[denaliweekly]Denali Asset Management Weekly Est ROR +4.27% MTD

[Megan Arias]

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Dear Interested Investors:

As of the close of business on Friday January 16, 2004 we estimate that
Denali Partners, LP and Denali Offshore Partners, Ltd. are up +4.27% MTD.

Please contact me with any questions.


Best regards,


Megan Arias
Director of Investment Services
Denali Asset Management, LLLP
(773) 685-1733 phone
(773) 685-1734 fax
Megan@Denalifunds.com


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