From: Clifford Sosin

To: Clifford Sosin

Subject: CAS Investment Partners - January 2014 Letter to Partners

Sent: Monday, January 13, 2014 9:39:14 PM

<u>CAS Investment Partners Jan 2014 Letter to Partners.odf</u>

Attached, please find the January 2014 CAS Investment Partners letter to partners, which I am sending to you for your information as we have discussed the fund from time to time. As you will read in the letter, we have had a great start, and while there can be no guarantees and past performance is not indicative of future returns, I am optimistic for the future. Additionally, as described in the letter, beginning in March 2014, the minimum investment for new investors in Sosin Partners LP will be increasing to $1,000,000 from its current level of $500,000.

I look forward to your thoughts, comments and questions.

Cliff

Clifford Sosin
CAS Investment Partners, LLC
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