August 2017 Update

Dear All

the month of August was an interesting one:

1) The fundamental landscape around the oil price has improved despite the price action. The Inventories in US are falling quite meaningfully

2) Corporate Deals around the drilling companies are still going on: Transocean (about 7bn$ EV) bought Songa Offshore (for about 3.5bn$ EV)

3) The so called "Harvey" Storm had its role in shaking a bit the Texas Oil Industry.... actually the Refining Industry.

Overall the sector did not move much so the Dogma Portfolio was again stable despite those incipits of volatility, however, the trend did not pass unoticed therefore the Short Leg have been activated. The month have reported an over 2% return.

The Portfolio has been kept stable, however, a new set of opportunities are being evaluated to further improve the yield of the Long Leg.

See you next month

D.G.O.

Danilo Onorino is an employee of Dogma Capital SA. This communication is for informational purposes only and is not intended to provide investment advice or create a client relationship through this communication. No client relationship will exist with Dogma Capital SA unless and until a formal agreement has been executed.