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.