7/11/2018 • • • 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% 412018 23.6% -1.0% 02 2018 17.1% 3.5% YTD 2018 44.7% 2.5% Cumulative return since inception 435.2% 109.3% Annualized return since inception 34.0% 13.8% 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; performance for both the fund and SPY shown from 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 17.1% and 44.7% during the three and six months ended June 30, 2018, respectively. The broad market as represented by the SPY ETF was up 3.5% and 2.5% 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 435.2%; this represents a 34.0% compound annualized rate of return. The SPY ETF is up 109.3% including dividends during that period, representing a 13.8% compound annualized rate of return. Clifford Sosin • 1 EFTA00295577