CAS Investment Partners, LLC C Sosin Partners, LP (the "Partnership") Investment Pal Met s Partnership's Objective Long Term Investment • Horizon and Patience • are Competitive Advantages • • Strategy Outperform the S&P Soo over a multi-year horizon Focus on (actors driving business success and value instead of short-term market considerations Emphasize what is important, not what is urgent Investment decisions made on business value, not other considerations Better decisions from clear thinking lead to better results Value-Based Investing —Buying (selling) investments for less (more) than their worth leads to higher returns and less risk Fundamentals driven, patient, long-term focus Focus on individual businesses as individual investments with thorough diligence Manage partnership positions in public equities as if they were minority investments in private companies Portfolio Composition • 5-12 Investments • Position weighting is guided by principle of opportunity cost. • Select opportunistic short sales • Opportunistic investments in distressed debt (none presently). • Low tumoverfTax efficient Alignment of Interests Principal Clifford Sosin has more than go% of his net worth invested in the partnership. 300% 250% 200% 150% 100% 50% 0% -50% Cumulative Performance Since the Partnership's Inception (5,. 4 4 4 4 es, est' 4 4 4 4 es, es, 4.4 4 4 ,s' .4 tit .4 ob 0000aa0 , 0aao* a. a 0 a oti 0 •CAS/Sosin Partners, LP launched an 10/9/12. gm lipartnership —SPY Investment positions in the portfolio are weighted based on upside profit potential, margin of safety, and conviction. We maximize exposure to high conviction/high reward ideas, while maintaining adequate diversification to allow for mistakes. Re-ranking and re-balancing as prices and outlooks change. Until great opportunities become evident, we are willing to hold cash. Limited leverage helps ensure survival during periods of market uphe