MAXUS CAPITAL CORP.
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P.O. Box 34729*North Kansas City, Missouri 64116*(816)303-4500*Fax (816)221-1829

July 19, 2001

Re: Tender Offer by O. Bruce Mills

Dear Limited Partner/Assignee in Maxus Real Property Investors - Four, L.P.:

We have  received a number of  telephone  calls from  limited  partners  who are
confused by the  contingent  tender offer  proposed by O. Bruce Mills.  We would
like to take this opportunity to clarify.

Mr. Mills is offering to purchase your units if the  conditions in his offer are
satisfied  or waived.  If this occurs and you do sell to him, you will no longer
be in the Partnership.

The  Managing  General  Partner  of  the  Partnership  recommends  that  Limited
Partners/Assignees REJECT the tender offer by Mr. Mills.

If you unintentionally sold your units or you have changed your mind and wish to
withdraw your units:

     Send written notice to the  depositary of your name,  address and number of
     units  you wish to  withdraw,  before  the  expiration  date of the  offer,
     Tuesday, August 7th, 2001. Fax: (312) 904-2584

     Mail:    LASALLE BANK NATIONAL ASSOCIATION
              135 SOUTH LASALLE STREET, SUITE 1811
              CORPORATE TRUST OPERATIONS
              CHICAGO, ILLINOIS 60603

If you DO NOT wish to sell to Mr.  Mills,  do not sign anything or mail anything
to Mr. Mills. If you already have done so, you may revoke by following the above
withdrawal instructions.

The Managing  General Partner of the Partnership  mailed a letter dated July 13,
2001 to each Limited  Partner/Assignee  explaining  the potential  impact of Mr.
Mills offer on the Partnership.  Please read that letter and any other documents
you receive about your  Partnership  carefully.  If you would like a copy of the
letter dated July 13, 2001, please contact Terry Meyer at (816) 303-4500.

DISTRIBUTION:
Please also be aware that the  Partnership  recently  mailed you a  distribution
check in the  amount  of $10 per  unit.  It is the  Managing  General  Partner's
current  intent to  distribute  $10 per unit to you every  quarter.  This  would
result in a yearly distribution of $40 per unit. If you accept Mr. Mills' offer,
you will not receive any future distribution and you will not participate in any
future appreciation or higher offers.