301 S Tryon St

Charlotte, NC 28282
September 10, 2016
David Collins
British Lumber Corp
212 Village Ct
Ladock, TR2 4NW England
Dear David Collins:
On behalf of Wells Fargo Asset Management, I would like to offer our most sincere apologies
for the unexpected losses seen in your core portfolio. Rest assured that your unfortunate
experience has inspired us to implement a new strategy for managing foreign currency positions
in currency-dominated portfolios. Recent economic events such as Brexit and interest rate
changes have caused increased volatility in major foreign exchange markets. Even our own
company was not immune to these effects and prompted us to make several changes in the way
we hedge downside risks and manage portfolios.
Our team has now implemented an algorithmic currency trading scheme which will actively
manage and monitor positions in foreign currencies to mitigate risk and loss of capital. With this
strategy, your portfolio currency allocations will be constantly rebalanced and reallocated based
on market conditions. No longer will you see unexpected drawdowns in net capital or specific
currencies. Wells Fargo Asset Management is dedicated to providing our clients risk-adjusted
returns in down or up markets. We embrace the change from an actively managed portfolio
approach to an algorithmically managed portfolio approach.
Our analyst will now be providing you with daily portfolio performance reports via email and
accessible through our web portal. In addition, our team has scheduled a web conference meeting
for September 18 at 3:00 PM EST to review these policy changes with your financial team.
We value our long standing relationship with British Lumber Corp and are constantly striving for
improvement. Our team is excited to execute this new strategy and look forward to sharing the
results with you in the weeks to come.
If you have any further questions or concerns, please contact me directly at 704-993-2000.
Sincerely,

Christopher Sousa
Asset Manager