INTERIM INVESTMENT CO-ADVISORY AGREEMENTAdvisory Agreement • December 31st, 2007 • Denali Fund Inc. • Colorado
Contract Type FiledDecember 31st, 2007 Company JurisdictionTHIS INTERIM INVESTMENT CO-ADVISORY AGREEMENT (this "Agreement") is made as of the 26th day of October, 2007, by and among STEWART INVESTMENT ADVISERS, a Barbados international business company (the "Adviser") and THE DENALI FUND INC., a Maryland corporation (the "Fund").