<SEC-DOCUMENT>0000921895-20-000952.txt : 20200331
<SEC-HEADER>0000921895-20-000952.hdr.sgml : 20200331
<ACCEPTANCE-DATETIME>20200331162730
ACCESSION NUMBER:		0000921895-20-000952
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200331
DATE AS OF CHANGE:		20200331
EFFECTIVENESS DATE:		20200331

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYNALLOY CORP
		CENTRAL INDEX KEY:			0000095953
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL PIPE & TUBES [3317]
		IRS NUMBER:				570426694
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19687
		FILM NUMBER:		20762105

	BUSINESS ADDRESS:	
		STREET 1:		4510 COX ROAD
		STREET 2:		SUITE 201
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23060
		BUSINESS PHONE:		864-585-3605

	MAIL ADDRESS:	
		STREET 1:		4510 COX ROAD
		STREET 2:		SUITE 201
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23060

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKMAN UHLER INDUSTRIES INC
		DATE OF NAME CHANGE:	19710510

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Privet Fund LP
		CENTRAL INDEX KEY:			0001414517
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		3280 PEACHTREE ROAD NE
		STREET 2:		SUITE 2670
		CITY:			Atlanta
		STATE:			GA
		ZIP:			30305
		BUSINESS PHONE:		404-419-2670

	MAIL ADDRESS:	
		STREET 1:		3280 PEACHTREE ROAD NE
		STREET 2:		SUITE 2670
		CITY:			Atlanta
		STATE:			GA
		ZIP:			30305
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a10638005_03312020.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Rule
14a-101)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">INFORMATION REQUIRED IN PROXY STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
The Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant &#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Proxy Statement</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Soliciting Material Under Rule 14a-12</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid">SYNALLOY CORPORATION</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified in Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PRIVET FUND LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PRIVET FUND MANAGEMENT LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">RYAN LEVENSON</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UPG ENTERPRISES LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PAUL DOUGLASS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CHRISTOPHER HUTTER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANDEE HARRIS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ALDO MAZZAFERRO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BENJAMIN ROSENZWEIG</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">JOHN P. SCHAUERMAN</P>



</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)</P>

</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>No fee required.</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Total fee paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee paid previously with preliminary materials:</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of
its filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Amount previously paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Filing Party:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Date Filed:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Privet Fund LP and UPG
Enterprises LLC, together with the other participants named herein (collectively, the &ldquo;Stockholder Group&rdquo;), has made
a preliminary filing with the Securities and Exchange Commission of a proxy statement and accompanying <B>WHITE</B> proxy card
to be used to solicit votes for the election of the Stockholder Group&rsquo;s slate of highly qualified director nominees to the
Board of Directors of Synalloy Corporation, a Delaware corporation (the &ldquo;Company&rdquo;), at the Company&rsquo;s upcoming
2020 annual meeting of stockholders, or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements,
reschedulings or continuations thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As previously disclosed,
on March 30, 2020, a podcast interview with Benjamin Rosenzweig, a director nominee of the Stockholder Group, was posted on The
Deal&rsquo;s website. A written transcript of the interview is attached as Exhibit 1 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Source</B>: The Deal. Activist Investing
Today podcast with Ronald Orol. The Deal is not a party to and has not endorsed our proxy solicitation and has not consented to
the use of this podcast interview in our proxy solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>CERTAIN INFORMATION
CONCERNING THE PARTICIPANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Privet Fund LP, together
with the other participants named herein (collectively, the &ldquo;Stockholder Group&rdquo;), has filed a preliminary proxy statement
and an accompanying WHITE proxy card with the Securities and Exchange Commission (&quot;SEC&quot;) to be used to solicit votes
for the election of its slate of highly qualified director nominees at the 2020 annual meeting of stockholders of Synalloy Corporation
(the &quot;Company&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; background-color: #FEFEFE">THE
STOCKHOLDER GROUP STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S
WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT
WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">The participants in
the proxy solicitation are anticipated to be Privet Fund LP (&ldquo;Privet Fund&rdquo;), Privet Fund Management LLC (&ldquo;Privet
Fund Management&rdquo;), Ryan Levenson, UPG Enterprises LLC (&ldquo;UPG Enterprises&rdquo;), Paul Douglass, Christopher Hutter,
Andee Harris, Aldo Mazzaferro, Benjamin Rosenzweig and John P. Schauerman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date hereof, Privet Fund is the direct
beneficial owner of 1,535,507 shares of Common Stock. Privet Fund Management, as the general partner and investment manager of
Privet Fund, may be deemed to beneficially own the 1,535,507 shares of Common Stock beneficially owned by Privet Fund. Mr. Levenson,
as the managing member of Privet Fund Management, may be deemed to beneficially own the 1,535,507 shares of Common Stock beneficially
owned by Privet Fund. As of the date hereof, UPG Enterprises is the direct beneficial owner of 723,401 shares of Common Stock.
Messrs. Douglass and Hutter, each as a manager of UPG Enterprises, may be deemed to beneficially own the 723,401 shares of Common
Stock beneficially owned by UPG Enterprises. As of the date hereof, Ms. Harris and Messrs. Mazzaferro, Rosenzweig and Schauerman
do not beneficially own any shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><U>The Deal&rsquo;s Activist Investing
Today podcast with Ronald Orol: Interview with Benjamin Rosenzweig</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">This is Ron Orol. And we are listening to The Deal's Activist
Investing Today podcast, and I'm very excited to be speaking today with Ben Rosenzweig of Privet Fund Management, an up and coming
activist investor who's partnered with UPG Enterprises to launch a contest seeking to elect five directors. This is a change of
control slate under the board of Synalloy Corp, an $82 million market cap metals and chemical company. Thanks, Ben, for taking
the time to chat with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Yeah, no problem. Appreciate you having me on.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Okay. So Ben, before we talk a little bit about Synalloy,
I wanted to see if you could just tell us a little about Privet, when it was formed, and just maybe a little bit of color about
what it's like being an activist investor in today's volatile, coronavirus-driven markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Sure. Sure, no problem. So Privet was formed in 2007 by my
partner, Ryan Levenson, and I was able to join him in 2008. So we've been doing this for a while, working together for almost 12
years now. So what I'd say about us is we're long-term investors and we're not necessarily exactly what you'd picture when you
think of your typical activist shareholder. For one thing, we really only focus on what I would term to be small companies. And
these are businesses with under $500 million or so in revenue. And so that's where we've kind of stake in our niche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">And we run a pretty concentrated portfolio where we're taking
large stakes in these businesses, often in excess of a five or 10 percent, and really digging in onto the strategy and the operations
of the company in addition to what you typically see from investors, and in terms of the financials and the governance. So we've
been able to maintain a pretty constructive track record of collaborating with boards and management teams to accomplish some pretty
unique things.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">So personally I've served on six public company boards throughout
my career. And my partner, Ryan, as I mentioned before, he's served on eight public company boards. So we're not really one of
those firms that just shows up and demands a whole bunch of things immediately, right? We own businesses over a longer period of
time. So we're very transparent with management teams when we show up on the scene, try to cultivate a relationship with them,
learn their business. Because ultimately, we have a shared goal here which is to create shareholder value for everybody.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">And so I think it's interesting. We'll get into it a little
bit more in a second about Synalloy. So Synalloy, that campaign's come up after we've been a shareholder for multiple years. We've
been a shareholder for four years. We've actually been the largest shareholder for three years. So we feel very confident when
we say something like current leadership is not capable of creating shareholder value because we've know. We've lived with them.
We've seen what they've been doing and what has worked. And more often than not, what hasn't worked. And so you can see it in very
objective measures that we've been pointing out in some of our campaign materials that it just shows that they haven't been able
to create value over a long period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">So you're sticking with this investment in campaign despite
all the volatility in the marketplace?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">That's right. I think it would be disingenuous to say that
we don't see a lot of changes based on what's happened recently, right? We're very cognizant of how the coronavirus is impacting
the world right now. But thinking about it from the investor hat on, what I will say is that, if anything, good leadership right
now is more important than ever. So if you can't drive results and effectively manage a company during a period when you're talking
about the last decade that might ultimately go down as one of the greatest decades of economic expansion that most people have
lived through, why should shareholders want the current team to lead the company through a pandemic situation when we've got absolutely
no idea how long this period can last? There could be fantastic opportunities that come out of it once the volatility subsides,
and hopefully we've gone back to a period where it's a little bit more stable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">And so when I said we've been investors in the company for
multiple years and we plan to be here well into the future, I mean it. So it's just become so clear to shareholders that the company
has dramatically underperformed its potential. And we're really not worried about disrupting anything because it's organized as
a holding company. So the headquarters in Richmond, they don't actually do any manufacturing there. So the guys that are running
the businesses day to day on the ground, they don't see the management team at all. They don't interact with them. Their life is
not going to be impacted by board turnover or management turnover. If anything, they should be reinvigorated by the fact that the
owners of the company are responsive to what have ultimately been some of the failings that have permeated the entire culture there.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Yeah, it's interesting. We've seen a lot of activist campaigns
focusing on the C-suite executive pay performance things lately. Less on buybacks of late. But, so talk a little bit more about
the Synalloy. I was fascinated to learn that you kind of partnered with this UPG Enterprises, and between the two of you, you own
literally a quarter of the company. I just wrote about a campaign where the activist owns 2% and is making waves there. So this
is a huge percentage. So talk about the campaign a little bit and why you partnered with UPG, how that works. And then, I guess,
maybe talk a little about how this proxy contest is different from ones you've done previously. Have you done many change of control
proxy contests before? I know you've done some minority slate ones, but I...</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Yeah. No, that's a great question. So we haven't done any
change in control. We've done a whole bunch of minority slate ones. And so I think it's very important when you look at the specifics
of the current situation of what's going on at Synalloy. Synalloy is a business that's got great assets in both the chemicals and
the metal segment. It leads us to believe that the right leadership can really unlock tremendous value for not just shareholders,
but all the stakeholders when you're talking about customers, employees, everybody that could stand to benefit from better leadership
here.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">So it's like I said. It's organized like a holding company.
It's got a lot of standalone businesses. And each one of them is pretty attractive from our perspective. They're very niche, they've
got leading market positions, and what we see as great potential. And so most of our issues are really what's been going on at
the holding company level. There's been this ballooning of corporate expenses, lack of any sort of operational experience in the
C-suite in terms of being able to really oversee and provide a strategic direction for some of the operating businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">And when you look at the capital allocation, they really
haven't been able to effectively integrate and recognize the benefits from the assets that they've acquired. And they haven't been
able to build a culture of collaboration where you're integrating these tangential businesses and recognizing some of the benefits
that could come with that level of scale and that level of partnership. And when you look at any company that you're going to run
a campaign at, I'm sure you see this all the time, you're really looking at the management team and the board. Their tenure, their
experience, the results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Here, there's a very long tenured CEO. He's been on the board
since 2004. He stepped into the CEO position in 2011, so we're going on nine years here. The chairman's been there since 2001,
and the board is incredibly under-qualified. It's an eight person board. There's not a single person who's got real metals or chemicals
expertise. One person on the board was a chemical engineer, but that's about it. And out of the eight people, there's only one
other public company board that's ever been served on by any of those people.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">So in terms of just objective, demonstrable skills that could
be transferable to this situation, it's pretty light. And I think that's something that we've taken great issue with. And I appreciate
you pointing out our partner at UPG here. UPG, in our estimation, they're the perfect partner for us in this campaign. They're
a hold-</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Because you're essentially a hedge fund and they're an operating
company that...</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">That's exactly right. Right? So between the two of us, we
bring a lot of skills that can be very, very useful at this business. UPG, they're an operational company. They are organized like
a holding company as well. They own eight different metals, manufacturing, distribution and logistics businesses. And they've grown
to about $750 million of revenue, which is interesting when you contrast that with Synalloy who's been at $300 million or so. And
they've been around for over three decades.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">And what's great about UPG is, I think you've seen in the
past where you've got an operator teaming up with an investor that maybe could be accused of being a hired gun or something like
that. Here, the UPG team, they've put their money where their mouth is. They've come out of pocket, they've bought the stock, the
same class of stock as us, the same class of stock as every other shareholder, and they own 8% of the company as well. So that
should tell you the guys that know what they're doing, guys who know how to operate businesses, they believe in the potential of
this company if it were to be managed better by real operational experts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">And you had mentioned previously that you acquired this Hardinge,
metal-focused company that Privet owns itself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">That's right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">So you have some expertise in the metals industry, as well,
beyond your investment side. I guess I'm trying to get a sense of how this might play out. You're not trying to take over this
business in terms of buy it or anything in an unsolicited acquisition, right? This is trying to get directors on the board basically?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">That's right, yeah. So it just so happens that we have a
focus on a lot of industrial manufacturing and metals vending companies. And we have the capability to be able to deploy capital
in many different ways. But no two situations are alike, and we're all about doing what's best for the situation at the right time.
Right? We don't want to shove a square peg in a round hole. We want to have the flexibility to make sure that we're doing what's
best.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">So I want to be crystal clear. We are not pursuing an acquisition
of Synalloy, nor do we plan to do so in the future. All we're trying to do is replace directors now because we believe there's
tremendous value in the company's shares that's currently sitting there trapped due to mismanagement. And so I think it's certainly
something that we've seen, and we wouldn't put it out of question for the company as a defense mechanism to come back and try to
maybe scare shareholders a little bit and say that we're trying to acquire the company or something like that. But it couldn't
be further from the truth. I think that's their only defense, right?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">It's worth noting that in their press release coming back
after our proxy and after our nominations, they didn't refute any of our claims about their dramatic underperformance from a share
price perspective, from an operational perspective. All they're trying to do is just characterize us as some sort of threat to
shareholders. When I think what we would say is the real threat is the continued underperformance of the business, and having shareholders
that are not able to realize any return on their capital when money deployed into almost anything else would have turned into an
exponentially greater amount of money.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">And so they are still underperforming their peers even with
this dramatic market selloff we've seen in recent weeks?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Yeah. They really are. I think we don't want to cherry pick.
We want to look at the whole picture here over every conceivable timeframe. And especially since the current CEO has been in place,
which is almost been 10 years. They've meaningfully lagged behind their peers. But what we've also done is tried to correct, or
at least take the current market volatility out of the equation. So, and you'll see in some of our proxy materials when we're measuring
performance, we measure it up until December 31st of 2019 so that nobody could say, &quot;Oh, the current volatility is the reason
that we've underperformed&quot; or kind of use it as a cop out. And when you look at it through 2019, there is no excuse because
the economic expansion everywhere else has just been so pronounced and they can't keep up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">So I think we've been very clear that the underperformance
is there. We want to really focus the issues on the operational side of the business in reducing expenses, getting rid of some
of that corporate waste and bloat. Really digging into the supply chain, the inventory, the supplier relationships, and being a
lot smarter with M&amp;A. Being an effective integrator, capturing synergies as opposed to what we've seen at this company, which
we call dis-synergies. When you acquire companies and you actually add costs to support that infrastructure, which is the opposite
of what you want to be as a successful acquirer when you're able to leverage your fixed costs and see incremental flow through
to the bottom line.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">And the UPG guys are incredibly adept acquirers. We feel
really good about their ability to help us as we look to do M&amp;A in the future because I think that that could be a core pillar
in what we want to do. But we've got to fix what we have first because it can be great.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">When you say look towards M&amp;A in the future, you're talking
about that you might want to partner with them to acquire other businesses unrelated to Synalloy?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Yeah. It's a very fragmented industry. I think there's a
lot of great opportunities out there and I think there could be many impactful acquisitions as we look to the future. But right
now, we want to make sure not to confuse the issue. It's all about fixing what we have. That's the number one thing that we need
to do because there's a lot of value that can be created there, and then that gives us options going forward. Right? We have the
opportunity to do a lot of things, but only if our base is solidified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Okay, interesting. And I think I got a sense of the different
strategic direction you'd like to see them put in. But just to kind of sum it up, they need to cut costs. They need to start integrating
some of the different disparate companies that they own that are not collaborating or working together. There needs to be some
more synergies among the various different units. Is that basically it?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Yeah, I think that's right. And I think as you're doing that,
you have the ability to restore management accountability, which is what we really want to bring to the company with the enhanced
board level expertise that people that understand the industry can bring, right? They can bring relationships. They can bring strategic
direction. Operational execution. But at the end of the day, everybody wants to be part of a winner, right?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">And I think the UPG guys have done a great job of instilling
a fantastic corporate culture and ethos into their businesses by acquiring sleepy, underperforming businesses, integrating them
into what they've been able to accomplish. A higher growth, exciting business. Because at the end of the day, right, these are
metals, manufacturing businesses. It's not exactly like Google.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">But people want to be part of something that's successful.
They want to have autonomy. They want to have the ability to create value and demonstrate what they're able to accomplish. And
so I think UPG and their execs, and some of the guys that we've proposed here, they have that experience. They can recreate that
at Synalloy and it's not going to take that long. I think there are a lot of things that can be implemented from their past experiences
at the company that can really reinvigorate what's been a sleepy underperformer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">All right. Well it's going to be interesting to see how this
plays out. From my conversations with the proxy advisors in the past, Institutional Shareholder Services, Glass Lewis, I know that
they are less eager to support, recommend investors, support a change of control contest versus a minority slate contest. These
are often, I don't know, higher thresholds or burdens. A lot of times they want to see a big plan where the activist that has a
CEO candidate that they would replace. I can't remember. Do you guys have a someone you would like to put in there if you took
control of the board? Or a plan for what would happen to the executives slate?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Yeah. So you're exactly right. In change of control situations,
there certainly is a higher bar and a threshold in order to convince people that this is the right thing for the company. So we're
very cognizant of that. And I would say that right now where we sit, having just filed our preliminary proxy... Due to SEC rules
I can't comment on this in too much detail just yet. But what I will say over the course of our campaign, we'll definitely be releasing
a comprehensive plan detailing in specifics how we expect to improve the company. And I hope that should answer some of your questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Okay. I'll be looking forward to that and I will definitely
be following it. I'm going to ping over to ISS and Glass Lewis and make sure I get their reports when they come out. Curious to
see what they think about it. So, okay. So let's talk a little bit about your past activist engagements. For some reason, I wrote
a lot about your Potbelly one probably because everyone knows, at least in the greater DC area where I'm based, everybody knows
about Potbelly. But just give me a little of a color of how of your past activist engagement of companies informed your approach
to activism and, I guess, your effort at Synalloy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Sure. So, past experiences have definitely enabled us to
gain what I would term to be a deeper understanding of the various opportunities and challenges that present themselves in any
board room. Just speaking at a high level, right? As I said, I've been on six public company boards. You kind of get a sense for
some of these things. And over time I've learned to understand a lot more of the governance aspects that tend to show themselves
in public company situations, right?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">And I think as you've seen more recently, you've seen a lot
more institutional investors focusing on governance, sustainability, some of the things that go with that. And I think having that
experience in a lot of different board rooms is going to serve us well. As I said, at Synalloy, they don't really have a lot of
experience having seen some of the other problems and some of the curveballs that could be presented when things go off the rails
a little bit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">And so I think there's a lot of really being involved in
the business. I think at a high level, a lot of directors, they don't have an understanding of what their role should be in a public
company context, right? When to ask questions, when to hang back, when to challenge management, when to immerse yourself in all
the data that is available to you. And so I think when you go in and you're coming in from this vantage point of knowing that the
status quo is unacceptable, that it needs to be changed, that gives you the ability to really start peeling back the onion a little
bit more and being able to leverage some of the things that you've seen in other companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">And obviously that's the benefit of being a little bit more
of an investor that isn't focused on one specific company or one specific industry. You're able to leverage a lot of these learnings
that could be applicable. And so we've found that when we come to a new situation, there are a lot of these problems that tend
to be recurring in small companies that can be addressed very quickly by looking at what we've done in the past and applying that
to the current situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Interesting stuff. So I'm curious. Like I said before, I
was interested in your partnership with UPG Enterprises. The fact that you guys own a metals-focused company seems like there's
a hybridization in your investment approach, to a certain extent, between activists investing on a hedge fund side, and private
equity. And obviously we see this on a very big scale with Elliott Management, and they're setting up their Evergreen Fund, and
they're buying companies, or partnering with other companies to buy them. But in the small cap space, I don't know, I haven't seen
that much of this kind of hybridization of... Anyways, I'm just curious if you think there's going to be a lot of private equity
style activism opportunities to arise, particularly as a result of this current economic downturn. Are you buying additional shares
in companies you feel are undervalued during when there's a big market sell off?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">No, that's a great question. You kind of hit the nail on
the head when you were talking about some of this hybridization, right? Because at the end of the day, structure is less important
than understanding the company. Being able to provide for what the company needs. And that ultimately it's being a good investor,
right? And so I think when you remove some of the artificial constraints that come from these silos of private equity, or public
equity or hedge funds, you get back to just being a good investor. Maybe this is what people were doing 20, 30, 40 years ago where
you're doing what's right for the company as opposed to what your mandate might be.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Right now, I think there are a lot of really great companies
out there, especially in the smaller segment of the market, knowing that a lot of them need to be revitalized. They need to be
re-energized. They need to reexamine the way they're doing things. And unfortunately, it doesn't take a global pandemic for that
to happen. I think there's always a great opportunity to be investing in smaller companies. Because at the end of the day, if you've
got a company that's been around for 20, 30, 40 years and it's still a small company, they could have done something better, right?
They could have grown into a big company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">And so there's the opportunity to get to align yourself with
them, evaluate whether they have the right team in place, evaluate whether the board is looking out for the shareholders. And work
with them, hopefully, as option number one to see if you can augment their strengths and provide some bandwidth where they might
not necessarily have the resources to take them to the next level. And if you're really so convicted about the opportunity but
you don't think you have the right players on the field in the right places, then you can see what could be the right outcome to
potentially replace some of those people, both in the board room and in the management team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Okay. So last question. I really appreciate you, Ben, taking
so much time to chat with us here. And this is a question that I've been struggling with ever since the pandemic went in such a
high scale, and that's the question of wondering which sectors are the most attractive for activism in the current economic environment?
I was talking to some of my colleagues recently, and we talked about the oil and gas sector, how a lot of activists were burned
in the oil and gas sector in the 2008-2009 financial crisis timeframe, and how it's very illiquid now.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">So other than Carl Icahn, we're not expecting that much activism
in oil and gas space. But we were wondering, do activists want to launch campaigns at companies in other sectors that could experience
continued downward pressure as the coronavirus expands, and people are still stuck at home for extended periods of time? So yeah.
I'm really curious to hear what you think are ideal sectors for investment in this, in this climate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">No, that's a great question. And if I can answer with absolute
certainty, I would be putting a lot of capital to work right now. But I think we all tend to gravitate towards what we know, right?
So we don't do a lot of investment in oil and gas, or in healthcare, or pharma, or things like that which are potentially very
binary. Right? And obviously, healthcare is incredibly dynamic right now, and it could be extremely lucrative if you're in the
right place based on what's needed and at what time.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">But we know basic industries. We know manufacturing very
well. And I think, I'm not going to speculate on when we're going to come out of this, but whenever we do come out of this, I'm
extremely optimistic for manufacturing companies. Especially American manufacturing companies. Because this is just a theory, right,
but it feels a lot different than the 2008-2009 timeframe when there was a little bit of sowing the seeds of what would eventually
become inequality. And certain people felt that there were irresponsible actions by a select few that plunged the entire economy
into a dark place. Here, there's really not a lot that anybody could've done differently. I think everybody was very confident
in where we were sitting. And then this kind of came out of left field, and we're all kind of working together here. There's a
lot of, &quot;We're all in this together&quot;, right? And so-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">This is not the big CEOs, the big bank CEOs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Yeah. Exactly. And when you look at the current backdrop
of what's going on in Washington, and the current government, I would not be surprised, not that I'm condoning it or saying that
it's wrong, but I just would not be surprised if we came out of this with a very big initiative. We all fell down together. We're
all going to pick ourselves up together.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">And that's going to start with, &quot;Buy American goods.
Buy stuff that's made in the USA. Put your neighbor back to work, and he will do the same for you&quot;. And I think that when
you look at companies like Synalloy that manufacture in the Americas, that have a fantastic blue collar, very loyal workforce,
I would not be surprised if they became a secular beneficiary of whatever happens when we come out of this.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">And so I think that bringing it all back to what we're trying
to accomplish by catalyzing the change that we know is necessary at Synalloy, and not waiting, we're giving the stockholders the
opportunity to put in place a board that has very relevant operational, strategic, governance experience. So that when the business
is beginning to turn around, and there's this great opportunity, and this fantastic open road in front of us, we've already reinvigorated
the corporate culture that had been stagnant for a long time. And we can actually capitalize on it. So we tried to find the slate
of fantastic nominees that we are very confident can implement a plan that makes the most sense to create sustainable long-term
shareholder value. And that's a company we want to be a part of for a very long time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ron Orol:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">All right. Well thanks, Ben, for taking a little time. You've
been listening to The Deal's Activist Investing Today podcast with Ron Orol. And yeah, we've been talking to Ben Rosenzweig of
Privet Fund Management. Thank you for taking the time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ben Rosenzweig:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Appreciate it.&nbsp;</P>

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