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Investor Presentation Investor Presentation For more information, please contact Tim Carter, chief financial officer at 612 303-5607 or [email protected] Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in Europe through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Ltd., authorized and regulated by the Securities and Futures Commission. Private equity strategies and fixed income advisory services are offered through separately registered advisory affiliates. © 2021. Since 1895. Piper Sandler Companies. 800 Nicollet Mall, Minneapolis, Minnesota 55402-7036 Piper Sandler Investor Presentation Cautionary notice regarding forward-looking statements This presentation contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including those factors identified in the document entitled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020 and updated in our subsequent reports filed with the SEC. These reports are available at our Website at www.pipersandler.com and at the SEC Website at www.sec.gov. Forward-looking statements speak only as of the date they are made, and Piper Sandler undertakes no obligation to update them in light of new information or future events. On January 3, 2020, Piper Jaffray and Sandler O’Neill merged to become Piper Sandler Companies. The fiscal year 2020 financial results and measures include Sandler O’Neill beginning from the date of merger on January 3, 2020. Financial measures for periods ending on or prior to December 31, 2019 and presented herein, represent the results of Piper Jaffray Companies not including Sandler O’Neill. Contents Piper Sandler Investor Presentation I. Our business and value proposition II. Investment rationale III. Appendix Section I. Our business and value proposition Year Founded: 1895 NYSE: PIPR Headquarters: Minneapolis, MN Employees: 1,500+ Offices: 60+ A leading investment bank $1.23BB REVENUE FULL YEAR 2020 MIX We enable growth and success for our clients through ADJUSTED NET deep sector expertise, candid advice and a differentiated, REVENUES* highly productive culture. INVESTMENT BANKING | $716MM** • M&A advisory • Diversified firm with market leadership across businesses, deep expertise in • Equity and debt capital markets focus sectors, and broad product capabilities • Debt advisory • Restructuring advisory • One of the largest and broadest middle-market investment banks on the street with a reputation for client-first approach EQUITY BROKERAGE | $161MM** • Top-ranked M&A advisor and represents one of the fastest growing platforms in • Institutional sales and trading the U.S. • Equity and technical research • Book run, market-leading equity and debt underwriting franchises • Scaled equity brokerage business and premier client destination that combines PUBLIC FINANCE | $143MM** top-ranked research, trading, and capital markets capabilities • Municipal underwriting and advisory • Differentiated, advice-driven fixed income business FIXED INCOME | $196MM** • Well capitalized and low leverage with meaningful capacity to generate free cash • Municipal and taxable sales and trading flow across cycles • Balance sheet strategy and analytics * A non-GAAP financial measure. See Appendix for a reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure. ** Represents 2020 revenues PIPER SANDLER | 5 Strategic objectives I. Our business and value proposition WE REMAIN FOCUSED ON EXECUTING OUR LONG-TERM STRATEGIC OBJECTIVES Continue executing on our investments and fully realizing the revenue synergies resulting from recent acquisitions by collaborating across business lines to leverage the full capabilities of our firm Drive to pave the way for future growth revenue Transforming our business through strategic investments and selectively adding partners who share growth our client-centric culture and who can leverage our platform to better serve clients Growing our investment banking platform through accretive combinations, developing internal talent, and continued sector and geographic expansion Leverage scale within equity brokerage and fixed income platforms driven by expanded client base Build a and product offerings stronger and more durable Continue to grow market share and register strong relative performance across market cycles platform Reduced inventory and risk in our fixed income business as we focus on defined client verticals driving a strategic shift towards an advisory-centric model with more consistent returns Prudently managing capital and costs to maintain our balance sheet strength and flexibility through Maximize all market conditions $ shareholder value Deploy excess capital to drive shareholder returns through growth initiatives, dividends, and share repurchases PIPER SANDLER | 6 Transforming our business through strategic investments I. Our business and value proposition DRIVING REVENUE GROWTH, BUILDING A STRONGER AND MORE DURABLE PLATFORM, AND MAXIMIZING SHAREHOLDER VALUE THROUGH FOCUSED INVESTMENTS 2013 Invested in 2015 2020 Public Finance Invested in Advisory Invested in Financial Services Acquired Seattle Added a leading DCM team Merged with Sandler O’Neill, Northwest, a market to broaden our product 2018 the leading financial services leader in the Pacific capabilities investment bank; the Invested in Northwest combination increases the scale Invested in Healthcare of our M&A practice, Invested in Advisory Fixed Income Strengthened strengthens our capital markets Acquired Edgeview, an Acquired BMO Capital industry sub- platform, adds a differentiated M&A firm dedicated to Markets GKST to expand our verticals with fixed income business, and the private equity fixed income sales, trading expansion into enhances our equities business community and underwriting platforms biopharma 2014 2016 2017 2019 2020 Invested in Advisory Invested in Invested in Invested in Equity Invested in Advisory Acquired PCG, an M&A Energy Public Finance Trading Acquired The Valence Group boutique for health and Acquired Broadened Acquired Weeden & adding a leading chemicals and wellness-oriented Simmons & specialty sectors, Co. to be a market materials M&A advisory practice businesses, to add a Company, a and expanded our leader in best new vertical to our premier energy high-yield practice execution Expanded our diversified industrials and services group consumer group investment Invested in with the addition of a new team bank Public Finance Added a team in Acquired TRS Advisors, a Nebraska to continue restructuring advisory firm, to expanding our state broaden our product and local government capabilities practice PIPER SANDLER | 7 Investment banking I. Our business and value proposition SIGNIFICANTLY SCALED, DURABLE PLATFORM WITH DEEP AND BROAD SECTOR EXPERTISE • Multiple market-leading franchises in significant industry sectors provide resiliency across cycles • Five scaled industry teams each with potential to generate $100MM+ of annual investment banking revenues, including healthcare and financial services which can each generate $200MM+ in a strong year Diversified Financial SENIOR SENIOR Energy & SENIOR 65 BANKERS Healthcare 40 Industrials 28 Services BANKERS SENIOR Power BANKERS & Services 25 BANKERS COMPLETED COMPLETED COMPLETED 458 DEALS* 199 DEALS* COMPLETED 222 DEALS* 104 DEALS* STOCKS STOCKS STOCKS 362 COVERED 239 COVERED 90 COVERED Capital Advisory & SENIOR Chemicals SENIOR Consumer 17 BANKERS Technology 8 Markets, & & Materials SENIOR BANKERS SENIOR 13 BANKERS Sponsor 39 BANKERS COMPLETED COMPLETED Coverage 137 DEALS* COMPLETED 55 DEALS* JUNIOR 35 DEALS* 39 BANKERS STOCKS STOCKS 88 COVERED 128 COVERED * Completed deals include closed advisory deals from January 1, 2016 to December 31, 2020; deal counts reflect combined Piper Jaffray and Sandler O’Neill data Note: Senior bankers include vice president through managing directors. Stocks covered represent number of companies under coverage by research. The Chemicals & Materials group represents PIPER SANDLER | 8 historical data from The Valence Group, which we acquired on April 3, 2020. Growth trajectory of corporate investment banking platform I. Our business and value proposition ONE OF THE LARGEST AND BROADEST MIDDLE MARKET INVESTMENT BANKS ON THE STREET Corporate Investment Banking Revenues ($ in millions) $1,000 Growth Drivers • Market share gains • Consistently winning larger assignments • Disciplined MD headcount growth through $750 strategic hiring and internal development $716 • Financial sponsor momentum Average $516 • Accretive combinations $526 $527 $295 $493 Average $323 $100 $105 $123 $362 $297 $310 Average $156 $72 $110 $114 $171 $426 $422 $420 $144 $154 $370 $290 $70 $94 $63 $187 $196 $81 $84 $76 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Medium- Next Stage of Term Goal* Growth Corporate Financing • Geographic expansion Advisory Services • Continued sector penetration 53 Managing Director Headcount Growth 138 • Trajectory of new MDs MDs hires • Tuck-in acquisitions
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