Metal Karma Brochure
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ĞůŝŵŝŶĂƚŝŽŶ ŽĨ ƚŚĞ ƉƵŶĐŚĞĚͬĚƌŝůůĞĚ ŚŽůĞƐ ŽŶ
ƚŚĞƐĞŵĂŝŶĐŽŵƉŽŶĞŶƚƐ
KƵƌ ŵŽĚŝĨŝĞĚ ĂŶĚ ŚŝŐŚ ƐƚƌĞŶŐƚŚ ďĂƐŝĐ ƐƉĂĐĞ
ĨƌĂŵĞĞůĞŵĞŶƚƐĐŽƵƉůĞĚǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚ
ĂŶĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƐŝŵƉůŝĨŝĞĚ ĂŶĚ
ƐŚŽƌƚĞŶĞĚŵĂŶƵĨĂĐƚƵƌŝŶŐĐLJĐůĞƐĞŶĂďůĞĚƵƐƚŚĞ
ĐƌĞĂƚŝŽŶŽĨůŽǁĐŽƐƚŶĞǁŐĞŶĞƌĂƚŝŽŶůŝŐŚƚǁĞŝŐŚƚ
ZŽƵŶĚdƵďĞͲ^ŽůŝĚ^ƉŚĞƌĞƐƉĂĐĞĨƌĂŵĞƐLJƐƚĞŵ͘
dŚŝƐ ŝŶƚĞŐƌĂƚĞĚ ƐƉĂĐĞ ƐƚƌƵĐƚƵƌĞ ƐLJƐƚĞŵ ŝƐ
ƉĂĐŬĂŐĞĚ ǁŝƚŚ ŝƚƐ ĨƵůů ĞĐŽŶŽŵLJ͕ ŝŵƉƌŽǀĞĚ
ĐŽƌƌŽƐŝŽŶ ƌĞƐŝƐƚĂŶĐĞ ĂŶĚ ĞŶŚĂŶĐĞĚ ĚƵƌĂďŝůŝƚLJ
ŚĂƐďĞĞŶƐĞƌǀŝĐĞĚƚŽĂůůŝƚƐĐƵƐƚŽŵĞƌƐĂƐEĞǁ
dĞĐŚ^ƉĂĐĞ&ƌĂŵĞ^LJƐƚĞŵƐŝŶĐĞϮϬϬϬ͘
^/'E^Zs/^
dŚĞ ĐŽŵƉĞƚĞŶƚ ĂŶĚ ĚĞĚŝĐĂƚĞĚ ƚĞĂŵ ŽĨ ƉƌŽĨĞƐƐŝŽŶĂů ĞŶŐŝŶĞĞƌƐ ƚƵƌŶĞĚ
ƚĞĐŚŶŽĐƌĂƚƐ ŽĨ ƚŚĞ ƐƉĂĐĞ ĨƌĂŵĞ ŝŶĚƵƐƚƌLJ ĐƌĞĂƚĞ ĐƵƐƚŽŵŝnjĞĚ ƐŽŌǁĂƌĞ ĨŽƌ
ĚĞƐŝŐŶĂŶĚƌĞůĂƚĞĚƐƚƌƵĐƚƵƌĂůĂŶĂůLJƐŝƐ͘
dĞĐŚŶŝĐĂů ƐƵďŵŝƩĂůƐ ŽĨ ŽƵƌ ŶŐŝŶĞĞƌŝŶŐ ĞƐŝŐŶ ^ĞƌǀŝĐĞƐ ŝŶĐůƵĚĞ ďƵƚ ŶŽƚ
ůŝŵŝƚĞĚ ƚŽ ƚŚĞ ƐƉĞĐŝĮĞĚ ŐĞŽŵĞƚƌLJ͕ ĚĞƐŝŐŶ ĐĂůĐƵůĂƟŽŶ͕ ƐƵƉƉŽƌƚ ƌĞĂĐƟŽŶƐ͕
ŵĂƚĞƌŝĂůƐƉĞĐŝĮĐĂƟŽŶ͕ƐĐŚĞŵĂƟĐůĂLJŽƵƚ͕ĐŽŶĐĞƉƚƵĂůĚĞƐŝŐŶĐƌŝƚĞƌŝĂĞƚĐ
tĞĂƌĞǁĞůůĞƋƵŝƉƉĞĚǁŝƚŚŵŽƐƚŵŽĚĞƌŶĂŶĚƐŽƉŚŝƐƟĐĂƚĞĚĞŶŐŝŶĞĞƌŝŶŐƚŽŽůƐ
ƚŽ ŵĞĞƚ ƚŚĞ ĂƌĐŚŝƚĞĐƚƵƌĂů ĂŶĚ ƐƚƌƵĐƚƵƌĂů ŶĞĞĚƐ ŽĨ ǀĂƌŝĞƚLJ ŽĨ ĐƵƐƚŽŵĞƌƐ ĨŽƌ
ĐŽŵƉůĞdžŐĞŽŵĞƚƌŝĐĂŶĚůĂƌŐĞƌƐƉĂŶƐƚƌƵĐƚƵƌĞƐ͘
/ŶͲŚŽƵƐĞ ĚĞǀĞůŽƉĞĚ ƐŽŌǁĂƌĞ ƉƌŽŐƌĂŵŵĞƐ ĂƌĞ ƐŽ ĚĞƐŝŐŶĞĚ ƚŽ ƉĞƌĨŽƌŵ
ƐƉĞĐŝĮĐƚĂƐŬƐŽĨƐƚƌƵĐƚƵƌĂůĂŶĂůLJƐŝƐƚŽŝŶƚĞƌŶĂƟŽŶĂůĐŽĚĞƐ/^͕E^/͕^͕
ĞƚĐĂƐǁĞůůĂƐƚŽŐĞŶĞƌĂƚĞŵĂŶƵĨĂĐƚƵƌŝŶŐĚĂƚĂĂŶĚŝŶƐƚĂůůĂƟŽŶĚƌĂǁŝŶŐƐƚŽ
ĞŶƐƵƌĞƐƉĞĞĚĂŶĚĂĐĐƵƌĂĐLJƚŚƌŽƵŐŚŽƵƚĐŽŶƐƚƌƵĐƟŽŶ͘
KƵƌ ĂĚĞƉƚ ĚĞƐŝŐŶ ƐƵƉƉŽƌƚ ƚĞĂŵ ďĂĐŬĞĚ ǁŝƚŚ ƚŚĞŝƌ ĚĞĐĂĚĞƐ ŽĨ ŚĂŶĚƐ ŽŶ
ĞdžƉĞƌŝĞŶĐĞ ĂƌĞ ƌĞĂĚLJ Ăůů ƟŵĞƐ ƚŽ ƐĞƌǀŝĐĞ ƚŚĞ ĐƵƐƚŽŵĞƌƐ ƚŽ ƐĞĞŬ ĨĞĂƐŝďůĞ
ĂůƚĞƌŶĂƟǀĞƐŽĨƚŚĞŝƌƉƌŽũĞĐƚƐ͘
dŚĞ ĮŶĚŝŶŐƐ ĂŶĚ ƌĞĐŽŵŵĞŶĚĂƟŽŶƐ ƌĞƐƵůƟŶŐ ĨƌŽŵ ŽƵƌ ĂŶĂůLJƐŝƐ ĐŽŶƐŝƐƚ ŽĨ
ƉƌŽƉŽƐĞĚŐĞŽŵĞƚƌLJ͕ĞƐƟŵĂƚĞĚĐŽƐƚ͖ƐƚƌƵĐƚƵƌĂůĐĂůĐƵůĂƟŽŶΘƟŵŝŶŐŽĨǀĂƌŝŽƵƐ
ƉŚĂƐĞƐŽĨƚŚĞƉƌŽũĞĐƚĂƌĞƐƵďŵŝƩĞĚƚŽƚŚĞĐƵƐƚŽŵĞƌĨŽƌƌĞǀŝĞǁĂŶĚĂƉƉƌŽǀĂů͘
ͼ WZKsEyWZ/EK&:sWZdEZ
:ŽŝŶƚsĞŶƚƵƌĞĐŽŵŵŝƚŵĞŶƚƚŽĞdžĐĞůƋƵĂůŝƚLJĂŶĚĞĐŽŶŽŵLJƚŽĞdžĐĞĞĚĐƵƐƚŽŵĞƌƐĂƟƐĨĂĐƟŽŶĐŽƵƉůĞĚ
ǁŝƚŚŝƚƐƋƵĞƐƚĨŽƌZΘŚĂƐƌĞƐƵůƚĞĚŝŶĂŐŝĂŶƚůĞĂƉŝŶŝƚƐƉƌŽĚƵĐƟŽŶĂŶĚŝŶƐƚĂůůĂƟŽŶŽĨƐƉĂĐĞĨƌĂŵĞƐ
ƐƚƌƵĐƚƵƌĞƐŽĨĐŽŵƉůĞdžŐĞŽŵĞƚƌŝĐƐŝŶĞŶƟƌĞDŝĚĚůĞĂƐƚĨƌŽŵϭϴ͕ϬϬϬ^ƋŵƚŝŶϭϵϵϮƚŽϯϱϬ͕ϬϬϬ^Ƌŵƚ
ĐƵƌƌĞŶƚůLJ͘
,ĂǀŝŶŐƚǁŽĚĞĐĂĚĞƐŽĨĞdžƉĞƌŝĞŶĐĞĂŶĚĞdžƉĞƌƟƐĞ͕ǁĞŚĂǀĞŝŶƐƚĂůůĞĚŽǀĞƌƚǁŽŵŝůůŝŽŶƐƋƵĂƌĞŵĞƚĞƌƐ
ŽĨƐƉĂĐĞĨƌĂŵĞƐĂƐŽĨϮϬϭϰ͕ŝŶĂůůƉŽƐƐŝďůĞŐĞŽŵĞƚƌŝĐĨŽƌŵƐĂŶĚĂƌĞƚĂŝůŽƌĞĚƚŽŵĞĞƚƚŚĞƐƉĞĐŝĮĐ
ŶĞĞĚƐŽĨŝƚƐǀĂƐƚǀĂƌŝĞƚLJŽĨĐƵƐƚŽŵĞƌƐŝŶDŝĚĚůĞĂƐƚ͕ĨƌŝĐĂ͕ĂŶĚƐŝĂƌĂŶŐŝŶŐĨƌŽŵƐŵĂůůƚŽůĂƌŐĞ
ƐƉĂŶĂƌĞĂƐ͘
&KZ'/E'/EͲ,Kh^͗
tĞ ŚĂǀĞ ĐĂƉĂĐŝƚLJ ŽĨ ϯϬϬϬϬ ƚŽŶƐ ĨŽƌŐŝŶŐ ĨŽƌ ŶŽĚĞƐ͕ ƐƵƉƉŽƌƚ ŶŽĚĞƐ͕ ĐŽŶĞƐ͕ ďŽůƚƐ ͕ ƐůĞĞǀĞƐ ͕
ĂŶĐŚŽƌĂŐĞ ƐLJƐƚĞŵ͕ ƉƵƌůŝŶ ͕ ƉƵƌůŝŶ ƐƚŽŽůƐ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ĂĐĐĞƐƐŽƌŝĞƐ ƚŽ ƐƵƉƉŽƌƚ ƉƌŽũĞĐƚ
ƌĞƋƵŝƌĞŵĞŶƚƐŝŶƚĞƌŵƐŽĨƋƵĂůŝƚLJ͕ĐŽƐƚĂŶĚƟŵĞ͘
Z^KhZ^͗
ĞĚŝĐĂƚĞĚWŝƉĞƐƵƉƉůŝĞƌƐǁŝƚŚŝŶϱŬŵƌĂĚŝƵƐ͘
:/dƐƵƉƉůŝĞƐ
ĞĚŝĐĂƚĞĚƐƉĂĐĞĨƌĂŵĞƉĞƌƐŽŶŶĞůǁŝƚŚŽǀĞƌϯϬLJĞĂƌƐŽĨĞdžƉĞƌŝĞŶĐĞ
,ŝŐŚůLJĞdžƉĞƌŝĞŶĐĞĚƚĞĂŵŽĨŵĞƚĂůůƵƌŐŝƐƚƐǁŝƚŚǀĂƐƚŬŶŽǁůĞĚŐĞĂƚŽƵƌŝŶͲŚŽƵƐĞ&ŽƌŐĞƐŚŽƉ͘
Yh>/dz
Dd^ƉĂĐĞ&ƌĂŵĞŵĞŵďĞƌƐĂƌĞĞŝƚŚĞƌƉĂŝŶƚĞĚ͕WŽǁĚĞƌĐŽĂƚĞĚ͕ŐĂůǀĂŶŝnjĞĚŽƌŵĂĚĞŽĨƐƚĂŝŶůĞƐƐƐƚĞĞůͬ
ůƵŵŝŶŝƵŵ͘ƐƚŚĞƉĂƌƚƐĂƌĞŚĂŶĚLJĂŶĚŽĨƐŵĂůůƉŝĞĐĞƐ͕ĨƵůůĂƵƚŽŵĂƚŝŽŶŝƐƵƐĞĚŝŶŐĂůǀĂŶŝnjŝŶŐ͕ƐƵƌĨĂĐĞ
ƚƌĞĂƚŵĞŶƚ ĂŶĚ ƉĂŝŶƚŝŶŐ ƉƌŽĐĞƐƐĞƐ͘ dŚŝƐ ƌĞƐƵůƚƐ ŝŶ ĞƌƌŽƌͲĨƌĞĞ͕ ŚŝŐŚ ƋƵĂůŝƚLJ ĂŶĚ ůŽŶŐ ůŝĨĞ ĐŽƌƌŽƐŝŽŶ
ƉƌŽƚĞĐƚŝŽŶ͘
tĞŝŶDdŐŝǀĞŵƵĐŚŝŵƉŽƌƚĂŶĐĞƚŽĐŽƌƌŽƐŝŽŶƉƌŽƚĞĐƚŝŽŶĚƵĞƚŽŽƵƌƋƵĂůŝƚLJƉŽůŝĐLJĂŶĚƚŽĞdžĐĞĞĚ
ĐƵƐƚŽŵĞƌ ĚĞŵĂŶĚƐ͘ tĞ ŚĂǀĞ ďƵŝůƚ ƚŚĞ ďĞƐƚ ƐƵƌĨĂĐĞ ƚƌĞĂƚŵĞŶƚ ƉƌŽĐĞƐƐ ĂŶĚ ƉŽǁĚĞƌ ƉĂŝŶƚ ĐŽĂƚŝŶŐ
ĂƵƚŽŵĂƚŝŽŶŝŶƚŚĞƐĞĐƚŽƌ͘KƵƌƐƚƌƵĐƚƵƌĂůůLJƐĞĂůĞĚĐŝƌĐƵůĂƌŚŽůůŽǁƐĞĐƚŝŽŶƐƉĂĐĞƚƌƵƐƐƐLJƐƚĞŵƉƌŽƚĞĐƚ
ƚŚĞĞŶƚŝƌĞƐƚƌƵĐƚƵƌĞĨƌŽŵŝŶƚĞƌŶĂůĐŽƌƌŽƐŝŽŶƌĞƐƵůƚŝŶŐŝŶĂĨĂƌŵŽƌĞƉƌŽĚƵĐƚůŝĨĞĂŐĂŝŶƐƚĐŽƌƌŽƐŝŽŶ͘
tŚĞŶĞǀĞƌƌĞƋƵŝƌĞĚĂŶĚƵƉŽŶƚŚĞĐůŝĞŶƚ͛ƐƌĞƋƵĞƐƚ͕ĂĐŽŵƉůĞƚĞĂŶĚĚĞƚĂŝůĞĚYƵĂůŝƚLJ^LJƐƚĞŵdĞĐŚŶŝĐĂů
^ƉĞĐŝĨŝĐĂƚŝŽŶĂŶĚDĞƚŚŽĚ^ƚĂƚĞŵĞŶƚĐĂŶďĞƉƌŽǀŝĚĞĚ͘
>/sZz
/ƚŝƐĂůƐŽƉŽƐƐŝďůĞƚŽůŽĂĚƚŚĞƐĞĐƌĂƚĞƐŽŶƚŽĐŽŶƚĂŝŶĞƌƐĨŽƌĚĞůŝǀĞƌLJďLJƐĞĂǀĞƐƐĞůƐŽƌƚƌƵĐŬƐ͘dŚĞƐLJƐƚĞŵ
ŝƐĞƌĞĐƚĞĚďLJĨŝdžŝŶŐƚŚĞŵĞŵďĞƌƐĂĐĐŽƌĚŝŶŐƚŽĚĞƐŝŐŶďLJƚŚĞŚĞůƉŽĨďŽůƚƐĂŶĚƐůĞĞǀĞƐ͘^ŝŶĐĞƚŚĞƐĞ
ŵĞŵďĞƌƐĂƌĞĨĂďƌŝĐĂƚĞĚŝŶĂŶĂƵƚŽŵĂƚĞĚƐLJƐƚĞŵ͕ƚŚĞƉƌŽĚƵĐƚŝŽŶƚŝŵĞŝƐƌĞĚƵĐĞĚĐŽŶƐŝĚĞƌĂďůLJ͘
Yh>/dzΘ>Kd^d/E'
ĞƐŝĚĞƐ͕ĨƵůůƐƉĂĐĞĨƌĂŵĞĂƐƐĞŵďůLJŽĨDd͕ŝŶĐůƵĚŝŶŐĂůůƐƚƌƵĐƚƵƌĂůĞůĞŵĞŶƚƐƐƵĐŚĂƐƉŝƉĞ͕ĐŽŶĞ͕ďŽůƚ͕
ƐůĞĞǀĞ͕ƐƉŚĞƌŝĐĂůƐƚĞĞůďĂůů;ŶŽĚĞͿ͕ƉŝƉĞͬĐŽŶĞǁĞůĚŝŶŐĂƌĞƐƵďũĞĐƚĞĚƚŽƚĞŶƐŝŽŶĂŶĚĐŽŵƉƌĞƐƐŝŽŶůŽĂĚ
ƚĞƐƚƐƚŽŵĞƌŝĐĂŶDĂƚĞƌŝĂůdĞƐƚŝŶŐƐƚĂŶĚĂƌĚ^dDϯϳϬ͘dŚĞƚĞƐƚůŽĂĚƐĂƌĞĂƉƉůŝĞĚŐƌĂĚƵĂůůLJƚŽƚŚĞ
ƐƚƌƵĐƚƵƌĂůĐŽŵƉŽŶĞŶƚĂƐƐĞŵďůLJŝŶĞdžĐĞƐƐŽĨϭ͘ϱƚŝŵĞƐŽĨƚŚĞŝƌĐŽƌƌĞƐƉŽŶĚŝŶŐĚĞƐŝŐŶĂůůŽǁĞĚƐƚƌĞƐƐ
ĂŶĚƐĂĨĞƚLJĂĐĐŽƌĚŝŶŐƚŽƚŚĞĚĞƐŝŐŶĐŽĚĞƐŝŶĞƌƚŝĨŝĞĚΘƉƉƌŽǀĞĚ/ŶĚĞƉĞŶĚĞŶƚdĞƐƚŝŶŐ>ĂďŽƌĂƚŽƌŝĞƐƚŽ
ĞŶƐƵƌĞƚŚĞĚĞƉĞŶĚĂďŝůŝƚLJĂŶĚƐĂĨĞƚLJŽĨƚŚĞƐƚƌƵĐƚƵƌĞ
Kdd^d/E'
^d,d/^ΘWZKdd/KE'/E^dKZZK^/KE
KŶĐĞ ŝŶƐƚĂůůĞĚ Dd EĞǁ dĞĐŚ ^ƉĂĐĞ ƐƚƌƵĐƚƵƌĞ ƐLJƐƚĞŵ ĂƉƉĞĂƌƐ ĂƐ
ƐƚƌƵĐƚƵƌĂůůLJƐĞĂůĞĚĐŝƌĐƵůĂƌŚŽůůŽǁƐĞĐƟŽŶƐĐŽŶĐĞŶƚƌŝĐĂůůLJĐŽŶŶĞĐƚĞĚƚŽ
DDZ>Kd^d/E'͘
ƐŽůŝĚ ƐƉŚĞƌŝĐĂů ƐƚĞĞů ŶŽĚĞƐ ƐƚĂŶĚƐ ŽƵƚ ĂƐ Ă ƐƵƉĞƌŝŽƌ ĂĞƐƚŚĞƟĐ ĂŶĚ
ĂƌĐŚŝƚĞĐƚƵƌĂůĞŶĚƉƌŽĚƵĐƚ͘
dŚĞĞdžƉŽƐĞĚƐƵƌĨĂĐĞƐŽĨƐƉĂĐĞĨƌĂŵĞŵĞŵďĞƌƐĂƌĞƉŽǁĚĞƌĐŽĂƚĞĚƚŽ
ĚĞĐŽƌĂƟǀĞĐŽůŽƵƌĮŶŝƐŚŝŶĂĨĂĐƚŽƌLJĐŽŶƚƌŽůůĞĚĞŶǀŝƌŽŶŵĞŶƚ͘KƵƌŵŽƐƚ
ŵŽĚĞƌŶ ĂŶĚ ĂƵƚŽŵĂƚĞĚ njŝŶĐ ƉŚŽƐƉŚĂƚĞ ƚƌĞĂƚŵĞŶƚͬ ƉŽǁĚĞƌ ĐŽĂƟŶŐ t>d^d/E'͘
ƚĞĐŚŶŽůŽŐLJ ƉƌŽǀŝĚĞƐ ǁĞĂƚŚĞƌ ĂŶĚ ĂďƌĂƐŝŽŶ ƌĞƐŝƐƚĂŶƚ ƚŚĞƌŵŽƐĞƚ
ƉŽůLJĞƐƚĞƌĐŽĂƟŶŐƐŝŶǀĂƌŝŽƵƐĞLJĞĐĂƚĐŚŝŶŐĐŽůŽƵƌƐƐĞůĞĐƚĞĚĨƌŽŵ'ĞƌŵĂŶ
ĐŽůŽƵƌ^ƚĂŶĚĂƌĚZ>Žƌ/ŶƚĞƌŶĂƟŽŶĂůůLJĂĐĐĞƉƚĞĚE^͘
dŚĞƉŽůLJĞƐƚĞƌƉŽǁĚĞƌŽƌŐĂŶŝĐĐŽĂƟŶŐƐƐƉĞĐŝĂůůLJĨŽƌŵƵůĂƚĞĚĨŽƌĨĂĐĂĚĞƐ
ŚĂǀŝŶŐ ƵůƚƌĂ ǀŝŽůĞƚ ;hsͿ ƉƌŽƚĞĐƟŽŶ ĂƌĞ ŽǀĞŶ ďĂŬĞĚ ƚŽ ĐŽŵƉůĞƚĞ ƚŚĞ
ƉŽůLJŵĞƌŝnjĂƟŽŶŵĞĐŚĂŶŝƐŵƚŽĨŽƌŵƐŵŽŽƚŚ͕ŚĂƌĚƉŽůLJĞƐƚĞƌĮůŵĮƌŵůLJ
WKtZKd/E'
ďŽŶĚĞĚƚŽƚŚĞďĂƐĞŵĞƚĂůŝŶDĂƚ͕^Ğŵŝ'ůŽƐƐŽƌ,ŝŐŚ'ůŽƐƐĮŶŝƐŚ͘
&ƵƌƚŚĞƌ͕ƚŚĞĂďƐĞŶĐĞŽĨŚŽůĞƐŽŶƉŝƉĞƐ͕ďŽůƚƐ͕ĂŶĚƐůĞĞǀĞƐƉƌĞǀĞŶƚƐƚŚĞ
ŝŶƐŝĚĞƌĞƉůĞŶŝƐŚŵĞŶƚŽĨĂŝƌ;ŽdžLJŐĞŶͿĂŶĚŵŽŝƐƚƵƌĞŚĞŶĐĞƉƌŽƚĞĐƚƐƚŚĞŵ
ĨƌŽŵŝŶƚĞƌŶĂůĐŽƌƌŽƐŝŽŶŝŶĞůĂƉƐĞŽĨƟŵĞ͘
ZD/Kd/E'^
DĞƚĂůůŝĐ ĐŽůŽƵƌƐ ŽĨ ĞdžĐĞůůĞŶƚ hs ƌĞƐŝƐƚĂŶƚ ƉƵƌĞ ƉŽůLJĞƐƚĞƌ ĐŽĂƟŶŐƐ͕
ĞƌĂŵŝĐĐŽĂƟŶŐƐƚŽŽďƚĂŝŶŵĂƌďůĞĂŶĚǀĂƌŝŽƵƐǁŽŽĚĞŶƚĞdžƚƵƌĞĮŶŝƐŚĞƐ͕
<LJŶĂƌϱϬϬĐŽĂƟŶŐƚŽŶĞĂƌƐŝůǀĞƌĐŽůŽƵƌĞƚĐĂƐǁĞůůĂƐĚĞĐŽƌĂƟǀĞŶŝĐŬĞů
ĐŚƌŽŵĞĮŶŝƐŚĞƐƚŽŽĐĂŶďĞĨƵƌŶŝƐŚĞĚĂƐŽƉƟŽŶƐ͘
KƵƌEĞǁdĞĐŚ^ƉĂĐĞ&ƌĂŵĞǁŝƚŚŝƚƐŝŵƉƌŽǀĞĚĨĞĂƚƵƌĞƐŚĂǀŝŶŐƚĂŝůŽƌĞĚďLJ
KsE
ĂďƵŶĐŚŽĨĂĚĞƉƚƚĞĐŚŶŝĐŝĂŶƐĂŶĚƚĞĐŚŶŽĐƌĂƚƐŽĨƚŚŝƐŝŶĚƵƐƚƌLJĞĂƌŵĂƌŬĞĚ
ĂĚĞĮŶŝƚĞĞĚŐĞŽǀĞƌŝƚƐĐŽŵƉĞƟƚŽƌƐĂŶĚŚĂƐŶŽǁďĞĐŽŵĞĂďƌĂŶĚŽĨŝƚƐ
ŽǁŶŶŽƚŽŶůLJŝŶ/ŶĚŝĂ͕ďƵƚŝŶĞŶƟƌĞDŝĚĚůĞĂƐƚ͕ƐŝĂĂŶĚĨƌŝĐĂ͘
&/ZWZKK&/E'K&^W&ZD )6
tŚĞŶƐƉĞĐŝĮĞĚƚŽďĞĮƌĞƉƌŽƚĞĐƚĞĚ͕ƚŚĞĞdžƚĞƌŝŽƌĞdžƉŽƐĞĚƐƵƌĨĂĐĞ WƌŝŵĞƌ
ŽĨƚŚĞĐŽŵƉŽŶĞŶƚƐŝƐƐƉƌĂLJĐŽĂƚĞĚǁŝƚŚh>ĐĞƌƟĮĞĚŝŶƚƵŵĞƐĐĞŶƚ
ƉĂŝŶƚĨŽƌŵŝŶŝŵƵŵŽŶĞŚŽƵƌĮƌĞƌĂƟŶŐ͘ /ŶƚƵŵĞƐĐĞŶƚŽĂƟŶŐ
/Ŷ ƐƵĐŚ ĐĂƐĞƐ͕ ƚŚĞ ƐƉĂĐĞ ƐƚƌƵĐƚƵƌĞ ŝƐ ĚĞƐŝŐŶĞĚ ƚŽ ƐĞůĞĐƚ ƚŚĞ dŽƉŽĂƟŶŐ
ŽƉƟŵƵŵƐŝnjĞĂŶĚƚŚŝĐŬŶĞƐƐŽĨĞĂĐŚĞůĞŵĞŶƚŝŶƚŚĞƐƚƌƵĐƚƵƌĞĨŽƌ
ƚŚĞ ƌĞƋƵŝƌĞĚ ,Wͬ ǀĂůƵĞ ƚŚĂƚ ŝƐ ,ĞĂƚĞĚ WĞƌŝŵĞƚĞƌ ƚŽ ƌŽƐƐ &ŝƌĞ^ĞĐƵƌŝƚLJ^LJƐƚĞŵƐ
ƐĞĐƟŽŶĂůƌĞĂƚŽĂĐŚŝĞǀĞĂŵŝŶŝŵƵŵĮƌĞƌĂƟŶŐŽĨϲϬŵŝŶƵƚĞƐ͘ /ŶƚƵŵĞƐĐĞŶƚ^ƚĞĞů&ŝƌĞWƌŽŽĮŶŐ
/Ĩ ƚŚĞƌĞ ŝƐ ŶŽ ƐƉĞĐŝĮĐ ĮƌĞ ƌĂƟŶŐ ƌĞƋƵŝƌĞĚ͕ ƚŚĞŶ ƚŚĞ ƐƚƌƵĐƚƵƌĞ
ĚĞƐŝŐŶĞĚ ĂƐ ƐƚĂŶĚĂƌĚ ƐƉĂĐĞ ĨƌĂŵĞ ĂƐ ƉĞƌ ƉƌŽũĞĐƚ ƐƉĞĐŝĮĞĚ
ůŽĂĚŝŶŐƐĂƐǁĞůůĂƐĚĞƐŝŐŶĐŽĚĞƐĂŶĚĂh>ĐĞƌƟĮĞĚŝŶƚƵŵĞƐĐĞŶƚ
ƉĂŝŶƚŝƐĐŽĂƚĞĚĂƐƌĞĐŽŵŵĞŶĚĞĚďLJƚŚĞĐŽĂƟŶŐŵĂŶƵĨĂĐƚƵƌĞƌ͘
/E^d>>d/KE
dŚĞƐĞ ĂƌĞ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ Ă ŶĞƚǁŽƌŬ ŽĨ YƵĂůŝĨŝĞĚ ĂŶĚ ĞƌƚŝĨŝĞĚ
ƵŝůĚĞƌƐǁŽƌŬŝŶŐŚĂŶĚͲŝŶͲŚĂŶĚǁŝƚŚDdƚŽĞŶƐƵƌĞƐĂƚŝƐĨĂĐƚŽƌLJ
ĐŽŵƉůĞƚŝŽŶŽĨǁŽƌŬƐ͘ƌĞĐƚŝŽŶŝƐŐĞŶĞƌĂůůLJĐĂƚĞŐŽƌŝnjĞĚŝŶƚŽƚŚƌĞĞ
ŵĞƚŚŽĚƐŽƌĐŽŵďŝŶĂƚŝŽŶƚŚĞƌĞŽĨĚĞƉĞŶĚŝŶŐƵƉŽŶƚŚĞĂĐƚƵĂůƐŝƚĞ
ĐŽŶĚŝƚŝŽŶƐ ŶĂŵĞůLJ͗ /ŶͲƐŝƚƵ ĂƐƐĞŵďůLJ ĨƌŽŵ ĞŝƚŚĞƌ ĨƵůů ŚĞŝŐŚƚ
ŵŽďŝůĞŽƌĨŝdžĞĚƐĐĂĨĨŽůĚƐ͘
&ƵůůĂƐƐĞŵďůLJŽŶŐƌŽƵŶĚĂŶĚůŝĨƚŝŶƚŽƉŽƐŝƚŝŽŶƵƐŝŶŐĂƉƉƌŽƉƌŝĂƚĞ
ƐŝnjĞĚĐƌĂŶĞ͘
WĂƌƚŝĂů ĂƐƐĞŵďůLJ ŽŶ ŐƌŽƵŶĚ͕ ůŝĨƚ ŝŶƚŽ ƉŽƐŝƚŝŽŶ ďLJ ĐƌĂŶĞ ĂŶĚ
ĐŽŵƉůĞƚĞĂƐƐĞŵďůLJďLJŵŽďŝůĞƐĐĂĨĨŽůĚƐ͘
dŚĞĐŽŵƉůĞƚĞĚƐƉĂĐĞĨƌĂŵĞǁŝůůƵŶĚĞƌŐŽĨƵůůĂŶĚĐŽŵƉƌĞŚĞŶƐŝǀĞ
ĨŝŶĂůŝŶƐƉĞĐƚŝŽŶďĞĨŽƌĞŚĂŶĚͲŽǀĞƌƚŽĐůŝĞŶƚƐ͘
sEd'^K&^W&ZD^
>ŝŐŚƚĞƌĂŶĚƐƚƌƵĐƚƵƌĂůůLJĞĸĐŝĞŶƚ
>ĞƐƐĞƌĐŽƐƚĨŽƌůĂƌŐĞƐƉĂŶĂƌĞĂƐ
ZĞƋƵŝƌĞƐůĞƐƐĞƌŶƵŵďĞƌŽĨĐŽůƵŵŶƐƵƉƉŽƌƚƐ
WƌĞͲĂƐƐĞŵďůLJĂůůŽǁƐƉƌŽũĞĐƚĂĐĐĞůĞƌĂƟŽŶĚƵĞƚŽĞdžƚƌĞŵĞůLJůŽǁ
ƐŝƚĞĞƌĞĐƟŽŶƟŵĞ
WƌĞͲĮŶŝƐŚĞĚƚŽĂǀŽŝĚƐŝƚĞƉĂŝŶƟŶŐΘŝŶƐƉĞĐƟŽŶ
ůůƐĞƌǀŝĐĞůŝŶĞƐĐĂŶƌƵŶƚŚƌŽƵŐŚĨƌĂŵĞ
^ŝŵƉůĞŵŽĚŝĮĐĂƟŽŶŽƌĚŝƐͲĂƐƐĞŵďůLJĨŽƌƌĞͲƵƐĞ
^ƉĂĐĞ&ƌĂŵĞĐĂŶďĞĂĨĞĂƚƵƌĞǁŝƚŚŽƵƚĐĞŝůŝŶŐ
ĞŇĞĐƟŽŶƐĂƌĞǀĞƌLJƐŵĂůůĞǀĞŶǁŚĞŶƐƉĂŶƐĂƌĞǀĞƌLJůĂƌŐĞ
ĐĐŽŵŵŽĚĂƚĞƐĐŽŶĐĞŶƚƌĂƚĞĚůŽĂĚƐ
^ƵŝƚŝƌƌĞŐƵůĂƌƐƵƉƉŽƌƚŽƌƉůĂŶŐĞŽŵĞƚƌLJ
sĂƌŝĂďůĞĚĞƉƚŚĨŽƌƌŽŽĨĚƌĂŝŶĂŐĞŝƐďƵŝůƚͲŝŶ
DŝŶŝŵƵŵƐƚƌƵĐƚƵƌĞǁĞŝŐŚƚ
>ŽŶŐĐůĞĂƌƐƉĂŶƐƵƉƚŽϭϴϬŵĞƚĞƌƐ
WW>/d/KEK&^W&ZD^
WŽǁĞƌƉůĂŶƚďƵůŬĐŽĂůƐƚŽƌĂŐĞĚŽŵĞƐͬďĂƌƌĞůǀĂƵůƚ
ĞŵĞŶƚƉůĂŶƚďƵůŬůŝŵĞƐƚŽŶĞ͕ŐLJƉƐƵŵƐƚŽƌĂŐĞĚŽŵĞƐ
ƵĚŝƚŽƌŝƵŵƐ
ŽŶǀĞŶƟŽŶĐĞŶƚƌĞƐ
>W'ŐĂƐďŽƩůŝŶŐƉůĂŶƚ
^ƉŽƌƚƐƐƚĂĚŝƵŵ
ŝƌƉŽƌƚ&ĂĐŝůŝƟĞƐ
tĂƌĞŚŽƵƐĞƐ
&ĂĐƚŽƌŝĞƐͬŝŶĚƵƐƚƌŝĂůƐŚĞĚƐ
ƌĐŚŝƚĞĐƚƵƌĂůDŽŶƵŵĞŶƚƐ
džŚŝďŝƟŽŶ,ĂůůƐͬ^ŚŽǁƌŽŽŵƐ
ZĞĐƌĞĂƟŽŶĂůĂŶĚ^ƉŽƌƚƐĂƌĞĂƐ
WĞĚĞƐƚƌŝĂŶKǀĞƌƉĂƐƐĞƐ
^ŚŽƉƉŝŶŐDĂůůƐ
ƚƌŝƵŵƐĂŶĚŽƵƌƚLJĂƌĚƐƌĞĂƐ
ĂƌWĂƌŬ^ŚĞĚƐ
'ĂƐͬWĞƚƌŽů^ƚĂƟŽŶƐ
DĞƚƌŽZĂŝůǁĂLJ^ƚĂƟŽŶƐ
,ŝŐŚǁĂLJdŽůů'ĂƚĞƐ
^ŽůĂƌWĂŶĞů
ƵƐ^ƚĂƟŽŶƐ
ŽŵŵĞƌĐŝĂůďƵŝůĚŝŶŐĐŽŵƉŽƐŝƚĞďĞĂŵƐ
sEd'^K&^W&ZD^
^ŝŶĐĞůŝŐŚƚǁĞŝŐŚƚƚƵďĞĞůĞŵĞŶƚƐΘƐƉŚĞƌŝĐĂůďĂůůƐĨŽƌŵŝŶŐƚŚĞƐƉĂĐĞĨƌĂŵĞƐLJƐƚĞŵ͕ŝƚĐĂŶďĞůŝŌĞĚďLJ
ŚƵŵĂŶĞīŽƌƚ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞŝŶƐƚĂůůĂƟŽŶŽĨƚŚĞƐƚƌƵĐƚƵƌĞĐĂŶďĞĚŽŶĞǁŝƚŚƚŚĞŚĞůƉŽĨĂŵŽďŝůĞ
ƐĐĂīŽůĚŝŶƉůĂĐĞƐǁŚĞƌĞĂĐƌĂŶĞĐĂŶŶŽƚďĞƵƐĞĚ͘tŚĞƌĞƚŚĞƌĞŝƐĐƌĂŶĞĂĐĐĞƐƐ͕ƚŚĞƐƉĂĐĞĨƌĂŵĞ
ƐLJƐƚĞŵĐĂŶďĞƉĂƌƟĂůůLJŽƌǁŚŽůůLJĞƌĞĐƚĞĚŽŶƚŚĞŐƌŽƵŶĚĂŶĚůĂƚĞƌůŝŌĞĚŽŶƚŚĞƐƵƉƉŽƌƚƐ͘LJƚŚŝƐ
ŵĞƚŚŽĚůĂƌŐĞƐƉĂŶĂŶĚďŝŐĂƌĞĂƐĐĂŶďĞŝŶƐƚĂůůĞĚŝŶƐŚŽƌƚĞŶĞĚƟŵĞƉĞƌŝŽĚ͘
dŚĞĐŽŶǀĞŶƟŽŶĂůƐƚĞĞůƐƚƌƵĐƚƵƌĞƐĐĂŶĐƌŽƐƐůĂƌŐĞƐƉĂŶƐŽŶůLJŝŶŽŶĞĚŝƌĞĐƟŽŶďƵƚƐƉĂĐĞĨƌĂŵĞƐĐĂŶ
ĐƌŽƐƐůĂƌŐĞƐƉĂŶƐŝŶďŽƚŚĚŝƌĞĐƟŽŶƐ͘dŚŝƐŐŝǀĞƐŐƌĞĂƚǀĞƌƐĂƟůŝƚLJĂŶĚĨƌĞĞĚŽŵƚŽƚŚĞĚĞƐŝŐŶĞƌŝŶƚŚĞ
ƐĞůĞĐƟŽŶŽĨƐƚƌƵĐƚƵƌĂůƐLJƐƚĞŵ͘^ŝŶĐĞƚŚĞƐĞůĨͲǁĞŝŐŚƚŽĨƐƉĂĐĞĨƌĂŵĞŝƐƐŵĂůů͕ŐƌĞĂƚĞƌĞĐŽŶŽŵLJŝƐ
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