The Urgent Need for Change and The Superior Path Forward

UPG IS A TOP MANUFACTURING SECTOR OPERATOR PRIVET FUND UPG STRONGER TOGETHER UPG STRONGER TOGETHER I ■ 01. 02. 03. 04. 05. Executive Summary Founded by Chris Hutter and Paul Douglass in 2014, UPG is a hands-on, roll-up-your-sleeves operator of diversified industrial companies The leadership of Chris Hutter has helped UPG reach $725 million in annual revenue (~2.5x Synalloy's revenue) in under a decade The company has world-class capabilities across the metals, manufacturing, distribution and logistics segments It also periodically invests in underperforming and undervalued public companies The UPG organization prides itself on combining the integrity of a family-owned business with innovation and entrepreneurialism UPG's portfolio is anchored by operational excellence and a top supply chain network - which Synalloy can benefit from while remaining a stand-alone public company 7

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