Houston Airport System Renews Contract with Central Parking Corporation Joint Venture

Under the contract, New South Parking will continue to manage more than 35,000 parking spaces and provide 24-hour shuttle bus service at George Bush Intercontinental Airport and William P. Hobby Airport. Including option years, the parking agreement potentially runs through January 2010.

The Houston Airport System includes the George Bush Intercontinental Airport, William P. Hobby Airport and Ellington Field. It is the fourth largest multi-airport system in the United States and the sixth largest in the world. George Bush Intercontinental Airport is the nation's eighth largest passenger airport and 11th largest in the world, serving more than 42 million passengers annually.

Richard M. Vacar, A.A.E., Director of the Houston Airport System commented, "New South Parking has been a valuable partner to the Houston Airport System/City of Houston since January 2000. During the first year of their management, operating expenses decreased $3.28 million from the prior year and New South has continued to demonstrate operational efficiencies throughout the term of the agreement. Among the many contributions made by New South is a $2.32 million capital expenditure to design, procure, install and maintain a state-of-the-art revenue control system. In addition, they have played an integral part in the development of the operational plan for the new Terminal D/E garage expected to open soon. Performance evaluations based on customer service, operational efficiency, management performance and responsiveness to HAS have consistently exceeded our expectations. We are extremely pleased to have New South Parking on our team."

Central Parking Corporation Chairman and Chief Executive Officer, Monroe Carell, Jr., was equally pleased with the renewal. "The Houston Airport System is one of the largest and most successful privatized municipal parking arrangements in the world," said Mr. Carell. "We are delighted that New South has earned the confidence of the City of Houston to continue as parking operator for the airports. Since privatizing, the City has lauded the parking program and realized tangible benefits in the form of increased parking revenues, reduced operating expenses and improvement in services such as SurePark, a members-only program that guarantees a parking spot in designated areas along with faster ingress and egress."

About Central Parking Corporation

Central Parking Corporation, headquartered in Nashville, Tennessee, is a leading global provider of parking and transportation management services. The Company operates approximately 3,600 parking facilities containing approximately 1.6 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.