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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 and institutional securities firm 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. © 2020. 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, 2019 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. Selected financial data by quarter IV. Appendix Section I. Our business and value proposition Year Founded: 1895 NYSE: PIPR Headquarters: Minneapolis, MN Employees: 1,500+ Offices: 60+ We are a leading investment bank and $1.0BB LTM 2Q 2020 REVENUE institutional securities firm. MIX ADJUSTED NET • Diversified firm with market leadership across businesses, deep REVENUES* expertise in focus sectors, and broad product capabilities • One of the largest and broadest middle-market investment banks on the INVESTMENT BANKING | $602MM** street with a reputation for client-first approach • M&A advisory • Equity and debt capital markets • Top-ranked M&A advisor and represents one of the fastest growing platforms in the U.S. • Debt advisory • Restructuring advisory • Book run, market-leading equity and debt underwriting franchises • Scaled equity brokerage business and premier client destination that EQUITY BROKERAGE | $145MM** combines top-ranked research, trading, and capital markets capabilities • Institutional sales and trading • Differentiated, advice-driven fixed income business • Equity and technical research • Well capitalized and low leverage with meaningful capacity to generate PUBLIC FINANCE | $126MM** free cash flow across cycles • Municipal underwriting and advisory Partnering with clients since 1895 FIXED INCOME SERVICES | $135MM** Our firm celebrates a 125-year legacy that has perpetuated because of the • Municipal and taxable sales and partnerships we forge—among our clients, our employees and the trading communities where we live and work. • 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 LTM 2Q 2020 revenues PIPER SANDLER | 5 Strategic objectives I. Our business and value proposition OUR LONG-TERM STRATEGIC OBJECTIVES HAVE NOT CHANGED DESPITE A MORE CHALLENGING OPERATING ENVIRONMENT IN THE NEAR-TERM Despite a market-wide slowdown in M&A, we continue active dialogue with our clients, poised for a return of activity Navigate near-term Diversification of our business and our recent investments through the challenging acquisitions of Weeden and Sandler are providing resiliency to our results environment Well positioned to benefit in active markets with our leading equity and debt capital raising franchises Continue growth trajectory of investment banking platform by adding top-tier Drive revenue talent and market-leading franchises, and developing internal talent growth Fully realize revenue synergies resulting from recent acquisitions by collaborating across business lines to leverage the full capabilities of our firm Build a Continue to expand high-margin, high-multiple advisory businesses stronger and more durable Leverage scale within equity brokerage and fixed income services platforms platform driven by expanded client base and product offerings to grow market share Prudently managing capital and costs to maintain our balance sheet strength Maximize and flexibility through this near-term challenging environment shareholder $ value Deploy excess capital in a normalized environment to drive shareholder returns (e.g., share repurchases, dividends, and growth initiatives) PIPER SANDLER | 6 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 with potential to generate $100MM+ of annual investment banking revenues, of which healthcare and financial services can generate $200MM+ in a strong year Diversified Financial SENIOR SENIOR Energy & SENIOR 64 BANKERS Healthcare 40 Industrials 27 Services BANKERS SENIOR Renewables BANKERS & Services 25 BANKERS COMPLETED COMPLETED COMPLETED 427 DEALS* 233 DEALS* COMPLETED 292 DEALS* 126 DEALS* STOCKS STOCKS STOCKS 341 COVERED 216 COVERED 89 COVERED Capital Advisory, SENIOR Chemicals SENIOR Consumer 18 BANKERS Technology 7 Markets & & Materials SENIOR BANKERS SENIOR 13 BANKERS Sponsor 33 BANKERS COMPLETED COMPLETED Coverage 159 DEALS* COMPLETED 64 DEALS* JUNIOR 43 DEALS* 27 BANKERS STOCKS STOCKS 84 COVERED 107 COVERED * Completed deals include closed advisory deals from January 1, 2015 to June 30, 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 | 7 historical data from The Valence Group, which we acquired on April 3, 2020. Providing the highest quality advice to our clients I. Our business and value proposition INVESTMENT BANKING COMPREHENSIVE SUITE OF PRODUCTS AND SERVICES Our platform M&A Advisory • One of the largest and broadest middle-market investment banks • Top-ranked middle market M&A advisor1 on the street • Industry-focused M&A • Deep expertise and leadership across multiple industry sectors • Advised more than 1,100 M&A transactions worth more than • Comprehensive advisory services that span the entire capital $300 billion in the past 5 years2 spectrum • Complemented by a broad range of equity and debt financing Equity Securities solutions • Leading underwriter of middle market companies • Leading aftermarket trading support Investment Banking Revenues • Focused and dedicated research coverage $ in millions Debt Securities $602 • Product expertise across entire leveraged capital spectrum $526 $527 • Leading market share in bank debt3 $493 $175 $100 $105 Private Placements $123 $362 • Leading industry expertise and products knowledge • Extensive relationships with private equity and venture firms $297 $310 $72 $110 $114 Restructuring and Special Situations $170 $426 $422 $427 • Advisor of recapitalization and balance sheet management $144 $154 $370 $290 for financial institutions $63 $70 $94 $187 $196 • Advisor to financially stressed businesses, creditor $81 $84 $76 constituencies, investors • Chapter 11, out-of-court workouts, sale of assets, 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM 2Q 2020 reorganizations, exchange/tender offers, acquisitions Advisory Services Corporate Financing 1 Refinitiv, S&P, Dealogic, etc. 2 Completed advisory deals are from January 1, 2015 to June 30, 2020 and combines data from Piper Jaffray and Sandler O’Neill PIPER SANDLER | 8 3 S&P Global Market Intelligence, Bloomberg, Piper Sandler Syndicate Desk Growth trajectory of corporate investment banking platform I. Our business and value proposition Corporate Investment Banking Revenues $ in millions Organic Growth Drivers • Market share gains $1BB+ • Consistently winning larger assignments • Disciplined MD headcount growth • Internal development • Financial Sponsor momentum $750M $754 $525M $602 $526 $527 $493 $325M $362 $297 $309 $150M $170 $144 $154 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM 2Q Piper Sandler Next Stages 2020 Pro Forma* of Growth • Internal MD • Simmons acquisition • Sandler O’Neill • Geographic expansion development • DCM Team acquisition • Continued sector • Biotech expansion • HC IT & Services
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