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27px;padding-bottom: 54px;"> <!--[if (gte mso 9)|(IE)]> <table align="center" border="0" cellspacing="0" cellpadding="0" width="600" style="width:600px;"> <tr> <td align="center" valign="top" width="600" style="width:600px;"> <![endif]--> <table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" class="templateContainer" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;max-width: 600px !important;"> <tr> <td valign="top" class="bodyContainer" style="background:#transparent none no-repeat center/cover;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #transparent;background-image: none;background-repeat: no-repeat;background-position: center;background-size: cover;border-top: 0;border-bottom: 0;padding-top: 0;padding-bottom: 0;"><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnTextBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnTextBlockOuter"> <tr> <td valign="top" class="mcnTextBlockInner" style="padding-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <!--[if mso]> <table align="left" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100%;"> <tr> <![endif]--> <!--[if mso]> <td valign="top" width="600" style="width:600px;"> <![endif]--> <table align="left" border="0" cellpadding="0" cellspacing="0" style="max-width: 100%;min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width="100%" class="mcnTextContentContainer"> <tbody><tr> <td valign="top" class="mcnTextContent" style="padding-top: 0;padding-right: 18px;padding-bottom: 9px;padding-left: 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-word;color: #5b5b5b;font-family: Helvetica;font-size: 14px;line-height: 150%;text-align: left;"> <div style="text-align: center;">EDITION 11 | AUGUST 2019</div> </td> </tr> </tbody></table> <!--[if mso]> </td> <![endif]--> <!--[if mso]> </tr> </table> <![endif]--> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnDividerBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;table-layout: fixed !important;"> <tbody class="mcnDividerBlockOuter"> <tr> <td class="mcnDividerBlockInner" style="min-width: 100%;padding: 18px 18px 32px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <table class="mcnDividerContent" border="0" cellpadding="0" cellspacing="0" width="100%" style="min-width: 100%;border-top: 2px solid #EAEAEA;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <span></span> </td> </tr> </tbody></table> <!-- <td class="mcnDividerBlockInner" style="padding: 18px;"> <hr class="mcnDividerContent" style="border-bottom-color:none; border-left-color:none; border-right-color:none; border-bottom-width:0; border-left-width:0; border-right-width:0; margin-top:0; margin-right:0; margin-bottom:0; margin-left:0;" /> --> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnImageBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnImageBlockOuter"> <tr> <td valign="top" style="padding: 0px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" class="mcnImageBlockInner"> <table align="left" width="100%" border="0" cellpadding="0" cellspacing="0" class="mcnImageContentContainer" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td class="mcnImageContent" valign="top" style="padding-right: 0px;padding-left: 0px;padding-top: 0;padding-bottom: 0;text-align: center;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <img align="center" alt="" src="https://gallery.mailchimp.com/cdd951e6a7a08b835a0f38a3f/images/0c1474c1-d46f-4480-80ab-773f3eb0b6dd.jpg" width="600" style="max-width: 1200px;padding-bottom: 0;display: inline !important;vertical-align: bottom;border: 0;height: auto;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" class="mcnImage"> </td> </tr> </tbody></table> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnTextBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnTextBlockOuter"> <tr> <td valign="top" class="mcnTextBlockInner" style="padding-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <!--[if mso]> <table align="left" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100%;"> <tr> <![endif]--> <!--[if mso]> <td valign="top" width="600" style="width:600px;"> <![endif]--> <table align="left" border="0" cellpadding="0" cellspacing="0" style="max-width: 100%;min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width="100%" class="mcnTextContentContainer"> <tbody><tr> <td valign="top" class="mcnTextContent" style="padding-top: 0;padding-right: 18px;padding-bottom: 9px;padding-left: 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-word;color: #5b5b5b;font-family: Helvetica;font-size: 14px;line-height: 150%;text-align: left;"> <h4 class="null" style="display: block;margin: 0;padding: 0;color: #949494;font-family: Georgia;font-size: 20px;font-style: italic;font-weight: normal;line-height: 125%;letter-spacing: normal;text-align: left;">Much of our time is spent understanding the intricacies of fund management, seeking out those managers worthy of managing investor savings. However, there is a crucial investment decision which is often overlooked, and which lies outside of the control of the fund manager. Cashflows into, and out of, investor portfolios can have material negative consequences if not managed with due care, and can far outweigh the gains expected of the fund manager.</h4> <br> This is why it is so important that a financial plan is put in place and the expected cash flows are managed.<br> <br> Where an investor makes a new investment, or decides to withdraw a material part of an investment, this exposes the investor to the volatility inherent in the markets. <br> <br> As an example of this cashflow risk, an investment made on 31 July 1998 of R1m, would have been worth just R770,000 a month later.<br> <br> <img data-file-id="719505" height="287" src="https://gallery.mailchimp.com/cdd951e6a7a08b835a0f38a3f/images/ebe47584-9fef-423a-9167-c578a8ffb385.jpg" style="border: 0px;width: 600px;height: 287px;margin: 0px;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" width="600"><br> <em>EM Crisis: Average of the ASISA Multi-Asset High Equity Sector: 31 July 1998 to 31 August 1998. Source Profile Data Analytics</em><br> <br> This was of course the Emerging Market crisis of the time with Russia leading markets down while in financial distress. The average retirement fund was down by one third over this short horizon, causing widescale panic amongst investors and retirees. In some respects, we have recently seen an event like this, albeit much subdued with just 12% capital loss at the bottom of the market in late December.<br> <br> Roll forward from the EM crisis though, and this investor portfolio had recovered to around R1.03m after 1 year; R1.30m after 3 years and R1.5m after 5 years, having also weathered the Dot Com bubble of 1999/2000.<br> <br> <img data-file-id="719509" height="291" src="https://gallery.mailchimp.com/cdd951e6a7a08b835a0f38a3f/images/7ee8a3f7-8b97-40db-bc9e-05c5001a64d9.jpg" style="border: 0px;width: 600px;height: 291px;margin: 0px;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" width="600"><br> <em>Recovery: Average of the ASISA Multi-Asset High Equity Sector: 31 July 1998 to 31 July 2003. Source Profile Data Analytics</em><br> <br> Today that portfolio would be worth around R8.5m, having beaten inflation by over 5% per year for 20 years.<br> <br> However, waiting it out does not make it easier or better for the investor, and the evidence tells us that the negative emotional response to this paper loss is the real cost. The instinct is to move to safer investments such as cash when events like this happen, thereby locking in lower returns and foregoing any form of recovery in the portfolio which has just fallen.<br> <br> There is an alternative though, one which uses phasing to spread the timing risk of investment as illustrated above. For example, if the investment had been made in three equal tranches across three consecutive months (the Phase In investor), the value of the portfolio today would be greater, at R9.7m, with the lowest point being R929,000 after 1 month compared to the R772,000 experienced by the Lump Sum investor. <br> <br> This improved outcome is due to the investor having less exposure to the investments which fell during the EM crisis, and a higher proportion in cash which was protected:<br> <table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody> <tr> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> </td> <td colspan="2" style="width: 240px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">R1 million lump sum</td> <td colspan="2" style="width: 240px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">3 month phase in</td> </tr> <tr> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> </td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Portfolio Value</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">% Change</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Portfolio Value</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">% Change</td> </tr> <tr> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Initial</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">R1 000 000</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> </td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">R1 000 000</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> </td> </tr> <tr> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">After 1 month</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">R 772 160</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">-23 %</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">R 923 387</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">-7%</td> </tr> <tr> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">After 1 year</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">R1 031 103</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">3%</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">R1 175 654</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">18%</td> </tr> <tr> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">After 3 years</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">R1 308 761</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">31%</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">R1 492 236</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">49%</td> </tr> <tr> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">After 5 years</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">R1 507 250</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">51%</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">R1 718 552</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">72%</td> </tr> <tr> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Today</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">R8 496 374</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">750%</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">R9 687 481</td> <td style="width: 120px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">869%</td> </tr> </tbody> </table> <br> <strong>This example highlights a few important points:</strong> <ol> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">If you invest your money and the market falls, it is not the end of the world. With enough time and the right strategy, staying the course will allow your portfolio to recover and deliver in future.</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Phasing your money in protects you against these sudden events which can cause anxiety. Note however that this could also come with a cost or rather a ‘missed opportunity’ in the event that markets rise strongly after your investment is made.</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Withdrawing after a negative event is a sure-fire way to lock in losses and create a permanent capital loss.</li> </ol> <br> There are a few other considerations when making the choice to phase or not. Firstly, the sensitivity of the investor to near term losses is heightened when moving into retirement due to the need to withdraw capital as income. Phasing should be a more important consideration at this stage.<br> <br> Secondly, it also depends on what form the source of funds for the investment takes. If the investment is coming out of cash holdings, this is a much higher risk timing event than if the investment was already exposed to the equity market and phasing should be strongly considered. <br> <br> Thirdly, phasing is not only limited to portfolios and shares specifically, but also to currency or any other volatile asset for that matter. As we have seen recently tThe Rand is one of the most volatile assets in which to deal, and local investors are most often on the receiving end of a sharp correction in the Rand’s value relative to hard currencies such as dollars and sterling. When making the decision to take money offshore, or to repatriate, phasing can spread the risk of our volatile currency by averaging in the price you get. <br> <br> Phasing applies to both new investments and withdrawals. For withdrawals, the risk is that capital is required by the investor when the market is weak (a large disinvestment in August 1998, for example).<br> <br> The nature of phasing is one of caution: mitigating against unforeseen events. Investors need to be prepared to give up potential opportunity from being underinvested in the early days, with the payoff being a more graceful entrance into riskier assets.<br> <br> Lastly, there is also an element of trust required in that when markets fall, our assumption is that they will recover and therefore investors are best served staying put. This assumption holds in all but the most extreme cases meaning common sense does still need to be applied. For example, there is a difference between investing in a good fund and the market falls, where your expectation for recovery should be high. Investing in a poor fund, or a poorly suited fund, does not necessarily mean the prospects for recovery are as good. At Steward Capital, our role is to ensure that the investment decision is well suited to the individual’s needs. </td> </tr> </tbody></table> <!--[if mso]> </td> <![endif]--> <!--[if mso]> </tr> </table> <![endif]--> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnDividerBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;table-layout: fixed !important;"> <tbody class="mcnDividerBlockOuter"> <tr> <td class="mcnDividerBlockInner" style="min-width: 100%;padding: 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <table class="mcnDividerContent" border="0" cellpadding="0" cellspacing="0" width="100%" style="min-width: 100%;border-top: 1px solid #595959;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <span></span> </td> </tr> </tbody></table> <!-- <td class="mcnDividerBlockInner" style="padding: 18px;"> <hr class="mcnDividerContent" style="border-bottom-color:none; border-left-color:none; border-right-color:none; border-bottom-width:0; border-left-width:0; border-right-width:0; margin-top:0; margin-right:0; margin-bottom:0; margin-left:0;" /> --> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnTextBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnTextBlockOuter"> <tr> <td valign="top" class="mcnTextBlockInner" style="padding-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <!--[if mso]> <table align="left" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100%;"> <tr> <![endif]--> <!--[if mso]> <td valign="top" width="600" style="width:600px;"> <![endif]--> <table align="left" border="0" cellpadding="0" cellspacing="0" style="max-width: 100%;min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width="100%" class="mcnTextContentContainer"> <tbody><tr> <td valign="top" class="mcnTextContent" style="padding-top: 0;padding-right: 18px;padding-bottom: 9px;padding-left: 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-word;color: #5b5b5b;font-family: Helvetica;font-size: 14px;line-height: 150%;text-align: left;"> <strong>Ballito Office</strong><br> We’re excited to mention that we’ve expanded our footprint slightly by opening an office in the Ballito area at the Simbithi Office Park from 1 September 2019. This office will only be for consulting whilst our administration will still be done in La Lucia. We have found that more and more of our clients are moving north and when an opportunity arose for us to share office facilities with Barkers Attorneys we thought it a sensible move to accommodate our clients from that area and increase our visibility in the area. </td> </tr> </tbody></table> <!--[if mso]> </td> <![endif]--> <!--[if mso]> </tr> </table> <![endif]--> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnImageGroupBlock" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnImageGroupBlockOuter"> <tr> <td valign="top" style="padding: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" class="mcnImageGroupBlockInner"> <table align="left" width="564" border="0" cellpadding="0" cellspacing="0" class="mcnImageGroupContentContainer" style="border-collapse: collapse;mso-table-lspace: 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style="display: block;border: 0;height: auto;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" height="24" width="24" class=""></a> </td> </tr> </tbody></table> </td> </tr> </tbody></table> </td> </tr> </tbody></table> <!--[if mso]> </td> <![endif]--> <!--[if mso]> <td align="center" valign="top"> <![endif]--> <table align="left" border="0" cellpadding="0" cellspacing="0" style="display: inline;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td valign="top" style="padding-right: 0;padding-bottom: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" class="mcnFollowContentItemContainer"> <table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnFollowContentItem" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td align="left" valign="middle" style="padding-top: 5px;padding-right: 10px;padding-bottom: 5px;padding-left: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <table align="left" border="0" cellpadding="0" cellspacing="0" width="" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td align="center" valign="middle" width="24" class="mcnFollowIconContent" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <a href="http://mailchimp.com" target="_blank" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"><img src="https://cdn-images.mailchimp.com/icons/social-block-v2/outline-light-link-48.png" style="display: block;border: 0;height: auto;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" height="24" width="24" class=""></a> </td> </tr> </tbody></table> </td> </tr> </tbody></table> </td> </tr> </tbody></table> <!--[if mso]> </td> <![endif]--> <!--[if mso]> </tr> </table> <![endif]--> </td> </tr> </tbody></table> </td> </tr> </tbody></table> </td> </tr> </tbody></table> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnDividerBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;table-layout: fixed !important;"> <tbody class="mcnDividerBlockOuter"> <tr> <td class="mcnDividerBlockInner" style="min-width: 100%;padding: 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <table class="mcnDividerContent" border="0" cellpadding="0" cellspacing="0" width="100%" style="min-width: 100%;border-top: 2px solid #505050;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <span></span> </td> </tr> </tbody></table> <!-- <td class="mcnDividerBlockInner" style="padding: 18px;"> <hr class="mcnDividerContent" style="border-bottom-color:none; border-left-color:none; border-right-color:none; border-bottom-width:0; border-left-width:0; border-right-width:0; margin-top:0; margin-right:0; margin-bottom:0; margin-left:0;" /> --> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnTextBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnTextBlockOuter"> <tr> <td valign="top" class="mcnTextBlockInner" style="padding-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <!--[if mso]> <table align="left" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100%;"> <tr> <![endif]--> <!--[if mso]> <td valign="top" width="600" style="width:600px;"> <![endif]--> <table align="left" border="0" cellpadding="0" cellspacing="0" style="max-width: 100%;min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width="100%" class="mcnTextContentContainer"> <tbody><tr> <td valign="top" class="mcnTextContent" style="padding-top: 0;padding-right: 18px;padding-bottom: 9px;padding-left: 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-word;color: #FFFFFF;font-family: Helvetica;font-size: 12px;line-height: 150%;text-align: center;"> <em>Copyright © *|CURRENT_YEAR|* *|LIST:COMPANY|*, All rights reserved.</em> <br> *|IFNOT:ARCHIVE_PAGE|* *|LIST:DESCRIPTION|* <br> <br> <strong>Our mailing address is:</strong> <br> 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