From: Tilney <tilney@updates.tilney.co.uk>
Date: Wed, 12 Jul 2017 15:00:33 +0100
Subject: The latest in financial planning and investment news from Tilney
Message-Id: <HWJ2.E854P2BF2B.20170712140033914@updates.tilney.co.uk>
To: lojban@lojban.org
Feedback-ID: 378T:HWJ2:20170712:DDGESP
Reply-To: Tilney <re-378T-HWJ2-54P2BF-C0BTY@updates.tilney.co.uk>
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Tilney named as top-performing wealth manager

In a snapshot of the industry published by the Financial Times, Tilney=
 took the top spot for the best-performing average balanced portfolio =
over five years. This was out of 34 firms surveyed.

Find out more ( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QRE-0/c=
.aspx )

( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QRF-0/c.aspx )

Weigh anchor =E2=80=93 a key turning point for markets?

The ECB Forum on Central Banking took place from 26-28 June in Sintra,=
 Portugal. During the event, the ECB=E2=80=99s president, Mario Draghi=
, delivered a message that our Chief Investment Officer, Chris Godding=
, sees as a turning point on the outlook for the Eurozone economy. Dra=
ghi=E2=80=99s message could mean that further caution is necessary on =
traditionally lower-risk assets.

Read Chris's article ( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98=
QRG-0/c.aspx )

( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QRH-0/c.aspx )

Our third-quarter outlook

Equity markets have been frustratingly defiant to everyone sitting on =
the sidelines waiting for a correction. As we head into the third quar=
ter of the year, our Chief Investment Officer, Chris Godding, examines=
 the case for caution and the challenges that lie ahead.

Read Chris's article ( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98=
QRI-0/c.aspx )

( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QRJ-0/c.aspx )

Your invitation to an investment and financial planning seminar

Our investment and financial planning seminars are a great way to meet=
 our team and hear about the topics affecting your investments and fin=
ancial plans. They are free to attend and you can even bring a guest. =
We=E2=80=99ve recently announced three that we=E2=80=99re running in t=
he autumn =E2=80=93 we would love to see you at one.

( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QRK-0/c.aspx )

Stoke by Nayland Hotel
Tuesday 12 September 2017, 11.45am
Colchester

Book ( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QRL-0/c.aspx )

( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QRM-0/c.aspx )

Madingley Hall
Wednesday 4 October 2017, 11:45am
Cambridge

Book ( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QRN-0/c.aspx )

( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QRO-0/c.aspx )

Hylands Estate
Wednesday 11 October 2017, 11:45am
Chelmsford

Book ( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QRP-0/c.aspx )

See all of our seminars ( http://updates.tilney.co.uk/378T-HWJ2-54P2BF=
-98QNW-0/c.aspx )

Is Capital Gains Tax the lesser of two evils?

While the Capital Gains Tax allowance is less well-known and less-used=
 than the Income Tax equivalent, with careful planning it can be a val=
uable tool for people taking an income from their savings and investme=
nts. Martin Holden, Partner, Financial Planning, explains what Capital=
 Gains Tax is as well as the rules surrounding it.

Read Martin's article ( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-9=
8QRQ-0/c.aspx )

( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QRR-0/c.aspx )

Our monthly market and economic update

The second quarter trend of low volatility and markets edging higher c=
ame to an abrupt end in the last week of June. Markets, in particular =
global bonds, ended the quarter weaker, as comments from Mark Carney a=
nd Mario Draghi fuelled speculation that the period of ultra-accommoda=
tive monetary policy may be nearing an end.

Monthly market commentary ( http://updates.tilney.co.uk/378T-HWJ2-54P2=
BF-98QRS-0/c.aspx )

Pensions roundup =E2=80=93 the latest guides and articles

The pension lifetime allowance is =C2=A31 million. If you are concerne=
d about a potential tax charge, our guide will help ( http://updates.t=
ilney.co.uk/378T-HWJ2-54P2BF-98QRT-0/c.aspx )

Many have hailed auto-enrolment as a positive change in the way people=
 save into their pensions =E2=80=93 but is it actually an enemy of you=
ng people? ( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QRU-0/c.as=
px )

Recent changes to pension death benefits have resulted in pensions bec=
oming a popular tool for estate planning. Find out more about using yo=
ur pension to reduce an Inheritance Tax bill ( http://updates.tilney.c=
o.uk/378T-HWJ2-54P2BF-98QRV-0/c.aspx )

The latest news from Bestinvest

You can no longer rely on cash to generate an income, but for those wh=
o look to their investments, opportunities still exist. Read our guide=
 for our top investment ideas for income ( http://updates.tilney.co.uk=
/378T-HWJ2-54P2BF-98QRW-0/c.aspx )

We are withdrawing our research coverage on a number of our rated fund=
s in order to focus on our higher-conviction ideas. To reflect the wit=
hdrawal of coverage, we are downgrading the rating of these funds to o=
ne star. See our downgrades from the absolute return ( http://updates.=
tilney.co.uk/378T-HWJ2-54P2BF-98QRX-0/c.aspx ) and property and commod=
ities ( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QRY-0/c.aspx ) =
sectors

Connect with us

( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QO7-0/c.aspx )

( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QO8-0/c.aspx )

( http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QO9-0/c.aspx )

Important Information

The value of investments, and the income derived from them, can go dow=
n as well as up and you can get back less than you originally invested=
. This email does not constitute personal advice. If you are in doubt =
as to the suitability of an investment please contact one of our advis=
ers. Past performance is not a guide to future performance.

Prevailing tax rates and reliefs are dependent on your individual circ=
umstances and are subject to change. Please note we do not provide tax=
 advice.

Funds may carry different levels of risk depending on the industry sec=
tor(s) in which they invest. You should ensure that you understand the=
 nature of any fund before you invest in it.

We hope you've found this message helpful. However, if you would prefe=
r not to receive future emails from Tilney simply unsubscribe http://u=
pdates.tilney.co.uk/378T-HWJ2-E854P2BF2B/uns.aspx

17073700

643905

Tilney is a trading name for: Tilney Investment Management Services Lt=
d (Reg. No: 2830297), Tilney Discretionary Investment Management Ltd (=
Reg. No: 02519968), Tilney Investment Management (Reg. No: 02010520), =
Tilney Asset Management Ltd (Reg. No: 03900078), Tilney Asset Manageme=
nt Services Ltd (Reg. No: 03691998), Tilney Discretionary Portfolio Ma=
nagement Ltd (Reg. No: 00793636), Thurleigh Investment Managers LLP (R=
eg. No: OC309191), Tilney Financial Planning Ltd (Reg. No: 607039), Be=
stinvest (Consultants) Ltd (Reg. No: 01550116) and HW Financial Servic=
es Ltd (Reg. No: 02030706), each of which is authorised and regulated =
by the Financial Conduct Authority and a subsidiary of Tilney Group Lt=
d (Reg. No: 08741768). All registered in England and Wales with regist=
ered office: 6 Chesterfield Gardens, Mayfair, London W1J 5BQ. Further =
details are available here ( https://www.tilney.co.uk/registered-detai=
ls ).

This email is for the information of the addressee only and should not=
 be reproduced and/or distributed to any other person. This email may =
be sent on behalf of any of the above-named companies and should be co=
nsidered a financial promotion on all occasions where the contents of =
this email could be considered to be an invitation to engage in an inv=
estment activity. Past performance is not a guide to future performanc=
e. This e-mail is subject to terms and risk warnings available here ( =
https://www.tilney.co.uk/email-terms-and-conditions ). By communicatin=
g electronically with us, you consent to these terms.

If you received this email in error, please accept our apology. We wou=
ld be obliged if you would email contact@tilney.co.uk ( contact@tilney=
.co.uk ).

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Tilney named as top-performing wealth manager
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<b>020 7189 2400</b>
</p>
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gin-bottom: 0px;margin-top: 0px;text-align: right;color: #eff7ea;font-=
size: 14px;line-height: 24px">
<a href=3D"http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QOB-1/c.aspx=
" style=3D"color: rgb(239, 247, 234); text-decoration: underline;">Req=
uest a call back</a>
</p> </div>
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th=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><t=
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55)"><tbody><tr><td class=3D"row-inner f-size-0 element-pad col-inner"=
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so]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"c=
enter" style=3D"width:620px;" width=3D"620" class=3D"mso-table-width">=
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620" class=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN =
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ter">

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cellpadding=3D"0" align=3D"center" style=3D"width:620px;" width=3D"620=
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e=3D"width:620px;" width=3D"620" class=3D"mso-column-width">
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                                <!-- STACK COLUMN : BEGIN -->
                                <div class=3D"stack-column stack-colum=
n-width" ee-percent-width=3D"100" style=3D"display: inline-block;width=
: 100%;vertical-align: top;min-width: 100%;max-width: 620px">
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er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
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spacer col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;te=
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ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 242)">
                            <tbody>
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rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1">
                                </td>
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                            </tbody>
                          </table><table class=3D"col-font-reset ee_el=
ement ee_textelement" ee-type=3D"element" style=3D"font-size: 14px;tex=
t-align: left;min-width: 100%;table-layout: auto" data-title=3D"Text" =
width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td clas=
s=3D"element-pad element-bord" style=3D"font-family: Helvetica, Arial,=
 sans-serif;padding: 10px;border-width: 0;padding-top: 0px;padding-rig=
ht: 20px;padding-bottom: 0px;padding-left: 20px" valign=3D"top" align=3D=
"left"><div class=3D"ee_editable" style=3D"font-size: 14px;line-height=
: 22px;color: rgb(58, 58, 58)"><p style=3D"word-wrap: break-word;word-=
break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0px;line-he=
ight: 32px;font-size: 26px;text-align: left;color: rgb(70, 70, 72)">
 <strong>Tilney named as top-performing wealth manager</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;background-color: rgb(249, 246, 242);table-=
layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" c=
ellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 242)">
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rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1">
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                            </tbody>
                          </table>
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columns ee_element" ee-type=3D"container" data-title=3D"2 columns" sty=
le=3D"max-width: 100%;min-width: 100%;position: relative;table-layout:=
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ad col-inner" dir=3D"ltr" valign=3D"top" align=3D"center" style=3D"fon=
t-family: Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;pa=
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d;Margin: 0;margin-bottom: 0px;margin-top: 0px;color: #7a7a7a;font-siz=
e: 14px;line-height: 23px">
In a snapshot of the industry published by the Financial Times, Tilney=
 took the top spot for the best-performing average balanced portfolio =
over five years. This was out of 34 firms surveyed.
</p></div>
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rgin-bottom: 0;text-align: center;margin: 0" class=3D"ee_editable butt=
on-a"><a href=3D"http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QOC-1/=
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or: rgb(255, 255, 255);font-family: Helvetica, Arial, sans-serif;font-=
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lign=3D"center"><!--[if mso]><table border=3D"0" cellspacing=3D"0" cel=
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one" align=3D"left" style=3D"font-family: Helvetica, Arial, sans-serif=
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ze: 14px;text-align: left;min-width: 100%;table-layout: auto" width=3D=
"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td=
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e-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" styl=
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ight=3D"20" border=3D"0" width=3D"1"></td></tr></tbody></table><table =
class=3D"row one-cols ee_columns ee_element" ee-type=3D"container" dat=
a-title=3D"1 column" style=3D"max-width: 100%;min-width: 100%;position=
: relative;background-color: rgb(249, 246, 242);table-layout: auto" wi=
dth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0" align=3D=
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t-pad col-inner" style=3D"font-family: Helvetica, Arial, sans-serif;fo=
nt-size: 0;border-width: 0;padding: 0;padding-top: 0px;padding-right: =
0px;padding-bottom: 0px;padding-left: 0px" valign=3D"top" align=3D"cen=
ter">

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cellpadding=3D"0" align=3D"center" style=3D"width:620px;" width=3D"620=
" class=3D"mso-table-width">
                                <tr>
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e=3D"width:620px;" width=3D"620" class=3D"mso-column-width">
                                <![endif]-->

                                <!-- STACK COLUMN : BEGIN -->
                                <div class=3D"stack-column stack-colum=
n-width" ee-percent-width=3D"100" style=3D"display: inline-block;width=
: 100%;vertical-align: top;min-width: 100%;max-width: 620px">
                                <table style=3D"table-layout: auto;" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
                                  <tbody>
                                    <tr>
                                      <td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"ee_element ee_=
spacer col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;te=
xt-align: left;min-width: 100%;background-color: rgb(249, 246, 242);ta=
ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 242)">
                            <tbody>
                              <tr>
                                <td style=3D"font-family: Helvetica, A=
rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1">
                                </td>
                              </tr>
                            </tbody>
                          </table><table class=3D"col-font-reset ee_el=
ement ee_textelement" ee-type=3D"element" style=3D"font-size: 14px;tex=
t-align: left;min-width: 100%;table-layout: auto" data-title=3D"Text" =
width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td clas=
s=3D"element-pad element-bord" style=3D"font-family: Helvetica, Arial,=
 sans-serif;padding: 10px;border-width: 0;padding-top: 0px;padding-rig=
ht: 20px;padding-bottom: 0px;padding-left: 20px" valign=3D"top" align=3D=
"left"><div class=3D"ee_editable" style=3D"font-size: 14px;line-height=
: 22px;color: rgb(58, 58, 58)"><p style=3D"word-wrap: break-word;word-=
break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0px;line-he=
ight: 32px;font-size: 26px;text-align: left;color: rgb(70, 70, 72)">
 <strong>Weigh anchor =E2=80=93 a key turning point for markets?</stro=
ng>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;background-color: rgb(249, 246, 242);table-=
layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" c=
ellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 242)">
                            <tbody>
                              <tr>
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rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1">
                                </td>
                              </tr>
                            </tbody>
                          </table>
                                      <table class=3D"row two-cols ee_=
columns ee_element" ee-type=3D"container" data-title=3D"2 columns" sty=
le=3D"max-width: 100%;min-width: 100%;position: relative;table-layout:=
 auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
 align=3D"center"><tbody><tr><td class=3D"row-inner f-size-0 element-p=
ad col-inner" dir=3D"ltr" valign=3D"top" align=3D"center" style=3D"fon=
t-family: Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;pa=
dding: 0"><!--[if mso]><table border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" align=3D"center" style=3D"width:620px;" width=3D"620" class=3D=
"mso-table-width"><tr><td align=3D"left" valign=3D"top" style=3D"width=
:372px;" width=3D"372" class=3D"mso-column-width"><![endif]--><!-- STA=
CK COLUMN : BEGIN --><div class=3D"stack-column stack-column-width" ee=
-percent-width=3D"60" style=3D"display: inline-block;width: 60%;vertic=
al-align: top;max-width: 60%;min-width: 100%"><table style=3D"table-la=
yout: auto;" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=
=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" alig=
n=3D"left" style=3D"font-family: Helvetica, Arial, sans-serif;border-w=
idth: 0;padding: 0"><table class=3D"col-font-reset ee_element ee_texte=
lement" ee-type=3D"element" style=3D"font-size: 14px;text-align: left;=
min-width: 100%;table-layout: auto" data-title=3D"Text" width=3D"100%"=
 cellspacing=3D"0" cellpadding=3D"0">
                                        <tbody>
                                          <tr>
                                            <td class=3D"element-pad e=
lement-bord" style=3D"font-family: Helvetica, Arial, sans-serif;paddin=
g: 10px;border-width: 0;padding-top: 0px;padding-right: 20px;padding-b=
ottom: 0px;padding-left: 20px" valign=3D"top" align=3D"left">
                                            <div class=3D"ee_editable"=
 style=3D"font-size: 14px;line-height: 22px;color: rgb(58, 58, 58);pos=
ition: static"><p style=3D"word-wrap: break-word;word-break: break-wor=
d;Margin: 0;margin-bottom: 0px;margin-top: 0px;color: #7a7a7a;font-siz=
e: 14px;line-height: 23px">
The ECB Forum on Central Banking took place from 26-28 June in Sintra,=
 Portugal. During the event, the ECB=E2=80=99s president, Mario Draghi=
, delivered a message that our Chief Investment Officer, Chris Godding=
, sees as a turning point on the outlook for the Eurozone economy. Dra=
ghi=E2=80=99s message could mean that further caution is necessary on =
traditionally lower-risk assets.
</p></div>
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                                      </table><table class=3D"ee_eleme=
nt ee_spacer col-font-reset" ee-type=3D"element" data-title=3D"Spacer"=
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color: rgb(249, 246, 242);table-layout: auto" width=3D"100%" cellspaci=
ng=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 242)"=
><tbody><tr><td style=3D"font-family: Helvetica, Arial, sans-serif;fon=
t-size: 1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpim=
g/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D"=
" class=3D"" height=3D"20" border=3D"0" width=3D"1"></td></tr></tbody>=
</table><table class=3D"ee_element ee_button" ee-type=3D"element" styl=
e=3D"min-width: 100%;table-layout: auto" data-title=3D"Button" width=3D=
"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td class=3D"ele=
ment-pad button-container button-v2" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;text-align: left;padding-top: 0px;padd=
ing-right: 20px;padding-bottom: 0px;padding-left: 20px"><!--[if mso]><=
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                                      <td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
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spacer col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;te=
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rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
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                          </table><table class=3D"col-font-reset ee_el=
ement ee_textelement" ee-type=3D"element" style=3D"font-size: 14px;tex=
t-align: left;min-width: 100%;table-layout: auto" data-title=3D"Text" =
width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td clas=
s=3D"element-pad element-bord" style=3D"font-family: Helvetica, Arial,=
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ht: 20px;padding-bottom: 0px;padding-left: 20px" valign=3D"top" align=3D=
"left"><div class=3D"ee_editable" style=3D"font-size: 14px;line-height=
: 22px;color: rgb(58, 58, 58)"><p style=3D"word-wrap: break-word;word-=
break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0px;line-he=
ight: 32px;font-size: 26px;text-align: left;color: rgb(70, 70, 72)">
 <strong>Our third-quarter outlook</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;background-color: rgb(249, 246, 242);table-=
layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" c=
ellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 242)">
                            <tbody>
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rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1">
                                </td>
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                            </tbody>
                          </table>
                                      <table class=3D"row two-cols ee_=
columns ee_element" ee-type=3D"container" data-title=3D"2 columns" sty=
le=3D"max-width: 100%;min-width: 100%;position: relative;table-layout:=
 auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
 align=3D"center"><tbody><tr><td class=3D"row-inner f-size-0 element-p=
ad col-inner" dir=3D"ltr" valign=3D"top" align=3D"center" style=3D"fon=
t-family: Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;pa=
dding: 0"><!--[if mso]><table border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" align=3D"center" style=3D"width:620px;" width=3D"620" class=3D=
"mso-table-width"><tr><td align=3D"left" valign=3D"top" style=3D"width=
:372px;" width=3D"372" class=3D"mso-column-width"><![endif]--><!-- STA=
CK COLUMN : BEGIN --><div class=3D"stack-column stack-column-width" ee=
-percent-width=3D"60" style=3D"display: inline-block;width: 60%;vertic=
al-align: top;max-width: 60%;min-width: 100%"><table style=3D"table-la=
yout: auto;" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=
=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" alig=
n=3D"left" style=3D"font-family: Helvetica, Arial, sans-serif;border-w=
idth: 0;padding: 0"><table class=3D"col-font-reset ee_element ee_texte=
lement" ee-type=3D"element" style=3D"font-size: 14px;text-align: left;=
min-width: 100%;table-layout: auto" data-title=3D"Text" width=3D"100%"=
 cellspacing=3D"0" cellpadding=3D"0">
                                        <tbody>
                                          <tr>
                                            <td class=3D"element-pad e=
lement-bord" style=3D"font-family: Helvetica, Arial, sans-serif;paddin=
g: 10px;border-width: 0;padding-top: 0px;padding-right: 20px;padding-b=
ottom: 0px;padding-left: 20px" valign=3D"top" align=3D"left">
                                            <div class=3D"ee_editable"=
 style=3D"font-size: 14px;line-height: 22px;color: rgb(58, 58, 58);pos=
ition: static"><p style=3D"word-wrap: break-word;word-break: break-wor=
d;Margin: 0;margin-bottom: 0px;margin-top: 0px;color: #7a7a7a;font-siz=
e: 14px;line-height: 23px">
Equity markets have been frustratingly defiant to everyone sitting on =
the sidelines waiting for a correction. As we head into the third quar=
ter of the year, our Chief Investment Officer, Chris Godding, examines=
 the case for caution and the challenges that lie ahead.
</p></div>
                                            </td>
                                          </tr>
                                        </tbody>
                                      </table><table class=3D"ee_eleme=
nt ee_spacer col-font-reset" ee-type=3D"element" data-title=3D"Spacer"=
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color: rgb(249, 246, 242);table-layout: auto" width=3D"100%" cellspaci=
ng=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 242)"=
><tbody><tr><td style=3D"font-family: Helvetica, Arial, sans-serif;fon=
t-size: 1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpim=
g/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D"=
" class=3D"" height=3D"20" border=3D"0" width=3D"1"></td></tr></tbody>=
</table><table class=3D"ee_element ee_button" ee-type=3D"element" styl=
e=3D"min-width: 100%;table-layout: auto" data-title=3D"Button" width=3D=
"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td class=3D"ele=
ment-pad button-container button-v2" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;text-align: left;padding-top: 0px;padd=
ing-right: 20px;padding-bottom: 0px;padding-left: 20px"><!--[if mso]><=
v:roundrect xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:w=3D"urn:s=
chemas-microsoft-com:office:word" href=3D"http://updates.tilney.co.uk/=
378T-HWJ2-54P2BF-98QOG-1/c.aspx" style=3D"height:30.75pt;v-text-anchor=
:middle;width:134pt;" arcsize=3D"7%" strokecolor=3D"#eaeaea" strokewei=
ght=3D"1px" fillcolor=3D"#bf9a5e"><w:anchorlock></w:anchorlock><p styl=
e=3D"text-align:center;padding:0;margin:0;"><font style=3D"color:#ffff=
ff; font-style:normal;font-variant:normal;font-weight:bold;font-family=
:Helvetica, Arial, sans-serif;font-size:11.25pt; padding:0; margin:0; =
line-height:inherit;">=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=
=BB=BF<font>Read Chris's article</font>=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=
=BF=EF=BB=BF=EF=BB=BF</font></p></v:roundrect><![endif]--><!--[if !mso=
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oat: left;table-layout: auto" cellspacing=3D"0" cellpadding=3D"0" bord=
er=3D"0"><tbody><tr><td class=3D"button-td" style=3D"font-family: Helv=
etica, Arial, sans-serif;border-radius: 3px;background: rgb(85, 85, 85=
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0px" bgcolor=3D"rgb(191, 154, 94)"><p style=3D"font-size: 14px;line-he=
ight: 23px;color: inherit;height: 100%;margin-bottom: 0;text-align: ce=
nter;margin: 0" class=3D"ee_editable button-a"><a href=3D"http://updat=
es.tilney.co.uk/378T-HWJ2-54P2BF-98QOG-1/c.aspx" style=3D"border: 0px =
solid rgb(0, 0, 0);padding: 10px 15px;color: rgb(255, 255, 255);font-f=
amily: Helvetica, Arial, sans-serif;font-size: 15px;text-align: center=
;text-decoration: none;display: block;border-radius: 3px;font-weight: =
bold;line-height: inherit;padding-top: 8px;padding-right: 15px;padding=
-bottom: 8px;padding-left: 15px;border-width: 1px;border-color: rgb(23=
4, 234, 234)">=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF<f=
ont style=3D"color: inherit;word-break: break-word;word-wrap: break-wo=
rd">Read Chris's article</font>=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=
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</tr></tbody></table><table class=3D"ee_element ee_spacer col-font-res=
et" ee-type=3D"element" style=3D"font-size: 14px;text-align: left;min-=
width: 100%;background-color: rgb(249, 246, 242);table-layout: auto" d=
ata-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0=
" border=3D"0" bgcolor=3D"rgb(249, 246, 242)">
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rial, sans-serif;font-size: 1px;line-height: 1px">
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                            </tbody>
                          </table></td></tr></tbody></table></div><!--=
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: 100%;vertical-align: top;min-width: 100%;max-width: 620px">
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idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
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                                      <td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
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spacer col-font-reset" ee-type=3D"element" data-title=3D"Spacer" style=
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ody><tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-si=
ze: 1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/=
s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D"" cl=
ass=3D"" height=3D"20" border=3D"0" width=3D"1"></td></tr></tbody></ta=
ble><table class=3D"col-font-reset ee_element ee_textelement" ee-type=3D=
"element" style=3D"font-size: 14px;text-align: left;min-width: 100%;ta=
ble-layout: auto" data-title=3D"Text" width=3D"100%" cellspacing=3D"0"=
 cellpadding=3D"0"><tbody><tr><td class=3D"element-pad element-bord" s=
tyle=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;border=
-width: 0;padding-top: 0px;padding-right: 20px;padding-bottom: 0px;pad=
ding-left: 20px" valign=3D"top" align=3D"left"><div class=3D"ee_editab=
le" style=3D"font-size: 14px;line-height: 22px;color: rgb(58, 58, 58)"=
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rgin-bottom: 0px;margin-top: 0px;line-height: 32px;font-size: 26px;tex=
t-align: left;color: rgb(70, 70, 72)">
 <strong>Your invitation to an investment and financial planning semin=
ar</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"=
font-size: 14px;text-align: left;min-width: 100%;table-layout: auto" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody>=
<tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: =
1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gi=
f" style=3D"display: block; width: 1px; height: 20px;" alt=3D"" class=3D=
"" height=3D"20" border=3D"0" width=3D"1"></td></tr></tbody></table><t=
able class=3D"col-font-reset ee_element ee_textelement" ee-type=3D"ele=
ment" style=3D"font-size: 14px;text-align: left;min-width: 100%;table-=
layout: auto" data-title=3D"Text" width=3D"100%" cellspacing=3D"0" cel=
lpadding=3D"0">
                                        <tbody>
                                          <tr>
                                            <td class=3D"element-pad e=
lement-bord" style=3D"font-family: Helvetica, Arial, sans-serif;paddin=
g: 10px;border-width: 0;padding-top: 0px;padding-right: 20px;padding-b=
ottom: 0px;padding-left: 20px" valign=3D"top" align=3D"left">
                                            <div class=3D"ee_editable"=
 style=3D"font-size: 14px;line-height: 22px;color: rgb(58, 58, 58);pos=
ition: static"><p style=3D"word-wrap: break-word;word-break: break-wor=
d;Margin: 0;margin-bottom: 0px;margin-top: 0px;font-size: 14px;line-he=
ight: 23px;color: #7a7a7a">
Our investment and financial planning seminars are a great way to meet=
 our team and hear about the topics affecting your investments and fin=
ancial plans. They are free to attend and you can even bring a guest. =
We=E2=80=99ve recently announced three that we=E2=80=99re running in t=
he autumn =E2=80=93 we would love to see you at one.
</p></div>
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nt ee_spacer col-font-reset" ee-type=3D"element" style=3D"font-size: 1=
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ng=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(255, 255, 255)"=
>
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lumns ee_element" ee-type=3D"container" data-title=3D"3 columns" style=
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uto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0" a=
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g-right: 0px;padding-bottom: 0px;padding-left: 0px;border-color: rgb(2=
34, 234, 234);border-style: solid" valign=3D"top" align=3D"center"><!-=
-[if mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" alig=
n=3D"center" style=3D"width:617px;" width=3D"617" class=3D"mso-table-w=
idth"><tr><td align=3D"left" valign=3D"top" style=3D"width:216.96875px=
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CK COLUMN : BEGIN --><div class=3D"stack-column stack-column-width" ee=
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tical-align: top;max-width: 35.11%;min-width: 100%"><table style=3D"ta=
ble-layout: auto;" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" =
border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone=
" align=3D"left" style=3D"font-family: Helvetica, Arial, sans-serif;bo=
rder-width: 0;padding: 0"><table class=3D"col-font-reset ee_element ee=
_imageelement" ee-type=3D"element" data-title=3D"Image" style=3D"font-=
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er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><a href=3D=
"http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QOI-1/c.aspx" style=3D=
"margin-left: 0px; margin-right: 0px; margin-top: 0px; vertical-align:=
 bottom; display: block;"><img src=3D"http://i.emlfiles4.com/cmpimg/7/=
5/3/9/4/1/files/imagecache/835310/w640_1038051_stokebyneyland.jpg" sty=
le=3D"font-size: 14px;line-height: 22px;color: rgb(58, 58, 58);width: =
100%;min-height: auto;display: block;margin-left: 0px;margin-right: 0p=
x;margin-top: 0px;vertical-align: bottom;height: auto" class=3D"ee_edi=
table                                                                 =
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216" width=3D"216" border=3D"0"></a></center>
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 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:246.9375px;" width=3D"246.9375" class=3D"column"><![endi=
f]--><!-- STACK COLUMN : BEGIN --><div class=3D"stack-column stack-col=
umn-width" ee-percent-width=3D"40" style=3D"display: inline-block;widt=
h: 39.96%;vertical-align: top;max-width: 39.96%;min-width: 100%"><tabl=
e style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cellp=
adding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inne=
r ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial, =
sans-serif;border-width: 0;padding: 0"><table class=3D"ee_element ee_s=
pacer col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;tex=
t-align: left;min-width: 100%;background-color: rgb(255, 255, 255);tab=
le-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0=
" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(255, 255, 255)">
                            <tbody>
                              <tr>
                                <td style=3D"font-family: Helvetica, A=
rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 10px;" alt=3D=
"" class=3D"" height=3D"10" border=3D"0" width=3D"1">
                                </td>
                              </tr>
                            </tbody>
                          </table><table class=3D"col-font-reset ee_el=
ement ee_textelement" ee-type=3D"element" style=3D"font-size: 14px;tex=
t-align: left;min-width: 100%;table-layout: auto" data-title=3D"Text" =
width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td clas=
s=3D"element-pad element-bord" style=3D"font-family: Helvetica, Arial,=
 sans-serif;padding: 10px;border-width: 0;padding-top: 0px;padding-rig=
ht: 20px;padding-bottom: 0px;padding-left: 20px" valign=3D"top" align=3D=
"left"><div class=3D"ee_editable" style=3D"font-size: 14px;line-height=
: 22px;color: rgb(58, 58, 58)"><p style=3D"word-wrap: break-word;word-=
break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0px;line-he=
ight: 27px;text-align: left">
 <strong><font style=3D"color: #464648; font-size: 15px; text-decorati=
on: underline;">Stoke by Nayland Hotel</font></strong>
</p>
<p style=3D"word-wrap: break-word;word-break: break-word;Margin: 0;mar=
gin-bottom: 0px;margin-top: 0px;font-size: 14px;line-height: 21px;colo=
r: #464648">
Tuesday 12 September 2017, 11.45am
<br>
Colchester
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;background-color: rgb(255, 255, 255);table-=
layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" c=
ellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(255, 255, 255)">
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rial, sans-serif;font-size: 1px;line-height: 1px">
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img/t/s.gif" style=3D"display: block; width: 1px; height: 10px;" alt=3D=
"" class=3D"" height=3D"10" border=3D"0" width=3D"1">
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                          </table></td></tr></tbody></table></div><!--=
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top" style=3D"width:153.9375px;" width=3D"153.9375" class=3D"column"><=
![endif]--><!-- STACK COLUMN : BEGIN --><div class=3D"stack-column sta=
ck-column-width" ee-percent-width=3D"24.91" style=3D"display: inline-b=
lock;width: 24.91%;vertical-align: top;max-width: 24.91%;min-width: 10=
0%"><table style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D=
"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D=
"col-inner ee_dropzone" align=3D"left" style=3D"font-family: Helvetica=
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ment ee_spacer col-font-reset" ee-type=3D"element" style=3D"font-size:=
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cing=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(255, 255, 255=
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                          </table><table class=3D"ee_element ee_button=
" ee-type=3D"element" style=3D"min-width: 100%;table-layout: auto" dat=
a-title=3D"Button" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0">=
<tbody><tr><td class=3D"element-pad button-container button-v2 button-=
center" style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10=
px;text-align: center;padding-top: 0px;padding-right: 0px;padding-bott=
om: 0px;padding-left: 0px"><!--[if mso]><v:roundrect xmlns:v=3D"urn:sc=
hemas-microsoft-com:vml" xmlns:w=3D"urn:schemas-microsoft-com:office:w=
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px" style=3D"height:30pt;v-text-anchor:middle;width:75pt;" arcsize=3D"=
8%" stroked=3D"false" fillcolor=3D"#bf9a5e"><w:anchorlock></w:anchorlo=
ck><p style=3D"text-align:center;padding:0;margin:0;"><font style=3D"c=
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ont-family:Helvetica, Arial, sans-serif;font-size:11.25pt; padding:0; =
margin:0; line-height:inherit;">=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=
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px;">Book</font>=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=
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0"><tbody><tr><td class=3D"button-td" style=3D"font-family: Helvetica,=
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gcolor=3D"rgb(191, 154, 94)"><p style=3D"font-size: 14px;line-height: =
23px;color: inherit;height: 100%;margin-bottom: 0;text-align: center;m=
argin: 0px" class=3D"ee_editable button-a"><a href=3D"http://updates.t=
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a, Arial, sans-serif;font-size: 15px;text-align: center;text-decoratio=
n: none;display: block;border-radius: 3px;font-weight: bold;line-heigh=
t: inherit;padding-top: 8px;padding-right: 15px;padding-bottom: 8px;pa=
dding-left: 15px;border-width: 0px;border-color: rgb(234, 234, 234)">=EF=
=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF<font style=3D"colo=
r: rgb(255, 255, 255);word-break: break-word;word-wrap: break-word;fon=
t-size: 14px">Book</font>=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=
=EF=BB=BF</a></p></td></tr></tbody></table><!--<![endif]--></td></tr><=
/tbody></table><table class=3D"ee_element ee_spacer col-font-reset" ee=
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                                <td style=3D"font-family: Helvetica, A=
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                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1">
                                </td>
                              </tr>
                            </tbody>
                          </table></td></tr></tbody></table></div><!--=
 STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></td=
></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-re=
set" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 14p=
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cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D=
"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-height:=
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=3D"3 columns" style=3D"max-width: 100%;min-width: 100%;position: rela=
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"0" border=3D"0" align=3D"center"><tbody><tr><td class=3D"row-inner f-=
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padding=3D"0" align=3D"center" style=3D"width:617px;" width=3D"617" cl=
ass=3D"mso-table-width"><tr><td align=3D"left" valign=3D"top" style=3D=
"width:216.96875px;" width=3D"216.96875" class=3D"mso-column-width"><!=
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"0">
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
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er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><a href=3D=
"http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QOK-1/c.aspx" style=3D=
"margin-left: 0px; margin-right: 0px; margin-top: 0px; vertical-align:=
 bottom; display: block;"><img src=3D"http://i.emlfiles4.com/cmpimg/7/=
5/3/9/4/1/files/imagecache/835310/w640_975361_madingleyhall.jpg" style=
=3D"font-size: 14px;line-height: 22px;color: rgb(58, 58, 58);width: 10=
0%;min-height: auto;display: block;margin-left: 0px;margin-right: 0px;=
margin-top: 0px;vertical-align: bottom;height: auto" class=3D"ee_edita=
ble                                                                   =
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=3D"216" border=3D"0"></a></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:246.9375px;" width=3D"246.9375" class=3D"column"><![endi=
f]--><!-- STACK COLUMN : BEGIN --><div class=3D"stack-column stack-col=
umn-width" ee-percent-width=3D"40" style=3D"display: inline-block;widt=
h: 39.96%;vertical-align: top;max-width: 39.96%;min-width: 100%"><tabl=
e style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cellp=
adding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inne=
r ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial, =
sans-serif;border-width: 0;padding: 0"><table class=3D"ee_element ee_s=
pacer col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;tex=
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                            <tbody>
                              <tr>
                                <td style=3D"font-family: Helvetica, A=
rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 10px;" alt=3D=
"" class=3D"" height=3D"10" border=3D"0" width=3D"1">
                                </td>
                              </tr>
                            </tbody>
                          </table><table class=3D"col-font-reset ee_el=
ement ee_textelement" ee-type=3D"element" style=3D"font-size: 14px;tex=
t-align: left;min-width: 100%;table-layout: auto" data-title=3D"Text" =
width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td clas=
s=3D"element-pad element-bord" style=3D"font-family: Helvetica, Arial,=
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ht: 20px;padding-bottom: 0px;padding-left: 20px" valign=3D"top" align=3D=
"left"><div class=3D"ee_editable" style=3D"font-size: 14px;line-height=
: 22px;color: rgb(58, 58, 58)"><p style=3D"word-wrap: break-word;word-=
break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0px;line-he=
ight: 27px;text-align: left">
 <strong><font style=3D"color: #464648; font-size: 15px; text-decorati=
on: underline;">Madingley Hall</font></strong>
</p>
<p style=3D"word-wrap: break-word;word-break: break-word;Margin: 0;mar=
gin-bottom: 0px;margin-top: 0px;font-size: 14px;line-height: 21px;colo=
r: #464648">
Wednesday 4 October 2017, 11:45am
<br>
Cambridge
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;background-color: rgb(255, 255, 255);table-=
layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" c=
ellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(255, 255, 255)">
                            <tbody>
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                                <td style=3D"font-family: Helvetica, A=
rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 10px;" alt=3D=
"" class=3D"" height=3D"10" border=3D"0" width=3D"1">
                                </td>
                              </tr>
                            </tbody>
                          </table></td></tr></tbody></table></div><!--=
 STACK COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"=
top" style=3D"width:153.9375px;" width=3D"153.9375" class=3D"column"><=
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ck-column-width" ee-percent-width=3D"24.94" style=3D"display: inline-b=
lock;width: 24.91%;vertical-align: top;max-width: 24.91%;min-width: 10=
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"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D=
"col-inner ee_dropzone" align=3D"left" style=3D"font-family: Helvetica=
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ment ee_spacer col-font-reset" ee-type=3D"element" style=3D"font-size:=
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cing=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(255, 255, 255=
)">
                            <tbody>
                              <tr>
                                <td style=3D"font-family: Helvetica, A=
rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1">
                                </td>
                              </tr>
                            </tbody>
                          </table><table class=3D"ee_element ee_button=
" ee-type=3D"element" style=3D"min-width: 100%;table-layout: auto" dat=
a-title=3D"Button" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0">=
<tbody><tr><td class=3D"element-pad button-container button-v2 button-=
center" style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10=
px;text-align: center;padding-top: 0px;padding-right: 0px;padding-bott=
om: 0px;padding-left: 0px"><!--[if mso]><v:roundrect xmlns:v=3D"urn:sc=
hemas-microsoft-com:vml" xmlns:w=3D"urn:schemas-microsoft-com:office:w=
ord" href=3D"http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QOL-1/c.as=
px" style=3D"height:30pt;v-text-anchor:middle;width:75pt;" arcsize=3D"=
8%" stroked=3D"false" fillcolor=3D"#bf9a5e"><w:anchorlock></w:anchorlo=
ck><p style=3D"text-align:center;padding:0;margin:0;"><font style=3D"c=
olor:#000000; font-style:normal;font-variant:normal;font-weight:bold;f=
ont-family:Helvetica, Arial, sans-serif;font-size:11.25pt; padding:0; =
margin:0; line-height:inherit;">=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF<f=
ont style=3D"color: rgb(255, 255, 255); font-size: 14px;">Book</font>=EF=
=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF</font></p></v:roundrect><![endif]-->=
<!--[if !mso]><!----><table class=3D"button-wrapper col-font-reset" st=
yle=3D"font-size: 14px;text-align: center;min-width: auto;display: inl=
ine-block;float: none;margin: 0 auto;table-layout: auto" cellspacing=3D=
"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td class=3D"button-td" =
style=3D"font-family: Helvetica, Arial, sans-serif;border-radius: 3px;=
background: rgb(85, 85, 85);text-align: center;background-color: rgb(1=
91, 154, 94);min-width: 100px" bgcolor=3D"rgb(191, 154, 94)"><p style=3D=
"font-size: 14px;line-height: 23px;color: inherit;height: 100%;margin-=
bottom: 0;text-align: center;margin: 0px" class=3D"ee_editable button-=
a"><a href=3D"http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QOL-1/c.a=
spx" style=3D"border: 0px solid rgb(0, 0, 0);padding: 10px 15px;color:=
 inherit;font-family: Helvetica, Arial, sans-serif;font-size: 15px;tex=
t-align: center;text-decoration: none;display: block;border-radius: 3p=
x;font-weight: bold;line-height: inherit;padding-top: 8px;padding-righ=
t: 15px;padding-bottom: 8px;padding-left: 15px;border-width: 0px;borde=
r-color: rgb(234, 234, 234)">=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF<font=
 style=3D"color: rgb(255, 255, 255);word-break: break-word;word-wrap: =
break-word;font-size: 14px">Book</font>=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=
=BF</a></p></td></tr></tbody></table><!--<![endif]--></td></tr></tbody=
></table><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
"element" style=3D"font-size: 14px;text-align: left;min-width: 100%;ba=
ckground-color: rgb(255, 255, 255);table-layout: auto" data-title=3D"S=
pacer" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
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                            <tbody>
                              <tr>
                                <td style=3D"font-family: Helvetica, A=
rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1">
                                </td>
                              </tr>
                            </tbody>
                          </table></td></tr></tbody></table></div><!--=
 STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></td=
></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-re=
set" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 14p=
x;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%" =
cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D=
"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-height:=
 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"disp=
lay: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D"1=
0" border=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D"=
row three-cols ee_columns ee_element" ee-type=3D"container" data-title=
=3D"3 columns" style=3D"max-width: 100%;min-width: 100%;position: rela=
tive;table-layout: auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D=
"0" border=3D"0" align=3D"center"><tbody><tr><td class=3D"row-inner f-=
size-0 element-pad col-inner" dir=3D"ltr" style=3D"font-family: Helvet=
ica, Arial, sans-serif;font-size: 0;border-width: 1px;padding: 0;paddi=
ng-top: 0px;padding-right: 0px;padding-bottom: 0px;padding-left: 0px;b=
order-color: rgb(234, 234, 234);border-style: solid" valign=3D"top" al=
ign=3D"center"><!--[if mso]><table border=3D"0" cellspacing=3D"0" cell=
padding=3D"0" align=3D"center" style=3D"width:617px;" width=3D"617" cl=
ass=3D"mso-table-width"><tr><td align=3D"left" valign=3D"top" style=3D=
"width:216.96875px;" width=3D"216.96875" class=3D"mso-column-width"><!=
[endif]--><!-- STACK COLUMN : BEGIN --><div class=3D"stack-column stac=
k-column-width" ee-percent-width=3D"35" style=3D"display: inline-block=
;width: 35.11%;vertical-align: top;max-width: 35.11%;min-width: 100%">=
<table style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" =
cellpadding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col=
-inner ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Ar=
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eset ee_element ee_imageelement" ee-type=3D"element" data-title=3D"Ima=
ge" style=3D"font-size: 14px;text-align: left;min-width: 100%;table-la=
yout: auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D=
"0">
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
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er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><a href=3D=
"http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QOM-1/c.aspx" style=3D=
"margin-left: 0px; margin-right: 0px; margin-top: 0px; vertical-align:=
 bottom; display: block;"><img src=3D"http://i.emlfiles4.com/cmpimg/7/=
5/3/9/4/1/files/imagecache/835310/w640_1038052_hylandsestate.jpg" styl=
e=3D"font-size: 14px;line-height: 22px;color: rgb(58, 58, 58);width: 1=
00%;min-height: auto;display: block;margin-left: 0px;margin-right: 0px=
;margin-top: 0px;vertical-align: bottom;height: auto" class=3D"ee_edit=
able                                                                  =
                                                                      =
                                                                      =
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h=3D"216" border=3D"0"></a></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:246.9375px;" width=3D"246.9375" class=3D"column"><![endi=
f]--><!-- STACK COLUMN : BEGIN --><div class=3D"stack-column stack-col=
umn-width" ee-percent-width=3D"40" style=3D"display: inline-block;widt=
h: 39.96%;vertical-align: top;max-width: 39.96%;min-width: 100%"><tabl=
e style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cellp=
adding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inne=
r ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial, =
sans-serif;border-width: 0;padding: 0"><table class=3D"ee_element ee_s=
pacer col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;tex=
t-align: left;min-width: 100%;background-color: rgb(255, 255, 255);tab=
le-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0=
" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(255, 255, 255)">
                            <tbody>
                              <tr>
                                <td style=3D"font-family: Helvetica, A=
rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 10px;" alt=3D=
"" class=3D"" height=3D"10" border=3D"0" width=3D"1">
                                </td>
                              </tr>
                            </tbody>
                          </table><table class=3D"col-font-reset ee_el=
ement ee_textelement" ee-type=3D"element" style=3D"font-size: 14px;tex=
t-align: left;min-width: 100%;table-layout: auto" data-title=3D"Text" =
width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td clas=
s=3D"element-pad element-bord" style=3D"font-family: Helvetica, Arial,=
 sans-serif;padding: 10px;border-width: 0;padding-top: 0px;padding-rig=
ht: 20px;padding-bottom: 0px;padding-left: 20px" valign=3D"top" align=3D=
"left"><div class=3D"ee_editable" style=3D"font-size: 14px;line-height=
: 22px;color: rgb(58, 58, 58)"><p style=3D"word-wrap: break-word;word-=
break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0px;line-he=
ight: 27px;text-align: left">
 <strong><font style=3D"color: #464648; font-size: 15px; text-decorati=
on: underline;">Hylands Estate</font></strong>
</p>
<p style=3D"word-wrap: break-word;word-break: break-word;Margin: 0;mar=
gin-bottom: 0px;margin-top: 0px;font-size: 14px;line-height: 21px;colo=
r: #464648">
Wednesday 11 October 2017, 11:45am
<br>
Chelmsford
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;background-color: rgb(255, 255, 255);table-=
layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" c=
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ight: 32px;font-size: 26px;text-align: left;color: rgb(70, 70, 72)">
 <strong>Is Capital Gains Tax the lesser of two evils? </strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;background-color: rgb(249, 246, 242);table-=
layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" c=
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                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1">
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 auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
 align=3D"center"><tbody><tr><td class=3D"row-inner f-size-0 element-p=
ad col-inner" dir=3D"ltr" valign=3D"top" align=3D"center" style=3D"fon=
t-family: Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;pa=
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yout: auto;" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=
=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" alig=
n=3D"left" style=3D"font-family: Helvetica, Arial, sans-serif;border-w=
idth: 0;padding: 0"><table class=3D"col-font-reset ee_element ee_texte=
lement" ee-type=3D"element" style=3D"font-size: 14px;text-align: left;=
min-width: 100%;table-layout: auto" data-title=3D"Text" width=3D"100%"=
 cellspacing=3D"0" cellpadding=3D"0">
                                        <tbody>
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                                            <td class=3D"element-pad e=
lement-bord" style=3D"font-family: Helvetica, Arial, sans-serif;paddin=
g: 10px;border-width: 0;padding-top: 0px;padding-right: 20px;padding-b=
ottom: 0px;padding-left: 20px" valign=3D"top" align=3D"left">
                                            <div class=3D"ee_editable"=
 style=3D"font-size: 14px;line-height: 22px;color: rgb(58, 58, 58);pos=
ition: static"><p style=3D"word-wrap: break-word;word-break: break-wor=
d;Margin: 0;margin-bottom: 0px;margin-top: 0px;color: #7a7a7a;font-siz=
e: 14px;line-height: 23px">
While the Capital Gains Tax allowance is less well-known and less-used=
 than the Income Tax equivalent, with careful planning it can be a val=
uable tool for people taking an income from their savings and investme=
nts. Martin Holden, Partner, Financial Planning, explains what Capital=
 Gains Tax is as well as the rules surrounding it.
</p></div>
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line-height:inherit;">=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=
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1499855997598_3025284687472356" class=3D"rangySelectionBoundary" style=
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tyle=3D"color: inherit;word-break: break-word;word-wrap: break-word">R=
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"width:620px;" width=3D"620" class=3D"mso-column-width"><![endif]--><!=
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ight=3D"20" border=3D"0" width=3D"1"></td></tr></tbody></table><table =
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er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
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spacer col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;te=
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                                <img src=3D"http://i.emlfiles4.com/cmp=
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ement ee_textelement" ee-type=3D"element" style=3D"font-size: 14px;tex=
t-align: left;min-width: 100%;table-layout: auto" data-title=3D"Text" =
width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td clas=
s=3D"element-pad element-bord" style=3D"font-family: Helvetica, Arial,=
 sans-serif;padding: 10px;border-width: 0;padding-top: 0px;padding-rig=
ht: 20px;padding-bottom: 0px;padding-left: 20px" valign=3D"top" align=3D=
"left"><div class=3D"ee_editable" style=3D"font-size: 14px;line-height=
: 22px;color: rgb(58, 58, 58)"><p style=3D"word-wrap: break-word;word-=
break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0px;line-he=
ight: 32px;font-size: 26px;text-align: left;color: rgb(70, 70, 72)">
<strong>Our monthly market and economic update</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;background-color: rgb(249, 246, 242);table-=
layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" c=
ellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 242)">
                            <tbody>
                              <tr>
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rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1">
                                </td>
                              </tr>
                            </tbody>
                          </table>
                                      <table class=3D"col-font-reset e=
e_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14px=
;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"Te=
xt" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0">
                                        <tbody>
                                          <tr>
                                            <td class=3D"element-pad e=
lement-bord" style=3D"font-family: Helvetica, Arial, sans-serif;paddin=
g: 10px;border-width: 0;padding-top: 0px;padding-right: 20px;padding-b=
ottom: 0px;padding-left: 20px" valign=3D"top" align=3D"left">
                                            <div class=3D"ee_editable"=
 style=3D"font-size: 14px;line-height: 22px;color: rgb(58, 58, 58);pos=
ition: static"><p style=3D"word-wrap: break-word;word-break: break-wor=
d;Margin: 0;margin-bottom: 0px;margin-top: 0px;font-size: 14px;line-he=
ight: 23px;color: #7a7a7a">
The second quarter trend of low volatility and markets edging higher c=
ame to an abrupt end in the last week of June. Markets, in particular =
global bonds, ended the quarter weaker, as comments from Mark Carney a=
nd Mario Draghi fuelled speculation that the period of ultra-accommoda=
tive monetary policy may be nearing an end.
</p></div>
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nt ee_spacer col-font-reset" ee-type=3D"element" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;background-color: rgb(249, 246, 2=
42);table-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspaci=
ng=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 242)"=
>
                            <tbody>
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rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1">
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                          </table><table class=3D"ee_element ee_button=
" ee-type=3D"element" style=3D"min-width: 100%;table-layout: auto" dat=
a-title=3D"Button" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0">=
<tbody><tr><td class=3D"element-pad button-container button-v2" style=3D=
"font-family: Helvetica, Arial, sans-serif;padding: 10px;text-align: l=
eft;padding-top: 0px;padding-right: 20px;padding-bottom: 0px;padding-l=
eft: 20px"><!--[if mso]><v:roundrect xmlns:v=3D"urn:schemas-microsoft-=
com:vml" xmlns:w=3D"urn:schemas-microsoft-com:office:word" href=3D"htt=
p://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QOR-1/c.aspx" style=3D"hei=
ght:29.25pt;v-text-anchor:middle;width:180pt;" arcsize=3D"8%" stroked=3D=
"false" fillcolor=3D"#bf9a5e"><w:anchorlock></w:anchorlock><p style=3D=
"text-align:center;padding:0;margin:0;"><font style=3D"color:#000000; =
font-style:normal;font-variant:normal;font-weight:bold;font-family:Hel=
vetica, Arial, sans-serif;font-size:11.25pt; padding:0; margin:0; line=
-height:inherit;">=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=
=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF<font style=3D"color: rgb(255, 255=
, 255);">Monthly market commentary</font>=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=
=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF</font></p=
></v:roundrect><![endif]--><!--[if !mso]><!----><table class=3D"button=
-wrapper col-font-reset" style=3D"font-size: 14px;text-align: center;m=
in-width: auto;display: inline-block;float: left;table-layout: auto" c=
ellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td class=3D=
"button-td" style=3D"font-family: Helvetica, Arial, sans-serif;border-=
radius: 3px;background: rgb(85, 85, 85);text-align: center;background-=
color: rgb(191, 154, 94);min-width: 240px" bgcolor=3D"rgb(191, 154, 94=
)"><p style=3D"font-size: 14px;line-height: 23px;color: inherit;height=
: 100%;margin-bottom: 0;text-align: center;margin: 0" class=3D"ee_edit=
able button-a"><a href=3D"http://updates.tilney.co.uk/378T-HWJ2-54P2BF=
-98QOR-1/c.aspx" style=3D"border: 0px solid rgb(0, 0, 0);padding: 10px=
 15px;color: inherit;font-family: Helvetica, Arial, sans-serif;font-si=
ze: 15px;text-align: center;text-decoration: none;display: block;borde=
r-radius: 3px;font-weight: bold;line-height: inherit;padding-top: 8px;=
padding-right: 15px;padding-bottom: 8px;padding-left: 15px;border-widt=
h: 0px;border-color: rgb(234, 234, 234)">=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=
=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF<font styl=
e=3D"color: rgb(255, 255, 255);word-break: break-word;word-wrap: break=
-word">Monthly market commentary</font>=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=
=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF</a></p></td>=
</tr></tbody></table><!--<![endif]--></td></tr></tbody></table><table =
class=3D"ee_element ee_spacer col-font-reset" ee-type=3D"element" styl=
e=3D"font-size: 14px;text-align: left;min-width: 100%;background-color=
: rgb(249, 246, 242);table-layout: auto" data-title=3D"Spacer" width=3D=
"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb=
(249, 246, 242)">
                            <tbody>
                              <tr>
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rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1">
                                </td>
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                          </table><table class=3D"ee_element ee_spacer=
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in-width: 100%;max-width: 620px"><table style=3D"table-layout: auto;" =
width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody=
><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" st=
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ng: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
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c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
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t ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 1=
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td class=3D"element-pad element-bord" style=3D"font-family: Helvetica,=
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ing-right: 20px;padding-bottom: 0px;padding-left: 20px" valign=3D"top"=
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ne-height: 22px;color: rgb(58, 58, 58)"><p style=3D"word-wrap: break-w=
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x;line-height: 32px;font-size: 26px;text-align: left;color: rgb(70, 70=
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<strong>Pensions roundup =E2=80=93 the latest guides and articles </st=
rong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
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tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
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le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
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er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
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d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
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align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: rgb(58, 58, 58);position: static"><p style=3D"wo=
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x;margin-top: 0px;font-size: 14px;line-height: 23px;color: rgb(122, 12=
2, 122)">
The pension lifetime allowance is =C2=A31 million. If you are concerne=
d about a potential tax charge, <b><font style=3D"color: rgb(191, 154,=
 94);"><a href=3D"http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98QOS-1=
/c.aspx" style=3D"text-decoration: none; color: rgb(191, 154, 94);">ou=
r guide will help</a></font></b> </p></div></td></tr></tbody></table><=
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le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
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d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
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Many have hailed auto-enrolment as a positive change in the way people=
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154, 94);"><a href=3D"http://updates.tilney.co.uk/378T-HWJ2-54P2BF-98Q=
OT-1/c.aspx" style=3D"text-decoration: none; color: rgb(191, 154, 94);=
">but is it actually an enemy of young people?</a></font></b> </p></di=
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=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
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tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
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le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
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er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
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px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
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d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
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ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: rgb(58, 58, 58);position: static"><p style=3D"wo=
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x;margin-top: 0px;font-size: 14px;text-align: left;line-height: 23px;c=
olor: rgb(122, 122, 122)">
Recent changes to pension death benefits have resulted in pensions bec=
oming a popular tool for estate planning. <b><font style=3D"color: rgb=
(191, 154, 94);"><a href=3D"http://updates.tilney.co.uk/378T-HWJ2-54P2=
BF-98QOU-1/c.aspx" style=3D"text-decoration: none; color: rgb(191, 154=
, 94);">Find out more about using your pension to reduce an Inheritanc=
e Tax bill</a></font></b>
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
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e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
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ody></table></div><!-- STACK COLUMN : END --><!--[if mso]></td></tr></=
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                                <!-- STACK COLUMN : END -->

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t-pad col-inner" style=3D"font-family: Helvetica, Arial, sans-serif;fo=
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enter">

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er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
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o" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tb=
ody><tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-si=
ze: 1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/=
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"0" cellpadding=3D"0" border=3D"0" align=3D"center" bgcolor=3D"rgb(249=
, 246, 242)"><tbody><tr><td class=3D"row-inner f-size-0 element-pad co=
l-inner" valign=3D"top" align=3D"center" style=3D"font-family: Helveti=
ca, Arial, sans-serif;font-size: 0;border-width: 0;padding: 0"><!--[if=
 mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D=
"center" style=3D"width:620px;" width=3D"620" class=3D"mso-table-width=
"><tr><td align=3D"left" valign=3D"top" style=3D"width:620px;" width=3D=
"620" class=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN=
 --><div class=3D"stack-column stack-column-width" ee-percent-width=3D=
"100" style=3D"display: inline-block;width: 100%;vertical-align: top;m=
in-width: 100%;max-width: 620px"><table style=3D"table-layout: auto;" =
width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody=
><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" st=
yle=3D"font-family: Helvetica, Arial, sans-serif;border-width: 0;paddi=
ng: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
"element" data-title=3D"Spacer" style=3D"font-size: 14px;text-align: l=
eft;min-width: 100%;table-layout: auto" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px"><img sr=
c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
idth: 1px; height: 20px;" alt=3D"" class=3D"" height=3D"20" border=3D"=
0" width=3D"1"></td></tr></tbody></table><table class=3D"col-font-rese=
t ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D=
"Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><=
td class=3D"element-pad element-bord" style=3D"font-family: Helvetica,=
 Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;padd=
ing-right: 20px;padding-bottom: 0px;padding-left: 20px" valign=3D"top"=
 align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;li=
ne-height: 22px;color: rgb(58, 58, 58)"><p style=3D"word-wrap: break-w=
ord;word-break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0p=
x;line-height: 32px;font-size: 26px;text-align: left;color: rgb(70, 70=
, 72)">
<strong>The latest news from Bestinvest</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;table-layout: auto" data-title=3D"Spacer" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody>=
<tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: =
1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gi=
f" style=3D"display: block; width: 1px; height: 20px;" alt=3D"" class=3D=
"" height=3D"20" border=3D"0" width=3D"1"></td></tr></tbody></table><t=
able class=3D"row two-cols ee_columns ee_nostack ee_element" ee-type=3D=
"container" data-title=3D"2 columns" style=3D"max-width: 100%;min-widt=
h: 100%;position: relative;table-layout: auto" width=3D"100%" cellspac=
ing=3D"0" cellpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><=
td class=3D"row-inner f-size-0 element-pad col-inner" dir=3D"ltr" styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 0;border-wid=
th: 0;padding: 0;padding-top: 0px;padding-right: 10px;padding-bottom: =
0px;padding-left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><=
table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center=
" style=3D"width:600px;" width=3D"600" class=3D"mso-table-width"><tr><=
td align=3D"left" valign=3D"top" style=3D"width:30px;" width=3D"30" cl=
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y><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" s=
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ing: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
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ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family:=
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c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
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er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px;font-size: 1px;line-height: 1px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: rgb(58, 58, 58);wid=
th: 11px;min-height: auto;display: inline-block;max-width: 100%;margin=
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ight: auto" class=3D"ee_editable    ee_smallimage ee_pnggif_image     =
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                                </td>
                            </tr>
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tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
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 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: rgb(58, 58, 58);position: static"><p style=3D"wo=
rd-wrap: break-word;word-break: break-word;Margin: 0;margin-bottom: 0p=
x;margin-top: 0px;font-size: 14px;line-height: 23px;color: rgb(122, 12=
2, 122)">
You can no longer rely on cash to generate an income, but for those wh=
o look to their investments, opportunities still exist. <font style=3D=
"color: rgb(191, 154, 94);"><b><a href=3D"http://updates.tilney.co.uk/=
378T-HWJ2-54P2BF-98QOV-1/c.aspx" style=3D"text-decoration: none; color=
: rgb(191, 154, 94);">Read our guide for our top investment ideas for =
income</a></b></font>
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
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ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
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=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" style=3D"w=
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left" valign=3D"top" style=3D"width:30px;" width=3D"30" class=3D"mso-c=
olumn-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div class=3D"no=
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le class=3D"ee_element ee_spacer col-font-reset" ee-type=3D"element" s=
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ing=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family: Helvetica,=
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dding-left: 0px;font-size: 1px;line-height: 1px" align=3D"left">
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=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
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th: 11px;min-height: auto;display: inline-block;max-width: 100%;margin=
-left: 0px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;he=
ight: auto" class=3D"ee_editable    ee_smallimage ee_pnggif_image     =
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                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: rgb(58, 58, 58);position: static"><p style=3D"wo=
rd-wrap: break-word;word-break: break-word;Margin: 0;margin-bottom: 0p=
x;margin-top: 0px;font-size: 14px;line-height: 23px;color: rgb(122, 12=
2, 122)">
We are withdrawing our research coverage on a number of our rated fund=
s in order to focus on our higher-conviction ideas. To reflect the wit=
hdrawal of coverage, we are downgrading the rating of these funds to o=
ne star. See our downgrades from the <b><a href=3D"http://updates.tiln=
ey.co.uk/378T-HWJ2-54P2BF-98QOW-1/c.aspx" style=3D"color: rgb(191, 154=
, 94); text-decoration: none;">absolute return</a></b> and <font style=
=3D"color: rgb(191, 154, 94);"><b><a href=3D"http://updates.tilney.co.=
uk/378T-HWJ2-54P2BF-98QOX-1/c.aspx" style=3D"text-decoration: none; co=
lor: rgb(191, 154, 94);">property and commodities</a></b></font> secto=
rs
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
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4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 20px;" alt=3D"" class=3D"" height=3D=
"20" border=3D"0" width=3D"1"></td></tr></tbody></table></td></tr></tb=
ody></table></div><!-- STACK COLUMN : END --><!--[if mso]></td></tr></=
table><![endif]--></td></tr></tbody></table><table class=3D"ee_element=
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tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
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t-size: 1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpim=
g/t/s.gif" style=3D"display: block; width: 1px; height: 40px;" alt=3D"=
" class=3D"" height=3D"40" border=3D"0" width=3D"1"></td></tr></tbody>=
</table></td>
                                    </tr>
                                  </tbody>
                                </table>
                                </div>
                                <!-- STACK COLUMN : END -->

                                <!--[if mso]>
                                </td>
                                </tr>
                                </table>
                                <![endif]-->

                                </td>
                              </tr>
                            </tbody>
                          </table></td></tr></tbody></table></div><!--=
 STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></td=
></tr></tbody></table><table class=3D"row one-cols ee_columns ee_eleme=
nt" ee-type=3D"container" data-title=3D"1 column" style=3D"max-width: =
660px;min-width: 100%;position: relative;background-color: rgb(6, 6, 8=
);table-layout: auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"=
0" border=3D"0" align=3D"center" bgcolor=3D"rgb(6, 6, 8)">
                              <tbody>
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er">

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20" class=3D"mso-table-width">
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                                  <td align=3D"left" valign=3D"top" st=
yle=3D"width:620px;" width=3D"620" class=3D"mso-column-width">
                                  <![endif]-->

                                  <!-- STACK COLUMN : BEGIN -->
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umn-width" ee-percent-width=3D"100" style=3D"display: inline-block;wid=
th: 100%;vertical-align: top;min-width: 100%;max-width: 620px">
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nner ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Aria=
l, sans-serif;border-width: 0;padding: 0"><table class=3D"ee_element e=
e_spacer col-font-reset" ee-type=3D"element" data-title=3D"Spacer" sty=
le=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout: a=
uto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><=
tbody><tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-=
size: 1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/=
t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D"" =
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table>
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px;text-align: left;min-width: 100%;background-color: rgb(6, 6, 8);tab=
le-layout: auto" data-title=3D"Text" width=3D"100%" cellspacing=3D"0" =
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ing: 10px;border-width: 0;padding-top: 0px;padding-right: 0px;padding-=
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e" style=3D"font-size: 14px;line-height: 22px;color: rgb(58, 58, 58);p=
osition: static">
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b(255, 255, 255); font-weight:bold ;">

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spacer col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;te=
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: Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px">
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files4.com/cmpimg/t/s.gif" style=3D"display: block; width: 1px; height=
: 10px;" alt=3D"" class=3D"" height=3D"10" border=3D"0" width=3D"1">
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                                          </tbody>
                                        </table><table class=3D"row th=
ree-cols ee_columns ee_element" ee-type=3D"container" data-title=3D"3 =
columns" style=3D"max-width: 100%;min-width: 100%;position: relative;t=
able-layout: auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" =
border=3D"0" align=3D"center"><tbody><tr><td class=3D"row-inner f-size=
-0 element-pad col-inner" dir=3D"ltr" valign=3D"top" align=3D"center" =
style=3D"font-family: Helvetica, Arial, sans-serif;font-size: 0;border=
-width: 0;padding: 0"><!--[if mso]><table border=3D"0" cellspacing=3D"=
0" cellpadding=3D"0" align=3D"center" style=3D"width:620px;" width=3D"=
620" class=3D"mso-table-width"><tr><td align=3D"left" valign=3D"top" s=
tyle=3D"width:228.953125px;" width=3D"228.953125" class=3D"mso-column-=
width"><![endif]--><!-- STACK COLUMN : BEGIN --><div class=3D"stack-co=
lumn stack-column-width" ee-percent-width=3D"37" style=3D"display: inl=
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h: 100%"><table style=3D"table-layout: auto;" width=3D"100%" cellspaci=
ng=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" cla=
ss=3D"col-inner ee_dropzone" align=3D"left" style=3D"font-family: Helv=
etica, Arial, sans-serif;border-width: 0;padding: 0"><div class=3D"ee-=
show-on-desktop" style=3D"display: none"><!--[if mso]><table cellpaddi=
ng=3D"0" cellspacing=3D"0" width=3D"100%"><tr><td><![endif]--><table c=
lass=3D"ee_element ee_spacer col-font-reset" ee-type=3D"element" data-=
title=3D"Spacer" style=3D"font-size: 14px;text-align: left;min-width: =
100%;table-layout: auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D=
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o]></td><td align=3D"left" valign=3D"top" style=3D"width:161.9375px;" =
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order-width: 0;padding: 0;padding-top: 0px;padding-right: 0px;padding-=
bottom: 0px;padding-left: 0px" valign=3D"top" align=3D"center"><!--[if=
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"center" style=3D"width:161px;" width=3D"161" class=3D"mso-table-width=
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dth=3D"53.65625" class=3D"mso-column-width"><![endif]--><!-- STACK COL=
UMN : BEGIN --><div class=3D"no-stack-column no-stack-column-width" ee=
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n: top;float: left;min-width: 33.33%;max-width: 33.33%;width: 33.33%">=
<table style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" =
cellpadding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col=
-inner ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Ar=
ial, sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-r=
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der=3D"0">
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eight: 22px;color: rgb(58, 58, 58);width: 27px;min-height: auto;displa=
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tyle=3D"width:53.65625px;" width=3D"53.65625" class=3D"column"><![endi=
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ing-left: 5px;table-layout: auto" width=3D"100%" cellspacing=3D"0" cel=
lpadding=3D"0" border=3D"0">
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er-width: 0;padding-top: 0px;padding-right: 5px;padding-bottom: 0px;pa=
dding-left: 5px" align=3D"left">
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"margin-left: 0px; margin-right: 0px; margin-top: 0px; vertical-align:=
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                                 </td>
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