The Urgent Need for Change and The Superior Path Forward

WE SEE A PATH TO IMPROVING EBITDA BY $30 MILLION PER YEAR (CONT.) Major Initiatives Management has suggested that it can cut only $6 million of costs, but we believe this is meaningfully lower than what is NEEDED and is ACHIEVABLE Manufacturing Efficiency Corporate Overhead Manufacturing Support Total PRIVET FUND UPG STRONGER TOGETHER ■ 01. 02. 03. 04. 05. Details ■ Our Plan To Strengthen Synalloy The Company's gross margins are meaningfully below peers, with one cause being very low productivity per employee ▪ ▪ There do not appear to have been investments in site organization and plant utilization initiatives We see an opportunity to improve process flows in order to reduce bottlenecks while lowering cycle times through investments in training manufacturing leaders Synalloy's SG&A costs are meaningfully above peers, due to high corporate spend and resultant inefficiencies ▪ SG&A margins have risen >400bps during Mr. Bram's tenure, to 10.7% of revenue, even as revenue has more than doubled We believe we can leverage UPG's knowledge and support structure to receive better administrative services at a fraction of the current spend ▪ The Company's cost structure points to duplicative support functions within its manufacturing and production processes ▪ We expect that the bloated managerial structure has made its way to the plants, with too few line-level employees to managers We believe we can reduce the reporting burden on plant managerial staff, freeing them up to focus solely on operational and field level KPIs EBITDA Potential $11.5 million $4.4 million $2.4 million $30.0 million 77

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