nto. 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 ("ADW) on a confidential basis to existing limited partners in ADW Capital Partners, M. (the "Fund') and does not constitute an of

to our credo of maximizing long-term AFTER-TAX RETURNS. CONFIDENTIAL 2 EFTA00287280 ADW Capital Partners, 18/8/2015 Does that mean that we at ADW Capital have been sleeping for the last six months? Absolutely not! We continue to monitor the financial performance and economic landscape of every single

ADW Capital Investor Presentation October 2015 Strictly Confidential / Not For Distribution EFTA00287311 Disclaimer • Opinions expressed are current opin

Group, a fundamentally- oriented investment firm, managing approximately $10B primarily on (Conenued 00 page (4) Adam Wyden Adam Wyden '10 of ADW Capital Adam Wyden founded ADW Capital in January 2011 and acts as sole portfolio manager to the Fund. The Fund is focused on maintaining a concentrate

r credo of maximizing long-term AFTER-TAX RETURNS. CONFIDENTIAL 2 EFTA00605856 ADW Capital Partners, L.P. 18/8/2015 Does that mean that we at ADW Capital have been sleeping for the last six months? Absolutely not! We continue to monitor the financial performance and economic landscape of every single

ADW Capital Investor Presentation October 2015 Strictly Confidential / Not For Distribution EFTA00620148 Disclaimer • Opinions expressed are current opin