The Urgent Need for Change and The Superior Path Forward

MANAGEMENT IS SHAMELESSLY HIDING BEHIND THE PANDEMIC TO REMAIN ENTRENCHED - Contrary to management's assertions, there is minimal operational or financial risk associated with electing our slate – in fact, the pandemic intensifies the urgency to save Synalloy from its current trajectory FAKE RISK #1 Management should get a pass until things "stabilize” after the pandemic Synalloy leadership has the Company completely over- levered and on the brink of debt defaults Mr. Bram has zero relevant chemicals or metals operational experience, has never led a company the size of Synalloy in any industry and formerly led a retail printing shop We are very concerned that, if the market environment continues to weaken, Synalloy's equity value may never recover under the unqualified incumbent Board and management team PRIVET FUND 01. 02. 03. 04. 05. ■ UPG STRONGER TOGETHER Meaningful Change is Required at Synalloy FAKE RISK #2 Current management is critical to the Company's operations The real risk for stockholders would be to not take any corrective action and hope that the trajectory of value destruction that was occurring during the favorable market environment of the past decade does not accelerate during uncertain times ahead Synalloy is organized as a holding company, with the corporate staff in Richmond over 275 miles away from any of the Company's operations - Under our plan, all business unit leaders would remain at the Company - only the corporate office would see immediate changes There will be zero negative consequences for operating employees, suppliers or customers and we expect our election to the Board to be met with excitement among long-suffering stakeholders 63

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