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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. 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 $1.1BB institutional securities firm. REVENUE LTM 3Q 2020 MIX ADJUSTED NET • Diversified firm with market leadership across businesses, deep expertise in REVENUES* focus sectors, and broad product capabilities • One of the largest and broadest middle-market investment banks on the street INVESTMENT BANKING | $649MM** with a reputation for client-first approach • M&A advisory • Top-ranked M&A advisor and represents one of the fastest growing platforms • Equity and debt capital markets 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 combines EQUITY BROKERAGE | $154MM** 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 free cash flow across cycles PUBLIC FINANCE | $132MM** • Municipal underwriting and advisory Partnering with clients since 1895 Our firm celebrates a 125-year legacy that has perpetuated because of the FIXED INCOME SERVICES | $165MM** partnerships we forge—among our clients, our employees and the communities • Municipal and taxable sales and trading 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 3Q 2020 revenues PIPER SANDLER | 5 Strategic objectives I. Our business and value proposition OUR LONG-TERM STRATEGIC OBJECTIVES HAVE NOT CHANGED AND WE ARE GENERATING STRONG RESULTS DURING THE TURBULENT OPERATING ENVIRONMENT RESULTING FROM THE GLOBAL PANDEMIC Continuing active dialogue with clients, advising on new M&A assignments and restarting engagements that Successfully were paused during the early months of the pandemic navigating the Diversification of our business and our recent investments through the acquisitions of Weeden and Sandler are turbulent providing resiliency to our results environment Our leading equity and debt capital raising franchises are generating record revenues and continue to gain market share Continue growth trajectory of investment banking platform by adding top-tier talent and market-leading Drive franchises, and developing internal talent revenue growth Fully realize revenue synergies resulting from recent acquisitions by collaborating across business lines to leverage the full capabilities of our firm Continue to expand high-margin, high-multiple advisory businesses Build a stronger and Leverage scale within equity brokerage and fixed income services platforms driven by expanded client base and product offerings to grow market share more durable 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 Maximize Prudently managing capital and costs to maintain our balance sheet strength and flexibility through 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 2020 2013 Invested in Financial Services Invested in 2015 Merged with Sandler O’Neill, the Public Finance Invested in Advisory leading financial services Acquired Seattle Northwest, Added a leading DCM team to investment bank; the combination a market leader in the broaden our product capabilities 2018 increases the scale of our M&A Pacific Northwest practice, strengthens our capital Invested in Invested in Healthcare markets platform, adds a Invested in Advisory Fixed Income Strengthened industry differentiated fixed income Acquired Edgeview, an M&A Acquired BMO Capital Markets GKST sub-verticals with business, and enhances our firm dedicated to the private to expand our fixed income sales, expansion into equities business equity community trading and underwriting platforms biopharma 2014 2016 2017 2019 2020 Invested in Advisory Invested in Invested in Public Invested in Equity Invested in Advisory Acquired PCG, an M&A Energy Finance Trading Acquired The Valence boutique for health and Acquired Simmons Broadened specialty Acquired Weeden & Co. Group adding a wellness-oriented & Company, a sectors, and expanded to be a market leader in leading chemicals and businesses, to add a premier energy our high-yield practice best execution materials M&A new vertical to our investment bank Invested in advisory practice consumer group Public Finance Expanded our Added a team in diversified industrials Nebraska to continue and services group expanding our state and with the addition of a local government practice new team 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 $200MM+ in a strong year Diversified Financial SENIOR SENIOR Energy & SENIOR 64 BANKERS Healthcare 40 Industrials 27 Services BANKERS SENIOR Renewables BANKERS & Services 25 BANKERS COMPLETED COMPLETED COMPLETED 427 DEALS* 233 DEALS* COMPLETED 292 DEALS* 126 DEALS* STOCKS STOCKS STOCKS 341 COVERED 216 COVERED 89 COVERED Capital Advisory & SENIOR Chemicals SENIOR Consumer 18 BANKERS Technology 7 Markets, & & Materials SENIOR BANKERS SENIOR 13 BANKERS Sponsor 33 BANKERS COMPLETED COMPLETED Coverage 159 DEALS* COMPLETED 64 DEALS* JUNIOR 43 DEALS* 27 BANKERS STOCKS STOCKS 84 COVERED 107 COVERED * Completed deals include closed advisory deals from January 1, 2015 to June 30, 2020; deal counts reflect combined Piper Jaffray and Sandler O’Neill data Note: Senior bankers include vice president through managing directors. Stocks covered represent number of companies under coverage by research. The Chemicals & Materials group represents PIPER SANDLER | 8 historical data from The Valence Group, which we acquired on April 3, 2020. Growth trajectory of corporate investment banking platform I. Our business and value proposition ONE OF THE LARGEST AND BROADEST MIDDLE MARKET INVESTMENT BANKS ON THE STREET Corporate Investment Banking Revenues ($ in millions) $1,000 Growth Drivers • Market share gains • Consistently winning larger assignments • Disciplined MD headcount growth through $750 strategic hiring and internal development • Financial sponsor momentum $649 Average $515 $172 • Accretive combinations $526 $527 $493 $252 Average $325 $100 $105 $123 $362
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