The Urgent Need for Change and The Superior Path Forward

WHY HAVE COSTS CONTINUED TO RISE? Selling, general and administrative expenses ("SG&A") as a percentage of revenue has risen during Mr. Bram's tenure even as Synalloy shifts toward what is essentially a "holding company" structure PRIVET FUND 7.6% 2011 A UPG STRONGER TOGETHER 7.5% 2012A SG&A as a Percentage of Revenue 8.1% 2013A 1. Source: Company filings 8.3% 2014A 12.5% 2015A 16.4% 2016A 12.4% 2017A 9.9% 01. 02. 03. 04. 05. 2018A Meaningful Change is Required at Synalloy At the operational level, it makes no sense that the Company would be unable to leverage its general and administrative costs 10.7% 2019A 45

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