III Fund L.P.

Series 2

Fund Investment Objectives

III Fund LP., a Delaware limited partnership, provides the opportunity for investors to participate, with limited liability and professional management, in defined risk fixed income arbitrage trading in a broad range of financial instruments. The III Fund LP's trading and investment activities are conducted through an investment in III Finance Ltd. ("Finance"), a Cayman Islands registered company. Both companies are sponsored by James River Capital Corp. Finance's trading and financing activities are directed by III Offshore Advisors, an affiliate of III Associates whose principals have been managing client and proprietary capital pursuant to defined risk strategies for over twenty years (since 1982) and currently advise investment funds with capital in excess of $2.5 billion.