December 22, 2011

Dear Investor Victim:

Enclosed with this letter, you will find a check in conformance with Judge Cummings' Order dated December 16, 2011, approving my Unopposed Motion for Third Interim Distribution.  As with the first two interim distributions, if your investment was made through an individual retirement account (IRA) or through a trust, then the cash distribution will be sent to your IRA custodian or trustee, rather than to you directly.  Please contact your IRA custodian or trustee if you have additional questions regarding further management of your assets.

This third interim distribution represents net proceeds from the sale of assets to date in this case since the last interim distribution, including, but not limited to the sale of the Estate's interest in Retail Ready Foods, the sale of the Estate's interest in the office building located at 3132 50th Street, Lubbock, Texas, and the closing of the majority of Excel Lease Fund, Inc.'s bank accounts.  The Internal Revenue Service estimates that the average Ponzi scheme victim recovers approximately 5% of their principal investment.  With this third interim distribution, I have recovered 29% or close to one-third of your collective original principal investment.  I had hoped to complete the liquidation fo the remaining assets and make the final distribution to conclude this case this year.  However, due to a pending personal injury lawsuit involving the Las Brisas Restaurant in Amarillo prior to its sale, and other pending matters, the case cannot be closed before the end of 2011.  Please rest assured that I will close the case as soon as possible once these pending matters are resolved, and a final distribution will be made.

I am currently auctioning off the office furniture and equipment of Excel Lease Fund, Inc. via internet auction at www.allianceauctioneers.com, which began on December 13, 2011, and ends on December 27, 2011.  You can visit this website for more information on the items being auctioned. I plan to auction the Estate's mineral holdings in approximately February of 2012.  If you are interested in receiving a report about these holdings in preparation for the auction, please contact my office and you can receive a computer disk containing information on each well.

As always, you can track the receivership's progress by visiting its website at www.mhbgreceiver.com.  Should you have any other questions, please feel free to contact my office.

Sincerely,

Fernando M. Bustos