from SC 13D
1 page
Cusip No. None 13d Page 13 of 26 Pages Exhibit 1 Joint Filing Agreement in Accordance With Rule 13d-1(k)(1)(iii) Under the Securities Exchange Act of 1934, as Amended, the Persons Named Below Agree to the Joint Filing on Behalf of Each of Them of a Schedule 13d, Dated March 9, 2005 (Including Amendments Thereto) With Respect to the Common Shares of Venture Lending & Leasing III, Inc. This Joint Filing Agreement Shall Be Filed as an Exhibit to Such Schedule 13d. Dated: January 3, 2005 <table> <caption> <s> <c> Venture Lending & Leasing III, LLC Vlli Capital, LLC By: Vlli Capital, LLC, By: Westech Investment Advisors, Inc., Its Managing Member Its Managing Member By: Westech Investment Advisors, Inc., By: /S/ Ronald W. Swenson Its Managing Member Ronald W. Swenson Chief Executive Officer By: /S/ Ronald W. Swenson By: /S/ Salvador O. Gutierrez Ronald W. Swenson Salvador O. Gutierrez Chief Executive Officer President By: /S/ Salvador O. Gutierrez Salvador O. Gutierrez President Westech Investment Advisors, Inc. By: /S/ Ronald W. Swenson Ronald W. Swenson Chief Executive Officer By: /S/ Salvador O. Gutierrez Salvador O. Gutierrez President /S/ Ronald W. Swenson Ronald W. Swenson /S/ Salvador O. Gutierrez Salvador O. Gutierrez </Table>
