The Partners III Opportunity Fund, (the "Fund"), is a non-diversified stock fund seeking capital appreciation. The Fund invests primarily in common stocks, but may also at times hold corporate and U.S. Government bonds. The Fund may also invest in put and call options and commodities contracts and futures transactions such as stock index futures, may borrow money, purchase securities on margin and engage in short selling of securities.

Performance of the Fund is measured from June 1, 1983, the inception of Weitz Partners III-Limited Partnership ("Partners III"). The Fund succeeded to substantially all the assets of Partners III as of December 30, 2005. The investment objectives, policies, guidelines and restrictions of the Fund are materially equivalent to those of Partners III and Partners III was managed at all times with full investment authority by Wallace R. Weitz & Company.