[denaliweekly]Denali Asset Management Weekly Est ROR +2.20% MTD

[Megan Arias]

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Dear Interested Investors:

As of the close of business on Friday, December 12, 2003, we estimate that
Denali Partners, LP and Denali Offshore Partners, Ltd. are up +2.20% MTD.

Please contact me with any questions.


Best regards,


Megan Arias
Operations Manager & Customer Support
Denali Asset Management, LLLP
5020 Anchor Way, 2nd Floor
Christiansted, VI 00820
(340) 778-7744 phone
(340) 778-7748 fax
Megan@Denalifunds.com


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