Only II, not III. III is free and lies under the feathers. This is best seen in Confuciusornis; both http://home.att.net/~gondwana/Gondwana/Images/Utahraptors.jpg and http://www.ndirect.co.uk/~luisrey/html/reappra.htm show it this way.
Fine :-) -- but don't forget to cover the other side of the arms and hands in feathers, too: http://research.amnh.org/vertpaleo/f11.html and http://research.amnh.org/vertpaleo/f2.html show feathers on the entire metacarpus, http://research.amnh.org/vertpaleo/f14.html shows some more distally on the thumb. This is IMHO not taken into account well enough in the marvelous drawing http://research.amnh.org/vertpaleo/f18.html.
The ventral view of the wings is especially magnificent... the restoration of the vegetation is more magnificent than the vegetation actually was, though. (Unless you assume Archie lived 200 km southwest from Eichstätt & Solnhofen... and it's unknown whether the Bohemian Mass island was maybe just as dry as the local coral islands).