ii0t , Iiii(117 jet". 4/10/2019 • • • Clifford Sosin CAS Investment Partners, LLC 8 Wright Street Westport, CT 06880 Performance Summary Sosin Partners, LP* Spy" 2012." 14.0% -1.5% 2013 66.6% 32.3% 2014 6.3% 13.5% 2015 14.5% 1.3% 2016 22.0% 12.0% 2017 31.2% 21.7% 2018 29.8% -4.6% 01 2019 20.3% 13.5% YTD 2019 20.3% 13.5% Cumulative return since inception 478.1% 121.1% Annualized return since inception 31.1% 13.0% See disdaimer regarding comparison to indicies at the end of this letter. * Performance net of 2% management fee and 20% performance allocation. ** Includes dividends reinvested. *** Sosin Partners LP launched 10/9/2012; e ormance or both the and and SPY shown rom that date. To My Partners: As shown in the table above, Sosin Partners, LP reported gains on a mark to market basis net of all fees, expenses and performance allocations of 20.3% during the three months ended March 31, 2019. The broad market as represented by the SPY ETF was up 13.5% including dividends during the period. Since its inception on October 9, 2012, Sosin Partners, LP has reported gains on a mark to market basis net of all fees, expenses and performance allocations of 478.1%; this represents a 31.1% compound annualized rate of return. The SPY ETF is up 121.1% including dividends during that period, representing a 13.0% compound annualized rate of return. Clifford Sosin • 1 EFTA00295552