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CONCERNED GREAT WOLF STOCKHOLDERS' COMMITTEE
HOVDE CAPITAL ADVISORS LLC
FINANCIAL INSTITUTION PARTNERS, L.P.
FINANCIAL INSTITUTION PARTNERS, LTD.
FINANCIAL INSTITUTION PARTNERS III, L.P.
FINANCIAL INSTITUTION PARTNERS IV, L.P.
THE HOVDE FINANCIAL, INC. PROFIT SHARING PLAN AND TRUST
THE ERIC D. AND STEVEN D. HOVDE FOUNDATION
THE BRITTA ANN HOVDE TRUST
THE CARLIN CHRISTINE TUCKER TRUST
STEVEN D. HOVDE
RICHARD J. PERRY, JR.
ERIC D. HOVDE
RICHARD T. MURRAY III
ERIC S. LUND
________________________________________________________________________________
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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April 2, 2008

Dear Fellow Stockholders:

It is time for change in the boardroom of Great Wolf Resorts, Inc. (the "Company")! We believe that the Company needs fresh voices in the boardroom to provide a new direction, improve accountability, and restore investor confidence. Just look at the facts.

While our collective stockholder value has eroded dramatically over the past several years, the Board has rewarded Management handsomely. Consider the compensation packages for the Company's Chief Executive Officer and three other highest paid executives.

We are concerned that this compensation practice does not provide a proper incentive to Management because it departs from the basic tenet that compensation should reward performance. As stockholders, we must demand accountability.

In a letter to Mr. Eric Hovde, dated January 24, 2008, Joseph Vittoria, the Chairman of the Company's Board, indicated that the Company's poor stock performance was due to macroeconomic conditions and stated that "the recent decline in the price of the [C]ompany's stock, while not insubstantial, [was] comparable to many companies in the lodging, entertainment and consumer industries." He then listed 10 peer companies to support his claim; three among them were Starbucks Corporation, Six Flags, Inc., and Build-A-Bear Workshop, Inc. We think you should be concerned that the Company's Chairman believes it is appropriate to compare the Company with a previously highly valued coffee shop, a troubled amusement park without lodging, and a company whose stated mission is "to bring the Teddy Bear to life."

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Although the Company operates in a unique niche of the hotel industry making it difficult to identify publicly traded peer companies that engage in exactly the same business activities, we believe that it is more useful for you to evaluate the Company's performance against the companies included in the Peer Group than against Build-A-Bear Workshop, Inc., Starbucks Corporation, and Six Flags, Inc. Like the Company, each of the companies included in the Peer Group is primarily engaged in the business of owning and operating hotels.

How can we expect this Board to set appropriate performance benchmarks if its members believe the Company's peers include businesses not engaged in lodging? And, how can we expect this Board to effectively oversee Management when it only meets four times a year?

No member of the Board, other than John Emery, has any meaningful stake in the equity ownership in the Company. These independent members of the Board have not demonstrated their commitment to the Company or its business model through material investments in the Company. Even when the Company's stock price collapsed, no member of the Board purchased a significant amount of the Company's stock. How can members of the Board think and behave like owners if they do not have a meaningful stake in the Company's stock?

We believe that it is necessary for members of the Board to have significant equity stakes in the Company in order to align their interests with those of the other stockholders.

We are nominating Eric D. Hovde, Richard T. Murray III and Eric S. Lund for election to the Board at the Company's 2008 annual stockholder meeting, which is scheduled to be held at 2941 Fairview Park Drive, Suite 550, Falls Church, VA 22042, on May 28, 2008 at 9:00 a.m. (Eastern time). As the holders of approximately 5.6% of the Company, our interests are directly aligned with all stockholders; we will demand accountability.

Our nominees, if elected, will not constitute a majority of the Board; however, they will work with the other members of the Board to provide the leadership necessary to reverse the destruction in value suffered by stockholders over the past few years. Our nominees will work to achieve results that are in the best interests of ALL stockholders.

We encourage you to review our proxy statement once it becomes available to get a better understanding of the actions our Nominees would propose to take, if elected, to address the concerns discussed above. The proxy statement and other materials we may file with the Securities and Exchange Commission ("SEC") will be available on the SEC's website, http://www.sec.gov, and on the Committee's website, http://www.savewolfnow.com.

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Stockholders, we need your support! We believe the Company has a very valuable franchise, attractive properties, and a first-mover advantage in the indoor water park, family destination resort industry; however, we believe the Company needs new leadership to capitalize on these attributes. OUR NOMINEES ARE COMMITTED TO CREATING VALUE FOR ALL STOCKHOLDERS.

Thank you for your support,

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