<SEC-DOCUMENT>0000921895-20-001858.txt : 20200626
<SEC-HEADER>0000921895-20-001858.hdr.sgml : 20200626
<ACCEPTANCE-DATETIME>20200626122324
ACCESSION NUMBER:		0000921895-20-001858
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200626
DATE AS OF CHANGE:		20200626
EFFECTIVENESS DATE:		20200626

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYNALLOY CORP
		CENTRAL INDEX KEY:			0000095953
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL PIPE & TUBES [3317]
		IRS NUMBER:				570426694
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05200
		FILM NUMBER:		20992337

	BUSINESS ADDRESS:	
		STREET 1:		4510 COX ROAD
		STREET 2:		SUITE 201
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23060
		BUSINESS PHONE:		864-585-3605

	MAIL ADDRESS:	
		STREET 1:		4510 COX ROAD
		STREET 2:		SUITE 201
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23060

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKMAN UHLER INDUSTRIES INC
		DATE OF NAME CHANGE:	19710510

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Privet Fund LP
		CENTRAL INDEX KEY:			0001414517
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		3280 PEACHTREE ROAD NE
		STREET 2:		SUITE 2670
		CITY:			Atlanta
		STATE:			GA
		ZIP:			30305
		BUSINESS PHONE:		404-419-2670

	MAIL ADDRESS:	
		STREET 1:		3280 PEACHTREE ROAD NE
		STREET 2:		SUITE 2670
		CITY:			Atlanta
		STATE:			GA
		ZIP:			30305
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a10638005_06262020.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Rule
14a-101)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">INFORMATION REQUIRED IN PROXY STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
The Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant &#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Proxy Statement</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Soliciting Material Under Rule 14a-12</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid">SYNALLOY CORPORATION</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified in Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PRIVET FUND LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PRIVET FUND MANAGEMENT LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">RYAN LEVENSON</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UPG ENTERPRISES LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PAUL DOUGLASS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CHRISTOPHER HUTTER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANDEE HARRIS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ALDO MAZZAFERRO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BENJAMIN ROSENZWEIG</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">JOHN P. SCHAUERMAN</P>



</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)</P>

</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>No fee required.</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Total fee paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee paid previously with preliminary materials:</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of
its filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Amount previously paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Filing Party:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Date Filed:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Privet Fund LP and UPG
Enterprises LLC, together with the other participants named herein (collectively, the &ldquo;Stockholder Group&rdquo;), has made
a definitive filing with the Securities and Exchange Commission of a proxy statement and accompanying <B>WHITE</B> proxy card to
be used to solicit votes for the election of the Stockholder Group&rsquo;s slate of highly qualified director nominees to the Board
of Directors of Synalloy Corporation, a Delaware corporation (the &ldquo;Company&rdquo;), at the Company&rsquo;s upcoming 2020
annual meeting of stockholders, or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements,
reschedulings or continuations thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On June 26, 2020, the Stockholder
Group issued the following press release, which was also posted to <U>www.StrengthenSynalloy.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Privet Fund and UPG Enterprises Issue Letter
to Stockholders Reinforcing the Need to Reconstitute a Majority of the Board at Synalloy&rsquo;s Annual Meeting</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Letter Encourages Stockholders to Consider
One Final Question: Which Slate is Offering the Superior People, Plan and Projected Results?</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Highlights the Fact that Under the Incumbent
Board and Chief Executive Officer Craig Bram, Synalloy is Being Dropped from the Russell 3000 and its Stock is Nearing a Five-Year
Low</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Reiterates That Meaningful &ndash; Not
Incremental &ndash; Change is Needed in the Boardroom to Ensure Implementation of Privet and UPG&rsquo;s Plan for Averting Financial
Distress and Achieving up to ~$25 Per Share in Near-Term Value</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Urges Stockholders to See Through the Incumbent
Board&rsquo;s Cumulative Voting Smokescreen and Vote FOR the Meaningful Change Only Offered on the <U>WHITE</U> Proxy Card</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">ATLANTA &amp; CHICAGO--(BUSINESS WIRE)--Privet
Fund Management LLC (together with its affiliates, &quot;Privet&quot;) and UPG Enterprises LLC (together with its affiliates,
 &ldquo;UPG&rdquo; and collectively with Privet, the &quot;Stockholder Group&quot; or &ldquo;we&rdquo; or &ldquo;us&rdquo;), which
collectively own approximately 24.9% of the outstanding common stock of Synalloy Corporation (NASDAQ: SYNL) (&ldquo;Synalloy&rdquo;
or the &quot;Company&quot;), <FONT STYLE="background-color: #FEFEFE">today issued the below open letter in connection with its
nomination of </FONT>five highly-qualified and independent candidates &ndash; <FONT STYLE="background-color: #FEFEFE">Andee Harris,
Chris Hutter, Aldo Mazzaferro, Ben Rosenzweig and John Schauerman</FONT> &ndash; for election to Synalloy&rsquo;s Board of Directors
at <FONT STYLE="background-color: #FEFEFE">the upcoming </FONT>Annual Meeting of Stockholders scheduled to be held on June 30,
2020. We urge all stockholders seeking to protect and enhance the value of their investment to vote on the <B><U>WHITE</U> Proxy
Card</B>. Stockholders can review all of the facts pertaining to Privet, UPG, our nominees, and their strategy for delivering
up to $25 per share in near-term value and repositioning the Company for long-term success at <U>www.StrengthenSynalloy.com</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="background-color: #FEFEFE">***</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: #FEFEFE">Fellow
Stockholders,</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Privet Fund Management LLC (together with its
affiliates, &quot;Privet&quot;) and UPG Enterprises LLC (together with its affiliates, &ldquo;UPG&rdquo; and collectively with
Privet, the &quot;Stockholder Group&quot; or &ldquo;we&rdquo; or &ldquo;us&rdquo;) have maintained one overarching goal since the
outset of this election contest: <U>deliver the meaningful &ndash; not incremental &ndash; change urgently needed atop Synalloy
Corporation (&ldquo;Synalloy&rdquo; or the &ldquo;Company&rdquo;)</U>. We nominated five highly-qualified individuals for election
to the Company&rsquo;s eight-member Board of Directors (the &ldquo;Board&rdquo;) because minority representation will not dislodge
the incumbents, who have spent the last decade delivering staggering underperformance and racking up massive debt while failing
to realize the potential of Synalloy&rsquo;s high-quality assets and skilled workforce. We believe the need for meaningful change
at Synalloy has only grown in recent weeks as the Company has failed to produce a strategic turnaround plan and its stock has plunged
to a near five-year low of $6.51 and has now been dropped from the Russell 3000.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%"><SUP>1</SUP></FONT></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; line-height: 107%"><SUP>1</SUP></FONT> Synalloy Corporation&rsquo;s common stock traded as low as $6.51 during intraday trading on June 25, 2020.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For Privet and UPG, this election contest has
always been about putting qualified individuals in place who can address Synalloy&rsquo;s fixable weaknesses in the near-term and
reposition the Company as a thriving public market participant over the long-term. This is why we released a detailed and transparent
plan earlier this month that outlines revenue enhancement priorities, margin improvement initiatives and cost containment efforts.
We continue to believe that immediate corrective action can ensure Synalloy averts financial distress, navigates any second wave
of COVID-19 and delivers up to $25 per share in near-term value. Our plan also makes it abundantly clear that we are not seeking
to acquire Synalloy in the future or initiate a so-called &ldquo;integration&rdquo; with UPG moving forward. Despite the incumbents&rsquo;
desperate attempts to divert attention from their lack of qualifications and objectively horrendous results, <U>Privet and all
of the Stockholder Group&rsquo;s nominees besides Chris Hutter have no financial stake in UPG. The Stockholder Group and its nominees
would gain absolutely nothing from allowing any of Synalloy&rsquo;s value to accrue to another entity.</U> We only make money when
Synalloy&rsquo;s stock rises, and that has not happened under the incumbent Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Now that this election contest is nearing its
conclusion, we are asking stockholders to consider one final question as they make up their minds: <U>which slate is offering the
best people, plan and projected results?</U> This is perhaps the most important question of all once the rancor and rhetoric are
set aside. We believe an objective review of the facts should point stockholders to the slate running on the <B><U>WHITE</U> Proxy
Card</B>:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><B>Privet and UPG are offering a diverse, experienced and passionate slate of director nominees.
</B>We deliberately recruited a slate with diverse backgrounds and skillsets, including industrial manufacturing experience, metals
expertise, capital allocation and transaction acumen, human capital management knowhow and strong track records serving on public
company boards of directors. We also wanted to offer stockholders a slate that is committed to enhancing relationships with employee
stakeholders, incorporating data and analytics into boardroom decision-making, and positioning Synalloy as a force for good when
it comes to critical Environmental, Social and Governance issues. If elected, our nominees &ndash; <FONT STYLE="background-color: #FEFEFE">Andee
Harris, Chris Hutter, Aldo Mazzaferro, Ben Rosenzweig and John Schauerman</FONT> &ndash; will ensure Synalloy has a modernized
and transparent Board that is focused on staying ahead of the shifts in the 21<SUP>st</SUP> Century manufacturing economy.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><B>Privet and UPG are offering an aligned, conflict-free and proven Chief Executive Officer. </B>Chris
Hutter, who helped build UPG into a metals and manufacturing powerhouse 2.5x the size of Synalloy in just 6 years, aims to immediately
leave his position at UPG to focus 100% of his time on serving as Synalloy&rsquo;s interim Chief Executive Officer. Mr. Hutter
has sought to demonstrate throughout this election contest the levels of competence, integrity and transparency that stockholders
should expect from their Chief Executive Officer. When Synalloy initiated a low-road smear campaign to try to tarnish him and his
business record, Mr. Hutter led the charge to release fact-based information about what he has helped build at UPG, including granular
metrics pertaining to the company&rsquo;s revenue, warehouse footprint, truck fleet and customer base.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><B>Privet and UPG are offering a comprehensive strategic plan &ndash; unlike the incumbents. </B>As
noted, our nominees have released a detailed strategy for increasing revenue, improving margins and reducing wasteful spending.
This strategic plan is a practicable roadmap for addressing excessive debt, revitalizing a neglected employee base and enhancing
broken operations. These enhancements can help underpin near-term value creation and set the stage for sustainable long-term growth.
In addition, we have outlined governance guardrails in our plan to ensure that stockholders are no longer exposed to the culture
of cronyism and conflicts that has enabled rampant abuses, including the Board implementing a poison pill without stockholder approval,
intentionally omitting disclosures about the multi-decade business dealings among Board members and Chief Executive Officer Craig
Bram covertly running his own private investment firm out the Company&rsquo;s offices.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%"><SUP>2</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><B>Privet and UPG are offering tangible targets, including up to $25 per share in near-term value
creation. </B>Our nominees recognize that as soon as they step into the boardroom, they will be accountable to stockholders &ndash;
and they fully welcome that accountability. This is why we have consistently made stockholders aware of what our nominees are aiming
to achieve if they are all elected and their plan can be implemented. Given that Synalloy is being dropped from the Russell 3000
and its stock price has plunged to a near five-year low, we believe stockholders have even more reason to embrace a plan that can
result in ~4x stock price appreciation and set the stage for long-run success as a standalone public entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; line-height: 107%"><SUP>2</SUP></FONT> Horizon Capital Management, Inc. Form ADV dated January 20, 2020 (https://reports.adviserinfo.sec.gov/reports/ADV/115815/PDF/115815.pdf).</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As this election contest has unfolded, we have
been truly disappointed to see that the incumbent Board and Mr. Bram have resorted to what amount to dirty tricks and misinformation
tactics. The Company has issued a press release nearly every day for the past week. Not a single one of these communications lays
out what the incumbents stand for, how they plan to run the business or their long-term strategic vision. <U>We cannot help but
suspect that this approach &ndash; distractions and baseless mischaracterizations over business substance &ndash; has contributed
to the massive erosion of stockholder value in recent weeks</U>. Now that Synalloy&rsquo;s stock price is down more than 20% over
the past 30 days, its market capitalization is roughly half of what it was just a year ago. This dire situation is compounded by
the fact that Synalloy&rsquo;s debt now exceeds its equity market value and the Company appears destined to imminently breach its
borrowing covenants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Bleak as all of this may seem, facilitating
meaningful Board-level change at the Annual Meeting of Stockholders can be the remedy. Our nominees are ready to hit the ground
running immediately and direct all of the Board&rsquo;s efforts towards prompt revenue enhancements, expedited cost cuts and immediate
management of the Company&rsquo;s debt, including through leveraging Messrs. Rosenzweig and Hutter&rsquo;s relationships in the
banking community to explore more favorable refinancing options. Mr. Hutter also intends to begin his tenure as interim Chief Executive
Officer by traveling to all eight of Synalloy&rsquo;s businesses to meet with the first, second and third shift teams and managers.
We will not waste any time engineering the wholesale turnaround that Synalloy clearly needs in order to avert financial distress
and navigate the tremendous period of economic uncertainly that may ensue if COVID-19&rsquo;s second wave picks up.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We hope all stockholders recognize that Privet,
UPG and their nominees have not just invested capital in Synalloy, but also hundreds of hours of thoughtful planning and thorough
preparation. When stockholders consider which slate offers the better people, plan and projected results, it should be clear that
our slate is prepared to always go the extra mile for stockholders, employees, customers, vendors and the communities Synalloy
operates in. We could not be more excited about the opportunity to build a stronger Synalloy that rewards stockholders and benefits
all of the Company&rsquo;s stakeholders for years to come.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Thank you for your support.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sincerely,</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: left">/s/ Andee Harris</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">/s/ Chris Hutter</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">/s/ Aldo Mazzaferro</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">/s/ Ben Rosenzweig</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">/s/ John Schauerman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 5.4pt; text-align: justify">Andee Harris</TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Chris Hutter</TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Aldo Mazzaferro</TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Ben Rosenzweig</TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">John Schauerman</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>About Privet Fund Management LLC</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Privet Fund Management LLC is a private investment
firm focused on investing in and partnering with small capitalization companies. The firm has flexible, long-term capital with
the ability to effectuate investments across all levels of the capital structure. Privet was founded in 2007 and is based in Atlanta,
GA.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>About UPG Enterprises LLC</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">UPG Enterprises LLC is an operator of a diverse
set of industrial companies focused on metals, manufacturing, distribution and logistics. Our success continues to be driven from
within, starting with our dedicated employees who operate with a sense of urgency, commitment to customers and flexibility to
do what's right on the spot without question. With 25 locations throughout North America, its operations continue to grow with
the intention of building a business based on culture, respect and growth. Founded by two families with multi-generational experience
in various industries, UPG prides itself on having a long-term approach to business, entrepreneurial spirit and excellent teams
that represent its family of companies. To learn more, visit <U>www.upgllc.com</U>.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>Contacts</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #FEFEFE">For Investors:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #FEFEFE">Saratoga Proxy Consulting<BR>
John Ferguson / Joe Mills, 212-257-1311<BR>
<U>jferguson@saratogaproxy.com</U> /&nbsp;<U>jmills@saratogaproxy.com</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #FEFEFE">For Media:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #FEFEFE">Profile<BR>
Greg Marose / Charlotte Kiaie, 347-343-2999<BR>
<U>gmarose@profileadvisors.com</U> /&nbsp;<U>ckiaie@profileadvisors.com</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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