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Piper Jaffray Companies CAUTION REGARDING FORWARD-LOOKING STATEMENTS

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Piper Jaffray Companies CAUTION REGARDING FORWARD-LOOKING STATEMENTS February 2017 Piper Jaffray Companies CAUTION 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, 2015 and updated in our subsequent reports filed with the SEC. These reports are available at our Web site at www.piperjaffray.com and at the SEC Web site at www.sec.gov. Forward-looking statements speak only as of the date they are made, and Piper Jaffray undertakes no obligation to update them in light of new information or future events PIPER JAFFRAY | 2 Table of Contents I. Company Overview II. Investment Banking and Equities III. Public Finance and Fixed Income IV. Asset Management V. Financial Information Reconciliation PIPER JAFFRAY | 3 February 2017 Section I Company Overview Our Firm Realize the Power of Partnership℠ Piper Jaffray is a leading investment bank and asset management firm • Reputation for client-first approach and INVESTMENT BANKING PUBLIC FINANCE AND straightforward advice AND EQUITIES FIXED INCOME SERVICES Public Finance Investment Banking • • Deep expertise and market leadership • Municipal Underwriting, Sales & • M&A Advisory in focus industry sectors Trading • Capital Markets • Taxable Sales & Trading • Strategic advisory relationships and • Restructuring • Strategic Analytics expert execution • Merchant Banking • 120+ year track record of delivering results Equities ASSET MANAGEMENT • Institutional Sales & Trading • Domestic and International Equity • Equity Research • Master Limited Partnerships • Technical Research • Growth Equity Information as of November 2016. Piper Jaffray Companies (NYSE: PJC) is a leading investment bank and asset management firm. Securities brokerage and investment banking services are offered in the U.S. through Piper Jaffray & Co., member SIPC and FINRA; in Europe through Piper Jaffray Ltd. and Simmons & Company International Limited, authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Jaffray Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Asset management products and services are offered through five separate investment advisory affiliates―U.S. Securities and Exchange Commission (SEC) registered Advisory Research, Inc.; Piper Jaffray Investment Management LLC, PJC Capital Partners LLC and Piper Jaffray & Co.; and Guernsey-based Parallel General Partners Limited, authorized and regulated by the Guernsey Financial Services Commission. PIPER JAFFRAY | 5 Partnering With Clients Since 1895 1931 1998 Lane, Piper & Jaffray U.S. Bancorp acquires 1895 merges with Hopwood 1987 Piper Jaffray in a cash 2003 Investment Co. and transaction valued at George B. Lane gains a seat on the Piper Jaffray $730 million Piper Jaffray becomes Commercial paper is NYSE establishes a presence independent, publicly established, later in London, expanding held company following merging with Piper, business into Europe spin-off from U.S. Jaffray Co. Bancorp 2006 2015 2013 Private client services division Firm acquires Simmons & sold to UBS Financial Seattle-Northwest Securities Company and River Branch Services, allowing Piper and Edgeview Partners Holdings, bolstering sector Jaffray to redirect business 2010 acquisitions expand the firm’s coverage in energy and strategy toward building a municipal and advisory financial institutions leading investment bank Piper Jaffray acquires businesses, respectively respectively, and grows its Advisory Research, Inc. to fixed income services group grow asset management with acquisition of BMO capabilities Capital Markets GKST PIPER JAFFRAY | 6 Investor Value Proposition • Growing annual earnings • Increasing mix of higher margin activities • Diversifying the business to produce strong results across various markets • Investing to drive growth • Gaining market share in key markets • Returning capital to our shareholders Return on Equity on a path to exceed our Cost of Capital PIPER JAFFRAY | 7 Transformation Progress $5.00 11.0% 12.0% Adjusted Diluted EPS (1) $4.50 (1) Adjusted ROE 9.2% 9.2% 10.0% $4.00 8.2% 8.1% $3.50 7.5% 8.0% $3.00 • Simmons • FIG Build Out • MD growth $2.50 5.5% 6.0% 4.7% 4.5% $4.42 $4.69 $2.00 $4.22 $3.56 4.0% $1.50 $2.98 $1.00 $1.87 $1.68 $1.71 2.0% $0.50 $0.00 0.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017-2018 Avg. Revenue Avg. Revenue Revenue Avg. Revenue Target Revenue $450MM $500MM $630MM $710MM $750-$800mm • Target ROE > Cost of Capital • Expand • Consistent EPS growth • Remix Execution • • Incr. Opr.leverage • Increase Opr. leverage Execute • Reduce Intl Footprint • Remix (Hires + Acq) Re-Invest Advisory - EV//Public Fin - • Reduce Op Exp o SNW Harvest • Increase Comp discipline • Increase Opr. leverage • Initial remix to higher margin (ARI Acq) Build Foundational 1 See Slide 30, 31 & 32 for a reconciliation of non-GAAP financial measures PIPER JAFFRAY | 8 OPERATING LEVERAGE = IMPROVED EARNINGS Adjusted Revenue Trend 1 $800.0 $736.3 REVENUE GROWTH DRIVERS $663.1 • Improved productivity $700.0 $632.4 $600.0 $516.4 • Internal development $480.4 $484.8 • Measured hiring $500.0 $441.1 $430.3 • Acquisitions $400.0 $300.0 $200.0 2009 2010 2011 2012 2013 2014 2015 2016 Adjusted Non Comp Ratio 1 2 30.0% 27.7% NON COMP RATIO IMPROVEMENT 26.8% 26.8% • Operating discipline 25.0% 22.8% 21.5% • Extracting costs through consolidating 20.5% 20.1% 20.4% transactions 20.0% • Increased revenues over the fixed operating 15.0% base 10.0% 2009 2010 2011 2012 2013 2014 2015 2016 Disciplined Growth in Head Count CORPORATE SUPPORT ADVANTAGE 23.6% 24.0% 1,400 23.4% 25.0% • Increasing ratio of business line to corporate 22.5% 1,200 23.0% support contributes to operating margin 20.5% 1,000 20.8% • Corporate support group is a competitive 21.0% 800 19.5% edge – adept at extracting cost synergies 19.0% 600 18.5% 400 17.0% 200 15.0% Ending HC Corporate Support Ratio 1 1 See Slide 31 for a reconciliation of non-GAAP financial measures 2 Non Comp ratio excludes $9.8MM legal settlement charge incurred in Q3 of 2015 PIPER JAFFRAY | 9 Business Mix Evolution Advisory and Asset Management firms attract a higher earnings’ multiple than brokerage businesses throughout a cycle Lower Quality 12X 17X Higher Quality Institutional Brokerage Equity UW Public Finance Asset Mgmt. Advisory Fee-based • Low growth • Volatile • Less volatility • • Some volatility Cyclical • Low margins • Cyclical • Fee-like • • Relative visibility High Visibility • High fixed costs • High fixed costs • Higher margin • • Variable cost model Attractive margins • Capital intensive • Requires capital • Requires capital • • Capital lite • Capital lite 2009 Mix1 2016 Mix1 • Strong execution on our strategic Revenue $441 Revenue $736 objectives of top line growth & remixing to higher quality earnings • Designed to grow earnings and 32% 24% attract a higher multiple 53% 65% • Since 2009, we have grown 14% 11% revenues by 67%, while doubling the contribution from Advisory, Asset Management & Public Finance Asset Mgmt./Advisory/Public Finance Equity Capital Raising Brokerage 1 See Slide 31 for a reconciliation of non-GAAP financial measures PIPER JAFFRAY | 10 Diversified Revenue Mix 1 2016 • Firm diversified across multiple facets • Markets – Fixed Income & Equites • Products – Capital raising, Brokerage, Advisory & 7% Asset Management • Industry – Expertise across all major industry sectors 23% • Recent investments expanded the breadth of 42% our diversity63% • Simmons- Energy is now second largest IB franchise 28% • FIG- Early stages of build out, can be countercyclical to traditional growth sectors • DCM Expansion - Can be countercyclical to equity capital markets • Public Finance - Focus on high margin activities has lead to non-Governmental business driving 30% of revenues Equity Fixed Income Advisory Revenue Asset Management Diversified business positioned to produce solid results across a range of markets 1 See Slide 31 for a reconciliation of non-GAAP financial measures PIPER JAFFRAY | 11 Strategic Growth Initiatives - Updates Energy Expansion - Simmons FIG Build Out GKST –Fixed Income Consolidation Acquisition • Expansion is meeting expectations • Team exceeding financial targets • Preeminent franchise • Accretive to earnings in the first full • Enabled us to lower risk profile of fixed • Retained all key personnel year on platform income business (increase turnover • Business is gaining momentum • Closed 24 transactions in 2016 and lower capital) • Exceeded expectations in the first 10 • Leveraging full breadth of Piper's • Increased scale to enhance returns months on Piper’s platform product expertise with lower risk • Capturing revenue synergies with our • Opportunistically hiring bankers to • Meaningful opportunity to deepen our broader product set drive further growth penetration of banks with broader • Priced 2 of the largest book run • Significant growth opportunity; Under- product set high yield deals in the firm’s history penetrated relative to peers • Opportunity to continue to pursue • Priced 4 book run equity deals other consolidating transactions with • Growth prospects solid as energy market turmoil prices
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