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. Gross Return -3.31% 9.65% 319.79% 33.23% Net Return 22111 ImaiskvaikaugakS Dow Jones 7.70% 0.21% 69.16% I 11.70% 7: NASDAQ 8.71% 6.96% 98.18% I 15.49% (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. 2013, and 2014 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. CONFIDENTIAL 1 EFTA00605975