Exhibit 99.2

Piper Jaffray Companies
Unaudited Pro Forma Consolidated Statement of Financial Condition
June 30, 2006

				Pro Forma			Pro Forma			Pro Forma
	As			Adjustments			Adjustments			Adjustments			As
	Reported			(Note 2)			(Note 2)			(Note 2)			Adjusted
(Amounts in thousands, except share data)
Assets
Cash and cash equivalents	$	138,167		$	787,717	(a)	$	—		$	(227,726)	(h)	$	698,158
Receivables:
Customers (net of allowance of $1,665)		60,627			—			—			—			60,627
Brokers, dealers and clearing organizations		136,503			—			—			—			136,503
Deposits with clearing organizations		58,340			—			—			—			58,340
Securities purchased under agreements to resell		243,883			—			—			—			243,883
Trading securities owned		789,946			—			—			—			789,946
Fixed assets, net		37,520			—			—			—			37,520
Goodwill (net of accumulated amortization of $52,531)		317,167			(85,600)	(b)		—			—			231,567
Intangible assets (net of accumulated amortization of $2,533)		2,267			—			—			—			2,267
Other receivables		38,269			—			—			—			38,269
Other assets		89,399			—			—			—			89,399
Assets held for sale		419,855			(419,855)	(c)		—			—			—
Total assets	$	2,331,943		$	282,262		$	—		$	(227,726	)	$	2,386,479
Liabilities and Shareholders’ Equity
Payables:
Customers	$	111,299			—			—			—		$	111,299
Checks and drafts		36,141			—			—			—			36,141
Brokers, dealers and clearing organizations		259,816			—			—			(227,726)	(h)		32,090
Securities sold under agreements to repurchase		198,175			—			—			—			198,175
Trading securities sold, but not yet purchased		328,049			—			—			—			328,049
Accrued compensation		118,617			—			—			—			118,617
Other liabilities and accrued expenses		171,602			192,572	(d)		28,535	(g)		—			392,709
Liabilities held for sale		120,815			(120,815)	(e)		—			—			—
Total liabilities		1,344,514			71,757			28,535			(227,726	)		1,217,080
Subordinated debt		180,000			—			—			—			180,000
Shareholders’ equity:
Common stock, $0.01 par value;
Shares authorized: 100,000,000
Shares issued: 19,487,319
Shares outstanding: 18,556,143		195			—			—			—			195
Additional paid-in capital		721,660			—			—			—			721,660
Retained earnings		118,425			210,505	(f)		(28,535)	(g)		—			300,395
Less common stock held in treasury, at cost: 931,176 shares		(29,429	)		—			—			—			(29,429	)
Other comprehensive loss		(3,422	)		—			—			—			(3,422	)
Total shareholders’ equity		807,429			210,505			(28,535	)		—			989,399
Total liabilities and shareholders’ equity	$	2,331,943		$	282,262		$	—		$	(227,726	)	$	2,386,479

See Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements

Piper Jaffray Companies
Unaudited Pro Forma Condensed Consolidated Statements of Operations
For the year ended December 31, 2005

			Pro Forma
	As		Adjustments		As
(Amounts in thousands, except per share data)	Reported		(Note 3)		Adjusted
Revenues:
Investment banking	$	243,347	$	—	$	243,347
Institutional brokerage		162,068		—		162,068
Interest		44,857		—		44,857
Other income		3,530		—		3,530
Total revenues		453,802		—		453,802
Interest expense		32,494		—		32,494
Net revenues		421,308		—		421,308
Non-interest expenses:
Compensation and benefits		243,833		—		243,833
Occupancy and equipment		30,808		—		30,808
Communications		23,987		—		23,987
Floor brokerage and clearance		14,785		—		14,785
Marketing and business development		21,537		—		21,537
Outside services		23,881		—		23,881
Cash award program		4,205		—		4,205
Restructuring-related expense		8,595		—		8,595
Other operating expenses		13,646		—		13,646
Total non-interest expenses		385,277		—		385,277
Income from continuing operations before income tax expense		36,031		—		36,031
Income tax expense		10,863		—		10,863
Net income from continuing operations	$	25,168	$	—	$	25,168
Earnings per basic common share	$	1.34			$	1.34
Earnings per diluted common share	$	1.32			$	1.32
Weighted average number of common shares outstanding
Basic		18,813				18,813
Diluted		19,081				19,081

See Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements

Piper Jaffray Companies
Unaudited Pro Forma Condensed Consolidated Statements of Operations
For the Six Months Ended June 30, 2006

			Pro Forma
	As		Adjustments		As
(Amounts in thousands, except per share data)	Reported		(Note 3)		Adjusted
Revenues:
Investment banking	$	131,000	$	—	$	131,000
Institutional brokerage		87,172		—		87,172
Interest		28,065		—		28,065
Other income		11,268		—		11,268
Total revenues		257,505		—		257,505
Interest expense		17,296		—		17,296
Net revenues		240,209		—		240,209
Non-interest expenses:
Compensation and benefits		133,577		—		133,577
Occupancy and equipment		14,827		—		14,827
Communications		10,976		—		10,976
Floor brokerage and clearance		6,048		—		6,048
Marketing and business development		11,301		—		11,301
Outside services		13,128		—		13,128
Cash award program		2,161		—		2,161
Restructuring-related expense		—		—		—
Other operating expenses		7,347		—		7,347
Total non-interest expenses		199,365		—		199,365
Income from continuing operations before income tax expense		40,844		—		40,844
Income tax expense		14,209		—		14,209
Net income from continuing operations	$	26,635	$	—	$	26,635
Earnings per basic common share	$	1.44			$	1.44
Earnings per diluted common share	$	1.37			$	1.37
Weighted average number of common shares outstanding
Basic		18,509				18,509
Diluted		19,408				19,408

See Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements

Piper Jaffray Companies
Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements
(Unaudited)

Note 1 Basis of Presentation

Basis of Presentation

     The following unaudited pro forma condensed consolidated financial statements are based upon and should be read in conjunction with our historical consolidated financial statements and accompanying notes of Piper Jaffray Companies (the “Company”).

     The unaudited pro forma consolidated statement of financial condition of the Company as of June 30, 2006 and the statements of operations for the six months ended June 30, 2006 and the year ended December 31, 2005, give effect to the sale of the Company’s Private Client Services (“PCS”) branch network as if the sale had occurred on June 30, 2006 for balance sheet purposes and January 1, 2005 for purposes of the statements of operations.

     The unaudited pro forma condensed consolidated financial statements have been prepared based upon currently available information, estimates and assumptions that are deemed appropriate by the Company’s management. The unaudited pro forma condensed consolidated financial statements are not necessarily indicative of the results that would have been reported had such transaction actually occurred on the dates specified, nor are they indicative of our future results of operations of financial condition.

Note 2 Statement of Financial Condition Pro Forma Adjustments

     The unaudited pro forma consolidated statement of financial condition as of June 30, 2006 reflects the following adjustments:

a)	Represents gross cash proceeds from the sale of the PCS branch network. The Company anticipates utilizing these proceeds to repay all $180 million in subordinated debt currently outstanding, repurchase up to $180 million in common stock, pay approximately $185 million in income taxes associated with the gain on sale of the branch network and repay other outstanding short-term financing liabilities.
b)	Adjustment to write-off the goodwill assigned to the PCS branch network.
c)	Adjustment to reflect the sale of Company assets comprised of $394.9 million in customer receivables, $14.8 million in fixed assets, $8.7 million in employee forgivable loans and $1.5 million in other receivables.
d)	Adjustment to reflect an increase in other liabilities for income taxes payable of $184.4 million related to the estimated gain on sale of the PCS branch network and estimated additional transaction costs of $8.2 million related to the sale.
e)	Adjustment to reflect the sale of Company liabilities comprised of $118.2 million in customer payables and $2.6 million in other payables.
f)	Adjustment to increase retained earning for the estimated gain, net of tax, on the sale of the PCS branch network.
g)	Adjustment to reflect additional restructuring expenses, net of tax, recorded at the time of sale.
h)	Adjustment to reflect payment of PCS stock loan liabilities due to the Company no longer having access to PCS customer excess margin securities.

Note 3 Statements of Operations Pro Forma Adjustments

     There were no adjustments to any items on the unaudited condensed consolidated statement of operations in calculating the income from continuing operation as the sale of the PCS branch network was reflected as discontinued operations in the Company’s Quarterly Report on Form 10-Q as of and for the three months ended June 30, 2006 and in the Company’s Form 8-K filed on July 19, 2006. For the six months ended June 30, 2006, the Company reported income from discontinued operations of $1.4 million, or $0.07 per diluted share. For the year ended December 31, 2005, the Company reported income from discontinued operations of $14.9 million, or $0.78 per diluted share. The pro forma results exclude the impact of the gain on sale of the PCS branch network.