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December 15, 2004

Please visit www.dennismurphycpa.com for more information on Dennis Murphy, CPA.

Letter to Investors

Dennis M. Murphy, CPA, CIRA

Permanent Receiver: Emvest

630 N. Rosemead Blvd., Suite 100

Pasadena, CA 91107

phone: (626) 794-1557

fax: (626) 794-7298

email: ed@emvest.info

website: http://emvest.info

Case Reference:

U.S. Securities & Exchange Commission (SEC) v.

Emvest Mortgage Fund, LLC, Emvest, Inc., and

Milon Lyle Brock

United States District Court

Southern District of California

Case No.: 04cv2295-DMS(LSP)

Receiver Appointed: 12/03/04

December 15, 2004

ERRATA

PLEASE TAKE NOTICE:

The initial investor letter dated December 10, 2004 contains an erroneous message stating that Milon Lyle Brock was under my receivership; this is NOT TRUE.

I am the Receiver over both entities Emvest Mortgage Fund, LLC and Emvest, Inc., but I am not the receiver over Milon Lyle Brock.

However, both entities Emvest Mortgage Fund, LLC and Emvest, Inc. and Milon Lyle Brock are Defendants in the Securities & Exchange Commission Case:

United States Securities and

Exchange Commission

Emvest Mortgage Fund, LLC,

Emvest, Inc., and Milon Lyle Brock

I apologize for the error and any inconvenience it may have caused.

Dennis M. Murphy

Permanent Receiver

December 10, 2004

Re: Receivership of Emvest Mortgage Fund, LLC and Emvest, Inc.

Dear Investor:

My name is Dennis M. Murphy and I have been appointed Permanent Receiver of Emvest Mortgage Fund, LLC and Emvest, Inc. as of December 3, 2004 per order of Judge Dana M. Sabraw, United States District Court, Southern District of California.

Presented below are excerpts taken from my resume and my appointment as receiver for your review:

BACKGROUND

Mr. Murphy is a CPA and is also a Certified Insolvency and Restructuring Advisor (CIRA). He has more than thirty years of experience in a full range of services including: forensic accounting, financial management, tax planning, internal auditing, certified audits, due diligence, cash flow planning, reorganization plans, asset evaluation, pro forma five year financial statements, and preparation of tax returns.

He has previous experience as a Chapter 7 Bankruptcy Trustee in a multi-million dollar case involving a Ponzi scheme, as well as experience as a State Receiver and an SEC Receiver.

Mr. Murphy is also a professor emeritus of accounting at California State University, Los Angeles, he has served on the Pasadena Citizens' Finance Committee, he is serving on the Boards of Directors of the Rose Bowl Aquatics Center and of the Hillsides Education Center, he has served as court appointed accountant on more than 400 bankruptcy cases, and he is licensed as a California Real Estate Broker.

His education includes an M.B.A. in Finance from the University of Michigan, an M.B.A. in Taxation from Golden Gate University, and a B.A. in Accounting from Michigan State University.

A complete version of this resume as well as that of my firm will be available on our web site within the next few days.

DUTIES OF A RECEIVER

These duties and responsibilities have been paraphrased and shorted for sake of printed space and to limit the use of technical or legal language. The actual order appointing Dennis Murphy as Permanent Receiver will be found within a few days on our web site as listed above.

Full Power of an Equity Receiver including but not limited to:

Full power of all funds, assets, collateral, premises (whether owned, leased, occupied, or otherwise controlled), choses in action, books, records, papers, and other real or personal property, including notes, deeds of trust, and other interests in real property belonging to, managed by, or in the possession or control of Emvest Mortgage Fund, LLC, and Emvest, Inc., and to:

access and to take custody and control of all funds, assets, etc., with full power to sue, foreclose, sell, liquidate, collect, receive and take into possession all such property;
control and be added as sole signatory for all bank and financial accounts;
conduct such investigation and discovery as may be necessary to locate and account for all assets;
conduct such action as necessary to prevent concealment or disposition of any assets;
make an accounting of the assets and financial condition;
make payments and disbursements;
employ attorneys, accountants and others to investigate and to prosecute all claims and causes of action;
access and redirect all mail;
exercise all of the lawful powers of Emvest Mortgage Fund, LLC and Emvest, Inc.

NEXT 60 DAYS

Over the next 60 days it is my expectation to accomplish the following, barring any unforeseen circumstances or events:

Preparation of a full and complete accounting to the Court
To send to you a copy of your K-1 to assist you in the preparation of your tax returns
To resume the monthly distributions in February 2005 with the Court’s approval

ADDENDUM

Enclosed with this letter are two sections of the order appointing me as Permanent Receiver: The first is identified as BACKGROUND and is taken from pages 2-4 of the pleading and provides a background of the events leading up to my appointment. The second is identified as CONCLUSION AND ORDER and is taken from pages 17-24 of the pleading and provides information on what exactly the order entails and comprises.

The purpose for my including these sections of the order is to provide you with a more complete understanding of what has transpired and what is to take place. A full and complete version of this order will be available on our web site within the next few days.

I know this letter does little to relieve your worries and anxiety, but I hope that it does offer you some assurance that my overall objective is to protect not only your individual investment but that of the overall fund as well.

Please do not hesitate to email or fax me with your questions or concerns and we will answer them as soon as possible, depending upon the volume received. We will also update the web site whenever we have something new to share.

Sincerely,

Dennis M. Murphy

Permanent Receiver