Imperial Parking Corporation Announces Resignation of William A. Scully as Director

11 December 2000

Imperial Parking Corporation Announces Resignation of William A. Scully as Director

    VANCOUVER, British Columbia--December 11, 2000-- Imperial Parking Corporation (the "Company") (AMEX:IPK) announced today the resignation of William A. Scully as a director of the Board.
    Mr. Scully is a partner of Apollo Real Estate Investment Fund II, L.P. and Apollo Real Estate Advisers II, L.P., which collectively beneficially own approximately 7.0% of the outstanding shares of the Company. The Apollo Real Estate group of companies also owns a material number of the outstanding shares of Central Parking Corporation, and has representation on its board of directors. Central Parking is one of the Company's primary competitors in providing parking services in North America.
    Mr. Scully stated that his resignation from the Board was to avoid potential conflicts between the best interests of the Company and Central Parking. He added, "I have enjoyed my short tenure on the Board and believe the Company is headed in the right direction."
    William Ackman, Chairman of the Company, stated, "Although Mr. Scully has served on the Board for a relatively short period, he has made a valuable contribution to the Company's strategic direction and continued development."
    Imperial Parking Corporation (AMEX:IPK) is a leading provider of parking services in North America. Based in Vancouver, British Columbia, as of June 30, 2000 Imperial Parking owned, leased or managed over 1,400 parking facilities and lots in Canada and the United States, containing more than 250,000 parking spaces. Additional information regarding Imperial Parking can be found at our website at www.impark.com.
    This press release 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. A discussion of these factors is included in the Company's filings with the Securities and Exchange Commission.