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                                                                  EXECUTION COPY

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                               EXCHANGE AGREEMENT

                                 by and between

                                AP HOLDINGS, INC.

                                       and

                          APCOA/STANDARD PARKING, INC.

                                   dated as of

                                 MARCH 11, 2002

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EXCHANGE AGREEMENT (this "AGREEMENT"), dated as of March 11, 2002, by and
between AP Holdings, Inc. ("AP HOLDINGS"), a Delaware corporation, and
APCOA/Standard Parking, Inc. ("ASP"), a Delaware corporation.

                              W I T N E S S E T H:
                              - - - - - - - - - -

        WHEREAS, AP Holdings is the record and beneficial owner of 39.6213
shares of Series C Preferred Stock (the "SERIES C PREFERRED"), par value $0.01,
of ASP;

        WHEREAS, ASP has designated and authorized for issuance shares of its
Series D Preferred Stock (the "SERIES D PREFERRED"), par value $0.01;

        WHEREAS, the parties desire that AP Holdings exchange (the "EXCHANGE")
5.8373 shares of Series C Preferred (the "EXCHANGED SHARES") representing
$8,800,000 Aggregate Liquidation Preference (as such term is defined in the
Certificate of Designation of the Series C Preferred) for 500 shares of newly
issued Series D Preferred, representing $5,000,000 aggregate Liquidation Amount
(as such term is defined in the Certificate of Designation of the Series D
Preferred);

        WHEREAS, Steamboat Holdings, Inc. ("STEAMBOAT"), owner of all of the
outstanding common stock of AP Holdings, intends to restructure certain of its
obligations, and as part of such restructuring desires that AP Holdings
participate in the Exchange;

        WHEREAS, the Exchange is in furtherance of the continuing activities of
each of Steamboat, AP Holdings and ASP to restructure their outstanding
indebtedness; and

        WHEREAS, the board of directors of each of AP Holdings and ASP have
determined that the Exchange is advisable and in the best interest of the
respective party.

            NOW, THEREFORE, IT IS AGREED:

                                ARTICLE I

                         TRANSFER OF SHARES

        Section 1.1 ISSUANCE OF SERIES D PREFERRED. Upon the terms set forth in
this Agreement, ASP agrees to issue to AP Holdings 500 fully paid and
nonassessable shares of Series D Preferred.

        Section 1.2 EXCHANGE OF THE SERIES C PREFERRED. In exchange for the
Series D Preferred being issued to AP Holdings as above described, AP Holdings
shall, concurrent with such issuance of Series D Stock, deliver to ASP 5.8373
shares of Series C Preferred.

        Section 1.3 MECHANICS OF EXCHANGE. Simultaneously herewith, AP Holdings
shall deliver the certificates representing shares of Series C Preferred duly
endorsed in blank or accompanied by stock powers duly endorsed in blank, with
all necessary transfer tax and other revenue stamps, acquired at ASP's expense,
affixed and canceled. AP Holdings agrees to cure any deficiencies with respect
to the endorsement of such certificates or with respect to the stock

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power accompanying any such certificates. If less than all of the shares of
Series C Preferred represented by a certificate delivered for exchange are to be
exchanged, ASP shall, contemporaneous with the delivery of the shares of Series
D Preferred, deliver a new certificate in the name of AP Holdings representing
the shares of Series C Preferred not so delivered for exchange.

                                   ARTICLE II

                      REPRESENTATIONS AND WARRANTIES OF ASP

        ASP represents, warrants and agrees as follows:

        Section 2.1 ORGANIZATION. ASP is a corporation duly organized, validly
existing and in good standing under the laws of the state of Delaware, has all
necessary corporate powers to own its properties and to carry on its business as
now owned and operated by it, is duly qualified to do business and is in good
standing in any jurisdiction where its business requires qualification.

        Section 2.2 DUE AUTHORIZATION. ASP has the requisite corporate power and
authority to execute and deliver this Agreement and to perform its obligations
hereunder. The execution, delivery and performance of this Agreement by ASP have
been duly authorized and approved by its Board of Directors and no other
corporate action is necessary to authorize the execution, delivery and
performance of this Agreement by ASP.

        Section 2.3 ENFORCEABILITY. This Agreement has been, and all other
instruments and agreements to be executed and delivered by ASP as contemplated
hereby when delivered in accordance with the terms hereof, assuming the due
execution and delivery of this Agreement by AP Holdings, has been duly executed
and delivered by ASP and shall be a valid and binding obligation of ASP,
enforceable against ASP in accordance with its terms, except to the extent that
its enforceability may be subject to applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally and to general equitable principles.

        Section 2.4 CONSENTS AND APPROVALS. The execution and delivery of this
Agreement by ASP and the consummation by ASP of the transactions contemplated
hereby will not, with or without the giving of notice or the passage of time or
both: (i) violate any provision of the charter or by-laws (or other relevant
governing documents or agreements, including partnership agreements) of ASP or
its subsidiaries; (ii) violate any statute, ordinance, rule, regulation
(together referred to herein as "Laws"), judgment, order or decree (together
referred to herein as "Orders") of any court or of any governmental or
regulatory body, agency or authority (each, a "GOVERNMENTAL AUTHORITY") or
arbitrator applicable to ASP or any of its subsidiaries or by which any of their
respective properties or assets may be bound; or, (iii) result in a violation or
breach of, conflict with, constitute a default (or give rise to any right of
termination, cancellation, payment or acceleration) under, or result in the
creation of any Lien upon any of the properties or assets of ASP or any of its
subsidiaries under, any of the terms, conditions or provisions of any note,
bond, mortgage, indenture, license, franchise, permit, agreement, lease,
franchise agreement or other instrument or obligation to which ASP or any of its
subsidiaries is a party, or by which it or any of their respective properties or
assets are bound, except, in the case of (iii)

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above, for such violations, breaches, conflicts or defaults that would not have
a material adverse effect on (x) the financial condition of ASP and its
subsidiaries, taken as a whole, or (y) the ability of ASP to consummate the
transactions contemplated hereby or to perform its obligations hereunder.

        Section 2.5 NO VIOLATIONS. No consent, approval or action of, filing
with or notice to any Governmental Authority or private third party is necessary
or required under any of the terms, conditions or provisions of any Law or Order
of any Governmental Authority, any license or any note, bond, mortgage,
indenture, agreement, contract, lease, franchise or other instrument or
obligation to which ASP or any of its subsidiaries is a party or by which any of
them or any of their respective assets or properties are bound for the execution
and delivery of this Agreement by ASP, or the performance by ASP of its
obligations hereunder or the consummation of the transactions contemplated
hereby.

                                   ARTICLE III

                  REPRESENTATIONS AND WARRANTIES OF AP HOLDINGS

AP Holdings represents, warrants and agrees as follows:

        Section 3.1 EXISTENCE AND GOOD STANDING; POWER AND AUTHORITY. AP
Holdings is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware. AP Holdings has the corporate power and
authority to enter into, execute and deliver this Agreement and perform its
obligations hereunder. The execution, delivery and performance of this Agreement
by AP Holdings have been duly authorized and approved by its Board of Directors
and no other corporate action is necessary to authorize the execution, delivery
and performance of this Agreement by AP Holdings. This Agreement has been duly
executed and delivered by AP Holdings and, assuming the due execution and
delivery hereof by ASP, this Agreement constitutes a valid and binding
obligation of AP Holdings, enforceable against AP Holdings in accordance with
its terms, except to the extent that its enforceability may be subject to
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
effecting the enforcement of creditors' rights generally and to general
equitable principles.

        Section 3.2 OWNERSHIP OF SHARES. AP Holdings is the lawful owner,
beneficially and of record, of the Exchanged Shares, free and clear of all
Liens. AP Holdings has full legal right, power and authority to enter into this
Agreement and to exchange, assign, transfer and convey the Exchanged Shares
pursuant to this Agreement and the delivery to ASP of the Exchanged Shares
pursuant to the provisions of this Agreement will transfer to ASP good and valid
title thereto, free and clear of all Liens.

        Section 3.3 CONSENTS AND APPROVALS. The execution and delivery of this
Agreement by AP Holdings and the consummation by AP Holdings of the transactions
contemplated hereby will not, with or without the giving of notice or the
passage of time or both: (i) violate any provision of the charter or by-laws (or
other relevant governing documents or agreements, including partnership
agreements) of AP Holdings or its subsidiaries; (ii) violate any Law or Order of
any Governmental Authority or arbitrator applicable to AP Holdings or any of its
subsidiaries or by which any of their respective properties or assets may be
bound; or, (iii) result

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in a violation or breach of, conflict with, constitute a default (or give rise
to any right of termination, cancellation, payment or acceleration) under, or
result in the creation of any Lien upon any of the properties or assets of AP
Holdings or any of its subsidiaries under, any of the terms, conditions or
provisions of any note, bond, mortgage, indenture, license, franchise, permit,
agreement, lease, franchise agreement or other instrument or obligation to which
AP Holdings or any of its subsidiaries is a party, or by which it or any of
their respective properties or assets are bound, except, in the case of (iii)
above, for such violations, breaches, conflicts or defaults that would not have
a material adverse effect on (x) the financial condition of AP Holdings and its
subsidiaries, taken as a whole, or (y) the ability of AP Holdings to consummate
the transactions contemplated hereby or to perform its obligations hereunder.

        Section 3.4 NO VIOLATIONS. No consent, approval or action of, filing
with or notice to any Governmental Authority or private third party is necessary
or required under any of the terms, conditions or provisions of any Law or Order
of any Governmental Authority, any license or any note, bond, mortgage,
indenture, agreement, contract, lease, franchise or other instrument or
obligation to which AP Holdings or any of its subsidiaries is a party or by
which any of them or any of their respective assets or properties are bound for
the execution and delivery of this Agreement by AP Holdings, or the performance
by AP Holdings of its obligations hereunder or the consummation of the
transactions contemplated hereby.

        Section 3.5 INVESTMENT Intent. AP Holdings will acquire the Shares for
its own account for investment and not with a view toward any resale or
distribution thereof, PROVIDED, that the disposition of AP Holdings' property
shall at all times remain within the sole control of AP Holdings.

                                   ARTICLE IV

                                 MISCELLANEOUS

        Section 4.1 SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors
and assigns and shall inure to the benefit of each party and its respective
successors, participants and assigns.

        Section 4.2 GOVERNING LAW. The interpretation and construction of this
Agreement, and all matters relating hereto, shall be governed by the laws of the
State of New York applicable to agreements executed and to be performed solely
within such State.

        Section 4.3 COUNTERPARTS. This Agreement may be executed in two or more
counterparts, all of which taken together shall constitute one instrument.

        Section 4.4 AMENDMENTS. This Agreement may be changed or terminated and
any provision of this Agreement can be waived, amended, supplemented or modified
only by written agreement of AP Holdings and ASP.

                            [Signature page follows]

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IN WITNESS WHEREOF, each of the parties hereto has caused its corporate name to
be hereunto subscribed by its officer thereunto duly authorized all as of the
day and year first above written.

                                         AP HOLDINGS, INC.

                                         By:
                                            -------------------------------
                                            Name:
                                            Title:

                                         APCOA/STANDARD PARKING, INC.

                                         By:
                                            -------------------------------
                                            Name:
                                            Title:<Page>

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                        EXCHANGE AND AMENDMENT AGREEMENT

                                 BY AND BETWEEN

                          APCOA/STANDARD PARKING, INC.

                                       AND

                                  FIDUCIA LTD.

                          Dated as of November 20, 2001

================================================================================

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                        EXCHANGE AND AMENDMENT AGREEMENT

             EXCHANGE AND AMENDMENT AGREEMENT (this "AGREEMENT") dated as of
November 20, 2001 (the "Closing Date"), by and between APCOA/STANDARD PARKING,
INC. (the "COMPANY"), a corporation organized under the laws of Delaware, and
Fiducia Ltd. ("FIDUCIA"), a company organized under the laws of Bermuda.

                              W I T N E S S E T H:
                              - - - - - - - - - -

             WHEREAS, the Company proposes to offer to exchange (the "EXCHANGE
OFFER") pursuant to an Offering Circular (as defined herein) (a) $50.0 million
(with a minimum of $45.5 million and a maximum of $65.0 million) of its newly
issued 14% Senior Subordinated Second Lien Notes due 2006 (the "NEW NOTES") for
the Company's outstanding 9 1/4% Senior Subordinated Notes due 2008 (the "9 1/4%
NOTES") plus $506.90 additional cash to the Company per $1,000 of aggregate
principal amount of 9 1/4% Notes tendered (subject to adjustment as described in
the Offering Circular) or, alternatively, (b) 0.1 shares of its 18% Senior
Convertible Redeemable Preferred Stock (the "PREFERRED STOCK") per $1,000 of
aggregate principal amount of 9 1/4% Notes tendered;

             WHEREAS, the Company seeks to amend the Indenture, dated as of
March 30, 1998, between the Company, the guarantors named therein and State
Street Bank and Trust Company, as trustee, (the "INDENTURE") governing the terms
of its 9 1/4% Notes (the "AMENDMENTS") by soliciting the consents of holders of
its 9 1/4% Notes to amend the Indenture (the "CONSENT SOLICITATION");

             WHEREAS, Fiducia owns and has power to dispose of $35.0 million of
the 9 1/4% Notes (the "SUBJECT NOTES");

             WHEREAS, Fiducia desires that the Company undertake the Exchange
Offer and the Consent Solicitation; and

             WHEREAS, the execution of this Agreement by Fiducia and the Company
is a condition precedent to the making of the Exchange Offer and the Consent
Solicitation by the Company.

             NOW, THEREFORE, in consideration of the foregoing and the mutual
premises, representations, warranties, covenants and agreements contained
herein, the parties hereto, intending to be legally bound, hereby agree as
follows:

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                                    ARTICLE I

                                   DEFINITIONS

             Section 1.1 GENERALLY. For purposes of this Agreement, capitalized
terms used and not defined herein shall have the respective meanings ascribed to
them in the Offering Circular.

             Section 1.2 DEFINITIONS

             "LIEN" shall mean, with respect to any asset, any mortgage, lien,
pledge, charge, security interest or encumbrance of any kind in respect of such
asset, whether or not filed, recorded or otherwise perfected under applicable
law (including any conditional sale or other title retention agreement, any
lease in the nature thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any financing
statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction).

             "OFFERING CIRCULAR" shall mean that Offering Circular and Consent
Solicitation dated November 20, 2001 and accompanying documentation which sets
forth the terms of the Exchange Offer and Consent Solicitation, substantially in
the form provided to Fiducia on the date hereof.

             "PERMIT" shall mean all federal, state, local and foreign permits,
approvals, licenses, authorizations, certificates, rights, exemptions and orders
from Governmental Entities.

             "PERSON" shall mean and include an individual, a partnership, a
limited liability partnership, a joint venture, a corporation, an association, a
joint stock company, a limited liability company, a trust, an unincorporated
organization, a group, a government or other department or agency or political
subdivision thereof or any other entity.

             "SECURITIES ACT" shall mean the Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder.

                                   ARTICLE II

                    REPRESENTATIONS AND WARRANTIES OF FIDUCIA

             Fiducia hereby represents and warrants to the Company as of the
Closing Date as follows:

             Section 2.1 DUE ORGANIZATION, ETC. Fiducia is duly organized and
validly existing under the laws of the jurisdiction of its incorporation or
organization. Fiducia further represents and warrants to, and covenants with,
the Company that (i) Fiducia has full right, power, authority and capacity to
enter into this Agreement and to consummate the transactions contemplated
hereby, and (ii) upon the execution and delivery of this Agreement, this
Agreement shall constitute a valid and binding obligation of Fiducia,
enforceable in accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization,

                                       -2-
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moratorium or similar laws affecting creditors' and contracting parties' rights
generally and except as enforceability may be subject to general principles of
equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law).

             Section 2.2 OWNERSHIP OF FIDUCIA. Fiducia, or its affiliates,
beneficially owns the Subject Notes. Fiducia has sole power of disposition with
respect to the Subject Notes with no limitations, qualifications or restrictions
on such rights, subject only to applicable securities laws and the terms of this
Agreement.

             Section 2.3 POWER TO DISPOSE AND CONSENT. Fiducia represents that
it has all necessary power and authority to dispose of the Subject Notes
pursuant to the Exchange Offer and to consent to the Amendments pursuant to the
Consent Solicitation.

             Section 2.4 NO CONFLICTS. None of the execution and delivery of
this Agreement by Fiducia, the consummation by Fiducia of the transactions
contemplated hereby or compliance by Fiducia with any of the provisions hereof
shall (i) conflict with or result in any breach of any applicable organizational
documents applicable to Fiducia, (ii) result in, or give rise to, a violation or
breach of, or constitute (with or without notice or lapse of time or both) a
default under any of the terms, conditions or provisions of any note, bond,
mortgage, indenture, license, contract, commitment, arrangement, understanding,
agreement or other instrument or obligation of any kind to which Fiducia is a
party or by which Fiducia or any of the Subject Notes, properties or assets may
be bound, or (iii) violate any order, writ, injunction, decree, judgment, order,
statute, rule or regulation applicable to Fiducia or any of Fiducia's properties
or assets.

             Section 2.5 NO FINDER'S FEES. No broker, investment banker,
financial advisor or other Person is entitled to any broker's, finder's,
financial advisor's or other similar fee or commission in connection with the
transactions contemplated hereby based upon arrangements made by or on behalf of
Fiducia.

             Section 2.6 NO ENCUMBRANCES. The Subject Notes and the certificates
representing the Subject Notes are now, and at all times during the term hereof
will be, held by Fiducia, or by a nominee or custodian for the benefit of
Fiducia, free and clear of all Liens except for any such encumbrances or proxies
arising hereunder. The transfer by Fiducia of the Subject Notes to the Company
pursuant to this Agreement shall pass to and unconditionally vest in the Company
good and valid title to all of the Subject Notes, free and clear of all claims,
Liens, restrictions, limitations and encumbrances whatsoever, other than any
such encumbrances created by the Company.

             Section 2.7 INVESTMENT INTENT. This Agreement is made with Fiducia
in reliance upon Fiducia's representations to the Company, which, by Fiducia's
execution of this Agreement Fiducia hereby confirms, that the Preferred Stock to
be received by Fiducia in exchange for the Subject Notes will be acquired for
investment for Fiducia's own account, not as a nominee or agent, and not with a
view to the resale or distribution of any part thereof, and that Fiducia has no
present intention of selling, granting any participation in, or otherwise
distributing the same. By executing this Agreement, Fiducia further represents
that it does not have any contract,

                                       -3-
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undertaking, agreement or arrangement with any person to sell, transfer or grant
participations to such person or to any third person, with respect to the
Preferred Stock.

             Section 2.8 RELIANCE ON REPRESENTATIONS. Fiducia understands that
the Preferred Stock is not registered under the Securities Act on the ground
that the sale provided for in the Exchange Offer and the issuance of securities
thereunder is exempt from registration under the Securities Act pursuant to
Section 4(2) thereof, and that the Company's reliance on such exemption is
predicated on Fiducia's representations set forth herein. Fiducia realizes that
the basis for the exemption may not be present if, notwithstanding such
representations, Fiducia has in mind merely acquiring shares of the Preferred
Stock for a fixed or determinable period in the future, or for a market rise, or
for sale if the market does not rise. Fiducia has no such intention.

             Section 2.9 EXPERIENCED INVESTOR. Fiducia represents that it is
experienced in evaluating and investing in private placement transactions of
securities and acknowledges that it is able to fend for itself, can bear the
economic risk of such investment, and has such knowledge and experience in
financial and business matters that it is capable of evaluating the merits and
risks of the investment in the Preferred Stock. Fiducia also represents that it
has not been organized for the purpose of acquiring the Preferred Stock.

             Section 2.10 ACCREDITED INVESTOR. Fiducia represents that it is an
institutional "accredited investor" as defined in Rule 501(a)(1), (2), (3) or
(7) of Regulation D under the Securities Act.

             Section 2.11 RESTRICTED SECURITY. Fiducia represents and
acknowledges that the Preferred Stock may not be sold, transferred, or otherwise
disposed of without registration under the Securities Act or an exemption
therefrom and that in the absence of an effective registration statement
covering the Preferred Stock or an available exemption from registration under
the Securities Act, the Preferred Stock must be held indefinitely. Fiducia
represents and acknowledges that the Preferred Stock will bear a legend
substantially in the form set forth in the Offering Circular. Fiducia represents
and acknowledges that the Company will be under no obligation to register the
Preferred Stock under the Securities Act, and that the Company does not
currently intend to register the Preferred Stock except to the extent set forth
in the Offering Circular and the Certificate of Designation of the Preferred
Stock.

             Section 2.12 NO APPROVAL. Fiducia further represents and
acknowledges that the offer and sale of the Preferred Stock has not been
approved or disapproved by the U.S. Securities and Exchange Commission or any
other federal or state office or agency, nor will such offer and sale be
approved by any such agency at the time of the consummation of the Exchange
Offer and Consent Solicitation.

             Section 2.13 FULL INFORMATION. Fiducia represents and acknowledges
that it has had an opportunity to ask questions of and receive answers from
representatives of the Company concerning the terms of the Preferred Stock, the
Exchange Offer and the Consent Solicitation, and all such questions have been
answered to full satisfaction of Fiducia. Fiducia understands that no person
other than the Company has been authorized to make any representation or
warranty other than as contained in the Offering Circular and, if made, such
representation may

                                       -4-
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not be relied on unless it is made in writing and signed by the Company. The
Company has not rendered any investment or tax advice to Fiducia with respect to
the suitability of an investment in the Preferred Stock or the tax consequences
thereof. The Company has urged Fiducia to consult its own tax advisor concerning
any tax matters relating to this investment.

             Section 2.14 SUBJECT TO TERMS OF EXCHANGE OFFER. Fiducia represents
and acknowledges that the terms of the Preferred Stock and the Exchange Offer
are subject in all respects to the terms relating to the Preferred Stock and the
Exchange Offer set forth in the Company's Offering Circular, substantially in
the form attached hereto.

             Section 2.15 SOLE CONSIDERATION. Fiducia represents that the only
consideration it will receive from the Company for entering into this Agreement
and for the consummation of the transactions described herein will be the
Preferred Stock it receives pursuant to the terms of the Exchange Offer.

             Section 2.16 NON-AFFILIATE. Fiducia represents that it is not under
common control with the Company, and does not possess direct or indirect power
to direct the management or policies of the Company, whether through voting
securities, agreement or otherwise.

                                   ARTICLE III

                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

             The Company represents and warrants to Fiducia as of the Closing
Date as follows:

             Section 3.1 DUE ORGANIZATION. The Company is a company duly
organized and validly existing under the laws of the jurisdiction of its
incorporation or organization. The Company has all necessary power and authority
to execute and deliver this Agreement and to consummate the transactions
contemplated hereby, including the issuance of the Preferred Stock.

             Section 3.2 DUE AUTHORIZATION. All corporate action on the part of
the Company, its officers and directors necessary for the authorization,
execution and delivery of this Agreement has been taken or will be taken prior
to the Closing Date. All corporate action on the part of the Company, its
officers, directors and stockholders necessary for the authorization, issuance,
sale and delivery of the Preferred Stock being sold hereunder has been taken or
will be taken prior to the Expiration Date. This Agreement, when executed and
delivered, will constitute valid and legally binding obligations of the Company,
enforceable in accordance with its terms except to the extent that its
enforceability may be subject to applicable bankruptcy, insolvency,
reorganization, moratorium and similar laws affecting the enforcement of
creditors' rights generally and by general equitable principles.

             Section 3.3 VALID ISSUANCE. The Preferred Stock, when issued, sold
and delivered in accordance with the terms of the Exchange Offer for the
consideration expressed therein, will be duly and validly issued, fully paid and
non-assessable.

                                       -5-
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             Section 3.4 NO CONFLICTS. None of the execution and delivery of
this Agreement by the Company or the consummation by the Company of the
transactions contemplated hereby at the time of their consummation shall (i)
conflict with or result in any breach of the organizational documents of the
Company, (ii) result in a violation or breach of, or constitute (with or without
notice or lapse of time or both) a default (or give rise to any third party
right of termination, cancellation, material modification or acceleration) under
any of the terms, conditions or provisions of any note, bond, mortgage,
indenture, license, contract, commitment, arrangement, understanding, agreement
or other instrument or obligation of any kind to which the Company is a party or
by which the Company or any of its respective properties or assets may be bound,
or (iii) violate any order, writ, injunction, decree, judgment, order, statute,
rule or regulation applicable to the Company or any of its respective properties
or assets.

                                   ARTICLE IV

                              COVENANTS OF FIDUCIA

             Section 4.1 NO ENCUMBRANCE. Fiducia agrees that, except as
contemplated by the terms of this Agreement, Fiducia shall not and shall cause
its affiliates not to (i) sell, transfer, tender, pledge, encumber, assign or
otherwise dispose of, or enter into any contract, option or other agreement with
respect to, or consent to, the sale, transfer, tender, pledge, encumbrance,
assignment or other disposition of, any or all of the Subject Notes, (ii) grant
any proxies or powers of attorney in respect of the Subject Notes, or (iii) take
any action that would have the effect of preventing or disabling Fiducia from
performing its obligations under this Agreement.

             Section 4.2 CONSENT. Fiducia agrees to consent to the Amendments in
the Consent Solicitation in the full amount of the Subject Notes, prior to the
Expiration Date and to refrain from taking any action that would cause its
consent to be withdrawn from the Consent Solicitation or rejected by the Company
or the Exchange Agent for failure to satisfy the terms and requirements of the
Consent Solicitation relating to the proper means of consenting to the
Amendments. Fiducia further agrees that in the event all or any part of its
consent is rejected in the Consent Solicitation due to any defect in form or
procedure, Fiducia will use its best efforts to cure such defect and consent to
the Amendments pursuant to the Consent Solicitation prior to the Expiration
Date.

             Section 4.3 TENDER. Fiducia agrees to tender the Subject Notes
pursuant to the terms of the Exchange Offer, on or prior to the Expiration Date
and to refrain from taking any action which would cause the Subject Notes to be
withdrawn from the Exchange Offer or rejected by the Company or the Exchange
Agent for failure to satisfy the terms and requirements of the Exchange Offer
relating to the proper tendering of securities. Fiducia further agrees that in
the event all or any part of the Subject Notes are rejected for tender in the
Exchange Offer due to any defect in form or procedure, Fiducia will use its best
efforts to cure such defect and tender the Subject Notes pursuant to the terms
of the Exchange Offer prior to the Expiration Date. Fiducia further agrees that
when tendering the Subject Notes in the Exchange Offer, it will select to
receive Preferred Stock from the Company in exchange for the Subject Notes, for
all amounts of the Subject Notes so tendered.

                                       -6-
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                                    ARTICLE V

                            COVENANTS OF THE COMPANY

             Section 5.1 CONSUMMATION OF THE EXCHANGE OFFER AND CONSENT
SOLICITATION. The Company covenants to use its reasonable best efforts to
consummate the Exchange Offer and Consent Solicitation in accordance with terms
set forth in the Offering Circular; PROVIDED, HOWEVER, that the Company's
obligation to consummate the Exchange Offer is conditioned upon, among other
things, the satisfaction or waiver of certain conditions as described in the
Offering Circular, including, but not limited to,

             (i)    the valid tender, and acceptance by the Company of a minimum
                    of $35.0 million and a maximum of $62.9 million in aggregate
                    principal amount of the 9 1/4% Notes for exchange into New
                    Notes prior to the Expiration Date,

             (ii)   the receipt by the Company of at least $21.0 million in cash
                    from holders of 9 1/4% Notes as partial consideration to
                    exchange those notes for New Notes,

             (iii)  the exchange of at least $35.0 million in aggregate
                    principal amount of 9 1/4% Notes inTO Preferred Stock,

             (iv)   the receipt of the consent of holders of 9 1/4% Notes to the
                    Proposed AmendmenTS representing at least a majority in
                    aggregate principal amount of the 9 1/4% Notes, excluding
                    notes owned by the Company and its affiliates on or prior to
                    the Expiration Date,

             (v)    the receipt by the Company's parent of waivers from holders
                    of at least $25.6 million in aggregate principal amount of
                    its 11 1/4% senior discount notes due 2008 to have their
                    cash interest payments delayed until March 15, 2007 from
                    September 15, 2003,

             (vi)   the receipt of the consent of holders of the Company's
                    parent's 11 1/4% senior discount notes representing at least
                    a majority in aggregate principal amount of such notes,
                    excluding notes owned by the Company and its affiliates on
                    or prior to the Expiration Date, to amend the indenture
                    governing such notes to eliminate substantially all of the
                    financial and restrictive covenants,

             (vii)  the entering into of a new senior credit facility, and

             (viii) the effectiveness of all agreements, including the new
                    senior credit facility, governing the transactions
                    contemplated in the Offering Circular in accordance with
                    their terms.

                                       -7-
<Page>

                                   ARTICLE VI

                                  MISCELLANEOUS

             Section 6.1 PUBLICATION. Fiducia hereby permits the Company to
publish and disclose in the Offering Circular the nature of its commitments,
arrangements and understandings pursuant to this Agreement.

             Section 6.2 ENTIRE AGREEMENT. This Agreement contains the entire
understanding of the parties hereto with respect to the subject matter contained
herein and supersedes all prior agreements and understandings, oral and written,
with respect thereto.

             Section 6.3 BINDING EFFECT; BENEFIT; ASSIGNMENT. This Agreement
shall inure to the benefit of and be binding upon the parties hereto and their
permitted assigns. Neither this Agreement nor any of the rights, interests or
obligations hereunder shall be assigned by any of the parties hereto, except by
will or by the laws of descent and distribution, without the prior written
consent of each of the other parties, except that the Company may assign and
transfer its rights and obligations hereunder to any direct or indirect wholly
owned Subsidiary of the Company. Nothing in this Agreement, expressed or
implied, is intended to confer on any Person, other than the parties hereto, any
rights or remedies.

             Section 6.4 AMENDMENTS, WAIVERS, ETC. This Agreement may not be
amended, changed, supplemented, waived or otherwise modified or terminated
except upon the execution and delivery of a written agreement executed by all of
the relevant parties hereto.

             Section 6.5 NOTICES. All notices, requests, demands, waivers and
other communications required or permitted to be given under this Agreement
shall be in writing and shall be deemed to have been duly given if delivered in
person or mailed, certified or registered mail with postage prepaid, or sent by
facsimile (upon confirmation of receipt), as follows:

             (i)    If to Fiducia, at the address set forth below:

                    Fiducia Ltd.
                    Fourth Floor
                    British America Building
                    P.O. Box HM3143
                    Hamilton, Bermuda HM NX

             (ii)   If to the Company, at the address set forth below:

                    APCOA/Standard Parking, Inc.
                    900 North Michigan Avenue
                    Suite 1600
                    Chicago, Illinois 60611
                    Attention: Robert Sacks, Esq.

                                       -8-
<Page>

                    with a copy (which shall not constitute notice) to:

                    White & Case LLP
                    1155 Avenue of the Americas
                    New York, New York 10036
                    Attention:Timothy B.Goodell, Esq.
                              Jonathan E.Kahn, Esq.
                    Fax: 212-354-8113

or to such other Person or address as any party shall specify by notice in
writing to each of the other parties. All such notices, requests, demands,
waivers and communications shall be deemed to have been received on the date of
delivery, except for a notice of a change of address, which shall be effective
only upon receipt thereof.

             Section 6.6 SPECIFIC ENFORCEMENT. The parties agree that
irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were
otherwise breached. Accordingly, the parties shall be entitled to an injunction
or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement, this being in addition to any other
remedy to which they are entitled at law or in equity.

             Section 6.7 REMEDIES CUMULATIVE. All rights, powers and remedies
provided under this Agreement or otherwise available in respect hereof at law or
in equity shall be cumulative and not alternative, and the exercise of any
thereof by any party shall not preclude the simultaneous or later exercise of
any other such right, power or remedy by such party.

             Section 6.8 NO WAIVER. The failure of any party hereto to exercise
any right, power or remedy provided under this Agreement or otherwise available
in respect hereof at law or in equity, or to insist upon compliance by any other
party hereto with its obligations hereunder, and any custom or practice of the
parties at variance with the terms hereof shall not constitute a waiver by such
party of its right to exercise any such or other right, power or remedy or to
demand such compliance.

             Section 6.9 APPLICABLE LAW. THIS AGREEMENT AND THE LEGAL RELATIONS
BETWEEN THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS RULES
THEREOF. THE COMPETENT STATE OR FEDERAL COURTS LOCATED WITHIN THE STATE OF NEW
YORK WILL HAVE JURISDICTION OVER ANY AND ALL DISPUTES BETWEEN THE PARTIES
HERETO, WHETHER IN LAW OR EQUITY, ARISING OUT OF OR RELATING TO THIS AGREEMENT
AND THE AGREEMENTS, INSTRUMENTS AND DOCUMENTS CONTEMPLATED HEREBY, AND THE
PARTIES CONSENT TO AND AGREE TO SUBMIT TO THE JURISDICTION OF SUCH COURTS. EACH
OF THE PARTIES HEREBY WAIVES AND AGREES NOT TO ASSERT IN ANY SUCH DISPUTE, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY CLAIM THAT (I) SUCH PARTY IS
NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, (II) SUCH

                                       -9-
<Page>

PARTY AND SUCH PARTY'S PROPERTY IS IMMUNE FROM ANY LEGAL PROCESS ISSUED BY SUCH
COURTS OR (III) ANY LITIGATION OR OTHER PROCEEDING COMMENCED IN SUCH COURTS IS
BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

             Section 6.10 HEADINGS. The descriptive headings of this Agreement
are inserted for convenience only and do not constitute a part of this Agreement
and shall not affect in any way the meaning or interpretation of this Agreement.

             Section 6.11 COUNTERPARTS. This Agreement may be executed in
several counterparts, each of which shall be deemed to be an original, and all
of which together shall be deemed to be one and the same instrument.

             Section 6.12 TERMINATION. This Agreement shall terminate, and
neither the Company nor Fiducia shall have any rights or obligations hereunder,
and this Agreement shall become null and void and have no effect upon the
earliest to occur of (i) the date on which the Exchange Offer and Consent
Solicitation is withdrawn by the Company or expires in accordance with its terms
and (ii) by the mutual consent of the Company and Fiducia.

                                      * * *

                                      -10-
<Page>

             IN WITNESS WHEREOF, the Company and Fiducia have caused this
Agreement to be duly executed as of the day and year first above written.

                                       APCOA/STANDARD PARKING, INC.

                                       By
                                         ---------------------------------------
                                         Name:  G. Marc Baumann
                                         Title: Executive Vice President, Chief
                                                Financial Officer and Treasurer

                                       FIDUCIA LTD.

                                       By
                                         ---------------------------------------
                                         Name:  John G. Wakely
                                         Title: Chairman

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                     PAGE
                                                                                     ----
<S>                                                                                     <C>

ARTICLE I   DEFINITIONS.................................................................2

     Section 1.1  Generally.............................................................2
     Section 1.2  Definitions...........................................................2

ARTICLE II  REPRESENTATIONS AND WARRANTIES OF FIDUCIA...................................2

     Section 2.1  Due Organization, etc.................................................2
     Section 2.2  Ownership of Fiducia..................................................3
     Section 2.3  Power to Dispose and Consent..........................................3
     Section 2.4  No Conflicts..........................................................3
     Section 2.5  No Finder's Fees......................................................3
     Section 2.6  No Encumbrances.......................................................3
     Section 2.7  Investment Intent.....................................................3
     Section 2.8  Reliance on Representations...........................................4
     Section 2.9  Experienced Investor..................................................4
     Section 2.10 Accredited Investor...................................................4
     Section 2.11 Restricted Security...................................................4
     Section 2.12 No Approval...........................................................4
     Section 2.13 Full Information......................................................4
     Section 2.14 Subject to Terms of Exchange Offer....................................5
     Section 2.15 Sole Consideration....................................................5
     Section 2.16 Non-Affiliate.........................................................5

ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY...............................5

     Section 3.1  Due Organization......................................................5
     Section 3.2  Due Authorization.....................................................5
     Section 3.3  Valid Issuance........................................................5
     Section 3.4  No Conflicts..........................................................6

ARTICLE IV  COVENANTS OF FIDUCIA........................................................6

     Section 4.1  No Encumbrance........................................................6
     Section 4.2  Consent...............................................................6
     Section 4.3  Tender................................................................6

ARTICLE V    COVENANTS OF THE COMPANY...................................................7

     Section 5.1  Consummation of the Exchange Offer and Consent Solicitation...........7

ARTICLE VI   MISCELLANEOUS..............................................................8
</Table>

                                       (i)

<Page>

<Table>
<Caption>
                                                                                     PAGE
                                                                                     ----
     <S>                                                                               <C>

     Section 6.1  Publication...........................................................8
     Section 6.2  Entire Agreement......................................................8
     Section 6.3  Binding Effect; Benefit; Assignment...................................8
     Section 6.4  Amendments, Waivers, etc..............................................8
     Section 6.5  Notices...............................................................8
     Section 6.6  Specific Enforcement..................................................9
     Section 6.7  Remedies Cumulative...................................................9
     Section 6.9  Applicable Law........................................................9
     Section 6.10 Headings.............................................................10
     Section 6.11 Counterparts.........................................................10
     Section 6.12 Termination..........................................................10
</Table>

                                      (ii)

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