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 • DIS expansion penetration • Edgeview & PCG • FIG expansion • Valence acquisition • Trajectory of new hires • Biotech growth • Tuck-in acquisitions

MANAGING MANAGING DIRECTORS 53 134 DIRECTORS

* Piper Sandler Pro Forma illustrates our platform in a normalized market environment by combining 2019 revenues of $527 and 2019 Sandler O’Neill investment banking revenues of $227M PIPER SANDLER | 9 Market leader in capital raising for healthcare and financial services I. Our business and value proposition

EQUITY FINANCING DEBT CAPITAL RAISING

Active equity underwriting calendar driven by Strong activity within community and regional leadership in life sciences bank debt issuance driven by low interest rates and recapitalization within banks

Life Sciences IPO & FO Transactions1 Community & Regional Bank Issues2 YTD July 31, 2020 YTD July 31, 2020 RANK BASED ON BOOK RUN MARKET SHARE # OF BOOK RUN DEALS* Piper Sandler 1 Jefferies 63 $8.5 2 Cowen & Co 60 $10.1 57% $5.1BB 3 JPMorgan 48 $9.3 GROSS PROCEEDS 43% 4 Leerink Swann & Co 48 $8.4 5 Piper Sandler 43 $5.3 Non-Piper Sandler 6 BofA Merrill Lynch 33 $5.7 # of Gross 7 Goldman Sachs 31 $7.1 Deals Proceeds 8 Morgan Stanley 30 $5.1 Total Institutional Transactions 85 $5.1BB 9 Guggenheim Securities LLC 22 $3.7 Piper Sandler Transactions 34 $2.9BB 10 Evercore Partners Inc 21 $3.9 Piper Sandler Market Share 40% 57%

1 Deal count includes deals with market cap < $5 billion and deal values > $20 million; Data as of July 31, 2020; Source: Dealogic, Piper Sandler ECM 2 Includes $1000 par subordinated debt and senior note offerings for Community Banks with less than $40 billion in assets; Excludes transactions less than $5 million in PIPER SANDLER | 10 offering size. Data as of July 31, 2020; Source: S&P Global Market Intelligence, Bloomberg, Piper Sandler Syndicate Desk One of the fastest growing investment banks I. Our business and value proposition

SERVING THE FULL RANGE OF MIDDLE-MARKET COMPANIES WITH OUR REPUTATION FOR CLIENT-FIRST APPROACH AND STRAIGHTFORWARD ADVICE

Growth in Advisory Services Revenues1 U.S. M&A – All Industries2 LTM 2Q 2020 VS. 2013 2015-2Q 2020 RANK BASED ON 489% # OF DEALS

1 Goldman Sachs & Co. LLC 1,060 2 JPMorgan 894 3 Houlihan Lokey, Inc. 873 4 Piper Sandler Companies 865 5 Morgan Stanley 788 6 Jefferies LLC 666 163% 137% 131% 7 Barclays 635 115% 87% 8 Bank of America 633 55% 8% 53% 9 Evercore Inc. 617 PIPR RJF EVR HLI SF MC GHL MS GS 10 Citi 608

Core Comparable Group Bulge Bracket

1 Represents growth in Advisory Revenue from 2013 to the last reported LTM period. Source: SEC Filings & Earnings Releases 2 Includes nationwide acquisitions announced between January 1, 2015 and June 30, 2020 across all industries. Combines Piper and Sandler deal activity. Source: Mergermarket PIPER SANDLER | 11 Update on merger with Sandler O’Neill I. Our business and value proposition

RESULTS TRACKING EXPECTATIONS EVEN IN DIFFICULT ENVIRONMENT 1H 2020 Performance Stats ILLUSTRATING THE RESILIENCY OF THE BUSINESS $8.3BB Performance Update AGGREGATE VALUE OF COMPLETED • Maintained No. 1 rank in Bank M&A transactions for 1H 2020 M&A ADVISORY DEALS IN 1H 2020 • Strong debt capital raising driven by the low interest rate environment $2.6BB • Solid client activity in fixed income as we continue to provide advice to banks on RAISED ON BOOK RUN DEBT ISSUANCES repositioning balance sheets to maximize yields and manage risk, while increasing FOR COMMUNITY BANKS1 IN 1H 2020 reserve positioning • Meaningful referrals across businesses leveraging the deep relationships of the Stable Revenues Regardless of combined platform Market Environment $ in millions • Platform is well positioned to perform across market cycles on the anticipated M&A recapitalization of banks Financing Fixed income services Firm Profile Equities $336 $343 $338 $17 • Merged on January 3, 2020, and combined firm became Piper Sandler Companies $298 $25 $15 • Successfully integrated the business and retained all partners $264 $77 $28 $96 • Full-service investment bank dedicated to providing comprehensive advisory $28 $114 services and transaction execution services to financial institutions $108 $70 $71 $67 • Singular focus on financial services companies with exceptional industry knowledge $36 $155 • Leader in M&A and capital offering within the financial services sector $121 $179 $160 $129 • 300+ companies covered under research and 1000+ banks covered in fixed income $41 $42 • Industry-leading productivity with more than $300MM of annual revenues 2007 2009 2010 2018 2019 Prior to The Great Recession the Great Recession

1 Includes $1000 par subordinated debt and senior note offerings for Community Banks with less than $40 billion in assets; Excludes transactions less than $5 million in offering size; Source: S&P Global Market Intelligence, Bloomberg, Piper Sandler Syndicate Desk PIPER SANDLER | 12 Equity institutional brokerage I. Our business and value proposition

CREATING REAL VALUE FOR INSTITUTIONAL INVESTORS SCALED PLATFORM WITH 170+ PROFESSIONALS AND ANNUAL REVENUES OF $130MM+* Combination of top-ranked research, trading, and capital markets capabilities creates a premier client destination Equity Trading • Delivers deep sector expertise, trading excellence, advisory resources, • Unconflicted business model with leading trading capabilities and natural liquidity to our clients • Over 100 sales and trading professionals with a local presence in • Complemented by fully integrated research, investment banking, every major US financial market corporate access and execution services • Extensive client base of 1,500 accounts globally for sourcing • Consistently providing strong guidance and transaction skills to our liquidity, with a top 15 marketplace ranking1 and an Autex crossing corporate and institutional clients rate of approximately 20% • Minimize market impact and help clients reduce transaction costs • Experts in mid- and small-cap liquidity with sector trader Equity Brokerage Revenues centralization creating efficiency and improving quality $ in millions Equity Research

$145 • 50+ senior research analysts • In-depth, proprietary research on 800+ companies • Coverage across most sectors within the S&P 500 including small-, mid- and large-cap stocks • Extensive economic, market, industry and technical analysis $89 $85 $88 $88 • Value-add investment ideas $82 $79 $80 $74 $77 Equity Sales • Combination of generalist and specialty sales ranked #1 in multiple industry verticals2 • Deep expertise across industry sectors • Event-driven and multiple specialty sales professionals

2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM 2Q • Supports our full suite of investment banking products 2020 • Facilitates direct access to corporate clients via conferences, unique events, roadshows and one-on-one meetings

* Represents Piper Sandler Pro Forma 1 GPS Revenue Report for Q1 2020; Source: McLagan PIPER SANDLER | 13 2 Greenwich Associates’ survey for 2019 Global equity sales and trading platform I. Our business and value proposition

MEANINGFULLY EXPANDED TRADING PLATFORM Products 2015 2020

High-Touch (Cash) Trading Deep sector expertise combined with trading excellence that minimizes market impact and reduces trading costs Program Trading Qualitative and quantitative analysis that strategically blends algorithms and human input to X prevent disrupting the marketplace and achieve benchmark goals Algo (No-Touch) Trading Flexible and proprietary trading technology with ability to customize strategies X

Commission Management Comprehensive and flexible program with ability to fund all client commission arrangements X (CSA, soft dollar, commission recapture participation program) Derivatives Trading Agency model with superior execution that provides clients with multi-disciplinary, X collaborative approach towards portfolio management International Trading (24-Hour) Global execution capabilities in more than 40 countries extending across all major exchanges X in Europe, Asia and the Americas Event-Driven Strategies Timely and insightful commentary on a variety of scenarios including merger arbitrage, relative-value, spin-offs, SPACs and other special situations

Ranking #1 in multiple categories for 16 consecutive years, according to the Greenwich Associates’ portfolio trading survey

Capability of Advising on Overall portfolio Minimizing Efficient trade sales implementation trading quality market impact settlement professionals strategy

PIPER SANDLER | 14 Update on acquisition of Weeden & Co. I. Our business and value proposition

COMBINED CAPABILITIES REPRESENT ONE OF THE BROADEST AND 1H 2020 Performance Stats of DEEPEST MIDDLE-MARKET EQUITIES PLATFORM IN THE U.S. Combined Platform Performance Update $88MM • Record revenues on a combined basis for 1H 2020 driven by leveraging the 1H 2020 expanded client base, execution expertise and product capabilities to find liquidity RECORD REVENUES for clients • Operating results are exceeding expectations driven by a combination of strong 6.6BB execution and a more favorable market environment SHARES TRADED IN 1H 2020, • Margins in the business meaningfully improved driven by realizing and exceeding UP 73% FROM 2H 2019 the anticipated cost synergies • Combined platform has one of the highest cross rates in the market reflecting the breadth of our client base Equity Brokerage Semiannual • Consistent growth in number of trading clients since the acquisition Revenues Since 2019 $ in millions Firm Profile

• Acquisition closed in August 2019 $88 • 98-year-old firm with a strong culture, entrusted with trading since 1922 • Provides premier global trading solutions, specializing in best execution through the use of high-touch and program trading, proprietary algorithmic strategies and $56 derivatives • Has ranked No. 1 in multiple trading categories for 15 years according to the Greenwich Portfolio Trading Survey1 $31 • 50+ sales, trading and execution professionals (averaging 15 years of experience) • Leads with client relationships cultivated over decades through mutual trust, trading expertise and proprietary technology 1H 2019 2H 2019 1H 2020

1 Greenwich Associates is the premier strategic consulting and research source for providers and users of financial services worldwide. Greenwich Associates analyzes the largest sell-side portfolio trading desks based on a one-on-one question and answer survey with the top buy-side program trading desks. This is a 100% unbiased independent survey PIPER SANDLER | 15 that covers a multitude of industry trends and categories. Public finance I. Our business and value proposition

LEADING MIDDLE-MARKET TAX-EXEMPT UNDERWRITER SECTOR EXPERTISE Local market relationships and knowledge amplified by the strength of Government substantial scale and expertise • Local Municipalities • Uniquely positioned market leader in a steady business with solid margins • School Districts • Broad product set to meet client’s needs • State and State Agencies • Robust distribution capabilities with a team of 300+ public finance and • Infrastructure for Development distribution professionals Healthcare • Industry sector expertise in high-margin specialty sectors • Non-Profit Health Care Providers Senior Living Public Finance Revenues* • Assisted & Independent Living $ in millions • Retirement Communities (CCRCs) $128 $126 Education

$108 • Higher Education $104 $102 $96 • Charter Schools

$79 $78 Hospitality $73 • Hotels and Convention Centers $59 Housing • Single & Multi-Family Housing Transportation

2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM 2Q • Toll Roads & Surface Transportation 2020 • Airports

* Public finance revenues include municipal financing and public finance advisory PIPER SANDLER | 16 Longstanding public finance leadership I. Our business and value proposition

NATIONAL PLATFORM, REGIONAL EXPERTISE RANKING AMONG THE NATION’S LEADING UNDERWRITERS Consistently improving a strong franchise • Periods of market instability create industry consolidation Negotiated and Private Placements2 opportunities 1H 2020 • We are a destination of choice – we continually attract RANK BASED ON professionals or firms and their clients AGGREGATE PAR VALUE OF ISSUES ($ in billions) • Adding professionals to expand our footprint, strengthen areas of industry expertise and broaden our product 1 Citi $21.1 capabilities 2 BofA Securities Inc $20.2

3 J P Morgan Securities LLC $15.2 1H Our Platform 2007 2010 2014 4 RBC Capital Markets $13.9 2020 5 Piper Sandler & Co $9.6 Number of Offices 18 23 36 50 6 Barclays $9.6

Number of States 15 18 27 30 7 Goldman Sachs & Co LLC $8.6

Number of 8 Stifel Nicolaus & Co Inc $7.6 93 100 125 140 Professionals 9 Morgan Stanley $7.5 Negotiated Market 1.4% 1.8% 3.2% 5.8% Share1 10 Wells Fargo & Co $7.2

1 Market share based on par value of long-term senior municipal negotiated issuance; 2020 is through June 30, 2020 2 Sole/Senior Negotiated and Private Placement Transactions from January 1, 2020 through June 30, 2020 PIPER SANDLER | 17 Source: Thomson Financial Fixed income services I. Our business and value proposition

DIFFERENTIATED FIXED INCOME MODEL PROVIDING COMPREHENSIVE INVESTMENT SOLUTIONS TO CLIENTS Fixed Income Services Revenues Leads with advice in defined client verticals and $ in millions +80% increase strategically utilizes capital to facilitate client needs $135 • Strength of product expertise and analytics driving a shift toward a more advisory centric model $92 Leadership in focused markets $80 $75 $76 $74 $75 • Growing business focused on public entity clients $58 $51 • Unique expertise in municipal bond markets $48 • Deep penetration and leadership within banks

Capital efficient model with industry leading 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM 2Q distribution and product capabilities 2020 • Meaningful increase in scale combined with a significant reduction in inventory and risk driving higher Fixed Income Inventory* risk adjusted returns $ in billions

Closely integrated with investment banking providing $1.4 access to significant new issue product $1.2 $1.2 $1.1 • Both origination and distribution capabilities $0.9 $0.9 -78% decline • Strong distribution in municipal new issue and financial $0.7 services-related debt deals $0.5 $0.5 Expanded sales force and capabilities creates significant organic growth opportunities $0.3

• 200+ professionals including 130 sales professionals 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM 2Q and 30 trading professionals 2020

* Fixed income inventory represents financial instruments and other inventory positions owned excluding equity securities, convertible securities, and derivative contracts. PIPER SANDLER | 18 Diversified mix of clients and products provides durability to fixed income services across market cycles I. Our business and value proposition

ONE OF THE LARGEST MIDDLE-MARKET FIXED INCOME BUSINESSES WITH ANNUAL REVENUE POTENTIAL OF $150MM+*

Client Base Providing holistic approach to balance sheet management, • Financial institutions focused on building core franchise value for financial • Public entities institutions • Funds • Money managers • RIAs Designing unique portfolio solutions for public entity clients • Insurance companies focused on their liquidity needs and risk tolerances • Trust departments

Product Offerings Executing the appropriate investment strategy while • Municipal bonds (taxable and tax-exempt) employing competitive bidding to ensure advantageous • Mortgage-backed securities (MBS) and pricing asset-backed securities (ABS) • CLOs Evaluating suitable investments using relative value analysis • Agency securities and credit monitoring tools • Corporate bonds • CDs and commercial paper • Money market funds and variable-rate Maintaining constant dialogue with clients to ensure changes securities in investment parameters are immediately implemented • Preferred stock • Treasuries • Derivatives/Interest rate management Access to meaningful new issue deal flow and a broad array of • Loans taxable and tax-exempt fixed income products • New issue municipal and bank debt

* Represents Piper Sandler Pro Forma PIPER SANDLER | 19 Section II. Investment rationale Investment rationale II. Investment rationale

Diversified firm with market leadership, broad product capabilities and scale across all business lines

Destination of choice for top tier franchises and talent looking to grow their business and leverage the combined platform

Track record of profitable growth

Advice-driven model with low incremental operating capital needs and the capacity to generate significant cash flows

Disciplined operating management and financial flexibility to drive shareholder returns

PIPER SANDLER | 21 Diversified firm with broad product capabilities II. Investment rationale

Adjusted Net Revenue Mix Investment Banking Revenue Mix

30%

$359MM 1H 2020 30% REVENUES 37% 15% 55% $538MM 1H 2020 ADJUSTED NET Advisory services Corporate financing Municipal financing REVENUES* Institutional Brokerage Revenue Mix

50%

33% $178MM 1H 2020 REVENUES

Advisory services Financing Institutional brokerage 50%

Equity brokerage Fixed income services

* A non-GAAP financial measure. See Appendix for a reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure. PIPER SANDLER | 22 Track record of profitable growth II. Investment rationale

Adjusted Net Revenues* Adjusted Earnings Per Diluted Share* $ in millions

$7.36 $6.99 $1,018 $6.68

$5.72 $825 $826 $742 $690

$599 $4.05 $558

$3.09 $3.18 $423 $441 $371 $2.24 $2.03

$0.83

2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM 2Q 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM 2Q 2020 2020

* See Appendix for a reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure PIPER SANDLER | 23 Disciplined cost management driving operating leverage II. Investment rationale

PRUDENTLY MANAGE COSTS TO DRIVE MARGIN ACROSS MARKET CYCLES • Maintain compensation ratio to balance profitability and retention • Continue non-compensation cost reduction initiatives

Adjusted Non-Compensation Ratio1 Adjusted Operating Margin2

Average 17.1% Average 26.3% 17.2% Average 14.6%

Average 21.2% Average 10.5% Average 18.7% 18.8%

2011 2012 2013 2014 2015 2016 2017 2018** 2019** LTM 2Q 2011 2012 2013 2014 2015 2016 2017 2018** 2019** LTM 2Q 2020** 2020**

1 A non-GAAP financial measure which represents adjusted non-compensation expenses* as a percentage of adjusted net revenues* 2 A non-GAAP financial measure which represents adjusted operating income* as a percentage of adjusted net revenues* PIPER SANDLER | 24 * See Appendix for a reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure ** For comparison purposes, 2018, 2019, and LTM 2Q 2020 have been adjusted to assume reimbursed deal expenses of $25.8 million, $25.1 million, and $20.4 million, respectively, are reported on a net basis Advice-driven model with low operating capital needs II. Investment rationale

DECREASING OPERATING CAPITAL WHILE GROWING REVENUES AND INVESTING IN THE BUSINESS

Adjusted Assets* Inventory Tangible Leverage Ratio* $ in millions $ in millions -33% $1,750 $1,364 -67% 3.6 -11% $1,167 3.2

$444

2015 2Q 2020 2015 2Q 2020 2015 2Q 2020

Adjusted Net Revenues** $ in millions +131%

$1,018

$441

2015 LTM 2Q 2020

* Adjusted assets equal total assets excluding goodwill and intangible assets, right-of-use lease asset, and assets from noncontrolling interests. Tangible leverage ratio equals adjusted assets divided by tangible common shareholders’ equity (i.e. total shareholders’ equity less goodwill and intangible assets, and noncontrolling interests). PIPER SANDLER | 25 ** See Appendix for a reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure Multiple levers to generate returns for shareholders II. Investment rationale

SHARE REPURCHASES

Capital returned to shareholders through $524MM repurchases since 2011

Reduction in number of common shares 6% outstanding1 since 2011 $125MM DIVIDENDS LTM 2Q 2020 ADJUSTED NET Capital returned to shareholders through dividends INCOME* $118MM since implementing dividend policy in 2017

Dividend yield based on the total dividend of 3.0% $2.25 per share for fiscal year 2019, and the average closing share price for 2019

ACQUISITIONS

Eight Acquisitions completed since 2013

* See Appendix for a reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure 1 Common shares outstanding at June 30, 2020 were 18.0 million compared to 19.1 million at December 31, 2010 PIPER SANDLER | 26 Section III. Selected financial data by quarter U.S. GAAP financial summary III. Selected financial data by quarter

THE FOLLOWING SUMMARIZES OUR RESULTS ON A U.S. GAAP BASIS

1Q 2Q 3Q 4Q FY 1Q 2Q YTD (Amounts in thousands) 2019 2019 2019 2019 2019 2020 2020 2020 Revenues: Advisory services $ 114,879 $ 75,238 $ 106,769 $ 143,809 $ 440,695 $ 111,226 $ 85,569 $ 196,795 Corporate financing 13,516 25,718 22,580 43,442 105,256 25,176 83,448 108,624 Municipal financing 12,666 17,783 21,843 31,149 83,441 22,596 30,810 53,406 Investment banking 141,061 118,739 151,192 218,400 629,392 158,998 199,827 358,825

Equity brokerage 15,906 15,468 24,147 32,034 87,555 47,853 40,644 88,497 Fixed income services 19,059 16,736 22,667 21,874 80,336 41,290 48,695 89,985 Institutional brokerage 34,965 32,204 46,814 53,908 167,891 89,143 89,339 178,482

Interest income 7,567 6,863 6,481 5,830 26,741 6,065 3,065 9,130 Investment income/(loss) 1,592 17,605 (1,575) 4,653 22,275 (13,826) 3,733 (10,093)

Total revenues 185,185 175,411 202,912 282,791 846,299 240,380 295,964 536,344

Interest expense 2,643 2,993 2,177 3,920 11,733 4,212 3,526 7,738

Net revenues 182,542 172,418 200,735 278,871 834,566 236,168 292,438 528,606

Non-interest expenses: Compensation and benefits $ 117,127 $ 102,476 $ 126,868 $ 169,619 $ 516,090 $ 188,124 $ 213,560 $ 401,684 Outside services 8,571 8,451 7,842 11,320 36,184 8,439 9,899 18,338 Occupancy and equipment 8,349 8,425 9,594 10,427 36,795 12,238 13,269 25,507 Communications 7,865 6,849 7,885 8,161 30,760 11,634 11,096 22,730 Marketing and business development 6,738 8,089 6,528 7,425 28,780 10,039 2,588 12,627 Deal-related expenses 4,728 6,725 6,387 7,983 25,823 4,940 11,204 16,144 Trade execution and clearance 1,806 1,017 3,770 3,593 10,186 7,151 4,312 11,463 Restructuring and integration costs - 6,395 6,143 1,783 14,321 1,902 3,724 5,626 Intangible asset amortization 753 753 1,229 1,563 4,298 9,878 11,637 21,515 Other operating expenses 3,468 2,313 3,454 3,115 12,350 15,852 3,752 19,604 Total non-interest expenses 159,405 151,493 179,700 224,989 715,587 270,197 285,041 555,238

Continued on next page

PIPER SANDLER | 28 U.S. GAAP financial summary – continued III. Selected financial data by quarter

THE FOLLOWING SUMMARIZES OUR RESULTS ON A U.S. GAAP BASIS

1Q 2Q 3Q 4Q FY 1Q 2Q YTD (Amounts in thousands, except per share data) 2019 2019 2019 2019 2019 2020 2020 2020 Income/(loss) from continuing operations before income tax expense/(benefit) 23,137 20,925 21,035 53,882 118,979 (34,029) 7,397 (26,632)

Income tax expense/(benefit) 4,192 (180) 6,717 13,848 24,577 (11,774) 4,700 (7,074)

Income/(loss) from continuing operations 18,945 21,105 14,318 40,034 94,402 (22,255) 2,697 (19,558)

Income/(loss) from discontinued operations, net of tax (139) (2,166) 26,077 - 23,772 ---

Net income/(loss) 18,806 18,939 40,395 40,034 118,174 (22,255) 2,697 (19,558)

Net income/(loss) applicable to noncontrolling interests (616) 8,550 (2,847) 1,376 6,463 (7,528) 1,243 $ (6,285)

Net income/(loss) applicable to Piper Sandler Companies (a) $ 19,422 $ 10,389 $ 43,242 $ 38,658 $ 111,711 $ (14,727) $ 1,454 $ (13,273)

Net income/(loss) applicable to Piper Sandler Companies' common shareholders (a) $ 17,835 $ 10,151 $ 42,442 $ 38,006 $ 107,200 $ (14,727) $ 1,454 $ (13,273)

Amounts applicable to Piper Sandler Companies Net income/(loss) from continuing operations $ 19,561 $ 12,555 $ 17,165 $ 38,658 $ 87,939 $ (14,727) $ 1,454 $ (13,273) Net income/(loss) from discontinued operations (139) (2,166) 26,077 - 23,772 --- Net income/(loss) applicable to Piper Sandler Companies $ 19,422 $ 10,389 $ 43,242 $ 38,658 $ 111,711 $ (14,727) $ 1,454 $ (13,273)

Earnings/(loss) per basic common share Income/(loss) from continuing operations $ 1.36 $ 0.90 $ 1.23 $ 2.77 $ 6.21 $ (1.07) $ 0.11 $ (0.96) Income/(loss) from discontinued operations (0.01) (0.15) 1.87 - 1.69 --- Earnings/(loss) per basic common share $ 1.35 $ 0.75 $ 3.09 $ 2.77 $ 7.90 $ (1.07) $ 0.11 $ (0.96)

Earnings/(loss) per diluted common share (b) Income/(loss) from continuing operations $ 1.33 $ 0.87 $ 1.20 $ 2.70 $ 6.05 $ (1.07) $ 0.10 $ (0.96) Income/(loss) from discontinued operations (0.01) (0.15) 1.82 - 1.65 --- Earnings/(loss) per diluted common share $ 1.32 $ 0.72 $ 3.01 $ 2.70 $ 7.69 $ (1.07) $ 0.10 $ (0.96)

Weighted average common shares outstanding Basic 13,204 13,588 13,708 13,714 13,555 13,796 13,794 13,795 Diluted 13,530 14,024 14,085 14,100 13,937 14,411 14,476 14,444

(a) For periods prior to 2020, Piper Sandler Companies calculated earnings per common share using the two-class method, which requires the allocation of distributed and undistributed earnings to participating securities. No allocation of undistributed earnings is made for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Distributed earnings (e.g., dividends) are allocated to participating securities. Participating securities include the Company’s unvested restricted shares for restricted stock awards granted prior to 2019. (b) Earnings per diluted common share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss.

PIPER SANDLER | 29 Non-GAAP financial summary III. Selected financial data by quarter THE FOLLOWING SUMMARIZES OUR RESULTS ON AN ADJUSTED, NON-GAAP BASIS Management believes that presenting results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides the most meaningful basis for comparison of its operating results across periods. 1Q 2Q 3Q 4Q FY 1Q 2Q YTD (Amounts in thousands, except per share data) 2019 2019 2019 2019 2019 2020 2020 2020 Revenues: Advisory services $ 114,879 $ 75,238 $ 106,769 $ 143,809 $ 440,695 $ 111,226 $ 85,569 $ 196,795 Corporate financing 13,516 25,718 22,580 43,442 105,256 25,176 83,448 108,624 Municipal financing 12,666 17,783 21,843 31,149 83,441 22,596 30,810 53,406 Investment banking 141,061 118,739 151,192 218,400 629,392 158,998 199,827 358,825 Equity brokerage 15,906 15,468 24,147 32,034 87,555 47,853 40,644 88,497 Fixed income services 19,059 16,736 22,667 21,874 80,336 41,290 48,695 89,985 Institutional brokerage 34,965 32,204 46,814 53,908 167,891 89,143 89,339 178,482 Interest income 7,567 6,863 6,481 5,830 26,741 6,065 3,065 9,130 Investment income/(loss) 1,179 7,966 203 2,158 11,506 (7,290) 1,498 (5,792) Total revenues 184,772 165,772 204,690 280,296 835,530 246,916 293,729 540,645 Interest expense 2,643 2,993 2,177 2,072 9,885 1,994 1,062 3,056 Adjusted net revenues $ 182,129 $ 162,779 $ 202,513 $ 278,224 $ 825,645 $ 244,922 $ 292,667 $ 537,589 Non-interest expenses: Adjusted compensation and benefits $ 114,820 $ 101,147 $ 125,798 $ 169,187 $ 510,952 $ 158,693 $ 185,772 $ 344,465 Ratio of adjusted compensation and benefits to adjusted net revenues 63.0% 62.1% 62.1% 60.8% 61.9% 64.8% 63.5% 64.1%

Adjusted non-compensation expenses $ 40,382 $ 40,780 $ 44,391 $ 50,905 $ 176,458 $ 57,216 $ 55,128 $ 112,344 Ratio of adjusted non-compensation expenses to adjusted net revenues 22.2% 25.1% 21.9% 18.3% 21.4% 23.4% 18.8% 20.9% Adjusted operating income $ 26,927 $ 20,852 $ 32,324 $ 58,132 $ 138,235 $ 29,013 $ 51,767 $ 80,780 Adjusted operating margin 14.8% 12.8% 16.0% 20.9% 16.7% 11.8% 17.7% 15.0% Interest expense on long-term financing - - - 1,848 1,848 2,218 2,464 4,682

Adjusted income before adjusted income tax expense $ 26,927 $ 20,852 $ 32,324 $ 56,284 $ 136,387 $ 26,795 $ 49,303 $ 76,098 Adjusted income tax expense 4,740 1,870 8,800 14,780 30,190 1,371 14,811 16,182 Adjusted net income $ 22,187 $ 18,982 $ 23,524 $ 41,504 $ 106,197 $ 25,424 $ 34,492 $ 59,916 Effective tax rate 17.6% 9.0% 27.2% 26.3% 22.1% 5.1% 30.0% 21.3% Adjusted net income applicable to Piper Sandler Companies' common shareholders $ 20,465 $ 18,504 $ 23,097 $ 40,801 $ 102,523 $ 25,424 $ 34,492 $ 59,916

Adjusted earnings per diluted common share $ 1.51 $ 1.32 $ 1.64 $ 2.89 $ 7.36 $ 1.48 $ 1.93 $ 3.35

Adjusted weighted average diluted common shares outstanding 13,530 14,024 14,085 14,100 13,937 17,159 17,877 17,894

This presentation includes non-GAAP measures. The non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. Refer to Appendix, “Reconciliation of non-GAAP financial measures,” for a detailed explanation of the adjustments PIPER SANDLER | 30 made to the corresponding U.S. GAAP measures. Appendix Reconciliation of non-GAAP financial measures Reconciliation of non-GAAP financial measures Selected financial data by quarter 1Q 2Q 3Q 4Q FY 1Q 2Q YTD (Amounts in thousands) 2019 2019 2019 2019 2019 2020 2020 2020 Net revenues: Net revenues – U.S. GAAP basis $182,542 $172,418 $200,735 $278,871 $834,566 $236,168 $292,438 $528,606 Adjustments: Revenue related to noncontrolling interests (413) (9,639) 1,778 (2,495) (10,769) 6,536 (2,235) 4,301 Interest expense on long-term financing - - - 1,848 1,848 2,218 2,464 4,682 Adjusted net revenues $182,129 $162,779 $202,513 $278,224 $825,645 $244,922 $292,667 $537,589

Compensation and benefits: Compensation and benefits –U.S. GAAP basis $117,127 $102,476 $126,868 $169,619 $516,090 $188,124 $213,560 $401,684 Adjustments: Compensation from acquisition-related agreements (2,307) (1,329) (1,070) (432) (5,138) (29,431) (27,788) (57,219) Adjusted compensation and benefits $114,820 $101,147 $125,798 $169,187 $510,952 $158,693 $185,772 $344,465

Non-compensation expenses: Non-compensation expenses – U.S. GAAP basis $42,278 $49,017 $52,832 $55,370 $199,497 $82,073 $71,481 $153,554 Adjustments: Non-compensation expenses related to noncontrolling interests (1,029) (1,089) (1,069) (1,119) (4,306) (992) (992) (1,984) Acquisition-related restructuring and integration costs - (6,395) (6,143) (1,783) (14,321) (1,902) (3,724) (5,626) Amortization of intangible assets related to acquisitions (753) (753) (1,229) (1,563) (4,298) (9,878) (11,637) (21,515) Non-compensation expenses from acquisition-related agreements (114) - - - (114) (12,085) - (12,085) Adjusted non-compensation expenses $40,382 $40,780 $44,391 $50,905 $176,458 $57,216 $55,128 $112,344

Income/(loss) from continuing operations before income tax expense/(benefit): Income/(loss) from continuing operations before income tax expense/(benefit) – U.S. GAAP basis $23,137 $20,925 $21,035 $53,882 $118,979 ($34,029) $7,397 ($26,632) Adjustments: Revenue related to noncontrolling interests (413) (9,639) 1,778 (2,495) (10,769) 6,536 (2,235) 4,301 Interest expense on long-term financing - - - 1,848 1,848 2,218 2,464 4,682 Non-compensation expenses related to noncontrolling interests 1,029 1,089 1,069 1,119 4,306 992 992 1,984 Compensation from acquisition-related agreements 2,307 1,329 1,070 432 5,138 29,431 27,788 57,219 Acquisition-related restructuring and integration costs - 6,395 6,143 1,783 14,321 1,902 3,724 5,626 Amortization of intangible assets related to acquisitions 753 753 1,229 1,563 4,298 9,878 11,637 21,515 Non-compensation expenses from acquisition-related agreements 114 - - - 114 12,085 - 12,085 Adjusted operating income $26,927 $20,852 $32,324 $58,132 $138,235 $29,013 $51,767 $80,780 Interest expense on long-term financing - - - (1,848) (1,848) (2,218) (2,464) (4,682) Adjusted income before adjusted income tax expense $26,927 $20,852 $32,324 $56,284 $136,387 $26,795 $49,303 $76,098

Income tax expense/(benefit): Income tax expense/(benefit) – U.S. GAAP basis $4,192 ($180) $6,717 $13,848 $24,577 ($11,774) $4,700 ($7,074) Tax effect of adjustments: Compensation from acquisition-related agreements 366 282 259 107 1,014 7,088 6,818 13,906 Acquisition-related restructuring and integration costs - 1,586 1,523 442 3,551 483 341 824 Amortization of intangible assets related to acquisitions 182 182 301 383 1,048 2,505 2,952 5,457 Non-compensation expenses from acquisition-related agreements-----3,069 - 3,069 Adjusted income tax expense $4,740 $1,870 $8,800 $14,780 $30,190 $1,371 $14,811 $16,182 Continued on next page

Selected financial data by quarter – continued 1Q 2Q 3Q 4Q FY 1Q 2Q YTD (Amounts in thousands, except per share data) 2019 2019 2019 2019 2019 2020 2020 2020 Net income/(loss) applicable to Piper Sandler Companies: Net income/(loss) applicable to Piper Sandler Companies – U.S. GAAP basis $19,422 $10,389 $43,242 $38,658 $111,711 ($14,727) $1,454 ($13,273) Adjustment to exclude net income/(loss) from discontinued operations (139) (2,166) 26,077 - 23,772 - - - Net income/(loss) from continuing operations $19,561 $12,555 $17,165 $38,658 $87,939 ($14,727) $1,454 ($13,273) Adjustments: Compensation from acquisition-related agreements 1,941 1,047 811 325 4,124 22,343 20,970 43,313 Acquisition-related restructuring and integration costs - 4,809 4,620 1,341 10,770 1,419 3,383 4,802 Amortization of intangible assets related to acquisitions 571 571 928 1,180 3,250 7,373 8,685 16,058 Non-compensation expenses from acquisition-related agreements 114 - - - 114 9,016 - 9,016 Adjusted net income $22,187 $18,982 $23,524 $41,504 $106,197 $25,424 $34,492 $59,916

Net income/(loss) applicable to Piper Sandler Companies' common shareholders: Net income/(loss) applicable to Piper Sandler Companies' common shareholders – U.S. GAAP basis $17,835 $10,151 $42,442 $38,006 $107,200 ($14,727) $1,454 ($13,273) Adjustment to exclude net income/(loss) from discontinued operations (139) (2,104) 25,583 - 22,928 - - - Net income/(loss) from continuing operations $17,974 $12,255 $16,859 $38,006 $84,272 ($14,727) $1,454 ($13,273) Adjustment related to participating shares (1) 69 - - - 625 - - - $18,043 $12,255 $16,859 $38,006 $84,897 ($14,727) $1,454 ($13,273) Adjustments: Compensation from acquisition-related agreements 1,790 1,020 796 319 3,981 22,343 20,970 43,313 Acquisition-related restructuring and integration costs - 4,672 4,531 1,316 10,397 1,419 3,383 4,802 Amortization of intangible assets related to acquisitions 527 557 911 1,160 3,138 7,373 8,685 16,058 Non-compensation expenses from acquisition-related agreements 105 - - - 110 9,016 - 9,016 Adjusted net income applicable to Piper Sandler Companies' common shareholders $20,465 $18,504 $23,097 $40,801 $102,523 $25,424 $34,492 $59,916

Earnings/(loss) per diluted common share: Earnings/(loss) per diluted common share – U.S. GAAP basis $1.32 $0.72 $3.01 $2.70 $7.69 ($1.07) $0.10 ($0.96) Adjustment to exclude net income/(loss) from discontinued operations (0.01) (0.15) 1.82 - 1.65 - - - Income/(loss) from continuing operations $1.33 $0.87 $1.20 $2.70 $6.05 ($1.07) $0.10 ($0.96) Adjustment for inclusion of unvested acquisition-related stock -----(0.28)(0.45)(0.80) Impact of antidilutive shares in a period of a loss -----0.05 -0.04 Adjustment related to participating shares (1) ----0.04 --- $1.33 $0.87 $1.20 $2.70 $6.09 ($1.30) ($0.35) ($1.72) Adjustments: Compensation from acquisition-related agreements 0.13 0.07 0.06 0.02 0.29 1.55 1.45 3.01 Acquisition-related restructuring and integration costs - 0.34 0.32 0.08 0.75 0.10 0.23 0.33 Amortization of intangible assets related to acquisitions 0.04 0.04 0.06 0.08 0.23 0.51 0.60 1.11 Non-compensation expenses from acquisition-related agreements 0.01 - - - 0.01 0.62 - 0.62 Adjusted earnings per diluted common share $1.51 $1.32 $1.64 $2.89 $7.36 $1.48 $1.93 $3.35

Weighted average diluted common shares outstanding: Weighted average diluted common shares outstanding –U.S. GAAP basis 13,530 14,024 14,085 14,100 13,937 14,411 14,476 14,444 Adjustment: Unvested acquisition-related restricted stock with service conditions-----2,748 3,401 3,450 Adjusted weighted average diluted common shares outstanding 13,530 14,024 14,085 14,100 13,937 17,159 17,877 17,894

(1) For periods prior to 2020, Piper Sandler Companies calculated earnings per common share using the two-class method, which requires the allocation of consolidated adjusted net income between common shareholders and participating security holders, which in the case of Piper Sandler Companies, represented unvested stock with non-forfeitable dividend rights. No allocation of undistributed earnings was made for periods in which a PIPER SANDLER | 33 loss was incurred, or for periods in which the special cash dividend exceeded adjusted net income resulting in an undistributed loss. Reconciliation of non-GAAP financial measures Selected financial data by year LTM June 30, For the year ended December 31, (Amounts in thousands) 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011

Net revenues: Net revenues – U.S. GAAP basis $ 1,008,212 $ 834,566 $ 740,953 $ 823,621 $ 693,214 $ 602,264 $ 567,841 $ 443,508 $ 424,135 $ 369,063 Adjustments: Revenue related to noncontrolling interests 3,584 (10,769) (3,621) (5,319) (11,070) (9,810) (15,699) (8,794) (4,174) (1,785) Interest expense on long-term financing 6,530 1,848 4,902 7,171 8,195 6,406 5,454 5,803 3,236 3,759 Adjusted net revenues $ 1,018,326 $ 825,645 $ 742,234 $ 825,473 $ 690,339 $ 598,860 $ 557,596 $ 440,517 $ 423,197 $ 371,037

Compensation and benefits: Compensation and benefits – U.S. GAAP basis $ 698,171 $ 516,090 $ 488,487 $ 589,637 $ 482,749 $ 388,895 $ 359,219 $ 282,474 $ 265,316 $ 234,507 Adjustments: Compensation from acquisition-related agreements (58,721) (5,138) (29,246) (54,999) (36,241) (4,019) (3,945) (1,620) - - Adjusted compensation and benefits $ 639,450 $ 510,952 $ 459,241 $ 534,638 $ 446,508 $ 384,876 $ 355,274 $ 280,854 $ 265,316 $ 234,507

Non-compensation expenses: Non-compensation expenses – U.S. GAAP basis $ 261,756 $ 199,497 $ 179,977 $ 154,668 $ 168,821 $ 147,653 $ 126,251 $ 113,631 $ 109,702 $ 234,087 Adjustments: Non-compensation expenses related to noncontrolling interests (4,172) (4,306) (4,827) (2,932) (2,864) (3,403) (4,546) (3,400) (1,708) (322) Acquisition-related restructuring and integration costs (13,552) (14,321) - - (10,197) (10,652) - (4,707) (3,512) - Goodwill impairment ------(120,298) Amortization of intangible assets related to acquisitions (24,307) (4,298) (4,858) (10,178) (15,587) (1,622) (2,972) (1,349) - - Non-compensation expenses from acquisition-related agreements (12,085) (114) (683) (600) ------Adjusted non-compensation expenses $ 207,640 $ 176,458 $ 169,609 $ 140,958 $ 140,173 $ 131,976 $ 118,733 $ 104,175 $ 104,482 $ 113,467

Income/(loss) from continuing operations before income tax expense: Income/(loss) from continuing operations before income tax expense – U.S. GAAP basis $ 48,285 $ 118,979 $ 72,489 $ 79,316 $ 41,644 $ 65,716 $ 82,371 $ 47,403 $ 49,117 $ (99,531) Adjustments: Revenue related to noncontrolling interests 3,584 (10,769) (3,621) (5,319) (11,070) (9,810) (15,699) (8,794) (4,174) (1,785) Interest expense on long-term financing 6,530 1,848 4,902 7,171 8,195 6,406 5,454 5,803 3,236 3,759 Non-compensation expenses related to noncontrolling interests 4,172 4,306 4,827 2,932 2,864 3,403 4,546 3,400 1,708 322 Compensation from acquisition-related agreements 58,721 5,138 29,246 54,999 36,241 4,019 3,945 1,620 - - Acquisition-related restructuring and integration costs 13,552 14,321 - - 10,197 10,652 - 4,707 3,512 - Goodwill impairment ------120,298 Amortization of intangible assets related to acquisitions 24,307 4,298 4,858 10,178 15,587 1,622 2,972 1,349 - - Non-compensation expenses from acquisition-related agreements 12,085 114 683 600 ------Adjusted operating income $ 171,236 $ 138,235 $ 113,384 $ 149,877 $ 103,658 $ 82,008 $ 83,589 $ 55,488 $ 53,399 $ 23,063 Interest expense on long-term financing (6,530) (1,848) (4,902) (7,171) (8,195) (6,406) (5,454) (5,803) (3,236) (3,759) Adjusted income before adjusted income tax expense $ 164,706 $ 136,387 $ 108,482 $ 142,706 $ 95,463 $ 75,602 $ 78,135 $ 49,685 $ 50,163 $ 19,304

PIPER SANDLER | 34 Reconciliation of non-GAAP financial measures

Selected financial data by year – continued LTM June 30, For the year ended December 31, (Amounts in thousands) 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011

Income tax expense: Income tax expense – U.S. GAAP basis $ 13,491 $ 24,577 $ 18,046 $ 53,808 $ 10,926 $ 19,618 $ 25,087 $ 9,376 $ 11,686 $ 1,565 Tax effect of adjustments: Compensation from acquisition-related agreements 14,272 1,014 7,254 19,244 12,541 1,563 1,535 630 - - Acquisition-related restructuring and integration costs 2,789 3,551 - - 3,188 4,144 - 1,831 1,366 - Goodwill impairment ------1,850 Amortization of intangible assets related to acquisitions 6,141 1,048 1,203 3,877 6,060 630 1,073 331 - - Non-compensation expenses from acquisition-related agreements 3,069 - 169 (7) ------Impact of the Tax Cuts and Jobs Act legislation --(952)(36,356)------Impact of deferred tax asset valuation allowance --(4,650)------Adjusted income tax expense $ 39,762 $ 30,190 $ 21,070 $ 40,566 $ 32,715 $ 25,955 $ 27,695 $ 12,168 $ 13,052 $ 3,415

Net income/(loss) applicable to Piper Sandler Companies: Net income/(loss) applicable to Piper Sandler Companies – U.S. GAAP basis $ 68,627 $ 111,711 $ 57,036 $ (61,939) $ (21,952) $ 52,075 $ 63,172 $ 45,090 $ 41,268 $(102,021) Adjustment to exclude net income/(loss) from discontinued operations 26,077 23,772 1,387 (85,060) (44,464) 12,384 17,041 12,457 6,303 538 Net income/(loss) from continuing operations $ 42,550 $ 87,939 $ 55,649 $ 23,121 $ 22,512 $ 39,691 $ 46,131 $ 32,633 $ 34,965 $(102,559) Adjustments: Compensation from acquisition-related agreements 44,449 4,124 21,992 35,755 23,700 2,456 2,410 990 - - Acquisition-related restructuring and integration costs 10,763 10,770 - - 7,009 6,508 - 2,876 2,146 - Goodwill impairment ------118,448 Amortization of intangible assets related to acquisitions 18,166 3,250 3,655 6,301 9,527 992 1,899 1,018 - - Non-compensation expenses from acquisition-related agreements 9,016 114 514 607 ------Impact of the Tax Cuts and Jobs Act legislation - - 952 36,356 ------Impact of deferred tax asset valuation allowance - - 4,650 ------Adjusted net income $ 124,944 $ 106,197 $ 87,412 $ 102,140 $ 62,747 $ 49,647 $ 50,440 $ 37,517 $ 37,111 $ 15,889

Net income/(loss) applicable to Piper Sandler Companies' common shareholders: Net income/(loss) applicable to Piper Sandler Companies' common shareholders – U.S. GAAP basis $ 68,627 $ 107,200 $ 49,993 $ (64,875) $ (21,952) $ 48,060 $ 58,141 $ 40,596 $ 35,335 $(102,021) Adjustment to exclude net income/(loss) from discontinued operations 26,077 22,928 1,217 (85,060) (44,464) 11,429 15,684 11,215 5,397 538 Net income/(loss) from continuing operations $ 42,550 $ 84,272 $ 48,776 $ 20,185 $ 22,512 $ 36,631 $ 42,457 $ 29,381 $ 29,938 $(102,559) Adjustment related to participating shares (1) - 625 40 (614) (3,948) ----18,837 $ 42,550 $ 84,897 $ 48,816 $ 19,571 $ 18,564 $ 36,631 $ 42,457 $ 29,381 $ 29,938 $ (83,722) Adjustments: Compensation from acquisition-related agreements 44,449 3,981 19,428 30,266 19,552 2,267 2,218 891 - - Acquisition-related restructuring and integration costs 10,763 10,397 - - 5,782 6,006 - 2,589 1,836 - Goodwill impairment ------96,694 Amortization of intangible assets related to acquisitions 18,166 3,138 3,212 5,334 7,858 916 1,748 917 - - Non-compensation expenses from acquisition-related agreements 9,016 110 452 514 ------Impact of the Tax Cuts and Jobs Act legislation - - 837 30,774 ------Impact of deferred tax asset valuation allowance - - 4,087 ------Adjusted net income applicable to Piper Sandler Companies' common shareholders $124,944 $ 102,523 $ 76,832 $ 86,459 $ 51,756 $ 45,820 $ 46,423 $ 33,778 $ 31,774 $ 12,972

(1) For periods prior to 2020, Piper Sandler Companies calculated earnings per common share using the two-class method, which requires the allocation of consolidated adjusted net income between common shareholders and participating security holders, which in the case of Piper Sandler Companies, represented unvested stock with non-forfeitable dividend rights. No allocation of undistributed earnings was made for periods in which a PIPER SANDLER | 35 loss was incurred, or for periods in which the special cash dividend exceeded adjusted net income resulting in an undistributed loss. Reconciliation of non-GAAP financial measures Selected financial data by year – continued

LTM June 30, For the year ended December 31, (Amounts in thousands, except per share data) 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011

Earnings/(loss) per diluted common share: Earnings/(loss) per diluted common share – U.S. GAAP basis $ 4.77 $ 7.69 $ 3.72 $ (4.99) $ (1.72) $ 3.34 $ 3.87 $ 2.70 $ 2.26 $ (6.51) Adjustment to exclude net income/(loss) from discontinued operations 1.81 1.65 0.09 (6.56) (3.48) 0.79 1.04 0.75 0.34 0.03 Income/(loss) from continuing operations $ 2.96 $ 6.05 $ 3.63 $ 1.57 $ 1.76 $ 2.55 $ 2.83 $ 1.95 $ 1.92 $ (6.54) Adjustment related to participating shares (1) -0.04 -(0.05)(0.31)----1.20 Adjustment for inclusion of unvested acquisition-related stock (1.69)------$ 1.27 $ 6.09 $ 3.63 $ 1.52 $ 1.45 $ 2.55 $ 2.83 $ 1.95 $ 1.92 $ (5.34) Adjustments: Compensation from acquisition-related agreements 3.09 0.29 1.44 2.33 1.53 0.16 0.15 0.06 - - Acquisition-related restructuring and integration costs 0.75 0.75 - - 0.45 0.42 - 0.17 0.11 - Goodwill impairment ------6.16 Amortization of intangible assets related to acquisitions 1.26 0.23 0.24 0.41 0.61 0.06 0.12 0.06 - - Non-compensation expenses from acquisition-related agreements0.62 0.01 0.04 0.04 ------Impact of the Tax Cuts and Jobs Act legislation --0.06 2.38 ------Impact of deferred tax asset valuation allowance --0.31 ------Adjusted earnings per diluted common share $ 6.99 $ 7.36 $ 5.72 $ 6.68 $ 4.05 $ 3.18 $ 3.09 $ 2.24 $ 2.03 $ 0.83

Weighted average diluted common shares outstanding: Weighted average diluted common shares outstanding –U.S. GAAP basis 14,390 13,937 13,425 12,978 12,779 14,389 15,025 15,061 15,616 15,685 Adjustment: Unvested acquisition-related restricted stock with service conditions 3,475 ------Adjusted weighted average diluted common shares outstanding 17,865 13,937 13,425 12,978 12,779 14,389 15,025 15,061 15,616 15,685

(1) For periods prior to 2020, Piper Sandler Companies calculated earnings per common share using the two-class method, which requires the allocation of consolidated adjusted net income between common shareholders and participating security holders, which in the case of Piper Sandler Companies, represented unvested stock with non-forfeitable dividend rights. No allocation of undistributed earnings was made for periods in which a PIPER SANDLER | 36 loss was incurred, or for periods in which the special cash dividend exceeded adjusted net income resulting in an undistributed loss.