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<SEC-DOCUMENT>0000950137-08-013768.txt : 20081117
<SEC-HEADER>0000950137-08-013768.hdr.sgml : 20081117
<ACCEPTANCE-DATETIME>20081117162450
ACCESSION NUMBER:		0000950137-08-013768
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20081117
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20081117
DATE AS OF CHANGE:		20081117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAKES ENTERTAINMENT INC
		CENTRAL INDEX KEY:			0001071255
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				411913991
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24993
		FILM NUMBER:		081195656

	BUSINESS ADDRESS:	
		STREET 1:		130 CHESHIERE LANE
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305
		BUSINESS PHONE:		6124499092

	MAIL ADDRESS:	
		STREET 1:		130 CHESHIRE LANE
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LAKES GAMING INC
		DATE OF NAME CHANGE:	19980929
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c47641e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>
Date of Report (Date of earliest event reported): November&nbsp;17, 2008</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><FONT style="border-bottom: 1px solid #000000">Lakes Entertainment, Inc.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Minnesota
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0-24993
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">41-1913991</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">130 Cheshire Lane, Suite&nbsp;101, Minnetonka, Minnesota
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">55305</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
Registrant&#146;s telephone number, including area code:  (952)&nbsp;449-9092</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
Not Applicable
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report)</FONT></DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>













<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Item&nbsp;8.01. Other Events</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Item&nbsp;9.01. Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="c47641exv99w1.htm">EX-99.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "Item&nbsp;8.01. Other Events" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;8.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Other Events.</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;17, 2008, Lakes Entertainment, Inc. (&#147;<B>Lakes</B>&#148;) commenced mailing out to its shareholders
of record as of October&nbsp;24, 2008 an Information Statement dated November&nbsp;17, 2008. The Information
Statement contains information about Lakes&#146; distribution of 0.478982732 shares of WPT Enterprises,
Inc. (&#147;<B>WPTE</B>&#148;) common stock as a dividend on each outstanding share of Lakes common stock. The
dividend will be payable on November&nbsp;21, 2008 to holders of shares of Lakes common stock that are
issued and outstanding as of October&nbsp;24, 2008. The Information Statement contains, among other
things, a description of the terms of the dividend, the tax consequences of the dividend, and the
background of WPTE.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the Information Statement is attached as Exhibit&nbsp;99.1 to this Form 8-K.</DIV>

<!-- link1 "Item&nbsp;9.01. Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not Applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not Applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not Applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lakes Entertainment, Inc. Information Statement dated November&nbsp;17, 2008</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-variant: SMALL-CAPS">LAKES ENTERTAINMENT, INC.</FONT><BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: November 17, 2008&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/Timothy J. Cope
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Timothy J. Cope&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lakes Entertainment, Inc. Information Statement dated November&nbsp;17, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c47641exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99.1</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    STATEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=84 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dividend<BR>
    By<BR>
    Lakes Entertainment, Inc.<BR>
    of 12,480,000&#160;Shares of<BR>
    WPT Enterprises, Inc. Common Stock<BR>
    to<BR>
    Lakes Entertainment, Inc. Common Shareholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are sending you this Information Statement because we are
    distributing all of the shares of WPT&#160;Enterprises, Inc.
    <B>(&#147;WPTE&#148;) </B>common stock we hold to holders of our
    issued and outstanding shares of common stock. We will
    distribute 0.478982732&#160;shares of WPTE common stock as a
    dividend on each outstanding share of Lakes Entertainment, Inc.
    <B>(&#147;Lakes&#148;)</B> common stock, amounting to not more
    than 12,480,000&#160;shares of WPTE common stock in total. The
    dividend will be payable on November&#160;21, 2008 to holders of
    shares of Lakes common stock that are issued and outstanding as
    of 5:00&#160;P.M.&#160;Central Daylight Time on October&#160;24,
    2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    WPTE is principally engaged in the creation of
    internationally-branded entertainment and consumer projects
    driven by the development, production and marketing of televised
    programming based on gaming themes, the licensing and sale of
    branded products and the sale of corporate sponsorships. On
    October&#160;1, 2008, the Lakes board of directors determined
    that it would be in the best interests of Lakes and its
    shareholders to separate WPTE from Lakes by payment of the
    dividend. No vote of Lakes shareholders is required in
    connection with the dividend of WPTE shares. Therefore, you are
    not required to take any action. We are sending you this
    Information Statement, which contains additional information
    about the terms of the dividend, WPTE and WPTE common stock, for
    your information only. If you would like more information,
    please call Timothy J. Cope, our President and Chief Financial
    Officer, at 1-952-449-7030, or our investor relations contact,
    William Schmitt, at 1-203-682-8200.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither the Securities and Exchange Commission nor any state
    securities regulators have approved the WPTE common stock to be
    issued to you pursuant to this dividend or determined if this
    Information Statement is accurate or adequate. Any
    representation to the contrary is a criminal offense.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this Information Statement is November&#160;17, 2008.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    November&#160;17, 2008
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dear Lakes Shareholder:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are pleased to send you this Information Statement about the
    distribution of all of the shares of WPT Enterprises, Inc.
    <B>(&#147;WPTE&#148;)</B> common stock we hold. The Information
    Statement provides you with important information concerning:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the U.S.&#160;federal income tax treatment of the dividend of
    shares of WPTE common stock you will receive,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    how we determined the number of shares you will receive,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    how fractional shares will be treated,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the background and business of WPTE,&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    how you can obtain additional information about these matters.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are confident that the distribution will benefit Lakes
    Entertainment, Inc., WPTE and you, our shareholders. We believe
    that both Lakes Entertainment, Inc. and WPTE will become
    stronger and more competitive as a result of the separation.
    Thank you for your investment in Lakes Entertainment, Inc.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sincerely,
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="c47641c4764001.gif" alt="-s- Timothy J. Cope">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Timothy J. Cope
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    President and Chief Financial Officer
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lakes Entertainment, Inc.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    130 Cheshire Lane, Suite&#160;101
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Minnetonka, MN 55305
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    www.lakesentertainment.com
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    ABOUT THE WPTE ENTERPRISES, INC. DIVIDEND</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Dividend</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;1, 2008, the Lakes Entertainment, Inc.
    <B>(&#147;Lakes&#148;)</B> board of directors approved the
    distribution to holders of Lakes common stock of all of the
    shares of WPT Enterprises, Inc. <B>(&#147;WPTE&#148;)</B> common
    stock held by Lakes. To effect this distribution, the Lakes
    board of directors declared a dividend consisting of the
    12,480,000&#160;shares of WPTE common stock currently held by
    Lakes, through its wholly-owned subsidiary, Lakes Poker Tour,
    LLC. These shares represent about 61% of the outstanding shares
    of WPTE common stock. The dividend will be paid on
    November&#160;21, 2008, referred to as the <B>Distribution
    Date</B>, to the holders of Lakes common stock as of
    5:00&#160;P.M.&#160;Central Daylight Time on October&#160;24,
    2008, in the amount of 0.478982732&#160;shares of WPTE common
    stock for each share outstanding of Lakes common stock as
    described below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You will not be required to pay any cash or other consideration
    for the shares of WPTE common stock distributed to you. You also
    will not need to surrender or exchange your shares of Lakes
    common stock to receive the dividend of WPTE common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Number of Shares You Will Receive</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For each share of Lakes common stock that you owned at
    5:00&#160;P.M.&#160;Central Daylight Time on October&#160;24,
    2008, referred to as the <B>record date</B>, you will receive
    that number of shares of WPTE common stock equal to the quotient
    obtained by dividing 12,480,000 (the total number of shares of
    WPTE common stock to be distributed by the dividend) by
    26,055,219 (the total number of shares of Lakes common stock
    that were outstanding at 5:00&#160;P.M.&#160;Central Daylight
    Time on the record date). As a result, you will receive
    0.478982732&#160;shares of WPTE common stock for each share of
    Lakes common stock you owned at 5:00&#160;P.M.&#160;Central
    Daylight Time on the record date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Trading
    In Lakes Common Stock Before and After the Ex-Dividend
    Date</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order for you to receive the dividend of WPTE common stock,
    you must have owned shares of Lakes common stock prior to
    October&#160;31, 2008, the ex-dividend date. If you owned shares
    of Lakes common stock, but sold those shares before the
    ex-dividend date, you also sold your entitlement to the shares
    of WPTE&#160;common stock distributed pursuant to the dividend.
    If you bought shares of Lakes common stock before the
    ex-dividend date, and sell them on or after the ex-dividend
    date, you will be entitled to the shares of WPTE common stock
    distributed pursuant to the dividend.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lakes did not set the ex-dividend date for the dividend. This
    date was established by the Financial Industry Regulatory
    Authority (FINRA) and The Nasdaq Stock Market, LLC pursuant to
    their rules.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">When and
    How You Will Receive the Dividend</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay the dividend on November&#160;21, 2008 by releasing
    our shares of WPTE common stock to be distributed in the
    dividend to Wells Fargo Bank, N. A., the transfer agent for
    shares of WPTE common stock. On or about November&#160;21, 2008
    the transfer agent will issue a book entry statement to the
    shareholders of record of Lakes as of the record date, referred
    to as the <B>Record Holders</B>, indicating the number of shares
    of WPTE common stock to which each Record Holder is entitled by
    the dividend. If your shares of Lakes common stock are held in
    the &#147;street name&#148; of your brokerage firm, the book
    entry statement for your allocation of shares of WPTE common
    stock will be mailed to the brokerage firm. Your broker will, in
    turn, electronically credit your account for the shares of WPTE
    common stock you are entitled to receive pursuant to the
    dividend. This may take 3 to 8 business days after
    November&#160;21, 2008. If you have any questions in this
    regard, we encourage you to contact your broker on the mechanics
    of having the shares of WPTE&#160;common stock posted to your
    account.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Treatment
    of Fractional Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The transfer agent will not deliver any fractional shares of
    WPTE common stock in connection with the dividend. Instead, the
    transfer agent will aggregate all fractional shares and sell
    them on the open market on behalf of the Record Holders who
    otherwise would be entitled to receive a fractional share of
    WPTE common stock. Those Record Holders will then receive a cash
    payment in an amount equal to their pro rata share of the total
    net proceeds of that sale. Your check for any cash that you may
    be entitled to receive instead of fractional shares of WPTE
    common stock will follow separately. We currently estimate that
    it will take about two weeks from the Distribution Date for the
    transfer agent to complete these mailings.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">U.S.
    Federal Income Tax Consequences</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The discussion set forth below is a summary of the material tax
    consequences with respect to the distribution. The discussion
    does not purport to be a complete analysis of all of the
    potential tax effects of the distribution of the WPTE common
    stock. The discussion is limited to United States Federal income
    tax matters and is based upon the Internal Revenue Code of 1986
    (the<B> &#147;Code&#148;)</B>, Treasury regulations, Internal
    Revenue Service <B>(&#147;IRS&#148;)</B> rulings, and judicial
    decisions now in effect, all of which are subject to change at
    any time, possibly with retroactive effect, by legislative,
    judicial, or administrative action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The discussion does not address the tax consequences of receipt
    of the distribution to taxpayers which are subject to special
    rules that do not apply to taxpayers generally, such as life
    insurance companies, tax-exempt organizations, regulated
    investment companies, S&#160;corporations, financial
    institutions, broker-dealers in securities, foreign entities,
    nonresident alien individuals, and holders of options or
    restricted common stock of Lakes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Receipt of Distribution Shares by Lakes
    Shareholders</U>.</I>&#160;&#160;The distribution will be a
    taxable event to Lakes shareholders for Federal income tax
    purposes. This distribution will not qualify as a tax-free
    spin-off under Section&#160;355 of the Code. The amount received
    in the distribution by each Lakes shareholder for Federal income
    tax purposes will be the sum of the fair market value of WPTE
    common stock received by such shareholder as of the Distribution
    Date and the amount of any cash received in lieu of fractional
    shares. The amount received in the distribution by each Lakes
    shareholder will be taxed as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;The distribution will be a taxable dividend to the
    extent of the shareholder&#146;s pro rata portion of Lakes&#146;
    current earnings and profits or accumulated earnings and
    profits, whichever is greater.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Any portion not taxed as a dividend will be treated as
    a nontaxable return of capital to the extent of the
    shareholder&#146;s basis in the Lakes common stock (with a
    corresponding reduction in the basis).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;After the stock basis is exhausted, the excess is gain
    from the sale or exchange of the Lakes common stock. This gain
    will be capital gain, and the capital gain will be long-term
    capital gain if the shareholder has held its Lakes common stock
    for more than one year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A corporate distribution which is a taxable dividend is usually
    taxed at ordinary income rates. However, &#147;qualified
    dividends&#148; are taxed at a maximum rate of 15% for
    individuals, estates, and trusts. The portion of this
    distribution treated as a taxable dividend is expected to be a
    qualified dividend unless (a)&#160;the dividend is paid on any
    share of stock held for less than 61&#160;days during the
    <FONT style="white-space: nowrap">121-day</FONT>
    period that began 60&#160;days before the ex-dividend date for
    this distribution, or (b)&#160;the shareholder is obligated
    (whether pursuant to a short sale or otherwise) to make related
    payments with respect to positions in substantially similar or
    related property.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Lakes shareholder for Federal income tax purposes will
    acquire an initial tax basis in such shareholder&#146;s WPTE
    common stock equal to the fair market value of the stock that is
    received by such shareholder as of the Distribution Date. Each
    Lakes shareholder&#146;s holding period for WPTE common stock
    received in the distribution will begin on the Distribution
    Date. In addition, certain special rules, that permit a
    deduction for dividends received by a corporation, generally
    will apply in the case of corporations that receive distribution
    shares, as described below under the caption, &#147;Special
    Rules&#160;Applicable to Corporate Shareholders&#160;&#151;
    Deduction for Dividends Received.&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lakes has not determined at this point what portion, if any, of
    the distribution will be treated as a taxable dividend. This
    will be determined after the distribution and will be reported
    to the shareholders as described below under the caption,
    &#147;Tax Reporting.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Special Rules&#160;Applicable to Corporate
    Shareholders&#160;&#151; Deduction for Dividends
    Received</U>.</I>&#160;&#160;A corporate holder of Lakes common
    stock generally will be entitled, in computing its taxable
    income for the tax year in which the distribution occurs, to a
    deduction in an amount equal to 70&#160;percent of the amount
    received by it in the distribution that constitutes a taxable
    dividend. This deduction does not apply to any portion received
    in the distribution that constitutes a return of capital or
    taxable gain, and it is subject to several limitations as
    described in the following paragraphs. The dividends received
    deduction will be available only for dividends received on
    shares of Lakes common stock that the corporate holder has held
    for at least 46&#160;days, during the
    <FONT style="white-space: nowrap">91-day</FONT>
    period beginning on the date which is 45&#160;days before the
    ex-dividend date with respect to this distribution. A
    shareholder&#146;s holding period for these purposes generally
    will be reduced by periods during which: (i)&#160;the holder has
    an option to sell, is under a contractual obligation to sell, or
    has made (but not closed) a short sale of substantially
    identical stock or securities; (ii)&#160;the holder is the
    grantor of an option to purchase substantially identical stock
    or securities; or (iii)&#160;the holder&#146;s risk of loss with
    respect to the shares is considered diminished by reason of the
    holding of one or more positions in substantially similar or
    related property.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the foregoing, no dividends received deduction
    will be allowed to a corporate holder of Lakes common stock for
    a dividend received by such holder to the extent that the holder
    is obligated (whether pursuant to a short sale or otherwise) to
    make related payments with respect to positions in substantially
    similar or related property. The dividends received deduction
    allowed to a corporate holder of Lakes common stock for all
    dividends received by such holder during the tax year in which
    the distribution occurs will be limited to a specified
    proportion of the holder&#146;s adjusted taxable income for such
    year. Also, the dividends received deduction allowed to a
    corporate holder may be reduced or eliminated in accordance with
    the rules set forth in Section&#160;246A of the Code if the
    holder has indebtedness that is directly attributable to its
    investment in portfolio stock, such as the Lakes common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Special rules may apply to a corporate holder of Lakes common
    stock if a portion of the amount received in the distribution by
    such holder which is a taxable dividend is considered to be an
    &#147;extraordinary dividend&#148; within the meaning of
    Section&#160;1059 of the Code. If all or a portion of the amount
    received in the distribution by a corporate holder constitutes
    an extraordinary dividend with respect to such holder&#146;s
    Lakes common stock, and if the holder has not held such stock
    for more than two years before Lakes declared, announced, or
    agreed to the amount or payment of such dividend, whichever is
    earliest, then the holder&#146;s basis in the Lakes common stock
    will be reduced (but not below zero) by any non-taxed portion of
    the dividend, which generally is the amount of the dividends
    received deduction. If the non-taxed portion of the dividend
    exceeds the shareholder&#146;s basis in the Lakes common stock,
    the excess is treated as gain from the sale of the stock for the
    year in which the dividend takes place. For purposes of
    determining if Lakes common stock has been held for more than
    two years, rules similar to those that are applicable to
    determining how long such stock has been held for purposes of
    the dividends received deduction will apply.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount received in the distribution by a corporate holder of
    Lakes common stock generally will constitute an
    &#147;extraordinary dividend&#148; if the amount received by
    such holder: (i)&#160;equals or exceeds 10&#160;percent of the
    holder&#146;s adjusted basis in the Lakes common stock, treating
    all dividends having ex-dividend dates within an
    <FONT style="white-space: nowrap">85-day</FONT>
    period as one dividend; or (ii)&#160;exceeds 20&#160;percent of
    the holder&#146;s adjusted basis in the Lakes common stock
    (determined without regard to any reduction for the non-taxed
    portion of other extraordinary dividends), treating all
    dividends having ex-dividend dates within a
    <FONT style="white-space: nowrap">365-day</FONT>
    period as one dividend. A holder may elect to use the fair
    market value of the Lakes common stock, rather than its adjusted
    basis, for purposes of applying the 10&#160;percent and
    20&#160;percent limitations, if the holder is able to establish
    such fair market value to the satisfaction of the IRS.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, a corporate holder of Lakes common stock may be
    required to include in its alternative minimum taxable income a
    portion of the amount of any dividends received deduction
    allowed in computing regular taxable income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Payment of the Distribution by Lakes</U>.</I>&#160;&#160;
    If the fair market value of the WPTE common stock distributed in
    the distribution exceeds Lakes&#146; tax basis in such stock at
    the Distribution Date, the distribution will be treated as a
    taxable sale by Lakes. Lakes will recognize gain on the
    distribution in an amount equal to the excess of the fair market
    value of the WPTE common stock on the Distribution Date over
    Lakes&#146; tax basis in such common stock. If, however,
    Lakes&#146; tax basis in the WPTE common stock exceeds the fair
    market value of such property on the Distribution Date, then no
    gain or loss will be recognized by Lakes on the distribution.
    Any such gain recognized may be offset, to the extent available,
    by capital loss carryforwards and net operating loss
    carryforwards.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount received in the distribution attributable to the WPTE
    common stock (<I>i.e.</I>, the fair market value of the stock
    that is distributed) will be determined by Lakes after the
    distribution based on a number of factors that will include,
    without limitation, the trading price of WPTE common stock at or
    near the Distribution Date and the amount of stock owned by
    Lakes. Accordingly, the actual tax impact of the distribution on
    Lakes cannot be determined until after the distribution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Tax Reporting</U>.</I>&#160;&#160;The fair market value of
    the WPTE common stock received by each Lakes shareholder will be
    determined by Lakes after the distribution based on a number of
    factors that will include, without limitation, the trading price
    of WPTE common stock at or near the Distribution Date. After
    this determination is made (and within the time limit required
    by the Code), Lakes will report to such shareholder and to the
    IRS the amount of the distribution (consisting of the fair
    market value of the WPTE common stock and any cash in lieu of
    fractional shares), together with the portion of the
    distribution treated as a taxable dividend. There is no
    assurance that the IRS or the courts will agree that the amount
    received in the distribution by a Lakes shareholder is the
    amount determined by Lakes, and it is possible that the IRS and
    the courts will ultimately determine that Lakes shareholders, or
    some of them, received a larger distribution amount for Federal
    income tax purposes than the amounts reported to them by Lakes.
    If the IRS were to challenge the amount of the distribution
    reportable by any Lakes shareholder on such shareholder&#146;s
    Federal income tax return, then such shareholder would have to
    bear the expenses and effort of defending against or otherwise
    resolving such challenge.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Backup Withholding</U>.</I>&#160;&#160;Under
    Section&#160;3406 of the Code and applicable regulations
    thereunder, a holder of Lakes common stock may be subject to
    backup withholding with respect to this distribution. If:
    (i)&#160;the shareholder <B>(&#147;payee&#148;)</B> fails to
    furnish or certify a taxpayer identification number to the
    payor; (ii)&#160;the IRS notifies the payor that the taxpayer
    identification number furnished by the payee is incorrect;
    (iii)&#160;there has been a &#147;notified payee
    under-reporting&#148; described in Section&#160;3406(c) of the
    Code; or (iv)&#160;there has been a &#147;payee certification
    failure&#148; described in Section&#160;3406(d) of the Code,
    Lakes generally will be required to withhold an amount equal to
    28&#160;percent of the amount paid to such shareholder in the
    distribution. Any amounts withheld under the backup withholding
    rules from a payment to a shareholder will be allowed as a
    credit against the shareholder&#146;s Federal income tax
    liability or as a refund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Scope of U.S.&#160;Federal Income Tax Consequences
    Summary</U>.</I><B>&#160;&#160;Pursuant to Circular 230, as
    promulgated by the United States Department of the Treasury,
    nothing contained in this statement is intended or written to be
    used by any taxpayer for the purpose of avoiding penalties that
    may be imposed on the taxpayer by the Internal Revenue Code of
    1986, and it cannot be used by any taxpayer for such purpose.
    The foregoing summary of tax consequences of receiving the
    distribution and the ownership of WPTE common stock may vary
    depending on a Lakes shareholder&#146;s particular situation.
    Lakes shareholders are urged to consult with their own tax
    advisors regarding the tax consequences to them of receipt of
    the dividend of WPTE common stock, including but not limited to
    the application to them of Federal estate and gift, state,
    local, foreign and other tax laws.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Stock
    Option Adjustments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lakes has adjusted the exercise price of stock options to
    purchase shares of Lakes common stock issued and outstanding
    under its existing stock option plans (collectively, the
    <B>&#147;Options&#148;)</B> as a result of the dividend of WPTE
    shares. The exercise prices of the Options have been adjusted to
    preserve the intrinsic value of the Options as follows. The new
    exercise prices for the Options were reduced by the difference
    between the closing price of Lakes common stock on the record
    date and the closing price of Lakes common stock on the first
    trading day after the record date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except for the adjusted exercise prices, the Options will
    continue to have the same terms and conditions set forth in the
    existing Lakes stock option plans applicable to the Options.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of October&#160;24, 2008 there were 3,036,150 Options
    outstanding. Of this amount, 2,651,900 Options were immediately
    exercisable. A total of 26,055,219&#160;shares of Lakes common
    stock were outstanding as of October&#160;24, 2008.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    ABOUT WPT ENTERPRISES, INC.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Overview
    of WPT Enterprises, Inc. (&#147;WPTE&#148;)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    WPTE creates internationally branded entertainment and consumer
    products driven by the development, production and marketing of
    televised programming based on gaming themes. WPTE created the
    World Poker Tour
    <SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    , or WPT, a television show based on a series of high-stakes
    poker tournaments that currently airs on the Game Show Network
    and the Travel Channel in the United States, and has been
    licensed for broadcast globally. In January, 2008, WPTE launched
    ClubWPT.com, an innovative subscription-based online poker club
    targeted to the estimated 60&#160;million poker players in the
    United States, which is currently offered in 38 States. WPTE
    also licenses its brand to companies in the business of poker
    equipment and instruction, apparel, publishing, electronic and
    wireless entertainment, DVD/home entertainment, casino games and
    giftware and is also engaged in the sale of corporate
    sponsorships. In addition, WPTE also has operations in mainland
    China, pursuant to its agreement with the China Leisure Sports
    Administrative Center where WPTE is developing and marketing
    online and mobile games supporting the WPTE China National
    Traktor Poker Tour.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    ABOUT WPT ENTERPRISES, INC. COMMON STOCK</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WPTE
    Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under WPTE&#146;s Certificate of Incorporation, its authorized
    capital stock consists of 120,000,000&#160;shares of common
    stock, $0.001&#160;par value, and 125,000,000&#160;shares of
    undesignated preferred stock, $0.001&#160;par value. As of
    November&#160;5, 2008, there were 20,491,993&#160;shares of WPTE
    common stock outstanding.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Market
    for WPTE Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    WPTE common stock trades on the Nasdaq Global Market under the
    symbol &#147;WPTE.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WPTE
    Transfer Agent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The transfer agent and registrar for WPTE common stock is Wells
    Fargo Bank, N.A. You may contact the transfer agent and
    registrar at the address set forth below. All correspondence
    should be sent to the following address:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Wells Fargo Bank, N.A.
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareowner Services
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    161 North Concord Exchange
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    South St. Paul, MN 55075
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    WPTE and Lakes are each subject to the informational reporting
    requirements of the Securities Exchange Act of 1934, as amended,
    and accordingly, each company files periodic reports,
    registration statements, proxy statements and other information
    with the Securities and Exchange Commission (the
    &#147;SEC&#148;), including financial statements. WPTE has been
    subject to the Securities Exchange Act Reporting requirements
    for at least 90&#160;days and is current in its reporting. If
    you would like more information about WPTE, we urge you to read
    WPTE&#146;s reports filed with the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may read and copy WPTE&#146;s and Lakes&#146; reports at the
    SEC&#146;s website at
    <FONT style="white-space: nowrap">http://www.sec.gov</FONT>
    or at WPTE&#146;s website at
    <FONT style="white-space: nowrap">http://investor.shareholder.com/wpt/financials.cfm</FONT>
    or at Lakes website at
    <FONT style="white-space: nowrap">http://www.lakesentertainment.com.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of WPTE and Lakes maintains a website that offers
    additional information about the company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Visit WPTE&#146;s website at
    <FONT style="white-space: nowrap">http://www.worldpokertour.com</FONT>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Visit Lakes&#146; website at
    <FONT style="white-space: nowrap">http://www.lakesentertainment.com</FONT>
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
