The Urgent Need for Change and The Superior Path Forward

2019: ANOTHER ENORMOUS EARNINGS MISS $ in millions Synalloy's 60% miss in 2019 EBIDTA guidance was the culmination of a decade of bad practices and illustrates how out-of-touch management is with the business PRIVET FUND $34.0 1/4/2019 UPG STRONGER TOGETHER $34.0 3/5/2019 2019 Management EBITDA Guidance 1. Source: Company filings $30.0 4/26/2019 60% Miss Initial Guidance $30.0 4/30/2019 $21.9 6/19/2019 Guidance Revision $21.6 8/13/2019 Reported FY 2019 Adj. EBITDA 01. 02. 03. 04. 05. $14.9 Meaningful Change is Required at Synalloy 11/12/2019 $13.5 Actual 50

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