<tr>
<td>
- <p>{ts 1=$contact.display_name}Dear %1{/ts},</p>
+ {assign var="greeting" value="{contact.email_greeting}"}{if $greeting}<p>{$greeting},</p>{/if}
<p>{ts 1=$to_participant}Your Event Registration has been Transferred to %1.{/ts}</p>
</td>
</tr>