The Urgent Need for Change and The Superior Path Forward

THE COMPANY IS IN A WORSE POSITION NOW THAN WHEN MR. BRAM TOOK OVER NINE YEARS AGO Despite the acquisitions, Synalloy's progress towards Mr. Bram's stated goal is illusory, as the revenue base that he inherited has actually contracted PRIVET FUND $ in millions UPG STRONGER TOGETHER No Organic Revenue Growth in 9 Years $305.2 1. Source: Company filings $170.6 2011 11% Decline Organic Revenue Acquired Revenue $153.4 $151.8 01. 02. 03. 04. 05. 2019 Contracting organic revenue combined with serial debt-fueled acquisitions has placed the Company in a precarious financial position Meaningful Change is Required at Synalloy 37

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