The Urgent Need for Change and The Superior Path Forward

MANAGEMENT AND THE BOARD HAVE DESTROYED STOCKHOLDER VALUE 350.0% Synalloy's stock has materially underperformed the broader equity markets over CEO Craig Bram's tenure Total Stockholder Return Since Craig Bram Became CEO 300.0% 250.0% 200.0% 150.0% 100.0% 50.0% 0.0% (50.0%) 01/24/2011 PRIVET FUND 12/31/2012 UPG STRONGER TOGETHER 12/31/2013 -SYNL 12/31/2014 12/31/2015 -Russell 2000 1. Note: Stock performance calculated as of 12/31/2019 12/31/2016 NASDAQ 100 Non-Financial 12/31/2017 01. 02. 03. 04. 05. Meaningful Change is Required at Synalloy Ver 322.1% 12/31/2018 142.2% Mama Over 100% underperformance compared to the Russell 2000, and that was before the uncertainty created by the coronavirus 28.7% 12/31/2019 32

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