TO. (b) Securities. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Description of FirstCity's Capital Stock -- General" is incorporated by reference pursuant to General Instruction F to Schedule TO. (c) Trading Market and Price. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Market Prices and Dividends" is incorporated by reference pursuant to General Instruction F to Schedule TO. ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSON (a) Name and Address. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Information About FirstCity and Certain Affiliates" and "Special Factors -- Interests of Certain Persons in the Exchange Offer" is incorporated by reference pursuant to General Instruction F to Schedule TO. ITEM 4. TERMS OF THE TRANSACTION (a) Material Terms. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Questions and Answers About the Exchange Offer," "The Exchange Offer," "Description of FirstCity's Capital Stock," and "Special Factors -- Material Federal Income Tax Consequences" is incorporated by reference pursuant to General Instruction F to Schedule TO. (b) Purchases. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Special Factors -- Interests in Certain Persons in the Exchange Offer" is incorporated by reference pursuant to General Instruction F to Schedule TO. ITEM 5. PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS (e) Agreements Involving the Subject Company's Securities. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Special Factors -- Fees and Expenses of the 2 Exchange Offer; Source of Funds" is incorporated by reference pursuant to General Instruction F to Schedule TO. ITEM 6. PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS (a) Purposes. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Questions and Answers About the Exchange Offer," "Special Factors -- Background of the Exchange Offer" and "-- Reasons for the Exchange Offer and Fairness of the Exchange Offer" is incorporated by reference pursuant to General Instruction F to Schedule TO. (b) Use of Securities Acquired. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Special Factors -- Effect of the Exchange Offer" is incorporated by reference pursuant to General Instruction F to Schedule TO. (c) Plans. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Questions and Answers About the Exchange Offer," "Special Factors -- Background of the Exchange Offer," "-- Reasons for the Exchange Offer and Fairness of the Exchange Offer," -- Effect of the Exchange Offer" and "-- Fees and Expenses of the Exchange Offer; Source of Funds" is incorporated by reference pursuant to General Instruction F to Schedule TO. ITEM 7. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION (a) Source of Funds. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Special Factors -- Fees and Expenses of the Exchange Offer; Source of Funds" is incorporated by reference pursuant to General Instruction F to Schedule TO. (b) Conditions. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Special Factors -- Fees and Expenses of the Exchange Offer; Source of Funds" is incorporated by reference pursuant to General Instruction F to Schedule TO. (d) Borrowed Funds. Not applicable. ITEM 8. INTEREST IN SECURITIES OF THE SUBJECT COMPANY (a) Securities Ownership. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Special Factors -- Interests of Certain Persons in the Exchange Offer" is incorporated by reference pursuant to General Instruction F to Schedule TO. (b) Securities Transactions. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Recent Transactions in Securities" is incorporated by reference pursuant to General Instruction F to Schedule TO. ITEM 9. PERSONS/ASSETS RETAINED, EMPLOYED, COMPENSATED OR USED (a) Solicitations or Recommendations. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Special Factors -- Fees and Expenses of the Exchange Offer; Source of Funds" and "The Exchange Offer -- Fees and Expenses" is incorporated by reference pursuant to General Instruction F to Schedule TO. ITEM 10. FINANCIAL STATEMENTS (a) Financial Information. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Selected Consolidated Financial Data" is incorporated by reference pursuant to General Instruction F to Schedule TO. (b) Pro Forma Information. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Selected Unaudited Pro Forma Consolidated Condensed Financial Data" and 3 "Unaudited Pro Forma Consolidated Condensed Financial Data" is incorporated by reference pursuant to General Instruction F to Schedule TO. ITEM 11. ADDITIONAL INFORMATION (a) Agreements, Regulatory Requirements and Legal Proceedings. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "The Exchange Offer -- Certain Legal Matters" is incorporated by reference pursuant to General Instruction F to Schedule TO. (b) Other Material Information. The entirety of the Prospectus and the related Letter of Transmittal is incorporated by reference pursuant to General Instruction F to Schedule TO. ITEM 12. EXHIBITS (a)(1) -- Prospectus relating to shares of FirstCity Common Stock to be issued in the Offer (incorporated by reference from FirstCity's Pre-Effective Amendment No. 1 to its Registration Statement on Form S-4 filed on July 26, 2002) (a)(2) -- Form of Letter of Transmittal (included as Appendix A to the Prospectus, which is incorporated by reference from FirstCity's Pre-Effective Amendment No. 1 to its Registration Statement on Form S-4 filed on July 26, 2002.) (a)(3) -- Form of Notice of Guaranteed Delivery (previously filed as Exhibit 99(a)(3) to FirstCity's Tender Offer Statement on Schedule TO and Rule 13e-3 Transaction Statement filed on June 11, 2002) (a)(4) -- Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (previously filed as Exhibit 99(a)(4) to FirstCity's Tender Offer Statement on Schedule TO and Rule 13e-3 Transaction Statement filed on June 11, 2002) (a)(5) -- Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (previously filed as Exhibit 99(a)(5) to FirstCity's Tender Offer Statement on Schedule TO and Rule 13e-3 Transaction Statement filed on June 11, 2002) (d)(1) -- Securities Purchase Agreement, dated June 11, 2002, among FirstCity, FirstCity Consumer Lending Corporation, FirstCity Funding, L.P., FirstCity Funding GP Corp., IFA Drive GP Holdings LLC, IFA Drive LP Holdings LLC, Drive Holdings LP and Drive Financial Services LP (previously filed as Exhibit 99(d)(1) to FirstCity's Tender Offer Statement on Schedule TO and Rule 13e-3 Transaction Statement filed on June 11, 2002) (d)(2) -- Amended and Restated Letter of Intent, dated May 25, 2002, among FirstCity and the FCHC Group (previously filed as Exhibit 99(3)(2) to FirstCity's Tender Offer Statement on Schedule TO and Rule 13e-3 Transaction Statement filed on June 11, 2002) (d)(3) -- Confirmation of Intent to Tender Shares of New Preferred Stock, by each of James R. Hawkins, James T. Sartain, Richard E. Bean, Dane Fulmer, Robert E. Garrison, and C. Ivan Wilson
ITEM 13. INFORMATION REQUIRED BY SCHEDULE 13E-3 ITEM 2. SUBJECT COMPANY INFORMATION (d) Dividends. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Market Prices and Dividends" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. (e) Prior Public Offerings. Not applicable. (f) Prior Stock Purchases. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Recent Transactions in Securities" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSON (b) Business and Background of Entities. Not applicable. (c) Business and Background of Natural Persons. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Information About FirstCity and Certain Affiliates" 4 and "Management -- Directors and Executive Officers" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. During the last five years, none of FirstCity, the Filing Persons, or, to the best of its knowledge, any of FirstCity's executive officers and directors has (i) been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) been a party to any judicial or administrative proceeding (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws. Each of the natural persons referred to herein is a United States citizen. ITEM 4. TERMS OF THE TRANSACTION (c) Different Terms. Not applicable. (d) Appraisal Rights. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Prospectus Summary -- No Appraisal Rights in Connection with the Offer" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. (e) Provisions for Unaffiliated Security Holders. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Special Factors -- Reasons for the Exchange Offer and Fairness of the Exchange Offer" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. (f) Eligibility for Listing or Trading. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Special Factors -- Effect of the Exchange Offer" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. ITEM 5. PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS (a) Transactions. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Special Factors -- Background of the Exchange Offer" and "Management -- Certain Relationships and Related Transactions" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. (b) Significant Corporate Events. Not applicable. (c) Negotiations or Contacts. Not applicable. ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS (a) Purposes. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Questions and Answers About the Exchange Offer," "Special Factors -- Background of the Exchange Offer" and "-- Reasons for the Exchange Offer and Fairness of the Exchange Offer" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. (b) Alternatives. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Special Factors -- Background of the Exchange Offer" and "-- Reasons for the Exchange Offer and Fairness of the Exchange Offer" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. (c) Reasons. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Questions and Answers About the Exchange Offer," "Special Factors -- Background of the Exchange Offer," "-- Reasons for the Exchange Offer and Fairness of the Exchange Offer," -- Effect of the Exchange Offer" and "-- Fees and Expenses of the Exchange Offer; Source of Funds" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. (d) Effects. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Questions and Answers About the Exchange Offer," "Special Factors -- Background of the Exchange Offer," "-- Reasons for the Exchange Offer and Fairness of the Exchange 5 Offer," -- Effect of the Exchange Offer," "-- Fees and Expenses of the Exchange Offer; Source of Funds" and "-- Material Federal Income Tax Consequences" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. ITEM 8. FAIRNESS OF THE TRANSACTION (a) Fairness. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Special Factors -- Background of the Exchange Offer," "-- Recommendation of the Special Committee and the FirstCity Board," "-- Reasons for the Exchange Offer and Fairness of the Exchange Offer," and "-- Review of the Exchange Offer by Filing Persons" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. (b) Factors Considered in Determining Fairness. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Special Factors -- Background of the Exchange Offer," "-- Recommendation of the Special Committee and the FirstCity Board," "-- Reasons for the Exchange Offer and Fairness of the Exchange Offer," "-- Review of the Exchange Offer by Filing Persons," and "-- Fairness Opinion of Keefe, Bruyette & Woods" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. (c) Approval of Security Holders. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Special Factors -- Reasons for the Exchange Offer and Fairness of the Exchange Offer" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. (d) Unaffiliated Representative. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Special Factors -- Background of the Exchange Offer," "-- Recommendation of the Special Committee and the FirstCity Board," "-- Reasons for the Exchange Offer and Fairness of the Exchange Offer," and "-- Fairness Opinion of Keefe, Bruyette & Woods" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. (e) Approval of Directors. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Special Factors -- Background of the Exchange Offer," "-- Recommendation of the Special Committee and the FirstCity Board" and "-- Reasons for the Exchange Offer and Fairness of the Exchange Offer" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. (f) Other Offers. Not applicable. ITEM 9. REPORTS, OPINIONS, APPRAISALS AND NEGOTIATIONS (a) Report, Opinion or Appraisal. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Special Factors -- Background of the Exchange Offer" and "Special Factors -- Fairness Opinion of Keefe, Bruyette & Woods" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. (b) Preparer and Summary of the Report, Opinion, or Appraisal. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Special Factors -- Fairness Opinion of Keefe, Bruyette & Woods" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. (c) Availability of Documents. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Special Factors -- Fairness Opinion of Keefe, Bruyette & Woods" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. 6 ITEM 10. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION (c) Expenses. The information set forth in the Prospectus and the related Letter of Transmittal under the caption "Special Factors -- Fees and Expenses of the Exchange Offer; Source of Funds" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. ITEM 12. THE SOLICITATION OR RECOMMENDATION (d) Intent to Tender or Vote in a Going-Private Transaction. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Special Factors -- Background of the Exchange Offer" and "-- Reasons for the Exchange Offer and Fairness of the Exchange Offer" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. (e) Recommendations of Others. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Special Factors -- Background of the Exchange Offer," "-- Reasons for the Exchange Offer and Fairness of the Exchange Offer," "-- Review of the Exchange Offer by Filing Persons," and "-- Fairness Opinion of Keefe, Bruyette & Woods" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. ITEM 14. PERSONS/ASSETS RETAINED, EMPLOYED, COMPENSATED OR USED (b) Employees and Corporate Assets. The information set forth in the Prospectus and the related Letter of Transmittal under the captions "Special Factors -- Fees and Expenses of the Exchange Offer; Source of Funds" and "The Exchange Offer -- Fees and Expenses" is incorporated by reference pursuant to General Instruction F to Schedule 13E-3. ITEM 16. EXHIBITS (c)(1) -- Fairness Opinion of Keefe, Bruyette & Woods dated May 22, 2002 (included as Appendix B to the Prospectus, which is incorporated by reference from FirstCity's Registration Statement on Form S-4 filed on June 11, 2002). (c)(2) -- Presentation of Keefe, Bruyette & Woods, Inc. to the Special Committee of FirstCity, dated March 20, 2002. (c)(3) -- Presentation of Keefe, Bruyette & Woods, Inc. to the Board of Directors of FirstCity, dated March 26, 2002. 7 SIGNATURES After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: July 26, 2002 FIRSTCITY FINANCIAL CORPORATION By: /s/ JAMES T. SARTAIN ------------------------------------ James T. Sartain President and Chief Executive Officer /s/ JAMES R. HAWKINS ------------------------------------ James R. Hawkins /s/ JAMES T. SARTAIN ------------------------------------ James T. Sartain /s/ RICHARD E. BEAN ------------------------------------ Richard E. Bean 8 EXHIBIT INDEX
EXHIBIT NUMBER EXHIBIT NAME - ------- ------------ (a)(1) -- Prospectus relating to shares of FirstCity Common Stock to be issued in the Offer (incorporated by reference from FirstCity's Pre-Effective Amendment No. 1 to its Registration Statement on Form S-4 filed on July 26, 2002) (a)(2) -- Form of Letter of Transmittal (included as Appendix A to the Prospectus, which is incorporated by reference from FirstCity's Pre-Effective Amendment No. 1 to its Registration Statement on Form S-4 filed on July 26, 2002.) (a)(3) -- Form of Notice of Guaranteed Delivery (previously filed as Exhibit 99(a)(3) to FirstCity's Tender Offer Statement on Schedule TO and Rule 13e-3 Transaction Statement filed on June 11, 2002) (a)(4) -- Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (previously filed as Exhibit 99(a)(4) to FirstCity's Tender Offer Statement on Schedule TO and Rule 13e-3 Transaction Statement filed on June 11, 2002) (a)(5) -- Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (previously filed as Exhibit 99(a)(5) to FirstCity's Tender Offer Statement on Schedule TO and Rule 13e-3 Transaction Statement filed on June 11, 2002) (c)(1) -- Fairness Opinion of Keefe, Bruyette & Woods dated May 22, 2002 (included as Appendix B to the Prospectus, which is incorporated by reference from FirstCity's Registration Statement on Form S-4 filed on June 11, 2002) (c)(2) -- Presentation of Keefe, Bruyette & Woods, Inc. to the Special Committee of FirstCity, dated March 20, 2002. (c)(3) -- Presentation of Keefe, Bruyette & Woods, Inc. to the Board of Directors of FirstCity, dated March 26, 2002. (d)(1) -- Securities Purchase Agreement, dated June 11, 2002, among FirstCity, FirstCity Consumer Lending Corporation, FirstCity Funding, L.P., FirstCity Funding GP Corp., IFA Drive GP Holdings LLC, IFA Drive LP Holdings LLC, Drive Holdings LP and Drive Financial Services LP (previously filed as Exhibit 99(d)(1) to FirstCity's Tender Offer Statement on Schedule TO and Rule 13e-3 Transaction Statement filed on June 11, 2002) (d)(2) -- Amended and Restated Letter of Intent, dated May 25, 2002, among FirstCity and the FCHC Group (previously filed as Exhibit 99(3)(2) to FirstCity's Tender Offer Statement on Schedule TO and Rule 13e-3 Transaction Statement filed on June 11, 2002) (d)(3) -- Confirmation of Intent to Tender Shares of New Preferred Stock, by each of James R. Hawkins, James T. Sartain, Richard E. Bean, Dane Fulmer, Robert E. Garrison, and C. Ivan Wilson
EX-99.C2 3 h97606bexv99wc2.txt PRESENTATION OF KEEFE, BRUYETTE & WOODS, INC. EXHIBIT 99.C2 PRESENTATION TO THE SPECIAL COMMITTEE OF THE BOARD OF DIRECTORS OF: [FIRSTCITY LOGO] MARCH 20, 2002 JOSEPH J. SPALLUTO, MANAGING DIRECTOR KEVIN D. SPINNER, MANAGING DIRECTOR NEW YORK SAN FRANCISCO CHICAGO BOSTON HARTFORD RICHMOND COLUMBUS www.kbw.com [KBW LOGO] TABLE OF CONTENTS ================================================================================
TAB SUBJECT PAGE(S) - --- ------- ------- 1. INTRODUCTION .............................................................................. 3,4 2. THE RESTRUCTURING ......................................................................... 6-17 3. RESTRUCTURING IMPACT TO FIRSTCITY Summary ................................................................................... 19 Pro Forma Balance Sheet ................................................................... 20,21 4. HISTORICAL TRADING VALUES OF PREFERRED & COMMON STOCKS .................................... 23,24 5. EXCHANGE OFFER VALUATION Summary & Assumptions ..................................................................... 26 Valuation Table ........................................................................... 27 6. LIQUIDATION ANALYSIS Summary ................................................................................... 29 Asset Sale Approach ....................................................................... 30-32 7. GOING PRIVATE TRANSACTIONS ................................................................ 34 8. CASE STUDY COMPARISON: DYNEX CAPITAL Summary Description of Dynex Capital ...................................................... 36 Relative Stock Performance ................................................................ 37 Tender Offer Summary & Results ............................................................ 38,39 9. ALTERNATIVE COMPARISONS: AMRESCO & WILSHIRE FINANCIAL SERVICES GROUP Summary Comparisons to FCFC ............................................................... 41 AMRESCO ................................................................................... 42,43 Wilshire .................................................................................. 44,45 10. CONCLUSION ................................................................................ 47
================================================================================ FIRSTCITY FINANCIAL CORPORATION 1 KEEFE, BRUYETTE & WOODS, INC. ================================================================================ INTRODUCTION ================================================================================ FIRSTCITY FINANCIAL CORPORATION 2 KEEFE, BRUYETTE & WOODS, INC. FIRSTCITY RESTRUCTURING TRANSACATION SUMMARY ================================================================================ o FIRSTCITY ("FCFC") IS CONTEMPLATING ENTERING INTO A NUMBER OF TRANSACTIONS, WHICH ARE DESIGNED TO RESTRUCTURE AND RECAPITALIZE THE COMPANY. THESE TRANSACTIONS INCLUDE: o The sale of 64.51% of FCFC's interest in Drive Financial Services ("Drive") to Bank of Scotland ("BOS") for $16.0 million. o The offer to exchange (the "Exchange Offer") 1,222,901 shares of FCFC's preferred stock (the "Preferred") for either: o $10.00 cash and two FCFC common shares for each Preferred share or o $8.00 cash and three FCFC common shares for each Preferred share o Residual cash from the sale of Drive and the Exchange Offer will be applied to debt reduction. o BOS will refinance the remainder of FCFC existing facilities with a $45 million commitment. o FCFC will purchase the 20% interest held by management in FCFC's indirect subsidiary, FirstCity Holdings ("FCH") in exchange for 400,000 shares of FCFC common stock and up to $3.2 million in earn-out payments. o BOS will provide new financing to FCFC, with a total commitment of $60 million. o FCFC will be released from its guaranty of $4 million of Drive's Term Loan. o BOS will release its existing option to acquire 1,975,000 shares of FCFC's common stock. ================================================================================ FIRSTCITY FINANCIAL CORPORATION 3 KEEFE, BRUYETTE & WOODS, INC. SCOPE OF KBW ENGAGEMENT ================================================================================ o KBW has been engaged by a Special Committee of the Board of Directors. o THE SPECIAL COMMITTEE REQUESTED KBW'S OPINION AS TO THE FAIRNESS, FROM A FINANCIAL POINT OF VIEW, TO THE HOLDERS OF FCFC'S PREFERRED STOCK, OF THE CONSIDERATION OFFERED IN THE EXCHANGE OFFER. o The consideration includes both cash and FCFC common stock. o KBW has considered, among other things deemed to be relevant, the following: o The sale of a portion FCFC's interest in Drive to Bank of Scotland o Peer groups of, and merger and acquisition transactions involving, automobile finance companies o The consideration offered in the Exchange Offer and the valuation of the consideration o FCFC's purchase of a 20% interest in FCH o FCFC's debt refinancing, and restructuring o The past, current, and pro forma financial condition of FCFC o Certain of FCFC's publicly available financial information: 10-Qs, 10-Ks, and other filings o A draft of the S-4 to be filed related to the Restructuring o Liquidation analysis o Historical trading values of FCFC's common and preferred stocks o Premiums paid in other transactions filed with the SEC as going private transactions o Certain estimated investor recovery results from transactions involving comparable companies o Previous and prevailing economic conditions ================================================================================ FIRSTCITY FINANCIAL CORPORATION 4 KEEFE, BRUYETTE & WOODS, INC. ================================================================================ THE RESTRUCTURING: SALE OF PARTIAL INTEREST IN DRIVE FINANCIAL SERVICES ================================================================================ FIRSTCITY FINANCIAL CORPORATION 5 KEEFE, BRUYETTE & WOODS, INC. SALE OF PARTIAL INTEREST IN DRIVE FINANCIAL SERVICES ================================================================================ Summary o Prior to the Restructuring FCFC owns a 31% interest in Drive. o FCFC will sell 64.5% of its interest (or a 20% interest) in Drive to BOS for $16.0 million. o FCFC maintained a carrying value of this interest of $6.5 million at December 31, 2001 (before minority interest). o $16.0 million for 20% values Drive at $80 million (excluding debt). o $80 million represents 308% of book value on December 31, 2001, and 7.4 times Drive's comprehensive net income (pro forma for a full 40% tax rate) for the twelve months ended December 31, 2001. o During the twelve months ended December 31, 2001, "gain-on-sale" revenue, derived from securitization transactions represented 55% of Drive's revenue. Also, at December 31, 2001, residual interests in securitization transactions represented 298% of its common equity. o The sale of the partial interest in Drive is conditioned up achieving at least 80% participation in the Exchange Offer. o BOS will release FCFC from a $4 million guaranty related to Drive's debt. ================================================================================ FIRSTCITY FINANCIAL CORPORATION 6 KEEFE, BRUYETTE & WOODS, INC. SALE OF PARTIAL INTEREST IN DRIVE FINANCIAL SERVICES ================================================================================ Summary Balance Sheet & Income Statement
AT OR FOR THE YEAR ENDED DECEMBER 31, 2001 ------------------------ ASSETS Cash 7,395 Contracts held for sale - net 70,447 Investment Securities 77,407 Interest Receivable 1,089 Furniture & Fixtures 6,201 Service Fees Receivable 1,212 Goodwill -- Other Assets 1,820 ------------------------ TOTAL ASSETS 165,571 LIABILITIES Term Loan 27,500 Notes Payable to Banks 67,165 Other Liabilities 12,910 ------------------------ TOTAL LIABILITIES 107,575 Capital Note 32,000 TOTAL EQUITY 25,996 ------------------------ TOTAL LIABILITIES & EQUITY 165,571 REVENUES: Interest Income 33,335 Interest Expense (9,329) ------------------------ Net Interest Income 24,006 Other Income 439 Gain on Sale 39,033 Impairment of Residual Assets (3,897) Servicing Fee Income 11,986 ------------------------ Total Revenue 71,567 EXPENSES: Operating Expenses 45,639 Provisions on Contracts held for sale 5,377 Accounting Policy Change 783 ------------------------ Total Expenses 51,799 INCOME BEFORE PROVISION FOR TAXES 19,768 Other Comprehensive Income (1,800) ------------------------ COMBINED PRE-TAX INCOME 17,968 Pro Forma Provision for Income Taxes 7,187 ------------------------ PRO FORMA NET INCOME 10,781
================================================================================ FIRSTCITY FINANCIAL CORPORATION 7 KEEFE, BRUYETTE & WOODS, INC. SALE OF PARTIAL INTEREST IN DRIVE FINANCIAL SERVICES ================================================================================ Publicly-Traded Auto Finance Companies
MARKET STATS. EPS MULTIPLE - I/B/E/S ---------------------- ------------------------------------------------ MARKET STOCK 2001 2002 CHANGE PRICE PRICE CAPITALIZATION PRICE ACT. EPS EST. EPS 2001 / 2002 / 01E / 02E STOCK -------------- ------ -------- -------- ----------- ----- ----- COMPANY NAME SYMBOL STATE ($ millions) ($) ($) ($) (%) (x) (x) - ------------ ------ ----- -------------- ------ -------- -------- ----------- ----- ----- SMALL MARKET CAPITALIZATION Union Acceptance Corporation(1) UACA IN 162 5.25 1.03 0.70 -32% 5.1 7.5 Consumer Portfolio Services CPSS CA 43 1.94 0.04 nm nm nm nm Onyx Acceptance Corporation ONYX CA 21 4.06 0.97 1.00 3% 4.2 4.1 First Investors Financial, Inc.(2) FIFS TX 20 3.61 (0.01) 0.32 nm nm 11.3 ------ ----- -------------- ------ -------- -------- ----------- ----- ----- MEDIAN -14% 4.6 7.5 LARGE MARKET CAPITALIZATION AmeriCredit Corp.(3) ACF TX 3,126 37.07 3.17 4.18 32% 11.7 8.9 WFS Financial, Inc WFSI CA 487 24.35 1.92 2.33 22% 12.7 10.4 Credit Acceptance Corp. CACC MI 457 10.87 0.68 0.76 12% 16.0 14.3 ------ ----- -------------- ------ -------- -------- ----------- ----- ----- MEDIAN 22% 12.7 10.4 DRIVE FINANCIAL SERVICES(4) 80 NA 10.8 NA NM 7.4 NM
OTHER ------------------------------------ GAIN ON SALE / RESIDUALS / REVENUE EQUITY PRICE / BOOK ------- ----------- ------------ COMPANY NAME (%) (%) (%) - ------------ ------- ----------- ------------ SMALL MARKET CAPITALIZATION Union Acceptance Corporation(1) 27% 115% 93% Consumer Portfolio Services 70% 174% 61% Onyx Acceptance Corporation 35% 293% 33% First Investors Financial, Inc.(2) 0% 0% 69% ------- ----------- ------------ MEDIAN 31% 144% 65% LARGE MARKET CAPITALIZATION AmeriCredit Corp.(3) 38% 110% 254% WFS Financial, Inc 3% 58% 182% Credit Acceptance Corp. 2% 0% 159% ------- ----------- ------------ MEDIAN 3% 58% 182% DRIVE FINANCIAL SERVICES(4) 55% 298% 308%
(1) June Fiscal Year, Estimate adjusted to calendar year, 2001 excludes residual valuation charge. (2) April Fiscal Year, adjusted to calendar year (3) June Fiscal Year, adjusted to calendar year (4) At or For the Year Ended December 31, 2001. Valuation implied by BOS purchase of 20% for $16 million ================================================================================ FIRSTCITY FINANCIAL CORPORATION 8 KEEFE, BRUYETTE & WOODS, INC. SALE OF PARTIAL INTEREST IN DRIVE FINANCIAL SERVICES ================================================================================ Mergers and Acquisitions Involving Auto Finance Companies
SELLER'S ANNUAL SELLER'S MGD. SELLER'S PURCHASE ORIGINATIONS RECEIVABLES TRAILING PRICE / ANN. PURCHASE IN YEAR OF SALE PORTFOLIO EARNINGS(a) ANNUAL DATE BUYER SELLER PRICE $ MILLIONS $ MILLIONS $ MILLIONS ORIGINATIONS - ---- ----- ------ ----- --------------- ------------- ----------- ------------ 11/19/2001 CONSUMER PORTFOLIO MFN FINANCIAL $104 MILLION 279 424 $ 5.1 37% SERVICES CORPORATION 11/18/1999 SUSQUEHANNA BANCSHARES HANN FINANCIAL CORP. $35 MILLION NA 800 $ 3.4(b) NA 11/16/1999 ASSOCIATES FIRST ARCADIA FINANCIAL, $193 MILLION 2,400 5,300 $(6.8) 8% CAPITAL CORP. LTD. 06/14/1999 FAIRLANE CREDIT, LLC TRIAD FINANCIAL CORP. $105 MILLION(c) 425 511 $12.4 25% 07/16/1998 CAPITAL ONE FINANCIAL SUMMIT ACCEPTANCE $55 MILLION NA 260 NA NA CORP. 06/23/1997 NORWEST CORP. FIDELITY ACCEPTANCE $344 MILLION 1,000 1,120 $24.7 20% 06/01/1997 HOUSEHOLD ACC CONSUMER FINANCE $200 MILLION 484 396 $11.0 41% INTERNATIONAL 03/29/1996 SOUTHERN NATIONAL REGIONAL ACCEPTANCE $167 MILLION NA 136 $ 8.8 134% CORP. 02/05/1996 BAYVIEW CAPITAL CORP. CTL CREDIT, INC. $65 MILLION 133 466 $ 5.2 151%
PURCHASE PURCHASE PURCHASE PURCHASE PRICE / PREMIUM / PRICE / PRICE/ ANN. PURCHASE MANAGED MARKET BOOK TRAILING DATE BUYER SELLER PRICE RECEIVABLES PRICE VALUE EARNINGS - ---- ----- ------ ----- ----------- --------- -------- -------- 11/19/2001 CONSUMER PORTFOLIO MFN FINANCIAL $104 MILLION 25% 89% 75% 20.4X SERVICES CORPORATION 11/18/1999 SUSQUEHANNA BANCSHARES HANN FINANCIAL CORP. $35 MILLION 4% NA NA 10.3X 11/16/1999 ASSOCIATES FIRST ARCADIA FINANCIAL, $193 MILLION 4% 31% 112% NM CAPITAL CORP. LTD. 06/14/1999 FAIRLANE CREDIT, LLC TRIAD FINANCIAL CORP. $105 MILLION(c) 21% NA 144% 8.5X 07/16/1998 CAPITAL ONE FINANCIAL SUMMIT ACCEPTANCE $55 MILLION 21% NA NA NA CORP. 06/23/1997 NORWEST CORP. FIDELITY ACCEPTANCE $344 MILLION 31% NA NA 13.9X 06/01/1997 HOUSEHOLD ACC CONSUMER FINANCE $200 MILLION 51% 100% 655% 18.2X INTERNATIONAL 03/29/1996 SOUTHERN NATIONAL REGIONAL ACCEPTANCE $167 MILLION 123% 13% 423% 19.1X CORP. 02/05/1996 BAYVIEW CAPITAL CORP. CTL CREDIT, INC. $65 MILLION 14% 30% 132% 12.6X
NOTES: (a) trailing "core" earnings at announcement, excludes amortization and non-recurring items, fully-taxed (b) estimate based on Susquehanna's claim that the transaction would be accretive to EPS in 2000. (c) includes assumption and repayment of $60 million of unsecured debt due to ContiFinancial (d) valuation as if BOS were acquiring Drive (this transaction does give BOS control)
PURCHASE PURCHASE PURCHASE PURCHASE PURCHASE PRICE / PRICE / PREMIUM / PRICE / PRICE/ ANNUAL MANAGED MARKET BOOK TRAILING ORIGINATIONS RECEIVABLES PRICE VALUE EARNINGS ------------ ----------- --------- -------- -------- MEDIAN '99-'01 DEALS 25% 12% 60% 112% 10.3X MEDIAN '97 & '98 DEALS 31% 31% 100% 655% 16.0X MEDIAN '96 DEALS 142% 69% 21% 277% 15.8X ALL MEDIAN 37% 21% 31% 138% 13.9X ALL AVERAGE 63% 34% 43% 293% 13.8X
SELLER'S ANNUAL SELLER'S MGD. SELLER'S PURCHASE ORIGINATIONS RECEIVABLES TRAILING PRICE / ANN. PURCHASE IN YEAR OF SALE PORTFOLIO EARNINGS(a) ANNUAL DATE BUYER SELLER PRICE $ MILLIONS $ MILLIONS $ MILLIONS ORIGINATIONS - ---- ----- ------ ----- --------------- ------------- ----------- ------------ TBD(d) BANK OF SCOTLAND DRIVE FINANCIAL $80 MILLION 400 555 $10.8 20% SERVICES
PURCHASE PURCHASE PURCHASE PURCHASE PRICE / PREMIUM / PRICE / PRICE/ ANN. PURCHASE MANAGED MARKET BOOK TRAILING DATE BUYER SELLER PRICE RECEIVABLES PRICE VALUE EARNINGS - ---- ----- ------ ----- ----------- --------- -------- -------- TBD(d) BANK OF SCOTLAND DRIVE FINANCIAL $80 MILLION 14% NA 308% 7.4X SERVICES
================================================================================ FIRSTCITY FINANCIAL CORPORATION 9 KEEFE, BRUYETTE & WOODS, INC. ================================================================================ THE RESTRUCTURING: THE EXCHANGE OFFER ================================================================================ FIRSTCITY FINANCIAL CORPORATION 10 KEEFE, BRUYETTE & WOODS, INC. THE EXCHANGE OFFER ================================================================================ Summary o FCFC IS CONTEMPLATING MAKING AND EXCHANGE OFFER IN WHICH HOLDERS OF FCFC'S PREFERRED STOCK WOULD HAVE THE OPPORTUNITY TO EXCHANGE ONE SHARE OF PREFERRED FOR EITHER: o $10.00 per share in cash and two shares of FCFC common stock ("Exchange Offer Choice A"), or o $8.00 per share in cash and three shares of FCFC common stock ("Exchange Offer Choice B") The current Preferred has characteristics as follows: o Legal claim of $32.1 million as of December 31, 2001 ($26.25 per share) o Par value of $21.00 per share, $5.25 per share of accrued and unpaid dividends o Dividend (currently suspended) of $2.10 per share per year o Scheduled Redemption of September 2005 o Right to elect two Board members if dividends not paid for six or more consecutive quarters, with those elected Board members serving until dividends in arrears are paid (currently could elect two Board members at annual meeting in 2002). o PREFERRED HOLDERS, POST-EXCHANGE OFFER (ASSUMING 80% PARTICIPATION AND 50-50 SPLIT ON EXCHANGE OFFER CHOICE A OR EXCHANGE OFFER CHOICE B) WILL OWN 21.8% OF FCFC. o COMPLETION OF THE EXCHANGE OFFER IS CONDITIONED UPON ACHIEVING 80% PARTICIPATION. ================================================================================ FIRSTCITY FINANCIAL CORPORATION 11 KEEFE, BRUYETTE & WOODS, INC. ================================================================================ THE RESTRUCTURING: PURCHASE OF 20% INTEREST IN FIRSTCITY HOLDINGS ================================================================================ FIRSTCITY FINANCIAL CORPORATION 12 KEEFE, BRUYETTE & WOODS, INC. PURCHASE OF 20% INTEREST IN FIRSTCITY HOLDINGS ================================================================================ Summary o Prior to the Restructuring, management of FCH own a 20% interest in FCH, FCFC owns the other 80%. o FCFC is contemplating acquiring this interest through the issuance of 400,000 shares of FCFC common stock, and through up to $3.20 million in "earn-out" payments based on the performance of certain Mexican asset pools. o The total value of the purchase is up to $3.65 million ($0.45 million in common stock, and up to $3.20 million in earn-out). o The value of 20% of FCH at $3.65 million values FCH at $18.25 million. $18.25 million represents 454% of book value, and 4.2 times FCH's trailing pre-tax income. ================================================================================ FIRSTCITY FINANCIAL CORPORATION 13 KEEFE, BRUYETTE & WOODS, INC. PURCHASE OF 20% INTEREST IN FIRSTCITY HOLDINGS ================================================================================ Summary Income Statement & Balance Sheet of FCH
AT OR FOR THE YEAR ENDED DECEMBER 31, 2001 ------------------------ ASSETS Cash 3,059 Inventory 5,822 Note Receivable 19,765 Investment in Unconsol. Subs 26,379 Furniture & Fixtures 1,161 Accounts Receivable 394 Prepaid Expenses 283 Goodwill 74 Other Assets 360 ------ TOTAL ASSETS 57,297 LIABILITIES Note Payable - FirstCity 17,669 Notes Payable to Banks 31,399 Other Liabilities 1,868 ------ TOTAL LIABILITIES 50,936 Minority Interest 2,337 TOTAL EQUITY 4,024 ------ TOTAL LIABILITIES & EQUITY 57,297 REVENUES: Interest & Accretion on Perf. Loans 5,562 Earnings of Subs 6,323 Servicing Fees 10,393 Other 1,494 ------ Total Revenue 23,772 EXPENSES: Servicing Fees Expense 3,031 Compensation & Benefits 7,678 Occupancy 1,219 Other Non-Interest Expenses 2,765 Interest Expense 4,725 ------ Total Expenses 19,419 Profit/(Loss) Before Tax 4,353
================================================================================ FIRSTCITY FINANCIAL CORPORATION 14 KEEFE, BRUYETTE & WOODS, INC. ================================================================================ THE RESTRUCTURING: DEBT RESTRUCTURING ================================================================================ FIRSTCITY FINANCIAL CORPORATION 15 KEEFE, BRUYETTE & WOODS, INC. DEBT RESTRUCTURING ================================================================================ Summary o Remaining cash from the $16.0 million sale of a partial interest in Drive to BOS, after completing the Exchange Offer, will be applied to existing FCFC debt held by BOS. o FCFC remaining debt held by BOS, estimated at $45 million, will be restructured as follows: o $33 million - Senior Cash Flow Note This note will have a 4 year maturity and provide for all cash flow from existing investments to first pay all corporate overhead, and then principal and interest on the Senior Cash Flow Note. o $12 million - Subordinated Convertible Note This note will have a 5 year maturity with interest only payments to be provided from existing cash flows. BOS will have the right, but not obligation, to convert this note into 2 million newly issued FCFC common shares. In conjunction, BOS will release warrants for 1,975,000 FCFC shares with a strike price of $2.31. o BOS will provide a $55 million New Acquisition Line of Credit. o BOS will provide a $5 million New Working Capital Line of Credit. ================================================================================ FIRSTCITY FINANCIAL CORPORATION 16 KEEFE, BRUYETTE & WOODS, INC. DEBT RESTRUCTURING ================================================================================ Summary Table ($ in millions)
FUNDED AND UNFUNDED OUTSTANDING OUTSTANDING PRO COMMITMENT AMOUNT AS BORROWINGS AS OF ADJUSTMENTS PER FORMA AS OF OF NOVEMBER 14, 2001 DECEMBER 31, 2001 RESTRUCTURING DECEMBER 31, 2001 -------------------- ----------------- --------------- ----------------- FIRSTCITY Company Senior Facility: Revolving Line of Credit 10 6 (6) -- Term Loan A 31 31 (31) -- Term Loan B 12 12 (12) -- Term Loan C -- -- -- -- Term Credit Facility 4 4 (4) -- __$55 million in | availability, Cash Flow Note -- -- 33 33 | collateral Subordinated Convertible Note -- -- 12 12 __ specific Acquisition Line of Credit -- -- -- -- __ Working Capital Line of Credit -- -- -- -- | | COMMERCIAL CORP __$5 million in availability Acquisition Facility 4 4 -- 4 Term Facilities 7 7 -- 7 Equity investment facility 30 27 -- 27 ----- ------ ------ ------ Total 98 91 (8) 83
================================================================================ FIRSTCITY FINANCIAL CORPORATION 17 KEEFE, BRUYETTE & WOODS, INC. ================================================================================ RESTRUCTURING IMPACT TO FIRSTCITY ================================================================================ FIRSTCITY FINANCIAL CORPORATION 18 KEEFE, BRUYETTE & WOODS, INC. RESTRUCTURING IMPACT TO FIRSTCITY ================================================================================ Summary & Major Assumptions Used o SIGNIFICANTLY INCREASES FCFC COMMON EQUITY BY: o Gain related to Drive Interest Sale ($14.8 million) o Debt Forgiveness of, and Equity Issued to Preferred Stockholders ($16.4 million) o SIMPLIFIES FCFC DEBT OBLIGATIONS & Provides New Financing o Existing Facilities With BOS Paid Off, and Restructured into 2 Notes from Current 5 o $60 million in New Acquisition and Working Capital by BOS o INCREASES COMMON EQUITY PER SHARE FROM $0.46 TO $3.16 (12/31/01 and Pro Forma at 12/31/01, respectively) o REDUCES POTENTIAL DILUTION FROM BOS WARRANTS (through release of 1,975,000 warrants at $2.31) - -------------------------------------------------------------------------------- o RESTRUCTURING - MAJOR ASSUMPTIONS o All transactions in restructuring are completed as currently contemplated o Exchange offer reaches required 80% exchange threshold o 50% of exchange participation select Exchange Offer Choice A, and 50% select Exchange Offer Choice B o FCFC current stock price is $1.12, as is price at point of transaction closings ================================================================================ FIRSTCITY FINANCIAL CORPORATION 19 KEEFE, BRUYETTE & WOODS, INC. RESTRUCTURING IMPACT TO FIRSTCITY ================================================================================ Pro Forma Balance Sheet Impact of Restructuring ($ in `000s, except per share)
DEBT 12/31/2001 DRIVE EXCHANGE 20% FCH RESTRUC. PRO FORMA ---------- -------- -------- -------- -------- --------- Cash and Cash Equivalents 5,583 9,305 (9,305) -- -- 5,583 Portfolio Assets, net 14,218 -- -- -- -- 14,218 Loans Receivable, net 19,899 -- -- -- -- 19,899 Equity Investments 54,655 (6,497) -- -- -- 48,158 Deferred Tax Benefit, net 20,101 -- -- -- -- 20,101 Other Assets, net 7,780 -- -- 2,843 -- 10,623 Net Assets of discontinued operations 16,657 -- -- -- -- 16,657 ------- ------- ------- ------ -------- -------- Total Assets 138,893 2,807 (9,305) 2,843 -- 135,239 Notes Payable 91,209 (6,695) -- 3,200 (45,000) 42,714 New Credit Facilities -- -- -- -- 45,000 45,000 Other Liabilities (1) 11,706 (5,298) -- (805) -- 5,603 ------- ------- ------- ------ -------- -------- Total Liabilities 102,915 (11,993) -- 2,395 -- 93,317 Redeemable Preferred Stock 32,101 -- (25,681) -- -- 6,420 Common Equity 3,877 14,801 16,376 448 -- 35,502 ------- ------- ------- ------ -------- -------- Liabilities and Equity 138,893 2,807 (9,305) 2,843 -- 135,239 Common Shares Outstanding 8,377 -- 2,446 400 -- 11,222 Book Value Per Share $ 0.46 $ 3.16
- ---------- (1) Other liabilities includes minority interest ================================================================================ FIRSTCITY FINANCIAL CORPORATION 20 KEEFE, BRUYETTE & WOODS, INC. RESTRUCTURING IMPACT TO FIRSTCITY ================================================================================ Footnotes to Pro Forma Balance Sheet ($ in `000s, except per share) SALE OF INTEREST IN DRIVE FINANCIAL Cash and Cash Equivalents Cash Proceeds from Drive Sale ................................... 16,000 Excess Cash From Exchange to Repay Debt ......................... (6,695) ---------- Net Change .................................................... 9,305 Equity Investments Carrying Value of Drive Interest Sold ........................... (6,497) Notes Payable Excess Cash From Drive Sale & Exchange .......................... (6,695) Other Liabilities Drive Debt Guaranty Release ..................................... (4,000) Minority Interest Elimination ................................... (1,298) ---------- Net Change .................................................... (5,298) Common Equity Cash Proceeds from Drive Sale ................................... 16,000 Carrying Value of Drive Interest ................................ (6,497) Minority Interest Elimination ................................... 1,298 Release of Previously Accrued Guaranty .......................... 4,000 ---------- Net Change .................................................... 14,801 EXCHANGE OFFER Cash and Cash Equivalents Cash Required for Choice A ...................................... (4,892) Cash Required for Choice B ...................................... (3,913) Associated Expenses ............................................. (500) ---------- Net Change .................................................... (9,305) Redeemable Preferred Stock Preferred Stock Exchanged ....................................... (25,681) Exchange Participation Rate ..................................... 80% Common Equity Common stock issued to Preferred holders ........................ 2,739 Debt forgiveness by Preferred holders ........................... 14,137 Expenses ........................................................ (500) ---------- Net Change .................................................... 16,376
================================================================================ FIRSTCITY FINANCIAL CORPORATION 21 KEEFE, BRUYETTE & WOODS, INC. ================================================================================ HISTORICAL PREFERRED & COMMON STOCK PRICES ================================================================================ FIRSTCITY FINANCIAL CORPORATION 22 KEEFE, BRUYETTE & WOODS, INC. PREFERRED STOCK PRICE PERFORMANCE: SINCE PREFERRED ISSUANCE ================================================================================ [GRAPH]
FCFCO FCFCO FCFCO FCFCO FCFCO Preferred Preferred Preferred Preferred Preferred Date Stock Date Stock Date Stock Date Stock Date Stock - ---- --------- ---- --------- ---- --------- ---- --------- ---- --------- 8/13/1997 22 6/29/1998 21.5 5/12/1999 16 3/23/2000 7 2/7/2001 10 8/14/1997 22 6/30/1998 21.5 5/13/1999 16.06 3/24/2000 7.56 2/8/2001 10 8/15/1997 22 7/1/1998 21.5 5/14/1999 16.06 3/27/2000 7.88 2/9/2001 10 8/18/1997 22 7/2/1998 21.5 5/17/1999 16.38 3/28/2000 7.88 2/12/2001 10 8/19/1997 22 7/6/1998 21.5 5/18/1999 16.06 3/29/2000 7.88 2/13/2001 10 8/20/1997 22 7/7/1998 21.5 5/19/1999 16.06 3/30/2000 7.88 2/14/2001 10 8/21/1997 22 7/8/1998 21.5 5/20/1999 16.06 3/31/2000 8 2/15/2001 10 8/22/1997 22 7/9/1998 21.5 5/21/1999 16.25 4/3/2000 8 2/16/2001 9.94 8/25/1997 22 7/10/1998 21.5 5/24/1999 16.25 4/4/2000 8 2/20/2001 9.94 8/26/1997 22 7/13/1998 21.5 5/25/1999 16.31 4/5/2000 8.13 2/21/2001 9.94 8/27/1997 22 7/14/1998 21.5 5/26/1999 16.31 4/6/2000 8.13 2/22/2001 9.94 8/28/1997 22 7/15/1998 20.75 5/27/1999 16.06 4/7/2000 7.5 2/23/2001 9.63 8/29/1997 22 7/16/1998 21 5/28/1999 16.13 4/10/2000 7.63 2/26/2001 9.63 9/2/1997 22 7/17/1998 21 6/1/1999 16.13 4/11/2000 7.63 2/27/2001 9.63 9/3/1997 22 7/20/1998 20.88 6/2/1999 15.69 4/12/2000 7.38 2/28/2001 9.63 9/4/1997 22 7/21/1998 21.75 6/3/1999 15.69 4/13/2000 7.38 3/1/2001 9.63 9/5/1997 23.25 7/22/1998 21 6/4/1999 15.69 4/14/2000 7.38 3/2/2001 9.63 9/8/1997 23.25 7/23/1998 21 6/7/1999 15.69 4/17/2000 7.52 3/5/2001 9.5 9/9/1997 23.25 7/24/1998 21.5 6/8/1999 15.88 4/18/2000 7.52 3/6/2001 9.5 9/10/1997 23.25 7/27/1998 22 6/9/1999 15.69 4/19/2000 8 3/7/2001 9.5 9/11/1997 23.25 7/28/1998 22.5 6/10/1999 15 4/20/2000 8 3/8/2001 9.5 9/12/1997 23.25 7/29/1998 22.5 6/11/1999 15.88 4/24/2000 8 3/9/2001 8.75 9/15/1997 23.25 7/30/1998 22.5 6/14/1999 15.38 4/25/2000 8 3/12/2001 7.06 9/16/1997 23.25 7/31/1998 21.75 6/15/1999 15.38 4/26/2000 8 3/13/2001 7.63 9/17/1997 23.25 8/3/1998 21.75 6/16/1999 15.38 4/27/2000 8 3/14/2001 8 9/18/1997 23.5 8/4/1998 21.75 6/17/1999 15.75 4/28/2000 9.25 3/15/2001 8 9/19/1997 23.5 8/5/1998 21.75 6/18/1999 15 5/1/2000 9.25 3/16/2001 8 9/22/1997 23.5 8/6/1998 21.75 6/21/1999 15.63 5/2/2000 7.03 3/19/2001 8 9/23/1997 23.5 8/7/1998 21.75 6/22/1999 15.5 5/3/2000 6.16 3/20/2001 8 9/24/1997 23.5 8/10/1998 21.75 6/23/1999 15.5 5/4/2000 6.97 3/21/2001 8 9/25/1997 23.5 8/11/1998 21.75 6/24/1999 15.63 5/5/2000 6.97 3/22/2001 8 9/26/1997 23.5 8/12/1998 22.25 6/25/1999 15.63 5/8/2000 6.13 3/23/2001 8 9/29/1997 22 8/13/1998 22.25 6/28/1999 15.69 5/9/2000 6.13 3/26/2001 8 9/30/1997 22 8/14/1998 21.5 6/29/1999 15.69 5/10/2000 6.13 3/27/2001 8 10/1/1997 22 8/17/1998 22.75 6/30/1999 15.75 5/11/2000 6.13 3/28/2001 8 10/2/1997 22 8/18/1998 22.75 7/1/1999 15.75 5/12/2000 6.13 3/29/2001 8 10/3/1997 21.75 8/19/1998 22.75 7/2/1999 15.75 5/15/2000 6.13 3/30/2001 8.06 10/6/1997 21.75 8/20/1998 21.75 7/6/1999 15.69 5/16/2000 5.25 4/2/2001 8.06 10/7/1997 21.75 8/21/1998 22 7/7/1999 15.69 5/17/2000 5.25 4/3/2001 7.5 10/8/1997 21.75 8/24/1998 21.38 7/8/1999 15.63 5/18/2000 5.25 4/4/2001 8 10/9/1997 21.75 8/25/1998 21.38 7/9/1999 15.25 5/19/2000 5.75 4/5/2001 7.88 10/10/1997 21.75 8/26/1998 21.38 7/12/1999 15.25 5/22/2000 5 4/9/2001 7.88 10/13/1997 21.75 8/27/1998 21.5 7/13/1999 15.38 5/23/2000 4.38 4/10/2001 7.88 10/14/1997 21.75 8/28/1998 21.5 7/14/1999 15.38 5/24/2000 4.38 4/11/2001 7.88 10/15/1997 21.75 8/31/1998 21.5 7/15/1999 15.38 5/25/2000 5.5 4/17/2001 8 10/16/1997 21.75 9/1/1998 20.5 7/16/1999 15.38 5/26/2000 5.75 4/18/2001 8 10/17/1997 21.75 9/2/1998 22 7/19/1999 15.19 5/30/2000 5.75 4/19/2001 8 10/20/1997 21.75 9/3/1998 22 7/20/1999 15.19 5/31/2000 5.75 4/20/2001 8 10/21/1997 21.75 9/4/1998 21.5 7/21/1999 15.06 6/1/2000 6.5 4/23/2001 8 10/22/1997 21.75 9/8/1998 21 7/22/1999 15.06 6/2/2000 7.75 4/24/2001 8 10/23/1997 21.75 9/9/1998 20.38 7/23/1999 15.06 6/5/2000 7.75 4/26/2001 8 10/24/1997 21.75 9/10/1998 18.25 7/26/1999 14.88 6/6/2000 7.44 4/27/2001 8.74 10/27/1997 21.75 9/11/1998 18.25 7/27/1999 14.88 6/7/2000 7.75 4/30/2001 8.74 10/28/1997 22 9/14/1998 19 7/28/1999 14.88 6/8/2000 7.75 5/1/2001 8.74 10/29/1997 22 9/15/1998 19 7/29/1999 14.88 6/9/2000 7.88 5/2/2001 7.85 10/30/1997 23 9/16/1998 19 7/30/1999 14.88 6/12/2000 8 5/3/2001 7.85 10/31/1997 21.75 9/17/1998 18.38 8/2/1999 15 6/13/2000 7.94 5/7/2001 7.85 11/3/1997 21.5 9/18/1998 18.5 8/3/1999 14.88 6/14/2000 7.94 5/8/2001 8 11/4/1997 21.5 9/21/1998 18.5 8/4/1999 14.81 6/15/2000 7.94 5/9/2001 8 11/5/1997 21.5 9/22/1998 18.5 8/5/1999 15 6/16/2000 8 5/10/2001 8 11/6/1997 21.63 9/23/1998 19 8/6/1999 15 6/19/2000 8 5/11/2001 8 11/7/1997 21.75 9/24/1998 19 8/9/1999 14.88 6/20/2000 8 5/14/2001 8.25 11/10/1997 21.75 9/25/1998 19 8/10/1999 14.88 6/21/2000 8 5/15/2001 8.12 11/11/1997 21.75 9/28/1998 19 8/11/1999 13.13 6/22/2000 8 5/16/2001 8.12 11/12/1997 21.75 9/29/1998 18.75 8/12/1999 11.38 6/23/2000 8 5/17/2001 8.12 11/13/1997 21.13 9/30/1998 18.75 8/13/1999 6 6/26/2000 8 5/18/2001 8.05 11/14/1997 21 10/1/1998 18.75 8/16/1999 7.19 6/27/2000 7 5/21/2001 8.11 11/17/1997 21.5 10/2/1998 18.75 8/17/1999 8.25 6/28/2000 7 5/22/2001 8.11 11/18/1997 21.5 10/5/1998 18.75 8/18/1999 8 6/29/2000 7 5/23/2001 8.11 11/19/1997 21.5 10/6/1998 18 8/19/1999 8 6/30/2000 8.75 5/24/2001 8.11 11/20/1997 22.5 10/7/1998 18 8/20/1999 8 7/3/2000 8.25 5/25/2001 8.25 11/21/1997 22 10/8/1998 14.69 8/23/1999 7.75 7/5/2000 9 5/29/2001 8.25 11/24/1997 22 10/9/1998 16 8/24/1999 7.13 7/6/2000 9 5/30/2001 8.25 11/25/1997 22 10/12/1998 15.25 8/25/1999 7 7/7/2000 8.5 5/31/2001 8.25 11/26/1997 21.5 10/13/1998 15.25 8/26/1999 5.5 7/10/2000 8.63 6/1/2001 8.25 11/28/1997 21.5 10/14/1998 15.25 8/27/1999 6.25 7/11/2000 8.63 6/4/2001 8.25 12/1/1997 21.13 10/15/1998 16.5 8/30/1999 5.25 7/12/2000 8.5 6/5/2001 8.25 12/2/1997 21.13 10/16/1998 17.13 8/31/1999 5.5 7/13/2000 8.5 6/6/2001 8.25 12/3/1997 21.13 10/19/1998 17.25 9/1/1999 5 7/14/2000 8.5 6/8/2001 8.38 12/4/1997 21.5 10/20/1998 17.25 9/2/1999 7 7/17/2000 8.5 6/11/2001 8.38 12/5/1997 21.5 10/21/1998 17.5 9/3/1999 7 7/18/2000 8.63 6/12/2001 8.38 12/8/1997 21.5 10/22/1998 17 9/7/1999 6.81 7/19/2000 8.63 6/13/2001 8.37 12/9/1997 21.5 10/23/1998 17 9/8/1999 6.75 7/20/2000 8.63 6/15/2001 8.37 12/10/1997 21.5 10/26/1998 17.75 9/9/1999 7.88 7/21/2000 9.13 6/19/2001 8.37 12/11/1997 21.5 10/27/1998 17.75 9/10/1999 7 7/24/2000 9 6/20/2001 8.38 12/12/1997 21.5 10/28/1998 15.5 9/13/1999 7 7/25/2000 9 6/21/2001 8.38 12/15/1997 21 10/29/1998 15 9/14/1999 6.88 7/26/2000 9 6/25/2001 8.5 12/16/1997 21.5 11/3/1998 16 9/15/1999 7.25 7/27/2000 8.88 6/26/2001 7.75 12/17/1997 21.5 11/2/1998 16 9/16/1999 5.75 7/28/2000 8.88 6/27/2001 8.45 12/18/1997 21.5 11/3/1998 16 9/17/1999 6 7/31/2000 8.88 6/28/2001 8.25 12/19/1997 21.63 11/4/1998 16 9/20/1999 6.13 8/1/2000 10.75 6/29/2001 8.25 12/22/1997 22 11/5/1998 16 9/21/1999 7.63 8/2/2000 8.5 7/2/2001 8.25 12/23/1997 22.5 11/6/1998 16 9/22/1999 7.19 8/3/2000 8.5 7/3/2001 8.25 12/24/1997 22.5 11/9/1998 16 9/23/1999 7.63 8/4/2000 9.75 7/6/2001 8.25 12/26/1997 21.25 11/10/1998 17 9/24/1999 5.5 8/7/2000 9.25 7/9/2001 8.25 12/29/1997 21.75 11/11/1998 16 9/27/1999 6 8/8/2000 9.25 7/10/2001 7.75 12/30/1997 21.75 11/12/1998 15.5 9/28/1999 5.88 8/9/2000 9.25 7/11/2001 7.5 12/31/1997 21.75 11/13/1998 15.5 9/29/1999 5.5 8/10/2000 9.25 7/12/2001 8 1/2/1998 21.75 11/16/1998 15.5 9/30/1999 5.5 8/11/2000 9 7/13/2001 8 1/5/1998 22 11/17/1998 15.5 10/1/1999 6.25 8/14/2000 10.25 7/16/2001 8.1 1/6/1998 22 11/18/1998 15.5 10/4/1999 6 8/15/2000 10.5 7/17/2001 8.1 1/7/1998 22 11/19/1998 15.75 10/5/1999 6 8/16/2000 9.5 7/18/2001 8.24 1/8/1998 22.19 11/20/1998 15.75 10/6/1999 6.25 8/17/2000 9 7/19/2001 8.24 1/9/1998 22.25 11/23/1998 15.06 10/7/1999 6.44 8/18/2000 9.25 7/20/2001 8.24 1/12/1998 22.31 11/24/1998 15.38 10/8/1999 6.44 8/21/2000 9.25 7/23/2001 8.24 1/13/1998 22.31 11/25/1998 15.5 10/11/1999 6.44 8/22/2000 9.25 7/25/2001 8.24 1/14/1998 23.25 11/27/1998 15.06 10/12/1999 6.38 8/23/2000 10 7/26/2001 7.5 1/15/1998 23.25 11/30/1998 15.5 10/13/1999 6.38 8/24/2000 10 7/27/2001 7.5 1/16/1998 23.25 12/1/1998 15 10/14/1999 6.38 8/25/2000 10 7/31/2001 7.5 1/20/1998 23.25 12/2/1998 15.5 10/15/1999 6.44 8/28/2000 9.94 8/1/2001 7.5 1/21/1998 23.25 12/3/1998 16 10/18/1999 7.44 8/29/2000 9.25 8/2/2001 7.5 1/22/1998 22.5 12/4/1998 17 10/19/1999 6.38 8/30/2000 9.25 8/3/2001 7.5 1/23/1998 21.75 12/7/1998 17.5 10/20/1999 6.38 8/31/2000 10.5 8/7/2001 7.5 1/27/1998 22 12/8/1998 17.25 10/21/1999 7.25 9/1/2000 10.5 8/8/2001 7.5 1/28/1998 22 12/9/1998 18 10/22/1999 7.44 9/5/2000 10.5 8/9/2001 8.5 1/29/1998 22 12/10/1998 18 10/25/1999 7.44 9/6/2000 10.25 8/10/2001 7.5 1/30/1998 22 12/11/1998 18 10/26/1999 7 9/7/2000 10 8/13/2001 8.25 2/2/1998 22 12/14/1998 18.75 10/27/1999 7.38 9/8/2000 11.75 8/14/2001 8.25 2/3/1998 22 12/15/1998 18.75 10/28/1999 7.13 9/11/2000 11.75 8/15/2001 8.25 2/4/1998 22 12/16/1998 17.5 10/29/1999 7.44 9/12/2000 11.88 8/16/2001 8.5 2/5/1998 22 12/17/1998 18.5 11/1/1999 7.44 9/13/2000 11.88 8/17/2001 8.5 2/6/1998 22 12/18/1998 18 11/2/1999 7.44 9/14/2000 11.88 8/20/2001 8.5 2/9/1998 22 12/21/1998 18 11/3/1999 7.38 9/15/2000 11.88 8/21/2001 8.5 2/10/1998 22 12/22/1998 18 11/4/1999 7.44 9/18/2000 10 8/22/2001 8.5 2/11/1998 21.75 12/23/1998 17.75 11/5/1999 7.44 9/19/2000 10 8/23/2001 8.5 2/12/1998 21.75 12/24/1998 19 11/8/1999 7.44 9/20/2000 10 8/24/2001 8.5 2/13/1998 22 12/28/1998 19 11/9/1999 7.44 9/21/2000 11 8/27/2001 8.5 2/17/1998 22 12/29/1998 19 11/10/1999 7.94 9/22/2000 11 8/28/2001 8.5 2/18/1998 22 12/30/1998 19 11/11/1999 7.94 9/25/2000 10.06 8/29/2001 8.5 2/19/1998 22.5 12/31/1998 18.13 11/12/1999 8.63 9/26/2000 10.06 8/30/2001 8.5 2/20/1998 22.5 1/4/1999 18.5 11/15/1999 8.25 9/27/2000 10.06 8/31/2001 7.72 2/23/1998 22.75 1/5/1999 18 11/16/1999 8.25 9/28/2000 10.06 9/4/2001 8 2/24/1998 22 1/6/1999 18 11/17/1999 8.38 9/29/2000 10.06 9/5/2001 7.72 2/25/1998 22 1/7/1999 18.75 11/18/1999 7.5 10/2/2000 10.06 9/6/2001 7.95 2/26/1998 22 1/8/1999 18.88 11/19/1999 7.5 10/3/2000 11 9/7/2001 8.12 2/27/1998 22.38 1/11/1999 19 11/22/1999 7.5 10/4/2000 10.06 9/10/2001 8.12 3/2/1998 22.38 1/12/1999 19 11/23/1999 9 10/5/2000 10.06 9/17/2001 8 3/3/1998 22.5 1/13/1999 18.88 11/24/1999 9 10/6/2000 10.06 9/18/2001 8 3/4/1998 22.5 1/14/1999 19 11/26/1999 9 10/9/2000 10.06 9/19/2001 7.65 3/5/1998 22.5 1/15/1999 19 11/29/1999 6.5 10/10/2000 10.75 9/20/2001 7.5 3/6/1998 22.5 1/19/1999 19.25 11/30/1999 7.13 10/11/2000 10.25 9/21/2001 6.5 3/9/1998 22.5 1/20/1999 19 12/1/1999 7.13 10/12/2000 10.06 9/24/2001 6.5 3/10/1998 22.19 1/21/1999 19 12/2/1999 7.5 10/13/2000 10.06 9/25/2001 6.5 3/11/1998 22.38 1/22/1999 18.5 12/3/1999 7.5 10/16/2000 11 9/26/2001 6.5 3/12/1998 22.38 1/25/1999 20 12/6/1999 7.63 10/17/2000 11 9/27/2001 6.5 3/13/1998 22.44 1/26/1999 18.44 12/7/1999 8.25 10/18/2000 10.06 9/28/2001 8 3/16/1998 22.13 1/27/1999 18.44 12/8/1999 7.5 10/19/2000 10.06 10/1/2001 8 3/17/1998 22.25 1/28/1999 18.44 12/9/1999 7.75 10/20/2000 10.06 10/2/2001 8 3/18/1998 22.13 1/29/1999 18.44 12/10/1999 7.5 10/23/2000 10.25 10/3/2001 8 3/19/1998 22.13 2/1/1999 18.44 12/13/1999 7.5 10/24/2000 10.25 10/4/2001 8 3/20/1998 22.13 2/2/1999 18.44 12/14/1999 7.5 10/25/2000 10.25 10/5/2001 8 3/23/1998 22.13 2/3/1999 18.75 12/15/1999 7.5 10/26/2000 10.25 10/8/2001 8 3/24/1998 22.13 2/4/1999 18.75 12/16/1999 7.5 10/27/2000 10.25 10/9/2001 8 3/25/1998 22.75 2/5/1999 18.75 12/17/1999 7.5 10/30/2000 10.5 10/10/2001 8.63 3/26/1998 22.5 2/8/1999 19.63 12/20/1999 6.75 10/31/2000 10.5 10/12/2001 8.45 3/27/1998 22.5 2/9/1999 19.5 12/21/1999 6.75 11/1/2000 10.5 10/15/2001 7.6 3/30/1998 22.75 2/10/1999 19.63 12/22/1999 9 11/2/2000 9.92 10/16/2001 8 3/31/1998 22.63 2/11/1999 19.63 12/23/1999 9 11/3/2000 9.63 10/17/2001 7.75 4/1/1998 22.25 2/12/1999 19.5 12/27/1999 7 11/6/2000 10 10/19/2001 7.75 4/2/1998 22.25 2/16/1999 19.5 12/28/1999 6.88 11/7/2000 9.94 10/22/2001 7.75 4/3/1998 22.25 2/17/1999 19.5 12/29/1999 8.5 11/8/2000 10 10/23/2001 7.75 4/6/1998 22.25 2/18/1999 19.5 12/30/1999 9 11/9/2000 10.2 10/25/2001 7.75 4/7/1998 22.13 2/19/1999 18.31 12/31/1999 9.63 11/10/2000 10.25 10/26/2001 8 4/8/1998 22.13 2/22/1999 18.31 1/3/2000 9.75 11/13/2000 10.06 10/29/2001 7.75 4/9/1998 23.88 2/23/1999 18 1/4/2000 9.75 11/14/2000 10.06 10/30/2001 7.75 4/13/1998 23.88 2/24/1999 17.69 1/5/2000 9.75 11/15/2000 10.06 10/31/2001 7.75 4/14/1998 21.88 2/25/1999 17.69 1/6/2000 9.75 11/16/2000 9.94 11/1/2001 7.75 4/15/1998 21.88 2/26/1999 19 1/7/2000 9.94 11/17/2000 9.94 11/2/2001 7.75 4/16/1998 23.75 3/1/1999 19 1/10/2000 9.94 11/20/2000 9.94 11/5/2001 7.75 4/17/1998 23.75 3/2/1999 19 1/11/2000 9.94 11/21/2000 10.14 11/6/2001 7.75 4/20/1998 23.75 3/3/1999 18.13 1/12/2000 9.94 11/22/2000 10.14 11/7/2001 7 4/21/1998 23.75 3/4/1999 18.13 1/13/2000 9.94 11/24/2000 10.14 11/8/2001 7.12 4/22/1998 23.75 3/5/1999 18.13 1/14/2000 11 11/27/2000 9.88 11/12/2001 7.11 4/23/1998 23.75 3/8/1999 18 1/18/2000 11 11/28/2000 10.14 11/13/2001 7.11 4/24/1998 22.25 3/9/1999 17.75 1/19/2000 11 11/29/2000 10.25 11/14/2001 7.1 4/27/1998 22.25 3/10/1999 17.38 1/20/2000 10.38 11/30/2000 10.25 11/15/2001 7.48 4/28/1998 22.25 3/11/1999 17.38 1/21/2000 9.25 12/1/2000 10.25 11/16/2001 7.17 4/29/1998 22.5 3/12/1999 17.38 1/24/2000 9.25 12/4/2000 10.25 11/20/2001 7.17 4/30/1998 22.5 3/15/1999 17.5 1/25/2000 9.25 12/5/2000 10.2 11/21/2001 7.4 5/1/1998 23.25 3/16/1999 20 1/26/2000 10.13 12/6/2000 10.2 11/26/2001 7.02 5/4/1998 23.5 3/17/1999 20.75 1/27/2000 10.13 12/7/2000 10.2 11/27/2001 7.12 5/5/1998 22.5 3/18/1999 20.75 1/28/2000 10.13 12/8/2000 10.25 11/28/2001 7.12 5/6/1998 22.5 3/19/1999 18.25 1/31/2000 9.75 12/11/2000 10.25 11/29/2001 7.12 5/7/1998 22.5 3/22/1999 18.13 2/1/2000 9.25 12/12/2000 10.25 12/3/2001 7.12 5/8/1998 23.75 3/23/1999 18.13 2/2/2000 9.25 12/13/2000 10.44 12/4/2001 7.12 5/11/1998 23.75 3/24/1999 19.75 2/3/2000 8 12/14/2000 10.25 12/5/2001 7.12 5/12/1998 22.5 3/25/1999 20 2/4/2000 10.13 12/15/2000 10.19 12/6/2001 7.12 5/13/1998 22.88 3/26/1999 20 2/7/2000 10.13 12/18/2000 10.5 12/7/2001 7.12 5/14/1998 22.88 3/29/1999 17.5 2/8/2000 10.38 12/19/2000 10.5 12/10/2001 7.42 5/15/1998 22.88 3/30/1999 18.06 2/9/2000 9.25 12/20/2000 10.25 12/11/2001 7.45 5/18/1998 22.88 3/31/1999 18.06 2/10/2000 9.5 12/21/2000 10.19 12/12/2001 7.45 5/19/1998 22.88 4/1/1999 18 2/11/2000 9.75 12/22/2000 10.19 12/13/2001 7.45 5/20/1998 22.88 4/5/1999 18 2/14/2000 9.5 12/26/2000 9.06 12/14/2001 7.45 5/21/1998 22.88 4/6/1999 18.25 2/15/2000 9.25 12/27/2000 9.06 12/17/2001 7.43 5/22/1998 22.88 4/7/1999 17.44 2/16/2000 9.75 12/28/2000 9.5 12/18/2001 7.43 5/26/1998 23.5 4/8/1999 17.38 2/17/2000 9.88 12/29/2000 9.5 12/19/2001 7.43 5/27/1998 22.5 4/9/1999 17.38 2/18/2000 9.5 1/2/2001 9.63 12/20/2001 7.51 5/28/1998 23 4/12/1999 17.38 2/22/2000 9.25 1/3/2001 9.63 12/21/2001 7.51 5/29/1998 22.75 4/13/1999 17.38 2/23/2000 9.25 1/4/2001 9.63 12/24/2001 7.51 6/1/1998 23 4/14/1999 17.38 2/24/2000 9.38 1/5/2001 10.13 12/26/2001 7.4 6/2/1998 22.75 4/15/1999 17.5 2/25/2000 9 1/8/2001 10.13 12/27/2001 7.25 6/3/1998 22.75 4/16/1999 18.13 2/28/2000 8.75 1/10/2001 9.75 12/28/2001 7.4 6/4/1998 22.63 4/19/1999 17.5 2/29/2000 9 1/11/2001 10 12/31/2001 7.4 6/5/1998 22.63 4/20/1999 17.75 3/1/2000 9.25 1/16/2001 10.19 1/2/2002 8 6/8/1998 22.63 4/21/1999 17.94 3/2/2000 9.38 1/17/2001 10.31 1/3/2002 8 6/9/1998 22.63 4/22/1999 17.56 3/3/2000 9.38 1/18/2001 10.31 1/4/2002 9.25 6/10/1998 22 4/23/1999 17.56 3/6/2000 9.38 1/19/2001 10.25 1/7/2002 8.7 6/11/1998 22 4/26/1999 16.88 3/7/2000 9.38 1/22/2001 10.25 1/8/2002 8.7 6/12/1998 22 4/27/1999 17.56 3/8/2000 9.56 1/23/2001 10 1/14/2002 8.61 6/15/1998 22 4/28/1999 17.56 3/9/2000 9.13 1/24/2001 10 1/15/2002 8.61 6/16/1998 23 4/29/1999 17.88 3/10/2000 9.13 1/25/2001 10 1/17/2002 8.61 6/17/1998 23 4/30/1999 17.88 3/13/2000 8.5 1/26/2001 10 1/18/2002 8.61 6/18/1998 23 5/3/1999 17.88 3/14/2000 8.5 1/29/2001 10 1/22/2002 8.61 6/19/1998 23 5/4/1999 17.06 3/15/2000 8.5 1/30/2001 10 1/23/2002 8.61 6/22/1998 23 5/5/1999 17 3/16/2000 8.25 1/31/2001 9.38 1/24/2002 7.75 6/23/1998 21.88 5/6/1999 17 3/17/2000 8.38 2/1/2001 10 1/25/2002 7.6 6/24/1998 22 5/7/1999 17 3/20/2000 8.25 2/2/2001 10 6/25/1998 21.88 5/10/1999 17 3/21/2000 8 2/5/2001 10 6/26/1998 21.5 5/11/1999 16.25 3/22/2000 8 2/6/2001 10
================================================================================ FIRSTCITY FINANCIAL CORPORATION 24 KEEFE, BRUYETTE & WOODS, INC. COMMON STOCK PRICE PERFORMANCE: SINCE PREFERRED ISSUANCE ================================================================================ [GRAPH]
FCFC FCFC FCFC FCFC FCFC Common Common Common Common Common Date Stock Date Stock Date Stock Date Stock Date Stock - ---- ------ ---- ------ ---- ------ ---- ------ ---- ------ 8/13/1997 25.75 6/29/1998 29.25 5/12/1999 7 3/23/2000 3 2/7/2001 1.75 8/14/1997 25.5 6/30/1998 29 5/13/1999 6.625 3/24/2000 2.75 2/8/2001 1.7969 8/15/1997 25.25 7/1/1998 28.5 5/14/1999 6.125 3/27/2000 2.875 2/9/2001 1.6875 8/18/1997 25.25 7/2/1998 28.25 5/17/1999 6.1875 3/28/2000 2.875 2/12/2001 1.6875 8/19/1997 25.625 7/6/1998 27.5 5/18/1999 6.1875 3/29/2000 2.625 2/13/2001 1.625 8/20/1997 25 7/7/1998 27.5 5/19/1999 6.0625 3/30/2000 2.625 2/14/2001 1.375 8/21/1997 25 7/8/1998 27.5 5/20/1999 6.0625 3/31/2000 2.375 2/15/2001 1.5 8/22/1997 24.75 7/9/1998 27.75 5/21/1999 5.875 4/3/2000 2.25 2/16/2001 1.375 8/25/1997 25.25 7/10/1998 27.75 5/24/1999 5.9375 4/4/2000 2.3125 2/20/2001 1.25 8/26/1997 23.875 7/13/1998 27.75 5/25/1999 6 4/5/2000 2.375 2/21/2001 1.4688 8/27/1997 24 7/14/1998 27.875 5/26/1999 6.0781 4/6/2000 2.125 2/22/2001 1.25 8/28/1997 24 7/15/1998 27.75 5/27/1999 6.375 4/7/2000 2.25 2/23/2001 1.3125 8/29/1997 24.125 7/16/1998 28.125 5/28/1999 6.375 4/10/2000 2.125 2/26/2001 1.5 9/2/1997 24 7/17/1998 28.125 6/1/1999 6 4/11/2000 2 2/27/2001 1.3125 9/3/1997 25.125 7/20/1998 28.375 6/2/1999 5.375 4/12/2000 1.875 2/28/2001 1.3125 9/4/1997 24.75 7/21/1998 29.375 6/3/1999 5.0625 4/13/2000 2 3/1/2001 1.25 9/5/1997 25.125 7/22/1998 29 6/4/1999 5.75 4/14/2000 1.75 3/2/2001 1.4375 9/8/1997 24.625 7/23/1998 28.8125 6/7/1999 6 4/17/2000 2 3/5/2001 1.4375 9/9/1997 24.5 7/24/1998 29.5 6/8/1999 6.5 4/18/2000 2 3/6/2001 1.5 9/10/1997 25.7031 7/27/1998 29 6/9/1999 6.5625 4/19/2000 2.125 3/7/2001 1.3125 9/11/1997 25.75 7/28/1998 28.6875 6/10/1999 6.3125 4/20/2000 2.3125 3/8/2001 1.375 9/12/1997 25 7/29/1998 29 6/11/1999 6.125 4/24/2000 2.375 3/9/2001 1.4375 9/15/1997 25.75 7/30/1998 28.5 6/14/1999 6.125 4/25/2000 2.125 3/12/2001 1.3125 9/16/1997 26 7/31/1998 28.25 6/15/1999 6.25 4/26/2000 2.125 3/13/2001 1.375 9/17/1997 26.25 8/3/1998 27.5 6/16/1999 6.25 4/27/2000 2 3/14/2001 1.125 9/18/1997 25.75 8/4/1998 24.9375 6/17/1999 6.625 4/28/2000 2.125 3/15/2001 1.0938 9/19/1997 25.5 8/5/1998 24.5 6/18/1999 6.25 5/1/2000 2.25 3/16/2001 1.1875 9/22/1997 25.75 8/6/1998 26.5 6/21/1999 6.5625 5/2/2000 2.375 3/19/2001 1.1875 9/23/1997 25.5 8/7/1998 26.125 6/22/1999 6.25 5/3/2000 2 3/20/2001 1.0313 9/24/1997 25.75 8/10/1998 26.25 6/23/1999 6.125 5/4/2000 2.375 3/21/2001 1.25 9/25/1997 25.25 8/11/1998 25.25 6/24/1999 6 5/5/2000 2 3/22/2001 1.3125 9/26/1997 25.375 8/12/1998 25.375 6/25/1999 5.75 5/8/2000 2.25 3/23/2001 1.1563 9/29/1997 25.4375 8/13/1998 24.5 6/28/1999 5.75 5/9/2000 2 3/26/2001 1.125 9/30/1997 25.5 8/14/1998 24.75 6/29/1999 5.75 5/10/2000 1.875 3/27/2001 1.1563 10/1/1997 25.75 8/17/1998 24.625 6/30/1999 5.5 5/11/2000 1.875 3/28/2001 1.625 10/2/1997 25.75 8/18/1998 24.375 7/1/1999 5.75 5/12/2000 2.125 3/29/2001 1.625 10/3/1997 26 8/19/1998 24.25 7/2/1999 5.875 5/15/2000 2.25 3/30/2001 1.25 10/6/1997 26 8/20/1998 24.3125 7/6/1999 6.25 5/16/2000 1.875 4/2/2001 1.2188 10/7/1997 26.25 8/21/1998 23.625 7/7/1999 6.375 5/17/2000 2 4/3/2001 1.25 10/8/1997 26.25 8/24/1998 22.5 7/8/1999 6.1875 5/18/2000 1.75 4/4/2001 1.25 10/9/1997 26 8/25/1998 21 7/9/1999 6.125 5/19/2000 2.125 4/5/2001 1.25 10/10/1997 26 8/26/1998 20.375 7/12/1999 6.5625 5/22/2000 1.875 4/9/2001 1.25 10/13/1997 26 8/27/1998 18.5 7/13/1999 6.625 5/23/2000 2.0313 4/10/2001 1.32 10/14/1997 26 8/28/1998 18.0625 7/14/1999 6.5 5/24/2000 2.25 4/11/2001 1.3 10/15/1997 26 8/31/1998 17.5 7/15/1999 6.5 5/25/2000 2.25 4/17/2001 1.32 10/16/1997 26 9/1/1998 19.875 7/16/1999 5.625 5/26/2000 2.125 4/18/2001 1.18 10/17/1997 26 9/2/1998 19 7/19/1999 6.125 5/30/2000 2.125 4/19/2001 1.15 10/20/1997 26 9/3/1998 17 7/20/1999 6.0313 5/31/2000 2.0625 4/20/2001 1.18 10/21/1997 26.125 9/4/1998 15.125 7/21/1999 6 6/1/2000 2.0625 4/23/2001 1.19 10/22/1997 26.125 9/8/1998 16.25 7/22/1999 5.9375 6/2/2000 2 4/24/2001 1.05 10/23/1997 26.125 9/9/1998 13.625 7/23/1999 5.8125 6/5/2000 2.125 4/26/2001 1.15 10/24/1997 26.25 9/10/1998 13 7/26/1999 6.375 6/6/2000 2 4/27/2001 1.3 10/27/1997 26.125 9/11/1998 13.125 7/27/1999 6 6/7/2000 2.125 4/30/2001 1.07 10/28/1997 26.25 9/14/1998 13 7/28/1999 5.875 6/8/2000 2.25 5/1/2001 1.26 10/29/1997 26 9/15/1998 13.125 7/29/1999 6.125 6/9/2000 2.25 5/2/2001 1.5 10/30/1997 25.375 9/16/1998 12.625 7/30/1999 5.625 6/12/2000 2.0625 5/3/2001 1.35 10/31/1997 25.5 9/17/1998 12.75 8/2/1999 5.5625 6/13/2000 2 5/7/2001 1.5 11/3/1997 25.5 9/18/1998 12.125 8/3/1999 5.375 6/14/2000 2.0625 5/8/2001 1.54 11/4/1997 25.5 9/21/1998 12.0625 8/4/1999 5 6/15/2000 2.1875 5/9/2001 1.48 11/5/1997 25.5 9/22/1998 15.5 8/5/1999 5.75 6/16/2000 2.1875 5/10/2001 1.55 11/6/1997 25.625 9/23/1998 18.5 8/6/1999 5.25 6/19/2000 2.125 5/11/2001 1.5 11/7/1997 25.5 9/24/1998 16.75 8/9/1999 5 6/20/2000 1.9375 5/14/2001 1.5 11/10/1997 25.25 9/25/1998 16.5 8/10/1999 5.125 6/21/2000 2 5/15/2001 1.5 11/11/1997 25.5 9/28/1998 16 8/11/1999 5.125 6/22/2000 2.0625 5/16/2001 1.5 11/12/1997 26 9/29/1998 16.25 8/12/1999 4.75 6/23/2000 2 5/17/2001 1.46 11/13/1997 26.5 9/30/1998 16 8/13/1999 1.7813 6/26/2000 1.8125 5/18/2001 1.46 11/14/1997 26.5 10/1/1998 15.5 8/16/1999 1.4375 6/27/2000 1.5781 5/21/2001 1.35 11/17/1997 26.75 10/2/1998 14.5 8/17/1999 1.5 6/28/2000 1.625 5/22/2001 1.35 11/18/1997 27 10/5/1998 14.625 8/18/1999 1.875 6/29/2000 1.625 5/23/2001 1.3 11/19/1997 28.5 10/6/1998 12.5 8/19/1999 1.9375 6/30/2000 1.875 5/24/2001 1.38 11/20/1997 30.25 10/7/1998 12.3125 8/20/1999 1.9375 7/3/2000 2 5/25/2001 1.45 11/21/1997 30.125 10/8/1998 12.125 8/23/1999 2.0313 7/5/2000 1.75 5/29/2001 1.39 11/24/1997 29.625 10/9/1998 13 8/24/1999 2.0313 7/6/2000 1.75 5/30/2001 1.5 11/25/1997 29.75 10/12/1998 13.5 8/25/1999 2 7/7/2000 1.75 5/31/2001 1.39 11/26/1997 29.875 10/13/1998 12.9375 8/26/1999 1.875 7/10/2000 2 6/1/2001 1.54 11/28/1997 29.625 10/14/1998 12.875 8/27/1999 1.8125 7/11/2000 2.125 6/4/2001 1.39 12/1/1997 29.8125 10/15/1998 12.75 8/30/1999 1.5 7/12/2000 2.25 6/5/2001 1.3 12/2/1997 29.75 10/16/1998 12.625 8/31/1999 1.5 7/13/2000 2.25 6/6/2001 1.31 12/3/1997 30 10/19/1998 13 9/1/1999 1.4375 7/14/2000 2.5 6/8/2001 1.7 12/4/1997 30.125 10/20/1998 14.5 9/2/1999 1.5625 7/17/2000 2.4375 6/11/2001 1.5 12/5/1997 30.125 10/21/1998 14.5625 9/3/1999 1.625 7/18/2000 2.4375 6/12/2001 1.6 12/8/1997 30.375 10/22/1998 13.625 9/7/1999 1.6875 7/19/2000 2.5 6/13/2001 1.5 12/9/1997 30.25 10/23/1998 13.125 9/8/1999 1.5625 7/20/2000 2.1875 6/15/2001 1.46 12/10/1997 30.25 10/26/1998 12.875 9/9/1999 1.5313 7/21/2000 2.5 6/19/2001 1.35 12/11/1997 30.75 10/27/1998 13.375 9/10/1999 1.375 7/24/2000 2.5 6/20/2001 1.74 12/12/1997 30.25 10/28/1998 13.625 9/13/1999 1.375 7/25/2000 2.25 6/21/2001 1.7 12/15/1997 30.375 10/29/1998 13.25 9/14/1999 1.4063 7/26/2000 2.3125 6/25/2001 1.7 12/16/1997 30.375 10/30/1998 13.25 9/15/1999 1.1875 7/27/2000 2.375 6/26/2001 1.49 12/17/1997 30.125 11/2/1998 13.125 9/16/1999 0.75 7/28/2000 2.4375 6/27/2001 1.39 12/18/1997 30.25 11/3/1998 12.625 9/17/1999 1 7/31/2000 2.5 6/28/2001 1.52 12/19/1997 30.125 11/4/1998 12 9/20/1999 1.1875 8/1/2000 2.875 6/29/2001 1.4 12/22/1997 30.375 11/5/1998 13.0625 9/21/1999 1.4375 8/2/2000 2.625 7/2/2001 1.7 12/23/1997 30.375 11/6/1998 13 9/22/1999 1.375 8/3/2000 2.625 7/3/2001 1.39 12/24/1997 30.375 11/9/1998 13 9/23/1999 1.3125 8/4/2000 2.75 7/6/2001 1.4 12/26/1997 30.375 11/10/1998 13.5 9/24/1999 1.5 8/7/2000 2.75 7/9/2001 1.4 12/29/1997 30.375 11/11/1998 13.3125 9/27/1999 1.4375 8/8/2000 2.6875 7/10/2001 1.5 12/30/1997 30.5 11/12/1998 13.375 9/28/1999 1.375 8/9/2000 2.5625 7/11/2001 1.51 12/31/1997 30.375 11/13/1998 13.5 9/29/1999 1.375 8/10/2000 2.375 7/12/2001 1.54 1/2/1998 29.875 11/16/1998 13.625 9/30/1999 1.5 8/11/2000 1.9375 7/13/2001 1.44 1/5/1998 30.25 11/17/1998 13.875 10/1/1999 1.625 8/14/2000 1.875 7/16/2001 1.35 1/6/1998 30 11/18/1998 13.625 10/4/1999 1.75 8/15/2000 1.75 7/17/2001 1.42 1/7/1998 29.5 11/19/1998 13 10/5/1999 1.7813 8/16/2000 1.6875 7/18/2001 1.4 1/8/1998 30 11/20/1998 13.875 10/6/1999 1.75 8/17/2000 1.625 7/19/2001 1.4 1/9/1998 28 11/23/1998 13.25 10/7/1999 1.625 8/18/2000 1.875 7/20/2001 1.45 1/12/1998 27 11/24/1998 13.0625 10/8/1999 1.75 8/21/2000 1.6875 7/23/2001 1.6 1/13/1998 27.5 11/25/1998 13.0625 10/11/1999 1.625 8/22/2000 1.8125 7/25/2001 1.6 1/14/1998 28.375 11/27/1998 13.3125 10/12/1999 1.5 8/23/2000 1.75 7/26/2001 1.5 1/15/1998 28.125 11/30/1998 12.625 10/13/1999 1.5625 8/24/2000 1.625 7/27/2001 1.5 1/16/1998 28.375 12/1/1998 12.375 10/14/1999 1.5 8/25/2000 1.625 7/31/2001 1.55 1/20/1998 28.375 12/2/1998 12 10/15/1999 1.5 8/28/2000 1.5 8/1/2001 1.53 1/21/1998 28.25 12/3/1998 12 10/18/1999 1.4375 8/29/2000 1.8125 8/2/2001 1.555 1/22/1998 27.5 12/4/1998 12 10/19/1999 1.5625 8/30/2000 1.8125 8/3/2001 1.55 1/23/1998 27.5 12/7/1998 11.625 10/20/1999 1.4375 8/31/2000 2 8/7/2001 1.4 1/27/1998 27.25 12/8/1998 11.375 10/21/1999 1.4688 9/1/2000 2.0625 8/8/2001 1.45 1/28/1998 27.625 12/9/1998 11.125 10/22/1999 1.4375 9/5/2000 2 8/9/2001 1.5 1/29/1998 28.25 12/10/1998 11.0625 10/25/1999 1.3438 9/6/2000 2 8/10/2001 1.5 1/30/1998 28.375 12/11/1998 11.0625 10/26/1999 1.375 9/7/2000 2.25 8/13/2001 1.55 2/2/1998 28.375 12/14/1998 10.75 10/27/1999 1.25 9/8/2000 2.125 8/14/2001 1.66 2/3/1998 28.25 12/15/1998 10.5625 10/28/1999 1.25 9/11/2000 2.125 8/15/2001 1.84 2/4/1998 28.125 12/16/1998 10.375 10/29/1999 1.2813 9/12/2000 2 8/16/2001 1.65 2/5/1998 28.5 12/17/1998 10.5 11/1/1999 1.1875 9/13/2000 2 8/17/2001 1.65 2/6/1998 28.25 12/18/1998 11 11/2/1999 1.1875 9/14/2000 2.125 8/20/2001 1.6 2/9/1998 28.375 12/21/1998 11.75 11/3/1999 1.125 9/15/2000 2 8/21/2001 1.3824 2/10/1998 28.125 12/22/1998 13.125 11/4/1999 1.1406 9/18/2000 2 8/22/2001 1.38 2/11/1998 28.125 12/23/1998 12.875 11/5/1999 1.1875 9/19/2000 1.9375 8/23/2001 1.403 2/12/1998 28.125 12/24/1998 13 11/8/1999 1.2188 9/20/2000 2.0625 8/24/2001 1.45 2/13/1998 28.125 12/28/1998 13.75 11/9/1999 1.5 9/21/2000 2.0625 8/27/2001 1.451 2/17/1998 28 12/29/1998 13.6875 11/10/1999 1.625 9/22/2000 1.9688 8/28/2001 1.46 2/18/1998 28 12/30/1998 13.625 11/11/1999 1.875 9/25/2000 1.9688 8/29/2001 1.5 2/19/1998 29.125 12/31/1998 12.9375 11/12/1999 2.25 9/26/2000 2 8/30/2001 1.81 2/20/1998 29.5 1/4/1999 13 11/15/1999 2.625 9/27/2000 1.875 8/31/2001 1.7994 2/23/1998 30.75 1/5/1999 13.375 11/16/1999 2.3125 9/28/2000 1.875 9/4/2001 1.49 2/24/1998 31.5 1/6/1999 15.5 11/17/1999 2.125 9/29/2000 1.9063 9/5/2001 1.7 2/25/1998 31 1/7/1999 16.5 11/18/1999 2.125 10/2/2000 1.9375 9/6/2001 1.48 2/26/1998 31 1/8/1999 16.75 11/19/1999 2.125 10/3/2000 2 9/7/2001 1.7 2/27/1998 30.875 1/11/1999 16.25 11/22/1999 2.5 10/4/2000 2.0625 9/10/2001 1.6 3/2/1998 30.9375 1/12/1999 16.625 11/23/1999 2.375 10/5/2000 2 9/17/2001 1.7005 3/3/1998 30.75 1/13/1999 14 11/24/1999 2.4375 10/6/2000 1.9375 9/18/2001 1.55 3/4/1998 30.625 1/14/1999 14.75 11/26/1999 2.25 10/9/2000 1.875 9/19/2001 1.5 3/5/1998 30.5 1/15/1999 14 11/29/1999 2 10/10/2000 1.9375 9/20/2001 1.5 3/6/1998 30.625 1/19/1999 13.875 11/30/1999 2.125 10/11/2000 2 9/21/2001 1.4916 3/9/1998 30 1/20/1999 14 12/1/1999 2.125 10/12/2000 1.9688 9/24/2001 1.73 3/10/1998 30 1/21/1999 14.125 12/2/1999 2.0625 10/13/2000 1.9688 9/25/2001 1.55 3/11/1998 30.1875 1/22/1999 13.75 12/3/1999 2.0625 10/16/2000 1.9688 9/26/2001 1.6 3/12/1998 30.25 1/25/1999 14.125 12/6/1999 1.75 10/17/2000 1.9688 9/27/2001 1.75 3/13/1998 30.5 1/26/1999 14 12/7/1999 1.75 10/18/2000 2 9/28/2001 1.75 3/16/1998 30.375 1/27/1999 14.125 12/8/1999 1.875 10/19/2000 1.9375 10/1/2001 1.78 3/17/1998 30.5 1/28/1999 14.0625 12/9/1999 2 10/20/2000 2 10/2/2001 1.76 3/18/1998 30.125 1/29/1999 14.625 12/10/1999 1.7813 10/23/2000 1.9375 10/3/2001 1.75 3/19/1998 30 2/1/1999 14.375 12/13/1999 2 10/24/2000 1.9375 10/4/2001 1.74 3/20/1998 30.125 2/2/1999 13.5 12/14/1999 1.875 10/25/2000 2 10/5/2001 1.5811 3/23/1998 30.125 2/3/1999 13.375 12/15/1999 2 10/26/2000 2.0625 10/8/2001 1.79 3/24/1998 30 2/4/1999 12.5 12/16/1999 2.0625 10/27/2000 1.9375 10/9/2001 1.58 3/25/1998 29.875 2/5/1999 13.5 12/17/1999 2.0625 10/30/2000 2 10/10/2001 1.79 3/26/1998 30.125 2/8/1999 12.75 12/20/1999 2.0625 10/31/2000 2 10/12/2001 1.59 3/27/1998 30.125 2/9/1999 12.875 12/21/1999 2.3125 11/1/2000 2 10/15/2001 1.54 3/30/1998 30 2/10/1999 12.9375 12/22/1999 2.625 11/2/2000 2.125 10/16/2001 1.54 3/31/1998 30.25 2/11/1999 13.625 12/23/1999 2.625 11/3/2000 2.0625 10/17/2001 1.8 4/1/1998 29.875 2/12/1999 13.375 12/27/1999 2.1875 11/6/2000 2.1875 10/19/2001 1.8 4/2/1998 30 2/16/1999 12.3125 12/28/1999 2.5 11/7/2000 2.125 10/22/2001 1.51 4/3/1998 29.875 2/17/1999 12.5 12/29/1999 2.3125 11/8/2000 2.125 10/23/2001 1.79 4/6/1998 30.125 2/18/1999 12 12/30/1999 2.375 11/9/2000 2.0938 10/25/2001 1.75 4/7/1998 29.9375 2/19/1999 12.5 12/31/1999 2.75 11/10/2000 2.1875 10/26/2001 1.7107 4/8/1998 30 2/22/1999 12 1/3/2000 2.5 11/13/2000 2.1875 10/29/2001 1.5 4/9/1998 30.25 2/23/1999 11.875 1/4/2000 2.25 11/14/2000 2.1875 10/30/2001 1.49 4/13/1998 30.375 2/24/1999 11.875 1/5/2000 2.5 11/15/2000 2.125 10/31/2001 1.49 4/14/1998 30.75 2/25/1999 11.75 1/6/2000 2.5 11/16/2000 2.0625 11/1/2001 1.5 4/15/1998 31.375 2/26/1999 12.0625 1/7/2000 2.375 11/17/2000 2.125 11/2/2001 1.55 4/16/1998 33.375 3/1/1999 12.0625 1/10/2000 2.4375 11/20/2000 2.125 11/5/2001 1.55 4/17/1998 33.25 3/2/1999 12.4375 1/11/2000 2.375 11/21/2000 1.9688 11/6/2001 1.595 4/20/1998 32.5 3/3/1999 12.125 1/12/2000 2.5 11/22/2000 1.875 11/7/2001 1.6019 4/21/1998 32 3/4/1999 12.5 1/13/2000 2.625 11/24/2000 1.9531 11/8/2001 1.65 4/22/1998 31.5 3/5/1999 11 1/14/2000 2.6875 11/27/2000 1.9531 11/12/2001 1.6 4/23/1998 32 3/8/1999 11.375 1/18/2000 3.125 11/28/2000 1.9375 11/13/2001 1.65 4/24/1998 32 3/9/1999 10.875 1/19/2000 3 11/29/2000 1.875 11/14/2001 1.64 4/27/1998 32 3/10/1999 11.125 1/20/2000 3.125 11/30/2000 1.875 11/15/2001 1.38 4/28/1998 32 3/11/1999 10.75 1/21/2000 3.125 12/1/2000 2 11/16/2001 1.38 4/29/1998 31.875 3/12/1999 10.875 1/24/2000 3.125 12/4/2000 2 11/20/2001 1.38 4/30/1998 32.5 3/15/1999 10.875 1/25/2000 3.0625 12/5/2000 2.0625 11/21/2001 1.21 5/1/1998 32.25 3/16/1999 10.5 1/26/2000 3.125 12/6/2000 2 11/26/2001 1.4 5/4/1998 32 3/17/1999 10.625 1/27/2000 3.0625 12/7/2000 1.875 11/27/2001 1.21 5/5/1998 31.5 3/18/1999 10.25 1/28/2000 3.1875 12/8/2000 2 11/28/2001 1.4 5/6/1998 31.625 3/19/1999 10.25 1/31/2000 3.125 12/11/2000 1.875 11/29/2001 1.21 5/7/1998 31 3/22/1999 10.125 2/1/2000 3.125 12/12/2000 1.6875 12/3/2001 1.26 5/8/1998 31.25 3/23/1999 10.3125 2/2/2000 3.1875 12/13/2000 1.6875 12/4/2001 1.2 5/11/1998 31 3/24/1999 10 2/3/2000 3.4375 12/14/2000 1.6875 12/5/2001 1.2 5/12/1998 30.75 3/25/1999 9.9375 2/4/2000 3.5 12/15/2000 1.6875 12/6/2001 1.2 5/13/1998 31.375 3/26/1999 9.25 2/7/2000 3.5 12/18/2000 1.5 12/7/2001 1.2015 5/14/1998 30.75 3/29/1999 9.25 2/8/2000 3.8906 12/19/2000 1.625 12/10/2001 1.2 5/15/1998 30.625 3/30/1999 8.875 2/9/2000 3.5 12/20/2000 1.375 12/11/2001 1.04 5/18/1998 30.25 3/31/1999 9.9375 2/10/2000 3.5625 12/21/2000 1.25 12/12/2001 1.21 5/19/1998 30.25 4/1/1999 9.375 2/11/2000 3.4375 12/22/2000 1.3125 12/13/2001 1.2005 5/20/1998 29.875 4/5/1999 9.0625 2/14/2000 3.4375 12/26/2000 1.3125 12/14/2001 1.201 5/21/1998 29.6875 4/6/1999 9.0625 2/15/2000 3.4375 12/27/2000 1.3125 12/17/2001 1.15 5/22/1998 29.625 4/7/1999 9.125 2/16/2000 3.25 12/28/2000 1.5625 12/18/2001 1.25 5/26/1998 29.625 4/8/1999 9 2/17/2000 2.9375 12/29/2000 1.6875 12/19/2001 1.199 5/27/1998 29 4/9/1999 8.75 2/18/2000 2.75 1/2/2001 1.875 12/20/2001 1.17 5/28/1998 29.375 4/12/1999 8.8125 2/22/2000 2.5 1/3/2001 1.8125 12/21/2001 1.1505 5/29/1998 29.75 4/13/1999 9.375 2/23/2000 2.5625 1/4/2001 1.875 12/24/2001 1.0807 6/1/1998 29.5 4/14/1999 9.625 2/24/2000 2.3125 1/5/2001 1.875 12/26/2001 1.08 6/2/1998 29.625 4/15/1999 9.75 2/25/2000 2.375 1/8/2001 1.8438 12/27/2001 1.15 6/3/1998 29.625 4/16/1999 10.5 2/28/2000 2.3125 1/10/2001 1.8438 12/28/2001 1.2 6/4/1998 29.75 4/19/1999 11 2/29/2000 2.125 1/11/2001 2 12/31/2001 1.2 6/5/1998 29.75 4/20/1999 10.75 3/1/2000 2.4375 1/16/2001 1.8125 1/2/2002 1.235 6/8/1998 29.5 4/21/1999 11.4375 3/2/2000 2.5625 1/17/2001 1.8125 1/3/2002 1.4 6/9/1998 29.375 4/22/1999 10.5 3/3/2000 2.375 1/18/2001 1.75 1/4/2002 1.52 6/10/1998 28.875 4/23/1999 10.875 3/6/2000 2.5625 1/19/2001 1.875 1/7/2002 1.32 6/11/1998 29 4/26/1999 10.875 3/7/2000 2.75 1/22/2001 1.8125 1/8/2002 1.26 6/12/1998 28.875 4/27/1999 10.25 3/8/2000 2.6875 1/23/2001 1.8125 1/14/2002 1.35 6/15/1998 28.75 4/28/1999 10.6563 3/9/2000 2.625 1/24/2001 1.9375 1/15/2002 1.3 6/16/1998 28.5 4/29/1999 10.875 3/10/2000 2.625 1/25/2001 1.8125 1/17/2002 1.26 6/17/1998 28.375 4/30/1999 10.625 3/13/2000 2.875 1/26/2001 1.875 1/18/2002 1.2 6/18/1998 28.625 5/3/1999 10.375 3/14/2000 2.875 1/29/2001 1.875 1/22/2002 1.26 6/19/1998 28.375 5/4/1999 10 3/15/2000 3 1/30/2001 1.6563 1/23/2002 1.2595 6/22/1998 28.375 5/5/1999 9.3125 3/16/2000 2.875 1/31/2001 1.6563 1/24/2002 1.26 6/23/1998 27.75 5/6/1999 9 3/17/2000 2.75 2/1/2001 1.6563 1/25/2002 1.26 6/24/1998 27.375 5/7/1999 8.3125 3/20/2000 2.8125 2/2/2001 1.6563 6/25/1998 27.375 5/10/1999 7.875 3/21/2000 2.625 2/5/2001 1.6563 6/26/1998 28.75 5/11/1999 7.25 3/22/2000 2.75 2/6/2001 1.8125
================================================================================ FIRSTCITY FINANCIAL CORPORATION 24 KEEFE, BRUYETTE & WOODS, INC. ================================================================================ EXCHANGE OFFER VALUATION ================================================================================ FIRSTCITY FINANCIAL CORPORATION 25 KEEFE, BRUYETTE & WOODS, INC. EXCHANGE OFFER VALUATION ================================================================================ Summary o The valuation of Exchange Offer Choice A is $10.00 per preferred share in cash, plus 2 times the value of an FCFC common share. The last trade of FCFC common stock was $1.12, indicating $2.24 per preferred share in value (OR $12.24 IN TOTAL). However, KBW estimates FCFC's common stock book value per share, pro forma for the Restructuring at December 31, 2001, is $3.16. Valued at pro forma book value, the value per preferred share would be $16.33. o The valuation of Exchange Offer Choice B is $8.00 per preferred share in cash, plus 3 times the value of an FCFC common share. The last trade of FCFC common stock was $1.12, indicating $3.36 per preferred share in value (OR $11.36 IN TOTAL). However, KBW estimates FCFC's common stock book value per share, pro forma for the Restructuring at December 31, 2001 is $3.16. Valued at pro forma book value, the value per preferred share would be $17.49. o Assuming a 50% / 50% split, the Exchange Offer is valued at $11.80 (at FCFC last trade) or at $16.91 (at pro forma book) o MAJOR ASSUMPTIONS o 80% of current preferred shares are exchanged in the Exchange Offer. o 50% select Exchange Offer Choice A and 50% select Exchange Offer Choice B. o Current FCFC common stock price is $1.12. o Current FCFCO preferred stock price is $7.75. o 1,222,901 preferred shares outstanding pre-Exchange Offer. o Pro forma book value per FCFC common share is $3.16. o All other Restructuring transactions close as contemplated ================================================================================ FIRSTCITY FINANCIAL CORPORATION 26 KEEFE, BRUYETTE & WOODS, INC. EXCHANGE OFFER VALUATION ================================================================================ Valuation Table ($ in `000s, except per share)
PER SHARE VALUE PREMIUM TO MARKET PRICE-TO-LEGAL CLAIM -------------------------------- ----------------- ------------------------------ CASH PER STOCK PER TOTAL PER LAST 30-DAY DEC. 31 MAR. 31 JUN. 30 SHARE SHARE SHARE TRADE AVG. 2001 2002 2002 -------- --------- --------- ----- ---- ---- ---- ---- EXCHANGE OFFER CHOICE A FCFC Common Last Price $10.00 $2.24 $12.24 58% 61% 47% 46% 45% 50.0% $10.00 $3.16 $13.16 70% 73% 50% 49% 48% POST 66.7% $10.00 $4.22 $14.22 83% 87% 54% 53% 52% RESTRUCTURING 75.0% $10.00 $4.75 $14.75 90% 94% 56% 55% 54% PRICE-TO-PRO- 90.0% $10.00 $5.69 $15.69 103% 107% 60% 59% 57% 100.0% $10.00 $6.33 $16.33 111% 115% 62% 61% 60% EXCHANGE OFFER CHOICE B FCFC Common Last Price $8.00 $3.36 $11.36 47% 50% 43% 42% 42% 50.0% $8.00 $4.75 $12.75 64% 68% 49% 48% 47% POST 66.7% $8.00 $6.33 $14.33 85% 89% 55% 54% 52% RESTRUCTURING 75.0% $8.00 $7.12 $15.12 95% 99% 58% 56% 55% PRICE-TO-PRO- 90.0% $8.00 $8.54 $16.54 113% 118% 63% 62% 61% 100.0% $8.00 $9.49 $17.49 126% 130% 67% 65% 64% TOTAL EXCHANGE OFFER FCFC Common Last Price $9.00 $2.80 $11.80 52% 55% 45% 44% 43% 50.0% $9.00 $3.95 $12.95 67% 71% 49% 48% 47% POST 66.7% $9.00 $5.27 $14.27 84% 88% 54% 53% 52% RESTRUCTURING 75.0% $9.00 $5.93 $14.93 93% 97% 57% 56% 55% PRICE-TO-PRO- 90.0% $9.00 $7.12 $16.12 108% 112% 61% 60% 59% 100.0% $9.00 $7.91 $16.91 118% 123% 64% 63% 62%
================================================================================ FIRSTCITY FINANCIAL CORPORATION 27 KEEFE, BRUYETTE & WOODS, INC. ================================================================================ LIQUIDATION ANALYSIS ================================================================================ FIRSTCITY FINANCIAL CORPORATION 28 KEEFE, BRUYETTE & WOODS, INC. LIQUIDATION ANALYSIS ================================================================================ Summary o KBW PERFORMED A LIQUIDATION ANALYSIS, TO INCLUDE: o Sale of assets o ASSET SALE APPROACH - MAJOR ASSUMPTIONS o Assets of FCFC marketed for sale immediately o Low, Mid, and High price assumptions reviewed o Assumes assets can be sold within 6 month time period o 6 months of declining-level parent company operating expenses (100% in month 1, 90% in month 2, etc.) o Other selling expenses are 2% of purchase price, transaction specific legal fees are fixed at $1,500,000 ================================================================================ FIRSTCITY FINANCIAL CORPORATION 29 KEEFE, BRUYETTE & WOODS, INC. LIQUIDATION ANALYSIS ================================================================================ Asset Sale Approach o The following table illustrates low, mid and high expectations for cash proceeds from the sale of balance sheet assets.
PRICE/CARRYING VALUE $ GROSS PROCEEDS ------------------------ ---------------------------- ASSETS 12/31/2001 LOW MID HIGH LOW MID HIGH - ------ ---------- ----- ----- ------ ------- ------- -------- Cash and equivalents 5,583 100% 100% 100% 5,583 5,583 5,583 Portfolio Assets, Net 14,218 80% 90% 100% 11,375 12,796 14,218 Loans Receivable Student Loans, net 134 70% 85% 100% 94 114 134 Auto Loans, net -- 70% 85% 100% -- -- -- Note Receivable 19,765 80% 90% 100% 15,812 17,788 19,765 Mortgage loans held for sale -- 70% 85% 100% -- -- -- Equity Investments Drive Financial 10,071 75% 100% 125% 7,553 10,071 12,589 MCS 2,350 80% 90% 100% 1,880 2,115 2,350 Acquisition Partnerships 42,234 90% 95% 100% 38,011 40,122 42,234 Discontinued Operations 16,657 25% 38% 50% 4,164 6,246 8,329 Interest Receivable 921 100% 100% 100% 921 921 921 Deferred Tax Asset 20,101 0% 0% 0% -- -- -- Furniture & Fixtures 2,475 25% 50% 66% 619 1,238 1,634 Accounts Receivable 403 90% 95% 100% 363 383 403 Note Receivable - related 142 70% 85% 100% 99 120 142 Service Fees Receivable 1,546 70% 85% 100% 1,082 1,314 1,546 Prepaid Expenses 1,483 0% 15% 25% -- 222 371 Servicing Rights 133 70% 85% 100% 93 113 133 Goodwill 108 0% 0% 0% -- -- -- Other Assets 568 100% 100% 100% 568 568 568 ---------- ------- ------- -------- TOTAL ASSETS $ 138,893 Cash Proceeds: $88,218 $99,717 $110,920 ========== ======= ======= ========
================================================================================ FIRSTCITY FINANCIAL CORPORATION 30 KEEFE, BRUYETTE & WOODS, INC. LIQUIDATION ANALYSIS ================================================================================ Asset Sale Approach o As can be seen below, only our "High" expectations for asset sale prices result in any remaining proceeds for Preferred shareholders. The cash flow provided from our High price expectation is $5.50 per preferred share. o The "Mid" and "Low" price expectations do not result in any proceeds for preferred shareholders.
$ PROCEEDS ------------------------------------ LOW MID HIGH --------- --------- ---------- Gross Cash Proceeds................... $ 88,218 $ 99,717 $ 110,920 Parent Expenses....................... (1,688) (1,688) (1,688) Direct Sale Expenses.................. (1,764) (1,994) (2,218) Legal Expenses........................ (1,500) (1,500) (1,500) --------- --------- ---------- Net Proceeds.......................... 83,266 94,535 105,514 ========= ========= ========== Notes Payable to Banks................ (83,266) (91,209) (91,209) Accounts Payable & Accrued Interest... -- (350) (350) Accrued Expenses...................... -- (2,163) (2,163) Minority Interest..................... -- (813) (5,060) Net Proceeds Available for Preferred.. -- -- 6,731 Net Proceeds Per Preferred Share...... $ 0.00 $ 0.00 $ 5.50
================================================================================ FIRSTCITY FINANCIAL CORPORATION 31 KEEFE, BRUYETTE & WOODS, INC. LIQUIDATION ANALYSIS ================================================================================ Asset Sale Approach - Conclusions o The Low and Mid price level expectations generate no cash for preferred stock holders. Even the High price expectation level generates only $5.50 per preferred share of cash. The Exchange Offer is superior to the Asset Sale Approach liquidation analysis. o The majority of FCFC's assets are illiquid, there is no readily available market for them, thus, book value is likely the best price one could expect to achieve in any sale (for assets that may have value for another investor). o Several types of FCFC's assets are not saleable, for instance the Deferred Tax Asset is an intangible asset. o Assets from Discontinued Operations are highly illiquid (they are primarily residual assets from home equity securitizations) and would likely only be purchased at a significant discount to carrying value. o FCFC's interest in Drive may sell for a price higher than book value. However given the current ownership structure of Drive (with BOS owning 49%) it is unclear what type of entity would purchase it. Also, when taken outside the auspices of the Restructuring as a whole, it is unlikely that FCFC would be able to achieve pricing as favorable as what is contemplated in conjunction with the Restructuring. ================================================================================ FIRSTCITY FINANCIAL CORPORATION 32 KEEFE, BRUYETTE & WOODS, INC. ================================================================================ FINANCIAL SERVICES "GOING PRIVATE" TRANSACTIONS ================================================================================ FIRSTCITY FINANCIAL CORPORATION 33 KEEFE, BRUYETTE & WOODS, INC. FINANCIAL SERVICES GOING PRIVATE TRANSACTIONS ================================================================================ Summary Information & Premiums Paid
FINANCIAL TYPE OF ANNOUNCEMENT TENDER COMPANY NAME STATE SECTOR SECURITY DEAL VALUE DATE OFFER PRICE - ------------ ----- ----------- ------------ ---------- ------------ ----------- BancWest Corporation CA Bank Common Stock $2,438,200 05/07/2001 $ 35.00 FVNB Corporation TX Bank Common Stock 16,875 04/27/2001 45.00 Essex Bancorp, Inc. VA Thrift Common Stock 1,538 01/31/2001 1.45 Impac Commercial Holdings, Inc. MD Real Estate Common Stock 41,410 10/13/2000 7.55 National Discount Brokers Group NJ Broker Common Stock 857,906 10/09/2000 49.00 BNC Mortgage, Inc. CA Mortgage Common Stock 52,565 02/04/2000 10.00 Bankatlantic Bancorp, Inc. FL Thrift Common Stock 39,581 01/14/2000 6.00 PIMCO Advisors Holdings L.P. CA Investments Common Stock 1,921,362 10/31/1999 38.75 Preferred Employers Holdings, Inc. FL Insurance Common Stock 16,122 09/16/1999 5.00 Hawaii National Bancshares, Inc. HI Bank Common Stock 31,995 05/04/1999 45.00 FIRSTCITY FINANCIAL CORPORATION TX ASSET PREFERRED STOCK 11,544 (a) 11.80 ---------- ---------- ----------- 16,542 (b) 16.91
FINANCIAL TYPE OF PRICE ONE DAY ONE DAY 30-DAY-AVG. 30-DAY-AVG. COMPANY NAME STATE SECTOR SECURITY PRIOR TO ANN. PREMIUM PRIOR TO ANN. PREMIUM - ------------ ----- ----------- ------------ ------------- ------- ------------- ----------- BancWest Corporation CA Bank Common Stock $ 24.98 40.1% $ 24.61 42.2% FVNB Corporation TX Bank Common Stock 34.85 29.1% 33.41 34.7% Essex Bancorp, Inc. VA Thrift Common Stock 1.40 3.6% 1.24 16.7% Impac Commercial Holdings, Inc. MD Real Estate Common Stock 7.37 2.4% 6.53 15.6% National Discount Brokers Group NJ Broker Common Stock 25.25 94.1% 31.04 57.9% BNC Mortgage, Inc. CA Mortgage Common Stock 7.38 35.5% 6.57 52.2% Bankatlantic Bancorp, Inc. FL Thrift Common Stock 4.81 24.7% 4.88 23.0% PIMCO Advisors Holdings L.P. CA Investments Common Stock 34.69 11.7% 33.52 15.6% Preferred Employers Holdings, Inc. FL Insurance Common Stock 2.75 81.8% 2.92 71.4% Hawaii National Bancshares, Inc. HI Bank Common Stock 40.00 12.5% 40.75 10.4% MEDIAN: 26.9% 28.8% FIRSTCITY FINANCIAL CORPORATION TX ASSET PREFERRED STOCK 7.75 52.3% 7.59 55.4% ------------- ------- ------------- ----------- 7.75 118.2% 7.59 122.6%
(a) Premium and value based on exchanging for FCFC common shares at current market price (b) Premium and value based on exchanging for FCFC common shares valued at pro forma book value per share ================================================================================ FIRSTCITY FINANCIAL CORPORATION 34 KEEFE, BRUYETTE & WOODS, INC. ================================================================================ CASE STUDY COMPARISON: DYNEX CAPITAL ================================================================================ FIRSTCITY FINANCIAL CORPORATION 35 KEEFE, BRUYETTE & WOODS, INC. CASE STUDY COMPARISON: DYNEX CAPITAL ================================================================================ Description of Dynex Capital DESCRIPTION FROM DX 9/30/98 10-Q Dynex Capital, Inc. is a financial services company electing to be treated as a real estate investment trust. Dynex originates primarily mortgage loans secured by multifamily and commercial properties and loans secured by manufactured homes. Dynex will generally securitize the loans funded as collateral for collateralized bonds, thereby limiting its credit and liquidity risk and providing long-term financing for its investment portfolio. ================================================================================ FIRSTCITY FINANCIAL CORPORATION 36 KEEFE, BRUYETTE & WOODS, INC. CASE STUDY COMPARISON: DYNEX CAPITAL ================================================================================ Relative Common Stock Performance: DX vs. FCFC [GRAPH]
Date FCFC (-96.1%) DX (-94.2%) Date FCFC (-96.1%) DX (-94.2%) Date FCFC (-96.1%) DX (-94.2%) - ---- ------------- ----------- ---- ------------- ----------- ---- ------------- ----------- 1/30/1998 100 100 6/11/1999 21.58590308 20.75471698 10/20/2000 7.04845815 2.358490566 2/6/1998 99.55947137 93.86792453 6/18/1999 22.02643172 19.81132075 10/27/2000 6.828193833 2.240566038 2/13/1998 99.11894273 97.16981132 6/25/1999 20.26431718 18.39622642 11/3/2000 7.268722467 2.240566038 2/20/1998 103.9647577 95.28301887 7/2/1999 20.70484581 19.81132075 11/10/2000 7.709251101 2.476415094 2/27/1998 108.8105727 93.39622642 7/9/1999 21.58590308 19.33962264 11/17/2000 7.488986784 2.476415094 3/6/1998 107.9295154 93.86792453 7/16/1999 19.82378855 18.86792453 11/24/2000 6.883171806 2.476415094 3/13/1998 107.4889868 98.11320755 7/23/1999 20.4845815 17.45283019 12/1/2000 7.04845815 2.240566038 3/20/1998 106.1674009 90.09433962 7/30/1999 19.82378855 17.9245283 12/8/2000 7.04845815 2.004716981 3/27/1998 106.1674009 90.56603774 8/6/1999 18.50220264 23.82075472 12/15/2000 5.947136564 1.886792453 4/3/1998 105.2863436 88.20754717 8/13/1999 6.277709251 21.34433962 12/22/2000 4.625550661 1.768867925 4/10/1998 106.6079295 90.56603774 8/20/1999 6.828193833 22.16981132 12/29/2000 5.947136564 1.886792453 4/17/1998 117.1806167 88.67924528 8/27/1999 6.387665198 24.76415094 1/5/2001 6.607929515 1.886792453 4/24/1998 112.7753304 89.62264151 9/3/1999 5.726872247 24.88207547 1/12/2001 7.04845815 2.004716981 5/1/1998 113.6563877 86.32075472 9/10/1999 4.845814978 24.88207547 1/19/2001 6.607929515 2.004716981 5/8/1998 110.1321586 86.79245283 9/17/1999 3.524229075 18.75 1/26/2001 6.607929515 2.004716981 5/15/1998 107.9295154 89.1509434 9/24/1999 5.286343612 11.08490566 2/2/2001 5.837180617 1.245283019 5/22/1998 104.4052863 86.79245283 10/1/1999 5.726872247 11.91037736 2/9/2001 5.947136564 1.339622642 5/29/1998 104.845815 90.09433962 10/8/1999 6.167400881 11.32075472 2/16/2001 4.845814978 1.490566038 6/5/1998 104.845815 87.26415094 10/15/1999 5.286343612 12.26415094 2/23/2001 4.625550661 1.490566038 6/12/1998 101.7621145 77.35849057 10/22/1999 5.066079295 11.91037736 3/2/2001 5.066079295 1.698113208 6/19/1998 100 77.83018868 10/29/1999 4.515594714 12.26415094 3/9/2001 5.066079295 1.849056604 6/26/1998 101.3215859 77.35849057 11/5/1999 4.185022026 11.55660377 3/16/2001 4.185022026 2.358490566 7/3/1998 99.55947137 80.18867925 11/12/1999 7.929515419 15.80188679 3/23/2001 4.075066079 1.886792453 7/10/1998 97.79735683 83.01886792 11/19/1999 7.488986784 12.73584906 3/30/2001 4.405286344 1.886792453 7/17/1998 99.11894273 78.77358491 11/26/1999 7.929515419 12.85377358 4/6/2001 4.405286344 1.943396226 7/24/1998 103.9647577 77.83018868 12/3/1999 7.268722467 14.85849057 4/13/2001 4.581497797 2.075471698 7/31/1998 99.55947137 75.47169811 12/10/1999 6.277709251 12.02830189 4/20/2001 4.158590308 2.320754717 8/7/1998 92.07048458 78.30188679 12/17/1999 7.268722467 12.5 4/27/2001 4.581497797 2.396226415 8/14/1998 87.2246696 80.66037736 12/24/1999 9.251101322 11.43867925 5/4/2001 4.757709251 4.018867925 8/21/1998 83.25991189 80.18867925 12/31/1999 9.691629956 12.14622642 5/11/2001 5.286343612 3.886792453 8/28/1998 63.65638767 77.35849057 1/7/2000 8.370044053 16.74528302 5/18/2001 5.145374449 3.962264151 9/4/1998 53.30396476 75.47169811 1/14/2000 9.471365639 16.50943396 5/25/2001 5.110132159 4.528301887 9/11/1998 46.25550661 65.56603774 1/21/2000 11.01321586 16.27358491 6/1/2001 5.427312775 3.924528302 9/18/1998 42.73127753 63.20754717 1/28/2000 11.23348018 14.85849057 6/8/2001 5.991189427 3.867924528 9/25/1998 58.14977974 63.67924528 2/4/2000 12.33480176 18.04245283 6/15/2001 5.145374449 3.962264151 10/2/1998 51.10132159 61.32075472 2/11/2000 12.11453744 15.09433962 6/22/2001 5.991189427 3.754716981 10/9/1998 45.81497797 35.8490566 2/18/2000 9.691629956 13.08962264 6/29/2001 4.933920705 3.716981132 10/16/1998 44.49339207 37.73584906 2/25/2000 8.370044053 12.73584906 7/6/2001 4.933920705 3.981132075 10/23/1998 46.25550661 45.28301887 3/3/2000 8.370044053 13.20754717 7/13/2001 5.074889868 4.018867925 10/30/1998 46.69603524 36.32075472 3/10/2000 9.251101322 7.429245283 7/20/2001 5.110132159 3.981132075 11/6/1998 45.81497797 33.49056604 3/17/2000 9.691629956 7.547169811 7/27/2001 5.286343612 4.037735849 11/13/1998 47.57709251 35.37735849 3/24/2000 9.691629956 9.551886792 8/3/2001 5.462555066 4.075471698 11/20/1998 48.89867841 37.26415094 3/31/2000 8.370044053 10.61320755 8/10/2001 5.286343612 4.113207547 11/27/1998 46.91629956 35.8490566 4/7/2000 7.929515419 7.783018868 8/17/2001 5.814977974 4.547169811 12/4/1998 42.2907489 36.32075472 4/14/2000 6.167400881 6.839622642 8/24/2001 5.110132159 4.679245283 12/11/1998 38.98678414 38.67924528 4/21/2000 8.149779736 2.948113208 8/31/2001 6.341497797 4.358490566 12/18/1998 38.76651982 34.90566038 4/28/2000 7.488986784 2.948113208 9/7/2001 5.991189427 4.528301887 12/25/1998 45.81497797 32.54716981 5/5/2000 7.04845815 3.891509434 9/14/2001 5.63876652 4.377358491 1/1/1999 45.59471366 34.90566038 5/12/2000 7.488986784 2.476415094 9/21/2001 5.256740088 4.169811321 1/8/1999 59.030837 41.50943396 5/19/2000 7.488986784 2.240566038 9/28/2001 6.167400881 4.622641509 1/15/1999 49.33920705 38.67924528 5/26/2000 7.488986784 2.476415094 10/5/2001 5.57215859 4.339622642 1/22/1999 48.45814978 40.56603774 6/2/2000 7.04845815 2.476415094 10/12/2001 5.603524229 4.603773585 1/29/1999 51.54185022 37.73584906 6/9/2000 7.929515419 2.830188679 10/19/2001 6.343612335 4.339622642 2/5/1999 47.57709251 34.90566038 6/16/2000 7.709251101 2.594339623 10/26/2001 6.028898678 4.547169811 2/12/1999 47.13656388 35.37735849 6/23/2000 7.04845815 3.183962264 11/2/2001 5.462555066 4.339622642 2/19/1999 44.05286344 26.41509434 6/30/2000 6.607929515 3.066037736 11/9/2001 5.814977974 4.471698113 2/26/1999 42.51101322 24.05660377 7/7/2000 6.167400881 2.712264151 11/16/2001 4.863436123 4.188679245 3/5/1999 38.76651982 22.64150943 7/14/2000 8.810572687 2.830188679 11/23/2001 4.264317181 4.226415094 3/12/1999 38.32599119 23.58490566 7/21/2000 8.810572687 2.712264151 11/30/2001 4.264317181 4.150943396 3/19/1999 36.12334802 23.58490566 7/28/2000 8.59030837 2.712264151 12/7/2001 4.234361233 3.943396226 3/26/1999 32.59911894 24.05660377 8/4/2000 9.691629956 2.358490566 12/14/2001 4.232599119 3.679245283 4/2/1999 33.03964758 26.88679245 8/11/2000 6.828193833 2.004716981 12/21/2001 4.054625551 3.679245283 4/9/1999 30.83700441 29.71698113 8/18/2000 6.607929515 1.061320755 12/28/2001 4.22907489 3.981132075 4/16/1999 37.00440529 25.94339623 8/25/2000 5.726872247 1.41509434 1/4/2002 5.356828194 4.075471698 4/23/1999 38.32599119 28.30188679 9/1/2000 7.268722467 3.183962264 1/11/2002 4.440528634 6.037735849 4/30/1999 37.44493392 22.16981132 9/8/2000 7.488986784 2.830188679 1/18/2002 4.22907489 5.735849057 5/7/1999 29.29515419 22.16981132 9/15/2000 7.04845815 2.948113208 1/25/2002 4.440528634 6.886792453 5/14/1999 21.58590308 21.69811321 9/22/2000 6.938502203 2.358490566 2/1/2002 4.22907489 6.622641509 5/21/1999 20.70484581 21.69811321 9/29/2000 6.718237885 2.476415094 2/8/2002 3.982378855 5.735849057 5/28/1999 22.46696035 23.58490566 10/6/2000 6.828193833 3.183962264 2/15/2002 4.052863436 6.226415094 6/4/1999 20.26431718 23.11320755 10/13/2000 6.938502203 2.358490566 2/22/2002 3.911894273 5.754716981
================================================================================ FIRSTCITY FINANCIAL CORPORATION 37 KEEFE, BRUYETTE & WOODS, INC. CASE STUDY COMPARISON: DYNEX CAPITAL ================================================================================ Description of Preferred Stock Tender Offers o Dynex has completed two tender offers for its preferred stock o APRIL 30, 2001 (announcement) o SEPTEMBER 6, 2001 (announcement) o Both tenders involved offering to purchase up to maximum dollar amounts of Dynex's Series A, Series B and Series C Preferred, for cash consideration. Maximum amounts were those allowed under senior lending agreements. o The maximum amount to be tendered for the April 30th transaction was $26 million (Series A, B and C). o The maximum amount to be tendered in the September 6th transaction was $15 million (Series A, B and C). ================================================================================ FIRSTCITY FINANCIAL CORPORATION 38 KEEFE, BRUYETTE & WOODS, INC. CASE STUDY COMPARISON: DYNEX CAPITAL ================================================================================ Preferred Stock Tenders - Pertinent Statistics SUMMARY OF DYNEX CAPITAL 2001 PREFERRED STOCK TENDER OFFERS
Tender Liquidation Last Tender / Liquidation Tender / Tender Max Offer Preference Trade Preference Last Trade Dollar Value ------ ----------- ------ -------------------- ---------- ------------ Series A $16.80 $ 28.68 $14.10 58.6% 19.1% 3,575 TENDER ANNOUNCED Series B $17.15 $ 29.18 $14.40 58.8% 19.1% 5,106 9/6/01 Series C $21.00 $ 35.84 $17.75 58.6% 18.3% 6,400 Series A $12.24 $ 28.11 $11.25 43.5% 8.8% 6,120 TENDER ANNOUNCED Series B $12.50 $ 28.60 $11.50 43.7% 8.7% 9,125 4/30/01 Series C $15.30 $ 35.11 $13.60 43.6% 12.5% 10,751 Weighted Average ............................................... 49.1% 13.4% COMPARISON OF FCFC EXCHANGE FCFCO(1) $11.80 $ 26.25 $ 7.75 45.0% 52.3% 11,544 FCFCO(2) $16.91 $ 26.25 $ 7.75 64.4% 118.2% 16,542
Notes: 1) Assumes value of FCFC common stock holds constant at the most recent trade 2) Assumes value of FCFC common stock is book value pro forma for the restructuring results ================================================================================ FIRSTCITY FINANCIAL CORPORATION 39 KEEFE, BRUYETTE & WOODS, INC. ================================================================================ ALTERNATIVE COMPARISONS: AMRESCO & WILSHIRE FINANCIAL SERVICES GROUP ================================================================================ FIRSTCITY FINANCIAL CORPORATION 40 KEEFE, BRUYETTE & WOODS, INC. ALTERNATIVE COMPARISONS: AMRESCO & WILSHIRE FINANCIAL SERVICES GROUP ================================================================================ Summary DESCRIPTION FROM FCFC 9/30/98 10-Q: The Company is a diversified financial services company engaged in residential and commercial mortgage banking ("Mortgage Corp."), Portfolio Asset acquisition and resolution ("Commercial Corp.") and consumer lending ("Consumer Corp."). DESCRIPTION FROM AMMB 9/30/98 10-Q: AMRESCO is a diversified financial services company with five principal lines of business: asset management, commercial mortgage banking, home equity lending (previously residential mortgage banking), commercial finance and residential mortgage banking. DESCRIPTION FROM WFSG 9/30/98 10-Q: Wilshire Financial Services Group Inc. ("WFSG") is a diversified financial services company. WFSG conducts business in the United States and Europe, specializing in loan portfolio acquisition and securitization, correspondent lending and servicing.
FCFC AMMB WFSG ---- ---- ---- ASSET ACQUISITION Y Y Y LENDING Y Y Y SERVICING EXPERTISE Y Y Y U.S. AND ABROAD Y Y Y RESTRUCTURING Y Y Y
================================================================================ FIRSTCITY FINANCIAL CORPORATION 41 KEEFE, BRUYETTE & WOODS, INC. ALTERNATIVE COMPARISONS: AMRESCO ================================================================================ Relative Common Stock Performance: AMMB vs. FCFC [GRAPH]
Date FCFC (-95.6%) AMMBQ (-100.0%) Date FCFC (-95.6%) AMMBQ (-100.0%) Date FCFC (-95.6%) AMMBQ (-100.0%) - ---- ------------- --------------- ---- ------------- --------------- ---- ------------- --------------- 1/30/1998 100 100 6/4/1999 20.3 22.5 10/6/2000 6.8 1.5 2/6/1998 99.6 99.7 6/11/1999 21.6 15.4 10/13/2000 6.9 1.2 2/13/1998 99.1 112 6/18/1999 22 17.9 10/20/2000 7 1.4 2/20/1998 104 105.8 6/25/1999 20.3 21.2 10/27/2000 6.8 1.4 2/27/1998 108.8 119.1 7/2/1999 20.7 20.9 11/3/2000 7.3 1.4 3/6/1998 107.9 113.6 7/9/1999 21.6 21.2 11/10/2000 7.7 1.4 3/13/1998 107.5 106.7 7/16/1999 19.8 20.2 11/17/2000 7.5 1.6 3/20/1998 106.2 115 7/23/1999 20.5 21.6 11/24/2000 6.9 1.4 3/27/1998 106.2 117.5 7/30/1999 19.8 22.1 12/1/2000 7 1.2 4/3/1998 105.3 119.1 8/6/1999 18.5 21.2 12/8/2000 7 1.1 4/10/1998 106.6 118.6 8/13/1999 6.3 21.9 12/15/2000 5.9 1.2 4/17/1998 117.2 131.4 8/20/1999 6.8 26 12/22/2000 4.6 0.9 4/24/1998 112.8 129.7 8/27/1999 6.4 26.1 12/29/2000 5.9 1 5/1/1998 113.7 129.2 9/3/1999 5.7 22.5 1/5/2001 6.6 1 5/8/1998 110.1 124.1 9/10/1999 4.8 15.3 1/12/2001 7 1 5/15/1998 107.9 121.5 9/17/1999 3.5 12 1/19/2001 6.6 1 5/22/1998 104.4 116.9 9/24/1999 5.3 11 1/26/2001 6.6 1 5/29/1998 104.8 119.1 10/1/1999 5.7 10.1 2/2/2001 5.8 1.1 6/5/1998 104.8 120.8 10/8/1999 6.2 9.3 2/9/2001 5.9 1 6/12/1998 101.8 115.5 10/15/1999 5.3 9.9 2/16/2001 4.8 1 6/19/1998 100 104.3 10/22/1999 5.1 9.7 2/23/2001 4.6 0.8 6/26/1998 101.3 109.4 10/29/1999 4.5 10.4 3/2/2001 5.1 0.9 7/3/1998 99.6 105.4 11/5/1999 4.2 9 3/9/2001 5.1 0.8 7/10/1998 97.8 97 11/12/1999 7.9 6.4 3/16/2001 4.2 1 7/17/1998 99.1 101.2 11/19/1999 7.5 8.5 3/23/2001 4.1 0.8 7/24/1998 104 101 11/26/1999 7.9 7.1 3/30/2001 4.4 1 7/31/1998 99.6 100.8 12/3/1999 7.3 10.4 4/6/2001 4.4 1.1 8/7/1998 92.1 93.7 12/10/1999 6.3 7.3 4/13/2001 4.6 0.9 8/14/1998 87.2 90.2 12/17/1999 7.3 6.1 4/20/2001 4.2 1.1 8/21/1998 83.3 67.5 12/24/1999 9.3 5.3 4/27/2001 4.6 0.9 8/28/1998 63.7 50.4 12/31/1999 9.7 5 5/4/2001 4.8 1 9/4/1998 53.3 46.1 1/7/2000 8.4 5.5 5/11/2001 5.3 1.2 9/11/1998 46.3 32.6 1/14/2000 9.5 5 5/18/2001 5.1 1 9/18/1998 42.7 32 1/21/2000 11 4.9 5/25/2001 5.1 0.8 9/25/1998 58.1 29.5 1/28/2000 11.2 4.6 6/1/2001 5.4 0.9 10/2/1998 51.1 22.4 2/4/2000 12.3 4.7 6/8/2001 6 0.9 10/9/1998 45.8 14.1 2/11/2000 12.1 4.6 6/15/2001 5.1 0.8 10/16/1998 44.5 20.3 2/18/2000 9.7 4.9 6/22/2001 6 0.7 10/23/1998 46.3 30 2/25/2000 8.4 4.7 6/29/2001 4.9 0.6 10/30/1998 46.7 24.5 3/3/2000 8.4 4.7 7/6/2001 4.9 0.6 11/6/1998 45.8 25.8 3/10/2000 9.3 7.1 7/13/2001 5.1 0.6 11/13/1998 47.6 29.5 3/17/2000 9.7 6.1 7/20/2001 5.1 0.6 11/20/1998 48.9 27.3 3/24/2000 9.7 5.5 7/27/2001 5.3 0 11/27/1998 46.9 26.7 3/31/2000 8.4 4.7 8/3/2001 5.5 0 12/4/1998 42.3 24.7 4/7/2000 7.9 4.1 8/10/2001 5.3 0 12/11/1998 39 22.6 4/14/2000 6.2 3 8/17/2001 5.8 0 12/18/1998 38.8 27.1 4/21/2000 8.1 3.1 8/24/2001 5.1 0 12/25/1998 45.8 30.4 4/28/2000 7.5 3.1 8/31/2001 6.3 0 1/1/1999 45.6 30.9 5/5/2000 7 3.3 9/7/2001 6 0 1/8/1999 59 43.4 5/12/2000 7.5 2.6 9/14/2001 5.6 0 1/15/1999 49.3 37.9 5/19/2000 7.5 2.2 9/21/2001 5.3 0 1/22/1999 48.5 40.1 5/26/2000 7.5 2.1 9/28/2001 6.2 0 1/29/1999 51.5 40.6 6/2/2000 7 2.4 10/5/2001 5.6 0 2/5/1999 47.6 35.7 6/9/2000 7.9 2.2 10/12/2001 5.6 0 2/12/1999 47.1 37.9 6/16/2000 7.7 2.2 10/19/2001 6.3 0 2/19/1999 44.1 34.8 6/23/2000 7 2.2 10/26/2001 6 0 2/26/1999 42.5 33.4 6/30/2000 6.6 2 11/2/2001 5.5 0 3/5/1999 38.8 36.2 7/7/2000 6.2 1.8 11/9/2001 5.8 0 3/12/1999 38.3 34.6 7/14/2000 8.8 1.8 11/16/2001 4.9 0 3/19/1999 36.1 31.5 7/21/2000 8.8 1.8 11/23/2001 4.3 0 3/26/1999 32.6 30.5 7/28/2000 8.6 1.7 11/30/2001 4.3 0 4/2/1999 33 27.3 8/4/2000 9.7 1.2 12/7/2001 4.2 0 4/9/1999 30.8 28 8/11/2000 6.8 1.1 12/14/2001 4.2 0 4/16/1999 37 24.9 8/18/2000 6.6 1.1 12/21/2001 4.1 0 4/23/1999 38.3 24.3 8/25/2000 5.7 1.2 12/28/2001 4.2 0 4/30/1999 37.4 22.9 9/1/2000 7.3 0.7 1/4/2002 5.4 0 5/7/1999 29.3 21.6 9/8/2000 7.5 0.7 1/11/2002 4.4 0 5/14/1999 21.6 23.4 9/15/2000 7 1.2 1/18/2002 4.2 0 5/21/1999 20.7 24.5 9/22/2000 6.9 1.8 1/24/2002 4.4 0 5/28/1999 22.5 24.3 9/29/2000 6.7 1.9 1/25/2002 4.4 0
================================================================================ FIRSTCITY FINANCIAL CORPORATION 42 KEEFE, BRUYETTE & WOODS, INC. ALTERNATIVE COMPARISONS: AMRESCO ================================================================================ Investor Recovery Results o The table compares certain aspects of the experience of particular AMRESCO note holders and FCFC's preferred holders
FCFC(1) AMMB(2) ------------- --------------------------- EVENT RESTRUCTURING REPURCHASE / SALE OF ASSETS INVESTORS PREFERRED NOTES LEGAL CLAIM $32 MILLION $617 MILLION RECOVERY PERCENTAGE(3) 43% - 47% 53% EXPECTED LIQUIDATION RECOVERY(4) 21% NA
Notes: (1) Recovery percentage range is from 43% from Exchange Offer Choice A to 47% for Exchange Offer Choice B. Also assumes FCFC common stock worth the value of last trade. Does not assume any increase in FCFC common stock due to increase in pro forma book value per common share. (2) $617 million of legal claim includes $217 million of open market purchases of Senior Subordinated Notes repurchased in the fourth quarter of 2000, and $410 million of notes to receive proceeds from the company's asset sale in connection with its bankruptcy filing. Recovery percentage for AMRESCO is the blended result between 75% for the open market purchases and 41% from KBW's estimate of the recovery for note holders post-bankruptcy. Estimate is based on 8-K filing dated July 5, 2001 and the March 31, 2001 10-Q. (3) As a percentage of legal claim. (4) KBW Estimate from Tab 6. ================================================================================ FIRSTCITY FINANCIAL CORPORATION 43 KEEFE, BRUYETTE & WOODS, INC. ALTERNATIVE COMPARISONS: WILSHIRE FINANCIAL SERVICES GROUP ================================================================================ Relative Common Stock Performance: WFSG vs. FCFC [GRAPH]
Date FCFC (-95.6%) WFSG (-90.1%) Date FCFC (-95.6%) WFSG (-90.1%) Date FCFC (-95.6%) WFSG (-90.1%) - ---- ------------- ------------- ---- ------------- ------------- ---- ------------- ------------- 1/30/1998 100 100 6/4/1999 20.3 1.4 10/6/2000 6.8 5.3 2/6/1998 99.6 82.2 6/11/1999 21.6 1.4 10/13/2000 6.9 5 2/13/1998 99.1 84.9 6/18/1999 22 1.4 10/20/2000 7 5.2 2/20/1998 104 81.3 6/25/1999 20.3 1.4 10/27/2000 6.8 4.7 2/27/1998 108.8 84.9 7/2/1999 20.7 1.4 11/3/2000 7.3 4.8 3/6/1998 107.9 93.5 7/9/1999 21.6 12.5 11/10/2000 7.7 4.3 3/13/1998 107.5 90.9 7/16/1999 19.8 9.6 11/17/2000 7.5 4.3 3/20/1998 106.2 94.2 7/23/1999 20.5 9.1 11/24/2000 6.9 4.6 3/27/1998 106.2 94.2 7/30/1999 19.8 4.8 12/1/2000 7 4.4 4/3/1998 105.3 95.2 8/6/1999 18.5 5 12/8/2000 7 4.6 4/10/1998 106.6 96.2 8/13/1999 6.3 6 12/15/2000 5.9 4.6 4/17/1998 117.2 96.2 8/20/1999 6.8 4.8 12/22/2000 4.6 4.3 4/24/1998 112.8 94.2 8/27/1999 6.4 5.3 12/29/2000 5.9 4.8 5/1/1998 113.7 92.8 9/3/1999 5.7 5.3 1/5/2001 6.6 4.6 5/8/1998 110.1 89.9 9/10/1999 4.8 6.5 1/12/2001 7 4.7 5/15/1998 107.9 85.3 9/17/1999 3.5 5.8 1/19/2001 6.6 4.9 5/22/1998 104.4 81.5 9/24/1999 5.3 4.8 1/26/2001 6.6 5 5/29/1998 104.8 90.4 10/1/1999 5.7 4.7 2/2/2001 5.8 6.1 6/5/1998 104.8 87.5 10/8/1999 6.2 5 2/9/2001 5.9 6.4 6/12/1998 101.8 92.3 10/15/1999 5.3 5.3 2/16/2001 4.8 6.5 6/19/1998 100 96.2 10/22/1999 5.1 5.5 2/23/2001 4.6 6.6 6/26/1998 101.3 91.3 10/29/1999 4.5 5.5 3/2/2001 5.1 6.6 7/3/1998 99.6 88 11/5/1999 4.2 4.7 3/9/2001 5.1 6.3 7/10/1998 97.8 90.4 11/12/1999 7.9 4.4 3/16/2001 4.2 6.3 7/17/1998 99.1 89.4 11/19/1999 7.5 4.1 3/23/2001 4.1 6.7 7/24/1998 104 90.4 11/26/1999 7.9 4.3 3/30/2001 4.4 6.7 7/31/1998 99.6 81.3 12/3/1999 7.3 7 4/6/2001 4.4 6.9 8/7/1998 92.1 75 12/10/1999 6.3 5.9 4/13/2001 4.6 7.8 8/14/1998 87.2 69.2 12/17/1999 7.3 5 4/20/2001 4.2 8 8/21/1998 83.3 58.7 12/24/1999 9.3 5 4/27/2001 4.6 8.2 8/28/1998 63.7 45.2 12/31/1999 9.7 5.3 5/4/2001 4.8 8.5 9/4/1998 53.3 33.2 1/7/2000 8.4 5 5/11/2001 5.3 8.5 9/11/1998 46.3 34.9 1/14/2000 9.5 4.8 5/18/2001 5.1 8.6 9/18/1998 42.7 32.7 1/21/2000 11 4.3 5/25/2001 5.1 9.3 9/25/1998 58.1 25 1/28/2000 11.2 3.8 6/1/2001 5.4 8.7 10/2/1998 51.1 22.1 2/4/2000 12.3 3.8 6/8/2001 6 8.5 10/9/1998 45.8 15.9 2/11/2000 12.1 4.1 6/15/2001 5.1 8.4 10/16/1998 44.5 12.5 2/18/2000 9.7 4.1 6/22/2001 6 7.7 10/23/1998 46.3 9.9 2/25/2000 8.4 4.3 6/29/2001 4.9 7.5 10/30/1998 46.7 11.8 3/3/2000 8.4 3.8 7/6/2001 4.9 7.5 11/6/1998 45.8 10.1 3/10/2000 9.3 3.8 7/13/2001 5.1 6.2 11/13/1998 47.6 9.4 3/17/2000 9.7 3.6 7/20/2001 5.1 6.9 11/20/1998 48.9 7 3/24/2000 9.7 3.1 7/27/2001 5.3 7.2 11/27/1998 46.9 3.4 3/31/2000 8.4 3.1 8/3/2001 5.5 7.2 12/4/1998 42.3 3.2 4/7/2000 7.9 3.6 8/10/2001 5.3 7.2 12/11/1998 39 2.9 4/14/2000 6.2 4.3 8/17/2001 5.8 7.3 12/18/1998 38.8 2.6 4/21/2000 8.1 4 8/24/2001 5.1 7.2 12/25/1998 45.8 2.5 4/28/2000 7.5 4.3 8/31/2001 6.3 7.2 1/1/1999 45.6 2.4 5/5/2000 7 4.3 9/7/2001 6 7.3 1/8/1999 59 2.3 5/12/2000 7.5 4.8 9/14/2001 5.6 7.2 1/15/1999 49.3 2.3 5/19/2000 7.5 4.6 9/21/2001 5.3 7.4 1/22/1999 48.5 1.9 5/26/2000 7.5 6 9/28/2001 6.2 7.2 1/29/1999 51.5 1.2 6/2/2000 7 6.3 10/5/2001 5.6 7.2 2/5/1999 47.6 1.4 6/9/2000 7.9 5.3 10/12/2001 5.6 6.9 2/12/1999 47.1 1.4 6/16/2000 7.7 5.3 10/19/2001 6.3 6.9 2/19/1999 44.1 1.4 6/23/2000 7 6.3 10/26/2001 6 7.1 2/26/1999 42.5 1.4 6/30/2000 6.6 5.8 11/2/2001 5.5 7.4 3/5/1999 38.8 1.4 7/7/2000 6.2 5.3 11/9/2001 5.8 7.3 3/12/1999 38.3 1.4 7/14/2000 8.8 4.3 11/16/2001 4.9 7.4 3/19/1999 36.1 1.4 7/21/2000 8.8 4.7 11/23/2001 4.3 7.4 3/26/1999 32.6 1.4 7/28/2000 8.6 4.8 11/30/2001 4.3 7.3 4/2/1999 33 1.4 8/4/2000 9.7 4.6 12/7/2001 4.2 7.3 4/9/1999 30.8 1.4 8/11/2000 6.8 4.3 12/14/2001 4.2 7.1 4/16/1999 37 1.4 8/18/2000 6.6 4.3 12/21/2001 4.1 7.3 4/23/1999 38.3 1.4 8/25/2000 5.7 4.6 12/28/2001 4.2 7.9 4/30/1999 37.4 1.4 9/1/2000 7.3 6 1/4/2002 5.4 8.1 5/7/1999 29.3 1.4 9/8/2000 7.5 6 1/11/2002 4.4 9 5/14/1999 21.6 1.4 9/15/2000 7 6 1/18/2002 4.2 10.3 5/21/1999 20.7 1.4 9/22/2000 6.9 6.3 1/24/2002 4.4 10.3 5/28/1999 22.5 1.4 9/29/2000 6.7 5.3 1/25/2002 4.4 9.9
================================================================================ FIRSTCITY FINANCIAL CORPORATION 44 KEEFE, BRUYETTE & WOODS, INC. ALTERNATIVE COMPARISONS: WILSHIRE FINANCIAL SERVICES GROUP ================================================================================ Investor Recovery Results o The table compares certain aspects of the experience of particular Wilshire note holders and FCFC's preferred holders.
FCFC(1) WFSG(2) ------------- --------------- EVENT RESTRUCTURING BANKRUPTCY PLAN INVESTORS PREFERRED NOTES LEGAL CLAIM $32 MILLION $199 MILLION RECOVERY PERCENTAGE(3) 62% - 67% 37% - 42% EXPECTED LIQUIDATION RECOVERY(4) 21% 18%
Notes: (1) Recovery percentage range is from 62% from Exchange Offer Choice A to 67% for Exchange Offer Choice B. Also assumes FCFC common stock worth pro forma book value per common share (pro forma for restructuring). This compares with WFSG's estimated amount also in the table. (2) Legal claim, recovery percentage and expected liquidation recovery are WFSG's estimates include in its Solicitation and Disclosure Statement Dated February 1, 1999. Legal claim includes accrued interest. Recovery percentage based on pro forma book value of common shares received. Liquidation recovery is as a percentage of claims. (3) As a percentage of legal claim. (4) KBW estimate from Tab 6 for FCFC. ================================================================================ FIRSTCITY FINANCIAL CORPORATION 45 KEEFE, BRUYETTE & WOODS, INC. ================================================================================ KBW CONCLUSION ================================================================================ FIRSTCITY FINANCIAL CORPORATION 46 KEEFE, BRUYETTE & WOODS, INC. CONCLUSION ================================================================================ o IN KBW'S OPINION, THE CONSIDERATION OFFERED TO THE HOLDERS OF FCFC'S REDEEMABLE PREFERRED STOCK IN THE EXCHANGE OFFER, IS FAIR, FROM A FINANCIAL POINT OF VIEW. THIS OPINION IS BASED ON THE FOLLOWING: o The significant premium to the current market price of the Preferred. o The high level of premium offered, when compared to other transactions filed with the SEC as "going private transactions" in financial services sectors. o The Exchange Offer's superiority to the results of the liquidation analysis performed. o The comparable level of recovery of legal claim of the Exchange Offer, when compared to the recovery results of transactions involving restructurings of comparable companies. o The liquidity provided to the Preferred holders. ================================================================================ FIRSTCITY FINANCIAL CORPORATION 47 KEEFE, BRUYETTE & WOODS, INC. EX-99.C3 4 h97606bexv99wc3.txt PRESENTATION OF KEEFE, BRUYETTE & WOODS, INC. EXHIBIT 99.C3 PRESENTATION TO THE BOARD OF DIRECTORS OF: [FIRSTCITY FINANCIAL CORPORATION LOGO] MARCH 26, 2002 JOSEPH J. SPALLUTO, MANAGING DIRECTOR KEVIN D. SPINNER, MANAGING DIRECTOR NEW YORK SAN FRANCISCO CHICAGO BOSTON HARTFORD RICHMOND COLUMBUS www.kbw.com [KBW LOGO] TABLE OF CONTENTS
TAB SUBJECT PAGE(S) - --- ------- ------- 1. INTRODUCTION ................................................................ 2-4 2. THE RESTRUCTURING ........................................................... 5-17 3. RESTRUCTURING IMPACT TO FIRSTCITY Summary ..................................................................... 19 Pro Forma Balance Sheet ..................................................... 20,21 4. HISTORICAL TRADING VALUES & VOLUMES OF PREFERRED & COMMON STOCKS ............ 23-26 5. EXCHANGE OFFER VALUATION Summary & Assumptions ....................................................... 28 Valuation Table ............................................................. 29 6. LIQUIDATION ANALYSIS Summary ..................................................................... 31 Asset Sale Approach ......................................................... 32-34 7. GOING PRIVATE TRANSACTIONS .................................................. 36 8. CASE STUDY COMPARISON: DYNEX CAPITAL Summary Description of Dynex Capital ........................................ 38 Relative Stock Performance .................................................. 39 Tender Offer Summary & Results .............................................. 40,41 9. ALTERNATIVE COMPARISONS: AMRESCO & WILSHIRE FINANCIAL SERVICES GROUP Summary Comparisons to FCFC ................................................. 43 AMRESCO ..................................................................... 44,45 Wilshire .................................................................... 46,47 10. CONCLUSION .................................................................. 49
FIRSTCITY FINANCIAL CORPORATION 1 KEEFE, BRUYETTE & WOODS, INC. INTRODUCTION FIRSTCITY FINANCIAL CORPORATION 2 KEEFE, BRUYETTE & WOODS, INC. FIRSTCITY RESTRUCTURING TRANSACTION SUMMARY o FIRSTCITY ("FCFC") IS CONTEMPLATING ENTERING INTO A NUMBER OF TRANSACTIONS, WHICH ARE DESIGNED TO RESTRUCTURE AND RE- CAPITALIZE THE COMPANY. THESE TRANSACTIONS INCLUDE: o The sale of 64.51% of FCFC's interest in Drive Financial Services ("Drive") to Bank of Scotland ("BOS") for $16.0 million. o The offer to exchange (the "Exchange Offer") 1,222,901 shares of FCFC's preferred stock (the "Preferred") for either: o $10.00 cash and two FCFC common shares for each Preferred share or o $8.00 cash and three FCFC common shares for each Preferred share o Residual cash from the sale of Drive and the Exchange Offer will be applied to debt reduction. o BOS will refinance the remainder of FCFC existing facilities with a $45 million commitment. o FCFC will purchase the 20% interest held by management in FCFC's indirect subsidiary, FirstCity Holdings ("FCH") in exchange for 400,000 shares of FCFC common stock and up to $3.2 million in earn-out payments. o BOS will provide new financing to FCFC, with a total commitment of $60 million. o FCFC will be released from its guaranty of $4 million of Drive's Term Loan. o BOS will release its existing option to acquire 1,975,000 shares of FCFC's common stock. FIRSTCITY FINANCIAL CORPORATION 3 KEEFE, BRUYETTE & WOODS, INC. SCOPE OF KBW ENGAGEMENT o KBW has been engaged by a Special Committee of the Board of Directors. o THE SPECIAL COMMITTEE REQUESTED KBW'S OPINION AS TO THE FAIRNESS, FROM A FINANCIAL POINT OF VIEW, TO THE HOLDERS OF FCFC'S PREFERRED STOCK, OF THE CONSIDERATION OFFERED IN THE EXCHANGE OFFER. o The consideration includes both cash and FCFC common stock. o KBW has considered, among other things deemed to be relevant, the following: o The sale of a portion FCFC's interest in Drive to Bank of Scotland o Peer groups of, and merger and acquisition transactions involving, automobile finance companies o The consideration offered in the Exchange Offer and the valuation of the consideration o FCFC's purchase of a 20% interest in FCH o FCFC's debt refinancing, and restructuring o The past, current, and pro forma financial condition of FCFC o Certain of FCFC's publicly available financial information: 10-Qs, 10-Ks, and other filings o A draft of the S-4 to be filed related to the Restructuring o Liquidation analysis o Historical trading values of FCFC's common and preferred stocks o Premiums paid in other transactions filed with the SEC as going private transactions o Certain estimated investor recovery results from transactions involving comparable companies o Previous and prevailing economic conditions FIRSTCITY FINANCIAL CORPORATION 4 KEEFE, BRUYETTE & WOODS, INC. THE RESTRUCTURING: SALE OF PARTIAL INTEREST IN DRIVE FINANCIAL SERVICES FIRSTCITY FINANCIAL CORPORATION 5 KEEFE, BRUYETTE & WOODS, INC. SALE OF PARTIAL INTEREST IN DRIVE FINANCIAL SERVICES Summary o Prior to the Restructuring FCFC owns a 31% interest in Drive. o FCFC will sell 64.5% of its interest (or a 20% interest) in Drive to BOS for $16.0 million. o FCFC maintained a carrying value of this interest of $6.5 million at December 31, 2001 (before minority interest). o $16.0 million for 20% values Drive at $80 million (excluding debt). o $80 million represents 308% of book value on December 31, 2001, and 7.4 times Drive's comprehensive net income (pro forma for a full 40% tax rate) for the twelve months ended December 31, 2001. o During the twelve months ended December 31, 2001, "gain-on-sale" revenue, derived from securitization transactions represented 55% of Drive's revenue. Also, at December 31, 2001, residual interests in securitization transactions represented 298% of its common equity. o The sale of the partial interest in Drive is conditioned up achieving at least 80% participation in the Exchange Offer. o BOS will release FCFC from a $4 million guaranty related to Drive's debt. FIRSTCITY FINANCIAL CORPORATION 6 KEEFE, BRUYETTE & WOODS, INC. SALE OF PARTIAL INTEREST IN DRIVE FINANCIAL SERVICES Summary Balance Sheet & Income Statement
AT OR FOR THE YEAR ENDED DECEMBER 31, 2001 ------------------------ ASSETS Cash 7,395 Contracts held for sale - net 70,447 Investment Securities 77,407 Interest Receivable 1,089 Furniture & Fixtures 6,201 Service Fees Receivable 1,212 Goodwill -- Other Assets 1,820 ---------- TOTAL ASSETS 165,571 LIABILITIES Term Loan 27,500 Notes Payable to Banks 67,165 Other Liabilities 12,910 ---------- TOTAL LIABILITIES 107,575 Capital Note 32,000 TOTAL EQUITY 25,996 ---------- TOTAL LIABILITIES & EQUITY 165,571
AT OR FOR THE YEAR ENDED DECEMBER 31, 2001 ------------------------ REVENUES: Interest Income 33,335 Interest Expense (9,329) ---------- Net Interest Income 24,006 Other Income 439 Gain on Sale 39,033 Impairment of Residual Assets (3,897) Servicing Fee Income 11,986 ---------- Total Revenue 71,567 EXPENSES: Operating Expenses 45,639 Provisions on Contracts held for sale 5,377 Accounting Policy Change 783 ---------- Total Expenses 51,799 INCOME BEFORE PROVISION FOR TAXES 19,768 Other Comprehensive Income (1,800) ---------- COMBINED PRE-TAX INCOME 17,968 Pro Forma Provision for Income Taxes 7,187 ---------- PRO FORMA NET INCOME 10,781
FIRSTCITY FINANCIAL CORPORATION 7 KEEFE, BRUYETTE & WOODS, INC. SALE OF PARTIAL INTEREST IN DRIVE FINANCIAL SERVICES Publicly-Traded Auto Finance Companies
MARKET STATS. EPS MULTIPLE - I/B/E/S ------------------ -------------------------------------------------- MARKET CAPITAL- CHANGE IZATION STOCK 2001 2002 2001 / PRICE PRICE STOCK ($ PRICE ACT. EPS EST. EPS 2002 / 01E / 02E COMPANY NAME SYMBOL STATE millions) ($) ($) ($) (%) (x) (x) - ------------ ------ ------ --------- ------- -------- ------- ------- ------- ------- SMALL MARKET CAPITALIZATION Union Acceptance Corporation(1) UACA IN 165 5.35 1.03 0.70 (32)% 5.2 7.6 Consumer Portfolio Services CPSS CA 41 1.85 0.04 nm nm nm nm Onyx Acceptance Corporation ONYX CA 23 4.56 0.97 1.00 3% 4.7 4.6 First Investors Financial, Inc.(2) FIFS TX 18 3.30 (0.01) 0.32 nm nm 10.3 ------- ------- ------- ------- ------- ------- ------- MEDIAN -14% 4.9 7.6 LARGE MARKET CAPITALIZATION AmeriCredit Corp.(3) ACF TX 3,061 36.29 3.17 4.18 32% 11.4 8.7 WFS Financial, Inc WFSI CA 508 25.39 1.92 2.33 22% 13.2 10.9 Credit Acceptance Corp. CACC MI 467 11.10 0.68 0.76 12% 16.3 14.6 ------- ------- ------- ------- ------- ------- ------- MEDIAN 22% 13.2 10.9 DRIVE FINANCIAL SERVICES(4) 80 NA 10.8 NA NM 7.4 NM OTHER ----------------------------- GAIN ON SALE / RESIDUALS / PRICE / STOCK REVENUE EQUITY BOOK COMPANY NAME SYMBOL STATE (%) (%) (%) - ------------ ------ ------ ------- ----------- ------- SMALL MARKET CAPITALIZATION Union Acceptance Corporation(1) UACA IN 27% 115% 95% Consumer Portfolio Services CPSS CA 70% 174% 58% Onyx Acceptance Corporation ONYX CA 35% 293% 37% First Investors Financial, Inc.(2) FIFS TX 0% 0% 63% ------- ------- ------- MEDIAN 31% 144% 60% LARGE MARKET CAPITALIZATION AmeriCredit Corp.(3) ACF TX 38% 110% 248% WFS Financial, Inc WFSI CA 3% 58% 190% Credit Acceptance Corp. CACC MI 2% 0% 162% ------- ------- ------- MEDIAN 3% 58% 190% DRIVE FINANCIAL SERVICES(4) 55% 298% 308%
(1) June Fiscal Year, Estimate adjusted to calendar year, 2001 excludes residual valuation charge. (2) April Fiscal Year, adjusted to calendar year (3) June Fiscal Year, adjusted to calendar year (4) At or For the Year Ended December 31, 2001. Valuation implied by BOS purchase of 20% for $16 million FIRSTCITY FINANCIAL CORPORATION 8 KEEFE, BRUYETTE & WOODS, INC. SALE OF PARTIAL INTEREST IN DRIVE FINANCIAL SERVICES Mergers and Acquisitions Involving Auto Finance Companies
SELLER'S ANNUAL SELLER'S MGD. ORIGINATIONS RECEIVABLES ANN. PURCHASE IN YEAR OF SALE PORTFOLIO DATE BUYER SELLER PRICE $ MILLIONS $ MILLIONS - ---------- ------------------------------ ------------------------- --------------- --------------- ------------ 11/19/2001 CONSUMER PORTFOLIO SERVICES MFN FINANCIAL CORPORATION $104 MILLION 279 424 11/18/1999 SUSQUEHANNA BANCSHARES HANN FINANCIAL CORP. $35 MILLION NA 800 11/16/1999 ASSOCIATES FIRST CAPITAL CORP. ARCADIA FINANCIAL, LTD. $193 MILLION 2,400 5,300 06/14/1999 FAIRLANE CREDIT, LLC TRIAD FINANCIAL CORP. $105 MILLION(c) 425 511 07/16/1998 CAPITAL ONE FINANCIAL CORP. SUMMIT ACCEPTANCE $55 MILLION NA 260 06/23/1997 NORWEST CORP. FIDELITY ACCEPTANCE $344 MILLION 1,000 1,120 06/01/1997 HOUSEHOLD INTERNATIONAL ACC CONSUMER FINANCE $200 MILLION 484 396 03/29/1996 SOUTHERN NATIONAL CORP. REGIONAL ACCEPTANCE $167 MILLION NA 136 02/05/1996 BAYVIEW CAPITAL CORP. CTL CREDIT, INC. $65 MILLION 133 466 TBD(d) BANK OF SCOTLAND DRIVE FINANCIAL SERVICES $80 MILLION 400 555 SELLER'S PURCHASE PURCHASE PURCHASE PURCHASE PURCHASE TRAILING PRICE / PRICE / PREMIUM / PRICE / PRICE / ANN. EARNINGS(a) ANNUAL MANAGED MARKET BOOK TRAILING DATE BUYER $ MILLIONS ORIGINATIONS RECEIVABLES PRICE VALUE EARNINGS - ---------- ------------------------------ ----------- ------------ ----------- --------- --------- -------- 11/19/2001 CONSUMER PORTFOLIO SERVICES $ 5.1 37% 25% 89% 75% 20.4x 11/18/1999 SUSQUEHANNA BANCSHARES $ 3.4(b) NA 4% NA NA 10.3x 11/16/1999 ASSOCIATES FIRST CAPITAL CORP. $ (6.8) 8% 4% 31% 112% NM 06/14/1999 FAIRLANE CREDIT, LLC $ 12.4 25% 21% NA 144% 8.5x 07/16/1998 CAPITAL ONE FINANCIAL CORP. NA NA 21% NA NA NA 06/23/1997 NORWEST CORP. $ 24.7 20% 31% NA NA 13.9x 06/01/1997 HOUSEHOLD INTERNATIONAL $ 11.0 41% 51% 100% 655% 18.2x 03/29/1996 SOUTHERN NATIONAL CORP. $ 8.8 134% 123% 13% 423% 19.1x 02/05/1996 BAYVIEW CAPITAL CORP. $ 5.2 151% 14% 30% 132% 12.6x TBD(d) BANK OF SCOTLAND $ 10.8 20% 14% NA 308% 7.4x
MEDIAN '99-'01 DEALS 25% 12% 60% 112% 10.3x MEDIAN '97 & '98 DEALS 31% 31% 100% 655% 16.0x MEDIAN '96 DEALS 142% 69% 21% 277% 15.8x ALL MEDIAN 37% 21% 31% 138% 13.9x ALL AVERAGE 63% 34% 43% 293% 13.8x
NOTES: (a) trailing "core" earnings at announcement, excludes amortization and non-recurring items, fully-taxed (b) estimate based on Susquehanna's claim that the transaction would be accretive to EPS in 2000. (c) includes assumption and repayment of $60 million of unsecured debt due to ContiFinancial (d) valuation as if BOS were acquiring Drive (this transaction does give BOS control) FIRSTCITY FINANCIAL CORPORATION 9 KEEFE, BRUYETTE & WOODS, INC. THE RESTRUCTURING: THE EXCHANGE OFFER FIRSTCITY FINANCIAL CORPORATION 10 KEEFE, BRUYETTE & WOODS, INC. THE EXCHANGE OFFER Summary o FCFC IS CONTEMPLATING MAKING AND EXCHANGE OFFER IN WHICH HOLDERS OF FCFC'S PREFERRED STOCK WOULD HAVE THE OPPORTUNITY TO EXCHANGE ONE SHARE OF PREFERRED FOR EITHER: o $10.00 per share in cash and two shares of FCFC common stock ("Exchange Offer Choice A"), or o $8.00 per share in cash and three shares of FCFC common stock ("Exchange Offer Choice B") The current Preferred has characteristics as follows: o Legal claim of $32.1 million as of December 31, 2001 ($26.25 per share) o Par value of $21.00 per share, $5.25 per share of accrued and unpaid dividends o Dividend (currently suspended) of $2.10 per share per year o Scheduled Redemption of September 2005 o Right to elect two Board members if dividends not paid for six or more consecutive quarters, with those elected Board members serving until dividends in arrears are paid (currently could elect two Board members at annual meeting in 2002). o PREFERRED HOLDERS, POST-EXCHANGE OFFER (ASSUMING 80% PARTICIPATION AND 50-50 SPLIT ON EXCHANGE OFFER CHOICE A OR EXCHANGE OFFER CHOICE B) WILL OWN 21.8% OF FCFC. o COMPLETION OF THE EXCHANGE OFFER IS CONDITIONED UPON ACHIEVING 80% PARTICIPATION. FIRSTCITY FINANCIAL CORPORATION 11 KEEFE, BRUYETTE & WOODS, INC. THE RESTRUCTURING: PURCHASE OF 20% INTEREST IN FIRSTCITY HOLDINGS FIRSTCITY FINANCIAL CORPORATION 12 KEEFE, BRUYETTE & WOODS, INC. PURCHASE OF 20% INTEREST IN FIRSTCITY HOLDINGS Summary o Prior to the Restructuring, management of FCH own a 20% interest in FCH, FCFC owns the other 80%. o FCFC is contemplating acquiring this interest through the issuance of 400,000 shares of FCFC common stock, and through up to $3.20 million in "earn-out" payments based on the performance of certain Mexican asset pools. o The total value of the purchase is up to $3.65 million ($0.45 million in common stock, and up to $3.20 million in earn-out). o The value of 20% of FCH at $3.65 million values FCH at $18.25 million. $18.25 million represents 454% of book value, and 4.2 times FCH's trailing pre-tax income. o Pre-tax income, divided into the FCH valuation implies a 23.9% yield. FIRSTCITY FINANCIAL CORPORATION 13 KEEFE, BRUYETTE & WOODS, INC. PURCHASE OF 20% INTEREST IN FIRSTCITY HOLDINGS Summary Income Statement & Balance Sheet of FCH
AT OR FOR THE YEAR ENDED DECEMBER 31, 2001 ------------------------ ASSETS Cash 3,059 Inventory 5,822 Note Receivable 19,765 Investment in Unconsol. Subs 26,379 Furniture & Fixtures 1,161 Accounts Receivable 394 Prepaid Expenses 283 Goodwill 74 Other Assets 360 ---------- TOTAL ASSETS 57,297 LIABILITIES Note Payable - FirstCity 17,669 Notes Payable to Banks 31,399 Other Liabilities 1,868 ---------- TOTAL LIABILITIES 50,936 Minority Interest 2,337 TOTAL EQUITY 4,024 ---------- TOTAL LIABILITIES & EQUITY 57,297
AT OR FOR THE YEAR ENDED DECEMBER 31, 2001 ------------------------ REVENUES: Interest & Accretion on Perf. Loans 5,562 Earnings of Subs 6,323 Servicing Fees 10,393 Other 1,494 ---------- Total Revenue 23,772 EXPENSES: Servicing Fees Expense 3,031 Compensation & Benefits 7,678 Occupancy 1,219 Other Non-Interest Expenses 2,765 Interest Expense 4,725 ---------- Total Expenses 19,419 Profit / (Loss) Before Tax 4,353
FIRSTCITY FINANCIAL CORPORATION 14 KEEFE, BRUYETTE & WOODS, INC. THE RESTRUCTURING: DEBT RESTRUCTURING FIRSTCITY FINANCIAL CORPORATION 15 KEEFE, BRUYETTE & WOODS, INC. DEBT RESTRUCTURING Summary o Remaining cash from the $16.0 million sale of a partial interest in Drive to BOS, after completing the Exchange Offer, will be applied to existing FCFC debt held by BOS. o FCFC remaining debt held by BOS, estimated at $45 million, will be restructured as follows: o $33 million - Senior Cash Flow Note This note will have a 4 year maturity and provide for all cash flow from existing investments to first pay all corporate overhead, and then principal and interest on the Senior Cash Flow Note. o $12 million - Subordinated Convertible Note This note will have a 5 year maturity with interest only payments to be provided from existing cash flows. BOS will have the right, but not obligation, to convert this note into 2 million newly issued FCFC common shares. In conjunction, BOS will release warrants for 1,975,000 FCFC shares with a strike price of $2.31. o BOS will provide a $55 million New Acquisition Line of Credit. o BOS will provide a $5 million New Working Capital Line of Credit. FIRSTCITY FINANCIAL CORPORATION 16 KEEFE, BRUYETTE & WOODS, INC. DEBT RESTRUCTURING Summary Table ($ in millions)
FUNDED AND UNFUNDED OUTSTANDING OUTSTANDING PRO COMMITMENT AMOUNT AS BORROWINGS AS OF ADJUSTMENTS PER FORMA AS OF OF NOVEMBER 14, 2001 DECEMBER 31, 2001 RESTRUCTURING DECEMBER 31, 2001 -------------------- ----------------- --------------- ----------------- FIRSTCITY Company Senior Facility: Revolving Line of Credit 10 6 (6) -- Term Loan A 31 31 (31) -- Term Loan B 12 12 (12) -- Term Loan C -- -- -- -- Term Credit Facility 4 4 (4) -- Cash Flow Note -- -- 33 33 Subordinated Convertible Note -- -- 12 12* Acquisition Line of Credit -- -- -- --** Working Capital Line of Credit -- -- -- -- COMMERCIAL CORP Acquisition Facility 4 4 -- 4 Term Facilities 7 7 -- 7 Equity investment facility 30 27 -- 27 ------------ ------------ ------------ ------------ Total 98 91 (8) 83
* $55 million in availability, collateral specific ** $5 million in availability FIRSTCITY FINANCIAL CORPORATION 17 KEEFE, BRUYETTE & WOODS, INC. RESTRUCTURING IMPACT TO FIRSTCITY FIRSTCITY FINANCIAL CORPORATION 18 KEEFE, BRUYETTE & WOODS, INC. RESTRUCTURING IMPACT TO FIRSTCITY Summary & Major Assumptions Used o SIGNIFICANTLY INCREASES FCFC COMMON EQUITY BY: o Gain related to Drive Interest Sale ($14.8 million) o Debt Forgiveness of, and Equity Issued to Preferred Stockholders ($16.4 million) o SIMPLIFIES FCFC DEBT OBLIGATIONS & PROVIDES NEW FINANCING o Existing Facilities With BOS Paid Off, and Restructured into 2 Notes from Current 5 o $60 million in New Acquisition and Working Capital by BOS o INCREASES COMMON EQUITY PER SHARE FROM $0.46 TO $3.16 (12/31/01 and Pro Forma at 12/31/01, respectively) o REDUCES POTENTIAL DILUTION FROM BOS WARRANTS (through release of 1,975,000 warrants at $2.31) o RESTRUCTURING - MAJOR ASSUMPTIONS o All transactions in restructuring are completed as currently contemplated o Exchange offer reaches required 80% exchange threshold o 50% of exchange participation select Exchange Offer Choice A, and 50% select Exchange Offer Choice B o FCFC current stock price is $1.14, as is price at point of transaction closings FIRSTCITY FINANCIAL CORPORATION 19 KEEFE, BRUYETTE & WOODS, INC. RESTRUCTURING IMPACT TO FIRSTCITY Pro Forma Balance Sheet Impact of Restructuring ($ in '000s, except per share)
DEBT 12/31/2001 DRIVE EXCHANGE 20% FCH RESTRUC. PRO FORMA ---------- ---------- ---------- ---------- ---------- ---------- Cash and Cash Equivalents 5,583 9,305 (9,305) -- -- 5,583 Portfolio Assets, net 14,218 -- -- -- -- 14,218 Loans Receivable, net 19,899 -- -- -- -- 19,899 Equity Investments 54,655 (6,497) -- -- -- 48,158 Deferred Tax Benefit, net 20,101 -- -- -- -- 20,101 Other Assets, net 7,780 -- -- 2,851 -- 10,631 Net Assets of discontinued operations 16,657 -- -- -- -- 16,657 ---------- ---------- ---------- ---------- ---------- ---------- Total Assets 138,893 2,807 (9,305) 2,851 -- 135,247 Notes Payable 91,209 (6,695) -- 3,200 (45,000) 42,714 New Credit Facilities -- -- -- -- 45,000 45,000 Other Liabilities(1) 11,706 (5,298) -- (805) -- 5,603 ---------- ---------- ---------- ---------- ---------- ---------- Total Liabilities 102,915 (11,993) -- 2,395 -- 93,317 Redeemable Preferred Stock 32,101 -- (25,681) -- -- 6,420 Common Equity 3,877 14,801 16,376 456 -- 35,510 ---------- ---------- ---------- ---------- ---------- ---------- Liabilities and Equity 138,893 2,807 (9,305) 2,851 -- 135,247 Common Shares Outstanding 8,377 -- 2,446 400 -- 11,222 Book Value Per Share $ 0.46 $ 3.16
(1) Other liabilities includes minority interest FIRSTCITY FINANCIAL CORPORATION 20 KEEFE, BRUYETTE & WOODS, INC. RESTRUCTURING IMPACT TO FIRSTCITY Footnotes to Pro Forma Balance Sheet ($ in '000s, except per share) SALE OF INTEREST IN DRIVE FINANCIAL Cash and Cash Equivalents Cash Proceeds from Drive Sale 16,000 Excess Cash From Exchange to Repay Debt (6,695) ---------- Net Change 9,305 Equity Investments Carrying Value of Drive Interest Sold (6,497) Notes Payable Excess Cash From Drive Sale & Exchange (6,695) Other Liabilities Drive Debt Guaranty Release (4,000) Minority Interest Elimination (1,298) ---------- Net Change (5,298) Common Equity Cash Proceeds from Drive Sale 16,000 Carrying Value of Drive Interest (6,497) Minority Interest Elimination 1,298 Release of Previously Accrued Guaranty 4,000 ---------- Net Change 14,801
EXCHANGE OFFER Cash and Cash Equivalents Cash Required for Choice A (4,892) Cash Required for Choice B (3,913) Associated Expenses (500) ---------- Net Change (9,305) Redeemable Preferred Stock Preferred Stock Exchanged (25,681) Exchange Participation Rate 80% Common Equity Common stock issued to Preferred holders 2,788 Debt forgiveness by Preferred holders 14,088 Expenses (500) ---------- Net Change 16,376
FIRSTCITY FINANCIAL CORPORATION 21 KEEFE, BRUYETTE & WOODS, INC. HISTORICAL PREFERRED & COMMON STOCK PRICES & VOLUMES FIRSTCITY FINANCIAL CORPORATION 22 KEEFE, BRUYETTE & WOODS, INC. PREFERRED STOCK PRICE PERFORMANCE: SINCE PREFERRED ISSUANCE [PERFORMANCE GRAPH]
FCFCO FCFCO FCFCO FCFCO FCFCO Preferred Preferred Preferred Preferred Preferred Date Stock Date Stock Date Stock Date Stock Date Stock - ---- --------- ---- --------- ---- --------- ---- --------- ---- --------- 8/13/1997 22* 7/1/1998 21.5 5/18/1999 16.06 3/31/2000 8 2/20/2001 9.94 8/14/1997 22 7/2/1998 21.5 5/19/1999 16.06 4/3/2000 8 2/21/2001 9.94 8/15/1997 22 7/6/1998 21.5 5/20/1999 16.06 4/4/2000 8 2/22/2001 9.94 8/18/1997 22 7/7/1998 21.5 5/21/1999 16.25 4/5/2000 8.13 2/23/2001 9.63 8/19/1997 22 7/8/1998 21.5 5/24/1999 16.25 4/6/2000 8.13 2/26/2001 9.63 8/20/1997 22 7/9/1998 21.5 5/25/1999 16.31 4/7/2000 7.5 2/27/2001 9.63 8/21/1997 22 7/10/1998 21.5 5/26/1999 16.31 4/10/2000 7.63 2/28/2001 9.63 8/22/1997 22 7/13/1998 21.5 5/27/1999 16.06 4/11/2000 7.63 3/1/2001 9.63 8/25/1997 22 7/14/1998 21.5 5/28/1999 16.13 4/12/2000 7.38 3/2/2001 9.63 8/26/1997 22 7/15/1998 20.75 6/1/1999 16.13 4/13/2000 7.38 3/5/2001 9.5 8/27/1997 22 7/16/1998 21 6/2/1999 15.69 4/14/2000 7.38 3/6/2001 9.5 8/28/1997 22 7/17/1998 21 6/3/1999 15.69 4/17/2000 7.52 3/7/2001 9.5 8/29/1997 22 7/20/1998 20.88 6/4/1999 15.69 4/18/2000 7.52 3/8/2001 9.5 9/2/1997 22 7/21/1998 21.75 6/7/1999 15.69 4/19/2000 8 3/9/2001 8.75 9/3/1997 22 7/22/1998 21 6/8/1999 15.88 4/20/2000 8 3/12/2001 7.06 9/4/1997 22 7/23/1998 21 6/9/1999 15.69 4/24/2000 8 3/13/2001 7.63 9/5/1997 23.25 7/24/1998 21.5 6/10/1999 15 4/25/2000 8 3/14/2001 8 9/8/1997 23.25 7/27/1998 22 6/11/1999 15.88 4/26/2000 8 3/15/2001 8 9/9/1997 23.25 7/28/1998 22.5 6/14/1999 15.38 4/27/2000 8 3/16/2001 8 9/10/1997 23.25 7/29/1998 22.5 6/15/1999 15.38 4/28/2000 9.25 3/19/2001 8 9/11/1997 23.25 7/30/1998 22.5 6/16/1999 15.38 5/1/2000 9.25 3/20/2001 8 9/12/1997 23.25 7/31/1998 21.75 6/17/1999 15.75 5/2/2000 7.03 3/21/2001 8 9/15/1997 23.25 8/3/1998 21.75 6/18/1999 15 5/3/2000 6.16 3/22/2001 8 9/16/1997 23.25 8/4/1998 21.75 6/21/1999 15.63 5/4/2000 6.97 3/23/2001 8 9/17/1997 23.25 8/5/1998 21.75 6/22/1999 15.5 5/5/2000 6.97 3/26/2001 8 9/18/1997 23.5 8/6/1998 21.75 6/23/1999 15.5 5/8/2000 6.13 3/27/2001 8 9/19/1997 23.5 8/7/1998 21.75 6/24/1999 15.63 5/9/2000 6.13 3/28/2001 8 9/22/1997 23.5 8/10/1998 21.75 6/25/1999 15.63 5/10/2000 6.13 3/29/2001 8 9/23/1997 23.5 8/11/1998 21.75 6/28/1999 15.69 5/11/2000 6.13 3/30/2001 8.06 9/24/1997 23.5 8/12/1998 22.25 6/29/1999 15.69 5/12/2000 6.13 4/2/2001 8.06 9/25/1997 23.5 8/13/1998 22.25 6/30/1999 15.75 5/15/2000 6.13 4/3/2001 7.5 9/26/1997 23.5 8/14/1998 21.5 7/1/1999 15.75 5/16/2000 5.25 4/4/2001 8 9/29/1997 22 8/17/1998 22.75 7/2/1999 15.75 5/17/2000 5.25 4/5/2001 7.88 9/30/1997 22 8/18/1998 22.75 7/6/1999 15.69 5/18/2000 5.25 4/9/2001 7.88 10/1/1997 22 8/19/1998 22.75 7/7/1999 15.69 5/19/2000 5.75 4/10/2001 7.88 10/2/1997 22 8/20/1998 21.75 7/8/1999 15.63 5/22/2000 5 4/11/2001 7.88 10/3/1997 21.75 8/21/1998 22 7/9/1999 15.25 5/23/2000 4.38 4/17/2001 8 10/6/1997 21.75 8/24/1998 21.38 7/12/1999 15.25 5/24/2000 4.38 4/18/2001 8 10/7/1997 21.75 8/25/1998 21.38 7/13/1999 15.38 5/25/2000 5.5 4/19/2001 8 10/8/1997 21.75 8/26/1998 21.38 7/14/1999 15.38 5/26/2000 5.75 4/20/2001 8 10/9/1997 21.75 8/27/1998 21.5 7/15/1999 15.38 5/30/2000 5.75 4/23/2001 8 10/10/1997 21.75 8/28/1998 21.5 7/16/1999 15.38 5/31/2000 5.75 4/24/2001 8 10/13/1997 21.75 8/31/1998 21.5 7/19/1999 15.19 6/1/2000 6.5 4/26/2001 8 10/14/1997 21.75 9/1/1998 20.5 7/20/1999 15.19 6/2/2000 7.75 4/27/2001 8.74 10/15/1997 21.75 9/2/1998 22 7/21/1999 15.06 6/5/2000 7.75 4/30/2001 8.74 10/16/1997 21.75 9/3/1998 22 7/22/1999 15.06 6/6/2000 7.44 5/1/2001 8.74 10/17/1997 21.75 9/4/1998 21.5 7/23/1999 15.06 6/7/2000 7.75 5/2/2001 7.85 10/20/1997 21.75 9/8/1998 21 7/26/1999 14.88 6/8/2000 7.75 5/3/2001 7.85 10/21/1997 21.75 9/9/1998 20.38 7/27/1999 14.88 6/9/2000 7.88 5/7/2001 7.85 10/22/1997 21.75 9/10/1998 18.25 7/28/1999 14.88 6/12/2000 8 5/8/2001 8 10/23/1997 21.75 9/11/1998 18.25 7/29/1999 14.88 6/13/2000 7.94 5/9/2001 8 10/24/1997 21.75 9/14/1998 19 7/30/1999 14.88 6/14/2000 7.94 5/10/2001 8 10/27/1997 21.75 9/15/1998 19 8/2/1999 15 6/15/2000 7.94 5/11/2001 8 10/28/1997 22 9/16/1998 19 8/3/1999 14.88 6/16/2000 8 5/14/2001 8.25 10/29/1997 22 9/17/1998 18.38 8/4/1999 14.81 6/19/2000 8 5/15/2001 8.12 10/30/1997 23 9/18/1998 18.5 8/5/1999 15 6/20/2000 8 5/16/2001 8.12 10/31/1997 21.75 9/21/1998 18.5 8/6/1999 15 6/21/2000 8 5/17/2001 8.12 11/3/1997 21.5 9/22/1998 18.5 8/9/1999 14.88 6/22/2000 8 5/18/2001 8.05 11/4/1997 21.5 9/23/1998 19 8/10/1999 14.88 6/23/2000 8 5/21/2001 8.11 11/5/1997 21.5 9/24/1998 19 8/11/1999 13.13 6/26/2000 8 5/22/2001 8.11 11/6/1997 21.63 9/25/1998 19 8/12/1999 11.38* 6/27/2000 7 5/23/2001 8.11 11/7/1997 21.75 9/28/1998 19 8/13/1999 6 6/28/2000 7 5/24/2001 8.11 11/10/1997 21.75 9/29/1998 18.75 8/16/1999 7.19 6/29/2000 7 5/25/2001 8.25 11/11/1997 21.75 9/30/1998 18.75 8/17/1999 8.25 6/30/2000 8.75 5/29/2001 8.25 11/12/1997 21.75 10/1/1998 18.75 8/18/1999 8 7/3/2000 8.25 5/30/2001 8.25 11/13/1997 21.13 10/2/1998 18.75 8/19/1999 8 7/5/2000 9 5/31/2001 8.25 11/14/1997 21 10/5/1998 18.75 8/20/1999 8 7/6/2000 9 6/1/2001 8.25 11/17/1997 21.5 10/6/1998 18 8/23/1999 7.75 7/7/2000 8.5 6/4/2001 8.25 11/18/1997 21.5 10/7/1998 18 8/24/1999 7.13 7/10/2000 8.63 6/5/2001 8.25 11/19/1997 21.5 10/8/1998 14.69 8/25/1999 7 7/11/2000 8.63 6/6/2001 8.25 11/20/1997 22.5 10/9/1998 16 8/26/1999 5.5 7/12/2000 8.5 6/8/2001 8.38 11/21/1997 22 10/12/1998 15.25 8/27/1999 6.25 7/13/2000 8.5 6/11/2001 8.38 11/24/1997 22 10/13/1998 15.25 8/30/1999 5.25 7/14/2000 8.5 6/12/2001 8.38 11/25/1997 22 10/14/1998 15.25 8/31/1999 5.5 7/17/2000 8.5 6/13/2001 8.37 11/26/1997 21.5 10/15/1998 16.5 9/1/1999 5 7/18/2000 8.63 6/15/2001 8.37 11/28/1997 21.5 10/16/1998 17.13 9/2/1999 7 7/19/2000 8.63 6/19/2001 8.37 12/1/1997 21.13 10/19/1998 17.25 9/3/1999 7 7/20/2000 8.63 6/20/2001 8.38 12/2/1997 21.13 10/20/1998 17.25 9/7/1999 6.81 7/21/2000 9.13 6/21/2001 8.38 12/3/1997 21.13 10/21/1998 17.5 9/8/1999 6.75 7/24/2000 9 6/25/2001 8.5 12/4/1997 21.5 10/22/1998 17 9/9/1999 7.88 7/25/2000 9 6/26/2001 7.75 12/5/1997 21.5 10/23/1998 17 9/10/1999 7 7/26/2000 9 6/27/2001 8.45 12/8/1997 21.5 10/26/1998 17.75 9/13/1999 7 7/27/2000 8.88 6/28/2001 8.25 12/9/1997 21.5 10/27/1998 17.75 9/14/1999 6.88 7/28/2000 8.88 6/29/2001 8.25 12/10/1997 21.5 10/28/1998 15.5 9/15/1999 7.25 7/31/2000 8.88 7/2/2001 8.25 12/11/1997 21.5 10/29/1998 15 9/16/1999 5.75 8/1/2000 10.75 7/3/2001 8.25 12/12/1997 21.5 11/3/1998 16 9/17/1999 6 8/2/2000 8.5 7/6/2001 8.25 12/15/1997 21 11/2/1998 16 9/20/1999 6.13 8/3/2000 8.5 7/9/2001 8.25 12/16/1997 21.5 11/3/1998 16 9/21/1999 7.63 8/4/2000 9.75 7/10/2001 7.75 12/17/1997 21.5 11/4/1998 16 9/22/1999 7.19 8/7/2000 9.25 7/11/2001 7.5 12/18/1997 21.5 11/5/1998 16 9/23/1999 7.63 8/8/2000 9.25 7/12/2001 8 12/19/1997 21.63 11/6/1998 16 9/24/1999 5.5 8/9/2000 9.25 7/13/2001 8 12/22/1997 22 11/9/1998 16 9/27/1999 6 8/10/2000 9.25 7/16/2001 8.1 12/23/1997 22.5 11/10/1998 17 9/28/1999 5.88 8/11/2000 9 7/17/2001 8.1 12/24/1997 22.5 11/11/1998 16 9/29/1999 5.5 8/14/2000 10.25 7/18/2001 8.24 12/26/1997 21.25 11/12/1998 15.5 9/30/1999 5.5 8/15/2000 10.5 7/19/2001 8.24 12/29/1997 21.75 11/13/1998 15.5 10/1/1999 6.25 8/16/2000 9.5 7/20/2001 8.24 12/30/1997 21.75 11/16/1998 15.5 10/4/1999 6 8/17/2000 9 7/23/2001 8.24 12/31/1997 21.75 11/17/1998 15.5 10/5/1999 6 8/18/2000 9.25 7/25/2001 8.24 1/2/1998 21.75 11/18/1998 15.5 10/6/1999 6.25 8/21/2000 9.25 7/26/2001 7.5 1/5/1998 22 11/19/1998 15.75 10/7/1999 6.44 8/22/2000 9.25 7/27/2001 7.5 1/6/1998 22 11/20/1998 15.75 10/8/1999 6.44 8/23/2000 10 7/31/2001 7.5 1/7/1998 22 11/23/1998 15.06 10/11/1999 6.44 8/24/2000 10 8/1/2001 7.5 1/8/1998 22.19 11/24/1998 15.38 10/12/1999 6.38 8/25/2000 10 8/2/2001 7.5 1/9/1998 22.25 11/25/1998 15.5 10/13/1999 6.38 8/28/2000 9.94 8/3/2001 7.5 1/12/1998 22.31 11/27/1998 15.06 10/14/1999 6.38 8/29/2000 9.25 8/7/2001 7.5 1/13/1998 22.31 11/30/1998 15.5 10/15/1999 6.44 8/30/2000 9.25 8/8/2001 7.5 1/14/1998 23.25 12/1/1998 15 10/18/1999 7.44 8/31/2000 10.5 8/9/2001 8.5 1/15/1998 23.25 12/2/1998 15.5 10/19/1999 6.38 9/1/2000 10.5 8/10/2001 7.5 1/16/1998 23.25 12/3/1998 16 10/20/1999 6.38 9/5/2000 10.5 8/13/2001 8.25 1/20/1998 23.25 12/4/1998 17 10/21/1999 7.25 9/6/2000 10.25 8/14/2001 8.25 1/21/1998 23.25 12/7/1998 17.5 10/22/1999 7.44 9/7/2000 10 8/15/2001 8.25 1/22/1998 22.5 12/8/1998 17.25 10/25/1999 7.44 9/8/2000 11.75 8/16/2001 8.5 1/23/1998 21.75 12/9/1998 18 10/26/1999 7 9/11/2000 11.75 8/17/2001 8.5 1/27/1998 22 12/10/1998 18 10/27/1999 7.38 9/12/2000 11.88 8/20/2001 8.5 1/28/1998 22 12/11/1998 18 10/28/1999 7.13 9/13/2000 11.88 8/21/2001 8.5 1/29/1998 22 12/14/1998 18.75 10/29/1999 7.44 9/14/2000 11.88 8/22/2001 8.5 1/30/1998 22 12/15/1998 18.75 11/1/1999 7.44 9/15/2000 11.88 8/23/2001 8.5 2/2/1998 22 12/16/1998 17.5 11/2/1999 7.44 9/18/2000 10 8/24/2001 8.5 2/3/1998 22 12/17/1998 18.5 11/3/1999 7.38 9/19/2000 10 8/27/2001 8.5 2/4/1998 22 12/18/1998 18 11/4/1999 7.44 9/20/2000 10 8/28/2001 8.5 2/5/1998 22 12/21/1998 18 11/5/1999 7.44 9/21/2000 11 8/29/2001 8.5 2/6/1998 22 12/22/1998 18 11/8/1999 7.44 9/22/2000 11 8/30/2001 8.5 2/9/1998 22 12/23/1998 17.75 11/9/1999 7.44 9/25/2000 10.06 8/31/2001 7.72 2/10/1998 22 12/24/1998 19 11/10/1999 7.94 9/26/2000 10.06 9/4/2001 8 2/11/1998 21.75 12/28/1998 19 11/11/1999 7.94 9/27/2000 10.06 9/5/2001 7.72 2/12/1998 21.75 12/29/1998 19 11/12/1999 8.63 9/28/2000 10.06 9/6/2001 7.95 2/13/1998 22 12/30/1998 19 11/15/1999 8.25 9/29/2000 10.06 9/7/2001 8.12 2/17/1998 22 12/31/1998 18.13 11/16/1999 8.25 10/2/2000 10.06 9/10/2001 8.12 2/18/1998 22 1/4/1999 18.5 11/17/1999 8.38 10/3/2000 11 9/17/2001 8 2/19/1998 22.5 1/5/1999 18 11/18/1999 7.5 10/4/2000 10.06 9/18/2001 8 2/20/1998 22.5 1/6/1999 18 11/19/1999 7.5 10/5/2000 10.06 9/19/2001 7.65 2/23/1998 22.75 1/7/1999 18.75 11/22/1999 7.5 10/6/2000 10.06 9/20/2001 7.5 2/24/1998 22 1/8/1999 18.88 11/23/1999 9 10/9/2000 10.06 9/21/2001 6.5 2/25/1998 22 1/11/1999 19 11/24/1999 9 10/10/2000 10.75 9/24/2001 6.5 2/26/1998 22 1/12/1999 19 11/26/1999 9 10/11/2000 10.25 9/25/2001 6.5 2/27/1998 22.38 1/13/1999 18.88 11/29/1999 6.5 10/12/2000 10.06 9/26/2001 6.5 3/2/1998 22.38 1/14/1999 19 11/30/1999 7.13 10/13/2000 10.06 9/27/2001 6.5 3/3/1998 22.5 1/15/1999 19 12/1/1999 7.13 10/16/2000 11 9/28/2001 8 3/4/1998 22.5 1/19/1999 19.25 12/2/1999 7.5 10/17/2000 11 10/1/2001 8 3/5/1998 22.5 1/20/1999 19 12/3/1999 7.5 10/18/2000 10.06 10/2/2001 8 3/6/1998 22.5 1/21/1999 19 12/6/1999 7.63 10/19/2000 10.06 10/3/2001 8 3/9/1998 22.5 1/22/1999 18.5 12/7/1999 8.25 10/20/2000 10.06 10/4/2001 8 3/10/1998 22.19 1/25/1999 20 12/8/1999 7.5 10/23/2000 10.25 10/5/2001 8 3/11/1998 22.38 1/26/1999 18.44 12/9/1999 7.75 10/24/2000 10.25 10/8/2001 8 3/12/1998 22.38 1/27/1999 18.44 12/10/1999 7.5 10/25/2000 10.25 10/9/2001 8 3/13/1998 22.44 1/28/1999 18.44 12/13/1999 7.5 10/26/2000 10.25 10/10/2001 8.63 3/16/1998 22.13 1/29/1999 18.44 12/14/1999 7.5 10/27/2000 10.25 10/12/2001 8.45 3/17/1998 22.25 2/1/1999 18.44 12/15/1999 7.5 10/30/2000 10.5 10/15/2001 7.6 3/18/1998 22.13 2/2/1999 18.44 12/16/1999 7.5 10/31/2000 10.5 10/16/2001 8 3/19/1998 22.13 2/3/1999 18.75 12/17/1999 7.5 11/1/2000 10.5 10/17/2001 7.75 3/20/1998 22.13 2/4/1999 18.75 12/20/1999 6.75 11/2/2000 9.92 10/19/2001 7.75 3/23/1998 22.13 2/5/1999 18.75 12/21/1999 6.75 11/3/2000 9.63 10/22/2001 7.75 3/24/1998 22.13 2/8/1999 19.63 12/22/1999 9 11/6/2000 10 10/23/2001 7.75 3/25/1998 22.75 2/9/1999 19.5 12/23/1999 9 11/7/2000 9.94 10/25/2001 7.75 3/26/1998 22.5 2/10/1999 19.63 12/27/1999 7 11/8/2000 10 10/26/2001 8 3/27/1998 22.5 2/11/1999 19.63 12/28/1999 6.88 11/9/2000 10.2 10/29/2001 7.75 3/30/1998 22.75 2/12/1999 19.5 12/29/1999 8.5 11/10/2000 10.25 10/30/2001 7.75 3/31/1998 22.63 2/16/1999 19.5 12/30/1999 9 11/13/2000 10.06 10/31/2001 7.75 4/1/1998 22.25 2/17/1999 19.5 12/31/1999 9.63 11/14/2000 10.06 11/1/2001 7.75 4/2/1998 22.25 2/18/1999 19.5 1/3/2000 9.75 11/15/2000 10.06 11/2/2001 7.75 4/3/1998 22.25 2/19/1999 18.31 1/4/2000 9.75 11/16/2000 9.94 11/5/2001 7.75 4/6/1998 22.25 2/22/1999 18.31 1/5/2000 9.75 11/17/2000 9.94 11/6/2001 7.75 4/7/1998 22.13 2/23/1999 18 1/6/2000 9.75 11/20/2000 9.94 11/7/2001 7 4/8/1998 22.13 2/24/1999 17.69 1/7/2000 9.94 11/21/2000 10.14 11/8/2001 7.12 4/9/1998 23.88 2/25/1999 17.69 1/10/2000 9.94 11/22/2000 10.14 11/12/2001 7.11 4/13/1998 23.88 2/26/1999 19 1/11/2000 9.94 11/24/2000 10.14 11/13/2001 7.11 4/14/1998 21.88 3/1/1999 19 1/12/2000 9.94 11/27/2000 9.88 11/14/2001 7.1 4/15/1998 21.88 3/2/1999 19 1/13/2000 9.94 11/28/2000 10.14 11/15/2001 7.48 4/16/1998 23.75 3/3/1999 18.13 1/14/2000 11 11/29/2000 10.25 11/16/2001 7.17 4/17/1998 23.75 3/4/1999 18.13 1/18/2000 11 11/30/2000 10.25 11/20/2001 7.17 4/20/1998 23.75 3/5/1999 18.13 1/19/2000 11 12/1/2000 10.25 11/21/2001 7.4 4/21/1998 23.75 3/8/1999 18 1/20/2000 10.38 12/4/2000 10.25 11/26/2001 7.02 4/22/1998 23.75 3/9/1999 17.75 1/21/2000 9.25 12/5/2000 10.2 11/27/2001 7.12 4/23/1998 23.75 3/10/1999 17.38 1/24/2000 9.25 12/6/2000 10.2 11/28/2001 7.12 4/24/1998 22.25 3/11/1999 17.38 1/25/2000 9.25 12/7/2000 10.2 11/29/2001 7.12 4/27/1998 22.25 3/12/1999 17.38 1/26/2000 10.13 12/8/2000 10.25 12/3/2001 7.12 4/28/1998 22.25 3/15/1999 17.5 1/27/2000 10.13 12/11/2000 10.25 12/4/2001 7.12 4/29/1998 22.5 3/16/1999 20 1/28/2000 10.13 12/12/2000 10.25 12/5/2001 7.12 4/30/1998 22.5 3/17/1999 20.75 1/31/2000 9.75 12/13/2000 10.44 12/6/2001 7.12 5/1/1998 23.25 3/18/1999 20.75 2/1/2000 9.25 12/14/2000 10.25 12/7/2001 7.12 5/4/1998 23.5 3/19/1999 18.25 2/2/2000 9.25 12/15/2000 10.19 12/10/2001 7.42 5/5/1998 22.5 3/22/1999 18.13 2/3/2000 8 12/18/2000 10.5 12/11/2001 7.45 5/6/1998 22.5 3/23/1999 18.13 2/4/2000 10.13 12/19/2000 10.5 12/12/2001 7.45 5/7/1998 22.5 3/24/1999 19.75 2/7/2000 10.13 12/20/2000 10.25 12/13/2001 7.45 5/8/1998 23.75 3/25/1999 20 2/8/2000 10.38 12/21/2000 10.19 12/14/2001 7.45 5/11/1998 23.75 3/26/1999 20 2/9/2000 9.25 12/22/2000 10.19 12/17/2001 7.43 5/12/1998 22.5 3/29/1999 17.5 2/10/2000 9.5 12/26/2000 9.06 12/18/2001 7.43 5/13/1998 22.88 3/30/1999 18.06 2/11/2000 9.75 12/27/2000 9.06 12/19/2001 7.43 5/14/1998 22.88 3/31/1999 18.06 2/14/2000 9.5 12/28/2000 9.5 12/20/2001 7.51 5/15/1998 22.88 4/1/1999 18 2/15/2000 9.25 12/29/2000 9.5 12/21/2001 7.51 5/18/1998 22.88 4/5/1999 18 2/16/2000 9.75 1/2/2001 9.63 12/24/2001 7.51 5/19/1998 22.88 4/6/1999 18.25 2/17/2000 9.88 1/3/2001 9.63 12/26/2001 7.4 5/20/1998 22.88 4/7/1999 17.44 2/18/2000 9.5 1/4/2001 9.63 12/27/2001 7.25 5/21/1998 22.88 4/8/1999 17.38 2/22/2000 9.25 1/5/2001 10.13 12/28/2001 7.4 5/22/1998 22.88 4/9/1999 17.38 2/23/2000 9.25 1/8/2001 10.13 12/31/2001 7.4 5/26/1998 23.5 4/12/1999 17.38 2/24/2000 9.38 1/10/2001 9.75 1/2/2002 8 5/27/1998 22.5 4/13/1999 17.38 2/25/2000 9 1/11/2001 10 1/3/2002 8 5/28/1998 23 4/14/1999 17.38 2/28/2000 8.75 1/16/2001 10.19 1/4/2002 9.25 5/29/1998 22.75 4/15/1999 17.5 2/29/2000 9 1/17/2001 10.31 1/7/2002 8.7 6/1/1998 23 4/16/1999 18.13 3/1/2000 9.25 1/18/2001 10.31 1/8/2002 8.7 6/2/1998 22.75 4/19/1999 17.5 3/2/2000 9.38 1/19/2001 10.25 1/14/2002 8.61 6/3/1998 22.75 4/20/1999 17.75 3/3/2000 9.38 1/22/2001 10.25 1/15/2002 8.61 6/4/1998 22.63 4/21/1999 17.94 3/6/2000 9.38 1/23/2001 10 1/17/2002 8.61 6/5/1998 22.63 4/22/1999 17.56 3/7/2000 9.38 1/24/2001 10 1/18/2002 8.61 6/8/1998 22.63 4/23/1999 17.56 3/8/2000 9.56 1/25/2001 10 1/22/2002 8.61 6/9/1998 22.63 4/26/1999 16.88 3/9/2000 9.13 1/26/2001 10 1/23/2002 8.61 6/10/1998 22 4/27/1999 17.56 3/10/2000 9.13 1/29/2001 10 1/24/2002 7.75 6/11/1998 22 4/28/1999 17.56 3/13/2000 8.5 1/30/2001 10 1/25/2002 7.6*** 6/12/1998 22 4/29/1999 17.88 3/14/2000 8.5 1/31/2001 9.38 6/15/1998 22 4/30/1999 17.88 3/15/2000 8.5 2/1/2001 10 6/16/1998 23 5/3/1999 17.88 3/16/2000 8.25 2/2/2001 10 6/17/1998 23 5/4/1999 17.06 3/17/2000 8.38 2/5/2001 10 6/18/1998 23 5/5/1999 17 3/20/2000 8.25 2/6/2001 10 6/19/1998 23 5/6/1999 17 3/21/2000 8 2/7/2001 10 6/22/1998 23 5/7/1999 17 3/22/2000 8 2/8/2001 10 6/23/1998 21.88 5/10/1999 17 3/23/2000 7 2/9/2001 10 6/24/1998 22 5/11/1999 16.25 3/24/2000 7.56 2/12/2001 10 6/25/1998 21.88 5/12/1999 16 3/27/2000 7.88 2/13/2001 10 6/26/1998 21.5 5/13/1999 16.06 3/28/2000 7.88 2/14/2001 10 6/29/1998 21.5 5/14/1999 16.06 3/29/2000 7.88 2/15/2001 10 6/30/1998 21.5 5/17/1999 16.38 3/30/2000 7.88 2/16/2001 9.94
* CURRENT PREFERRED ISSUED BY FCFC ** PREFERRED DIVIDEND SUSPENDED BY FCFC *** $7.10 IS LAST TRADE OF FCFCO FIRSTCITY FINANCIAL CORPORATION 23 KEEFE, BRUYETTE & WOODS, INC. PREFERRED STOCK PRICE PERFORMANCE: DAILY VOLUME [PERFORMANCE GRAPH] OUT OF A POSSIBLE 1,203 TRADING DAYS SINCE THE PREFERRED WAS ISSUED, IT TRADED NO VOLUME ON 554 OF THOSE DAYS
FCFCO FCFCO FCFCO FCFCO Preferred Preferred Preferred Preferred Date Stock Date Stock Date Stock Date Stock - ---- --------- ---- --------- ---- --------- ---- --------- 8/13/1997 400 1/1/1999 0 5/23/2000 7400 10/11/2001 0 8/14/1997 300 1/4/1999 400 5/24/2000 0 10/12/2001 1000 8/15/1997 0 1/5/1999 2400 5/25/2000 3500 10/15/2001 3800 8/18/1997 0 1/6/1999 0 5/26/2000 1600 10/16/2001 900 8/19/1997 0 1/7/1999 200 5/29/2000 0 10/17/2001 900 8/20/1997 0 1/8/1999 200 5/30/2000 0 10/18/2001 0 8/21/1997 0 1/11/1999 4200 5/31/2000 0 10/19/2001 300 8/22/1997 0 1/12/1999 0 6/1/2000 200 10/22/2001 0 8/25/1997 0 1/13/1999 1400 6/2/2000 12000 10/23/2001 0 8/26/1997 1000 1/14/1999 400 6/5/2000 0 10/24/2001 0 8/27/1997 0 1/15/1999 0 6/6/2000 10300 10/25/2001 0 8/28/1997 0 1/18/1999 0 6/7/2000 8000 10/26/2001 200 8/29/1997 0 1/19/1999 500 6/8/2000 0 10/29/2001 400 9/1/1997 0 1/20/1999 600 6/9/2000 4600 10/30/2001 0 9/2/1997 0 1/21/1999 6100 6/12/2000 2400 10/31/2001 0 9/3/1997 0 1/22/1999 1100 6/13/2000 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9/7/1998 0 1/26/2000 4500 6/15/2001 0 9/8/1998 3000 1/27/2000 500 6/18/2001 0 9/9/1998 1700 1/28/2000 0 6/19/2001 0 9/10/1998 10500 1/31/2000 22000 6/20/2001 2300 9/11/1998 0 2/1/2000 2500 6/21/2001 0 9/14/1998 5000 2/2/2000 0 6/22/2001 0 9/15/1998 5300 2/3/2000 700 6/25/2001 6900 9/16/1998 0 2/4/2000 600 6/26/2001 3000 9/17/1998 12300 2/7/2000 0 6/27/2001 4000 9/18/1998 2300 2/8/2000 1900 6/28/2001 1500 9/21/1998 0 2/9/2000 2700 6/29/2001 0 9/22/1998 100 2/10/2000 2100 7/2/2001 0 9/23/1998 3400 2/11/2000 6000 7/3/2001 0 9/24/1998 5100 2/14/2000 1100 7/4/2001 0 9/25/1998 2100 2/15/2000 4100 7/5/2001 0 9/28/1998 11000 2/16/2000 3000 7/6/2001 0 9/29/1998 1000 2/17/2000 3800 7/9/2001 2900 9/30/1998 0 2/18/2000 100 7/10/2001 900 10/1/1998 0 2/21/2000 0 7/11/2001 400 10/2/1998 0 2/22/2000 400 7/12/2001 1200 10/5/1998 100 2/23/2000 0 7/13/2001 0 10/6/1998 12000 2/24/2000 40800 7/16/2001 200 10/7/1998 0 2/25/2000 1000 7/17/2001 0 10/8/1998 6400 2/28/2000 400 7/18/2001 1500 10/9/1998 10700 2/29/2000 2900 7/19/2001 0 10/12/1998 100 3/1/2000 800 7/20/2001 0 10/13/1998 0 3/2/2000 4200 7/23/2001 0 10/14/1998 0 3/3/2000 0 7/24/2001 0 10/15/1998 3400 3/6/2000 0 7/25/2001 0 10/16/1998 1700 3/7/2000 0 7/26/2001 200 10/19/1998 1300 3/8/2000 300 7/27/2001 0 10/20/1998 2000 3/9/2000 1100 7/30/2001 0 10/21/1998 1000 3/10/2000 0 7/31/2001 0 10/22/1998 4000 3/13/2000 1600 8/1/2001 0 10/23/1998 1800 3/14/2000 17800 8/2/2001 0 10/26/1998 200 3/15/2000 0 8/3/2001 0 10/27/1998 0 3/16/2000 600 8/6/2001 0 10/28/1998 6000 3/17/2000 900 8/7/2001 0 10/29/1998 6300 3/20/2000 1200 8/8/2001 0 10/30/1998 0 3/21/2000 3800 8/9/2001 1300 11/2/1998 0 3/22/2000 0 8/10/2001 7200 11/3/1998 200 3/23/2000 7600 8/13/2001 900 11/4/1998 0 3/24/2000 1700 8/14/2001 0 11/5/1998 0 3/27/2000 800 8/15/2001 0 11/6/1998 0 3/28/2000 0 8/16/2001 700 11/9/1998 0 3/29/2000 300 8/17/2001 0 11/10/1998 4900 3/30/2000 0 8/20/2001 0 11/11/1998 1500 3/31/2000 3000 8/21/2001 200 11/12/1998 4700 4/3/2000 0 8/22/2001 2800 11/13/1998 2000 4/4/2000 0 8/23/2001 0 11/16/1998 7200 4/5/2000 1500 8/24/2001 0 11/17/1998 0 4/6/2000 0 8/27/2001 0 11/18/1998 0 4/7/2000 2000 8/28/2001 0 11/19/1998 1400 4/10/2000 1200 8/29/2001 0 11/20/1998 0 4/11/2000 0 8/30/2001 0 11/23/1998 13500 4/12/2000 1800 8/31/2001 200 11/24/1998 3600 4/13/2000 0 9/3/2001 0 11/25/1998 5500 4/14/2000 4400 9/4/2001 4800 11/26/1998 0 4/17/2000 9300 9/5/2001 200 11/27/1998 1200 4/18/2000 0 9/6/2001 500 11/30/1998 1900 4/19/2000 1400 9/7/2001 700 12/1/1998 9200 4/20/2000 2000 9/10/2001 0 12/2/1998 800 4/21/2000 0 9/11/2001 0 12/3/1998 1000 4/24/2000 0 9/12/2001 0 12/4/1998 1800 4/25/2000 500 9/13/2001 0 12/7/1998 1400 4/26/2000 0 9/14/2001 0 12/8/1998 400 4/27/2000 0 9/17/2001 2100 12/9/1998 2800 4/28/2000 1900 9/18/2001 0 12/10/1998 0 5/1/2000 0 9/19/2001 1000 12/11/1998 0 5/2/2000 30200 9/20/2001 900 12/14/1998 3000 5/3/2000 10400 9/21/2001 500 12/15/1998 200 5/4/2000 9000 9/24/2001 0 12/16/1998 2800 5/5/2000 0 9/25/2001 0 12/17/1998 3400 5/8/2000 9600 9/26/2001 0 12/18/1998 1000 5/9/2000 0 9/27/2001 0 12/21/1998 0 5/10/2000 2000 9/28/2001 2500 12/22/1998 1000 5/11/2000 3000 10/1/2001 0 12/23/1998 4800 5/12/2000 0 10/2/2001 0 12/24/1998 400 5/15/2000 1500 10/3/2001 0 12/25/1998 0 5/16/2000 8600 10/4/2001 0 12/28/1998 0 5/17/2000 0 10/5/2001 0 12/29/1998 0 5/18/2000 0 10/8/2001 0 12/30/1998 0 5/19/2000 6800 10/9/2001 0 12/31/1998 500 5/22/2000 35600 10/10/2001 400
FIRSTCITY FINANCIAL CORPORATION 24 KEEFE, BRUYETTE & WOODS, INC. COMMON STOCK PRICE PERFORMANCE: SINCE PREFERRED ISSUANCE [PERFORMANCE GRAPH]
FCFC FCFC FCFC Common Common Common Date Stock Date Stock Date Stock - ---- ------ ---- ------ ---- ------ 8/13/1997 25.75 5/3/1999 10.375 1/18/2001 1.75 8/14/1997 25.5 5/4/1999 10 1/19/2001 1.875 8/15/1997 25.25 5/5/1999 9.3125 1/22/2001 1.8125 8/18/1997 25.25 5/6/1999 9 1/23/2001 1.8125 8/19/1997 25.625 5/7/1999 8.3125 1/24/2001 1.9375 8/20/1997 25 5/10/1999 7.875 1/25/2001 1.8125 8/21/1997 25 5/11/1999 7.25 1/26/2001 1.875 8/22/1997 24.75 5/12/1999 7 1/29/2001 1.875 8/25/1997 25.25 5/13/1999 6.625 1/30/2001 1.6563 8/26/1997 23.875 5/14/1999 6.125 1/31/2001 1.6563 8/27/1997 24 5/17/1999 6.1875 2/1/2001 1.6563 8/28/1997 24 5/18/1999 6.1875 2/2/2001 1.6563 8/29/1997 24.125 5/19/1999 6.0625 2/5/2001 1.6563 9/2/1997 24 5/20/1999 6.0625 2/6/2001 1.8125 9/3/1997 25.125 5/21/1999 5.875 2/7/2001 1.75 9/4/1997 24.75 5/24/1999 5.9375 2/8/2001 1.7969 9/5/1997 25.125 5/25/1999 6 2/9/2001 1.6875 9/8/1997 24.625 5/26/1999 6.0781 2/12/2001 1.6875 9/9/1997 24.5 5/27/1999 6.375 2/13/2001 1.625 9/10/1997 25.7031 5/28/1999 6.375 2/14/2001 1.375 9/11/1997 25.75 6/1/1999 6 2/15/2001 1.5 9/12/1997 25 6/2/1999 5.375 2/16/2001 1.375 9/15/1997 25.75 6/3/1999 5.0625 2/20/2001 1.25 9/16/1997 26 6/4/1999 5.75 2/21/2001 1.4688 9/17/1997 26.25 6/7/1999 6 2/22/2001 1.25 9/18/1997 25.75 6/8/1999 6.5 2/23/2001 1.3125 9/19/1997 25.5 6/9/1999 6.5625 2/26/2001 1.5 9/22/1997 25.75 6/10/1999 6.3125 2/27/2001 1.3125 9/23/1997 25.5 6/11/1999 6.125 2/28/2001 1.3125 9/24/1997 25.75 6/14/1999 6.125 3/1/2001 1.25 9/25/1997 25.25 6/15/1999 6.25 3/2/2001 1.4375 9/26/1997 25.375 6/16/1999 6.25 3/5/2001 1.4375 9/29/1997 25.4375 6/17/1999 6.625 3/6/2001 1.5 9/30/1997 25.5 6/18/1999 6.25 3/7/2001 1.3125 10/1/1997 25.75 6/21/1999 6.5625 3/8/2001 1.375 10/2/1997 25.75 6/22/1999 6.25 3/9/2001 1.4375 10/3/1997 26 6/23/1999 6.125 3/12/2001 1.3125 10/6/1997 26 6/24/1999 6 3/13/2001 1.375 10/7/1997 26.25 6/25/1999 5.75 3/14/2001 1.125 10/8/1997 26.25 6/28/1999 5.75 3/15/2001 1.0938 10/9/1997 26 6/29/1999 5.75 3/16/2001 1.1875 10/10/1997 26 6/30/1999 5.5 3/19/2001 1.1875 10/13/1997 26 7/1/1999 5.75 3/20/2001 1.0313 10/14/1997 26 7/2/1999 5.875 3/21/2001 1.25 10/15/1997 26 7/6/1999 6.25 3/22/2001 1.3125 10/16/1997 26 7/7/1999 6.375 3/23/2001 1.1563 10/17/1997 26 7/8/1999 6.1875 3/26/2001 1.125 10/20/1997 26 7/9/1999 6.125 3/27/2001 1.1563 10/21/1997 26.125 7/12/1999 6.5625 3/28/2001 1.625 10/22/1997 26.125 7/13/1999 6.625 3/29/2001 1.625 10/23/1997 26.125 7/14/1999 6.5 3/30/2001 1.25 10/24/1997 26.25 7/15/1999 6.5 4/2/2001 1.2188 10/27/1997 26.125 7/16/1999 5.625 4/3/2001 1.25 10/28/1997 26.25 7/19/1999 6.125 4/4/2001 1.25 10/29/1997 26 7/20/1999 6.0313 4/5/2001 1.25 10/30/1997 25.375 7/21/1999 6 4/9/2001 1.25 10/31/1997 25.5 7/22/1999 5.9375 4/10/2001 1.32 11/3/1997 25.5 7/23/1999 5.8125 4/11/2001 1.3 11/4/1997 25.5 7/26/1999 6.375 4/17/2001 1.32 11/5/1997 25.5 7/27/1999 6 4/18/2001 1.18 11/6/1997 25.625 7/28/1999 5.875 4/19/2001 1.15 11/7/1997 25.5 7/29/1999 6.125 4/20/2001 1.18 11/10/1997 25.25 7/30/1999 5.625 4/23/2001 1.19 11/11/1997 25.5 8/2/1999 5.5625 4/24/2001 1.05 11/12/1997 26 8/3/1999 5.375 4/26/2001 1.15 11/13/1997 26.5 8/4/1999 5 4/27/2001 1.3 11/14/1997 26.5 8/5/1999 5.75 4/30/2001 1.07 11/17/1997 26.75 8/6/1999 5.25 5/1/2001 1.26 11/18/1997 27 8/9/1999 5 5/2/2001 1.5 11/19/1997 28.5 8/10/1999 5.125 5/3/2001 1.35 11/20/1997 30.25 8/11/1999 5.125 5/7/2001 1.5 11/21/1997 30.125 8/12/1999 4.75* 5/8/2001 1.54 11/24/1997 29.625 8/13/1999 1.7813 5/9/2001 1.48 11/25/1997 29.75 8/16/1999 1.4375 5/10/2001 1.55 11/26/1997 29.875 8/17/1999 1.5 5/11/2001 1.5 11/28/1997 29.625 8/18/1999 1.875 5/14/2001 1.5 12/1/1997 29.8125 8/19/1999 1.9375 5/15/2001 1.5 12/2/1997 29.75 8/20/1999 1.9375 5/16/2001 1.5 12/3/1997 30 8/23/1999 2.0313 5/17/2001 1.46 12/4/1997 30.125 8/24/1999 2.0313 5/18/2001 1.46 12/5/1997 30.125 8/25/1999 2 5/21/2001 1.35 12/8/1997 30.375 8/26/1999 1.875 5/22/2001 1.35 12/9/1997 30.25 8/27/1999 1.8125 5/23/2001 1.3 12/10/1997 30.25 8/30/1999 1.5 5/24/2001 1.38 12/11/1997 30.75 8/31/1999 1.5 5/25/2001 1.45 12/12/1997 30.25 9/1/1999 1.4375 5/29/2001 1.39 12/15/1997 30.375 9/2/1999 1.5625 5/30/2001 1.5 12/16/1997 30.375 9/3/1999 1.625 5/31/2001 1.39 12/17/1997 30.125 9/7/1999 1.6875 6/1/2001 1.54 12/18/1997 30.25 9/8/1999 1.5625 6/4/2001 1.39 12/19/1997 30.125 9/9/1999 1.5313 6/5/2001 1.3 12/22/1997 30.375 9/10/1999 1.375 6/6/2001 1.31 12/23/1997 30.375 9/13/1999 1.375 6/8/2001 1.7 12/24/1997 30.375 9/14/1999 1.4063 6/11/2001 1.5 12/26/1997 30.375 9/15/1999 1.1875 6/12/2001 1.6 12/29/1997 30.375 9/16/1999 0.75 6/13/2001 1.5 12/30/1997 30.5 9/17/1999 1 6/15/2001 1.46 12/31/1997 30.375 9/20/1999 1.1875 6/19/2001 1.35 1/2/1998 29.875 9/21/1999 1.4375 6/20/2001 1.74 1/5/1998 30.25 9/22/1999 1.375 6/21/2001 1.7 1/6/1998 30 9/23/1999 1.3125 6/25/2001 1.7 1/7/1998 29.5 9/24/1999 1.5 6/26/2001 1.49 1/8/1998 30 9/27/1999 1.4375 6/27/2001 1.39 1/9/1998 28 9/28/1999 1.375 6/28/2001 1.52 1/12/1998 27 9/29/1999 1.375 6/29/2001 1.4 1/13/1998 27.5 9/30/1999 1.5 7/2/2001 1.7 1/14/1998 28.375 10/1/1999 1.625 7/3/2001 1.39 1/15/1998 28.125 10/4/1999 1.75 7/6/2001 1.4 1/16/1998 28.375 10/5/1999 1.7813 7/9/2001 1.4 1/20/1998 28.375 10/6/1999 1.75 7/10/2001 1.5 1/21/1998 28.25 10/7/1999 1.625 7/11/2001 1.51 1/22/1998 27.5 10/8/1999 1.75 7/12/2001 1.54 1/23/1998 27.5 10/11/1999 1.625 7/13/2001 1.44 1/27/1998 27.25 10/12/1999 1.5 7/16/2001 1.35 1/28/1998 27.625 10/13/1999 1.5625 7/17/2001 1.42 1/29/1998 28.25 10/14/1999 1.5 7/18/2001 1.4 1/30/1998 28.375 10/15/1999 1.5 7/19/2001 1.4 2/2/1998 28.375 10/18/1999 1.4375 7/20/2001 1.45 2/3/1998 28.25 10/19/1999 1.5625 7/23/2001 1.6 2/4/1998 28.125 10/20/1999 1.4375 7/25/2001 1.6 2/5/1998 28.5 10/21/1999 1.4688 7/26/2001 1.5 2/6/1998 28.25 10/22/1999 1.4375 7/27/2001 1.5 2/9/1998 28.375 10/25/1999 1.3438 7/31/2001 1.55 2/10/1998 28.125 10/26/1999 1.375 8/1/2001 1.53 2/11/1998 28.125 10/27/1999 1.25 8/2/2001 1.555 2/12/1998 28.125 10/28/1999 1.25 8/3/2001 1.55 2/13/1998 28.125 10/29/1999 1.2813 8/7/2001 1.4 2/17/1998 28 11/1/1999 1.1875 8/8/2001 1.45 2/18/1998 28 11/2/1999 1.1875 8/9/2001 1.5 2/19/1998 29.125 11/3/1999 1.125 8/10/2001 1.5 2/20/1998 29.5 11/4/1999 1.1406 8/13/2001 1.55 2/23/1998 30.75 11/5/1999 1.1875 8/14/2001 1.66 2/24/1998 31.5 11/8/1999 1.2188 8/15/2001 1.84 2/25/1998 31 11/9/1999 1.5 8/16/2001 1.65 2/26/1998 31 11/10/1999 1.625 8/17/2001 1.65 2/27/1998 30.875 11/11/1999 1.875 8/20/2001 1.6 3/2/1998 30.9375 11/12/1999 2.25 8/21/2001 1.3824 3/3/1998 30.75 11/15/1999 2.625 8/22/2001 1.38 3/4/1998 30.625 11/16/1999 2.3125 8/23/2001 1.403 3/5/1998 30.5 11/17/1999 2.125 8/24/2001 1.45 3/6/1998 30.625 11/18/1999 2.125 8/27/2001 1.451 3/9/1998 30 11/19/1999 2.125 8/28/2001 1.46 3/10/1998 30 11/22/1999 2.5 8/29/2001 1.5 3/11/1998 30.1875 11/23/1999 2.375 8/30/2001 1.81 3/12/1998 30.25 11/24/1999 2.4375 8/31/2001 1.7994 3/13/1998 30.5 11/26/1999 2.25 9/4/2001 1.49 3/16/1998 30.375 11/29/1999 2 9/5/2001 1.7 3/17/1998 30.5 11/30/1999 2.125 9/6/2001 1.48 3/18/1998 30.125 12/1/1999 2.125 9/7/2001 1.7 3/19/1998 30 12/2/1999 2.0625 9/10/2001 1.6 3/20/1998 30.125 12/3/1999 2.0625 9/17/2001 1.7005 3/23/1998 30.125 12/6/1999 1.75 9/18/2001 1.55 3/24/1998 30 12/7/1999 1.75 9/19/2001 1.5 3/25/1998 29.875 12/8/1999 1.875 9/20/2001 1.5 3/26/1998 30.125 12/9/1999 2 9/21/2001 1.4916 3/27/1998 30.125 12/10/1999 1.7813 9/24/2001 1.73 3/30/1998 30 12/13/1999 2 9/25/2001 1.55 3/31/1998 30.25 12/14/1999 1.875 9/26/2001 1.6 4/1/1998 29.875 12/15/1999 2 9/27/2001 1.75 4/2/1998 30 12/16/1999 2.0625 9/28/2001 1.75 4/3/1998 29.875 12/17/1999 2.0625 10/1/2001 1.78 4/6/1998 30.125 12/20/1999 2.0625 10/2/2001 1.76 4/7/1998 29.9375 12/21/1999 2.3125 10/3/2001 1.75 4/8/1998 30 12/22/1999 2.625 10/4/2001 1.74 4/9/1998 30.25 12/23/1999 2.625 10/5/2001 1.5811 4/13/1998 30.375 12/27/1999 2.1875 10/8/2001 1.79 4/14/1998 30.75 12/28/1999 2.5 10/9/2001 1.58 4/15/1998 31.375 12/29/1999 2.3125 10/10/2001 1.79 4/16/1998 33.375 12/30/1999 2.375 10/12/2001 1.59 4/17/1998 33.25 12/31/1999 2.75 10/15/2001 1.54 4/20/1998 32.5 1/3/2000 2.5 10/16/2001 1.54 4/21/1998 32 1/4/2000 2.25 10/17/2001 1.8 4/22/1998 31.5 1/5/2000 2.5 10/19/2001 1.8 4/23/1998 32 1/6/2000 2.5 10/22/2001 1.51 4/24/1998 32 1/7/2000 2.375 10/23/2001 1.79 4/27/1998 32 1/10/2000 2.4375 10/25/2001 1.75 4/28/1998 32 1/11/2000 2.375 10/26/2001 1.7107 4/29/1998 31.875 1/12/2000 2.5 10/29/2001 1.5 4/30/1998 32.5 1/13/2000 2.625 10/30/2001 1.49 5/1/1998 32.25 1/14/2000 2.6875 10/31/2001 1.49 5/4/1998 32 1/18/2000 3.125 11/1/2001 1.5 5/5/1998 31.5 1/19/2000 3 11/2/2001 1.55 5/6/1998 31.625 1/20/2000 3.125 11/5/2001 1.55 5/7/1998 31 1/21/2000 3.125 11/6/2001 1.595 5/8/1998 31.25 1/24/2000 3.125 11/7/2001 1.6019 5/11/1998 31 1/25/2000 3.0625 11/8/2001 1.65 5/12/1998 30.75 1/26/2000 3.125 11/12/2001 1.6 5/13/1998 31.375 1/27/2000 3.0625 11/13/2001 1.65 5/14/1998 30.75 1/28/2000 3.1875 11/14/2001 1.64 5/15/1998 30.625 1/31/2000 3.125 11/15/2001 1.38 5/18/1998 30.25 2/1/2000 3.125 11/16/2001 1.38 5/19/1998 30.25 2/2/2000 3.1875 11/20/2001 1.38 5/20/1998 29.875 2/3/2000 3.4375 11/21/2001 1.21 5/21/1998 29.6875 2/4/2000 3.5 11/26/2001 1.4 5/22/1998 29.625 2/7/2000 3.5 11/27/2001 1.21 5/26/1998 29.625 2/8/2000 3.8906 11/28/2001 1.4 5/27/1998 29 2/9/2000 3.5 11/29/2001 1.21 5/28/1998 29.375 2/10/2000 3.5625 12/3/2001 1.26 5/29/1998 29.75 2/11/2000 3.4375 12/4/2001 1.2 6/1/1998 29.5 2/14/2000 3.4375 12/5/2001 1.2 6/2/1998 29.625 2/15/2000 3.4375 12/6/2001 1.2 6/3/1998 29.625 2/16/2000 3.25 12/7/2001 1.2015 6/4/1998 29.75 2/17/2000 2.9375 12/10/2001 1.2 6/5/1998 29.75 2/18/2000 2.75 12/11/2001 1.04 6/8/1998 29.5 2/22/2000 2.5 12/12/2001 1.21 6/9/1998 29.375 2/23/2000 2.5625 12/13/2001 1.2005 6/10/1998 28.875 2/24/2000 2.3125 12/14/2001 1.201 6/11/1998 29 2/25/2000 2.375 12/17/2001 1.15 6/12/1998 28.875 2/28/2000 2.3125 12/18/2001 1.25 6/15/1998 28.75 2/29/2000 2.125 12/19/2001 1.199 6/16/1998 28.5 3/1/2000 2.4375 12/20/2001 1.17 6/17/1998 28.375 3/2/2000 2.5625 12/21/2001 1.1505 6/18/1998 28.625 3/3/2000 2.375 12/24/2001 1.0807 6/19/1998 28.375 3/6/2000 2.5625 12/26/2001 1.08 6/22/1998 28.375 3/7/2000 2.75 12/27/2001 1.15 6/23/1998 27.75 3/8/2000 2.6875 12/28/2001 1.2 6/24/1998 27.375 3/9/2000 2.625 12/31/2001 1.2 6/25/1998 27.375 3/10/2000 2.625 1/2/2002 1.235 6/26/1998 28.75 3/13/2000 2.875 1/3/2002 1.4 6/29/1998 29.25 3/14/2000 2.875 1/4/2002 1.52 6/30/1998 29 3/15/2000 3 1/7/2002 1.32 7/1/1998 28.5 3/16/2000 2.875 1/8/2002 1.26 7/2/1998 28.25 3/17/2000 2.75 1/14/2002 1.35 7/6/1998 27.5 3/20/2000 2.8125 1/15/2002 1.3 7/7/1998 27.5 3/21/2000 2.625 1/17/2002 1.26 7/8/1998 27.5 3/22/2000 2.75 1/18/2002 1.2 7/9/1998 27.75 3/23/2000 3 1/22/2002 1.26 7/10/1998 27.75 3/24/2000 2.75 1/23/2002 1.2595 7/13/1998 27.75 3/27/2000 2.875 1/24/2002 1.26 7/14/1998 27.875 3/28/2000 2.875 1/25/2002 1.26** 7/15/1998 27.75 3/29/2000 2.625 7/16/1998 28.125 3/30/2000 2.625 7/17/1998 28.125 3/31/2000 2.375 7/20/1998 28.375 4/3/2000 2.25 7/21/1998 29.375 4/4/2000 2.3125 7/22/1998 29 4/5/2000 2.375 7/23/1998 28.8125 4/6/2000 2.125 7/24/1998 29.5 4/7/2000 2.25 7/27/1998 29 4/10/2000 2.125 7/28/1998 28.6875 4/11/2000 2 7/29/1998 29 4/12/2000 1.875 7/30/1998 28.5 4/13/2000 2 7/31/1998 28.25 4/14/2000 1.75 8/3/1998 27.5 4/17/2000 2 8/4/1998 24.9375 4/18/2000 2 8/5/1998 24.5 4/19/2000 2.125 8/6/1998 26.5 4/20/2000 2.3125 8/7/1998 26.125 4/24/2000 2.375 8/10/1998 26.25 4/25/2000 2.125 8/11/1998 25.25 4/26/2000 2.125 8/12/1998 25.375 4/27/2000 2 8/13/1998 24.5 4/28/2000 2.125 8/14/1998 24.75 5/1/2000 2.25 8/17/1998 24.625 5/2/2000 2.375 8/18/1998 24.375 5/3/2000 2 8/19/1998 24.25 5/4/2000 2.375 8/20/1998 24.3125 5/5/2000 2 8/21/1998 23.625 5/8/2000 2.25 8/24/1998 22.5 5/9/2000 2 8/25/1998 21 5/10/2000 1.875 8/26/1998 20.375 5/11/2000 1.875 8/27/1998 18.5 5/12/2000 2.125 8/28/1998 18.0625 5/15/2000 2.25 8/31/1998 17.5 5/16/2000 1.875 9/1/1998 19.875 5/17/2000 2 9/2/1998 19 5/18/2000 1.75 9/3/1998 17 5/19/2000 2.125 9/4/1998 15.125 5/22/2000 1.875 9/8/1998 16.25 5/23/2000 2.0313 9/9/1998 13.625 5/24/2000 2.25 9/10/1998 13 5/25/2000 2.25 9/11/1998 13.125 5/26/2000 2.125 9/14/1998 13 5/30/2000 2.125 9/15/1998 13.125 5/31/2000 2.0625 9/16/1998 12.625 6/1/2000 2.0625 9/17/1998 12.75 6/2/2000 2 9/18/1998 12.125 6/5/2000 2.125 9/21/1998 12.0625 6/6/2000 2 9/22/1998 15.5 6/7/2000 2.125 9/23/1998 18.5 6/8/2000 2.25 9/24/1998 16.75 6/9/2000 2.25 9/25/1998 16.5 6/12/2000 2.0625 9/28/1998 16 6/13/2000 2 9/29/1998 16.25 6/14/2000 2.0625 9/30/1998 16 6/15/2000 2.1875 10/1/1998 15.5 6/16/2000 2.1875 10/2/1998 14.5 6/19/2000 2.125 10/5/1998 14.625 6/20/2000 1.9375 10/6/1998 12.5 6/21/2000 2 10/7/1998 12.3125 6/22/2000 2.0625 10/8/1998 12.125 6/23/2000 2 10/9/1998 13 6/26/2000 1.8125 10/12/1998 13.5 6/27/2000 1.5781 10/13/1998 12.9375 6/28/2000 1.625 10/14/1998 12.875 6/29/2000 1.625 10/15/1998 12.75 6/30/2000 1.875 10/16/1998 12.625 7/3/2000 2 10/19/1998 13 7/5/2000 1.75 10/20/1998 14.5 7/6/2000 1.75 10/21/1998 14.5625 7/7/2000 1.75 10/22/1998 13.625 7/10/2000 2 10/23/1998 13.125 7/11/2000 2.125 10/26/1998 12.875 7/12/2000 2.25 10/27/1998 13.375 7/13/2000 2.25 10/28/1998 13.625 7/14/2000 2.5 10/29/1998 13.25 7/17/2000 2.4375 10/30/1998 13.25 7/18/2000 2.4375 11/2/1998 13.125 7/19/2000 2.5 11/3/1998 12.625 7/20/2000 2.1875 11/4/1998 12 7/21/2000 2.5 11/5/1998 13.0625 7/24/2000 2.5 11/6/1998 13 7/25/2000 2.25 11/9/1998 13 7/26/2000 2.3125 11/10/1998 13.5 7/27/2000 2.375 11/11/1998 13.3125 7/28/2000 2.4375 11/12/1998 13.375 7/31/2000 2.5 11/13/1998 13.5 8/1/2000 2.875 11/16/1998 13.625 8/2/2000 2.625 11/17/1998 13.875 8/3/2000 2.625 11/18/1998 13.625 8/4/2000 2.75 11/19/1998 13 8/7/2000 2.75 11/20/1998 13.875 8/8/2000 2.6875 11/23/1998 13.25 8/9/2000 2.5625 11/24/1998 13.0625 8/10/2000 2.375 11/25/1998 13.0625 8/11/2000 1.9375 11/27/1998 13.3125 8/14/2000 1.875 11/30/1998 12.625 8/15/2000 1.75 12/1/1998 12.375 8/16/2000 1.6875 12/2/1998 12 8/17/2000 1.625 12/3/1998 12 8/18/2000 1.875 12/4/1998 12 8/21/2000 1.6875 12/7/1998 11.625 8/22/2000 1.8125 12/8/1998 11.375 8/23/2000 1.75 12/9/1998 11.125 8/24/2000 1.625 12/10/1998 11.0625 8/25/2000 1.625 12/11/1998 11.0625 8/28/2000 1.5 12/14/1998 10.75 8/29/2000 1.8125 12/15/1998 10.5625 8/30/2000 1.8125 12/16/1998 10.375 8/31/2000 2 12/17/1998 10.5 9/1/2000 2.0625 12/18/1998 11 9/5/2000 2 12/21/1998 11.75 9/6/2000 2 12/22/1998 13.125 9/7/2000 2.25 12/23/1998 12.875 9/8/2000 2.125 12/24/1998 13 9/11/2000 2.125 12/28/1998 13.75 9/12/2000 2 12/29/1998 13.6875 9/13/2000 2 12/30/1998 13.625 9/14/2000 2.125 12/31/1998 12.9375 9/15/2000 2 1/4/1999 13 9/18/2000 2 1/5/1999 13.375 9/19/2000 1.9375 1/6/1999 15.5 9/20/2000 2.0625 1/7/1999 16.5 9/21/2000 2.0625 1/8/1999 16.75 9/22/2000 1.9688 1/11/1999 16.25 9/25/2000 1.9688 1/12/1999 16.625 9/26/2000 2 1/13/1999 14 9/27/2000 1.875 1/14/1999 14.75 9/28/2000 1.875 1/15/1999 14 9/29/2000 1.9063 1/19/1999 13.875 10/2/2000 1.9375 1/20/1999 14 10/3/2000 2 1/21/1999 14.125 10/4/2000 2.0625 1/22/1999 13.75 10/5/2000 2 1/25/1999 14.125 10/6/2000 1.9375 1/26/1999 14 10/9/2000 1.875 1/27/1999 14.125 10/10/2000 1.9375 1/28/1999 14.0625 10/11/2000 2 1/29/1999 14.625 10/12/2000 1.9688 2/1/1999 14.375 10/13/2000 1.9688 2/2/1999 13.5 10/16/2000 1.9688 2/3/1999 13.375 10/17/2000 1.9688 2/4/1999 12.5 10/18/2000 2 2/5/1999 13.5 10/19/2000 1.9375 2/8/1999 12.75 10/20/2000 2 2/9/1999 12.875 10/23/2000 1.9375 2/10/1999 12.9375 10/24/2000 1.9375 2/11/1999 13.625 10/25/2000 2 2/12/1999 13.375 10/26/2000 2.0625 2/16/1999 12.3125 10/27/2000 1.9375 2/17/1999 12.5 10/30/2000 2 2/18/1999 12 10/31/2000 2 2/19/1999 12.5 11/1/2000 2 2/22/1999 12 11/2/2000 2.125 2/23/1999 11.875 11/3/2000 2.0625 2/24/1999 11.875 11/6/2000 2.1875 2/25/1999 11.75 11/7/2000 2.125 2/26/1999 12.0625 11/8/2000 2.125 3/1/1999 12.0625 11/9/2000 2.0938 3/2/1999 12.4375 11/10/2000 2.1875 3/3/1999 12.125 11/13/2000 2.1875 3/4/1999 12.5 11/14/2000 2.1875 3/5/1999 11 11/15/2000 2.125 3/8/1999 11.375 11/16/2000 2.0625 3/9/1999 10.875 11/17/2000 2.125 3/10/1999 11.125 11/20/2000 2.125 3/11/1999 10.75 11/21/2000 1.9688 3/12/1999 10.875 11/22/2000 1.875 3/15/1999 10.875 11/24/2000 1.9531 3/16/1999 10.5 11/27/2000 1.9531 3/17/1999 10.625 11/28/2000 1.9375 3/18/1999 10.25 11/29/2000 1.875 3/19/1999 10.25 11/30/2000 1.875 3/22/1999 10.125 12/1/2000 2 3/23/1999 10.3125 12/4/2000 2 3/24/1999 10 12/5/2000 2.0625 3/25/1999 9.9375 12/6/2000 2 3/26/1999 9.25 12/7/2000 1.875 3/29/1999 9.25 12/8/2000 2 3/30/1999 8.875 12/11/2000 1.875 3/31/1999 9.9375 12/12/2000 1.6875 4/1/1999 9.375 12/13/2000 1.6875 4/5/1999 9.0625 12/14/2000 1.6875 4/6/1999 9.0625 12/15/2000 1.6875 4/7/1999 9.125 12/18/2000 1.5 4/8/1999 9 12/19/2000 1.625 4/9/1999 8.75 12/20/2000 1.375 4/12/1999 8.8125 12/21/2000 1.25 4/13/1999 9.375 12/22/2000 1.3125 4/14/1999 9.625 12/26/2000 1.3125 4/15/1999 9.75 12/27/2000 1.3125 4/16/1999 10.5 12/28/2000 1.5625 4/19/1999 11 12/29/2000 1.6875 4/20/1999 10.75 1/2/2001 1.875 4/21/1999 11.4375 1/3/2001 1.8125 4/22/1999 10.5 1/4/2001 1.875 4/23/1999 10.875 1/5/2001 1.875 4/26/1999 10.875 1/8/2001 1.8438 4/27/1999 10.25 1/10/2001 1.8438 4/28/1999 10.6563 1/11/2001 2 4/29/1999 10.875 1/16/2001 1.8125 4/30/1999 10.625 1/17/2001 1.8125
* PREFERRED DIVIDEND SUSPENDED BY FCFC ** $1.14 IS LAST TRADE OF FCFC FIRSTCITY FINANCIAL CORPORATION 25 KEEFE, BRUYETTE & WOODS, INC. COMMON STOCK PRICE PERFORMANCE: VOLUME [PERFORMANCE GRAPH]
FCFC FCFC FCFC FCFC Common Common Common Common Date Stock Date Stock Date Stock Date Stock - ---- ------ ---- ------ ---- ------ ---- ------ 8/13/1997 8400 11/2/1998 66800 1/20/2000 62000 4/10/2001 11200 8/14/1997 21500 11/3/1998 61000 1/21/2000 31000 4/11/2001 2200 8/15/1997 1300 11/4/1998 45100 1/24/2000 52700 4/12/2001 0 8/18/1997 2000 11/5/1998 52400 1/25/2000 24200 4/13/2001 0 8/19/1997 1600 11/6/1998 31500 1/26/2000 9900 4/16/2001 0 8/20/1997 8000 11/9/1998 41700 1/27/2000 9100 4/17/2001 5000 8/21/1997 7100 11/10/1998 27800 1/28/2000 22700 4/18/2001 6900 8/22/1997 8600 11/11/1998 20200 1/31/2000 14300 4/19/2001 13400 8/25/1997 1500 11/12/1998 9400 2/1/2000 5500 4/20/2001 11400 8/26/1997 31900 11/13/1998 57000 2/2/2000 24100 4/23/2001 1100 8/27/1997 8100 11/16/1998 47900 2/3/2000 32100 4/24/2001 1100 8/28/1997 39100 11/17/1998 8200 2/4/2000 37400 4/25/2001 0 8/29/1997 3500 11/18/1998 5400 2/7/2000 56100 4/26/2001 1800 9/1/1997 0 11/19/1998 9600 2/8/2000 48800 4/27/2001 2800 9/2/1997 7800 11/20/1998 28200 2/9/2000 101400 4/30/2001 800 9/3/1997 12000 11/23/1998 11900 2/10/2000 104700 5/1/2001 10800 9/4/1997 2900 11/24/1998 13400 2/11/2000 67000 5/2/2001 3700 9/5/1997 1200 11/25/1998 16300 2/14/2000 53600 5/3/2001 4800 9/8/1997 38300 11/26/1998 0 2/15/2000 41000 5/4/2001 0 9/9/1997 3000 11/27/1998 24000 2/16/2000 11600 5/7/2001 1800 9/10/1997 29200 11/30/1998 16700 2/17/2000 17600 5/8/2001 8500 9/11/1997 24500 12/1/1998 11000 2/18/2000 55200 5/9/2001 4400 9/12/1997 11100 12/2/1998 12300 2/21/2000 0 5/10/2001 9000 9/15/1997 3900 12/3/1998 21700 2/22/2000 24000 5/11/2001 3900 9/16/1997 6900 12/4/1998 14600 2/23/2000 15000 5/14/2001 1100 9/17/1997 3000 12/7/1998 39100 2/24/2000 30500 5/15/2001 0 9/18/1997 7300 12/8/1998 17300 2/25/2000 46200 5/16/2001 3000 9/19/1997 3500 12/9/1998 53700 2/28/2000 30700 5/17/2001 1900 9/22/1997 9600 12/10/1998 276300 2/29/2000 13200 5/18/2001 0 9/23/1997 26400 12/11/1998 28200 3/1/2000 35300 5/21/2001 7900 9/24/1997 17500 12/14/1998 13900 3/2/2000 44300 5/22/2001 31400 9/25/1997 3400 12/15/1998 25200 3/3/2000 15100 5/23/2001 8400 9/26/1997 6600 12/16/1998 52200 3/6/2000 16100 5/24/2001 1000 9/29/1997 5500 12/17/1998 121600 3/7/2000 23000 5/25/2001 300 9/30/1997 9200 12/18/1998 69100 3/8/2000 10000 5/28/2001 0 10/1/1997 6900 12/21/1998 47700 3/9/2000 27500 5/29/2001 2000 10/2/1997 7700 12/22/1998 42700 3/10/2000 2200 5/30/2001 8800 10/3/1997 4900 12/23/1998 102300 3/13/2000 8000 5/31/2001 400 10/6/1997 10600 12/24/1998 3600 3/14/2000 15200 6/1/2001 2300 10/7/1997 17800 12/25/1998 0 3/15/2000 9600 6/4/2001 900 10/8/1997 5100 12/28/1998 28700 3/16/2000 8500 6/5/2001 300 10/9/1997 9300 12/29/1998 52500 3/17/2000 2700 6/6/2001 1900 10/10/1997 300 12/30/1998 38800 3/20/2000 5500 6/7/2001 0 10/13/1997 1500 12/31/1998 69500 3/21/2000 12900 6/8/2001 5200 10/14/1997 8200 1/1/1999 0 3/22/2000 18400 6/11/2001 300 10/15/1997 4300 1/4/1999 6100 3/23/2000 11100 6/12/2001 3400 10/16/1997 12400 1/5/1999 11700 3/24/2000 10100 6/13/2001 3000 10/17/1997 12700 1/6/1999 16500 3/27/2000 19500 6/14/2001 0 10/20/1997 6200 1/7/1999 61200 3/28/2000 1500 6/15/2001 300 10/21/1997 8500 1/8/1999 19500 3/29/2000 12000 6/18/2001 0 10/22/1997 263100 1/11/1999 7600 3/30/2000 9200 6/19/2001 9100 10/23/1997 1800 1/12/1999 10800 3/31/2000 33400 6/20/2001 300 10/24/1997 4100 1/13/1999 9600 4/3/2000 37700 6/21/2001 7500 10/27/1997 12200 1/14/1999 1000 4/4/2000 33700 6/22/2001 0 10/28/1997 20600 1/15/1999 4900 4/5/2000 4900 6/25/2001 0 10/29/1997 8100 1/18/1999 0 4/6/2000 12000 6/26/2001 2700 10/30/1997 129500 1/19/1999 5600 4/7/2000 8400 6/27/2001 6600 10/31/1997 7900 1/20/1999 3400 4/10/2000 14200 6/28/2001 14400 11/3/1997 17200 1/21/1999 5400 4/11/2000 8900 6/29/2001 8900 11/4/1997 80600 1/22/1999 12800 4/12/2000 26900 7/2/2001 2500 11/5/1997 7300 1/25/1999 5600 4/13/2000 22800 7/3/2001 300 11/6/1997 22300 1/26/1999 16500 4/14/2000 6200 7/4/2001 0 11/7/1997 200 1/27/1999 1100 4/17/2000 10800 7/5/2001 0 11/10/1997 2400 1/28/1999 6900 4/18/2000 18500 7/6/2001 100 11/11/1997 47100 1/29/1999 1400 4/19/2000 19100 7/9/2001 0 11/12/1997 72700 2/1/1999 4800 4/20/2000 600 7/10/2001 1700 11/13/1997 26100 2/2/1999 8900 4/21/2000 0 7/11/2001 1400 11/14/1997 29000 2/3/1999 7400 4/24/2000 10700 7/12/2001 2600 11/17/1997 38700 2/4/1999 21500 4/25/2000 3100 7/13/2001 7400 11/18/1997 15800 2/5/1999 1400 4/26/2000 14000 7/16/2001 3200 11/19/1997 40500 2/8/1999 43400 4/27/2000 8700 7/17/2001 1000 11/20/1997 115400 2/9/1999 3100 4/28/2000 38200 7/18/2001 4800 11/21/1997 28300 2/10/1999 6200 5/1/2000 12600 7/19/2001 1800 11/24/1997 104600 2/11/1999 59100 5/2/2000 1000 7/20/2001 700 11/25/1997 6700 2/12/1999 16900 5/3/2000 26600 7/23/2001 5100 11/26/1997 600 2/15/1999 0 5/4/2000 3600 7/24/2001 0 11/27/1997 0 2/16/1999 8500 5/5/2000 2400 7/25/2001 2000 11/28/1997 3200 2/17/1999 19900 5/8/2000 3600 7/26/2001 800 12/1/1997 15900 2/18/1999 19600 5/9/2000 3600 7/27/2001 800 12/2/1997 15500 2/19/1999 6400 5/10/2000 10000 7/30/2001 0 12/3/1997 15200 2/22/1999 2000 5/11/2000 2700 7/31/2001 2000 12/4/1997 52200 2/23/1999 4900 5/12/2000 1900 8/1/2001 500 12/5/1997 24600 2/24/1999 3400 5/15/2000 500 8/2/2001 1100 12/8/1997 49900 2/25/1999 7600 5/16/2000 21500 8/3/2001 15400 12/9/1997 23600 2/26/1999 15600 5/17/2000 10500 8/6/2001 0 12/10/1997 5900 3/1/1999 2100 5/18/2000 8800 8/7/2001 5800 12/11/1997 7200 3/2/1999 5000 5/19/2000 26000 8/8/2001 1600 12/12/1997 20600 3/3/1999 3500 5/22/2000 28000 8/9/2001 2400 12/15/1997 10700 3/4/1999 1100 5/23/2000 7800 8/10/2001 4200 12/16/1997 16600 3/5/1999 14100 5/24/2000 19500 8/13/2001 2700 12/17/1997 15500 3/8/1999 4000 5/25/2000 12500 8/14/2001 32600 12/18/1997 10600 3/9/1999 8100 5/26/2000 8000 8/15/2001 60300 12/19/1997 1400 3/10/1999 11100 5/29/2000 0 8/16/2001 14200 12/22/1997 53700 3/11/1999 2100 5/30/2000 4800 8/17/2001 3800 12/23/1997 7200 3/12/1999 36200 5/31/2000 5100 8/20/2001 1300 12/24/1997 700 3/15/1999 2900 6/1/2000 0 8/21/2001 3600 12/25/1997 0 3/16/1999 5800 6/2/2000 4500 8/22/2001 1100 12/26/1997 0 3/17/1999 13000 6/5/2000 1000 8/23/2001 100 12/29/1997 2500 3/18/1999 3000 6/6/2000 5800 8/24/2001 1800 12/30/1997 700 3/19/1999 6500 6/7/2000 1800 8/27/2001 6300 12/31/1997 800 3/22/1999 1200 6/8/2000 7400 8/28/2001 1800 1/1/1998 0 3/23/1999 5100 6/9/2000 9100 8/29/2001 6000 1/2/1998 17000 3/24/1999 4800 6/12/2000 2100 8/30/2001 32100 1/5/1998 20200 3/25/1999 45400 6/13/2000 6400 8/31/2001 700 1/6/1998 1900 3/26/1999 18800 6/14/2000 2200 9/3/2001 0 1/7/1998 51600 3/29/1999 28700 6/15/2000 12100 9/4/2001 11200 1/8/1998 8600 3/30/1999 16800 6/16/2000 1200 9/5/2001 4100 1/9/1998 35400 3/31/1999 57000 6/19/2000 2400 9/6/2001 2600 1/12/1998 42900 4/1/1999 22900 6/20/2000 16100 9/7/2001 13300 1/13/1998 5500 4/2/1999 0 6/21/2000 3200 9/10/2001 6000 1/14/1998 1300 4/5/1999 9800 6/22/2000 500 9/11/2001 0 1/15/1998 2100 4/6/1999 5500 6/23/2000 2500 9/12/2001 0 1/16/1998 3800 4/7/1999 21800 6/26/2000 9900 9/13/2001 0 1/19/1998 0 4/8/1999 13100 6/27/2000 28700 9/14/2001 0 1/20/1998 600 4/9/1999 1100 6/28/2000 6100 9/17/2001 14300 1/21/1998 5000 4/12/1999 49000 6/29/2000 12500 9/18/2001 15100 1/22/1998 13000 4/13/1999 20600 6/30/2000 16500 9/19/2001 12300 1/23/1998 0 4/14/1999 8800 7/3/2000 28900 9/20/2001 1800 1/26/1998 0 4/15/1999 15400 7/4/2000 0 9/21/2001 9500 1/27/1998 3200 4/16/1999 5300 7/5/2000 8100 9/24/2001 2100 1/28/1998 3800 4/19/1999 7600 7/6/2000 50500 9/25/2001 800 1/29/1998 18500 4/20/1999 4900 7/7/2000 54700 9/26/2001 3300 1/30/1998 2400 4/21/1999 24800 7/10/2000 63500 9/27/2001 1500 2/2/1998 12000 4/22/1999 12900 7/11/2000 48400 9/28/2001 22600 2/3/1998 21700 4/23/1999 2100 7/12/2000 30700 10/1/2001 7600 2/4/1998 600 4/26/1999 22700 7/13/2000 19900 10/2/2001 6000 2/5/1998 8300 4/27/1999 12000 7/14/2000 57600 10/3/2001 12600 2/6/1998 1500 4/28/1999 23400 7/17/2000 22700 10/4/2001 500 2/9/1998 14400 4/29/1999 3900 7/18/2000 14000 10/5/2001 900 2/10/1998 100 4/30/1999 16800 7/19/2000 19800 10/8/2001 7500 2/11/1998 0 5/3/1999 3700 7/20/2000 28900 10/9/2001 600 2/12/1998 1500 5/4/1999 21900 7/21/2000 7900 10/10/2001 5100 2/13/1998 5500 5/5/1999 48400 7/24/2000 21300 10/11/2001 0 2/16/1998 0 5/6/1999 14000 7/25/2000 26000 10/12/2001 23100 2/17/1998 10200 5/7/1999 50100 7/26/2000 29600 10/15/2001 4400 2/18/1998 1500 5/10/1999 61500 7/27/2000 11500 10/16/2001 0 2/19/1998 41800 5/11/1999 83800 7/28/2000 11400 10/17/2001 7500 2/20/1998 5600 5/12/1999 47600 7/31/2000 57100 10/18/2001 0 2/23/1998 46100 5/13/1999 84300 8/1/2000 130500 10/19/2001 0 2/24/1998 34300 5/14/1999 61800 8/2/2000 41200 10/22/2001 11600 2/25/1998 36500 5/17/1999 36300 8/3/2000 17400 10/23/2001 2300 2/26/1998 13900 5/18/1999 30400 8/4/2000 32700 10/24/2001 0 2/27/1998 2400 5/19/1999 39600 8/7/2000 22300 10/25/2001 1200 3/2/1998 71100 5/20/1999 56100 8/8/2000 73700 10/26/2001 800 3/3/1998 2100 5/21/1999 44500 8/9/2000 4100 10/29/2001 19900 3/4/1998 4000 5/24/1999 58900 8/10/2000 24700 10/30/2001 1700 3/5/1998 800 5/25/1999 51900 8/11/2000 28900 10/31/2001 700 3/6/1998 3200 5/26/1999 26400 8/14/2000 69800 11/1/2001 8100 3/9/1998 20600 5/27/1999 67000 8/15/2000 20400 11/2/2001 1700 3/10/1998 10900 5/28/1999 75400 8/16/2000 16100 11/5/2001 9900 3/11/1998 4000 5/31/1999 0 8/17/2000 6000 11/6/2001 200 3/12/1998 23800 6/1/1999 73500 8/18/2000 28300 11/7/2001 6000 3/13/1998 6600 6/2/1999 107700 8/21/2000 33500 11/8/2001 3200 3/16/1998 18900 6/3/1999 176500 8/22/2000 17900 11/9/2001 0 3/17/1998 4100 6/4/1999 161000 8/23/2000 17500 11/12/2001 100 3/18/1998 24200 6/7/1999 205700 8/24/2000 16700 11/13/2001 3000 3/19/1998 8900 6/8/1999 74500 8/25/2000 200 11/14/2001 26300 3/20/1998 22000 6/9/1999 106200 8/28/2000 22200 11/15/2001 4200 3/23/1998 7800 6/10/1999 48100 8/29/2000 56000 11/16/2001 1000 3/24/1998 9400 6/11/1999 24600 8/30/2000 4100 11/19/2001 0 3/25/1998 4700 6/14/1999 4300 8/31/2000 65500 11/20/2001 8500 3/26/1998 21000 6/15/1999 28700 9/1/2000 5300 11/21/2001 3600 3/27/1998 3700 6/16/1999 7400 9/4/2000 0 11/22/2001 0 3/30/1998 5700 6/17/1999 13200 9/5/2000 26900 11/23/2001 0 3/31/1998 10600 6/18/1999 56700 9/6/2000 11100 11/26/2001 13400 4/1/1998 1300 6/21/1999 19300 9/7/2000 35800 11/27/2001 1300 4/2/1998 9200 6/22/1999 13500 9/8/2000 27900 11/28/2001 1400 4/3/1998 6000 6/23/1999 20000 9/11/2000 4800 11/29/2001 4400 4/6/1998 5300 6/24/1999 12300 9/12/2000 30000 11/30/2001 0 4/7/1998 19900 6/25/1999 30100 9/13/2000 7200 12/3/2001 2000 4/8/1998 1300 6/28/1999 12600 9/14/2000 41200 12/4/2001 3700 4/9/1998 2400 6/29/1999 11700 9/15/2000 15500 12/5/2001 2100 4/10/1998 0 6/30/1999 130400 9/18/2000 11500 12/6/2001 100 4/13/1998 17700 7/1/1999 99200 9/19/2000 4400 12/7/2001 2000 4/14/1998 16700 7/2/1999 43500 9/20/2000 10700 12/10/2001 14400 4/15/1998 20600 7/5/1999 0 9/21/2000 10100 12/11/2001 25700 4/16/1998 89600 7/6/1999 10600 9/22/2000 10900 12/12/2001 2500 4/17/1998 20600 7/7/1999 4700 9/25/2000 14400 12/13/2001 2100 4/20/1998 24600 7/8/1999 5900 9/26/2000 6700 12/14/2001 8300 4/21/1998 21400 7/9/1999 5300 9/27/2000 46100 12/17/2001 31400 4/22/1998 15000 7/12/1999 36200 9/28/2000 6600 12/18/2001 3200 4/23/1998 39800 7/13/1999 32600 9/29/2000 43400 12/19/2001 6600 4/24/1998 800 7/14/1999 23300 10/2/2000 2200 12/20/2001 17200 4/27/1998 9500 7/15/1999 23800 10/3/2000 16500 12/21/2001 5400 4/28/1998 3600 7/16/1999 78200 10/4/2000 9400 12/24/2001 14600 4/29/1998 13800 7/19/1999 39200 10/5/2000 16200 12/25/2001 0 4/30/1998 34400 7/20/1999 7400 10/6/2000 5600 12/26/2001 61300 5/1/1998 34000 7/21/1999 6800 10/9/2000 32500 12/27/2001 17400 5/4/1998 14100 7/22/1999 4900 10/10/2000 37500 12/28/2001 5000 5/5/1998 862000 7/23/1999 44300 10/11/2000 17500 12/31/2001 13600 5/6/1998 252200 7/26/1999 35300 10/12/2000 2900 1/1/2002 0 5/7/1998 58200 7/27/1999 9200 10/13/2000 9700 1/2/2002 39500 5/8/1998 67400 7/28/1999 1000 10/16/2000 9100 1/3/2002 1600 5/11/1998 11800 7/29/1999 19300 10/17/2000 3800 1/4/2002 4700 5/12/1998 107500 7/30/1999 1900 10/18/2000 8400 1/7/2002 800 5/13/1998 38200 8/2/1999 30900 10/19/2000 3800 1/8/2002 500 5/14/1998 24000 8/3/1999 20400 10/20/2000 6500 1/9/2002 0 5/15/1998 35900 8/4/1999 28100 10/23/2000 117500 1/10/2002 0 5/18/1998 46300 8/5/1999 19900 10/24/2000 20900 1/11/2002 0 5/19/1998 26700 8/6/1999 30300 10/25/2000 8400 1/14/2002 300 5/20/1998 31400 8/9/1999 28500 10/26/2000 59400 1/15/2002 12100 5/21/1998 36800 8/10/1999 40100 10/27/2000 34200 1/16/2002 0 5/22/1998 16900 8/11/1999 85100 10/30/2000 23300 1/17/2002 600 5/25/1998 0 8/12/1999 67200 10/31/2000 23500 1/18/2002 300 5/26/1998 60900 8/13/1999 1300600 11/1/2000 212400 1/21/2002 0 5/27/1998 40800 8/16/1999 712000 11/2/2000 29600 1/22/2002 200 5/28/1998 14000 8/17/1999 149900 11/3/2000 12800 1/23/2002 800 5/29/1998 29400 8/18/1999 302800 11/6/2000 87100 1/24/2002 16500 6/1/1998 3000 8/19/1999 134500 11/7/2000 6100 1/25/2002 1000 6/2/1998 18400 8/20/1999 126700 11/8/2000 17900 1/28/2002 0 6/3/1998 42400 8/23/1999 97800 11/9/2000 16400 1/29/2002 3000 6/4/1998 9700 8/24/1999 84200 11/10/2000 44700 1/30/2002 3900 6/5/1998 11400 8/25/1999 59300 11/13/2000 1000 1/31/2002 200 6/8/1998 36700 8/26/1999 122500 11/14/2000 23300 2/1/2002 700 6/9/1998 35400 8/27/1999 100700 11/15/2000 18800 2/4/2002 8900 6/10/1998 37900 8/30/1999 25500 11/16/2000 3500 2/5/2002 900 6/11/1998 28200 8/31/1999 86900 11/17/2000 10300 2/6/2002 2300 6/12/1998 54200 9/1/1999 81600 11/20/2000 8300 2/7/2002 300 6/15/1998 41700 9/2/1999 259700 11/21/2000 22700 2/8/2002 2500 6/16/1998 24100 9/3/1999 52200 11/22/2000 16200 2/11/2002 10500 6/17/1998 17500 9/6/1999 0 11/23/2000 0 2/12/2002 0 6/18/1998 38300 9/7/1999 33900 11/24/2000 500 2/13/2002 100 6/19/1998 19100 9/8/1999 74900 11/27/2000 0 2/14/2002 1000 6/22/1998 4700 9/9/1999 64000 11/28/2000 6700 2/15/2002 700 6/23/1998 27800 9/10/1999 158500 11/29/2000 4800 2/18/2002 0 6/24/1998 16800 9/13/1999 116300 11/30/2000 800 2/19/2002 4800 6/25/1998 22300 9/14/1999 24400 12/1/2000 54200 2/20/2002 1800 6/26/1998 17900 9/15/1999 92300 12/4/2000 3500 2/21/2002 3000 6/29/1998 30200 9/16/1999 970700 12/5/2000 65400 2/22/2002 0 6/30/1998 39900 9/17/1999 195700 12/6/2000 129000 2/25/2002 26700 7/1/1998 16200 9/20/1999 126200 12/7/2000 14800 2/26/2002 500 7/2/1998 8700 9/21/1999 76400 12/8/2000 27600 2/27/2002 0 7/3/1998 0 9/22/1999 69000 12/11/2000 15800 2/28/2002 2900 7/6/1998 11900 9/23/1999 68200 12/12/2000 23000 3/1/2002 0 7/7/1998 13200 9/24/1999 20600 12/13/2000 9200 3/4/2002 2700 7/8/1998 15900 9/27/1999 60100 12/14/2000 3600 3/5/2002 600 7/9/1998 57700 9/28/1999 18900 12/15/2000 3700 3/6/2002 300 7/10/1998 8100 9/29/1999 18000 12/18/2000 19400 3/7/2002 500 7/13/1998 20500 9/30/1999 28900 12/19/2000 71300 3/8/2002 0 7/14/1998 13100 10/1/1999 166600 12/20/2000 47400 3/11/2002 200 7/15/1998 19600 10/4/1999 26500 12/21/2000 48600 3/12/2002 5100 7/16/1998 9100 10/5/1999 54200 12/22/2000 114000 3/13/2002 0 7/17/1998 5800 10/6/1999 37300 12/25/2000 0 3/14/2002 2400 7/20/1998 11500 10/7/1999 50300 12/26/2000 76400 3/15/2002 1000 7/21/1998 12200 10/8/1999 10200 12/27/2000 173300 3/18/2002 700 7/22/1998 30300 10/11/1999 20600 12/28/2000 62400 3/19/2002 600 7/23/1998 15900 10/12/1999 24000 12/29/2000 87600 3/20/2002 18100 7/24/1998 14200 10/13/1999 23800 1/1/2001 0 3/21/2002 6900 7/27/1998 11800 10/14/1999 108900 1/2/2001 6200 3/22/2002 200 7/28/1998 7900 10/15/1999 43400 1/3/2001 3200 7/29/1998 25800 10/18/1999 35000 1/4/2001 6000 7/30/1998 8500 10/19/1999 26000 1/5/2001 16600 7/31/1998 12800 10/20/1999 23200 1/8/2001 10900 8/3/1998 5300 10/21/1999 67400 1/9/2001 0 8/4/1998 56700 10/22/1999 37000 1/10/2001 17400 8/5/1998 19200 10/25/1999 78500 1/11/2001 2000 8/6/1998 17000 10/26/1999 16800 1/12/2001 0 8/7/1998 19600 10/27/1999 104700 1/15/2001 0 8/10/1998 21300 10/28/1999 46900 1/16/2001 38600 8/11/1998 3800 10/29/1999 40200 1/17/2001 17700 8/12/1998 13700 11/1/1999 12200 1/18/2001 14900 8/13/1998 26700 11/2/1999 83300 1/19/2001 1800 8/14/1998 14000 11/3/1999 28100 1/22/2001 3400 8/17/1998 4200 11/4/1999 72900 1/23/2001 7200 8/18/1998 17300 11/5/1999 63800 1/24/2001 3000 8/19/1998 9500 11/8/1999 246800 1/25/2001 500 8/20/1998 5000 11/9/1999 52100 1/26/2001 2000 8/21/1998 15400 11/10/1999 47900 1/29/2001 10000 8/24/1998 19500 11/11/1999 98000 1/30/2001 5000 8/25/1998 45200 11/12/1999 218500 1/31/2001 1700 8/26/1998 51300 11/15/1999 443300 2/1/2001 1000 8/27/1998 35900 11/16/1999 169100 2/2/2001 1200 8/28/1998 13600 11/17/1999 110300 2/5/2001 2800 8/31/1998 16300 11/18/1999 51100 2/6/2001 21200 9/1/1998 26200 11/19/1999 29000 2/7/2001 14000 9/2/1998 5500 11/22/1999 76700 2/8/2001 11200 9/3/1998 21800 11/23/1999 26900 2/9/2001 14000 9/4/1998 38600 11/24/1999 73000 2/12/2001 0 9/7/1998 0 11/25/1999 0 2/13/2001 1300 9/8/1998 13800 11/26/1999 54500 2/14/2001 44700 9/9/1998 211100 11/29/1999 151700 2/15/2001 81000 9/10/1998 31500 11/30/1999 104300 2/16/2001 13000 9/11/1998 44400 12/1/1999 21000 2/19/2001 0 9/14/1998 231500 12/2/1999 11100 2/20/2001 1300 9/15/1998 51900 12/3/1999 34800 2/21/2001 2000 9/16/1998 29000 12/6/1999 95500 2/22/2001 5600 9/17/1998 98000 12/7/1999 9000 2/23/2001 17500 9/18/1998 169800 12/8/1999 38700 2/26/2001 100 9/21/1998 124000 12/9/1999 117700 2/27/2001 200 9/22/1998 96400 12/10/1999 23600 2/28/2001 4200 9/23/1998 57300 12/13/1999 73600 3/1/2001 4000 9/24/1998 10500 12/14/1999 64900 3/2/2001 10500 9/25/1998 8200 12/15/1999 24300 3/5/2001 0 9/28/1998 12700 12/16/1999 34000 3/6/2001 6800 9/29/1998 5400 12/17/1999 49700 3/7/2001 9000 9/30/1998 10700 12/20/1999 135200 3/8/2001 20700 10/1/1998 7200 12/21/1999 97600 3/9/2001 800 10/2/1998 22500 12/22/1999 103700 3/12/2001 1600 10/5/1998 18600 12/23/1999 31400 3/13/2001 400 10/6/1998 84900 12/24/1999 0 3/14/2001 35600 10/7/1998 227800 12/27/1999 70500 3/15/2001 1100 10/8/1998 326600 12/28/1999 102900 3/16/2001 4100 10/9/1998 34900 12/29/1999 20500 3/19/2001 5800 10/12/1998 7500 12/30/1999 76100 3/20/2001 1600 10/13/1998 67500 12/31/1999 107700 3/21/2001 3600 10/14/1998 30200 1/3/2000 44800 3/22/2001 7000 10/15/1998 30300 1/4/2000 45700 3/23/2001 4500 10/16/1998 49600 1/5/2000 104400 3/26/2001 5200 10/19/1998 8500 1/6/2000 47200 3/27/2001 62000 10/20/1998 88800 1/7/2000 23300 3/28/2001 3800 10/21/1998 3400 1/10/2000 22000 3/29/2001 6500 10/22/1998 432200 1/11/2000 22300 3/30/2001 9900 10/23/1998 136700 1/12/2000 95900 4/2/2001 200 10/26/1998 102900 1/13/2000 46900 4/3/2001 5600 10/27/1998 167900 1/14/2000 135600 4/4/2001 6300 10/28/1998 35000 1/17/2000 0 4/5/2001 100 10/29/1998 22300 1/18/2000 45000 4/6/2001 0 10/30/1998 115200 1/19/2000 97300 4/9/2001 300
FIRSTCITY FINANCIAL CORPORATION 26 KEEFE, BRUYETTE & WOODS, INC. EXCHANGE OFFER VALUATION FIRSTCITY FINANCIAL CORPORATION 27 KEEFE, BRUYETTE & WOODS, INC. EXCHANGE OFFER VALUATION Summary o The valuation of Exchange Offer Choice A is $10.00 per preferred share in cash, plus 2 times the value of an FCFC common share. The last trade of FCFC common stock was $1.14, indicating $2.28 per preferred share in value (OR $12.28 IN TOTAL). However, KBW estimates FCFC's common stock book value per share, pro forma for the Restructuring at December 31, 2001, is $3.16. Valued at pro forma book value, the value per preferred share would be $16.33. o The valuation of Exchange Offer Choice B is $8.00 per preferred share in cash, plus 3 times the value of an FCFC common share. The last trade of FCFC common stock was $1.14, indicating $3.42 per preferred share in value (OR $11.42 IN TOTAL). However, KBW estimates FCFC's common stock book value per share, pro forma for the Restructuring at December 31, 2001 is $3.16. Valued at pro forma book value, the value per preferred share would be $17.49. o Assuming a 50% / 50% split, the Exchange Offer is valued at $11.85 (at FCFC last trade) or at $16.91 (at pro forma book) o MAJOR ASSUMPTIONS o 80% of current preferred shares are exchanged in the Exchange Offer. o 50% select Exchange Offer Choice A and 50% select Exchange Offer Choice B. o Current FCFC common stock price is $1.14. o Current FCFCO preferred stock price is $7.10. o 1,222,901 preferred shares outstanding pre-Exchange Offer. o Pro forma book value per FCFC common share is $3.16. o All other Restructuring transactions close as contemplated FIRSTCITY FINANCIAL CORPORATION 28 KEEFE, BRUYETTE & WOODS, INC. EXCHANGE OFFER VALUATION Valuation Table ($ in `000s, except per share)
PER SHARE VALUE PREMIUM TO MARKET PRICE-TO-LEGAL CLAIM --------------------------------- ----------------- --------------------------- CASH PER STOCK PER TOTAL PER LAST 30-DAY DEC. 31 MAR. 31 JUN. 30 SHARE SHARE SHARE TRADE AVG. 2001 2002 2002 -------- --------- --------- ----- -------- ------- ------- ------- EXCHANGE OFFER CHOICE A ($10.00 CASH, 2 COMMON SHARES) FCFC Common Last Price $10.00 $2.28 $12.28 73% 62% 47% 46% 45% POST RESTRUCTURING 50.0% $10.00 $3.16 $13.16 85% 74% 50% 49% 48% PRICE-TO-PRO-FORMA- 66.7% $10.00 $4.22 $14.22 100% 87% 54% 53% 52% BOOK OF FCFC 75.0% $10.00 $4.75 $14.75 108% 94% 56% 55% 54% 90.0% $10.00 $5.70 $15.70 121% 107% 60% 59% 57% 100.0% $10.00 $6.33 $16.33 130% 115% 62% 61% 60% EXCHANGE OFFER CHOICE B ($8.00 CASH, 3 COMMON SHARES) FCFC Common Last Price $8.00 $3.42 $11.42 61% 51% 44% 43% 42% 50.0% $8.00 $4.75 $12.75 80% 68% 49% 48% 47% POST RESTRUCTURING 66.7% $8.00 $6.33 $14.33 102% 89% 55% 54% 52% PRICE-TO-PRO-FORMA- 75.0% $8.00 $7.12 $15.12 113% 99% 58% 56% 55% BOOK OF FCFC 90.0% $8.00 $8.54 $16.54 133% 118% 63% 62% 61% 100.0% $8.00 $9.49 $17.49 146% 131% 67% 65% 64% TOTAL EXCHANGE OFFER FCFC Common Last Price $9.00 $2.85 $11.85 67% 56% 45% 44% 43% 50.0% $9.00 $3.96 $12.96 82% 71% 49% 48% 47% 66.7% $9.00 $5.27 $14.27 101% 88% 54% 53% 52% POST RESTRUCTURING 75.0% $9.00 $5.93 $14.93 110% 97% 57% 56% 55% PRICE-TO-PRO-FORMA- 90.0% $9.00 $7.12 $16.12 127% 113% 61% 60% 59% BOOK OF FCFC 100.0% $9.00 $7.91 $16.91 138% 123% 64% 63% 62%
Note: Last trade of FCFC Preferred is $7.10, 30-day average is $7.58, legal claim at 12/31/01 is $26.25 FIRSTCITY FINANCIAL CORPORATION 29 KEEFE, BRUYETTE & WOODS, INC. LIQUIDATION ANALYSIS FIRSTCITY FINANCIAL CORPORATION 30 KEEFE, BRUYETTE & WOODS, INC. LIQUIDATION ANALYSIS Summary o KBW PERFORMED A LIQUIDATION ANALYSIS, TO INCLUDE: o Sale of assets o ASSET SALE APPROACH - MAJOR ASSUMPTIONS o Assets of FCFC marketed for sale immediately o Low, Mid, and High price assumptions reviewed o Low, Mid, and High levels assume assets sold in orderly fashion o Assumes assets can be sold within 6 month time period o 6 months of declining-level parent company operating expenses (100% in month 1, 90% in month 2, etc.) o Other selling expenses are 2% of purchase price, transaction specific legal fees are fixed at $1,500,000 FIRSTCITY FINANCIAL CORPORATION 31 KEEFE, BRUYETTE & WOODS, INC. LIQUIDATION ANALYSIS Asset Sale Approach o The majority of FCFC's assets are illiquid, there is no readily available market for them, thus, book value is likely the best- case price one could expect to achieve in any sale (for assets that may have value for another investor). o Several types of FCFC's assets are not saleable, for instance the Deferred Tax Asset is an intangible asset. o Assets from Discontinued Operations are highly illiquid (they are primarily residual assets from home equity securitizations) and would likely only be purchased at a significant discount to carrying value. o FCFC's interest in Drive may sell for a price higher than book value. However given the current ownership structure of Drive (with BOS owning 49%) it is unclear what type of entity would purchase it. WHEN TAKEN OUTSIDE THE AUSPICES OF THE RESTRUCTURING AS A WHOLE, IT IS UNLIKELY THAT FCFC WOULD BE ABLE TO ACHIEVE PRICING AS FAVORABLE AS WHAT IS CONTEMPLATED IN CONJUNCTION WITH THE RESTRUCTURING. o Given the fact that FirstCity would no longer exist under a liquidation scenario, a) asset buyers would not have any financial backing to representations and warranties, and b) the servicing agent would no longer be able to perform its duties. BOTH (a) AND (b) WOULD PUSH ASSET SALE PRICES TOWARD THE MID AND LOW POINTS IN THE ANALYSIS TO FOLLOW. FIRSTCITY FINANCIAL CORPORATION 32 KEEFE, BRUYETTE & WOODS, INC. LIQUIDATION ANALYSIS Asset Sale Approach o The following table illustrates low, mid and high expectations for cash proceeds from the sale of balance sheet assets.
PRICE / CARRYING VALUE $ GROSS PROCEEDS ----------------------------------------- ------------------------------------ ASSETS 12/31/2001 LOW MID HIGH LOW MID HIGH - --------------------------------- ---------- ---------- ---------- ------------- ---------- ---------- ---------- Cash and equivalents 5,583 100% 100% 100% 5,583 5,583 5,583 Portfolio Assets, Net 14,218 80% 90% 100% 11,375 12,796 14,218 Loans Receivable Student Loans, net 134 70% 85% 100% 94 114 134 Auto Loans, net -- 70% 85% 100% -- -- -- Note Receivable 19,765 80% 90% 100% 15,812 17,788 19,765 Mortgage loans held for sale -- 70% 85% 100% -- -- -- Equity Investments Drive Financial 10,071 75% 100% 125% 7,553 10,071 12,589 MCS 2,350 80% 90% 100% 1,880 2,115 2,350 Acquisition Partnerships 42,234 90% 95% 100% 38,011 40,122 42,234 Discontinued Operations 16,657 25% 38% 50% 4,164 6,246 8,329 Interest Receivable 921 100% 100% 100% 921 921 921 Deferred Tax Asset 20,101 0% 0% 0% -- -- -- Furniture & Fixtures 2,475 25% 50% 66% 619 1,238 1,634 Accounts Receivable 403 90% 95% 100% 363 383 403 Note Receivable - related 142 70% 85% 100% 99 120 142 Service Fees Receivable 1,546 70% 85% 100% 1,082 1,314 1,546 Prepaid Expenses 1,483 0% 15% 25% -- 222 371 Servicing Rights 133 70% 85% 100% 93 113 133 Goodwill 108 0% 0% 0% -- -- -- Other Assets 568 100% 100% 100% 568 568 568 ---------- ---------- ---------- ---------- TOTAL ASSETS $ 138,893 Cash Proceeds: $ 88,218 $ 99,717 $ 110,920 ---------- ---------- ---------- ----------
FIRSTCITY FINANCIAL CORPORATION 33 KEEFE, BRUYETTE & WOODS, INC. LIQUIDATION ANALYSIS Asset Sale Approach o As can be seen below, only our "High" expectations for asset sale prices, which are aggressive, result in any remaining proceeds for Preferred shareholders. The cash flow provided from our High price expectation is $5.50 per preferred share. o The "Mid" and "Low" price expectations do not result in any proceeds for preferred shareholders. o If equal probability weightings are applied to the Low, Mid, and High values, the expected value for Preferred shareholders would be $1.83.
$ PROCEEDS ------------------------------------------------ LOW MID HIGH ------------ ------------ ------------ Gross Cash Proceeds $ 88,218 $ 99,717 $ 110,920 Parent Expenses (1,688) (1,688) (1,688) Direct Sale Expenses (1,764) (1,994) (2,218) Legal Expenses (1,500) (1,500) (1,500) ------------ ------------ ------------ Net Proceeds 83,266 94,535 105,514 ============ ============ ============ Notes Payable to Banks (83,266) (91,209) (91,209) Accounts Payable & Accrued Interest -- (350) (350) Accrued Expenses -- (2,163) (2,163) Minority Interest -- (813) (5,060) Net Proceeds Available for Preferred -- -- 6,731 Net Proceeds Per Preferred Share $ 0.00 $ 0.00 $ 5.50
FIRSTCITY FINANCIAL CORPORATION 34 KEEFE, BRUYETTE & WOODS, INC. FINANCIAL SERVICES "GOING PRIVATE" TRANSACTIONS FIRSTCITY FINANCIAL CORPORATION 35 KEEFE, BRUYETTE & WOODS, INC. FINANCIAL SERVICES GOING PRIVATE TRANSACTIONS Summary Information & Premiums Paid
FINANCIAL TYPE OF ANNOUNCEMENT TENDER PRICE ONE DAY COMPANY NAME STATE SECTOR SECURITY DEAL VALUE DATE OFFER PRICE PRIOR TO ANN. - ------------ ----- --------- -------- ---------- ------------ ----------- ------------- BancWest Corporation CA Bank Common Stock $ 2,438,200 05/07/2001 $ 35.00 $ 24.98 FVNB Corporation TX Bank Common Stock 16,875 04/27/2001 45.00 34.85 Essex Bancorp, Inc. VA Thrift Common Stock 1,538 01/31/2001 1.45 1.40 Impac Commercial Holdings, Inc. MD Real Estate Common Stock 41,410 10/13/2000 7.55 7.37 National Discount Brokers Group NJ Broker Common Stock 857,906 10/09/2000 49.00 25.25 BNC Mortgage, Inc. CA Mortgage Common Stock 52,565 02/04/2000 10.00 7.38 Bankatlantic Bancorp, Inc. FL Thrift Common Stock 39,581 01/14/2000 6.00 4.81 PIMCO Advisors Holdings L.P. CA Investments Common Stock 1,921,362 10/31/1999 38.75 34.69 Preferred Employers Holdings, Inc. FL Insurance Common Stock 16,122 09/16/1999 5.00 2.75 Hawaii National Bancshares, Inc. HI Bank Common Stock 31,995 05/04/1999 45.00 40.00 MEDIAN: FIRSTCITY FINANCIAL CORPORATION TX ASSET PREFERRED STOCK 11,593 (A) 11.85 7.10 16,544 (b) 16.91 7.10 ONE DAY 30-DAY-AVG. 30-DAY-AVG. COMPANY NAME PREMIUM PRIOR TO ANN. PREMIUM - ------------ ------- ------------- ----------- BancWest Corporation 40.1% $ 24.61 42.2% FVNB Corporation 29.1% 33.41 34.7% Essex Bancorp, Inc. 3.6% 1.24 16.7% Impac Commercial Holdings, Inc. 2.4% 6.53 15.6% National Discount Brokers Group 94.1% 31.04 57.9% BNC Mortgage, Inc. 35.5% 6.57 52.2% Bankatlantic Bancorp, Inc. 24.7% 4.88 23.0% PIMCO Advisors Holdings L.P. 11.7% 33.52 15.6% Preferred Employers Holdings, Inc. 81.8% 2.92 71.4% Hawaii National Bancshares, Inc. 12.5% 40.75 10.4% 26.9% 28.8% FIRSTCITY FINANCIAL CORPORATION 66.9% 7.58 56.2% 138.2% 7.58 123.0%
(a) Premium and value based on exchanging for FCFC common shares at current market price (b) Premium and value based on exchanging for FCFC common shares valued at pro forma book value per share FIRSTCITY FINANCIAL CORPORATION 36 KEEFE, BRUYETTE & WOODS, INC. CASE STUDY COMPARISON: DYNEX CAPITAL FIRSTCITY FINANCIAL CORPORATION 37 KEEFE, BRUYETTE & WOODS, INC. CASE STUDY COMPARISON: DYNEX CAPITAL Description of Dynex Capital DESCRIPTION FROM DX 9/30/98 10-Q Dynex Capital, Inc. is a financial services company electing to be treated as a real estate investment trust. Dynex originates primarily mortgage loans secured by multifamily and commercial properties and loans secured by manufactured homes. Dynex will generally securitize the loans funded as collateral for collateralized bonds, thereby limiting its credit and liquidity risk and providing long-term financing for its investment portfolio. FIRSTCITY FINANCIAL CORPORATION 38 KEEFE, BRUYETTE & WOODS, INC. CASE STUDY COMPARISON: DYNEX CAPITAL Relative Common Stock Performance: DX vs. FCFC [PERFORMANCE GRAPH]
Date FCFC (-96.1%) DX (-94.2%) - ---- ------------- ----------- 1/30/1998 100 100 2/6/1998 99.55947137 93.86792453 2/13/1998 99.11894273 97.16981132 2/20/1998 103.9647577 95.28301887 2/27/1998 108.8105727 93.39622642 3/6/1998 107.9295154 93.86792453 3/13/1998 107.4889868 98.11320755 3/20/1998 106.1674009 90.09433962 3/27/1998 106.1674009 90.56603774 4/3/1998 105.2863436 88.20754717 4/10/1998 106.6079295 90.56603774 4/17/1998 117.1806167 88.67924528 4/24/1998 112.7753304 89.62264151 5/1/1998 113.6563877 86.32075472 5/8/1998 110.1321586 86.79245283 5/15/1998 107.9295154 89.1509434 5/22/1998 104.4052863 86.79245283 5/29/1998 104.845815 90.09433962 6/5/1998 104.845815 87.26415094 6/12/1998 101.7621145 77.35849057 6/19/1998 100 77.83018868 6/26/1998 101.3215859 77.35849057 7/3/1998 99.55947137 80.18867925 7/10/1998 97.79735683 83.01886792 7/17/1998 99.11894273 78.77358491 7/24/1998 103.9647577 77.83018868 7/31/1998 99.55947137 75.47169811 8/7/1998 92.07048458 78.30188679 8/14/1998 87.2246696 80.66037736 8/21/1998 83.25991189 80.18867925 8/28/1998 63.65638767 77.35849057 9/4/1998 53.30396476 75.47169811 9/11/1998 46.25550661 65.56603774 9/18/1998 42.73127753 63.20754717 9/25/1998 58.14977974 63.67924528 10/2/1998 51.10132159 61.32075472 10/9/1998 45.81497797 35.8490566 10/16/1998 44.49339207 37.73584906 10/23/1998 46.25550661 45.28301887 10/30/1998 46.69603524 36.32075472 11/6/1998 45.81497797 33.49056604 11/13/1998 47.57709251 35.37735849 11/20/1998 48.89867841 37.26415094 11/27/1998 46.91629956 35.8490566 12/4/1998 42.2907489 36.32075472 12/11/1998 38.98678414 38.67924528 12/18/1998 38.76651982 34.90566038 12/25/1998 45.81497797 32.54716981 1/1/1999 45.59471366 34.90566038 1/8/1999 59.030837 41.50943396 1/15/1999 49.33920705 38.67924528 1/22/1999 48.45814978 40.56603774 1/29/1999 51.54185022 37.73584906 2/5/1999 47.57709251 34.90566038 2/12/1999 47.13656388 35.37735849 2/19/1999 44.05286344 26.41509434 2/26/1999 42.51101322 24.05660377 3/5/1999 38.76651982 22.64150943 3/12/1999 38.32599119 23.58490566 3/19/1999 36.12334802 23.58490566 3/26/1999 32.59911894 24.05660377 4/2/1999 33.03964758 26.88679245 4/9/1999 30.83700441 29.71698113 4/16/1999 37.00440529 25.94339623 4/23/1999 38.32599119 28.30188679 4/30/1999 37.44493392 22.16981132 5/7/1999 29.29515419 22.16981132 5/14/1999 21.58590308 21.69811321 5/21/1999 20.70484581 21.69811321 5/28/1999 22.46696035 23.58490566 6/4/1999 20.26431718 23.11320755 6/11/1999 21.58590308 20.75471698 6/18/1999 22.02643172 19.81132075 6/25/1999 20.26431718 18.39622642 7/2/1999 20.70484581 19.81132075 7/9/1999 21.58590308 19.33962264 7/16/1999 19.82378855 18.86792453 7/23/1999 20.4845815 17.45283019 7/30/1999 19.82378855 17.9245283 8/6/1999 18.50220264 23.82075472 8/13/1999 6.277709251 21.34433962 8/20/1999 6.828193833 22.16981132 8/27/1999 6.387665198 24.76415094 9/3/1999 5.726872247 24.88207547 9/10/1999 4.845814978 24.88207547 9/17/1999 3.524229075 18.75 9/24/1999 5.286343612 11.08490566 10/1/1999 5.726872247 11.91037736 10/8/1999 6.167400881 11.32075472 10/15/1999 5.286343612 12.26415094 10/22/1999 5.066079295 11.91037736 10/29/1999 4.515594714 12.26415094 11/5/1999 4.185022026 11.55660377 11/12/1999 7.929515419 15.80188679 11/19/1999 7.488986784 12.73584906 11/26/1999 7.929515419 12.85377358 12/3/1999 7.268722467 14.85849057 12/10/1999 6.277709251 12.02830189 12/17/1999 7.268722467 12.5 12/24/1999 9.251101322 11.43867925 12/31/1999 9.691629956 12.14622642 1/7/2000 8.370044053 16.74528302 1/14/2000 9.471365639 16.50943396 1/21/2000 11.01321586 16.27358491 1/28/2000 11.23348018 14.85849057 2/4/2000 12.33480176 18.04245283 2/11/2000 12.11453744 15.09433962 2/18/2000 9.691629956 13.08962264 2/25/2000 8.370044053 12.73584906 3/3/2000 8.370044053 13.20754717 3/10/2000 9.251101322 7.429245283 3/17/2000 9.691629956 7.547169811 3/24/2000 9.691629956 9.551886792 3/31/2000 8.370044053 10.61320755 4/7/2000 7.929515419 7.783018868 4/14/2000 6.167400881 6.839622642 4/21/2000 8.149779736 2.948113208 4/28/2000 7.488986784 2.948113208 5/5/2000 7.04845815 3.891509434 5/12/2000 7.488986784 2.476415094 5/19/2000 7.488986784 2.240566038 5/26/2000 7.488986784 2.476415094 6/2/2000 7.04845815 2.476415094 6/9/2000 7.929515419 2.830188679 6/16/2000 7.709251101 2.594339623 6/23/2000 7.04845815 3.183962264 6/30/2000 6.607929515 3.066037736 7/7/2000 6.167400881 2.712264151 7/14/2000 8.810572687 2.830188679 7/21/2000 8.810572687 2.712264151 7/28/2000 8.59030837 2.712264151 8/4/2000 9.691629956 2.358490566 8/11/2000 6.828193833 2.004716981 8/18/2000 6.607929515 1.061320755 8/25/2000 5.726872247 1.41509434 9/1/2000 7.268722467 3.183962264 9/8/2000 7.488986784 2.830188679 9/15/2000 7.04845815 2.948113208 9/22/2000 6.938502203 2.358490566 9/29/2000 6.718237885 2.476415094 10/6/2000 6.828193833 3.183962264 10/13/2000 6.938502203 2.358490566 10/20/2000 7.04845815 2.358490566 10/27/2000 6.828193833 2.240566038 11/3/2000 7.268722467 2.240566038 11/10/2000 7.709251101 2.476415094 11/17/2000 7.488986784 2.476415094 11/24/2000 6.883171806 2.476415094 12/1/2000 7.04845815 2.240566038 12/8/2000 7.04845815 2.004716981 12/15/2000 5.947136564 1.886792453 12/22/2000 4.625550661 1.768867925 12/29/2000 5.947136564 1.886792453 1/5/2001 6.607929515 1.886792453 1/12/2001 7.04845815 2.004716981 1/19/2001 6.607929515 2.004716981 1/26/2001 6.607929515 2.004716981 2/2/2001 5.837180617 1.245283019 2/9/2001 5.947136564 1.339622642 2/16/2001 4.845814978 1.490566038 2/23/2001 4.625550661 1.490566038 3/2/2001 5.066079295 1.698113208 3/9/2001 5.066079295 1.849056604 3/16/2001 4.185022026 2.358490566 3/23/2001 4.075066079 1.886792453 3/30/2001 4.405286344 1.886792453 4/6/2001 4.405286344 1.943396226 4/13/2001 4.581497797 2.075471698 4/20/2001 4.158590308 2.320754717 4/27/2001 4.581497797 2.396226415 5/4/2001 4.757709251 4.018867925 5/11/2001 5.286343612 3.886792453 5/18/2001 5.145374449 3.962264151 5/25/2001 5.110132159 4.528301887 6/1/2001 5.427312775 3.924528302 6/8/2001 5.991189427 3.867924528 6/15/2001 5.145374449 3.962264151 6/22/2001 5.991189427 3.754716981 6/29/2001 4.933920705 3.716981132 7/6/2001 4.933920705 3.981132075 7/13/2001 5.074889868 4.018867925 7/20/2001 5.110132159 3.981132075 7/27/2001 5.286343612 4.037735849 8/3/2001 5.462555066 4.075471698 8/10/2001 5.286343612 4.113207547 8/17/2001 5.814977974 4.547169811 8/24/2001 5.110132159 4.679245283 8/31/2001 6.341497797 4.358490566 9/7/2001 5.991189427 4.528301887 9/14/2001 5.63876652 4.377358491 9/21/2001 5.256740088 4.169811321 9/28/2001 6.167400881 4.622641509 10/5/2001 5.57215859 4.339622642 10/12/2001 5.603524229 4.603773585 10/19/2001 6.343612335 4.339622642 10/26/2001 6.028898678 4.547169811 11/2/2001 5.462555066 4.339622642 11/9/2001 5.814977974 4.471698113 11/16/2001 4.863436123 4.188679245 11/23/2001 4.264317181 4.226415094 11/30/2001 4.264317181 4.150943396 12/7/2001 4.234361233 3.943396226 12/14/2001 4.232599119 3.679245283 12/21/2001 4.054625551 3.679245283 12/28/2001 4.22907489 3.981132075 1/4/2002 5.356828194 4.075471698 1/11/2002 4.440528634 6.037735849 1/18/2002 4.22907489 5.735849057 1/25/2002 4.440528634 6.886792453 2/1/2002 4.22907489 6.622641509 2/8/2002 3.982378855 5.735849057 2/15/2002 4.052863436 6.226415094 2/22/2002 3.911894273 5.754716981
FIRSTCITY FINANCIAL CORPORATION 39 KEEFE, BRUYETTE & WOODS, INC. CASE STUDY COMPARISON: DYNEX CAPITAL Description of Preferred Stock Tender Offers o Dynex has completed two tender offers for its preferred stock o APRIL 30, 2001 (announcement) o SEPTEMBER 6, 2001 (announcement) o Both tenders involved offering to purchase up to maximum dollar amounts of Dynex's Series A, Series B and Series C Preferred, for cash consideration. Maximum amounts were those allowed under senior lending agreements. o The maximum amount to be tendered for the April 30th transaction was $26 million (Series A, B and C). o The maximum amount to be tendered in the September 6th transaction was $15 million (Series A, B and C). FIRSTCITY FINANCIAL CORPORATION 40 KEEFE, BRUYETTE & WOODS, INC. CASE STUDY COMPARISON: DYNEX CAPITAL Preferred Stock Tenders - Pertinent Statistics SUMMARY OF DYNEX CAPITAL 2001 PREFERRED STOCK TENDER OFFERS
Tender Liquidation Last Tender / Liquidation Tender / Tender Max Offer Preference Trade Preference Last Trade Dollar Value ------ ----------- ----- -------------------- ---------- ------------ TENDER Series A $16.80 $28.68 $14.10 58.6% 19.1% 3,575 ANNOUNCED Series B $17.15 $29.18 $14.40 58.8% 19.1% 5,106 9/6/01 Series C $21.00 $35.84 $17.75 58.6% 18.3% 6,400 TENDER Series A $12.24 $28.11 $11.25 43.5% 8.8% 6,120 ANNOUNCED Series B $12.50 $28.60 $11.50 43.7% 8.7% 9,125 4/30/01 Series C $15.30 $35.11 $13.60 43.6% 12.5% 10,751 Weighted Average..............................................49.1% 13.4%
COMPARISON OF FCFC EXCHANGE FCFCO(1) $11.85 $26.25 $ 7.10 45.1% 66.9% 11,593 FCFCO(2) $16.91 $26.25 $ 7.10 64.4% 138.2% 16,544
Notes: 1) Assumes value of FCFC common stock holds constant at the most recent trade 2) Assumes value of FCFC common stock is book value pro forma for the restructuring results FIRSTCITY FINANCIAL CORPORATION 41 KEEFE, BRUYETTE & WOODS, INC. ALTERNATIVE COMPARISONS: AMRESCO & WILSHIRE FINANCIAL SERVICES GROUP FIRSTCITY FINANCIAL CORPORATION 42 KEEFE, BRUYETTE & WOODS, INC. ALTERNATIVE COMPARISONS: AMRESCO & WILSHIRE FINANCIAL SERVICES GROUP Summary DESCRIPTION FROM FCFC 9/30/98 10-Q: The Company is a diversified financial services company engaged in residential and commercial mortgage banking ("Mortgage Corp."), Portfolio Asset acquisition and resolution ("Commercial Corp.") and consumer lending ("Consumer Corp."). DESCRIPTION FROM AMMB 9/30/98 10-Q: AMRESCO is a diversified financial services company with five principal lines of business: asset management, commercial mortgage banking, home equity lending (previously residential mortgage banking), commercial finance and residential mortgage banking. DESCRIPTION FROM WFSG 9/30/98 10-Q: Wilshire Financial Services Group Inc. ("WFSG") is a diversified financial services company. WFSG conducts business in the United States and Europe, specializing in loan portfolio acquisition and securitization, correspondent lending and servicing.
FCFC AMMB WFSG ---- ---- ---- ASSET ACQUISITION Y Y Y LENDING Y Y Y SERVICING EXPERTISE Y Y Y U.S. AND ABROAD Y Y Y RESTRUCTURING Y Y Y
FIRSTCITY FINANCIAL CORPORATION 43 KEEFE, BRUYETTE & WOODS, INC. ALTERNATIVE COMPARISONS: AMRESCO Relative Common Stock Performance: AMMB vs. FCFC [PERFORMANCE GRAPH]
Date FCFC (-95.6%) AMMBQ (-100.0%) - ---- ------------- --------------- 1/30/1998 100 100 2/6/1998 99.6 99.7 2/13/1998 99.1 112 2/20/1998 104 105.8 2/27/1998 108.8 119.1 3/6/1998 107.9 113.6 3/13/1998 107.5 106.7 3/20/1998 106.2 115 3/27/1998 106.2 117.5 4/3/1998 105.3 119.1 4/10/1998 106.6 118.6 4/17/1998 117.2 131.4 4/24/1998 112.8 129.7 5/1/1998 113.7 129.2 5/8/1998 110.1 124.1 5/15/1998 107.9 121.5 5/22/1998 104.4 116.9 5/29/1998 104.8 119.1 6/5/1998 104.8 120.8 6/12/1998 101.8 115.5 6/19/1998 100 104.3 6/26/1998 101.3 109.4 7/3/1998 99.6 105.4 7/10/1998 97.8 97 7/17/1998 99.1 101.2 7/24/1998 104 101 7/31/1998 99.6 100.8 8/7/1998 92.1 93.7 8/14/1998 87.2 90.2 8/21/1998 83.3 67.5 8/28/1998 63.7 50.4 9/4/1998 53.3 46.1 9/11/1998 46.3 32.6 9/18/1998 42.7 32 9/25/1998 58.1 29.5 10/2/1998 51.1 22.4 10/9/1998 45.8 14.1 10/16/1998 44.5 20.3 10/23/1998 46.3 30 10/30/1998 46.7 24.5 11/6/1998 45.8 25.8 11/13/1998 47.6 29.5 11/20/1998 48.9 27.3 11/27/1998 46.9 26.7 12/4/1998 42.3 24.7 12/11/1998 39 22.6 12/18/1998 38.8 27.1 12/25/1998 45.8 30.4 1/1/1999 45.6 30.9 1/8/1999 59 43.4 1/15/1999 49.3 37.9 1/22/1999 48.5 40.1 1/29/1999 51.5 40.6 2/5/1999 47.6 35.7 2/12/1999 47.1 37.9 2/19/1999 44.1 34.8 2/26/1999 42.5 33.4 3/5/1999 38.8 36.2 3/12/1999 38.3 34.6 3/19/1999 36.1 31.5 3/26/1999 32.6 30.5 4/2/1999 33 27.3 4/9/1999 30.8 28 4/16/1999 37 24.9 4/23/1999 38.3 24.3 4/30/1999 37.4 22.9 5/7/1999 29.3 21.6 5/14/1999 21.6 23.4 5/21/1999 20.7 24.5 5/28/1999 22.5 24.3 6/4/1999 20.3 22.5 6/11/1999 21.6 15.4 6/18/1999 22 17.9 6/25/1999 20.3 21.2 7/2/1999 20.7 20.9 7/9/1999 21.6 21.2 7/16/1999 19.8 20.2 7/23/1999 20.5 21.6 7/30/1999 19.8 22.1 8/6/1999 18.5 21.2 8/13/1999 6.3 21.9 8/20/1999 6.8 26 8/27/1999 6.4 26.1 9/3/1999 5.7 22.5 9/10/1999 4.8 15.3 9/17/1999 3.5 12 9/24/1999 5.3 11 10/1/1999 5.7 10.1 10/8/1999 6.2 9.3 10/15/1999 5.3 9.9 10/22/1999 5.1 9.7 10/29/1999 4.5 10.4 11/5/1999 4.2 9 11/12/1999 7.9 6.4 11/19/1999 7.5 8.5 11/26/1999 7.9 7.1 12/3/1999 7.3 10.4 12/10/1999 6.3 7.3 12/17/1999 7.3 6.1 12/24/1999 9.3 5.3 12/31/1999 9.7 5 1/7/2000 8.4 5.5 1/14/2000 9.5 5 1/21/2000 11 4.9 1/28/2000 11.2 4.6 2/4/2000 12.3 4.7 2/11/2000 12.1 4.6 2/18/2000 9.7 4.9 2/25/2000 8.4 4.7 3/3/2000 8.4 4.7 3/10/2000 9.3 7.1 3/17/2000 9.7 6.1 3/24/2000 9.7 5.5 3/31/2000 8.4 4.7 4/7/2000 7.9 4.1 4/14/2000 6.2 3 4/21/2000 8.1 3.1 4/28/2000 7.5 3.1 5/5/2000 7 3.3 5/12/2000 7.5 2.6 5/19/2000 7.5 2.2 5/26/2000 7.5 2.1 6/2/2000 7 2.4 6/9/2000 7.9 2.2 6/16/2000 7.7 2.2 6/23/2000 7 2.2 6/30/2000 6.6 2 7/7/2000 6.2 1.8 7/14/2000 8.8 1.8 7/21/2000 8.8 1.8 7/28/2000 8.6 1.7 8/4/2000 9.7 1.2 8/11/2000 6.8 1.1 8/18/2000 6.6 1.1 8/25/2000 5.7 1.2 9/1/2000 7.3 0.7 9/8/2000 7.5 0.7 9/15/2000 7 1.2 9/22/2000 6.9 1.8 9/29/2000 6.7 1.9 10/6/2000 6.8 1.5 10/13/2000 6.9 1.2 10/20/2000 7 1.4 10/27/2000 6.8 1.4 11/3/2000 7.3 1.4 11/10/2000 7.7 1.4 11/17/2000 7.5 1.6 11/24/2000 6.9 1.4 12/1/2000 7 1.2 12/8/2000 7 1.1 12/15/2000 5.9 1.2 12/22/2000 4.6 0.9 12/29/2000 5.9 1 1/5/2001 6.6 1 1/12/2001 7 1 1/19/2001 6.6 1 1/26/2001 6.6 1 2/2/2001 5.8 1.1 2/9/2001 5.9 1 2/16/2001 4.8 1 2/23/2001 4.6 0.8 3/2/2001 5.1 0.9 3/9/2001 5.1 0.8 3/16/2001 4.2 1 3/23/2001 4.1 0.8 3/30/2001 4.4 1 4/6/2001 4.4 1.1 4/13/2001 4.6 0.9 4/20/2001 4.2 1.1 4/27/2001 4.6 0.9 5/4/2001 4.8 1 5/11/2001 5.3 1.2 5/18/2001 5.1 1 5/25/2001 5.1 0.8 6/1/2001 5.4 0.9 6/8/2001 6 0.9 6/15/2001 5.1 0.8 6/22/2001 6 0.7 6/29/2001 4.9 0.6 7/6/2001 4.9 0.6 7/13/2001 5.1 0.6 7/20/2001 5.1 0.6 7/27/2001 5.3 0 8/3/2001 5.5 0 8/10/2001 5.3 0 8/17/2001 5.8 0 8/24/2001 5.1 0 8/31/2001 6.3 0 9/7/2001 6 0 9/14/2001 5.6 0 9/21/2001 5.3 0 9/28/2001 6.2 0 10/5/2001 5.6 0 10/12/2001 5.6 0 10/19/2001 6.3 0 10/26/2001 6 0 11/2/2001 5.5 0 11/9/2001 5.8 0 11/16/2001 4.9 0 11/23/2001 4.3 0 11/30/2001 4.3 0 12/7/2001 4.2 0 12/14/2001 4.2 0 12/21/2001 4.1 0 12/28/2001 4.2 0 1/4/2002 5.4 0 1/11/2002 4.4 0 1/18/2002 4.2 0 1/24/2002 4.4 0 1/25/2002 4.4 0
FIRSTCITY FINANCIAL CORPORATION 44 KEEFE, BRUYETTE & WOODS, INC. ALTERNATIVE COMPARISONS: AMRESCO Investor Recovery Results o The table compares certain aspects of the experience of particular AMRESCO note holders and FCFC's preferred holders
FCFC(1) AMMB(2) ------- ------- EVENT RESTRUCTURING REPURCHASE / SALE OF ASSETS INVESTORS PREFERRED NOTES LEGAL CLAIM $32 MILLION $617 MILLION RECOVERY PERCENTAGE(3) 43% - 47% 53%(4) EXPECTED LIQUIDATION RECOVERY(5) 0% - 21% NA
Notes: (1) Recovery percentage range is from 43% from Exchange Offer Choice A to 47% for Exchange Offer Choice B. Also assumes FCFC common stock worth the value of last trade. Does not assume any increase in FCFC common stock due to increase in pro forma book value per common share. (2) $617 million of legal claim includes $217 million of open market purchases of Senior Subordinated Notes repurchased in the fourth quarter of 2000, and $410 million of notes to receive proceeds from the company's asset sale in connection with its bankruptcy filing. Recovery percentage for AMRESCO is the blended result between 75% for the open market purchases and 41% from KBW's estimate of the recovery for note holders post-bankruptcy. Estimate is based on 8-K filing dated July 5, 2001 and the March 31, 2001 10-Q. (3) As a percentage of legal claim. (4) Implies that if a preferred stock existed at AMRESCO, similar to that of FCFC, the recovery to the preferred would have been zero. (5) KBW estimate range from Tab 6 for FCFC. FIRSTCITY FINANCIAL CORPORATION 45 KEEFE, BRUYETTE & WOODS, INC. ALTERNATIVE COMPARISONS: WILSHIRE FINANCIAL SERVICES GROUP Relative Common Stock Performance: WFSG vs. FCFC [PERFORMANCE GRAPH]
Date FCFC (-95.6%) WFSG (-90.1%) - ---- ------------- ------------- 1/30/1998 100 100 2/6/1998 99.6 82.2 2/13/1998 99.1 84.9 2/20/1998 104 81.3 2/27/1998 108.8 84.9 3/6/1998 107.9 93.5 3/13/1998 107.5 90.9 3/20/1998 106.2 94.2 3/27/1998 106.2 94.2 4/3/1998 105.3 95.2 4/10/1998 106.6 96.2 4/17/1998 117.2 96.2 4/24/1998 112.8 94.2 5/1/1998 113.7 92.8 5/8/1998 110.1 89.9 5/15/1998 107.9 85.3 5/22/1998 104.4 81.5 5/29/1998 104.8 90.4 6/5/1998 104.8 87.5 6/12/1998 101.8 92.3 6/19/1998 100 96.2 6/26/1998 101.3 91.3 7/3/1998 99.6 88 7/10/1998 97.8 90.4 7/17/1998 99.1 89.4 7/24/1998 104 90.4 7/31/1998 99.6 81.3 8/7/1998 92.1 75 8/14/1998 87.2 69.2 8/21/1998 83.3 58.7 8/28/1998 63.7 45.2 9/4/1998 53.3 33.2 9/11/1998 46.3 34.9 9/18/1998 42.7 32.7 9/25/1998 58.1 25 10/2/1998 51.1 22.1 10/9/1998 45.8 15.9 10/16/1998 44.5 12.5 10/23/1998 46.3 9.9 10/30/1998 46.7 11.8 11/6/1998 45.8 10.1 11/13/1998 47.6 9.4 11/20/1998 48.9 7 11/27/1998 46.9 3.4 12/4/1998 42.3 3.2 12/11/1998 39 2.9 12/18/1998 38.8 2.6 12/25/1998 45.8 2.5 1/1/1999 45.6 2.4 1/8/1999 59 2.3 1/15/1999 49.3 2.3 1/22/1999 48.5 1.9 1/29/1999 51.5 1.2 2/5/1999 47.6 1.4 2/12/1999 47.1 1.4 2/19/1999 44.1 1.4 2/26/1999 42.5 1.4 3/5/1999 38.8 1.4 3/12/1999 38.3 1.4 3/19/1999 36.1 1.4 3/26/1999 32.6 1.4 4/2/1999 33 1.4 4/9/1999 30.8 1.4 4/16/1999 37 1.4 4/23/1999 38.3 1.4 4/30/1999 37.4 1.4 5/7/1999 29.3 1.4 5/14/1999 21.6 1.4 5/21/1999 20.7 1.4 5/28/1999 22.5 1.4 6/4/1999 20.3 1.4 6/11/1999 21.6 1.4 6/18/1999 22 1.4 6/25/1999 20.3 1.4 7/2/1999 20.7 1.4 7/9/1999 21.6 12.5 7/16/1999 19.8 9.6 7/23/1999 20.5 9.1 7/30/1999 19.8 4.8 8/6/1999 18.5 5 8/13/1999 6.3 6 8/20/1999 6.8 4.8 8/27/1999 6.4 5.3 9/3/1999 5.7 5.3 9/10/1999 4.8 6.5 9/17/1999 3.5 5.8 9/24/1999 5.3 4.8 10/1/1999 5.7 4.7 10/8/1999 6.2 5 10/15/1999 5.3 5.3 10/22/1999 5.1 5.5 10/29/1999 4.5 5.5 11/5/1999 4.2 4.7 11/12/1999 7.9 4.4 11/19/1999 7.5 4.1 11/26/1999 7.9 4.3 12/3/1999 7.3 7 12/10/1999 6.3 5.9 12/17/1999 7.3 5 12/24/1999 9.3 5 12/31/1999 9.7 5.3 1/7/2000 8.4 5 1/14/2000 9.5 4.8 1/21/2000 11 4.3 1/28/2000 11.2 3.8 2/4/2000 12.3 3.8 2/11/2000 12.1 4.1 2/18/2000 9.7 4.1 2/25/2000 8.4 4.3 3/3/2000 8.4 3.8 3/10/2000 9.3 3.8 3/17/2000 9.7 3.6 3/24/2000 9.7 3.1 3/31/2000 8.4 3.1 4/7/2000 7.9 3.6 4/14/2000 6.2 4.3 4/21/2000 8.1 4 4/28/2000 7.5 4.3 5/5/2000 7 4.3 5/12/2000 7.5 4.8 5/19/2000 7.5 4.6 5/26/2000 7.5 6 6/2/2000 7 6.3 6/9/2000 7.9 5.3 6/16/2000 7.7 5.3 6/23/2000 7 6.3 6/30/2000 6.6 5.8 7/7/2000 6.2 5.3 7/14/2000 8.8 4.3 7/21/2000 8.8 4.7 7/28/2000 8.6 4.8 8/4/2000 9.7 4.6 8/11/2000 6.8 4.3 8/18/2000 6.6 4.3 8/25/2000 5.7 4.6 9/1/2000 7.3 6 9/8/2000 7.5 6 9/15/2000 7 6 9/22/2000 6.9 6.3 9/29/2000 6.7 5.3 10/6/2000 6.8 5.3 10/13/2000 6.9 5 10/20/2000 7 5.2 10/27/2000 6.8 4.7 11/3/2000 7.3 4.8 11/10/2000 7.7 4.3 11/17/2000 7.5 4.3 11/24/2000 6.9 4.6 12/1/2000 7 4.4 12/8/2000 7 4.6 12/15/2000 5.9 4.6 12/22/2000 4.6 4.3 12/29/2000 5.9 4.8 1/5/2001 6.6 4.6 1/12/2001 7 4.7 1/19/2001 6.6 4.9 1/26/2001 6.6 5 2/2/2001 5.8 6.1 2/9/2001 5.9 6.4 2/16/2001 4.8 6.5 2/23/2001 4.6 6.6 3/2/2001 5.1 6.6 3/9/2001 5.1 6.3 3/16/2001 4.2 6.3 3/23/2001 4.1 6.7 3/30/2001 4.4 6.7 4/6/2001 4.4 6.9 4/13/2001 4.6 7.8 4/20/2001 4.2 8 4/27/2001 4.6 8.2 5/4/2001 4.8 8.5 5/11/2001 5.3 8.5 5/18/2001 5.1 8.6 5/25/2001 5.1 9.3 6/1/2001 5.4 8.7 6/8/2001 6 8.5 6/15/2001 5.1 8.4 6/22/2001 6 7.7 6/29/2001 4.9 7.5 7/6/2001 4.9 7.5 7/13/2001 5.1 6.2 7/20/2001 5.1 6.9 7/27/2001 5.3 7.2 8/3/2001 5.5 7.2 8/10/2001 5.3 7.2 8/17/2001 5.8 7.3 8/24/2001 5.1 7.2 8/31/2001 6.3 7.2 9/7/2001 6 7.3 9/14/2001 5.6 7.2 9/21/2001 5.3 7.4 9/28/2001 6.2 7.2 10/5/2001 5.6 7.2 10/12/2001 5.6 6.9 10/19/2001 6.3 6.9 10/26/2001 6 7.1 11/2/2001 5.5 7.4 11/9/2001 5.8 7.3 11/16/2001 4.9 7.4 11/23/2001 4.3 7.4 11/30/2001 4.3 7.3 12/7/2001 4.2 7.3 12/14/2001 4.2 7.1 12/21/2001 4.1 7.3 12/28/2001 4.2 7.9 1/4/2002 5.4 8.1 1/11/2002 4.4 9 1/18/2002 4.2 10.3 1/24/2002 4.4 10.3 1/25/2002 4.4 9.9
FIRSTCITY FINANCIAL CORPORATION 46 KEEFE, BRUYETTE & WOODS, INC. ALTERNATIVE COMPARISONS: WILSHIRE FINANCIAL SERVICES GROUP Investor Recovery Results o The table compares certain aspects of the experience of particular Wilshire note holders and FCFC's preferred holders.
FCFC(1) WFSG(2) ------- ------- EVENT RESTRUCTURING BANKRUPTCY EMERGENCE INVESTORS PREFERRED NOTES LEGAL CLAIM $32 MILLION $199 MILLION RECOVERY PERCENTAGE(3) 62% - 67% 37% - 42%(4) EXPECTED LIQUIDATION RECOVERY(5) 0% - 21% 18%
Notes: (1) Recovery percentage range is from 62% from Exchange Offer Choice A to 67% for Exchange Offer Choice B. Also assumes FCFC common stock worth pro forma book value per common share (pro forma for restructuring). This compares with WFSG's estimated amount also in the table. (2) Legal claim, recovery percentage and expected liquidation recovery are WFSG's estimates include in its Solicitation and Disclosure Statement Dated February 1, 1999. Legal claim includes accrued interest. Recovery percentage based on pro forma book value of common shares received. Liquidation recovery is as a percentage of claims. (3) As a percentage of legal claim. (4) Implies that if a preferred stock existed at WFSG, similar to that of FCFC, the recovery percentage on the preferred would have been zero. (5) KBW estimate range from Tab 6 for FCFC. FIRSTCITY FINANCIAL CORPORATION 47 KEEFE, BRUYETTE & WOODS, INC. KBW CONCLUSION FIRSTCITY FINANCIAL CORPORATION 48 KEEFE, BRUYETTE & WOODS, INC. CONCLUSION o IN KBW'S OPINION, THE CONSIDERATION OFFERED TO THE HOLDERS OF FCFC'S REDEEMABLE PREFERRED STOCK IN THE EXCHANGE OFFER, IS FAIR, FROM A FINANCIAL POINT OF VIEW. THIS OPINION IS BASED ON THE FOLLOWING: o The significant premium to the current market price of the Preferred. o The high level of premium offered, when compared to other transactions filed with the SEC as "going private transactions" in financial services sectors. o The Exchange Offer's superiority to the results of the liquidation analysis performed. o The favorable level of recovery of legal claim for the Preferred holders, of the Exchange Offer, when compared to the recovery results of transactions involving restructurings of comparable companies, and specifically relative to positions within capital structure. o The liquidity provided to the Preferred holders, compared to the current market, which provides little liquidity. FIRSTCITY FINANCIAL CORPORATION 49 KEEFE, BRUYETTE & WOODS, INC. EX-99.D3 5 h97606bexv99wd3.txt CONFIRMATION OF INTENT TO TENDER SHARES EXHIBIT 99.D3 CONFIRMATION OF COMMITMENT TO TENDER SHARES OF NEW PREFERRED STOCK In connection with the proposed offer (the "Exchange Offer") by FirstCity Financial Corporation (the "Company") to exchange each share of New Preferred Stock, par value $0.01 per share ("New Preferred Stock"), for either (a) 2 shares of the Company's Common Stock, par value $0.01 per share ("Common Stock"), and $10.00 cash or (b) 3 shares of FirstCity Common Stock and $8.00 cash, the undersigned hereby confirms that: 1. Set forth below are all of the shares of New Preferred Stock of which undersigned is the beneficial owner(1): 46,050 SHARES 2. The undersigned has the sole voting and the sole investment power with respect to, and is the direct beneficial owner of, the shares of New Preferred Stock listed in paragraph (1). 3. Set forth on Schedule A attached hereto is a list of all transactions in Common Stock and New Preferred Stock made by the undersigned since January 1, 2000, including the date of the transaction, the amount of the securities involved, price per share, and where and how the transaction was effected (e.g., open market purchase through Nasdaq; privately negotiated transaction; gift). 4. The undersigned hereby commits to tender all of his shares of New Preferred Stock pursuant to the Exchange Offer and commits to elect to receive three shares of Common Stock and $8.00 cash for each share of New Preferred Stock tendered. Date: May 28, 2002 /s/ James R. Hawkins ------------------------------ JAMES R. HAWKINS - -------- (1) A person is deemed to be the "beneficial owner" of a security if that person, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise (including, without limitation, the use, directly or indirectly, of any trust, proxy, power of attorney, pooling arrangement or any other contract, arrangement or device) has or shares (i) voting power (which includes the power to vote, or direct the voting of such security); and/or (ii) investment power (which includes the power to dispose, or to direct the disposition of, such security). In addition, a person is deemed to be the beneficial owner of any security if he or she has the right to acquire beneficial ownership of such security within sixty (60) days (i) through the exercise of any option*, warrant or right; (ii) through the conversion of a security; (iii) pursuant to the power to revoke a trust, discretionary account, or similar arrangement; or (iv) pursuant to the automatic termination of a trust, discretionary account or similar arrangement. In the past, the Securities and Exchange Commission has taken the position that shares held by a person's spouse or minor children or by relatives who share such person's home will ordinarily be regarded as "beneficially owned" by such person. SCHEDULE A COMMON STOCK
DATE AMOUNT PRICE TRANSACTION - ---- ------ ----- -----------
PREFERRED STOCK
DATE AMOUNT PRICE TRANSACTION ---- ------ ----- ----------- 9/16/97 17,250 22.44 Open Market 9/1/98 20,400 19.25 Open Market 8/28/97 1,000 22.50 Open Market 8/28/97 100 23.00 Open Market 9/17/97 2,500 22.55 Open Market 12/23/98 1,000 17.50 Open Market 3/15/99 800 17.50 Open Market 1/6/00 2,000 9.75 Open Market 12/29/00 1,000 9.50 Open Market
CONFIRMATION OF COMMITMENT TO TENDER SHARES OF NEW PREFERRED STOCK In connection with the proposed offer (the "Exchange Offer") by FirstCity Financial Corporation (the "Company") to exchange each share of New Preferred Stock, par value $0.01 per share ("New Preferred Stock"), for either (a) 2 shares of the Company's Common Stock, par value $0.01 per share ("Common Stock"), and $10.00 cash or (b) 3 shares of FirstCity Common Stock and $8.00 cash, the undersigned hereby confirms that: 1. Set forth below are all of the shares of New Preferred Stock of which undersigned is the beneficial owner(1): 37,650 SHARES 2. The undersigned has the sole voting and the sole investment power with respect to, and is the direct beneficial owner of, the shares of New Preferred Stock listed in paragraph (1). 3. Set forth on Schedule A attached hereto is a list of all transactions in Common Stock and New Preferred Stock made by the undersigned since January 1, 2000, including the date of the transaction, the amount of the securities involved, price per share, and where and how the transaction was effected (e.g., open market purchase through Nasdaq; privately negotiated transaction; gift). 4. The undersigned hereby commits to tender all of his shares of New Preferred Stock pursuant to the Exchange Offer and commits to elect to receive three shares of Common Stock and $8.00 cash for each share of New Preferred Stock tendered. Date: June 3, 2002 /s/ James T. Sartain ----------------------------- JAMES T. SARTAIN - ---------- (1) A person is deemed to be the "beneficial owner" of a security if that person, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise (including, without limitation, the use, directly or indirectly, of any trust, proxy, power of attorney, pooling arrangement or any other contract, arrangement or device) has or shares (i) voting power (which includes the power to vote, or direct the voting of such security); and/or (ii) investment power (which includes the power to dispose, or to direct the disposition of, such security). In addition, a person is deemed to be the beneficial owner of any security if he or she has the right to acquire beneficial ownership of such security within sixty (60) days (i) through the exercise of any option*, warrant or right; (ii) through the conversion of a security; (iii) pursuant to the power to revoke a trust, discretionary account, or similar arrangement; or (iv) pursuant to the automatic termination of a trust, discretionary account or similar arrangement. In the past, the Securities and Exchange Commission has taken the position that shares held by a person's spouse or minor children or by relatives who share such person's home will ordinarily be regarded as "beneficially owned" by such person. SCHEDULE A COMMON STOCK
DATE AMOUNT PRICE TRANSACTION - ---- ------ ----- -----------
(SEE ATTACHED) PREFERRED STOCK
DATE AMOUNT PRICE TRANSACTION - ---- ------ ----- -----------
(SEE ATTACHED) FIRSTCITY FINANCIAL CORPORATION (COMMON SHARES)
CERTIFICATE NUMBER/NAME # OF SHARES CERTIFICATE DATE PURCHASE DATE PURCHASE PRICE SOLD DATE - ------------------------------ ------------- ----------------- ----------------- ----------------- ------------- - --------- / James T. Sartain 4,000 ------ 8/31/00 $1.9688 - --------- / James T. Sartain 2,000 ------ 12/22/00 $1.3125 - --------- / James T. Sartain 10,000 ------ 12/26/00 $1.3750 - --------- / James T. Sartain 1,300 ------ 12/28/00 $1.5000 - --------- / James T. Sartain 4,000 ------ 12/26/00 $1.3750 - --------- / James T. Sartain 1,100 ------ 12/29/00 $1.5625 - ------------------------------ ------------- ----------------- ----------------- ----------------- -------------
FIRSTCITY FINANCIAL CORPORATION (PREFERRED STOCK)
CERTIFICATE NUMBER/NAME # OF SHARES CERTIFICATE DATE PURCHASE DATE PURCHASE PRICE SOLD DATE - ------------------------------ ------------- ----------------- ----------------- ----------------- ------------- NEW0093 / James T. Sartain 17,250 ------ 9/17/97 $22.55 - -------- / James T. Sartain 20,400 ------ 9/1/98 $19.25 - ------------------------------ ------------- ----------------- ----------------- ----------------- -------------
CONFIRMATION OF COMMITMENT TO TENDER SHARES OF NEW PREFERRED STOCK In connection with the proposed offer (the "Exchange Offer") by FirstCity Financial Corporation (the "Company") to exchange each share of New Preferred Stock, par value $0.01 per share ("New Preferred Stock"), for either (a) 2 shares of the Company's Common Stock, par value $0.01 per share ("Common Stock"), and $10.00 cash or (b) 3 shares of FirstCity Common Stock and $8.00 cash, the undersigned hereby confirms that: 1. Set forth below are all of the shares of New Preferred Stock of which undersigned is the beneficial owner(1): 98,100 SHARES (IF NONE, SO INDICATE) 2. The undersigned has the sole voting and the sole investment power with respect to, and is the direct beneficial owner of, the shares of New Preferred Stock listed in paragraph (1). 3. Set forth on Schedule A attached hereto is a list of all transactions in Common Stock and New Preferred Stock made by the undersigned since January 1, 2000, including the date of the transaction, the amount of the securities involved, price per share, and where and how the transaction was effected (e.g., open market purchase through Nasdaq; privately negotiated transaction; gift). 4. The undersigned hereby commits to (indicate by check or initial): ________(A) tender all of his shares of New Preferred Stock pursuant to the Exchange Offer and commits to elect to receive three (3) shares of Common Stock and $8.00 cash for each share of New Preferred Stock tendered; ________(B) tender all of his shares of New Preferred Stock pursuant to the Exchange Offer and commits to elect to receive two (2) shares of Common Stock and $10.00 cash for each share of New Preferred Stock tendered; or REB (C) tender all of his shares of New Preferred Stock pursuant to the Exchange Offer, but is uncertain as to whether will elect to receive either three (3) shares of Common Stock and $8.00 cash or two (2) shares of Common Stock and $10.00 cash for each share of New Preferred Stock tendered. Date: May 29, 2002 /s/ Richard E. Bean ----------------------------- RICHARD E. BEAN - ---------- (1) A person is deemed to be the "beneficial owner" of a security if that person, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise (including, without limitation, the use, directly or indirectly, of any trust, proxy, power of attorney, pooling arrangement or any other contract, arrangement or device) has or shares (i) voting power (which includes the power to vote, or direct the voting of such security); and/or (ii) investment power (which includes the power to dispose, or to direct the disposition of, such security). In addition, a person is deemed to be the beneficial owner of any security if he or she has the right to acquire beneficial ownership of such security within sixty (60) days (i) through the exercise of any option*, warrant or right; (ii) through the conversion of a security; (iii) pursuant to the power to revoke a trust, discretionary account, or similar arrangement; or (iv) pursuant to the automatic termination of a trust, discretionary account or similar arrangement. In the past, the Securities and Exchange Commission has taken the position that shares held by a person's spouse or minor children or by relatives who share such person's home will ordinarily be regarded as "beneficially owned" by such person. SCHEDULE A COMMON STOCK
DATE AMOUNT PRICE TRANSACTION ---- ------ ----- ----------- 9-28-00 2,000 SHS $2.00 BUY 9-29-00 3,000 SHS $1.9375 BUY
PREFERRED STOCK
DATE AMOUNT PRICE TRANSACTION ---- ------ ----- ----------- NO TRANSACTIONS
CONFIRMATION OF COMMITMENT TO TENDER SHARES OF NEW PREFERRED STOCK In connection with the proposed offer (the "Exchange Offer") by FirstCity Financial Corporation (the "Company") to exchange each share of New Preferred Stock, par value $0.01 per share ("New Preferred Stock"), for either (a) 2 shares of the Company's Common Stock, par value $0.01 per share ("Common Stock"), and $10.00 cash or (b) 3 shares of FirstCity Common Stock and $8.00 cash, the undersigned hereby confirms that: 1. Set forth below are all of the shares of New Preferred Stock of which undersigned is the beneficial owner(1): 5,500 SHARES (IF NONE, SO INDICATE) 2. The undersigned has the sole voting and the sole investment power with respect to, and is the direct beneficial owner of, the shares of New Preferred Stock listed in paragraph (1). 3. Set forth on Schedule A attached hereto is a list of all transactions in Common Stock and New Preferred Stock made by the undersigned since January 1, 2000, including the date of the transaction, the amount of the securities involved, price per share, and where and how the transaction was effected (e.g., open market purchase through Nasdaq; privately negotiated transaction; gift). 4. The undersigned hereby commits to (indicate by check or initial): DDF (A) tender all of his shares of New Preferred Stock pursuant to the Exchange Offer and commits to elect to receive three (3) shares of Common Stock and $8.00 cash for each share of New Preferred Stock tendered; _______(B) tender all of his shares of New Preferred Stock pursuant to the Exchange Offer and commits to elect to receive two (2) shares of Common Stock and $10.00 cash for each share of New Preferred Stock tendered; or _______(C) tender all of his shares of New Preferred Stock pursuant to the Exchange Offer, but is uncertain as to whether will elect to receive either three (3) shares of Common Stock and $8.00 cash or two (2) shares of Common Stock and $10.00 cash for each share of New Preferred Stock tendered. Date: May 28, 2002 /s/ Dane Fulmer --------------------------- DANE FULMER - ---------- (1) A person is deemed to be the "beneficial owner" of a security if that person, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise (including, without limitation, the use, directly or indirectly, of any trust, proxy, power of attorney, pooling arrangement or any other contract, arrangement or device) has or shares (i) voting power (which includes the power to vote, or direct the voting of such security); and/or (ii) investment power (which includes the power to dispose, or to direct the disposition of, such security). In addition, a person is deemed to be the beneficial owner of any security if he or she has the right to acquire beneficial ownership of such security within sixty (60) days (i) through the exercise of any option*, warrant or right; (ii) through the conversion of a security; (iii) pursuant to the power to revoke a trust, discretionary account, or similar arrangement; or (iv) pursuant to the automatic termination of a trust, discretionary account or similar arrangement. In the past, the Securities and Exchange Commission has taken the position that shares held by a person's spouse or minor children or by relatives who share such person's home will ordinarily be regarded as "beneficially owned" by such person. SCHEDULE A COMMON STOCK
DATE AMOUNT PRICE TRANSACTION ---- ------ ----- ----------- 1/7/2000 3,000 $2.56 Bought 3/2/2000 5,000 $2.50 Bought 8/31/2000 4,750 $2.12 Bought 9/17/2001 3,000 $1.74 Bought 9/17/2001 1,100 $1.50 Bought
PREFERRED STOCK
DATE AMOUNT PRICE TRANSACTION ---- ------ ----- ----------- 1/7/2000 1,500 $9.94 Bought 6/4/2001 1,000 $8.25 Inherited 9/17/2001 1,000 $7.65 Bought 9/17/2001 2,000 $8.00 Bought
CONFIRMATION OF COMMITMENT TO TENDER SHARES OF NEW PREFERRED STOCK In connection with the proposed offer (the "Exchange Offer") by FirstCity Financial Corporation (the "Company") to exchange each share of New Preferred Stock, par value $0.01 per share ("New Preferred Stock"), for either (a) 2 shares of the Company's Common Stock, par value $0.01 per share ("Common Stock"), and $10.00 cash or (b) 3 shares of FirstCity Common Stock and $8.00 cash, the undersigned hereby confirms that: 1. Set forth below are all of the shares of New Preferred Stock of which undersigned is the beneficial owner(1): 1,800 SHARES (IF NONE, SO INDICATE) 2. The undersigned has the sole voting and the sole investment power with respect to, and is the direct beneficial owner of, the shares of New Preferred Stock listed in paragraph (1). 3. Set forth on Schedule A attached hereto is a list of all transactions in Common Stock and New Preferred Stock made by the undersigned since January 1, 2000, including the date of the transaction, the amount of the securities involved, price per share, and where and how the transaction was effected (e.g., open market purchase through Nasdaq; privately negotiated transaction; gift). 4. The undersigned hereby commits to (indicate by check or initial): X (A) tender all of his shares of New Preferred Stock pursuant to the Exchange Offer and commits to elect to receive three (3) shares of Common Stock and $8.00 cash for each share of New Preferred Stock tendered; _______(B) tender all of his shares of New Preferred Stock pursuant to the Exchange Offer and commits to elect to receive two (2) shares of Common Stock and $10.00 cash for each share of New Preferred Stock tendered; or _______(C) tender all of his shares of New Preferred Stock pursuant to the Exchange Offer, but is uncertain as to whether will elect to receive either three (3) shares of Common Stock and $8.00 cash or two (2) shares of Common Stock and $10.00 cash for each share of New Preferred Stock tendered. Date: May 28, 2002 /s/ R.E. Garrison, II -------------------------- ROBERT E. GARRISON II - ---------- (1) A person is deemed to be the "beneficial owner" of a security if that person, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise (including, without limitation, the use, directly or indirectly, of any trust, proxy, power of attorney, pooling arrangement or any other contract, arrangement or device) has or shares (i) voting power (which includes the power to vote, or direct the voting of such security); and/or (ii) investment power (which includes the power to dispose, or to direct the disposition of, such security). In addition, a person is deemed to be the beneficial owner of any security if he or she has the right to acquire beneficial ownership of such security within sixty (60) days (i) through the exercise of any option*, warrant or right; (ii) through the conversion of a security; (iii) pursuant to the power to revoke a trust, discretionary account, or similar arrangement; or (iv) pursuant to the automatic termination of a trust, discretionary account or similar arrangement. In the past, the Securities and Exchange Commission has taken the position that shares held by a person's spouse or minor children or by relatives who share such person's home will ordinarily be regarded as "beneficially owned" by such person. SCHEDULE A COMMON STOCK
SECURITIES PURCHASED - ----------------------------------------- -------------------- ------------------ ------------ --------------- Trade/Process Description CUSIP Date Quantity Net Cost - ----------------------------------------- -------------------- ------------------ ------------ --------------- FIRSTCITY FINL CORP COM 33761X107 01/12/2000 5,000 12,570.00 01/13/2000 5,000 13,507.50 01/14/2000 5,500 15,225.00 01/14/2000 4,500 13,027.50 01/18/2000 4,700 13,625.19 01/25/2000 300 957.50 02/28/2000 7,000 16,629.70 08/31/2000 6,000 12,044.50 09/01/2000 3,000 6,044.50 09/12/2000 900 1,844.50 09/13/2000 800 1,644.50 09/14/2000 1,000 2,044.50 09/15/2000 5,600 11,819.51 09/18/2000 700 1,444.50 -------------- 122,428.90 - ----------------------------------------- -------------------- ------------------ ------------ --------------
PREFERRED STOCK FIRSTCITY FINL CORP PFD 33761X305 09/08/2000 1,800 19,711.96 TOTAL 142,140.86
CONFIRMATION OF COMMITMENT TO TENDER SHARES OF NEW PREFERRED STOCK In connection with the proposed offer (the "Exchange Offer") by FirstCity Financial Corporation (the "Company") to exchange each share of New Preferred Stock, par value $0.01 per share ("New Preferred Stock"), for either (a) 2 shares of the Company's Common Stock, par value $0.01 per share ("Common Stock"), and $10.00 cash or (b) 3 shares of FirstCity Common Stock and $8.00 cash, the undersigned hereby confirms that: 1. Set forth below are all of the shares of New Preferred Stock of which undersigned is the beneficial owner(1): 11,678 SHARES (IF NONE, SO INDICATE) 2. The undersigned has the sole voting and the sole investment power with respect to, and is the direct beneficial owner of, the shares of New Preferred Stock listed in paragraph (1). 3. Set forth on Schedule A attached hereto is a list of all transactions in Common Stock and New Preferred Stock made by the undersigned since January 1, 2000, including the date of the transaction, the amount of the securities involved, price per share, and where and how the transaction was effected (e.g., open market purchase through Nasdaq; privately negotiated transaction; gift). None 4. The undersigned hereby commits to (indicate by check or initial): ________(A) tender all of his shares of New Preferred Stock pursuant to the Exchange Offer and commits to elect to receive three (3) shares of Common Stock and $8.00 cash for each share of New Preferred Stock tendered; ________(B) tender all of his shares of New Preferred Stock pursuant to the Exchange Offer and commits to elect to receive two (2) shares of Common Stock and $10.00 cash for each share of New Preferred Stock tendered; or X (C) tender all of his shares of New Preferred Stock pursuant to the Exchange Offer, but is uncertain as to whether will elect to receive either three (3) shares of Common Stock and $8.00 cash or two (2) shares of Common Stock and $10.00 cash for each share of New Preferred Stock tendered. Date: May 29, 2002 /s/ C. Ivan Wilson ------------------------------------- C. IVAN WILSON - ---------- (1) A person is deemed to be the "beneficial owner" of a security if that person, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise (including, without limitation, the use, directly or indirectly, of any trust, proxy, power of attorney, pooling arrangement or any other contract, arrangement or device) has or shares (i) voting power (which includes the power to vote, or direct the voting of such security); and/or (ii) investment power (which includes the power to dispose, or to direct the disposition of, such security). In addition, a person is deemed to be the beneficial owner of any security if he or she has the right to acquire beneficial ownership of such security within sixty (60) days (i) through the exercise of any option*, warrant or right; (ii) through the conversion of a security; (iii) pursuant to the power to revoke a trust, discretionary account, or similar arrangement; or (iv) pursuant to the automatic termination of a trust, discretionary account or similar arrangement. In the past, the Securities and Exchange Commission has taken the position that shares held by a person's spouse or minor children or by relatives who share such person's home will ordinarily be regarded as "beneficially owned" by such person. SCHEDULE A COMMON STOCK
DATE AMOUNT PRICE TRANSACTION ---- ------ ----- ----------- None
PREFERRED STOCK
DATE AMOUNT PRICE TRANSACTION ---- ------ ----- ----------- None
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