The Urgent Need for Change and The Superior Path Forward

2019: ANOTHER ENORMOUS EARNINGS MISS (CONT.) 1 2 3 4 PRIVET FUND "Synalloy's annual forecast for 2019, including the addition of ASTI's operations, calls for revenue of $340 million. Adjusted EBITDA is projected to total $34 million. The Adjusted EBITDA forecast assumes no inventory profits in 2019 and represents a 24% increase over 2018's Adjusted EBITDA on a comparable basis."1 01. 02. 03. 04. 05. "The company is off to a great start in 2019 as each of our business units performed in line with or exceeded the first quarter forecast for both revenue and earnings. As noted in the earnings release, we are reaffirming our guidance for 2019 and expect revenue totaling $340 million and adjusted EBITDA of $30 million."2 Meaningful Change is Required at Synalloy "Synalloy Corporation (Nasdaq: SYNL), today announced reduced guidance for the full year 2019 results. Net sales are now expected to total $329 million, down from the previous forecast of $340 million. Adjusted EBITDA for the year is estimated at $22 million, down from the prior forecast of $30 million." UPG STRONGER TOGETHER "With less than two months remaining in 2019, we see no signs of improving demand in our end markets. Inventory levels in the welded stainless steel pipe market have normalized, which is a prerequisite for stronger order activity going forward, but is too late to provide any benefit to the current year. We are now projecting Adjusted EBITDA for 2019 of approximately $15.0 million." 4 - 2020 Pre-Coronavirus Guidance... ¡Company Admits Limited Visibility & Minimal Progress I "The Company has limited visibility on the direction of the manufacturing economy I in 2020... We do not expect a recession in 2020, but we do anticipate a period of flat to softening demand across our more industrial focused markets. 2020 forecast includes: Sales $295-$305 million, Adj. EBITDA - $17-$20 million including $5.4 million in inventory losses."5 1. Guidance Press Release (01/04/19) 2. First Quarter 2019 Earnings Call 3. Updated guidance press release (6/19/19) 5. Fourth Quarter 2019 Earnings Release 4. Third Quarter 2019 Earnings Release 51

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