EXHIBIT 99



                                        February 1, 2002 (except with respect to
                                        the matter discussed  in Note 11, as
                                        to which the date is February 13,2002)

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

         Re: Arthur Andersen LLP ("Andersen")

Ladies and Gentlemen:

         Pursuant to Temporary Note 3T to Article 3 of Regulation S-X, Polaris
Aircraft Income Fund III (the "Partnership") has obtained a letter of
representation from Andersen, its independent public accountants, that the audit
of the financial statements of the Partnership included in its Annual Report on
Form 10-K for the year ended December 31, 2001, to which this letter is filed as
an exhibit, was subject to Andersen's quality control system for U.S. accounting
and auditing practice to provide reasonable assurance that the engagement was
conducted in compliance with professional standards and that there was
appropriate continuity of Andersen personnel working on the audit and
availability of national office consultation to conduct the relevant portions of
the audit. Availability of personnel at foreign affiliates of Andersen was not
relevant to this audit.

                                     Very truly yours,

                                     POLARIS AIRCRAFT INCOME
                                     FUND III

                                     By:    Polaris Investment
                                            Management Corporation,
                                            General Partner

                                     By:     /s/ Keith Helming
                                         --------------------------------------
                                           Name:  Keith Helming
                                            Title:   Chief Financial Officer