X0202 3 2007-10-26 0 0001187520 DENALI FUND INC. DNY 0001245551 MILLER STEPHEN C 2344 SPRUCE ST, STE A BOULDER CO 80302 0 1 0 0 President Common Stock 2939220 I By self as an officer and director of Badlands Trust Company, LLC Mr. Miller is an officer and director of Badlands Trust Company, LLC ("Badlands"), which is a trustee of the Lola Brown Trust No. 1B (the "Lola Trust"). The Lola Trust owns the shares reported. However, because two of the trustees of the Lola Trust are required to vote or exercise dispositive authority over Shares owned by the Lola Trust, Mr. Miller disclaims beneficial ownership over the shares owned, directly or indirectly, by the Lola Trust. Stephen C. Miller 2007-11-02