☐	Preliminary Proxy Statement

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•	In 2018, the year that Synalloy entered the Russell 2000, your Board and management team positioned the Company for a record-high share price of $24.86. Similarly, Adjusted EBITDA and Adjusted EBITDA per share in 2018 established new records at $34.1 million and $3.85, respectively.i

•	These record-setting metrics do not include the acquisition of ASTI in January 2019, which generated $6.1 million of Adjusted EBITDA that year. These also do not include the estimated $2 million improvement in Adjusted EBITDA in the Specialty Chemicals Segment from the addition of new product lines in late 2019.

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1.	Synalloy’s Proven Plan: Your Board and management team have already strategically familiarized every major distributor in North America with Bristol Metals and Specialty Pipe & Tube.

2.	Synalloy’s Proven Plan: For the past five years, Synalloy’s Specialty Chemicals Segment, whose President, Greg Gibson, has spent his entire career in sales and sales management, has directed targeted selling efforts, dedicating a sales team entirely to filling out the segment’s excess capacity.

1.	Synalloy’s Proven Plan: Your Board, comprised of experts that possess deep, industry-specific experience in manufacturing, supply chain and logistics, has applied its expertise to optimizing manufacturing efficiencies, inventory management practices and plant-level accounting.

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2.	Synalloy’s Proven Plan: Similarly, resource planning differs dramatically between manufacturing and distribution businesses. Synalloy has developed extensive expertise managing lead times from our raw material sources, incorporating production planning and ensuring delivery to our customers.

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Synalloy’s Proven Plan: Your Board and management team have consistently demonstrated their commitment to managing and reducing costs. In 2019, a period that presented an extraordinarily difficult macroeconomic environment to manufacturers, your leadership team successfully managed our cash flow, paid down debt and increased our market share, before implementing cost savings of over $6 million to judiciously prepare for a challenging new year.

2.	Synalloy’s Proven Plan: In order to reduce overhead costs, your Board has implemented a shared services group for all of Synalloy’s businesses since 2015. As a public company, Synalloy’s support systems are closely examined by a Big Four accounting firm and likely held to a higher standard than those of a private company like UPG.

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•	DO NOT return the white proxy card sent to you by Privet and UPG

•	DO NOT vote by responding to the email solicitations sent to you by Privet and UPG

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