X0303 4 2010-01-20 0 0001187520 DENALI FUND INC. DNY 0001247992 LOLA BROWN TRUST 1B 1029 WEST 3RD AVENUE, SUITE 400 ANCHORAGE AK 99503 0 0 1 0 0001246903 HOREJSI STEWART R 200 SOUTH SANTA FE SALINA KS 67401 0 0 1 0 0001245558 CICIORA SUSAN L 2344 SPRUCE STREET, STE A BOULDER CO 80302 1 0 0 0 Common Stock 2010-01-20 4 P 0 1546 14.32 A 3132232 D The trustees of the Lola Brown Trust No. 1B (the "Brown Trust") are Alaska Trust Company ("Alaska Trust"), Susan L. Ciciora and Larry Dunlap. Such trustees may be deemed to control the Brown Trust and may be deemed to possess indirect beneficial ownership of the Shares held by the Brown Trust. However, none of the trustees, acting alone, can vote or exercise dispositive authority over Shares held by the Brown Trust. Accordingly, Alaska Trust, Ms. Ciciora and Mr. Dunlap disclaim beneficial ownership of the Shares beneficially owned, directly or indirectly, by the Brown Trust. In addition to serving as a trustee, Ms. Ciciora is also a beneficiary of the Brown Trust. As a result of his advisory role with the Brown Trust, Stewart R. Horejsi may be deemed to have indirect beneficial ownership of the Shares directly beneficially owned by the Brown Trust. However, Mr. Horejsi disclaims such beneficial ownership of the Shares directly beneficially held by the Brown Trust. Douglas J. Blattmachr, President, Alaska Trust Company, trustee of the Lola Brown Trust 1B 2010-01-21 Stewart R. Horejsi 2010-01-21 Susan L. Ciciora 2010-01-21