Denali Asset Mgt. Weekly Est. ROR -1.00% MTD

Mon, 22 Oct 2012 10:26:17 -0500

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Through the close of business on Friday October 19, 2012, we estimate that
Denali Partners, LP and Denali Offshore Partners, Ltd. are down -1.00% MTD.

Please contact me with any questions.

Thank you,

Megan Arias

Vice President, Operations

Denali Asset Management, LLLP

P (773) 685-1733 

F (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, AND FUTURES TRADING IS NOT FOR EVERYONE. 

The information transmitted is intended solely for the individual or entity
to which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of or
taking action in reliance upon this information by persons or entities other
than the intended recipient is prohibited. If you have received this email
in error please contact the sender and delete the material from your
computer (s). All incoming and outgoing e-mail is reviewed and archived by
Denali Asset Management, LLLP. and may be produced at the request of
regulators or in connection with civil litigation. Denali Asset Management,
LLLP accepts no liability for any errors or omissions arising as a result of
transmission.

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<div class=3DSection1>

<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>Through the close of business on Friday October 19, =
2012, we
estimate that Denali Partners, LP and Denali Offshore Partners, Ltd. are =
down
-1.00% MTD.<o:p></o:p></span></font></p>

<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p>&nbsp;</o:p></span></font></p>

<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>Please contact me with any =
questions.<o:p></o:p></span></font></p>

<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p>&nbsp;</o:p></span></font></p>

<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p>&nbsp;</o:p></span></font></p>

<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p>&nbsp;</o:p></span></font></p>

<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>Thank you,<o:p></o:p></span></font></p>

<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p>&nbsp;</o:p></span></font></p>

<p class=3DMsoNormal><font size=3D3 face=3D"Arial Narrow"><span =
style=3D'font-size:
12.0pt;font-family:"Arial Narrow"'>Megan =
Arias</span></font><o:p></o:p></p>

<p class=3DMsoNormal><i><font size=3D3 face=3D"Arial Narrow"><span =
style=3D'font-size:
12.0pt;font-family:"Arial Narrow";font-style:italic'>Vice President, =
Operations<o:p></o:p></span></font></i></p>

<p class=3DMsoNormal><st1:place w:st=3D"on"><b><font size=3D2 =
face=3D"Times New Roman"><span
 =
style=3D'font-size:10.0pt;text-transform:uppercase;font-weight:bold'>Dena=
li</span></font></b></st1:place><b><font
size=3D2><span =
style=3D'font-size:10.0pt;text-transform:uppercase;font-weight:bold'>
Asset Management, LLLP</span></font></b><o:p></o:p></p>

<p class=3DMsoNormal><font size=3D3 face=3D"Arial Narrow"><span =
style=3D'font-size:
12.0pt;font-family:"Arial Narrow"'>P (773) 685-1733</span></font><font =
size=3D4
color=3Dmaroon face=3D"Wingdings 2"><span =
style=3D'font-size:13.5pt;font-family:"Wingdings 2";
color:maroon'> <o:p></o:p></span></font></p>

<p class=3DMsoNormal><font size=3D3 color=3Dblack face=3D"Arial =
Narrow"><span
style=3D'font-size:12.0pt;font-family:"Arial =
Narrow";color:black'>F</span></font><font
size=3D2 color=3Dblack face=3D"Arial Narrow"><span =
style=3D'font-size:10.0pt;
font-family:"Arial Narrow";color:black'> </span></font><font =
face=3D"Arial Narrow"><span
style=3D'font-family:"Arial Narrow"'>(773) 685-1734</span></font><font =
size=3D4
color=3Dmaroon face=3D"Wingdings 2"><span =
style=3D'font-size:13.5pt;font-family:"Wingdings 2";
color:maroon'> </span></font><font size=3D2 color=3Dblack face=3D"Arial =
Narrow"><span
style=3D'font-size:10.0pt;font-family:"Arial =
Narrow";color:black'><o:p></o:p></span></font></p>

<p class=3DMsoNormal><font size=3D3 face=3D"Arial Narrow"><span =
style=3D'font-size:
12.0pt;font-family:"Arial Narrow"'><a =
href=3D"mailto:megan@denalifunds.com"
title=3D"blocked::mailto:megan@denalifunds.com&#10;blocked::mailto:megan@=
denalifunds.com&#13;&#10;mailto:megan@denalifunds.com">megan@denalifunds.=
com</a></span></font><o:p></o:p></p>

<p class=3DMsoNormal><u><font size=3D3 face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'><o:p><span =
style=3D'text-decoration:none'>&nbsp;</span></o:p></span></font></u></p>

<p class=3DMsoNormal><font size=3D3 face=3D"Times New Roman"><span =
style=3D'font-size:
12.0pt'><o:p>&nbsp;</o:p></span></font></p>

DISCLAIMER: AN =
INVESTMENT WITH
<st1:place w:st=3D"on">DENALI</st1:place> ASSET MANAGEMENT, LLLP IS =
RISKY AND
ONLY RISK CAPITAL SHOULD BE USED. PAST
PERFORMANCE SHOULD NOT BE VIEWED AS AN INDICATION OF FUTURE RESULTS, AND
FUTURES TRADING IS NOT FOR EVERYONE. =
<o:p></o:p>

<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p>&nbsp;</o:p></span></font></p>

The information transmitted is intended solely for the =
individual or
entity to which it is addressed and may contain confidential and/or =
privileged
material. Any review, retransmission, dissemination or other use of or =
taking
action in reliance upon this information by persons or entities other =
than the
intended recipient is prohibited. If you have received this email in =
error
please contact the sender and delete the material from your computer =
(s). All
incoming and outgoing e-mail is reviewed and archived by Denali Asset
Management, LLLP. and may be produced at the request of regulators or in
connection with civil litigation. Denali Asset Management, LLLP accepts =
no
liability for any errors or omissions arising as a result of =
transmission.<o:p></o:p>

<p class=3DMsoNormal><font size=3D3 face=3D"Times New Roman"><span =
style=3D'font-size:
12.0pt'><o:p>&nbsp;</o:p></span></font></p>

<p class=3DMsoNormal><font size=3D3 face=3D"Times New Roman"><span =
style=3D'font-size:
12.0pt'><o:p>&nbsp;</o:p></span></font></p>

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