#1EVERCORE Investor Presentation Q3 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 the Appendix at the end of this presentation. EVERCORE#3Table of Contents Evercore Overview Broadening Evercore's Breadth and Depth Opportunities for Future Growth Business Highlights Appendix EVERCORE Section | = III || = IV >#4I. Evercore Overview EVERCORE#5Evercore: 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 Clients People Our Priorities Long-term, trusted relationships, providing a breadth of capabilities to advise our clients on their most important strategic, financial and capital priorities A strong culture grounded in our Core Values Attracting, developing, mentoring and promoting a diverse group of highly talented professionals Shareholders Creating shareholder value through long-term growth, attractive margins, and consistent capital return EVERCORE 1#6Track Record of Achieving Strong Results for Our Clients, Our People and Our Shareholders #1 #10 ECM ranking by Underwriting revenue4 Independent Firms and #4 Among All Firms since 20181,2,3 in Advisory Revenues Among At least 1/3 Of Total Revenue over the past four years is from non-M&A businesses5 11 45 Advisory Senior Managing Directors hired Institutional Investor All-America Equity 2023 YTD Research-Ranked Research Analysts #1 #1 Research Provider on a weighted basis among all firms in 2023 and the firm with the most #1 ranked analysts 11% 5-Year Adjusted Net Revenue CAGR (2018 – 2022)1 17% 5-Year Adjusted EPS CAGR (2018-2022)1 45% 10-Year Total Return in excess of the S&P 5007 $3.0 3.0 Billion Capital Returned to Shareholders Since 20188 Million shares repurchased in 9M 2023 6% Increase to our quarterly dividend in Q1 2023. We have increased our dividend every year since 2007 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 earnings release. A reconciliation to the corresponding GAAP figures is available in Appendix at the end of this presentation LTM Q3 2023 Advisory revenues based on reported quarterly results for all firms that have reported through October 26, 2023 Total fee pool includes LTM Q3 2023 Advisory revenues from BAC, BARC, C, CS, DB, EVR, GHL, JEF, GS, HLI, JPM, LAZ, MC, MS, PIPR, PJT, PWP, UBS. Independents' fee pool includes Advisory revenues from EVR, GHL, HLI, LAZ, MC, PJT, PWP Reflects Dealogic estimates for LTM Q3 2023 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 2023 7. Assumes dividends are reinvested. Represents 9/30/2013 - 9/30/2023 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#7Why Evercore? Sustainable Differentiated Business Model Most attractive independent platform Long-term employee alignment through compensation structure Expanded Revenue Opportunities Broadest independent advisory capabilities Leading private capital advisory and fundraising business and growing in public capital markets Leading independent research platform Strong Earnings and EPS Growth Opportunity Significant revenue growth opportunities related to enhanced capabilities, as well as recent hiring, promotions, and the number of partners in ramp mode #1 in Advisory Revenues among independent firms and #4 among all firms since 2018 Strong Cash Flow Generation Strong long-term operating margins Balance sheet light business model High ROE and ROIC Low Risk Business Model EVERCORE Profitable every year since our IPO in 2006 Strong and liquid balance sheet Diversified revenue streams from a wide variety of businesses 3#8Evercore Delivers Best-In-Class Performance And Is A Historical Leader In Growth and Margins Strong Revenue Growth and Operating Margins 1,2 | 17% 34.3% 35% 28.4% 28% 27.5% 24.5% 21% 10% 25.9% 19.2% 28.1% 21.3% 9% 9% 14% - 7% 7% 0% + 2018 2019 2020 2021 2022 LTM Q3 EVR 5-Year 5-Year Peer 2023 Average Average 18% 16% 13% 14% 12% 10% 8% 6% 4% 2% 0% 3 Yr Average Evercore 5 Yr Average Peer Average Consistent Dividend Growth 10 Yr Average (2018-2022)(2018-2022) Substantial Capital Return ($ in millions)³ $0.80 $0.76 $900 $852 $0.70 $750 $655 $0.60 $600 $490 $0.50 $450 $376 $392 $0.40 $265 $300 $721 $520 $385 $0.30 $290 $283 $147 $150 $0.20 $87 $109 $119 $132 $135 $105 $0.10 60 $0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 9M 2023 -Dividend Per Share ($) ■Dividends / Distributions ■Share Repurchases 1. 2. 3. Net Revenues and Operating Margins for all periods reflect Adjusted figures on a gross basis as described in the earnings release. A reconciliation to the corresponding GAAP figures is available in Appendix at the end of this presentation Peer average includes GHL, HLI, LAZ, MC, PJT, PWP Includes dividends to Class A shareholders and equivalent amounts distributed to holders of LP units. Totals may not add due to rounding. Share repurchases include net settlement EVERCORE 4#9Fourth Largest Investment Bank Based on Advisory Fees Since 20181,2 ($ in millions) $25,000 $22,357 $20,000 $15,000 $10,000 $5,000 $0 Goldman Sachs $16,749 $14,535 JPMORGAN CHASE & CO. Morgan Stanley EVERCORE EVERCORE $11,608 BANK OF AMERICA $9,619 $8,993 $8,976 $8,576 $7,491 $7,179 Rothschild & Co Houlihan Lokey LAZARD cíti Jefferies 1. EVR's Advisory revenue is total Advisory fees (excluding Underwriting revenue) and reflect Adjusted figures. A reconciliation to the corresponding GAAP figures is available in Appendix at the end of this presentation Peer revenue reflects total Advisory fees as reported in public filings from FY 2018 through Q3 2023 for firms that have reported third quarter results through October 26, 2023. For firms that have not yet reported, revenue is based on estimates 2. 5#10II. Broadening Evercore's Breadth and Depth EVERCORE#11Leading Independent Firm With A Global Presence 50+ Countries Where Clients are Served ~2,230 Employees Worldwide¹ 17 Advisory Offices Globally ~1,365 Advisory Bankers¹ 11 Countries with Evercore Offices 137 Advisory SMDs Globally2 Boston Americas Chicago Dallas Houston Los Angeles Menlo Park Minneapolis New York San Francisco São Paulo* Tampa Toronto Washington DC West Palm Beach Wilmington Evercore Reach Evercore Offices Affiliate Offices Europe / Middle East Dubai Frankfurt London Madrid Tel Aviv Asia/Australia Beijing Hong Kong Mumbai* Seoul* Singapore Sydney* Tokyo Note: Bold text denotes Advisory office. * denotes Evercore Affiliate and Strategic Alliance offices As of September 30, 2023 1. 2. SMD count is as of September 30, 2023, and includes committed new hires, and known departures/transitions EVERCORE 6#121. Evercore Has Broadened And Deepened Sector Coverage Evercore in 2010 Energy Financial Institutions Tech, Media, Telecom Healthcare Generalists and Specialty Sectors 46 Sector Coverage Advisory SMDs as of FY 2010 SMD count is as of September 30, 2023, and includes committed new hires, known departures/transitions. Includes sector focused M&A SMDS and other Advisory SMDS Evercore Today Infrastructure, Utilities & Renewables Energy Green Tech 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 1371 Advisory SMDs as of Q3 2023 Energy Financial Institutions Tech, Media, Telecom Healthcare Consumer / Retail Industrials Other Sectors EVERCORE 7#13Grown Investment Banking & Equities Business 8x Since 2010 Evercore in 2010 $0.3 Billion¹ FY 2010 Adjusted Investment Banking Revenue Capabilities Evercore Today $2.3 Billion¹ LTM Q3 2023 Adjusted Investment Banking & Equities Revenue 1. 2. Investment Banking Strategic Corporate Advisory Mergers and Acquisitions Transaction Structuring Restructuring Investment Banking & Equities Strategic Advisory Capital Markets Advisory • Mergers and Acquisitions Strategic, Defense and Shareholder Advisory • Special Committee Assignments Transaction Structuring Restructuring 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 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 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 total 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 $0.6 million for LTM Q3 2023 and to our former equity method investment in G5 of $0.02 million for FY 2010 Non-M&A businesses include Underwriting Fees, Commissions and Related Revenues, Asset Management and Administration Fees, which are publicly reported revenue line items. In addition, this includes components of Advisory that are considered non- traditional M&A such as restructuring, private capital advisory, fundraising, etc. EVERCORE 8#14III. Opportunities for Future Growth EVERCORE#15Global Market Cap ($ trillions) Global Announced M&A as a Percent of Global Market Capitalization Is At An All-Time Low, Presenting Opportunity for Evercore 1989 - 2022 $90 2012-2022 $75 $60 Total Global Market Cap 30 54 13.9%13.9% 15.1% Annual Averages LTM Global Announced M&A LTM Global Announced M&A/ (Sub $10B) / Global Market Cap Global Market Cap 13.3% 10.9% 10.5% 9.8% 9.9% $45 9.4% 8.7% 7.9% 8.9% 9.0% 9.2% 9.2% 8.5% 8.8% 8.6% 8.2% 7.9% 7.7% 7.7% 7.5% 6.3% 7.1% 7.0% 7.4% 6.8% 5.4% 7,0% $30 6.0% 6.1% 6.6% 5.0%5.4% 5.0% 5.5% 5.3% 5.3% 5.4% $15 6.4% 5.1% 9.6% ($ in billions) 8.2% 6.7% 20.0% 16.0% 12.0% 7.9% 8.0% 7.1% 7.2% 7.6% 8.0% 7.0% 6.7% 6.7% 6.8% 6.2% 6.2% 6.0% 6.2% 6.2% 5.6% 5.3% 5.7% 5.7% 15.5% 5.3% 4.9% 4.8% 5.0% 4.3% 4.5% 3.8% 4.1% 3.9% 3.2% 4.0% $6 $8 $9 $0 $6 $5 $6 $10 $12 $15 $18 $23 $22 $19 $16 $22 $26 $30 $35 $38 $21 $29 $34 $31 $35 $43 $44 $43 $45 $55 $48 $60 $70 $83 $66 $71 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 LTM 0.0% Q3 2023 Total Global Market Cap LTM Global Announced M&A (Sub $10B) Global Market Cap LTM Global Announced M&A / Global Market Cap Source: Refinitiv as of 9/30/2023 EVERCORE 9#16Expanding 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, including: ► "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 $4 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 strategic transactions, 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 has expanded to also include mid-size and growth companies as a result of our: Global presence in all major M&A markets ► Broad Advisory and product capabilities Coverage of all major sectors EVERCORE 10#17Hiring A+ Talent Leads To Additional Growth Opportunities from Ramping1 SMDs in the Near-Term and Significant Productive Capacity in the Long-Term 29% 150 125 112 100 75 75 50 50 25 Advisory SMD Coverage % Internally Promoted 2019 35% SMD Growth 32% 40% 40% 1372 130 Currently we have 40+ SMDs in ramp¹ mode 114 107 2020 2021 2022 Q3 2023 ■Other Advisory ■Sector Focused M&A We have hired 11 Advisory SMDs year-to-date through Q3 2023 Median productivity of fully ramped SMDs is ~$22 million³ over the last 5 years 1. 2. 3. "Ramping" defined as SMDS with two years on the platform SMD count is as of September 30, 2023, and includes committed new hires, and known departures/transitions 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 11#18IV. Business Highlights EVERCORE#19Advisory and Underwriting Highlights Advisory #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 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 Restructuring business is a 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 Underwriting In Q3 2023, Evercore was an active bookrunner on the second largest biotech IPO year-to-date, RayzeBio's upsized $358 million offering 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 Abbott AIG AstraZeneca Chevron COMCAST Cendo Kaseya Kellogg's MCM GROWTH PROPERTIES REFINITIV T..Mobile. Dn Diebold Nixdorf Bristol-Myers Squibb Campbells Diamond Sports DUPONT Group GRUBHUB™ INSIGHT PARTNERS Jazz Pharmaceuticals LATAM CATTERTON Lilly AIRLINES Norton LifeLock Nestle PayPal Raytheon Technologies SAMSUNG SunCpta Takeda TELEDYNE TECHNOLOGIES Everywhereyoulook US. verizon FOODS ALEXANDRIA. ascendis pharmai corebridge A WestRock bumble ESAB FRONTIER AIRLINES nkarta THERAPEUTICS in mobileye petco VITA 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 1. 2. FY 2022 Advisory revenues based on reported quarterly results for 2022 for all firms 3. Total fee pool includes Advisory revenues from BAC, BARC, C, CS, DB, EVR, GHL, JEF, GS, HLI, JPM, LAZ, MC, MS, PIPR, PJT, PWP, UBS. Independents' fee pool includes Advisory revenues from EVR, GHL, HLI, LAZ, MC, PJT, PWP 12 EVERCORE#20Leading Independent Research and Trading Business Evercore ISI: Premier Equities Franchise In 2023, ranked #1 in the Institutional Investor All- America Equity Research Survey for Overall Research Firm on a weighted analyst basis, for the 2nd consecutive year Highest number of #1 ranked analysts for the first time this year ~45 Industry Sectors Covered ~760 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 CAT ConocoPhillips jetBlue® LENNAR The Home of Everything's Included." Constellation Brands M 1. Institutional Investor survey released in October 2023 EVERCORE 13 DANAHER NETFLIX NIKE Schlumberger NVIDIA The WALT DISNEY Company salesforce#21Commitment to Capital Return and A Strong Balance Sheet Capital Return We remain committed to our capital return objectives which include¹: Growing the per share dividend as earnings increase over time, reflective in our most recent dividend increase to $0.76 per share (approved in Q2 2023) 16th consecutive year of dividend increase ► 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 hold cash and investments necessary to fund prior deferred cash bonus obligations that are to be paid in cash in the future Continue to deliver low leverage and strong interest coverage, maintaining its ratios well in excess of amounts required 3.0 Million Shares Repurchased in 9M23 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 14 ~$1.6 Billion Cash, Cash Equivalents and Investment Securities as of September 30, 20232#221. Strong Shareholder Return and Outperformance Against Benchmarks Total Shareholder Return¹ 450 400 350 300 250 200 150 100 50 50 9/30/2013 9/30/2014 9/30/2015 9/30/2016 EVR 9/30/2017 S&P 500 Index 9/30/2018 9/30/2019 S&P Financial Index 9/30/2020 Peer Average² 9/30/2021 9/30/2022 9/30/2023 Three-Year Evercore: +126% Five-Year Peer Average²: +50% S&P 500: +34% S&P Financials: +46% Evercore: +56% Peer Average²: +40% S&P 500: +60% S&P Financials:+34% Ten-Year Evercore: +253% Peer Average²: +178% S&P 500: +208% S&P Financials: +152% The Stock Performance graph and related table compares the performance of an investment in our Class A common stock from September 30, 2013 through September 30, 2023, with the S&P 500 Index, the S&P Financial Index, and the peer average index. The graph assumes $100 was invested at the opening of business on September 30, 2013 in each of our Class A common stock, the S&P 500 Index, the S&P Financial Index, and the peer average index. It also assumes that dividends were reinvested on the date of payment without payment of any commissions. The performance shown in the graph represents past performance and should not be considered an indication of future performance 2. Equal weighted index methodology. Peer average includes GHL, HLI, LAZ, MC, and PJT EVERCORE 15#23Our People and Our Governance Our People Attract, foster & maintain a diverse workforce, prioritize employee well-being and give back to the communities in which we live & work ~2,230 employees¹ across 11 countries representing 74 nationalities² ~35% 7 of US employees are women1,3 global diversity employee networks -39% of US employees are ethnically diverse 1,2 #2 Best Investment Bank to Work For in Vault ranking for the 6th year EverWELL program offering physical, financial, and 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 Risk management is a fundamental principle 44% of Independent Directors are women Whistleblower protection IT, cybersecurity & data privacy are critical parts of our business 1. 2. 3. As of September 30, 2023 Includes employees who identify as ethnically diverse Includes employees who identify as women EVERCORE 16#24V. Appendix U.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 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 17#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 18#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 (10) Net Revenues - Adjusted (dollars in thousands) LTM Q3 2023 2022 2021 Twelve Months Ended December 31, 2020 2019 2018 2017 $ 2,008,476 622 $ 2,009,098 $ 2,392,990 1,217 $ 2,394,207 $ 2,751,992 1,337 $ 2,753,329 $1,755,273 1,546 $1,756,819 S 1,653,585 S 916 S 1,654,501 $ 1,743,473 518 1,743,991 $ 1,324,412 277 $ 1,324,689 $ 2,473,122 5,860 16,690 $ 2,762,048 7,999 $ 3,289,499 $2,263,905 S 2,008,698 S 2,064,705 $ 1,704,349 14,161 14,398 16,850 17,586 18,197 10,996 12,917 9,294 9,201 8,838 9,960 (1,294) (4,374) 3,441 27,365 (7,808) 16,266 (77,535) $ 2,495,672 $ 2,785,603 $ 3,316,872 $2,327,306 S 2,032,611 $ 2,083,200 $ 1,654,070 EVERCORE 19#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 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) (dollars in thousands) LTM Twelve Months Ended December 31, Q3 2023 S 2022 2021 2020 451,543 S 5,860 16,690 696,042 7,999 $ 1,102,438 $ 526,433 S 2019 437,711 $ 2018 14,161 14,398 10,996 16,850 17,586 18,197 12,917 542,077 9,294 9,201 $ 2017 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 5,515 3,126 8,554 7 46,645 10,141 5,012 25,437 562 1,013 S 479,608 S 722,723 $ 1,138,372 $ 639,291 S 498,489 S 21 1,485 590,959 1,673 $ 426,497 S 313,170 S 476,520 (1,294) S 740,116 $ 350,574 S 297,436 S 377,240 S 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) (5,028) (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 5,515 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 1,673 1,485 S 27,870 341,527 50,502 117.484 S 528,746 S 843,185 58,489 $ 459,595 52,726 S 373,300 58,698 43,965 S 453,957 S 276,371 EVERCORE 20 20#29U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Diluted shares outstanding & key metrics 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 (b) (share amounts in thousands) LTM Q3 2023 2022 2021 Twelve Months Ended December 31, 2020 2019 2018 2017 41,037 2,970 12 44,019 43,321 4,854 42,623 5,126 43,194 5,254 45,279 5,075 44,826 5,885 12 12 12 12 12 48,187 47,761 48,460 50,366 50,723 Diluted Earnings Per Share - Adjusted (b) Operating Margin - U.S. GAAP Operating Margin - Adjusted 55 7.75 $ 7.92 $ 11.61 $ 12.01 $ 17.08 $ 17.50 $ 8.22 9.62 $ $ 6.89 7.70 SS 8.33 9.01 55 2.80 5.45 25.2% 33.5% 23.3% 21.8% 26.3% 25.2% 25.9% 24.5% 28.4% 25.8% 18.3% 19.2% 34.3% 27.5% (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. (b) Diluted Earnings Per Share on an LTM basis reflects the sum of Diluted Earnings Per Share for the four consecutive quarters then ended. See the following page for a reconciliation of those results. EVERCORE 24 21#30U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Net Income, Diluted shares outstanding & key metrics (dollars and share amounts in thousands, except per share data) Three Months Ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Net Income Attributable to Evercore Inc. - U.S. GAAP Income Taxes (10) $ 52,148 (1,915) $ 37,205 $ 83,378 $ 140,439 (426) (774) (1,913) Special Charges, Including Business Realignment Costs (12) 2,921 2,594 Noncontrolling Interest (15) 5,254 3,583 7,726 11,307 Net Income Attributable to Evercore Inc. - Adjusted $ 55,487 $ 40,362 $ 93,251 $ 152,427 Diluted Shares Outstanding - U.S. GAAP 40,000 39,288 40,439 40,841 LP Units (16) Diluted Shares Outstanding - Adjusted 2,790 2,815 2,756 2,649 Unvested Restricted Stock Units - Event Based (16) 12 12 12 12 42,802 42,115 43,207 43,502 Key Metrics: (a) Diluted Earnings Per Share - U.S. GAAP Diluted Earnings Per Share - Adjusted $ SS 1.30 1.30 $ 559 $ 0.95 $ 0.96 $ S59 2.06 2.16 $ 55 3.44 3.50 LTM Q3 2023 Diluted Earnings Per Share - U.S. GAAP (b) $ LTM Q3 2023 Diluted Earnings Per Share - Adjusted (b) $ SS 7.75 7.92 (a) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. (b) Diluted Earnings Per Share on an LTM basis reflects the sum of Diluted Earnings Per Share for the four consecutive quarters then ended. EVERCORE 22 22#31U.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. The gain resulting from the redemption of the G5 debt security in the second quarter of 2021 is excluded from the Adjusted presentation. 4. 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#32U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Footnotes 12. 13. 14. 15. 16. Expenses during 2023 that are excluded from the Adjusted presentation relate to the write-off of non-recoverable assets in connection with the wind-down of the Company's operations in Mexico. 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 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 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