DENTIAL 2 EFTA00287284 ADW Capital Partners, L.P. 111/4/2015 Diamond Resorts International (NYSE:DRII) We initially profiled our investment in Diamond Resorts (DRII) in our 1Q 2014 letter. We were attracted to Diamond by the highly recurring nature of the Company's cash flows, the imminent refinancing opp

n the 1s' quarter and 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 d

ty to buy great assets at a super discounted price. Steve contributed the remainder of his timeshare holdings and some cash and renamed the company Diamond Resorts (DRII). It is our belief that Steve originally viewed this as a "trade." Buy it, fix it, and then sell it. But in the words of John Lennon, "life is

lier agreements, etc. 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 infras

n the 1s' quarter and 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 d

ty to buy great assets at a super discounted price. Steve contributed the remainder of his timeshare holdings and some cash and renamed the company Diamond Resorts (DRII). It is our belief that Steve originally viewed this as a "trade." Buy it, fix it, and then sell it. But in the words of John Lennon, "life is

lier agreements, etc. 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 infras

lier agreements, etc. 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 infras