The Urgent Need for Change and The Superior Path Forward

THE CASE FOR WHOLESALE CHANGE AT SYNALLOY IS CLEAR PRIVET FUND The Board has a track record of abysmal decision-making, poor oversight, shoddy governance and sustained financial underperformance Presiding over an extended period of dismal stockholder returns Hiring and retaining a CEO - Mr. Bram - without any prior industry or corporate leadership experience 01. 02. 03. 04. 05. Executive Summary Rewarding Mr. Bram with ~$1 million in average annual compensation despite consistently poor results Endorsing debt-fueled acquisitions and capital expenditures that led to no material earnings growth Repeatedly missing publicly-stated financial guidance leading to an erosion of credibility Permitting corporate expenses to balloon as resources were wasted on purchases such as a private jet Allowing leverage to reach dangerously high levels as the economic cycle clearly entered a late stage UPG STRONGER TOGETHER Opting to conceal information related to the incumbent directors' prior relationships Misleading stockholders about having a "strategic plan" after not releasing a strategy for years and hastily announcing a future, hypothetical sale of the Company 15

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