'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

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

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

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

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 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