Denali MTD Est ROR: + 1.38%

[Megan Arias]

<P>Dear Interested Parties:</P>
<P>Please be advised that as of the close of business on Friday, December 2=
2nd, we estimate that Denali Asset Management, LLLP has returned + 1.38% on=
 a net basis for both Denali Partners, LP and Denali Offshore Partners, Ltd=
.</P>
<P>If you have any questions, please let us know.</P>
<P>Sincerely,</P>
<P>Michael Strupp</P>
<P>on behalf of</P>
<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><BR>=