Dear Interested Investors: As of the close of business on Friday January 2, 2004, we estimate that Denali Partners, LP and Denali Offshore Partners, Ltd. are down -.31% MTD. Please contact me with any questions. Best regards, Megan Arias Operations Manager & Customer Support Denali Asset Management, LLLP (773) 685-1733 phone (773) 685-1734 fax Megan@Denalifunds.com