Central Parking Corporation Awarded Parking Contract At MGM Plaza in California; Long-Term Lease Valued at $30 Million in Revenues.

Business Editors

NASHVILLE, Tenn.--(BUSINESS WIRE)--June 20, 2001

Central Parking Corporation (NYSE:CPC) today announced that it has been awarded a contract to operate the parking facility serving the MGM Plaza in Santa Monica, CA. The contract is projected to generate parking revenues of approximately $30 million under terms of a five-year lease with Tishman Speyer Properties, the developer. The Company began providing parking services on June 1, 2001 for the center that encompasses 1.2 million square feet including six Class A office buildings, a 3.5 acre park, retail space, a health and fitness center and a childcare facility.

William Vareschi, Jr., vice chairman and chief executive officer, commented, "We are very pleased with this lease that expands our working relationship with Tishman Speyer Properties, as well as extending our portfolio of world-class locations."

Central Parking Corporation will operate a three-level garage with approximately 3,000 parking spaces within the MGM Plaza. The Company will employ state-of-the-art computerized parking revenue control systems to monitor usage and ensure the optimal utilization of this premium space. Parking services will be provided on a valet and self-park basis with the highest level of service and ease of use for customers.

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.