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IMPERIAL PARKING
[LOGO - IMPARK]
CORPORATION
A CUSTOMER DRIVEN COMPANY
<PAGE> 2
IMPERIAL PARKING CORPORATION
[GRAPHIC - IMAGE OF WEB PAGE]
WWW.IMPARK.COM
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[GRAPHIC - PHOTOGRAPH]
[GRAPHIC - PHOTOGRAPH]
PACIFIC BELL PARK -- IMPERIAL PARKING OPENED A 4,900 SPACE PARKING FACILITY
ADJACENT TO PACIFIC BELL PARK, THE NEW HOME OF THE SAN FRANCISCO GIANTS (APRIL
2000).
THIS PRESENTATION CONTAINS PROJECTIONS AND OTHER FORWARD-LOOKING STATEMENTS
WITHIN THE MEANING OF SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934. THESE
PROJECTIONS AND STATEMENTS REFLECT THE COMPANY'S CURRENT VIEWS WITH RESPECT TO
FUTURE EVENTS AND FINANCIAL PERFORMANCE. NO ASSURANCE CAN BE GIVEN, HOWEVER,
THAT THESE EVENTS WILL OCCUR OR THAT THESE PROJECTIONS WILL BE ACHIEVED AND
ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE PROJECTED, AS A RESULT OF
CERTAIN FACTORS.
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PRESENTATION OVERVIEW
-------------------------------------------------------------------------------
THE COMPANY
INDUSTRY OVERVIEW
IMPARK CORPORATE DESCRIPTION
OPERATING STRATEGY
GROWTH STRATEGY
FINANCIAL OVERVIEW
SUMMARY
-------------------------------------------------------------------------------
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THE COMPANY
-- IMPERIAL PARKING CORPORATION (IMPARK) IS CANADA'S LARGEST, AND NORTH
AMERICA'S FOURTH LARGEST, PARKING LOT OPERATOR
-- SUCCESSFULLY EXECUTING OPERATING AND GROWTH STRATEGIES
- IMPROVING PROFITABILITY OF EXISTING OPERATIONS
- EXPANDING INTO NEW MARKETS, PARTICULARLY INTO MAJOR US CITIES
-- WIDE VARIETY OF PARKING SERVICES
- FULL SERVICE PARKING FOR HIGH-END MARKETS (OFFICE, RETAIL, ETC.)
- HIGHLY AUTOMATED SERVICE FOR SMALLER AND/OR REMOTE LOCATIONS
-- PREMIUM SERVICE, WITH WIDELY RECOGNIZED "IMPARK" BRANDING
[GRAPHIC - PHOTOGRAPH]
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THE COMPANY
-- SENIOR MANAGEMENT HAS 50 YEARS OF COMBINED EXPERIENCE IN THE PARKING INDUSTRY
- CHARLES HUNTZINGER, PRESIDENT AND CHIEF EXECUTIVE OFFICER, RAN THE NYC
OPERATIONS FOR CENTRAL PARKING CORPORATION
- BRYAN WALLNER, CHIEF OPERATING OFFICER, RAN THE MIDWEST REGION FOR CENTRAL
PARKING CORPORATION
- BRUCE NEWSOME, CHIEF FINANCIAL OFFICER, HAS SERVED AS HEAD OF IMPARK'S
ACCOUNTING AND FINANCE FUNCTION SINCE 1983
-- HAS A TOTAL OF ONLY 2,000 EMPLOYEES THROUGHOUT ITS OPERATIONS
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THE COMPANY
[GRAPHIC - CORPORATE ORGANIZATIONAL CHART (TEXT REPRODUCED BELOW)]
CHARLES HUNTZINGER -- PRESIDENT AND CEO
BRYAN WALLNER -- SR. VICE PRESIDENT AND COO
J. ROBIN BATEMAN -- VP REAL ESTATE DEVELOPMENT
J. BRUCE NEWSOME -- SR. VICE PRESIDENT AND CFO
DOUG HOSKIN -- VP - CENTRAL US REGION
JULIAN JONES -- VP - WESTERN REGION (CANADA)
GLENN CENTOLANZA -- VP - EASTERN US
STUART MACKENZIE -- VP AND CONTROLLER
REG ROBAZZA -- I/T MANAGER
DOUG GRIEVE -- CORPORATE CONTROLLER
BRUCE COUSIN -- REGIONAL - EASTERN CANADA
GORDON CRAIG -- REGIONAL - BC REGION
MARVIN MARX -- REGIONAL - PACIFIC REGION (US)
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THE COMPANY: BOARD OF DIRECTORS
<TABLE>
<CAPTION>
NAME POSITION
---- --------
<S> <C>
CHARLES E. HUNTZINGER President & CEO of Imperial Parking Corporation
WILLIAM A. ACKMAN Chairman of Imperial Parking Corporation, Principal of
Gotham Partners
DANIEL P. FRIEDMAN Vice Chairman of Imperial Parking Corporation,
Principal of Radiant Partners
TALTON R. EMBRY Chairman of Magten Asset Management Corp
ARMAND E. LASKY President of Empire State Collateral Corporation Real
Estate
BETH A. STEWART President of Stewart Real Estate Capital
MARY ANN TIGHE Vice Chairman of Insignia/ESG
DAVID J. WOODS President of Pattison Outdoor Group
</TABLE>
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THE COMPANY
-- FOUNDED IN 1962, IMPARK HAS SUCCESSFULLY GROWN ITS OPERATIONS
- MAINTAINS DOMINANT MARKET SHARE OF 50%+ IN CANADA
- OPERATES OVER 1,400 PARKING FACILITIES, REPRESENTING OVER 260,000 PARKING
SPACES IN NORTH AMERICA
-- SPUN-OFF FROM FIRST UNION REAL ESTATE (NYSE:FUR) IN MARCH 2000 DUE TO
DIFFERING BUSINESS STRATEGIES
-- UNLEVERAGED BALANCE SHEET - ENABLES EXECUTION OF GROWTH STRATEGIES
-- HSBC - COMPANY BANKER SINCE 1985
-- KPMG - COMPANY'S AUDITORS SINCE 1992
-- HEADQUARTERED IN VANCOUVER, BRITISH COLUMBIA WITH US OFFICES IN CINCINNATI,
CLEVELAND, MILWAUKEE, SEATTLE, MINNEAPOLIS, NEW YORK AND SAN FRANCISCO
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PRESENTATION OVERVIEW
-------------------------------------------------------------------------------
THE COMPANY
INDUSTRY OVERVIEW
IMPARK CORPORATE DESCRIPTION
OPERATING STRATEGY
GROWTH STRATEGY
FINANCIAL OVERVIEW
SUMMARY
-------------------------------------------------------------------------------
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INDUSTRY OVERVIEW
-- HIGHLY FRAGMENTED INDUSTRY
-- CONSOLIDATION, WHICH HAS ACCELERATED IN RECENT YEARS, FAVORS LARGER,
NATIONWIDE PARKING PROVIDERS
-- PROPERTY MANAGERS AND OWNERS SEEK SPECIALIZED AND PROFESSIONAL PARKING
SERVICE PROVIDERS
-- EMERGENCE OF FOUR LARGE PARKING OPERATORS
-----------------------------------------------------------------------
- IMPARK - CENTRAL PARKING
- APCOA/STANDARD - AMPCO/SYSTEM
-----------------------------------------------------------------------
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INDUSTRY OVERVIEW
LEADING NORTH AMERICAN PARKING OPERATORS
<TABLE>
<CAPTION>
NUMBER OF
PARKING FACILITIES
------------------
<S> <C>
CENTRAL PARKING 4,763
APCOA/STANDARD 1,833
AMPCO/SYSTEM 1,550
IMPARK 1,421
DIAMOND 900
REPUBLIC PARKING 380
ACE PARKING 250
INTERPARKING 240
</TABLE>
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INDUSTRY OVERVIEW
-- MANAGEMENT CONTRACTS
[GRAPHIC - PHOTOGRAPH]
- MANAGER RECEIVES A MONTHLY BASE FEE AND INCENTIVE FEE
- REQUIRES THE LEAST CAPITAL INVESTMENT
- PROVIDES THE LEAST OPPORTUNITY FOR REVENUE GROWTH
-- LEASES
[GRAPHIC - PHOTOGRAPH]
- REQUIRES A LONGER COMMITMENT
- LARGER CAPITAL INVESTMENT
- PROVIDES GREATER OPPORTUNITY FOR REVENUE GROWTH
-- FEE OWNERSHIP
[GRAPHIC - PHOTOGRAPH]
- LARGEST CAPITAL INVESTMENT
- PROVIDES MAXIMUM CONTROL
- GREATEST OPPORTUNITY FOR REVENUE GROWTH
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INDUSTRY OVERVIEW: CLIENT BASE
-- IMPARK PROVIDES SERVICE TO A NUMBER OF SIGNIFICANT PROPERTY OWNERS AND
MANAGERS
[LOGO - TRAMMELL CROW COMPANY] [LOGO - FAISON] [LOGO - TRIZEC HAHN CORPORATION]
[LOGO - BLJC] [LOGO - COLLIERS INTERNATIONAL] [LOGO - OXFORD]
[LOGO - MARATHON PROPERTIES] [LOGO - BENTALL] [LOGO - CADILLAC FAIRVIEW]
[LOGO - MARRIOTT]
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PRESENTATION OVERVIEW
--------------------------------------------------------------------------------
THE COMPANY
INDUSTRY OVERVIEW
IMPARK CORPORATE DESCRIPTION
OPERATING STRATEGY
GROWTH STRATEGY
FINANCIAL OVERVIEW
SUMMARY
--------------------------------------------------------------------------------
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CORPORATE DESCRIPTION -- OPERATING STRATEGY
-- EXPANDING INTO MAJOR URBAN MARKETS
-- INCREASING PROFITABILITY, INSTEAD OF MARKET SHARE
-- INCREASE PROPORTION OF LEASED FACILITIES
-- INCREASE LENGTH OF THE TERM OF CONTRACTS
-- STRATEGY IS TO SHIFT PORTFOLIO CLOSER TO 50:50 MANAGEMENT AND LEASE
LOCATIONS OVER 2-4 YEAR PERIOD
-- PROVIDE CONSISTENT HIGH LEVEL OF SERVICE
-- AGGRESSIVELY IMPLEMENT TECHNOLOGY AND AUTOMATION
-- CONTINUE TO IMPLEMENT STANDARDIZED SYSTEMS AND CONTROLS
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CORPORATE DESCRIPTION -- OPERATING STRATEGY
[MAP OF NORTH AMERICA]
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CORPORATE DESCRIPTION: OPERATING STRATEGY
FOCUS ON INCREASING PROFITABILITY -- "PROFIT MARGIN PER LOT"
<TABLE>
<CAPTION>
NINE MONTHS ENDED
09/30/99 09/30/00 GROWTH
---------- --------- ------
<S> <C> <C> <C>
GROSS MARGIN (1) $9,633,000 $10,837,000 $1,204,000
NUMBER OF LOTS 1,413 1,412
---------- -----------
AVERAGE GROSS
MARGIN PER LOT $6,817 $7,675 $858
GROWTH RATE +12.6%
</TABLE>
NOTE: FROM CONTINUING PARKING OPERATIONS ONLY. SAN FRANCISCO WAS EXCLUDED, AS
THE GROSS MARGIN IN 2000 OF APPROXIMATELY $1.0 MILLION WOULD DISTORT THE
RESULTS.
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CORPORATE DESCRIPTION: OPERATING STRATEGY
FOCUS ON INCREASING PROFITABILITY -- "SAME STORE MARGIN"
<TABLE>
<CAPTION>
NINE MONTHS ENDED
09/30/99 09/30/00 GROWTH
-------- -------- ------
<S> <C> <C> <C>
GROSS MARGIN (1) $8,733,000 $9,732,000 $999,000
---------- ---------- --------
GROWTH RATE +11.4%
</TABLE>
(1) REPRESENTS GROSS MARGIN FOR NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
FOR LOTS OPERATED JANUARY 1, 1999 THROUGH SEPTEMBER 30, 2000
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CORPORATE DESCRIPTION: OPERATING STRATEGY
INCREASE PROPORTION OF LEASED AND OWNED FACILITIES
<TABLE>
<CAPTION>
SEPTEMBER MANAGEMENT
2000 GOAL FOR 2004
--------- -------------
<S> <C> <C>
MANAGED 64% 50%
OWNED 1% 1%
LEASED 35% 49%
</TABLE>
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CORPORATE DESCRIPTION: OPERATING STRATEGY
HIGH CONTRACT RETENTION
<TABLE>
<CAPTION>
CONTRACT
RETENTION RATE
--------------
<S> <C>
1995 89%
1996 89%
1997 90%
1998 89%
1999 93%
2000 E 90%
</TABLE>
NOTE: LOT RETENTION EQUALS # OF LOTS AT START OF YEAR, MINUS # OF LOTS LOST
DURING THE YEAR, DIVIDED BY # OF LOTS AT START OF YEAR.
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PRESENTATION OVERVIEW
--------------------------------------------------------------------------------
THE COMPANY
INDUSTRY OVERVIEW
IMPARK CORPORATE DESCRIPTION
OPERATING STRATEGY
GROWTH STRATEGY
FINANCIAL OVERVIEW
SUMMARY
--------------------------------------------------------------------------------
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CORPORATE DESCRIPTION: GROWTH STRATEGY
-- OUR OBJECTIVE IS TO GROW EBITDA BY 15-20% PER YEAR
-- INCREASE PENETRATION OF EXISTING CORE MARKETS
-- PURSUE AGGRESSIVE GROWTH IN MAJOR URBAN MARKETS BY HIRING HIGHLY QUALIFIED
PARKING PERSONNEL IN TARGET MARKETS
- CANADA (EASTERN CANADA)
- UNITED STATES (SAN FRANCISCO, CINCINNATI AND NEW YORK)
-- PURSUE ACQUISITION OPPORTUNITIES BY ACQUIRING SMALL/MEDIUM SIZE OPERATIONS IN
TARGET MARKETS
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CORPORATE DESCRIPTION: GROWTH STRATEGY
-- EXPANSION INTO MAJOR US MARKETS
<TABLE>
<CAPTION>
------------------------------------------------
WEST COAST MIDWEST EAST COAST
------------------------------------------------
<S> <C> <C>
DALLAS CHICAGO ATLANTA*
DENVER CINCINNATI* BALTIMORE
HOUSTON CLEVELAND* BOSTON
LOS ANGELES COLUMBUS NEW YORK*
SAN FRANCISCO* MILWAUKEE* PHILADELPHIA
SEATTLE* MINNEAPOLIS* WASHINGTON
------------------------------------------------
</TABLE>
* REPRESENTS CITIES WITH EXISTING IMPARK OPERATIONS
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CORPORATE DESCRIPTION: GROWTH STRATEGY
REVENUE BREAKDOWN
<TABLE>
<CAPTION>
YEAR 1999 YEAR 2000
--------- -------------
(NINE MONTHS)
<S> <C> <C>
US 12% 26%
CANADA 88% 74%
</TABLE>
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CORPORATE DESCRIPTION: GROWTH STRATEGY
CINCINNATI CASE STUDY
[GRAPHIC - PHOTOGRAPH]
-- IMPARK OPENED AN OFFICE IN OCTOBER 1999 WITH ONE PARKING LOT
-- IN MARCH 2000, IMPARK PURCHASED 16 PARKING LOTS FROM A LOCAL OWNER FOR $1.6
MILLION ($1.2 MILLION CASH, $400K EARNOUT)
- RETAINED LOCAL OWNER FOR MARKETING AND DEVELOPMENT IN THE REGION
-- SIX MONTHS LATER, 34 LOCATIONS IN CINCINNATI WITH A RUN RATE OF $600,000
EBITDA
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CORPORATE DESCRIPTION: GROWTH STRATEGY
CINCINNATI CASE STUDY CONTINUED
-- SUCCESS FACTORS:
- SENIOR MANAGEMENT'S ABILITY TO ATTRACT AND RETAIN HIGHLY QUALIFIED PARKING
PROFESSIONALS
- IMPLEMENTED GROWTH PLAN THROUGH STRATEGIC ACQUISITION TO FORM THE BASE FOR
GROWTH
- SUCCESSFULLY LEVERED THIS ACQUISITION TO EXPAND THE NUMBER OF LOTS
OPERATED
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CORPORATE DESCRIPTION: GROWTH STRATEGY
[LOGO - PHOTOGRAPH]
SAN FRANCISCO GIANTS STUDY
-- IMPARK WON BID TO DEVELOP SAN FRANCISCO GIANTS' PARKING IN 1997
-- PARKING FACILITY HAS 4,900 SPACES ADJACENT TO THE PACIFIC BELL PARK
-- CONTRACT WITH GIANTS FOR 10 YEARS
-- COST TO COMPLETE THE PROJECT WAS APPROXIMATELY $7.8 MILLION
-- FIRST YEAR NOI IS APPROXIMATELY $1.0 MILLION
-- FOUR ADDITIONAL DEALS IN SAN FRANCISCO, WITH SEVERAL MORE UNDER BID
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CORPORATE DESCRIPTION: GROWTH STRATEGY
SAN FRANCISCO GIANTS STUDY CONTINUED
-- SUCCESS FACTORS:
- IMPARK'S NAME AND REPUTATION KEY TO SELECTION
- SENIOR MANAGEMENT ABLE TO ATTRACT HIGHLY QUALIFIED STADIUM PARKING
PROFESSIONALS
- GIANTS' PARKING FACILITY PROVIDES FOUNDATION FOR FUTURE GROWTH
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PRESENTATION OVERVIEW
--------------------------------------------------------------------------------
THE COMPANY
INDUSTRY OVERVIEW
IMPARK CORPORATION DESCRIPTION
OPERATING STRATEGY
GROWTH STRATEGY
FINANCIAL OVERVIEW
SUMMARY
--------------------------------------------------------------------------------
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FINANCIAL OVERVIEW: VALUATION
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUATION
---------
<S> <C>
CURRENT STOCK PRICE (1) $16.88
2000 EBITDA MULTIPLE (3) 6.4X
BOOK VALUE PER SHARE $31.14
CASH VALUE PER SHARE $6.23
SHARES OUTSTANDING (2) 2,089,464
</TABLE>
--------------------------------------------------------------------------------
- CLOSING PRICE AS OF 12/01/00
- SHARES OUTSTANDING AS OF 10-Q, DATED 9/30/00
- 2000E EBITDA OF $5,481,000, MERCURY PARTNERS EQUITY RESEARCH, 11/30/00
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FINANCIAL OVERVIEW: INCOME STATEMENT
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(000'S EXCEPT PER SHARE DATA) PERCENTAGE GROWTH THREE MONTHS ENDED
(unaudited) 1999 TO 2000 9/30/00 9/30/99
----------------- ------- -------
<S> <C> <C> <C>
REVENUES 28.4% $18,529 $14,434
DIRECT COSTS (13,796) (10,451)
-------- --------
GROSS MARGIN 18.8% 4,733 3,983
OTHER OPERATING EXP (4,230) (3,627)
-------- --------
OPERATING INCOME 503 356
INTEREST EXPENSE 0 0
OTHER INCOME 222 (12)
INCOME TAXES (151) (56)
-------- --------
NET INCOME 99.3% $574 $288
EPS (BASIC) $0.27 $0.13
-------- --------
EPS (CASH) 39.5% $0.53 $0.38
-------- --------
EBITDA 41.7% $1,700 $1,200
GROSS COLLECTIONS 13.9% $49,993 $43,901
</TABLE>
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FINANCIAL OVERVIEW: CAPITAL STRUCTURE
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET CAPITALIZATION THREE MONTHS
--------------------- ENDED
(000'S, EXCEPT PER SHARE DATA) 12/01/00
--------
<S> <C> <C>
DEBT:
LINE OF CREDIT -- ($5 MILLION AVAILABLE) $0
LONG-TERM DEBT -- ($15 MILLION AVAILABLE) 0
-------
TOTAL DEBT $0
CURRENT STOCK PRICE (11/27/00) $16.88
COMMON SHARES & OP UNITS OUTSTANDING 2,089 35,260
-------
TOTAL MARKET CAPITALIZATION $35,260
</TABLE>
--------------------------------------------------------------------------------
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FINANCIAL OVERVIEW: FINANCIAL FLEXIBILITY
-- NO DEBT
-- >$13 MILLION OF AVAILABLE CASH
-- $20 MILLION CREDIT FACILITY AVAILABLE
-- HSBC - COMPANY BANKER SINCE 1985
-- NOL'S IN CANADA OF $20 MILLION (USD) AVAILABLE
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FINANCIAL OVERVIEW: STOCK PERFORMANCE
<TABLE>
<CAPTION>
IMPERIAL CENTRAL
PARKING PARKING
-------- --------
<S> <C> <C>
TICKER IPK CPC
SHARE PRICE AS OF DECEMBER 01, 2000 $16.88 $16.81
SHARES AND OP UNITS OUTSTANDING 2,089 36,556
CURRENT ANN. DIVIDEND PER SHARE $0.00 $0.06
DIVIDEND YIELD 0.0% 0.4%
PAYOUT RATIO (2000E EPS) 0.0% 5.2%
MARKET CAPITALIZATION OF COMMON EQUITY $35,262 $614,506
TOTAL DEBT 0 348,567
-------- --------
TOTAL MARKET CAPITALIZATION $35,262 $963,073
TOTAL DEBT AS % OF TOTAL MARKET CAPITALIZATION 0% 36%
CASH 2000E EPS* 1.61 1.16
CASH 2001E EPS* 2.16 1.30
00-01 EPS GROWTH 34.2% 12.1%
2000E EPS MULTIPLE 10.5X 14.5X
2001E EPS MULTIPLE 7.8X 12.9X
</TABLE>
NOTE: CASH EPS REPRESENTS EARNINGS PER SHARE PLUS GOODWILL AMORTIZATION. EPS
FOR CENTRAL PARKING IS NOT ON A CASH EPS BASIS
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FINANCIAL OVERVIEW: STOCK PERFORMANCE (3/28-11/30/00)
<TABLE>
<CAPTION>
STOCK PRICE VOLUME
----------- ------
<S> <C> <C>
3/28/00 $17.75 42,600
4/28/00 $12.875 15,500
5/28/00 $13.75 1,200
6/28/00 $16.75 2,000
7/28/00 $16.375 2,100
8/28/00 $16.875 2,000
9/28/00 $16.875 5,100
10/28/00 $16.313 200
11/28/00 $17 2,300
</TABLE>
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PRESENTATION OVERVIEW
-------------------------------------------------------------------------------
THE COMPANY
INDUSTRY OVERVIEW
IMPARK CORPORATE DESCRIPTION
OPERATING STRATEGY
GROWTH STRATEGY
FINANCIAL OVERVIEW
SUMMARY
-------------------------------------------------------------------------------
37
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SUMMARY:
-- IMPARK IS CANADA'S LARGEST, AND NORTH AMERICA'S FOURTH LARGEST, PARKING LOT
OPERATOR
-- EXPERIENCED MANAGEMENT TEAM
-- SUCCESSFUL IN EXECUTING OPERATING AND GROWTH STRATEGIES
-- IDENTIFY AND ACQUIRE SMALL/MEDIUM SIZE OPERATORS IN TARGET MARKETS TO
LEVERAGE GROWTH
-- HIRE AND RETAIN QUALITY PARKING PROFESSIONALS TO EXPAND INTO NEW MARKETS
-- UTILIZE UNLEVERAGED BALANCE SHEET TO EXECUTE GROWTH STRATEGIES
-- PARKING IS A GROWTH INDUSTRY, WORTHY OF INVESTOR CONSIDERATION
-- IMPARK IS AN EXCITING GROWTH STORY WORTHY OF YOUR INVESTMENT!
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IMPERIAL PARKING
[LOGO - IMPARK]
CORPORATION
A CUSTOMER DRIVEN COMPANY
