leEt kers 1/14/2019 • • • Clifford Sosin CAS Investment Partners, LLC 8 Wright Street, Pt Floor 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% 412018 23.6% -1.0% 02 2018 17.1% 3.5% 03 2018 13.6% 7.7% Q4 2018 -21.1% -13.5% no 2018 29.8% -4.6% Cumulative return since inception 380.0% 94.8% Annualized return since inception 28.6% 11.3% See disclaimer 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; performance for both the fund and SPY shown from that date. To My Partners: As shown in the performance summary, during the three months ended December 31, 2018, Sosin Partners, LP reported a loss on a mark to market basis net of all fees, expenses, and performance allocations of 21.1%. The broad market as represented by the SPY ETF including dividends was down 135% during the same period. For the year ended December 31, 2018, Sosin Partners, LP reported a gain on a mark to market basis net of all fees, expenses, and performance allocations of 29.8%. The broad market as represented by the SPY ETF including dividends was down 4.6% during the same period. Clifford Sosin • 1 EFTA00295562