The Urgent Need for Change and The Superior Path Forward

THE BOARD HAS FAILED TO CREATE LONG-TERM VALUE PRIVET FUND Synalloy's incumbent Board has presided over dismal relative Total Stockholder Return Murray Wright (Since Apr. 2001) (562.8%) UPG STRONGER TOGETHER Henry Guy (Since Aug. 2011) (21.9%) James Terry (Since Aug. 2011) (21.9%) Anthony Callander (Since Apr. 2012) 1. Note: All performance periods ended 12/31/19 (38.6%) Amy Michtich (Since Apr. 2014) (27.8%) 01. 02. 03. 04. 05. Susan Gayner (Since May 2016) 29.3% Meaningful Change is Required at Synalloy Relative Over/(Underperformance) vs. Closest Direct Peers Jeffrey Kaczka (Since May 2019) (37.0%) 34

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