ADW Capital Partners, L.P. 111/4/2015 3rd Quarter and 2015 YTD Performance Report ("} Gross Return 2015 Q3 2015 YTD Inception To Date Average Annual Return 0.

ADW Capital Partners, L.P. 1st Quarter and 2015 YTD Performance Report " 2) Gross Return Dow Jones 4/20/2015 2015 Inception Average 01 To Date Annual Return 17.

ADW Capital Partners, L.P. 8/8/2015 2nd Quarter and 2015 YTD Performance Report "n' Ital Pa Gross Re wn 2015 O2 2015 YTD Inception Average To Date Annual Retu

ADW Capital Partners, L.P. 12/17/2016 4th Quarter and 2015 Performance Report t1M2) 2015 Q4 2015 Inception To Date Average Annual Return Gross Return -3.31% 9.

ADW Capital Partners, L.P. 14/26/2014 1st Quarter 2014 and YTD Performance Report M2) 2014 O1 2014 Inception To Date Gross Return -1.24% -1.24% 207.67% Dow Jo

ADW Capital Partners, L.P. 17/18/2014 2nd Quarter 2014 and YTD Performance Report " 2) 2014 Q2 2014 Inception To Date Gross Return 20.40% 18.91% 258.97% Dow Jo

ADW Capital Partners, L.P. 4th Quarter and 2014 Performance Report" 2/8/2015 Gross Return 14.44% 30.66% 288.88% Dow Jones 5.17% 10.03% 68.46% NASDAQ 5.40% 13

redistributed without the prior written consent of ADW. This document is not an offer to sell or a solicitation of an offer to purchase interests in ADW Capital Partners, L.P. (the "Fund") or portfolio described herein. The Fund is offered solely pursuant to its Offering Memorandum. The terms and risks disclosed in

ADW Capital Partners, L.P. 11/4/2014 3rd Quarter 2014 and YTD Performance Report ("2) 2014 Q3 2014 Inception To Date Gross Return -3.99% 14.17% 246.90% Dow Jon

s of the signature page to the Subscription Agreement and the Notarization Acknowledgement) to the Fund via courier to the address set forth below: ADW Capital Partners, L.P. c/o ADW Capital Management, LLC 1133 Broadway Suite 719 New York, NY 10010 ATTN: Adam D. Wyden Telephone: Facsimile• 8. Payment of Capi

ADW Capital Partners, L.P. 8/8/2015 2nd Quarter and 2015 YTD Performance Report 411(2) ADW Ca Ital Pa Gloss LI 2015 02 2015 YTD Inception Average To Date Annu

ADW Capital Partners, L.P. 1st Quarter and 2015 YTD Performance Report " 2) Gross Return Dow Jones 4/20/2015 2015 Inception Average 01 To Date Annual Return 17.

ADW Capital Partners, L.P. 14/26/2014 1st Quarter 2014 and YTD Performance Report M2) 2014 Q1 2014 Inception To Date Gross Return -1.24% -1.24% 207.67% Dow Jo

ADW Capital Partners, L.P. 2/17/2016 4th Quarter and 2015 Performance Report " 2) 2015 2015 O4 Inception To Date Average Annual Return ADW Capital Partners, L.P.

EFTA00620140 ADW Capital Partners, L.P. 12/8/2015 Dear Partners, It is our pleasure to report results for the fourth quarter of 2014, the le quarter since inception and our fourth

redistributed without the prior written consent of ADW. This document is not an offer to sell or a solicitation of an offer to purchase interests in ADW Capital Partners, L.P. (the "Fund") or portfolio described herein. The Fund is offered solely pursuant to its Offering Memorandum. The terms and risks disclosed in

ADW Capital Partners, L.P. 4th Quarter and 2014 Performance Report" 2/8/2015 Gross Return 14.44% 30.66% 288.88% Dow Jones 5.17% 10.03% 68.46% NASDAQ 5.40% 13