[denaliweekly]Denali Asset Management Weekly Est ROR +5.27% MTD

[Megan Arias]

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Dear Interested Investors:
As of the close of business on Friday January 9, 2004 we estimate that
Denali Partners, LP and Denali Offshore Partners, Ltd. are up +5.27% 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


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