The Urgent Need for Change and The Superior Path Forward

THE SPECIALTY CHEMICALS SEGMENT HAS LOST SIGNIFICANT MARKET SHARE $ in millions Operating income has declined for five straight years, with 2019 results down over 60% from peak levels in 2014 PRIVET FUND $2.2 2011A UPG STRONGER TOGETHER Growth primarily from CRI Acquisition $4.8 2012A Specialty Chemicals Segment Operating Income $5.7 2013A 1. Source: Company filings $6.1 2014A $5.7 2015A CAGR 2011-2019 = (14.4%) $4.7 2016A $4.4 2017A 01. 02. 03. 04. 05. $4.0 Meaningful Change is Required at Synalloy 2018A $2.8 2019A 56

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