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+<html>
+<body style="font-family:Calibri,sans-serif;font-size:11pt">
+Hi$name,
+
+<p>
+Serenitas Credit Gamma Master Fund is a fixed income relative value
+fund with a market-neutral approach.&nbsp; Recent performance numbers are
+as follows:
+</p>
+<table style="font-family:Calibri,sans-serif;font-size:11pt">
+<tr>
+ <td style="padding-right:1em">April</td><td style="text-align:right">1.04%</td>
+</tr>
+<tr>
+ <td style="padding-right:1em">YTD (4/2014)</td><td style="text-align:right">5.58%</td>
+</tr>
+<tr>
+ <td style="padding-right:1em">2013</td><td style="text-align:right">21.11%</td>
+
+</tr>
+</table>
+
+<p>
+I am available to discuss our strategy.&nbsp; Please see the attached file
+for additional information about Serenitas Capital and the fund.
+</p>
+
+<p>
+Thanks,<br/>
+David
+</p>
+
+<p style="font-size:9pt">
+<span style="color:#000076;font-weight:bold">David Weeks<br/>
+ SERENITAS CAPITAL LP<br/></span>
+<span style="color:#000076;font-size:8pt">(646) 257-2894<br/></span>
+<a href="mailto:david.weeks@serenitascapital.com" style="font-size:8pt">david.weeks@serenitascapital.com</a>
+</p>
+
+<p style="font-size:9pt">
+Results are net of fees and accrued allocations. Results for 2014 are
+estimated and unaudited. Past performance is not necessarily
+indicative of future results. Rates of return are calculated for all
+investors taken as a whole. An individual investor’s rate of return
+may vary based on the terms of its subscription and timing of its
+investment in the fund. <br/>
+
+<p style="font-size:9pt">
+This document does not constitute an offer to sell or the solicitation
+of an offer to purchase any security or investment product. Any such
+offer or solicitation may only be made by means of delivery of an
+approved offering memorandum. An approved offering memorandum must be
+received and reviewed prior to any investment decision. Any person
+subscribing for an investment must be able to bear the risks involved
+and must meet the suitability requirements relating to such
+investments.
+</p>
+</body>
+</html>