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nd other earnings. Quarterly and year-to-date figures are estimates and unaudited and have been calculated by the Fund's independent administrator. SS&C Fund Services. The Fund's performance results have been audited for calendar years 2011. 2012. 2013. and 2014 by the Fund's independent auditor. Marcum LLP. Incep
a base of capital many multiples larger than the assets of the Fund today. CONFIDENTIAL 4 EFTA00605927 ADW Capital Partners, L.P. 14/20/2015 Operational Update/Conclusion: The Fund is doing well in 2015 and continues to grow. We have settled into our new office at 1133 Broadway and would encourage you to stop by and
and other earnings. Quarterly and year-to•date figures are estimates and unaudited and have been calculated by the Funds independent administrator, SS&C Fund Services. The Funds performance results have been audited for calendar years 2011, 2012, and 2013 by the Funds independent auditor, Marcum LLP. Inception-to-
nd is also building a position in a Company we are very excited about and hope to be able to discuss with you in future quarters in greater detail. Operational Update/Conclusion: The Fund is doing well in 2015 and continues to grow. We have settled into our new office at 1133 Broadway and would encourage you to stop by and
nd other earnings. Quarterly and year-to-date figures are estimates and unaudited and have been calculated by the Fund's independent administrator. SS&C Fund Services. The Fund's performance results have been audited for calendar years 2011. 2012. and 2013 by the Fund's independent auditor. Marcum LLP. Inception-t
's after tax return on invested capital is incredibly attractive on top of the already low multiples they are paying on recovering European assets. Operational Update/Conclusion: The Fund is off to a strong start in 2014 and continues to grow. Thankfully, our consistent and methodical growth has allowed us to make some larg
and other earnings. Quarterly and year-to•date figures are estimates and unaudited and have been calculated by the Funds independent administrator, SS&C Fund Services. The Funds performance results have been audited for calendar years 2011, 2012, and 2013 by the Funds independent auditor, Marcum LLP. Inception-to-
nd is also building a position in a Company we are very excited about and hope to be able to discuss with you in future quarters in greater detail. Operational Update/Conclusion: The Fund is doing well in 2015 and continues to grow. We have settled into our new office at 1133 Broadway and would encourage you to stop by and
nd other earnings. Quarterly and year-to-date figures are estimates and unaudited and have been calculated by the Fund's independent administrator. SS&C Fund Services. The Fund's performance results have been audited for calendar years 2011. 2012. and 2013 by the Fund's independent auditor. Marcum LLP. Inception-t
companies with these types of cash flows provides a margin of safety to limit our losses when we are "wrong" or when the market inevitably swoons. Operational Update/Conclusion: The Fund is doing well in 2014 and continues to grow. We have settled into our new office at 1133 Broadway and would encourage you to stop by and
Entities connected to both SS&C Fund Services and Operational Update/Conclusion

Dow Jones
ORGANIZATIONAdam D. Wyden
PERSONADW Capital Partners
ORGANIZATIONMarcum LLP
ORGANIZATIONADW Capital Management
ORGANIZATION
Uncle Sam
PERSONGraphic Packaging
ORGANIZATIONDiamond Resorts
ORGANIZATIONDow Chemical
ORGANIZATIONPermian
LOCATION