[denaliweekly]Denali July Est. MTD: + 0.53%

megan@denalifunds.com megan@denalifunds.com
Tue, 05 Jul 2005 10:00:24 -0500


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<P>Please be advised that as of the close of business on Monday, July 4th, =
we estimate that Denali Partners, LP and Denali Offshore Partners, Ltd. hav=
e returned + 0.53% month-to-date.</P>=0D
<P>Kind regards,</P>=0D
<P>Megan Arias</P>=0D
<P>Director of Investment Services<BR>
Denali Asset Management, Ltd.<BR>
an affiliate of Denali Asset Management, LLLP</P>=0D
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