lb" 1/12/2018 • • • Clifford Sosin CAS Investment Partners, LLC 8 Wright Street, P' 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% Q12017 1.6% 5.9% O2 2017 17.6% 3.1% O3 2017 3.9% 4.4% 04 2017 5.8% 6.8% 2017 31.2% 21.7% Cumulative return since inception 270.1% 104.1% Annualized return since inception 28.4% 14.6% 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; •e ormance or both the and and SPY shown rom that date. To My Partners: As shown in the performance summary, Sosin Partners, LP reported gains on a mark to market basis net of all fees, expenses, and performance allocations of 5.8% and 31.2% during the three and twelve months ended December 31, 2017, respectively. The broad market as represented by the SPY ETF was up 6.8% and 21.7% including dividends during those periods. 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 270.1%; this represents a 28.4% compound annualized rate of return. The SPY ETF is up 104.1% including dividends Clifford Sosin • 1 EFTA00295570