[denaliweekly]Denali Asset Management Weekly Est. ROR -5.34% MTD

Megan Arias megan@denalifunds.com
Mon, 26 Apr 2004 10:30:57 -0500


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Dear Interested Investors:
 
As of the close of business on Friday April 23, 2004, we estimate that
Denali Partners, LP and Denali Offshore Partners, Ltd. are down -5.34%
MTD.
 

Please contact me with any questions.
 
 
Best regards,
 
 
Megan Arias
Director of Investment Services
Denali Asset Management, Ltd.
an affiliate of Denali Asset Management, LLLP
'  (773) 685-1733
7   (773) 685-1734
* megan@denalifunds.com
 

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<DIV><SPAN class=3D375140215-26042004><FONT face=3D"Arial Narrow">Dear =
Interested=20
Investors:</FONT></SPAN></DIV>
<DIV><SPAN class=3D375140215-26042004><FONT=20
face=3D"Arial Narrow"></FONT></SPAN>&nbsp;</DIV>
<DIV><SPAN class=3D375140215-26042004><FONT face=3D"Arial Narrow">As of =
the close of=20
business on Friday April 23, 2004, we estimate that Denali Partners, LP =
and=20
Denali Offshore Partners, Ltd. are down -5.34% MTD.</FONT></SPAN></DIV>
<DIV><SPAN class=3D375140215-26042004><FONT=20
face=3D"Arial Narrow"></FONT></SPAN>&nbsp;</DIV><SPAN =
class=3D375140215-26042004>
<DIV><BR><FONT face=3D"Arial Narrow">Please contact me with any=20
questions.</FONT></DIV>
<DIV><FONT face=3D"Arial Narrow"></FONT>&nbsp;</DIV>
<DIV><FONT face=3D"Arial Narrow"></FONT>&nbsp;</DIV>
<DIV></SPAN><SPAN class=3D375140215-26042004><FONT face=3D"Arial =
Narrow">Best=20
regards,</FONT></SPAN></DIV>
<DIV><SPAN class=3D375140215-26042004><FONT=20
face=3D"Arial Narrow"></FONT></SPAN>&nbsp;</DIV>
<DIV>&nbsp;</DIV>
<DIV align=3Dleft><FONT face=3D"Arial Narrow" size=3D2>Megan =
Arias</FONT></DIV>
<DIV align=3Dleft><FONT face=3D"Arial Narrow" size=3D2>Director of =
Investment=20
Services</FONT></DIV>
<DIV align=3Dleft><FONT face=3D"Arial Narrow" size=3D2>Denali Asset =
Management,=20
Ltd.</FONT></DIV>
<DIV align=3Dleft><FONT face=3D"Arial Narrow" size=3D2>an affiliate of =
Denali Asset=20
Management, LLLP</FONT></DIV>
<DIV align=3Dleft><FONT face=3D"Wingdings 2" color=3D#800000 =
size=3D4>'<FONT=20
face=3D"Arial Narrow" color=3D#000000 size=3D2>&nbsp; (773)=20
685-1733</FONT></FONT></DIV>
<DIV align=3Dleft><FONT face=3D"Wingdings 2" color=3D#008000 =
size=3D4>7<FONT=20
face=3D"Arial Narrow" color=3D#000000 size=3D2>&nbsp;&nbsp; (773)=20
685-1734</FONT></FONT></DIV>
<DIV align=3Dleft><FONT face=3DWingdings color=3D#ff00ff size=3D3>,<FONT =

face=3D"Arial Narrow"><FONT color=3D#000000 size=3D2>=20
megan@denalifunds.com</FONT></FONT></FONT></DIV>
<DIV>&nbsp;</DIV></BODY></HTML>

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