III Fund Ltd.

Fund Investment Objectives

III Fund Ltd. (the "Fund") is a Cayman Islands limited liability investment vehicle through which investors can have access to the proprietary "defined risk" fixed income arbitrage trading strategies developed by the principals of III Offshore Advisors ("III"). The Fund's objective is to achieve significant capital appreciation while maintaining a controlled level of risk. III attempts to achieve this objective through the investment in and trading of a broad range of high credit quality financial instruments, primarily from G 10 countries, and their derivatives. The Advisor's principals have been managing client and proprietary capital since 1982 and currently manage investment funds with capital of approximately $2.5 billion.