Denali Estimated MTD ROR: -1.26%
Megan Arias
megan@denalifunds.com
Mon, 31 Jul 2006 11:35:28 -0500
<DIV>Dear Interested Investors,</DIV>
<DIV> </DIV>
<DIV>Please be advised that we estimate that Denali Partners, LP and Denali=
Offshore Partners, Ltd were down -1.26% MTD through the close of busi=
ness on July 28, 2006. </DIV>
<DIV> </DIV>
<DIV>If you have any questions please let us know.</DIV>
<DIV> </DIV>
<DIV>Thanks,</DIV>
<DIV><BR>
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 </DIV><BR>=