The Urgent Need for Change and The Superior Path Forward

...DUE TO INDUSTRY LAGGING RETURNS PRIVET FUND A singular focus on getting bigger at the expense of getting better has led to extraordinarily poor asset utilization 5.4% 2.8% 2011 A 3.9% UPG STRONGER TOGETHER 3.2% 2012A Synalloy Return on Average Assets 1. Source: Public filings 6.5% 1.9% 2013A 7.1% 1.2% 2014A SYNL 1.7% (6.1%) 2015A 2.8% (4.9%) 5.1% 2016A 0.9% 2017A Closest Direct Peers - Median 6.7% 5.3% 01. 02. 03. 04. 05. 2018A Meaningful Change is Required at Synalloy 2.9% (1.3%) What's the purpose of spending stockholder money if the assets cannot be effectively operated? 2019A 42

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