FRONT We, the Information Agent, spoke to you a few days ago regarding your investment in Krupp Realty Fund, Ltd.-III. You conveyed to us that you were considering tendering your units for $550 each. As of today, we have not received the yellow application to tender your units. * Have you lost or misplaced the application to tender at $550? * Do you still have unanswered questions? * Are you confused? If you answered yes to one or all of these questions, please pick up the phone and call us toll free at 1-800-605-6774. Please don't wait. Thank you. Krupp Funds Group Limited Partnership - -------------------------------------------------------------------------------- BACK PROXY SOLICITATIONS ANALYTICAL SERVICES MERGERS & ACQUISITIONS INVESTOR RELATIONS IMPORTANT INFORMATION ON REVERSE SIDE CORPORATE GOVERNANCE COUNSELING INVESTOR TARGETING COMMUNICATIONS PROGRAMS INTERNET VOTING TOUCH TONE VOTING Georgeson & Company Inc. -------------- www.georgeson.com FRONT We have been trying to reach you on behalf of our client, Krupp Funds Group Limited Partnership. Kindly telephone us toll free at 1-800-605-6774. Thank you. Georgeson & Company Inc. - -------------------------------------------------------------------------------- BACK PROXY SOLICITATIONS ANALYTICAL SERVICES MERGERS & ACQUISITIONS INVESTOR RELATIONS IMPORTANT INFORMATION ON REVERSE SIDE CORPORATE GOVERNANCE COUNSELING INVESTOR TARGETING COMMUNICATIONS PROGRAMS INTERNET VOTING TOUCH TONE VOTING Georgeson & Company Inc. -------------- www.georgeson.com