The Urgent Need for Change and The Superior Path Forward

A DECADE OF SPENDING WITH NOTHING TO SHOW FOR IT... $ in millions Revenue growth through acquisitions and capital expenditures has not translated to material income growth or value creation for stockholders Cumulative Spend vs. Market Cap. (12/31/2019) $3.2 PRIVET FUND Capital Expenditures 2011A $28.1 Acquisitions UPG STRONGER TOGETHER $4.5 2012A Capital Expenditures $4.6 Acquisitions $5.6 2013A 1. Source: Company filings $31.5 $8.1 2014A $10.9 2015A $3.0 2016A $15.0 $5.3 $10.0 2017A $7.4 Since Craig Bram took over as CEO, SYNL has spent -$50 million more than its market capitalization $22.7 2018A 01. 02. 03. 04. 05. Meaningful Change is Required at Synalloy 2019A $4.5 $164.3 $116.7 Total Market Spend Cap. (12/31/19) 41

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