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 Jones 2.80% 2.68% 57.22% NASDAQ 4.98% 5.54% 64.41% (1) The table above reflects the performance of the Fund for the current quarter, year-to-date and since inception of the Fund. Net returns are net of underlying management and performance fees and expenses as well as brokerage and/or custodial fees and expenses. All returns include the reinvestment of dividends and other earnings. Quarterly and year-to-date figures are estimates and unaudited and have been calculated by the Fund's independent administrator. SS&C Fund Services. The Fund's performance results have been audited for calendar years 2011. 2012. and 2013 by the Fund's independent auditor. Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the fund's prime broker (BTIG) and custodian (Goldman Sachs) can be provided upon further request. Past performance is not necessarily an indication of future performance or profitability. See Important Notes on page 5. (2) References to Dow Jones. S&P 500. NASDAQ, Russell 2000 and other indices are for informational purposes only. See Important Notes on page 5. Dear Partners, It is my pleasure to report results for the second quarter of 2014, the 14° quarter since inception. At the risk of sounding like a broken record, I want to reiterate a critical point discussed in all quarterly letters. ADW Capital Partners, L.P. (the "Fund') operates a concentrated, tax- sensitive, and long-term strategy designed to minimize correlation to the broader indices with a focus on avoiding permanent capital loss. Inevitably, this approach will result in periods of underperformance. By the same token, our efforts to maintain a lower correlation strategy driven by company specific outcomes may produce signi