As a shareholder of APAC (in excess of 7% of APAC shares), it was certainly a pleasure to participate in the recent conference call with respect to APAC's Fourth Quarter. As you know, the results achieved by Mr. Marrow and his team significantly exceeded expectations. First Analysis, the only sell side broker which follows APAC, raised its price target to $3.00 per share, and it would have been difficult for the analyst to be much more enthusiastic about the performance and prospects for APAC.

It is obvious that the Special Committee of the Board of Directors should not be spending any of the Company's (shareholder's) money with lawyers and investment bankers with respect to Mr. Schwartz's offer. If you listened to the call, you must realize that your shareholders strongly support the position that APAC should be "left alone" so that it may achieve (without interference or distraction) the kind of results that have been far too long in coming. I, and others on the call, have been patient and deserve the opportunity to realize full value on our investment as owners of APAC.

The shareholders expect the Board to fulfill its fiduciary responsibilities, and to provide a positive, constructive environment conducive to continued success. I believe that APAC's value is a significant multiple to Friday's closing price of $1.95.