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


December 4, 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:

     Enclosed  is an 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.

     Please consider the following points, which are discussed in greater detail
in the accompanying Offer to Purchase:

     o    $1,200 per Original  Unit exceeds the original  investment  amount for
          the Original Units by $200 per Unit.  Unit Holders who invested in the
          Partnership  when it was organized in 1988 are finally able to recover
          more than their original investment in such units.

     o    The Offer price exceeds by $200 per Unit (20%) the highest prior offer
          for Original Units of which Purchaser is aware.

     o    No distributions can be made on the Original Units until approximately
          $3.6 Million ($445 per unit) more is distributed on the Class A Units,
          which would take almost 4 years at the current  rate of  distributions
          made on the Class A Units. No distributions have ever been made on the
          Original Units.

     o    The  General  Partner  has stated  that the  Partnership  would not be
          completely  liquidated  before  2005.  Unit  Holders who hold Units in
          custodial  accounts (e.g.,  IRA's) may save annual  custodian fees for
          one or two years by selling  their  Units now rather than wait for the
          Partnership to liquidate and terminate.

     The General  Partner  just  announced  it has  accepted  offers to sell the
properties, subject to the buyers' due diligence review, for a combined price of
$63.4  Million  and that the net  proceeds to Unit  Holders  from a sale at that
price are  estimated  to be between  $1,800 and $1,900 per  Original  Unit.  The
General  Partner has also stated that there is no assurance  that the sales will
be consummated  and that no proceeds  would be distributed  before 2004. 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) in the
envelope provided.

     The Offer is scheduled  to expire on January 6, 2003.  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