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Subject: Mid-Week FX Outlook
From: "Monfor" <dealing@monfor.com> 
To: "sales@hyperflight.co.uk" <sales@hyperflight.co.uk>
Reply-To: dealing@monfor.com
Date: Wed, 25 Mar 2026 19:34:31 +1100
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View online https://monforltd.cmail19.com=
/t/y-e-adlez-=
hhstkuum-m/                            Mid-Week FX Outlook                =
                        GBP Majors (IB)

GBP/USD - 1.3416 Neutral

GBP/EUR - 1.1553 =E2=86=97 Buy

GBP/JPY - 213.14 =E2=86=97 Buy

GBP/CHF- 1.0589 =E2=86=97 Buy

GBP Non-Majors (IB)

GBP/SEK - 12.4848 =E2=86=97 Buy

GBP/DKK - 8.63340 =E2=86=97 Buy

GBP/AED - 4.9284 Neutral

GBP/ZAR - 22.6317 =E2=86=97 Buy

Click for Live Interbank Rates (IB) [https://www.monfor.com/insights/live-=
rates]                                  Diplomacy hopes, but doubt remains =
[https://www.monfor.com/insights/news/775-diplomacy-hopes-but-doubt-remain=
s]

Markets are still being driven by headlines. Hopes that Washington may be e=
xploring a diplomatic exit have taken some heat out of oil and trimmed the =
dollar=E2=80=99s recent gains, but the move has lacked follow-through. Inve=
stors want evidence from Tehran, not just signals from the US.

That caution is understandable. Iran still holds meaningful leverage throug=
h the energy channel, with the Strait of Hormuz firmly in focus. Until ther=
e is a clearer shift from Tehran, any pullback in oil, softer dollar tone o=
r improvement in broader risk sentiment is likely to prove fragile.

Read more [https://www.monfor.com/insights/news/775-diplomacy-hopes-but-do=
ubt-remains]                                   Sign Up [https://www.monfor=
=2Ecom/sign-up]          Log In [https://www.monfor.com/log-in]             =
                                                 Online Platform

Access the online platform 24/7 to convert currency, make global payments, =
and manage beneficiaries

Click here for a platform demo [https://www.monfor.com/technology]        =
                              Any questions? Or to discuss any FX requireme=
nt

Contact our dealing team  [dealing@monfor.com] / 020 4586 1473 / or visit =
 monfor.com [https://www.monfor.com/]

Request a quote [https://www.monfor.com/index.php?option=3Dcom_sppagebuild=
er&view=3Dpage&id=3D122]

Monfor Limited, trading as Monfor, is a company registered in England with =
registered number 14381695 and trading address as 1 Canada Square, 37th Flo=
or, Canary Wharf, London, E14 5AA.

Monfor=E2=80=99s Payment and Foreign Currency Exchange Services are powered=
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entified, regulated counterparty. Please see  monfor.com/s [https://www.mo=
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Any views or opinions presented are solely those of the author. Any stateme=
nts made, or intentions expressed in this communication may not necessarily=
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The news and information contained on this site should not be interpreted a=
s advice or as a solicitation to offer to convert any currency or as a reco=
mmendation to trade.All testimonials, reviews, opinions or case studies pre=
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                                                  GBP Majors (IB)
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                                             =20
                                             =20
                                              <tr align=3D"left">
                                                <td style=3D"font-family:'N=
oto Sans', Arial, sans-serif;color:#555555;font-size:16px;line-height:22px;=
" >
                                                  <p>
	<span style=3D"font-size:12px;" >GBP/USD - <strong>1.3416&nbsp;</strong><s=
pan style=3D"color:#0000ff;" ><strong>Neutral</strong></span></span></p>
<p>
	<span style=3D"font-size:12px;" >GBP/EUR - <strong>1.1553</strong><span st=
yle=3D"color:#008000;" >&nbsp;</span><span style=3D"color:rgb(0, 0, 0);" >=E2=
=86=97 </span><span style=3D"color:#008000;" >Buy</span></span></p>
<p>
	<span style=3D"font-size:12px;" >GBP/JPY - <b>213.14</b>&nbsp;<span style=3D=
"color:rgb(0, 0, 255);" >=E2=86=97 </span><span style=3D"color:#008000;" >B=
uy</span></span></p>
<p>
	<span style=3D"font-size:12px;" >GBP/CHF- <b>1.0589</b>&nbsp;=E2=86=97 <sp=
an style=3D"color:#008000;" >Buy</span></span></p>
<p>
	&nbsp;</p>
<p>
	&nbsp;</p>
                                                </td>
                                              </tr>
                                             =20
                                              <tr>
                                                <td height=3D"25"></td>
                                              </tr>
                                            </table>
                                          </td>
                                        </tr>
                                      </table>
                                    </div>
                                   =20
                                    <!--[if (gte mso 9)|(IE)]>
                        </td>
                        <td align=3D"center" style=3D"text-align:center;ver=
tical-align:top;font-size:0;" >
                        <![endif]-->
                                   =20
                                    <div style=3D"display:inline-block;vert=
ical-align:top;" >
                                      <table align=3D"center" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0;margin-top:0;=
margin-bottom:0;margin-right:auto;margin-left:auto;table-layout:auto;" >
                                        <tr>
                                          <td width=3D"287" align=3D"center=
">
                                            <table width=3D"90%" border=3D"=
0" align=3D"center" cellpadding=3D"0" cellspacing=3D"0" style=3D"border-spa=
cing:0;margin-top:0;margin-bottom:0;margin-right:auto;margin-left:auto;tabl=
e-layout:auto;" >
                                             =20
                                              <tr align=3D"left">
                                                <td style=3D"font-family:'N=
oto Sans', Arial, sans-serif;color:#143b66;font-size:18px;line-height:28px;=
font-weight:bold;" >
                                                  GBP Non-Majors (IB)
                                                </td>
                                              </tr>
                                             =20
                                             =20
                                              <tr align=3D"left">
                                                <td style=3D"font-family:'N=
oto Sans', Arial, sans-serif;color:#555555;font-size:16px;line-height:22px;=
" >
                                                  <p>
	<span style=3D"font-size:12px;" >GBP/SEK - <strong>12.4848</strong>&nbsp;=E2=
=86=97 <span style=3D"color:#008000;" >Buy</span></span></p>
<p>
	<span style=3D"font-size:12px;" >GBP/DKK - <b>8.63340&nbsp;</b>=E2=86=97 <=
span style=3D"color:#008000;" >Buy</span></span></p>
<p>
	<span style=3D"font-size:12px;" >GBP/AED - <b>4.9284</b>&nbsp;<span style=3D=
"color:#0000ff;" >Neutral</span></span></p>
<p>
	<span style=3D"font-size:12px;" >GBP/ZAR - <b>22.6317</b>&nbsp;=E2=86=97 <=
span style=3D"color:#008000;" >Buy</span></span></p>
	                                                                          =
                      </td></tr><tr>
                                                <td style=3D"font-family:'N=
oto Sans', Arial, sans-serif;color:#143b66;font-size:16px;line-height:22px;=
font-weight:bold;" >
                                                  <a href=3D"https://monfor=
ltd.cmail19.com=
/t/y-l-adlez-hhstkuum-j/" style=3D"col=
or:#143b66;text-decoration:none;" >Click for Live Interbank Rates (IB)</a>
                                                </td>
                                              </tr>
                                               =20
                                             =20
                                             =20
                                              <tr>
                                                <td height=3D"35"></td>
                                              </tr>
                                            </table>
                                         =20
                                       =20
                                      </td></tr></table>
                                    </div>
                                   =20
                                 =20
                               =20
                              </td></tr></table>
                           =20
                         =20
                        </td></tr></table>
                     =20
                   =20
                  </td></tr></table>
               =20
             =20
            </td></tr></table>
         =20
       =20
      </td></tr></table>
   =20
      <table bgcolor=3D"#f7f8f9" align=3D"center" width=3D"100%" border=3D"=
0" cellspacing=3D"0" cellpadding=3D"0" style=3D"border-spacing:0;table-layo=
ut:fixed;margin-top:0;margin-bottom:0;margin-right:auto;margin-left:auto;" =
>
        <tr>
          <td align=3D"center">
            <table align=3D"center" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" style=3D"border-spacing:0;table-layout:fixed;margin-top:0;margin-=
bottom:0;margin-right:auto;margin-left:auto;" >
              <tr>
                <td width=3D"600" align=3D"center">
                  <table class=3D"table-inner" width=3D"100%" border=3D"0" =
align=3D"center" cellpadding=3D"0" cellspacing=3D"0" style=3D"border-spacin=
g:0;margin-top:0;margin-bottom:0;margin-right:auto;margin-left:auto;table-l=
ayout:auto;" >
                   =20
                   =20
                    <tr>
                      <td align=3D"center" style=3D"line-height:0px;backgro=
und-color:#fff;" >
                       =20
                      </td>
                    </tr>
                   =20
                    <tr>
                      <td align=3D"center" bgcolor=3D"#FFFFFF" style>
                        <table class=3D"table-inner" width=3D"90%" border=3D=
"0" align=3D"center" cellpadding=3D"0" cellspacing=3D"0" style=3D"border-sp=
acing:0;margin-top:0;margin-bottom:0;margin-right:auto;margin-left:auto;tab=
le-layout:auto;" >
                          <tr>
                            <td height=3D"10"></td>
                          </tr>
                         =20
                          <tr>
                            <td align=3D"left" style=3D"font-family:'Noto S=
ans', Arial, sans-serif;font-size:25px;line-height:35px;color:#143b66;font-=
weight:300;" >
                              <a href=3D"https://monforltd.cmail19.com=
/t/y-l-adlez-hhstkuum-t/" style=3D"color:#143b66;text-deco=
ration:none;" >Diplomacy hopes, but doubt remains</a>
                            </td>
                          </tr>
                         =20
                          <tr>
                            <td height=3D"5"></td>
                          </tr>
                         =20
                          <tr>
                            <td align=3D"left" style=3D"font-family:'Noto S=
ans', Arial, sans-serif;font-size:16px;color:#555555;line-height:22px;" >
                              <p>
	<span style=3D"font-size:12px;" >Markets are still being driven by headlin=
es. Hopes that Washington may be exploring a diplomatic exit have taken som=
e heat out of oil and trimmed the dollar=E2=80=99s recent gains, but the mo=
ve has lacked follow-through. Investors want evidence from Tehran, not just=
 signals from the US.</span></p>
<p>
	<span style=3D"font-size:12px;" >That caution is understandable. Iran stil=
l holds meaningful leverage through the energy channel, with the Strait of =
Hormuz firmly in focus. Until there is a clearer shift from Tehran, any pul=
lback in oil, softer dollar tone or improvement in broader risk sentiment i=
s likely to prove fragile.</span></p>
                            </td>
                          </tr>
                                                                        <tr=
>
                                                <td height=3D"10"></td>
                                              </tr>
                                                                        <tr=
>
                                                <td style=3D"font-family:'N=
oto Sans', Arial, sans-serif;color:#143b66;font-size:16px;line-height:22px;=
font-weight:bold;" >
                                                  <a href=3D"https://monfor=
ltd.cmail19.com=
/t/y-l-adlez-hhstkuum-i/" style=3D"col=
or:#143b66;text-decoration:none;" >Read more</a>
                                                </td>
                                              </tr>
                          <tr>
                            <td height=3D"25"></td>
                          </tr>
                        </table>
                      </td>
                    </tr>
                  </table>
                  <table width=3D"100%" border=3D"0" align=3D"center" cellp=
adding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0;margin-top:0;margi=
n-bottom:0;margin-right:auto;margin-left:auto;table-layout:auto;" >
                  </table>
                </td>
              </tr>
            </table>
          </td>
        </tr>
      </table>
   =20
  <table align=3D"center" bgcolor=3D"#f7f8f9" width=3D"100%" border=3D"0" c=
ellspacing=3D"0" cellpadding=3D"0" style=3D"border-spacing:0;table-layout:f=
ixed;margin-top:0;margin-bottom:0;margin-right:auto;margin-left:auto;" >
    <tr>
      <td align=3D"center">
        <table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D=
"0" style=3D"border-spacing:0;table-layout:fixed;margin-top:0;margin-bottom=
:0;margin-right:auto;margin-left:auto;" >
          <tr>
            <td width=3D"600" align=3D"center">
              <table width=3D"100%" class=3D"table-inner" bgcolor=3D"#FFFFF=
F" align=3D"center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D=
"border-spacing:0;margin-top:0;margin-bottom:0;margin-right:auto;margin-lef=
t:auto;table-layout:auto;" >
                <tr>
                  <td align=3D"center">
                   =20
                   =20
                    <table align=3D"center" border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0" style=3D"text-align:center;width:100%;border-spacing:0;ma=
rgin-top:0;margin-bottom:0;margin-right:auto;margin-left:auto;table-layout:=
auto;" >
                      <tr>
                        <td style=3D"padding-top:10px;padding-bottom:10px;p=
adding-right:10px;padding-left:10px;text-align:center;" >
                         =20
                         =20
                          <div style=3D"display:inline-block;width:40%;marg=
in-top:0;margin-bottom:0;margin-right:1%;margin-left:1%;text-align:center;"=
 >
                            <table border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" width=3D"100%" style=3D"border-spacing:0;margin-top:0;margin-botto=
m:0;margin-right:auto;margin-left:auto;table-layout:auto;" >
                              <tr>
                                <td style=3D"font-family:'Noto Sans', Arial=
, sans-serif;color:#143b66;font-size:16px;font-weight:bold;background-color=
:#ffffff;border-width:2px;border-style:solid;border-color:#143b66;padding-t=
op:15px;padding-bottom:15px;padding-right:0;padding-left:0;border-radius:5p=
x;text-align:center;" >
                                  <a href=3D"https://monforltd.=
cmail19.com=
/t/y-l-adlez-hhstkuum-d/" style=3D"text-decoration:non=
e;color:#143b66;display:block;width:100%;text-align:center;" >Sign Up</a>
                                </td>
                              </tr>
                            </table>
                          </div>
                         =20
                         =20
                          <div style=3D"display:inline-block;width:40%;marg=
in-top:0;margin-bottom:0;margin-right:1%;margin-left:1%;text-align:center;"=
 >
                            <table border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" width=3D"100%" style=3D"border-spacing:0;margin-top:0;margin-botto=
m:0;margin-right:auto;margin-left:auto;table-layout:auto;" >
                              <tr>
                                <td style=3D"font-family:'Noto Sans', Arial=
, sans-serif;color:#143b66;font-size:16px;font-weight:bold;background-color=
:#ffffff;border-width:2px;border-style:solid;border-color:#143b66;padding-t=
op:15px;padding-bottom:15px;padding-right:0;padding-left:0;border-radius:5p=
x;text-align:center;" >
                                  <a href=3D"https://monforltd.=
cmail19.com=
/t/y-l-adlez-hhstkuum-h/" style=3D"text-decoration:non=
e;color:#143b66;display:block;width:100%;text-align:center;" >Log In</a>
                                </td>
                              </tr>
                            </table>
                          </div>
                         =20
                        </td>
                      </tr>
                    </table>
                   =20
                  </td>
                </tr>
                <tr>
                  <td height=3D"25"></td>
                </tr>
              </table>
            </td>
          </tr>
        </table>
      </td>
    </tr>
  </table>
      <table align=3D"center" bgcolor=3D"#f7f8f9" width=3D"100%" border=3D"=
0" cellspacing=3D"0" cellpadding=3D"0" style=3D"border-spacing:0;table-layo=
ut:fixed;margin-top:0;margin-bottom:0;margin-right:auto;margin-left:auto;" =
>
        <tr>
          <td align=3D"center">
            <table align=3D"center" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" style=3D"border-spacing:0;table-layout:fixed;margin-top:0;margin-=
bottom:0;margin-right:auto;margin-left:auto;" >
              <tr>
                <td width=3D"600" align=3D"center">
                  <table width=3D"100%" class=3D"table-inner" bgcolor=3D"#F=
FFFFF" align=3D"center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" st=
yle=3D"border-spacing:0;margin-top:0;margin-bottom:0;margin-right:auto;marg=
in-left:auto;table-layout:auto;" >
                    <tr>
                      <td align=3D"center">
                        <table align=3D"center" border=3D"0" cellspacing=3D=
"0" cellpadding=3D"0" style=3D"border-spacing:0;margin-top:0;margin-bottom:=
0;margin-right:auto;margin-left:auto;table-layout:auto;" >
                          <tr>
                            <td width=3D"575" align=3D"center">
                              <table dir=3D"rtl" align=3D"center" border=3D=
"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"border-spacing:0;margin-to=
p:0;margin-bottom:0;margin-right:auto;margin-left:auto;table-layout:auto;" =
>
                                <tr>
                                  <td height=3D"25"></td>
                                </tr>
                                <tr>
                                  <td align=3D"center" style=3D"text-align:=
center;vertical-align:top;font-size:0;" >
                                   =20
                                    <div style=3D"display:inline-block;vert=
ical-align:top;" >
                                      <table align=3D"center" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0;margin-top:0;=
margin-bottom:0;margin-right:auto;margin-left:auto;table-layout:auto;" >
                                        <tr>
                                          <td width=3D"287" align=3D"center=
">
                                            <table border=3D"0" align=3D"ce=
nter" cellpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0;margin-=
top:0;margin-bottom:0;margin-right:auto;margin-left:auto;table-layout:auto;=
" >
                                              <tr>
                                                <td align=3D"center" style=3D=
"line-height:0px;" ><a href=3D"https://monforltd.cmail19.com=
/t/=
y-l-adlez-hhstkuum-k/" style=3D"color:#143b66;text-decoration:non=
e;" ><img label=3D"image"  class=3D"img1" src=3D"https=
:=
//i2.cmail19.com=
/ei/y/EB/D55/EFB/csimport/ccdemo.075704.102749.=
png" width=3D"260" alt=3D"img" height=3D"183" style=3D"display:block;line-h=
eight:0px;font-size:0px;border-width:0px;" /></a></td>
                                              </tr>
                                              <tr>
                                                <td height=3D"25"></td>
                                              </tr>
                                            </table>
                                          </td>
                                        </tr>
                                      </table>
                                    </div>
                                   =20
                                    <!--[if (gte mso 9)|(IE)]>
                        </td>
                        <td align=3D"center" style=3D"text-align:center;ver=
tical-align:top;font-size:0;" >
                        <![endif]-->
                                   =20
                                    <div style=3D"display:inline-block;vert=
ical-align:top;" >
                                      <table align=3D"center" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0;margin-top:0;=
margin-bottom:0;margin-right:auto;margin-left:auto;table-layout:auto;" >
                                        <tr>
                                          <td width=3D"287" align=3D"center=
">
                                            <table dir=3D"ltr" width=3D"90%=
" border=3D"0" align=3D"center" cellpadding=3D"0" cellspacing=3D"0" style=3D=
"border-spacing:0;margin-top:0;margin-bottom:0;margin-right:auto;margin-lef=
t:auto;table-layout:auto;" >
                                             =20
                                              <tr>
                                                <td style=3D"font-family:'N=
oto Sans', Arial, sans-serif;color:#143b66;font-size:24px;line-height:32px;=
font-weight:300;" >
                                                  Online Platform
                                                </td>
                                              </tr>
                                             =20
                                              <tr>
                                                <td height=3D"5"></td>
                                              </tr>
                                             =20
                                              <tr>
                                                <td style=3D"font-family:'N=
oto Sans', Arial, sans-serif;color:#555555;font-size:16px;line-height:22px;=
" >
                                                  <p>
	<span style=3D"font-size:12px;" >Access the online platform 24/7 to conver=
t currency, make global payments, and manage beneficiaries</span></p>
<p>
	&nbsp;</p>
                                                </td>
                                              </tr>
                                             =20
                                              <tr>
                                                <td height=3D"10"></td>
                                              </tr>
                                             =20
                                              <tr>
                                                <td style=3D"font-family:'N=
oto Sans', Arial, sans-serif;color:#143b66;font-size:16px;line-height:22px;=
font-weight:bold;" >
                                                  <a href=3D"https://monfor=
ltd.cmail19.com=
/t/y-l-adlez-hhstkuum-u/" style=3D"col=
or:#143b66;text-decoration:none;" >Click here for a platform demo</a>
                                                </td>
                                              </tr>
                                             =20
                                              <tr>
                                                <td height=3D"25"></td>
                                              </tr>
                                            </table>
                                          </td>
                                        </tr>
                                      </table>
                                    </div>
                                   =20
                                  </td>
                                </tr>
                              </table>
                            </td>
                          </tr>
                        </table>
                      </td>
                    </tr>
                  </table>
                </td>
              </tr>
            </table>
          </td>
        </tr>
      </table>
   =20
  <table bgcolor=3D"#f7f8f9" align=3D"center" width=3D"100%" border=3D"0" c=
ellspacing=3D"0" cellpadding=3D"0" style=3D"border-spacing:0;table-layout:f=
ixed;margin-top:0;margin-bottom:0;margin-right:auto;margin-left:auto;" >
    <tr>
      <td align=3D"center">
        <table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D=
"0" style=3D"border-spacing:0;table-layout:fixed;margin-top:0;margin-bottom=
:0;margin-right:auto;margin-left:auto;" >
          <tr>
            <td width=3D"600" align=3D"center">
              <table class=3D"table-inner" bgcolor=3D"#fff" width=3D"100%" =
border=3D"0" align=3D"center" cellpadding=3D"0" cellspacing=3D"0" style=3D"=
border-spacing:0;margin-top:0;margin-bottom:0;margin-right:auto;margin-left=
:auto;table-layout:auto;" >
                <tr>
                  <td align=3D"center" bgcolor=3D"#143b66" style=3D"padding=
-top:40px;padding-bottom:40px;padding-right:0;padding-left:0;" >
                    <table class=3D"table-inner" width=3D"90%" border=3D"0"=
 align=3D"center" cellpadding=3D"0" cellspacing=3D"0" style=3D"border-spaci=
ng:0;margin-top:0;margin-bottom:0;margin-right:auto;margin-left:auto;table-=
layout:auto;" >
                     =20
                      <tr>
                        <td align=3D"left" style=3D"font-family:'Noto Sans'=
, Arial, sans-serif;font-size:30px;color:#fff;font-weight:500;" >
                          Any questions? Or to discuss any FX requirement
                        </td>
                      </tr>
                     =20
                      <tr>
                        <td height=3D"12"></td>
                      </tr>
                     =20
                      <tr>
                        <td align=3D"left" style=3D"font-family:'Noto Sans'=
, Arial, sans-serif;font-size:24px;color:#fff;line-height:40px;font-weight:=
300;" >
                          <p>
	Contact our dealing team <a aria-label=3D"Email our dealing team" href=3D"=
mailto:dealing@monfor.com" style=3D"color:#fff;text-decoration:none;" >deal=
ing@monfor.com</a> / 020 4586 1473 / or visit <a href=3D"https://monforltd.=
cmail19.com=
/t/y-l-adlez-hhstkuum-o/" style=3D"color:#=
fff;text-decoration:none;" >monfor.com</a></p>
                        </td>
                      </tr>
                     =20
                      <tr>
                        <td height=3D"20"></td>
                      </tr>
                     =20
                      <tr>
                        <td align=3D"left">
                          <a href=3D"https://monforltd.cmail19.com=
/t/y-l-adlez-hhstkuum-b/" style=3D"display:inline-block;backgr=
ound-color:#143b66;color:#fff;text-decoration:none;font-family:'Noto Sans',=
 Arial, sans-serif;font-size:16px;font-weight:600;padding-top:10px;padding-=
bottom:10px;padding-right:20px;padding-left:20px;border-width:2px;border-st=
yle:solid;border-color:#fff;border-radius:5px;" >Request a quote</a>
                        </td>
                      </tr>
                     =20
                      <tr>
                        <td height=3D"20"></td>
                      </tr>
                    </table>
                  </td>
                </tr>
              </table>
            </td>
          </tr>
        </table>
      </td>
    </tr>
  </table>
  <table bgcolor=3D"#f7f8f9" align=3D"center" width=3D"100%" border=3D"0" c=
ellspacing=3D"0" cellpadding=3D"0" style=3D"border-spacing:0;table-layout:f=
ixed;margin-top:0;margin-bottom:0;margin-right:auto;margin-left:auto;" >
    <tr>
      <td align=3D"center">
       =20
        <table align=3D"center" width=3D"100%" max-width=3D"600" border=3D"=
0" cellpadding=3D"0" cellspacing=3D"0" bgcolor=3D"#e9e9e9" style=3D"width:1=
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