1/10/2014 • • • Clifford Sosin CAS Investment Partners, LLC 1745 Broadway, FL 17 New York, NY 10019 Performance Summary Sosin Partners LP Q4 20124- 2012•*** Q12013 Q22013 Q32013 Q42013 2013 Inception to Date IRR Since Inception Gross* Net** SPY•*• 18.06% 14.00% -1.52% 18.06% 14.0096 -1.52% 21.26% 16.46% 10.50% 15.58% 12.29% 2.93% 14.37% 11.54% 5.25% 16.73% 13.67% 10.51% 87.11% 65.79% 32.30% 120.91% 89.00% 30.29% 90.74% 67.97% 24.06% *Performance net of expenses but before fees and performance allocation. "Performance net of fees, expenses and performance allocations based on 2 & 20 fee election. *** 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 expenses but before fees and performance allocations of 16.73% and 87.11% during the three and twelve months ended December 31, 2013, respectively. Depending on their choice of fee structure, partners will have different returns net of management fees and performance allocations. The broad market as represented by the SPY ETF was up 10.51% and 32.30% respectively 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 expenses but before fees and performance allocations of 120.91%. The SPY ETF is up 30.29% including dividends during that period. Clifford Sosin • 1 EFTA00871540