Gates Group Capital Partners Names New Executive Advisor and Advisory Board Member

CLEVELAND, Ohio — January 5, 2009 — Gates Group Capital Partners, a Cleveland-based private investment firm, announces the appointment of James F. McNulty to executive advisor. He will serve a key role in the identification and evaluation of potential investment opportunities for the firm as it relates to parking, transportation and infrastructure businesses, as well as provide counsel to the firm and its portfolio companies.

McNulty is the retired chairman and CEO of Parsons Corporation, an international engineering, construction and technical and management services firm headquartered in Pasadena, Calif. After retiring from these roles in 2008 after serving for more than 10 years, he remains a member of the company's board of directors. McNulty has also served on the advisory board of Gates Group Capital Partners since 2006.

Additionally, Gates announces the appointment of Charles L. Harrington, chairman and CEO of Parsons, to its advisory board. Harrington assumes the vacancy created with the appointment of McNulty to executive advisor.

Harrington began his career with Parsons in 1982 and has worked in a variety of roles throughout his tenure. Prior to being appointed CEO in 2008, he most recently served as executive vice president, chief financial officer and treasurer. He received his master's degree in business from the Anderson School of Management at the University of California, Los Angeles, and received a bachelor's degree in engineering from California Polytechnic State University, San Luis Obispo.

Gates and Parsons formed a strategic partnership in 2006 to work jointly on investments in transportation and infrastructure assets. Parsons brings access to its considerable network of institutional clients serving educational, healthcare and governmental sectors.

About Gates Group Capital Partners
Founded in 2002, Gates Group Capital Partners is a Cleveland, Ohio-based private investment firm that invests in the North American parking and transportation industries through a family of independently operated funds, including Parking Real Estate Fund II, LP; Parking Management Fund II, LP; and Babcock & Brown Parking Management Fund I, LP. Total capital under management is in excess of $250 million.

About Parsons Corporation
Parsons, celebrating more than 60 years of setting industry standards, is a leader in many diversified markets such as water, transportation, construction, education and public buildings, infrastructure, planning, commercial, industrial manufacturing, communications, environmental, healthcare, life sciences, critical facilities, nuclear and special materials and homeland security. Parsons provides technical and management solutions to private industrial customers worldwide as well as federal, regional and local government agencies.

For additional information, please contact:
Jeffrey Guffey
Vice President & Chief Financial Officer
jguffey@gatesgroupcp.com
(440) 684-9900 x 15