☐	Preliminary Proxy Statement

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☐	Definitive Proxy Statement

☒	Definitive Additional Materials

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•	“SYNL outperformed the S&P 600 Small Cap Steel Index and the median of the aforementioned peer group over the CEO's tenure from Jan. 21, 2011 through March 4, 2020, the unaffected date before the dissidents filed their 13D.”

•	“Over the period ending March 4, 2020, SYNL's TSR of 42.6 percent was 117.7 percentage points above the S&P 600 Small Cap Steel Index (S6STEL) and 59.7 percentage points above the peer median. Extending this analysis through June 12, 2020, the company's TSR of (8.0) percent was 68.3 percentage points above the index and 31.5 percentage points above the peer median.”

•	“…[t]he CEO has led a cost cutting initiative that comprehensively reviewed expenses across the entire operation and will contribute meaningfully to the company's prospects. He has a laudable commitment to transparency and providing guidance to shareholders, even in a business where demand and input prices change quickly and make it difficult to be accurate.”

•	“…[t]he notion that immediate replacement of the CEO may be needed does not seem fully substantiated at present.”

•	“The dissidents' concerns about declining EBITDA margins, while factually correct (margins as of March 31, 2020 were lower than they were at the start of the CEO's tenure), do not appear to be tied to a trend of a widening gap between the company and its peers.”

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•	“Leverage began an upward trend in late 2016, exceeded the peer median in 2018, and continued to rise through late 2019. However, the company's response to current circumstances, including $6 million of cost cuts, suggest that the problem is receiving due attention.”

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“Synalloy shareholders have experienced a total return during the tenure of the CEO that bests the peer median by 31.5 percentage points. Its EBITDA margin is similar to that of peers and there are not indications of a widening gap between the company and its peers. Management has put in place a cost reduction program that is expected to save $6 million this year and anticipates that outstanding debt will be below $50 million by the end of 2020, a 46 percent reduction from the peak. Despite the dissidents' valid concerns about rising SG&A as a percent of sales and the possibility of a breach of debt covenants, the case for a change in [a majority] of the board is weakened in the face of the company's superior TSR, EBITDA margins that approximate the median of peers, and effective response to bring down its debt.”

•	DO NOT return the white proxy card sent to you by the Dissident Group

•	DO NOT vote by responding to the email solicitations sent to you by the Dissident Group

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