Everest
155 N. Lake Ave., #1000
Pasadena, CA 91101
Tel: (626) 585-5920
Fax: (626) 585-5929



December 30, 2003


TO HOLDERS OF ORIGINAL UNITS OF
INCOME GROWTH PARTNERS, LTD. X

     Re: Offer to Purchase Original Units for $1,200 Per Unit

Dear Unit Holder:

     You have until  January 9, 2004,  to respond to our OFFER TO PURCHASE up to
700 Original Units of limited  partnership  interests in Income Growth Partners,
Ltd. X (the "Partnership") at a cash purchase price of $1,200 per Original Unit,
without interest, less the amount of distributions made to you after the date of
the Offer. No transfer fees will be deducted.

     You should have received a Recommendation  Statement  (Schedule 14D-9) from
the General Partner, which states:

     o    There is no assurance that the  Partnership's  properties will be sold
          at the projected sales price of $63.6 million,  or that the properties
          will  be sold  at  all.  The  purchase  and  sale  agreements  for the
          properties are still subject to cancellation by the buyers.

     o    Even  if  the  properties  are  sold  as  currently  contemplated,  no
          distributions of proceeds are expected before May-June 2004; and final
          distributions,  if any,  are not  planned to occur  until  mid-2005 or
          later.

          Please also consider:

     o    Everest intends to submit all transfer documents to the Partnership by
          January 15, 2004.  The  Partnership's  limited  partnership  agreement
          provides that selling limited  partners would therefore get a transfer
          date of January 1, 2004,  allowing the  Partnership to provide selling
          limited  partners with a Final  Schedule K-1 for the 2003 tax year. If
          you wait for the  Partnership to liquidate and terminate,  you may not
          receive a final Schedule K-1 until 2006 (for 2005) or later.

     o    Unit Holders who hold Units in custodial  accounts  (e.g.,  IRA's) may
          save  annual  custodian  fees for two or more years by  selling  their
          Units  now  rather  than wait for the  Partnership  to  liquidate  and
          terminate.

     We urge you to read the Offer to  Purchase  completely  and to return  your
completed  Agreement of Transfer and Letter of  Transmittal  promptly (blue form
enclosed) in the envelope provided.

     The Offer is now scheduled to expire on January 9, 2004. For answers to any
questions you might have regarding  these  materials or our Offer, or assistance
in the  procedures  for  accepting our Offer and  tendering  your Units,  please
contact us at (800) 611-4613 (toll free).

                                      Very truly yours,

                                      EVEREST MANAGEMENT, LLC