The Urgent Need for Change and The Superior Path Forward

DESPITE SIGNIFICANT REVENUE FROM ACQUISITIONS, MARGINS HAVE NOT IMPROVED... After spending over $164 million on acquisitions and capital expenditures, EBITDA margins have declined compared to 2011 $ in millions PRIVET FUND $139.1 5.1% 2011A $166.2 UPG STRONGER TOGETHER 6.6% 2012A $196.8 5.1% 2013A Revenue vs. EBITDA Margin 1. Source: Company filings $199.5 10.9% 2014A Revenue $175.5 6.8% $138.6 2015A 1.5% 2016A EBITDA Margin $201.1 6.2% 2017A $280.8 12.1% 01. 02. 03. 04. 05. 2018A Meaningful Change is Required at Synalloy $305.2 Revenue growth has failed to deliver the operating leverage that Mr. Bram promised stockholders 4.4% 2019A 43

View entire presentation