EXHIBIT 99.3 March 29, 2000 Committee of Independent Directors Crown Central Petroleum Corporation One North Charles Street Baltimore, Maryland 21201 Ladies and Gentlemen: Enclosed herewith is a form of acquisition agreement we are submitting as a revision to our March 9, 2000 merger proposal to the Board of Directors of Crown Central Petroleum Corporation ("Crown"). As you know, on March 9,2000, we submitted our $9.20 per share cash merger proposal with accompanying draft of merger agreement. On March 15, 2000, your counsel submitted to us a "mark-up" of our form of merger agreement suggesting, inter alia, that the transaction we proposed be restructured to include a first step tender offer and follow-up merger. Although we have had no substantive response to our proposal, because we have no objection to restructuring the transaction as your counsel requested, we are submitting the enclosed acquisition agreement to replace the merger agreement previously submitted. As outlined in the attached document, this offer is conditioned upon a reasonable period to complete due diligence and finalize replacement financing for Crown's $125 million of senior bonds. We are actively pursuing this replacement financing. We are also enclosing a copy of Apex's Unaudited Consolidated Financial Statements for February 2000, to help demonstrate our earnings power and ability to complete an acquisition of Crown. Your facsimile memorandum of Friday, March 24, 2000 indicates a "preference" for cash bids. We find this interesting as our repeated requests over the past months to meet with the Committee to discuss options for potential transactions and/or determine the Committee's preferences have been thwarted on one pretext or another. Despite this newfound direction, we continue to believe that other alternatives may provide more value to the Crown shareholders. Our stock- for-stock merger proposal, which we initially made in November1999, values the existing Crown shares at a minimum of $10.00 per share. Your counsel has informed us that you are unwilling to meet with us to explore a stock- for-stock transaction, and advised that our investment bankers (Bear Stearns & Co.) must meet with your bankers (Credit Suisse First Boston) to present and discuss the terms of such a transaction. Accordingly, we have instructed our bankers to prepare the appropriate presentation and schedule a meeting with CSFB as soon as practicable for this purpose. When they meet, Bear Stearns will explain that our stock-for-stock proposal now contains value protection for Crown shareholders in that Apex will commit to make a "shortfall distribution" to all shareholders on December 31, 2001 if the average closing price of the shares for the combined company has not reached $12.00 (a 50% increase over the current price) for a period of at least five consecutive days prior to that date. The "shortfall distribution "will be equal to the difference between $12.00 and the highest five-day average closing price during the period. This stock-for-stock merger proposal is similarly conditioned upon a reasonable period to complete due diligence and finalize replacement financing for Crown's $125 million of senior bonds. Because we have been unable to meet with the Committee and get your input, we have also been unable to present, for consideration by the Committee, other alternatives to maximize shareholder value. As a third alternative to our all-cash and all-stock proposals, Apex would purchase between 3.5 and 4.5 million Class A common shares from Crown in a private placement at a price of $9.50 per share, infusing badly needed equity in to the company. Further, Apex would provide the same "shortfall distribution" incentive outlined above based on the $12.00 per share average closing price. This proposal would not be conditioned upon further due diligence. However, suspension of the Rights Agreement dated February 1, 2000 and replacement financing, to the extent that the $125 million of senior bonds become due as a result of this transaction, would be conditions. In contrast to the discussions with counsel for the Committee on Thursday, March 23, 2000 in which we were instructed to have Bear Stearns contact CSFB, the March 24, 2000 memorandum requests "best and final offers "to be submitted no later than 4:30pm today. However, the request for such offers expressly notes that the Committee is not bound by the deadline, may not bring the process to conclusion at the end of today, and may modify any of the procedures used prior to the deadline. We can only conclude from these events that you desire to have cash offers submitted today but will consider the proposals presented to CSFB in due course. Bear Stearns will be contacting CSFB soon to continue this process. As you know, our $9.20 per share cash offer has been extended, at your request, and does not expire until April 17, 2000. Finally, we must again reiterate our concern that there exists some bias among certain of your management personnel against Apex and in favor of a related party. A number of circumstances contribute to our concerns. The Chairman of your board is maintaining a competing offer for Crown, at a price that we and other shareholders believe to be inadequate. There have been repeated delay tactics to forestall a meeting with us and avoid our due diligence. We have received contradictory responses from representatives of the Committee. Now, you have established the date for the "best and final offers" on the day of Crown's release of its 1999 Form 10-K. All of these circumstances fuel our concerns that the process has been compromised. We again are requesting the opportunity to meet with the Committee to discuss our interest in combining our companies and, as a result thereof, to refine our "best and final" proposal. We firmly believe that a combination of our companies serves the best interests of our respective shareholders, employees, business partners and communities. Given that our proposals to date result in the highest values being offered to Crown shareholders, and the past unfair treatment we have been afforded in our attempts to discuss our proposals with your board, we urge full consideration of our position. By copy of this letter, we are forwarding courtesy copies of our acquisition agreement to both Credit Suisse First Boston and Skadden, Arps, Slate, Meagher & Flom. Sincerely, Apex Oil Company, Inc. /s/--Edwin L. Wahl Edwin L. Wahl President