Central Parking Corporation Partnership Selected for Chicago Skyway Toll Road System

NASHVILLE, Tenn. -- Central Parking Corporation (NYSE:CPC) announced today that CPS Chicago Parking, LLC has been selected to provide toll collections and revenue management under a contract privatizing operations of the Chicago Skyway Toll Bridge System (the Chicago Skyway). Under an historic agreement between the City of Chicago and Skyway Concession Company, LLC (SCC), the City will receive $1.83 billion in exchange for a 99-year lease and concession agreement with SCC to operate and maintain the 7.8-mile roadway and toll system linking Interstate 90 in Indiana with Illinois I-94 and Chicago's Dan Ryan Expressway. SCC will assume operational control of the road system from the City on January 24, 2005 and has retained CPS Chicago Parking for toll collection services. The road system generated approximately $40 million in toll revenue and served more than 17 million vehicles in 2003.
Central_Parking_Corp.jpgCPS Chicago Parking, LLC is a joint venture between Central Parking System, Inc. and Gomez Transportation, LLC, a Minority Business Enterprise owned by Armando Gomez. SCC is a private consortium composed of Cintra Concessiones de Infraestructuras de Transporte, S.A. (Cintra) of Spain and Macquarie Infrastructure Group of Australia.

Monroe Carell, Jr., Central Parking Corporation Chief Executive Officer, commented, "We are very pleased at being selected by Skyway Concession Company to provide revenue management for the Skyway Toll Bridge System. The Skyway will be the second toll-road contract the Company operates. We have been managing the San Joaquin Toll Road System in Orange County, California for nearly two years. This arrangement affirms our growth strategy to expand into non-traditional transportation services. Our expertise in the area of cash controls, personnel management and systems operations proved to be competitive advantages in this contract and was influential in Skyway having confidence in our ability to manage the issues associated with busy toll plazas."

Mr. Carell added, "We are also pleased to be managing this contract within the City of Chicago with Gomez Transportation, a locally-owned Hispanic enterprise headed by Armando Gomez, who will be our partner in the transaction. Selection of the partnership is consistent with the City of Chicago and Skyway Concession's commitments to employ minority-owned businesses in its contracts. We whole-heartedly support the requirements of our clients to provide opportunities for minority businesses. Central Parking has numerous partnerships of this kind throughout the country and we look forward to the success of our partnership in this venture."

SCC Chief Executive Officer, Fernando Redondo, stated, "We are extremely pleased to have Central Parking Corporation and Gomez Transportation on our team. We have appreciated the excellent working relationship we have had with CPS at the Bristol Airport in England and we are sure that the expertise they bring to the Skyway will help make our operation successful in Chicago."

The SCC is comprised of Cintra, one of the world's largest private-sector developers of transportation infrastructure owned by both Grupo Ferrovial, one of the largest infrastructure groups in Europe, and Macquarie Infrastructure Group, one of the world's largest private developers and operators of toll roads. Macquarie is a wholly owned subsidiary of Macquarie Bank Limited, which is the largest investment bank in Australia.

Central Parking Corporation, headquartered in Nashville, Tennessee, is a leading global provider of parking and transportation management services. As of September 30, 2004 the Company operated more than 3,400 parking facilities containing over 1.5 million spaces at locations in 38 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Mexico, Chile, Peru, Colombia, Venezuela, Germany, Switzerland, Poland, Spain 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.
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