Central Parking Corporation Reschedules Special Shareholders Meeting to Approve Allright Merger.

NASHVILLE, Tenn.--(BUSINESS WIRE)--Jan. 6, 1999--Central Parking Corporation (NYSE: CPC) today announced that it has rescheduled a special meeting of its shareholders to be held tentatively on February 17, 1999 to approve the previously announced merger with Allright Holdings, Inc. ("Allright"). The record date for the meeting is January 11, 1999.

The meeting, which had been tentatively scheduled for January 19, 1999, was rescheduled after the Company reached an agreement with Allright and its major shareholders to extend the time allowed for the meeting under the merger agreement. The parties also agreed to certain changes in the related registration rights agreement, including an extension of the time during which the Allright shareholders may request an underwritten public offering of their shares from nine to fifteen months after combined results of operations of the two companies are published.

"The new date for the shareholders meeting will allow us to proceed with the meeting in a more orderly fashion and should allow sufficient time for the Securities and Exchange Commission to complete its review of the proxy materials for the meeting," said Monroe J. Carell, Jr., Chairman and Chief Executive Officer of Central Parking. "We also are continuing to make progress in collecting the information requested by the Antitrust Division of the U.S. Department of Justice. We remain optimistic that the transaction can be completed in the first calendar quarter of 1999."

Central Parking Corporation, headquartered in Nashville, Tennessee, is a leading provider of parking services. The Company operates approximately 2,440 parking facilities containing more than 1,023,000 spaces at locations in 35 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Spain, Germany, Malaysia, Chile and Mexico. Central Parking Corporation has a business development office in Amsterdam.

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.