#1EVERCORE Investor Presentation March 2023 EVERCORE#2This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect our current views with respect to, among other things, Evercore's operations and financial performance. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "backlog," "believes," "expects," "potential," "probable," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. All statements, other than statements of historical fact, included in this presentation are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in Evercore's business. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Evercore believes these factors include, but are not limited to, those described under "Risk Factors" discussed in Evercore's Annual Report on Form 10-K for the year ended December 31, 2022, subsequent quarterly reports on Form 10-Q or annual reports on Form 10-K, current reports on Form 8-K and Registration Statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Evercore to predict all risks and uncertainties, nor can Evercore assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and Evercore does not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Evercore undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. Throughout this presentation certain information is presented on an Adjusted basis, which is a non-GAAP measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), and then those results are adjusted to exclude certain items and reflect the conversion of vested and unvested Evercore LP Units and Interests into Class A shares. Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and facilitate an understanding of Evercore's operating results. Evercore uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of each non-GAAP figure to the corresponding GAAP figure is available in Appendix IV at the end of this presentation. EVERCORE#3Evercore: Focused on Delivering for Our Clients, Our People and Our Shareholders Our Goal To be the most respected and trusted independent investment bank in the world, delivering innovative advice to help our clients achieve superior results Clients People Shareholders EVERCORE Our Priorities Develop long-term and trusted relationships with clients and utilize our breadth of capabilities to advise them on their most important strategic, financial and capital decisions in all environments Maintain a strong culture grounded in our Core Values, with a focus on attracting, developing, mentoring and promoting a diverse global team of highly talented professionals Deliver significant shareholder return through long-term growth, attractive margins and consistent capital return, while maintaining the highest corporate governance standards 1#4Track Record of Achieving Strong Results for Our Clients, Our People and Our Shareholders #1 in Advisory Revenues Among Top 15 ECM ranking by Underwriting revenue4 Independent Firms and #4 Among All Firms since 20181,2,3 At least 1/3 Of Total Revenue over the past four years is from non-M&A businesses5 #1 Research Provider Across Independent Firms since 2014 and #1 on a Weighted Basis Among All Firms in 2022, for the first time6 42 Institutional Investor-Ranked Research Analysts6 $10.5 Billion AUM from Evercore Wealth Management in 2022 11% 5-Year Adjusted Net Revenue CAGR (2018-2022)1 $2.5 17% 5-Year Adjusted EPS CAGR (2018-2022)1 4.4 Billion Capital Returned to Shareholders Since 20188 Million shares repurchased in 2022 128% 10-Year Total Return relative to the S&P 5007 7 Advisory SMDs and 1 Senior Advisor hired in 2022 and 40% of current SMDs have been internally promoted Source: M&A data sourced from Refinitiv; Fee data sourced from Company reports and SEC filings Net Revenues, EPS and Operating Margins for all periods reflect Adjusted figures on a gross basis as described in the Q4 2022 earnings release. A reconciliation to the corresponding GAAP figures is available in Appendix at the end of this presentation FY 2022 Advisory revenues based on reported quarterly results for 2022 for all firms Total fee pool includes Advisory revenues from BAC, C, CS, DB, EVR, GHL, GS, HLI, JPM, LAZ, MC, MS, PIPR, PJT, PWP, ROTH and UBS. Independents' fee pool includes Advisory revenues from PJT, EVR, GHL, HLI, LAZ, MC, PWP and ROTH Reflects Dealogic estimates for FY 2022 for all U.S. exchange listings and excludes bought deals and ATMs. Based on revenue date for SPAC transactions 1. 2. 3. 4. 5. 6. Institutional Investor survey released in October 2022 7. Assumes dividends are reinvested. Represents 12/31/2012 - 12/31/2022 8. Includes dividends to Class A shareholders and equivalent amounts distributed to holders of LP units Non-M&A businesses include Underwriting Fees, Commissions and Related Revenues, Asset Management and Administration Fees, which are publicly reported revenue line items. In addition, this includes components of Advisory that are considered non- traditional M&A such as restructuring, private capital advisory, fundraising, etc. EVERCORE 2#5Meaningful Long-Term Revenue, EPS Growth, Margin Expansion, and Capital Return Adjusted Net Revenues¹ ($ in millions) Adjusted EPS1,2 $3,500 $3,000 $3,317 $20.00 $17.50 $18.00 $2,786 $16.00 $2,500 $2,327 $14.00 $12.01 $2,083 $2,033 $12.00 $2,000 $9.62 $10.00 $9.01 $7.70 $1,500 $8.00 $6.00 $1,000 $4.00 $500 $2.00 $0.00 $0 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Adjusted Operating Margins¹ 35% 28.4% 27.5% 28% 24.5% 21% 14% 7% 0% 2018 1. 2. 3. 2019 2020 34.3% 2021 Capital Return ($ in millions)³ $900 $750 $852 $655 25.9% $600 $721 $450 $376 $392 $520 $265 $300 $290 $283 $147 $150 $87 $109 $119 $132 $135 $0 2022 2018 2019 2020 2021 2022 ■Dividends / Distributions ■Share Repurchases Net Revenues, EPS and Operating Margins for all periods reflect Adjusted figures on a gross basis as described in the Q4 2022 earnings release. A reconciliation to the corresponding GAAP figures is available in Appendix at the end of this presentation Adjusted EPS includes a benefit to Net Income of approximately $20.2 million for FY 2022, $19.5 million for FY 2021, $13.2 million for 2019, and $24.2 million for FY 2018, respectively, and includes an expense of approximately $0.02 million for 2020 from the application of the new accounting standard for income taxes related to share-based compensation Includes dividends to Class A shareholders and equivalent amounts distributed to holders of LP units, and excludes consideration received, net of tax, from the sale of the ETC Institutional Trust and Independent Fiduciary business in FY 2017. Totals may not add due to rounding EVERCORE 3#6Enhancing Client Focus EVERCORE#7Broad Geographic Footprint Diversifies Revenues 50+ Countries Where Clients are Served ~2,120 Employees Worldwide¹ 18 Advisory Offices Globally ~1,270 Advisory Bankers¹ 11 Countries with Evercore Offices 130 Advisory SMDs Globally² Minneapolis Americas Atlanta Boston New York Chicago San Francisco São Paulo* Tampa Toronto Dallas Denver Houston Los Angeles Menlo Park Mexico City* Washington DC West Palm Beach Wilmington Evercore Reach Evercore Offices Affiliate Offices Europe / Middle East Aberdeen Dubai Frankfurt London Madrid Tel Aviv Note: Bold text denotes Advisory office. * denotes Evercore Affiliate and Strategic Alliance offices 1. As of December 31, 2022 2. SMD count is as of December 31, 2022 and includes committed new hires and known departures/transitions. Does not include promotes announced in January 2023 EVERCORE 4 Asia/Australia Beijing Hong Kong Mumbai* Seoul* Singapore Sydney* Tokyo#8Evercore's Sector Coverage Enables Us to Advise Across a Comprehensive, Diverse Set of Industries Sector Coverage Evercore in 2010 Energy Financial Institutions Tech, Media, Telecom Healthcare Generalists and Specialty Sectors 46 Advisory SMDs as of FY 2010 Evercore Today Infrastructure, Utilities & Renewables Oil & Gas Banking Insurance Investment Management FinTech Tech - Hardware Tech - Software Industrial Technology Media Telecom Medical Services & Technology Pharma Biotech Consumer / Retail General Industrial Aerospace / Defense Paper & Packaging Automotive Chemicals Shipping & Transportation Metals & Mining Financial Sponsors Real Estate Public Sector & Infrastructure 1301 Advisory SMDs as of Q4 2022 1. EVERCORE Energy SMD count is as of December 31, 2022 and includes committed new hires and known departures/transitions. Includes sector focused M&A SMDS and other Advisory SMDS 5 Financial Institutions Consumer/Retail Tech, Media, Telecom Industrials Healthcare Other Sectors#9Evercore Has Significantly Enhanced its Business Since 2010 and Serves Clients with the Broadest Capabilities of Any Independent Advisory Firm Evercore in 2010 $0.3 Billion¹ FY 2010 Adjusted Investment Banking Revenue Capabilities Evercore Today $2.7 Billion¹ FY 2022 Adjusted Investment Banking & Equities Revenue 1. 2. Investment Banking Strategic Corporate Advisory Mergers and Acquisitions Transaction Structuring Restructuring Capital Markets Advisory Investment Banking & Equities Strategic Advisory • Mergers and Acquisitions Strategic, Defense and Shareholder Advisory Special Committee Assignments Transaction Structuring Restructuring Private Capital Advisory and Fundraising Advises managers of private markets seeking to recapitalize or liquidate their assets through a privately negotiated transaction as well as advisory and distribution services on capital raising Private Capital Markets and Debt Advisory Provides corporate finance advisory services relating to private credit, growth equity and structured equity, including structuring and executing private market transactions for public and private clients Equity Capital Markets Provides equity capital markets advisory services, together with origination, structuring and execution of equity, equity-linked and PIPES Research Sales Equities Trading Corporate Access In each of the past four years, our non-M&A businesses accounted for at least 1/3 of our revenue² Investment Banking & Equities Revenues on an Adjusted basis reflect the reclassification of earnings related to our equity method investments in Luminis and Seneca Evercore of $1.2 million for FY 2022 and to our former equity method investment in G5 of $0.02 million for FY 2010 Non-M&A businesses include Underwriting Fees, Commissions and Related Revenues, Asset Management and Administration Fees, which are publicly reported revenue line items. In addition, this includes components of Advisory that are considered non- traditional M&A such as restructuring, private capital advisory, fundraising, etc. EVERCORE 6#10Significant Growth Opportunities EVERCORE#11Expanding and Enhancing Our Coverage Model and Filling in Areas of White Space Through Three Client-Focused Initiatives Sector, Geographic and Capability Expansion Significant opportunities remain in sector, geographic and capability coverage ► "Four Techs” (Biotech, Fintech, Green Tech, Technology) Europe/Asia ► Continued expansion of capabilities including ECM, debt advisory & placement and capital raising Financial Sponsors We believe the opportunity with Financial Sponsors ahead is vast, given the depth of our relationships combined with the $3.8+ trillion in global private equity dry powder and the talent we have added to our team In addition to traditional buying and selling of portfolio companies, we are well positioned to holistically advise in GP/LP management, continuation funds and capital advisory Client Coverage Model Effectively covering large, multinational firms enables us to advise companies on their most complex strategic, financial and capital needs Our client coverage continues to expand as a result of our: Global presence in all major M&A markets Broad Advisory and product capabilities ▸ Coverage of all major sectors EVERCORE#12The Expansion of Our Underwriting Capabilities Positions Us to Add Value and Gain Recognition from Our Corporate and Institutional Clients 2010-2019 Expansion of Our Underwriting Capabilities IPOS PIPES Follow Ons SPACS CAPS 2020 2021 ■ Converts High Yield Direct Listings FY 2022 Equity Underwriting Revenue Rankings1 #112 EVERCORE Top 10 Goal Average Underwriting Fees of $215 million since 2020 1. Top 10 includes JPM, GS, MS, BAC, JEF, C, SVB Securities, Cantor Fitzgerald, CS, and Cowen 2. Reflects Dealogic estimates for FY 2022 for all U.S. exchange listings and excludes bought deals and ATMs. Based on revenue date for SPAC transactions EVERCORE 8 2022+#13Hiring A+ Talent Leads To Additional Growth Opportunities from Ramping1 SMDs in the Near-Term and Broader Sector Coverage and Capabilities in the Long-Term Advisory SMD Coverage SMD Growth 125 100 75 50 50 25 25 98 114 112 107 130² Currently we have 30+ SMDs in ramp¹ mode Hired 7 SMDs and 1 Senior Advisor in 2022; Largest SMD promotion class in our history in 2022 2018 2019 2020 2021 2022 ■Sector Focused M&A ■Other Advisory Average productivity of fully ramped SMDs has ranged from ~$18 million - $28 million³ over the last 5 years 1. 2. 3. "Ramping" defined as SMDS with 3 years on the platform SMD count is as of December 31, 2022 and includes committed new hires and known departures/transitions. Does not include promotes announced in January 2023 SMD productivity calculated as Advisory revenue plus 50% of Underwriting revenue that is attributed to the Advisory business. Advisory revenue productivity figures are calculated using rolling 12-month revenues divided by SMD headcount on a 12-month lag EVERCORE 9#14Business Highlights EVERCORE#15Why Evercore? Sustainable Differentiated Business Model Most attractive independent platform for top talent Long-term employee alignment through pay for performance and deferred compensation Expanded Revenue Opportunities Strong Earnings and EPS Growth Opportunity Broadest independent advisory capabilities Leading in raising capital for financial sponsors and growing in public capital markets Leading independent research platform Unique ability to serve a broad spectrum of client needs with an independent perspective Elevated level of market activity Significant revenue growth opportunities through continued market share gains ■ Operational discipline Commitment to capital return Strong Cash Flow Generation Strong operating margins Balance sheet light business model Low Risk Business Model Ability to pivot in all revenue environments Strong and liquid balance sheet with the cash and investments necessary to fund prior deferred cash bonus obligations that are to be paid in cash in the future EVERCORE 10#161. 2. 3. Advisory and Underwriting Highlights #1 in Advisory Revenues Among Independent Firms in 2022 and #4 Among All Firms since 20181,2,3 Significant portion of our business stems from deals in the $1 - $5 billion range Advisory | Abbott AIG Anadarko AstraZeneca Bristol-Myers Squibb ¡Campbell's I COMCAST CP DO Dn Diamond Sports Group Diebold Nixdorf ⚫DUPONT▸ Cendo GRUBHUB™ INSIGHT PARTNERS Kaseya LATAM Kellogg's CATTERTON AIRLINES Our Strategic, Defense and Shareholder Advisory team has advised companies representing over $1.5 trillion in market value, and have the largest team of dedicated activist defense professionals on Wall Street Premier company and creditor advisor, as showcased by leading roles in 2022's largest and most complex deals, including Talen Energy, Diebold Nixdorf, Endo International, LATAM Airlines, and Diamond Sports Group 2022 represented the second-best year on record for our private capital businesses - which include fundraising, buying and selling of LP and GP stakes, continuation funds as well as our real estate capital team Jazz Pharmaceuticals Lilly Raytheon Technologies TELEDYNE TECHNOLOGIES Everywhereyoulook MGM GROWTH PROPERTIES Nestle Norton LifeLock™ PayPal REFINITIV SAMSUNG SunOpta Takeda US. T..Mobile. verizon FOODS Underwriting Evercore was a bookrunner on four of the five largest U.S. IPOs in 2022 Evercore's Underwriting business participated in 49 transactions that raised $20.5 billion in total proceeds in 2022 Evercore was a bookrunner on 100% of its equity and equity-linked underwriting transactions in 2022 I ALEXANDRIA. ascendis pharma i bumble ESAB FRONTIER AIRLINES corebridge" An nkarta in mobileye petco THERAPEUTICS I VITA I PNC BANK CoCo NONTIER™ WARBY PARKER Advisory Revenues reflect Adjusted figures on a gross basis as described in the Q4 2022 earnings release. A reconciliation to the corresponding GAAP figures is available in Appendix at the end of this presentation FY 2022 Advisory revenues based on reported quarterly results for 2022 for all firms Total fee pool includes Advisory revenues from BAC, C, CS, DB, EVR, GHL, GS, HLI, JPM, LAZ, MC, MS, PIPR, PJT, PWP, ROTH and UBS. Independents' fee pool includes Advisory revenues from PJT, EVR, GHL, HLI, LAZ, MC, PWP and ROTH EVERCORE 11#17Leading Independent Research and Trading Business Evercore ISI: Premier Equities Franchise Recognized as top independent research firm in the Institutional Investor All-America Equity Research Survey1 for 9th straight year In 2022, ranked #1 in Overall Research Firm on a Weighted Analyst Basis, for the first time ever Highest number of Top 3 ranked analysts of any firm ~50 Industry Sectors Covered ~830 stocks under coverage ■High Quality Distribution and Corporate Access Capabilities ■ Complements Market Leading Independent Advisory Business (consistent with regulatory requirements) Macro Focus Economics Surveys Policy Strategy Fundamental Coverage abbvie amazon AMGEN Blackstone DANAHER CAT ConocoPhillips jetBlue® LENNAR The Home of Everything's Included." Constellation Brands M 1. Institutional Investor survey released in October 2022 EVERCORE 12 NETFLIX NIKE Schlumberger NVIDIA The WALT DISNEY Company salesforce#18Commitment to Capital Return and A Strong Balance Sheet Capital Return We remain committed to our capital return objectives which include 1: Growing the per share dividend as earnings increase over time, reflective in our most recent dividend increase to $0.72 per share (approved in Q2 2022) ► Offsetting dilution associated with annual bonus equity and new hire grants through share repurchases ► Returning excess cash not needed for investment in the business through share repurchases Strong Balance Sheet Strong and liquid balance sheet We regularly monitor our: Cash levels ► Liquidity Regulatory capital requirements Debt covenants ► Other contractual obligations We hold cash and investments necessary to fund prior deferred cash bonus obligations that are to be paid in cash in the future 4.4 Million Shares Repurchased in 2022 1. Subject to our future earnings and our need to maintain a strong liquidity position 2. Includes cash and investment securities held to satisfy near-term compensation obligations EVERCORE 13 ~$2.1 Billion Cash, Cash Equivalents and Investment Securities as of December 31, 2022²#19Strong Shareholder Return and Outperformance Against Benchmarks Total Shareholder Return¹ 350 300 250 200 150 100 50 50 12/30/2013 12/30/2014 12/30/2015 12/30/2016 12/30/2017 12/30/2018 12/30/2019 12/30/2020 12/30/2021 12/30/2022 EVR S&P 500 Index S&P Financial Index Peer Average² Three-Year Evercore: +58% S&P 500: +25% S&P Financials: +19% Peer Average²: +37% 1. Assumes dividends are reinvested 2. Equal weighted index methodology. Peer average includes GHL, HLI, LAZ, MC, and PJT EVERCORE Five-Year Evercore: +37% S&P 500: +57% S&P Financials:+36% Peer Average²: +31% Ten-Year Evercore: +355% S&P 500: +227% S&P Financials: +215% Peer Average²: +11% 14#20Our People and Corporate Citizenship EVERCORE#21Our Company is Only as Extraordinary as Our People Strong record of recruiting senior talent externally; hired seven Advisory SMDs and one Senior Advisor in 2022 Focus on training, developing, mentoring and promoting from within Deep commitment to being the best place to work for the most talented professionals in our industry Advisory SMD Headcount Growth % Internally Promoted Team Development and Diversity² 125 27% 100 98 75 50 25 25 2018 29% 112 2019 35% 32% 40% 1301 114 107 2020 2021 2022 #2 Overall Ranking in Banking Top 25 #3 vault TOP RANKED #3 Internship for Employment Prospects #2 Best Banking Firms for Overall Diversity Best Banking Firms for Diversity for Women 1. 2. ■Sector Focused M&A Other Advisory SMD count is as of December 31, 2022 and includes committed new hires and known departures/transitions. Does not include promotes announced in January 2023 Per Vault 2021 rankings. 2022 rankings released in 2023 EVERCORE 15#22We are Committed to Being a Good Corporate Citizen Diversity, Equity & Inclusion We are committed to advancing Diversity, Equity and Inclusion ("DE&I") at the firm Added DE&I as a standalone Core Value to emphasize our commitment to "develop and sustain a strong culture of inclusion which embraces diversity and creates opportunity for all employees" Evercore is proud to support / partner with organizations that broaden our access to underrepresented students #10000 BLACK INTERNS BLK BLK CAPITAL MANAGEMENT, CORP BRIGHT NETWORK Community Engagement We measure our success not only by our client and financial achievements, but also by our contribution to the communities in which we operate and serve Through Evercore Volunteers, we encourage participation in firmwide community service initiatives, which connect our employees with our community partners Through the Evercore Foundation, we contribute to organizations that align with its goal of supporting education, healthcare, mental health, and critical social services for children and underrepresented groups in the communities in which we live and work CANCER RESEARCH UK EVERCORE Disaster Relief Fund CEO ACTION FOR DIVERSITY & INCLUSION Forté FOUNDATION HIVE DIVERSITY EVERCORE Volunteers The Fuller Center for Housing JumpStart C4U Advisory Group OUT FOR UNDERGRAD REACHING OUT SEO Seizing Every Opportunity TOIGOO Bringing Diversity to Life New York Cares THE WAY TO VOLUNTEER Save the ChildrenⓇ EVERCORE 16#23Sustainability is Incorporated into Our Approach to Business, Strategy and Corporate Governance Our People Attract, foster & maintain a diverse workforce, prioritize employee well-being and give back to the communities in which we live & work ~2,120 employees¹ across 11 countries representing 63 nationalities² ~34% 7 of US employees are women1,3 global diversity employee networks -37% of US employees are ethnically diverse 1,2 #2 Best Investment Bank to Work For in Vault ranking for the 5th year EverWELL program offering physical, financial, social & mental well-being resources Our Governance Pursue integrity, equality & transparency in all of our practices and reinforce our commitment to our core values 82% of Directors are independent Code of business conduct & ethics in place 44% of Independent Directors are women Whistleblower protection 1. 2. 3. As of December 31, 2022 Includes employees who identify as ethnically diverse Includes employees who identify as women EVERCORE 17 Risk management is a fundamental principle IT, cybersecurity & data privacy are critical parts of our business#24U.S. GAAP Reconciliation to Adjusted Results (Unaudited) EVERCORE#25U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Information in the following financial reconciliations presents the historical results of the Company from continuing operations and is presented on an Adjusted basis, which is a non-generally accepted accounting principles ("non-GAAP") measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), adjusted to exclude certain items and reflect the conversion of certain Evercore LP Units and Interests and other IPO related restricted stock unit awards, as well as Acquisition Related Share Issuances and Unvested Restricted Stock Units, into Class A shares. Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and facilitate an understanding of Evercore's operating results. The Company uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. These Adjusted amounts are allocated to the Company's two business segments: Investment Banking & Equities and Investment Management. The differences between Adjusted and U.S. GAAP results are as follows: Assumed Vesting of Evercore LP Units and Exchange into Class A Shares. In prior periods, the Company incurred expenses, primarily in Employee Compensation and Benefits, resulting from the vesting of Class E LP Units issued in conjunction with the acquisition of ISI, as well as Class G and H LP Interests and Class J LP Units. The Adjusted results assume substantially all of these LP Units and certain Class G and H LP Interests have vested and have been exchanged for Class A shares. Accordingly, any expense or reversal of expense associated with these units, and related awards, is excluded from Adjusted results, and the noncontrolling interest related to these units is converted to controlling interest. The Company's Management believes that it is useful to provide the per-share effect associated with the assumed conversion of these previously granted equity interests and IPO related restricted stock units, and thus the Adjusted results reflect their exchange into Class A shares. Adjustments Associated with Business Combinations and Divestitures. The following charges resulting from business combinations and divestitures have been excluded from the Adjusted results because the Company's Management believes that operating performance is more comparable across periods excluding the effects of these acquisition- related charges: Amortization of Intangible Assets and Other Purchase Accounting-related Amortization. amortization from the acquisition of ISI and certain other acquisitions. Amortization of intangible assets and other purchase accounting-related Acquisition and Transition Costs. Primarily professional fees incurred and costs related to transitioning acquisitions or divestitures. Fair Value of Contingent Consideration. The expense, or reversal of expense, associated with changes in fair value of contingent consideration issued to the sellers of certain of the Company's acquisitions. Gain on Sale of Institutional Trust and Independent Fiduciary business of ETC. The gain resulting from the sale of the Institutional Trust and Independent Fiduciary business of ETC in the fourth quarter of 2017. Foreign Exchange Gains / (Losses). Release of cumulative foreign exchange losses resulting from the restructuring of our former equity method investment in G5 in the fourth quarter of 2017, as well as from the sale and wind-down of our businesses in Mexico in the fourth quarter of 2020. Net Loss on Sale of ECB businesses. The net loss resulting from the gain on the sale of the ECB Trust business and the loss on the sale of the remaining ECB business incurred in the third and fourth quarters of 2020, respectively. Gain on Redemption of G5 Debt Security. The gain on the redemption of the G5 debt security in the second quarter of 2021 is excluded from the Adjusted presentation. Gain on Sale of Interests in ABS. The gain on the sale of a portion of the Company's interests in ABS in the first quarter of 2022 is excluded from the Adjusted presentation. Special Charges, Including Business Realignment Costs. Expenses associated with impairments of Goodwill and Intangible Assets and other costs related to business changes, including those associated with acquisitions and divestitures, are excluded from the Adjusted results. EVERCORE 18#26U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Income Taxes. Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a Public Corporation in the U.S. as the ultimate parent. Certain of the subsidiaries, particularly Evercore LP, have noncontrolling interests held by management or former members of management. As a result, not all of the Company's income is subject to corporate level taxes and certain other state and local taxes are levied. The assumption in the Adjusted earnings presentation is that substantially all of the noncontrolling interest is eliminated through the exchange of Evercore LP units into Class A common stock of the ultimate parent. As a result, the Adjusted earnings presentation assumes that the allocation of earnings to Evercore LP's noncontrolling interest holders is substantially eliminated and is therefore subject to statutory tax rates of a C-Corporation under a conventional tax structure in the U.S. and that certain state and local taxes are reduced accordingly. Excluded from the Company's Adjusted results are adjustments related to the impact of the enactment of the Tax Cuts and Jobs Act that was signed into law on December 22, 2017, which resulted in a reduction in income tax rates in the U.S. in 2018 and in future years. The enactment of this tax reform resulted in a charge to the Provision for Income Taxes for the fourth quarter of 2017 of $143.3 million primarily resulting from the estimated re-measurement of net deferred tax assets, which relates principally to temporary differences from the step-up in basis associated with the exchange of partnership units, deferred compensation, accumulated other comprehensive income and depreciation of fixed assets and leasehold improvements. The tax reform also resulted in an estimated adjustment to Other Revenue for the fourth quarter of 2017 of $77.5 million related to the re-measurement of amounts due pursuant to our tax receivable agreement, which was reduced due to the lower enacted income tax rates in the U.S. in 2018 and in future years. Presentation of Interest Expense. The Adjusted results present Adjusted Operating Income before interest expense on debt, which is included in interest expense on a U.S. GAAP basis. In addition, in prior periods, interest expense on short-term repurchase agreements was presented in Other Revenue, net, as the Company's Management believes it is useful to present the spread on net interest resulting from the matched financial assets and liabilities. Presentation of Income (Loss) from Equity Method Investments. The Adjusted results present Income (Loss) from Equity Method Investments within Revenue as the Company's Management believes it is a useful presentation. During 2018, the Company's Adjusted presentation for current and prior periods was revised to eliminate the netting of client related expenses, expenses associated with revenue sharing engagements with third parties and provisions for uncollected receivables with their related revenue. The revised presentation reflects the expense and related revenue gross. The Company revised its presentation for these expenses in order to align with the treatment under U.S. GAAP. There was no impact on Adjusted Operating Income, Net Income or Earnings Per Share. EVERCORE 19#27U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Advisory Revenue & Net Revenues Advisory Revenue - U.S. GAAP Income from Equity Method Investments (1) Advisory Revenue - Adjusted Net Revenues -U.S. GAAP Income from Equity Method Investments (1) Interest Expense on Debt (2) Gain on Sale of Interests in ABS (3) Gain on Redemption of G5 Debt Security (4) Mexico Transition - Net Loss on Sale of ECB Businesses (5) Mexico Transition - Release of Foreign Exchange Losses (6) Gain on Sale of Institutional Trust and Independent Fiduciary Business of ETC (7) Foreign Exchange Losses from G5 Transaction (8) Adjustment to Tax Receivable Agreement Liability (11) Net Revenues - Adjusted (dollars in thousands) 2022 2021 Twelve Months Ended December 31, 2020 2019 2018 $ 2,392,990 1,217 $ 2,394,207 $ 2,751,992 1,337 $ 2,753,329 $1,755,273 1,546 $1,756,819 $ $ 1,653,585 916 1,654,501 $ $ 1,743,473 518 1,743,991 2017 $ 1,324,412 277 $ 1,324,689 $ 2,762,048 $ 3,289,499 $2,263,905 $ 7,999 14,161 14,398 16,850 17,586 18,197 2,008,698 $ 10,996 12,917 2,064,705 $ 1,704,349 9,294 9,201 8,838 9,960 (1,294) (4,374) 3,441 27,365 $ 2,785,603 $ 3,316,872 $2,327,306 $ 2,032,611 $ 2,083,200 EVERCORE 20 20 (7,808) 16,266 (77,535) $ 1,654,070#28U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Operating Income & Net Income Operating Income - U.S. GAAP Income from Equity Method Investments (1) Interest Expense on Debt (2) Gain on Sale of Interests in ABS (3) Gain on Redemption of G5 Debt Security (4) Mexico Transition - Net Loss on Sale of ECB Businesses (5) Mexico Transition - Release of Foreign Exchange Losses (6) Gain on Sale of Institutional Trust and Independent Fiduciary Business of ETC (7) Foreign Exchange Losses from G5 Transaction (8) Intangible Asset Amortization / Other Purchase Accounting-related Amortization (9) Adjustment to Tax Receivable Agreement Liability (10) Amortization of LP Units / Interests and Certain Other Awards (11) Special Charges, Including Business Realignment Costs (12) Acquisition and Transition Costs (13) Fair Value of Contingent Consideration (14) Operating Income - Adjusted (dollars in thousands) Twelve Months Ended December 31, 2022 2021 $ 696,042 7,999 $ 1,102,438 14,161 16,850 17,586 2020 $ 526,433 14,398 18,197 2019 2018 2017 $ 437,711 $ 10,996 12,917 542,077 9,294 9,201 $ 428,811 8,838 9,960 (1,294) (4,374) 3,441 27,365 (7,808) 16,266 1,183 7,528 8,628 9,411 (77,535) 1,067 18,183 15,241 11,444 3,126 8,554 7 46,645 10,141 5,012 25,437 562 1,013 21 1,673 $ 722,723 $ 1,138,372 $ 639,291 $ 498,489 $ 1,485 590,959 $ 426,497 Net Income Attributable to Evercore Inc. - U.S. GAAP Gain on Sale of Interests in ABS (3) Gain on Redemption of G5 Debt Security (4) Mexico Transition - Net Loss on Sale of ECB Businesses (5) Mexico Transition - Release of Foreign Exchange Losses (6) $ 476,520 $ 740,116 (1,294) $ 350,574 $ 297,436 $ 377,240 $ 125,454 (4,374) 3,441 27,365 Gain on Sale of Institutional Trust and Independent Fiduciary Business of ETC (7) Foreign Exchange Losses from G5 Transaction (8) (7,808) 16,266 Intangible Asset Amortization / Other Purchase Accounting-related Amortization (9) Adjustment to Tax Receivable Agreement Liability and Income Taxes, Net (10) Amortization of LP Units / Interests and Certain Other Awards (11) (108) (18,602) Special Charges, Including Business Realignment Costs (12) Acquisition and Transition Costs (13) Fair Value of Contingent Consideration (14) Noncontrolling Interest (15) Net Income Attributable to Evercore Inc. - Adjusted 3,126 8,554 7 1,183 (29,731) 1,067 46,645 7,528 (13,727) 18,183 8,628 9,411 (12,368) 50,529 15,241 11,444 10,141 5,012 25,437 562 1,013 21 1,485 1,673 $ 50,502 528,746 $ 117,484 843,185 58,489 $ 459,595 $ 52,726 373,300 58,698 43,965 $ 453,957 $ 276,371 EVERCORE 21#29U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Diluted shares outstanding & key metrics (share amounts in thousands) Diluted Shares Outstanding - U.S. GAAP LP Units (16) Unvested Restricted Stock Units - Event Based (16) Diluted Shares Outstanding - Adjusted Key Metrics: (a) Diluted Earnings Per Share - U.S. GAAP Diluted Earnings Per Share - Adjusted Operating Margin - U.S. GAAP Operating Margin - Adjusted 2022 2021 Twelve Months Ended December 31, 2020 2019 2018 2017 41,037 2,970 12 43,321 4,854 42,623 5,126 43,194 5,254 45,279 5,075 12 12 12 12 44,826 5,885 12 44,019 48,187 47,761 48,460 50,366 50,723 55 $ 11.61 $ 12.01 25.2% 25.9% SA SA $ 17.08 $ 17.50 33.5% 34.3% SS 8.22 9.62 23.3% 27.5% SA SA 6.89 $ 7.70 $ SS 8.33 $ 9.01 $ SS 2.80 5.45 21.8% 26.3% 25.2% 24.5% 28.4% 25.8% (a) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components on the prior pages. EVERCORE 222 22#30U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Footnotes 1. Income (Loss) from Equity Method Investments has been reclassified to Revenue in the Adjusted presentation. 2. Interest Expense on Debt is excluded from Net Revenues and presented below Operating Income in the Adjusted results and is included in Interest Expense on a U.S. GAAP Basis. 3. The gain on the sale of a portion of the Company's interests in ABS in the first quarter of 2022 is excluded from the Adjusted presentation. 4. The gain resulting from the redemption of the G5 debt security in the second quarter of 2021 is excluded from the Adjusted presentation. 5. 6. 7. 8. 9. The net loss resulting from the gain on the sale of the ECB Trust business and the loss on the sale of the remaining ECB business in the third and fourth quarters of 2020, respectively, is excluded from the Adjusted presentation. Release of cumulative foreign exchange losses in the fourth quarter of 2020 resulting from the sale and wind-down of our businesses in Mexico are excluded from the Adjusted presentation. The gain resulting from the sale of the Institutional Trust and Independent Fiduciary business of ETC in the fourth quarter of 2017 is excluded from the Adjusted presentation. Release of cumulative foreign exchange losses resulting from the restructuring of our former equity method investment in G5 in the fourth quarter of 2017 are excluded from the Adjusted presentation. The exclusion from the Adjusted presentation of expenses associated with amortization of intangible assets and other purchase accounting-related amortization from the acquisition of ISI and certain other acquisitions. 10. Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a Public Corporation in the U.S. as the ultimate parent. Certain of the subsidiaries, particularly Evercore LP, have noncontrolling interests held by management or former members of management. As a result, not all of the Company's income is subject to corporate level taxes and certain other state and local taxes are levied. The assumption in the Adjusted earnings presentation is that substantially all of the noncontrolling interest is eliminated through the exchange of Evercore LP units into Class A common stock of the ultimate parent. As a result, the Adjusted earnings presentation assumes that the allocation of earnings to Evercore LP's noncontrolling interest holders is substantially eliminated and is therefore subject to statutory tax rates of a C-Corporation under a conventional tax structure in the U.S. and that certain state and local taxes are reduced accordingly. Excluded from the Company's Adjusted results are adjustments, described below, related to the impact of the enactment of the Tax Cuts and Jobs Act that was signed into law on December 22, 2017, which resulted in a reduction in income tax rates in the U.S. in 2018 and in future years. The enactment of this tax reform resulted in a charge to the Provision for Income Taxes for the fourth quarter of 2017 of $143.3 million primarily resulting from the estimated re-measurement of net deferred tax assets, which relates principally to temporary differences from the step-up in basis associated with the exchange of partnership units, deferred compensation, accumulated other comprehensive income and depreciation of fixed assets and leasehold improvements. The tax reform also resulted in an estimated adjustment to Other Revenue for the fourth quarter of 2017 of $77.5 million related to the re-measurement of amounts due pursuant to our tax receivable agreement, which was reduced due to the lower enacted income tax rates in the U.S. in 2018 and in future years. 11. Expenses, or reversal of expenses, incurred from the vesting of Class E LP Units, Class G and H LP Interests and Class J LP Units issued in conjunction with the acquisition of ISI are excluded from the Adjusted presentation. EVERCORE 23#31U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Footnotes 12. 13. 14. 15. 16. Expenses during 2022 that are excluded from the Adjusted presentation relate to charges associated with the prepayment of the Company's Series B Notes during the second quarter, as well as certain professional fees, separation benefits and other charges related to the ongoing wind-down of the Company's operations in Mexico. Expenses during 2021 that are excluded from the Adjusted presentation relate to the write-down of certain assets associated with a legacy private equity investment relationship which, consistent with the Company's current investment strategy, the Company decided to wind down during the third quarter. Expenses during 2020 that are excluded from the Adjusted presentation relate to separation and transition benefits and related costs as a result of the Company's review of its operations and the acceleration of depreciation expense for leasehold improvements and certain other fixed assets in conjunction with the expansion of our headquarters in New York and our business realignment initiatives, as well as charges related to the impairment of assets resulting from the wind-down of our Mexico business. Expenses during 2019 related to the acceleration of depreciation expense for leasehold improvements in conjunction with the expansion of our headquarters in New York, the impairment of goodwill in the Institutional Asset Management reporting unit and separation and transition benefits for certain employees terminated as a result of the Company's review of its operations. Expenses during 2018 related to separation benefits and costs of terminating certain contracts associated with closing the agency trading platform in the U.K. and separation benefits and related charges associated with the Company's businesses in Mexico, as well as the acceleration of depreciation expense for leasehold improvements in conjunction with the expansion of our headquarters in New York. Expenses during 2017 related to a charge for the impairment of goodwill in the Institutional Asset Management reporting unit and a charge for the impairment of our investment in G5 in the second quarter and the sale of the Institutional Trust and Independent Fiduciary business of ETC during the fourth quarter. The exclusion from the Adjusted presentation of professional fees incurred and costs related to transitioning acquisitions or divestitures. The expense, or the reversal of expense, associated with the changes in fair value of contingent consideration issued to the sellers of certain of the Company's acquisitions is excluded from the Adjusted results. Reflects an adjustment to eliminate noncontrolling interest related to substantially all Evercore LP partnership units which are assumed to be converted to Class A common stock in the Adjusted presentation. Assumes the vesting, and exchange into Class A shares, of substantially all Evercore LP Units and interests and IPO related restricted stock unit awards in the Adjusted presentation. In the computation of outstanding common stock equivalents for U.S. GAAP net income per share, the Evercore LP Units are anti-dilutive. EVERCORE 24 24