The Urgent Need for Change and The Superior Path Forward

MR. HUTTER BUILT UPG INTO THE COMPANY THAT MR. BRAM WISHES SYNALLOY HAD BECOME In under a decade, Chris Hutter has helped UPG achieve impressive growth, operational excellence and a top supply chain network ■ ■ ■ ■ ■ UPG'S GROWING BUSINESS FOOTPRINT Operates 8 businesses across metals, manufacturing, distribution and logistics Boasts $725 million+ in annual revenue - ~2.5x Synalloy's revenue A ROBUST DISTRIBUTION NETWORK More than 3 million square feet of warehouse space under roof A fleet of 200+ available trucks – Owning trucks and trailers ensures on-time delivery and flexibility 18 Production Facilities and Service Centers Across North America Redundant machine capabilities ensure job completion in the event of any location-specific downtime PRIVET FUND UPG STRONGER TOGETHER ■ ■ M 01. 02. 03. 04. 05. Our Slate of Nominees and Proposed Interim CEO ■ ELITE MANUFACTURING PROWESS Processes more than 1 million tons of flat roll and long products each year UPG's acquisition during Q4 2019 of underperforming Morton/Metalex has since improved its manufacturing and on-time delivery from 68% pre-acquisition to 98% as of March 2020 UPG's Lamination Specialties has grown to over 300,000 square feet of Efficient Manufacturing Space designed to produce the highest quality electrical steel laminations and has over 40 high-speed presses with the capacity to produce over 100 million pounds of laminations annually UPG's National Metalwares has 60 years of progressive manufacturing and fabrication experience, focusing on technical development, statistical process controls and high-quality engineering 71

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