The Urgent Need for Change and The Superior Path Forward

...EVEN AFTER ACQUIRING HIGHER MARGIN BUSINESSES PRIVET FUND 10.3% Since Mr. Bram became the Chief Executive Officer in January 2011, the Company acquired multiple high margin businesses, only to erode their value under Synalloy's ownership SYNL (2011) UPG STRONGER TOGETHER 20.3% SYNL Gross Margin vs. Target Gross Margin at Time of Acquisition 32.7% 28.4% Palmer CRI SPT (LTM 06/30/12) (LTM 06/30/13) (LTM 07/31/14) 1. Source: Public filings (3.2%) MUSA - Stainless (FY 2016) ΝΑ 01. MUSA - Galvanized (2018) 21.3% Meaningful Change is Required at Synalloy 02. 03. 04. 05. ASTI (FY 2018) I 10.1% SYNL (2019) I I 44

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