I'd like to update you regarding the performance of Serenitas Credit Gamma Master Fund.

Serenitas Credit Gamma Master Fund is a fixed income relative value fund with a market neutral approach.  I've attached our latest investor letter and a 2-page file with information about Serenitas Capital and our team.  Please let me know if you have any questions.

Best 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 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.