[denali]REVISED Denali Asset Management August 2005 ROR +0.91%, +9.53% YTD

Megan Arias megan@denalifunds.com
Tue, 27 Sep 2005 15:12:50 -0500


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<P>Dear Interested Investors,</P>=0D
<P>Please be advised that due to a miscalculation of one our account values=
,&nbsp;our August 2005 performance has changed slightly.&nbsp; The updated,=
 confirmed August 2005 performance for Denali Partners LP and Denali Offsho=
re Partners Ltd is +0.91%.&nbsp;&nbsp;&nbsp;&nbsp;We apologize for any inco=
nvenience this may cause.</P>=0D
<P>And to confirm, Denali's reported performance is always net of all fees.=
</P>=0D
<P>Please contact us with any questions.</P>=0D
<P>Kind Regards,</P>=0D
<P>Brad Lenhart</P>=0D
<P>...on behalf of...</P>=0D
<P>Megan Arias <BR>
Director of Investment Services <BR>
Denali Asset Management, Ltd. <BR>
an affiliate of Denali Asset Management, LLLP <BR>
<BR>
Phone (340) 778-7744 <BR>
Fax (340) 778-7748 <BR>
Email megan@denalifunds.com </P>=0D
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