$20 Million Contract for Central Parking Corporation in Scotland Highlights Ongoing Expansion of On-Street Parking Services.

Business Editors

NASHVILLE, Tenn.--(BUSINESS WIRE)--Oct. 24, 2001

Central Parking Corporation (NYSE:CPC) today announced that it has signed a five-year agreement expected to produce approximately $20 million in revenues with the City of Edinburgh, Scotland to manage its on-street parking for 9,000 spaces. Under the terms of the contract, Central Parking Corporation will manage maintenance of the parking meters, collect fees and enforce parking regulations for these municipal-owned parking spaces within Edinburgh. Central Parking Corporation will begin providing these services on December 3, 2001.

William J. Vareschi, Jr., Vice Chairman and Chief Executive Officer, said, "This marks our largest single on-street parking contract to date in the United Kingdom and highlights the ongoing expansion of this fast-growing portion of our business. Central Parking has signed five new on-street parking contracts within the United Kingdom during our current fiscal year. We believe that the trend toward privatizing more municipal services favors the continuing growth of our on-street parking services both internationally and within the United States."

Central Parking System manages on-street parking in London, Manchester, Dublin, Berlin and a number of other European cities as well as in Vancouver, British Columbia, Baltimore County, Md.; Charlotte and Wilmington, N.C.; Richmond, Va.; and Ft. Myers and Daytona Beach, Fla.

Central Parking Corporation, headquartered in Nashville, Tennessee, is a leading provider of parking and transportation management services. The Company operates approximately 4,100 parking facilities containing approximately 1.5 million spaces at locations in 40 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Chile, Germany, Mexico, Poland, Spain, Venezuela and Greece.

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 periodic reports filed with the Securities and Exchange Commission.