The Urgent Need for Change and The Superior Path Forward

CORPORATE SPENDING IS OUT OF CONTROL ■ The incumbent Board and management team have overseen an astronomical increase in "unallocated" corporate expenditures that have driven Synalloy's margin issues In 2010, a year prior to Mr. Bram's appointment, the Company's annual "unallocated corporate expenses" stood at $1.5 million $ in millions Since Mr. Bram's appointment, these "unallocated corporate expenses" have steadily ballooned and totaled $8.4 million in 2019 $1.5 PRIVET FUND 2010A Annual Unallocated Corporate Expense $2.7 2011A UPG STRONGER TOGETHER $3.2 $3.2 $3.2 2012A CAGR 2010-2019 > 20% 2013A $5.1 2014A $5.8 2015A 2016A $6.5 1. Source: Company filings 2017A $7.9 2018A $8.4 01. 02. 03. 04. 05. 2019A Meaningful Change is Required at Synalloy 174% Revenue Growth vs. Total Corporate Expense Growth 2010A 2019A ■Total Revenue Growth Total Corporate Expense Growth Corporate costs have ballooned since Mr. Bram moved the headquarters to Richmond (over 275 miles from any Synalloy manufacturing facility) and began building a corporate infrastructure 442% 46

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