Epstein Secrets

all of your questions regarding the operations of the Fund or about the exciting opportunity set we are currently deploying capital into. Regards, Adam D. Wyden CONFIDENTIAL 5 EFTA00605928 ADW Capital Partners, L.P. 4/20/2015 IMPORTANT NOTES This report is being furnished by ADW Capital Management, LL

d have since experienced additional gains compounding our year to date results. Our performance was reasonably distributed with Diamond Resorts and Graphic Packaging adding nicely to results, as well as a substantial new investment the Fund is still building a position in which we hope to discuss with you in the

all of your questions regarding the operations of the Fund or about the exciting opportunity set we are currently deploying capital into. Regards, Adam D. Wyden CONFIDENTIAL 3 EFTA00620142 ADW Capital Partners, L.P. I 2/8/2015 IMPORTANT NOTES This report is being furnished by ADW Capital Management, L

c. to make that same dollar of revenue go even farther. The two investments we detailed in our second and third quarter letters, Diamond Resorts and Graphic Packaging were direct beneficiaries of this phenomenon. Both companies were "rolled up" through acquisition leveraging their own infrastructure to deliver a

all of your questions regarding the operations of the Fund or about the exciting opportunity set we are currently deploying capital into. Regards, Adam D. Wyden CONFIDENTIAL 3 EFTA00620146 ADW Capital Partners, L.P. 2/8/2015 IMPORTANT NOTES This report is being furnished by ADW Capital Management, LLC

c. to make that same dollar of revenue go even farther. The two investments we detailed in our second and third quarter letters, Diamond Resorts and Graphic Packaging were direct beneficiaries of this phenomenon. Both companies were "rolled up" through acquisition leveraging their own infrastructure to deliver a

all of your questions regarding the operations of the Fund or about the exciting opportunity set we are currently deploying capital into. Regards, Adam D. Wyden CONFIDENTIAL 5 EFTA00287277 ADW Capital Partners, I 4/20/2015 IMPORTANT NOTES This report is being furnished by ADW Capital Management,__LLC

d have since experienced additional gains compounding our year to date results. Our performance was reasonably distributed with Diamond Resorts and Graphic Packaging adding nicely to results, as well as a substantial new investment the Fund is still building a position in which we hope to discuss with you in the

all of your questions regarding the operations of the Fund or about the exciting opportunity set we are currently deploying capital into. Regards, Adam D. Wyden CONFIDENTIAL 3 EFTA00287309 ADW Capital Partners, L.P. 2/8/2015 IMPORTANT NOTES This report is being furnished by ADW Capital Management, LLC

c. to make that same dollar of revenue go even farther. The two investments we detailed in our second and third quarter letters, Diamond Resorts and Graphic Packaging were direct beneficiaries of this phenomenon. Both companies were "rolled up" through acquisition leveraging their own infrastructure to deliver a

all of your questions regarding the operations of the Fund or about the exciting opportunity set we are currently deploying capital into. Regards, Adam D. Wyden CONFIDENTIAL 3 EFTA00287305 ADW Capital Partners, L.P. 11/4/2014 IMPORTANT NOTES This report is being furnished by ADW Capital Management, LL

ked him, "Why would we buy a company like Proctor and Gamble at 18.7x 2015 earnings with limited reinvestment opportunities when we could invest in Graphic Packaging who makes its paperboard packaging at a 14 percent free- cash-flow yield, is re-investing in productivity improvements with a 1-2 year payback period