Megan Arias
Director of Investment Services
Denali Asset Management, Ltd.
an affiliate of Denali Asset Management, LLLP

Phone (340) 778-7744
Fax (340) 778-7748
Email megan@denalifunds.com

DISCLAIMER: An investment with Denali Asset Management, LLLP is risky = and only risk capital should be used. Past performance should not be = viewed as an indication of future results.

= From megan@denalifunds.com Mon Aug 21 15:30:07 2006 From: megan@denalifunds.com (Megan Arias) Date: Mon, 21 Aug 2006 09:30:07 -0500 Subject: Denali Asset Mgmnt Weekly Est. ROR +1.43% MTD Message-ID: <20060821143247.F1F6632C052@smtpauth00.csee.siteprotect.com> This is a multi-part message in MIME format. ------=_NextPart_000_0027_01C6C504.64730B40 Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit Dear Interested Investors: As of the close of business on Friday August 18, 2006, we estimate that Denali Partners, LP and Denali Offshore Partners, Ltd. are up +1.43% MTD. Please contact me with any questions. Kind regards, Megan Arias Director of Investment Services Denali Asset Management, Ltd. an affiliate of Denali Asset Management, LLLP ' (773) 685-1733 7 (773) 685-1734 * megan@denalifunds.com DISCLAIMER: An investment with Denali Asset Management, LLLP. is risky and only risk capital should be used. Past performance should not be viewed as an indication of future results. ------=_NextPart_000_0027_01C6C504.64730B40 Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: quoted-printable

Dear Interested = Investors:

As of the close of business on Friday August 18, = 2006, we estimate that Denali Partners, LP and Denali Offshore Partners, Ltd. are = up +1.43% MTD.

Please contact me with any = questions.

Kind regards,

Megan = Arias

Director of Investment = Services

Denali Asset Management, = Ltd.

an affiliate of Denali Asset = Management, LLLP

' (773) 685-1733

7 &nbs= p; (773) 685-1734

, megan@denalifunds.com

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DISCLAIMER: An investment with Denali Asset Management, LLLP. is risky and only risk = capital should be used. Past performance should not be viewed as an = indication of future results.

------=_NextPart_000_0027_01C6C504.64730B40-- From megan@denalifunds.com Mon Aug 28 17:32:38 2006 From: megan@denalifunds.com (Megan Arias) Date: Mon, 28 Aug 2006 11:32:38 -0500 Subject: Denali Asset Management Weekly Est. ROR +0.50% MTD Message-ID: <20060828163505.3AEC632C067@smtpauth00.csee.siteprotect.com> This is a multi-part message in MIME format. ------=_NextPart_000_00EF_01C6CA95.AA95F510 Content-Type: text/plain; charset="us-ascii" Content-Transfer-Encoding: 7bit Dear Interested Investors: As of the close of business on Friday August 25, 2006, we estimate that Denali Partners, LP and Denali Offshore Partners, Ltd. are up +0.50% MTD. Please contact me with any questions. Kind regards, Megan Arias Director of Investment Services Denali Asset Management, Ltd. an affiliate of Denali Asset Management, LLLP ' (773) 685-1733 7 (773) 685-1734 * megan@denalifunds.com DISCLAIMER: An investment with Denali Asset Management, LLLP. is risky and only risk capital should be used. Past performance should not be viewed as an indication of future results. ------=_NextPart_000_00EF_01C6CA95.AA95F510 Content-Type: text/html; charset="us-ascii" Content-Transfer-Encoding: quoted-printable