Chapman Capital Demands ACPT $25/Share Liquidation.

Business Editors

LOS ANGELES/ST. CHARLES, Md.--(BUSINESS WIRE)--April 19, 2000

Chapman Capital L.L.C. today announced that it has sent its second letter to American Community Property Trust (ACPT) (AMEX:APO) demanding that the company re-evaluate Chapman Capital's $25 per share liquidation proposal.

In discussing the proposals, Robert L. Chapman Jr., managing member of Chapman Capital, said, "I remain astounded by the absolute void of market sensitivity and managerial creativity that appears to dominate ACPT's `leadership.' Typical of ACPT's deportment since I became involved in ACPT, the company attempts to distance itself from blame in the `New Economy Asylum.' This letter is intended to apply a sharper tool to, and more clearly define, the process of how to maximize shareholder value, in any economy, by selling real assets in the private market where the Old Economy still reigns supreme."

Chapman Capital, which has encouraged ACPT to consider the liquidation of its net assets (which the company itself valued at approximately $21 per share in 1996 before the real estate market materially appreciated), received a letter from ACPT President Mr. Edwin Kelly dated April 13, 2000, rejecting Chapman Capital's liquidation and other proposals.

In today's letter to ACPT, Chapman concluded: "The management team in place is implementing a long-term strategy that IS NOT WORKING. If the company understood, even slightly, that its job is not to develop real estate but to build shareholder value in the public market through real-estate related development, this would be patently obvious. Instead, ACPT's response, like all those that preceded it, confirms every fear I have about the Wilson family's role in the tragic underperformance of this asset-rich enterprise. Like TrizecHahn and others in the `Old Economy,' selling assets to the private market rather than waiting for the public market to realize the estimated $25/share in intrinsic value is the only viable option. Thus, on behalf of the public shareholders of ACPT, I demand that the company begin an orderly liquidation of ACPT immediately."

Chapman Capital L.L.C. is an investment advisor specializing in small capitalization reorganizations and turnarounds. The company is General Partner of Chap-Cap Partners L.P., a Delaware limited partnership that is the largest non Wilson-family shareholder in American Community Properties Trust.

The full text of Chap-Cap Partners L.P.'s communications with ACPT can be found as exhibits to its 13-D filings with the Securities and Exchange Commission. For those interested parties with Internet access, it is recommended that one access the SEC's EDGAR system through the Web site http://www.freeedgar.com and then enter in the second search box the ticker symbol "APO". Then, to access the two separate 13-D filings from March 31 and April 19, 2000, click on the "VIEW FILINGS" link under the symbol "APO" and click the "Body: (Entire Filing)" link under "Table of Contents" in the left panel.