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+Hello$name,
+
+I’d like to update you regarding the performance of Serenitas Credit
+Gamma Master Fund.
+
+March 0.41%
+YTD (1Q/2015) 1.96%
+2014 12.44%
+2013 21.11%
+
+The fund’s 1Q2015 investor letter is attached as well as a tear sheet
+with information about Serenitas Capital and our team.
+
+Kind regards,
+David
+
+David Weeks
+SERENITAS CAPITAL LP
+(646) 257-2894
+david.weeks@serenitascapital.com
+
+Results are net of fees and accrued allocations. Results for 2014 and
+2015 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.
+
+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.