The Urgent Need for Change and The Superior Path Forward

THE INABILITY TO EFFECTIVELY MANAGE INVENTORY HAS HAD DISASTROUS EFFECTS ON EARNINGS $ in millions The cumulative amount of Synalloy's earnings that have been lost to inventory pricing represents more than 21% of Adjusted EBITDA over the past nine years Cumulative Inventory Pricing Loss PRIVET FUND $1.6 2011 A UPG STRONGER TOGETHER $6.1 2012A $9.4 2013A $9.5 1. Source: Company filings 2014A $16.4 2015A $22.1 $24.8 I 2016A 2017A $19.8 OVER $26 MILLION IN CASH LOST 01. 02. 03. 04. 05. 2018A Meaningful Change is Required at Synalloy Poor inventory management + commodity price speculation = $26.2 2019A 53

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