WE URGE YOU TO VOTE YOUR GOLD PROXY TODAY

As you are aware, the Funds stock price is off 39 from lastsummers highs, its discount to NAV has soared, and the Funds preferredstockholders have seen their investment locked up since last February. Anybenefit common stockholders may have received in dividends over the years haseffectively been wiped out. The fact is, the depth and impact of the currentcredit crisis has been magnified by the very same leverage that has beencondoned by the Funds board. Common stockholders until recently paid higherfees for a leveraged asset base that included the outstanding preferred stock.However, this very leverage has magnified the Funds recent stock pricecollapse. UBS Global collects hefty fees to do more than just trade portfoliosecurities. They are paid to manage, and managing risk is part of their job. Thechart below depicts the total return on an investment in the Fund and in anunleveraged, open-end municipal bond fund.

The Board could have directed theadviser to reduce or eliminate leverage, although this decision would havelowered management fees received by the fund adviser. We wonder if director feesof up to $235,000 a year influenced this decision. Western Investment has a long history of acting to benefit all shareholders, andmost recently was instrumental in permitting shareholders of Pioneer Municipaland Equity Income Trust to obtain full NAV for their shares Our interests arealigned with yours. Western Investment believes that there are other wellqualified advisers readily available who would provide superior service for alower fee. Unlike members of the current Board, who stand to collect$235,000/year from UBS for their service on other boards in the UBS fund complexand own no shares of stock of the Fund, we benefit only if all stockholdersbenefit.

We have no affiliation with UBS and hold no directorships in any otherUBS fund. Our nominees bring a commitment to good governance and provide anownership representation in the boardroom that assures an engaged advocacy forstockholders and effective oversight of the manager. They have the talent,expertise and experience needed to make the hard choices required. We urge you to vote your shares today by phone or internet,or by signing, dating and returning the enclosed GOLD proxy in the envelopeprovided Thank you for your support Regards, Arthur D. Lipson Western Investment LLCJanuary 5, 2009IF YOU HAVE ALREADY RETURNED A WHITE PROXY TO THE FUNDS MANAGEMENT, EITHER DIRECTLY OR OVER THE PHONE OR INTERNET,YOU HAVE EVERY RIGHT TO CHANGE YOUR VOTE.WE URGE YOU TO VOTE YOUR GOLD PROXY TODAY.IF YOU HAVE ANY QUESTIONS ABOUT HOW TO VOTE YOUR GOLD WESTERN INVESTMENT PROXY, PLEASE CONTACT THE FIRM ASSISTING US IN THIS SOLICITATION:INNISFREE M&A INCORPORATEDTOLL-FREE AT: (877) 687-1873 BANKS AND BROKERS PLEASE CALL COLLECT: 212-750-5833 YOU MAY ALSO CONTACT WESTERN INVESTMENT LLC VIA EMAIL Innisfree M&A IncorporatedMike Brinn, 212-750-8253 Copyright Business Wire 2009. LOS ANGELES(Business Wire)WPT Enterprises, Inc.

WPTE's investor presentation is scheduled for Thursday, January 15, 2009, at12:50 p.m (PST). The presentation will be webcast live and archived online onthe Investor Relations section of the Company's website at About WPTEWPT Enterprises, Inc. (Nasdaq: WPTE) is one of the most recognized names ininternationally televised gaming and entertainment with brand presence inland-based tournaments, television, online and mobile. WPTE has led innovationin the sport of poker since 2003, when it ignited the global poker boom with thecreation of the World Poker Tour(R) (WPT) television show. WPTE also offers a unique online subscription and sweepstakes-basedpoker club, ClubWPT , which operates in 38 states across the U.S.Additionally, WPTE owns and operates WPT China, a multi-media company based inBeijing specializing in television production, online and mobile gamessupporting the WPT China National Traktor Poker Tour(TM). WPTE has a 10-yearexclusive partnership with the China Leisure Sports Administrative Center tomarket and build the sport of poker in China.