A hyperlink text that is generated from an e-mail template is incomplete when you add the template to a body of an e-mail activity in Microsoft Dynamics CRM 4.0

Problem
Consider the following scenario. You create a hyperlink in an e-mail template in Microsoft Dynamics CRM 4.0. The hyperlink text contains query string variables. The query string variables include special characters, such as the slash mark (/) or the equal sign (=). Then, you add the template to the body of an e-mail activity. In this scenario, the generated hyperlink text in the body of the e-mail activity is incomplete.
Reason
This problem occurs because the e-mail template editor uses a SPAN element to create the body of an e-mail activity. If a URL contains characters that are used as part of a query string variable in a hyperlink, the URL is entered into the SPAN element. If the characters are not encoded by using hexadecimal values, the characters cannot be returned.
Solution
To resolve this problem, encode the special characters by using hexadecimal values. For example, encode the slash mark (/) by using the hexadecimal value %2f.
to get the values from URL Encoding Values

ref: http://support.microsoft.com/kb/976661

thanks,
yes.sudhanshu