Corporate Presentation

May 2017
This 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, our operations and financial performance. In
some cases, you can identify these forward-looking statements by the use of words such as “outlook”, “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 our business.
Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause
actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to,
those described under “Risk Factors” discussed in our Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent
Quarterly Reports on Form 10-Q and current reports filed under Form 8-K. These factors should not be construed as exhaustive and should be read
in conjunction with the other cautionary statements that are included in this discussion. In addition, new risks and uncertainties emerge from time to
time, and it is not possible for us to predict all risks and uncertainties, nor can we 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 we do not assume any
responsibility for the accuracy or completeness of any of these forward-looking statements. We undertake 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.

1
Our momentum in 2017 continues …

 John Weinberg joined as Executive Chairman and Chairman of the Board at the end of 2016
 Announced 3 new Advisory SMDs in 2017 – Masuo Fukuda, strengthening our position in Japan, Ira Wolfson,
further solidifying our capabilities in the Industrials sector, and Roopesh Shah, expanding our Restructuring
and Debt Advisory team. Also added a Senior Advisor, Waleed El-Amir in Dubai, expanding our footprint in
the Middle East and Africa
Talent
 Keenly focused on developing and promoting talent internally, including gender diversity initiatives
 In 2017, promoted 4 Advisory Managing Directors to Senior Managing Director in 2017, adding to our
leadership teams in Healthcare, Media, Technology and in Capital Advisory for alternative investment funds
 Recognized by Vault.com as the 2017 Best Banking Firm for Women

 LTM Q1 2017 market share of global Advisory Fee Pool1 expected to be meaningfully up from 6.0% at year-
end 2016. EVR expected to rank #6 or #7 globally among all firms that publicly report advisory revenues1 and
higher in the U.S.
Market Share  The compounded growth rate of Evercore’s advisory revenues over the past three years2 is expected to
exceed all peers that report their advisory revenues publicly
 Evercore ISI ranked #3 in U.S. Research (#2 on a weighted basis) by Institutional Investor

 LTM Q1 2017 Advisory revenues of $1.2 billion, up 12% versus FY 2016 and the highest in Evercore’s history
Results  Adjusted EPS for LTM Q1 2017 grew 60% YoY on 26% revenue growth and 27.0% operating margins

 Shareholder return of 54% for LTM Q1 20173 with $205.2 million in capital returned to shareholders for the
Shareholder Return trailing twelve month period

1. LTM Q1 2017 market share is based on reported calendar LTM Q1 2017 advisory revenues for all firms in the fee pool, except ROTH, whose LTM Q1 2017 Advisory revenues are based on outlook commentary provided by
ROTH management in its Q3 2016/2017 earnings release. Firms included in the fee pool are BAC, BX/PJT, C, CS, DB, EVR, GHL, GS, HLI, JPM, LAZ, MC, MS, PJC, ROTH and UBS. Advisory fees converted to USD,
where applicable
2. LTM Q1 2014 to LTM Q1 2017
3. Total shareholder return for LTM Q1 2017. Assumes dividends reinvested

2
Moving Us Closer to Our Strategic Goal

 Our goal is to become the most elite Independent Investment Banking Advisory Firm
globally, positioned as a top 5 advisor in M&A, Capital Markets Advisory and Restructuring
Goal based on advisory fees, and a top 3 ranked research provider in the U.S.
 Realizing our goal demands an intense focus on talent and execution

 In addition to the 3 new Advisory SMDs in 2017, active discussions continue with other
potential senior hires
Talent
 Selectively add leading research analysts and promote our rising stars to sustain our
position as the leading independent research provider in the U.S.

 Sustain industry-leading SMD productivity in our advisory business throughout the cycle
 Sustain operating margins of 25% or higher in supportive M&A markets
Execution
 Return free cash flow to investors, offsetting dilution inherent in bonus equity awards in the
year of grant and from investments in talent and new businesses over time

3
The Opportunity in Investment Banking
Advisory
Mergers & Acquisitions
 M&A market conditions are supportive and CEO confidence continues to be positive. Steady economic growth and evolving
business models drive strategic action, and financing conditions remain accommodating

M&A vs. Global Market Capitalization ($ trillions) M&A vs. Global GDP
$100 15.1% 16.0% $125 12.0%
13.9% 10.4%
13.4% 14.0%
Average 9.2% 10.0%
$80 $100
11.0% 12.0% 8.2%
10.5% Average 5.2%
9.9% $78 $78 8.0%
9.0% 10.0% 7.2% $73 $74 $76 $74 $75
$60 $75
$66
7.5% 8.0% $61 5.8%
$44 $45 7.6% 8.0% 5.3% $56 $58 6.0%
8.8% 7.0% $43
$38 $43 $49
$35 $49 $46
$40 6.2% $34 $35 6.0% $50 $42
$30 $29 $31 $38 4.8% 4.0%
$26 $33 4.6%
$23 $22 $22 $21 5.3% $30 $31 $30 $30 $31 $32 $32
$18 $19 4.0% 3.5% 3.6%
$20 $15 $16 $25 3.1%3.6% 3.4%3.0%
$10 $12 2.0%
2.0%

$0 0.0% $0 0.0%
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
2015 LTM Q1 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
2015 LTM Q1
2017 2017
Global Market Cap Global Announced M&A / Global Market Cap Global GDP, current prices Global Announced M&A / Global GDP

Global Announced M&A Global Announced M&A Below $5 billion

$7,500 60,000 $7,500 60,000

45,894 47,645 45,770 47,564

50,000
$6,000 41,884 41,978 $6,000 41,833 41,901
39,588 37,919 45,000 39,536 37,880
$4,269 40,000
$4,500 $4,500
$3,623
$3,239 30,000 30,000
$3,000 $2,449 $2,492 $2,288 $3,000 $2,332 $2,356
$2,244
$1,847 $1,795 $1,802 20,000
11,386 11,086 15,000 11,366 11,069
$1,500 $1,500
10,000
$687 $794 $454 $565

$0 0 $0 0
2011 2012 2013 2014 2015 2016 3M 2016 3M 2017 2011 2012 2013 2014 2015 2016 3M 2016 3M 2017

Total Global Announced M&A Volume ($ bn) Number of Deals Global Announced M&A Volume below $5 bn Number of Deals

Sources: M&A data sourced from Thomson Reuters; market cap data sourced from FactSet; GDP data sourced from IMF

5
Restructuring & Equity Capital Markets
 Activity in Energy-sector restructuring has moderated somewhat. Increased activity seen in other sectors such as Retail and
Shipping though not significant enough to offset reduced Energy sector activity. Capital market activity in the U.S. improved
strongly YoY in Q1 2017, with healthy volumes in Energy and TMT

Lagging 12-mo U.S. Leveraged Loan Default Rate U.S. ECM Activity
6.00%

$600 1,200

1,056 1,051
5.00%
$500 1,000

832
4.00%
$400 742 800
686
656
$321
$308
3.00%
$300 600
$254 $259
$221
$208
2.00% $200 400

232

1.00% $100 114 200

$68
$45
0.00% $0 0
2011 2012 2013 2014 2015 2016 Q1 Q1
2011 2012 2013 2014 2015 2016 2017
2016 2017

All Loans Excl Energy Volume ($ bil) Number of Deals

Sources: Standard & Poor’s LCD, Thomson Reuters

6
Evercore Performance in Investment Banking
Advisory
Evercore Performance in Advisory

 A leading independent merger, acquisition, divestiture, restructuring, and capital markets advisory practice
 Global coverage of strategic industry sectors and geographies, continually expanding coverage and
Overview capabilities to address market opportunities
 Elite advisory practice which competes solely on the basis of our ideas, our intellectual capital and our
relationships

 85 Advisory SMDs, serving clients in strategic industry sectors globally

A+ Talent  $15.3 million of revenue per Advisory SMD for LTM Q1 2017, growing 11% vs FY 2016
 High quality additions of senior talent enhance revenue growth and productivity

 Market-leading Shareholder Advisory and Activist Defense team

 Global equity capital markets advisory capabilities

Expanding  Global restructuring/debt advisory capabilities expanded to include liability management advisory and loan
portfolio sales, providing clients with unconflicted advice on exchange offers, debt tender offers, debt
Capabilities financings and amendments and real estate portfolio solutions
 Primary fund advisory & placement services and secondary market advisory practice for private equity,
infrastructure, real estate, credit and other private funds

 Established presence in London, Frankfurt and Madrid provides a strong foundation to serve clients in
Europe
Global Reach  Expanded presence in Japan and Dubai and strengthened alliance with Luminis Partners in Australia
 Core teams in Hong Kong, Tokyo and Singapore, and alliance partners in Japan, China, Korea, India and
Australia position us to serve clients in the Asia-Pacific region

8
Evercore Performance in the Cycle
 Evercore has increased advisory revenues throughout the cycle through steady addition of talent and market share and
productivity gains

$7,500 $1,200

$1,074

$1,000
$6,000
Global Announced M&A Volume ($ billions)

$844

EVR Advisory Revenue ($ millions)

$800
$710
$4,500 $4,269

$590
$3,623 $600
$525 $3,239

$3,000
$2,449 $2,492
$2,360 $2,288 $400
$396 $305
$292

$1,500 $176
$200
$687 $794

$0 $0
2010 2011 2012 2013 2014 2015 2016 Q1 2016 Q1 2017
(1)
Global Announced M&A Volume ($ bil) EVR Advisory Revenue ($ mm)

Source: M&A data sourced from Thomson Reuters

1. On an Adjusted basis

9
Industry Leading Growth in Advisory Performance
 The compounded growth rate of Evercore’s advisory revenues over the last three years is expected to exceed all peers that
report their advisory revenues publicly

Three Year Advisory Revenues CAGR1

30%
27%

25%

20%
15%
15%
12% 12%
10%
10% 9% 8% 8% 8% 8% 7%
5%
5% 2%

0%

(5%)

(10%)
-10%
(15%)
EVR MC GHL PJT LAZ ROTH MS JPM GS CS C BAC UBS DB

Source: Company reports and SEC filings

1. Compounded Annual Growth Rate for all firms based on Advisory fees as reported for all firms in the three year period from LTM Q1 2014 to LTM Q1 2017, except ROTH, whose LTM Q1 2017 Advisory revenues are
based on outlook commentary provided by ROTH management in its Q3 2016/2017 earnings release. Advisory fees converted to USD, where applicable

10
 Industry Advisory Market Share
 Evercore’s share of the disclosed advisory fee pool has grown significantly among all firms as well as among independent firms
reflecting our consistent investment in talent, the expansion of our service capabilities and the extension of our geographic reach

 LTM Q1 2017 Advisory revenues of $1.2 billion place EVR at rank #6 or #7 globally among all firms that publicly report advisory
revenues2
EVR Advisory Market Share1,2,3

7.5% $1,250 21.0%

6.7%
19.7%

6.0% 18.2%

6.0% $1,000 18.0%

16.3%
4.7% 4.8%
4.6%
14.5%
4.5% 4.0% $750 15.0% 14.1%

($ in million)
12.9%
2.9% 11.9%
3.0% $500 12.0%
2.3%

1.5% $250 9.0%

8.5%

0.0% $0 6.0%
2010 2011 2012 2013 2014 2015 2016 LTM 2010 2011 2012 2013 2014 2015 2016 LTM
Q1 17 (e) Q1 17 (e)
EVR Revenue EVR Market Share EVR Market Share Among Publicly Reporting Independent Firms

Source: Company reports, SEC filings

1. Total fee pool includes all Advisory revenues from BAC, BX/PJT, C, CS, DB, EVR, GHL, GS, HLI, JPM, LAZ, MC, MS, PJC, ROTH and UBS. Advisory fees converted to USD, where applicable
2. Market share and EVR Advisory fee rank among all firms for the LTM Q1 2017 period is based on reported Q1 2017 Advisory revenues for all firms except ROTH, as described below. Independent Advisory firms included in
the Independents’ fee pool are BX/PJT, EVR, GHL, HLI, LAZ, MC and ROTH.
3. ROTH LTM Q1 2017 Advisory revenues are based on ROTH management commentary in its Q3 2016/2017 earnings release. Uses BX Advisory revenues for 2010-2014 and PJT Advisory revenues for 2015 onwards. Uses
publicly disclosed HLI Advisory revenues for 2012 onwards as prior periods not publicly disclosed

11
Recruiting A+ Talent Drives Consistent Productivity Growth

 Sustained focus on A+ talent and expansion of capabilities have driven our industry revenue per Advisory SMD throughout the
cycle

 Productivity per Advisory SMD has risen to $15.3 million on a trailing 12 month basis, surpassing the average productivity of all
of our public independent peers

Advisory SMD Headcount1 Evercore Advisory Revenues per SMD2,3

100 $20.0

85 17.1
81
79
80 $16.0 15.3
14.8
68 13.8
66
12.7
59 59

($ in millions)
60 $12.0
11.0
10.2
46
8.7
8.1 8.2
40 $8.0 7.2
6.9

20 $4.0

0 $0.0
2010 2011 2012 2013 2014 2015 2016 YTD 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 LTM
2017 Q1
Sector Focused M&A Other Advisory EVR Global Revenues per Advisory SMD 2017

1. Other Advisory includes Debt Advisory, Capital Markets Advisory, Debt Advisory, Private Funds and Secondary Market Advisory, Strategic Shareholder Advisory and Restructuring
2. Pro Forma revenue per SMD including Lexicon; Lexicon revenues presented for fiscal years ending in March 31 of 2007 – 2010
3. Uses beginning of period SMD count; includes 8 Lexicon SMDs for 2006 – 2009, 9 SMDs in 2010 and 7 SMDs in 2011

12
Diversification of Geographical Revenue Streams

 Our Advisory business is diversified geographically, with core strength in the U.S. and Europe

EVR Global Advisory Fees Industry Global Advisory Fees

Last Three Years1 Last Three Years1,2

Rest of World Rest of World

11% 18%

Europe
25%

US
Europe 57%
US 25%
64%

1. Based on the period from Q2 2014 to Q1 2017

2. Source: Estimated or actual industry data as reported by Dealogic

13
Diversification of Sector Coverage

 Our Advisory business is diversified by industry with meaningful growth opportunities in Consumer and General Industrials

EVR Global Advisory Fees Industry Global Advisory Fees

Last Three Years1 Last Three Years1,2

Healthcare General
14% Financials Healthcare
Industrials 12%
4% 17%

Financials
18% General
Industrials
Technology, Energy 15%
Media, 12%
Telecom
26%

Other
8%

Energy Technology,
21% Consumer Media,
3% Telecom
Consumer
Other 15% 21%
14%

1. Based on the period from Q2 2014 to Q1 2017

2. Source: Estimated or actual industry data as reported by Dealogic

14
Enhanced Advisory Capabilities

 Expanded geographic footprint by adding a Europe-focused ECM advisory capability in 2016

 Advised on ConvaTec Group Plc’s GBP 1.7 billion IPO, the largest U.K. IPO of 2016 and Melrose Industries plc’s GBP 1.67
billion rights offering, the largest U.K. follow-on of 2016
Equity Capital
 Evolution from co-manager to bookrunner, with 45 bookrun deals since the beginning of 2015
Market Advisory
 Bookrunner on leading transactions including: Athene, the largest U.S. IPO of 2016; MGM Growth Properties, the largest
U.S. REIT IPO since 2006; Patheon, the largest U.S. healthcare services IPO in 2016; Myovant, the largest biotech IPO of
2016; Axovant, the largest clinical-stage biotech IPO ever

 Proven track record of guiding companies through the most complex restructuring/financing transactions, including advising
Restructuring/ Energy Future Holdings (EFH) on the largest ongoing U.S. bankruptcy and Chesapeake Energy Corporation on its Senior Notes
exchange offer
Debt Advisory
 Advisor to a diverse set of client including Sequa, Essar Steel Algoma, Vanguard Natural Resources and Gulfmark Energy

Strategic  Added a market-leading Shareholder Advisory and Activist/Raid Defense team in 2016, led by Bill Anderson
Shareholder  Serving prominent clients including Pulte Group, Qualcomm, Medivation, Marathon Petroleum, Cognizant Technology, Fred’s,
Advisory United Airlines, NorthStar Asset Management and Monster

 Primary fund advisory & placement services for private equity, infrastructure, credit and other private funds; secondary market
advisory business with transactions focused on alternative asset capital reallocation
Fund Advisory/  Actively serving clients in the U.S., Europe and Asia
Placement
 Closed on $8.8 billion of capital for primary and secondary fund clients in the last four quarters. All raises exceeded amount on
cover, and most achieved or came close to reaching “hard cap”

15
The Opportunity in Investment Banking
Equities
Equities

 Our Equities offering is core to our overall investment banking strategy and differentiates us from our independent investment
banking peers

 Expands Evercore’s capital markets advisory and equity underwriting opportunities

 Increases Advisory productivity by enhancing the Firm’s capabilities

 Broadens and deepens Evercore’s relationships with the largest institutional investors around the world, and with
corporate and private equity Advisory clients
Key Benefits  Provides market-leading research to clients

 #1 ranked independent firm in the U.S. by Institutional Investor in 2016

 #3 ranked firm in the U.S. by Institutional Investor in 2016

 Drives recruiting momentum in Advisory

 Evercore ISI continues to perform in a challenging market environment, with U.S. equity market volumes down
17% year over year in Q1 2017
Market
Environment  Q1 2017 secondary revenues of $49.5 million were down 13% versus last year, less than the decline in
market volumes

17
The Opportunity in Investment Banking
Equity Capital Markets (ECM)
The ECM Opportunity

 Strong Advisory relationships and leading Equities research position Evercore competitively in a challenging market

U.S. Equity Issuance1 EVR U.S. ECM Revenues Relative to Competitors2

$180
$600 1,200

1,056 1,051

$500 1,000 $150 $143

832 $123

$400 742 800 $120

686 $98
$321
$308
$300 600 $90
$79
$254 $259 $76 $76 $76
$221

$200 400 $60 $55

$48 $50
$40
232 $37
$32
$30 $26 $25 $23 $24
$100 200
114
$14 $13
$68 $5
$45
$0 0 $0
2012 2013 2014 2015 2016 Q1 2016 Q1 2017 OPY JMP Sandler W. Blair EVR RJF R. Baird SF PJC JEF

2012 LTM Q1 2017

Volume ($ bil) Number of Deals

1. Source: Thomson Reuters

2. Source: Estimated or actual company data as calculated by Dealogic and Credit Suisse Research. Excludes equity advisory revenues

19
Performance in ECM

 Remain focused on our strategy of growing the number and proportion of bookrun transactions

ECM Global Revenues ($ mm) ECM Equity Transactions

$50.0 50

$42.9
$40.1 40 40
40 39
$40.0 $37.7 68%
$36.3
$33.8 34 34
31
$30.0 $28.1 30
56% 55%

46%
$20.0 20 18

26%
$10.0 $8.8 $8.6 9
10
18%

11% 11%
$0.0 0
2011 2012 2013 2014 2015 2016 LTM Q1 LTM Q1 2011 2012 2013 2014 2015 2016 LTM Q1 LTM Q1
2016 2017 2016 2017

Total Transactions % of Bookrun Transactions

20
The Opportunity in Investment Management
Investment Management

 The Wealth Management business in the U.S. and the Institutional Asset Management business in Mexico are complementary to
our Investment Banking business and contribute operating margins of 20% or better to the Firm

Wealth Management Mexico Institutional Asset Management

Assets Under Management ($ in billions) Assets Under Management1 (MXP in billions)

$7.5 35.0

6.8 31.5 31.7

31.0
6.5
6.2 28.7
27.9
$6.0 5.7 28.0

4.9 22.9

(MXP in billions)
4.5
($ in billions)

20.6
$4.5 21.0
18.5

3.2

$3.0 14.0
2.5

$1.5 7.0

$0.0 0.0
2010 2011 2012 2013 2014 2015 2016 Q1 2010 2011 2012 2013 2014 2015 2016 Q1 2017
2017

1. Excludes historical Mexico Private Equity assets under management

22
Financial Performance
 Financial Performance – Strong Growth
($ in millions)

 Sustained annual growth with a CAGR of 25% or greater in net revenues, net income and earnings per share

 Investment banking business drives financial performance delivering 90% of revenues and a higher percentage of profits

Net Revenues1 Net Income1 Adjusted EPS1,2

$1,750 $300 $6.00
$274
$1,559 $5.30

$1,431
$1,400 $240 $4.80
$223
$1,235 $4.32
$1,216

$1,050 $180 $171 $174 $3.60

$3.23 $3.31
$912

$760 $2.59
$124
$700 $639 $120 $2.40 $2.25
$104
$521 $1.78
$78 $1.48
$374 $63
$350 $60 $1.20 $0.96
$38

$0 $0 $0.00
2010 2011 2012 2013 2014 2015 2016 LTM LTM 2010 2011 2012 2013 2014 2015 2016 LTM LTM 2010 2011 2012 2013 2014 2015 2016 LTM LTM
Q1 Q1 Q1 Q1 Q1 Q1
2016 2017 2016 2017 2016 2017

1. Net revenues, net income and EPS for all periods reflect Adjusted figures. A reconciliation to the equivalent GAAP figures is available in the Appendix at the end of this presentation
2. Adjusted EPS of $5.30 in LTM Q1 2017 includes $0.48 in Q1 2017 due to the impact of accounting changes relating to tax

24
 Financial Performance – Delivering Value to Shareholders

 Focused on delivering margins of 25% or better through sustained investment in the business and disciplined cost management

 Stock buybacks have offset the dilutive effect of shares granted for bonuses and new hires on a cumulative basis over the past
five years. Stock buyback program has ~$400 million (or 6.5 million shares) available as of March 31, 2017

 Dividend has grown 165% since 2008

 Employees own 32% of the company on a fully diluted basis as of Q1 2017

Operating Margin Returns to Shareholders($mm)1,2

100% 30% $250

26% 27% $223 $226
$210
24%
23% 23% 25% $200
80% $185
20% 21% $171
18% 20%

Operating Margin
$150
Expense Ratio

60% $128
$124 $123
15% $104 $102
$96
$100 $84
40% $78
$70
10% $57 $63
$50 $38 $33
20%
5%

$0
0% 0%
2010 2011 2012 2013 2014 2015 2016 Q1 Q1
2010 2011 2012 2013 2014 2015 2016 LTM
Q1 2017 2016 2017

Net Income Capital Returned

Compensation Ratio Non-Compensation Ratio Operating Margin

Note: A reconciliation to the equivalent GAAP figures is available in the Appendix at the end of this presentation
1. Includes dividends to Class A shareholders and equivalent amounts distributed to holders of LP units
2. Excludes $123.7 million in 2015 conjunction with Mizuho’s exchange of its warrant

25
Appendix
U.S. GAAP Reconciliation to Adjusted Results
(Unaudited)
U.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 vested
and unvested Evercore LP Units, other IPO related restricted stock unit awards, as well as Acquisition Related Share Issuances and Unvested Restricted Stock
Units granted to Lexicon and ISI employees, 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 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. The Company incurred expenses, primarily in Employee Compensation and
Benefits, resulting from the modification of Evercore Class A LP Units, which primarily vested over a five-year period ending December 31, 2013, and the
vesting of Class E LP Units issued in conjunction with the acquisition of ISI, as well as Class G and H LP Interests. The Adjusted results assume 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 thus the Adjusted results reflect the exchange of certain vested and unvested Evercore LP partnership units and interests and IPO related
restricted stock unit awards into Class A shares.

Vesting of Contingently Vested Equity Awards. The Company incurred expenses in Employee Compensation and Benefits, resulting from the vesting of awards
issued at the time of the IPO. These awards vested upon the occurrence of specified vesting events rather than merely the passage of time and continued
service.

Adjustments Associated with Business Combinations. The following charges resulting from business combinations 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 of intangible assets and other purchase
accounting-related amortization from the acquisitions of ISI, Lexicon, SFS, Protego, Braveheart and certain other acquisitions.
Compensation Charges. Expenses for deferred consideration issued to the sellers of certain of the Company’s acquisitions.
GP Investments. Write-off of General Partnership investment balances during the fourth quarter of 2013 associated with the acquisition of Protego.
Acquisition and Transition Costs. Primarily professional fees incurred, as well as costs related to transitioning acquisitions or divestitures.
Fair Value of Contingent Consideration. The expense associated with changes in the fair value of contingent consideration.
Gain on Transfer of Ownership of Mexican Private Equity Business. The gain resulting from the transfer of ownership of the Mexican Private Equity
business in the third quarter of 2016 is excluded from the Adjusted results.

27
U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
Client Related Expenses. Client related expenses, expenses associated with revenue sharing engagements with third parties and provisions for uncollected
receivables, have been classified as a reduction of revenue in the Adjusted presentation. The Company’s Management believes that this adjustment results in
more meaningful key operating ratios, such as compensation to net revenues and operating margin.

Professional Fees. The expense associated with share-based awards resulting from increases in the share price, which is required upon change in employment
status, is excluded from Adjusted results.

Special Charges. Expenses associated with impairments of Goodwill and Intangible Assets and other costs related to business changes associated with
acquisitions and divestitures.

Income Taxes. Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a Public Corporation. As a result,
adjustments have been made to the Adjusted earnings to assume that the Company has adopted a conventional corporate tax structure and is taxed as a C-
Corporation in the U.S. at the prevailing corporate rates, that all deferred tax assets relating to foreign operations are fully realizable within the structure on a
consolidated basis.

Presentation of Interest Expense. The Adjusted results present interest expense on short-term repurchase agreements in Other Revenues, net, as the
Company’s Management believes it is more meaningful to present the spread on net interest resulting from the matched financial assets and liabilities. In
addition, Adjusted Operating Income is presented before interest expense on long-term debt, which is included in interest expense on a U.S. GAAP basis.

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 more meaningful presentation.

Presentation of Income (Loss) from Equity Method Investments in Pan. The Adjusted results from continuing operations exclude the income (loss) from our
equity method investments in Pan. The Company’s Management believes this to be a more meaningful presentation.

28
U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
Revenue, operating income & net income (dollars in thousands)
Twelve Months Ended December 31,
2016 2015 2014 2013 2012 2011 2010
Advisory Re venue - U. S. GAAP $ 1,096,829 $ 865,494 $ 727,678 $ 602,256 $ 538,142 $ 406,951 $ 301,931
Client Related Expenses (1) (24,492) (22,551) (17,702) (15,227) (15,751) (12,044) (9,946)
Income from Equity Method Investments (2) 1,370 978 495 2,906 2,258 1,101 16
Advisory Re venue - Ad justed $ 1,073,707 $ 843,921 $ 710,471 $ 589,935 $ 524,649 $ 396,008 $ 292,001

Net Revenues - U. S. GAAP $ 1,440,052 $ 1,223,273 $ 915,858 $ 765,428 $ 642,373 $ 524,264 $ 375,905
Client Related Expenses (1) (25,398) (22,625) (17,753) (15,299) (16,268) (12,648) (10,098)
Income (Loss) from Equity Method Investments (2) 6,641 6,050 5,180 8,326 4,852 919 (557)
Interest Expense on Long -term Debt (3) 10,248 9,617 8,430 8,088 7,955 7,817 7,694
Gain on Transfer of Ownership of Mexican Private Equity Business (4) (406) - - - - - -
Other Purchase Accounting-related Amortization (5) - 106 211 - - - -
Adjustment to Tax Receivable Agreement Liability (6) - - - (6,905) - - -
Equity Method Investment in Pan (14) - - - 55 (90) 420 621
General Partnership Investments (15) - - - 385 - - -
Net Revenues - Ad justed $ 1,431,137 $ 1,216,421 $ 911,926 $ 760,078 $ 638,822 $ 520,772 $ 373,565

Operating Income (Loss) - U.S. GAAP $ 261,174 $ 128,670 $ 170,947 $ 130,175 $ 65,535 $ 35,812 $ 36,860
Income (Loss) from Equity Method Investments (2) 6,641 6,050 5,180 8,326 4,852 919 (557)
Interest Expense on Long -term Debt (3) 10,248 9,617 8,430 8,088 7,955 7,817 7,694
Gain on Transfer of Ownership of Mexican Private Equity Business (4) (406) - - - - - -
Intangible Asset Amortization / Other Purchase Accounting-related
Amortization (5) 11,020 14,229 3,033 328 3,676 7,176 2,208
Adjustment to Tax Receivable Agreement Liability (6) - - - (6,905) - - -
Amortization of LP Units and Certain Other Awards (7) 80,846 83,673 3,399 20,026 20,951 24,220 20,821
IPO Related Restricted Stock Unit Awards (8) - - - - - 11,389 -
Other Acquisition Related Compensation Charges (9) - 1,537 7,939 15,923 28,163 14,618 -
Special Charges (10) 8,100 41,144 4,893 170 662 3,894 -
Professional Fees (11) - - 1,672 - - - -
Acquisition and Transition Costs (12) 99 4,890 4,712 - - - -
Fair Value of Contingent Consideration (13) 1,107 2,704 - - - - -
Equity Method Investment in Pan (14) - - - 55 (90) 420 621
General Partnership Investments (15) - - - 385 - - -
Operating Income - Adjusted $ 378,829 $ 292,514 $ 210,205 $ 176,571 $ 131,704 $ 106,265 $ 67,647

Net Income (Loss) from Continuing Operations - U.S. GAAP $ 148,512 $ 57,690 $ 107,371 $ 74,812 $ 39,479 $ 14,007 $ 20,126
Net Income Attributable to Noncontrolling Interest (40,984) (14,827) (20,497) (19,945) (10,590) (6,089) (10,655)
Gain on Transfer of Ownership of Mexican Private Equity Business (4) (406) - - - - - -
Intangible Asset Amortization / Other Purchase Accounting-related
Amortization (5) 11,020 14,229 3,033 328 3,676 7,176 2,208
Adjustment to Tax Receivable Agreement Liability / Income Taxes (6) (20,837) (28,604) (7,593) (6,839) (16,072) (15,280) (8,997)
Amortization of LP Units and Certain Other Awards (7) 80,846 83,673 3,399 20,026 20,951 24,220 20,821
IPO Related Restricted Stock Unit Awards (8) - - - - - 11,389 -
Other Acquisition Related Compensation Charges (9) - 1,537 7,939 15,923 28,163 14,618 -
Special Charges (10) 8,100 41,144 4,893 170 662 3,894 -
Professional Fees (11) - - 1,672 - - - -
Acquisition and Transition Costs (12) 99 4,890 4,712 - - - -
Fair Value of Contingent Consideration (13) 1,107 2,704 - - - - -
Equity Method Investment in Pan (14) - - - 55 (90) 420 621
General Partnership Investments (15) - - - 385 - - -
Noncontrolling Interest (16) 35,561 8,871 19,350 18,735 11,845 9,026 14,359
Net Income Attributable to Evercore Partners Inc. - Adjusted $ 223,018 $ 171,307 $ 124,279 $ 103,650 $ 78,024 $ 63,381 $ 38,483

29
U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
Revenue, operating income & net income (dollars in thousands)

LTM Three Months Ended

March 31, March 31, March 31, March 31,
2017 2016 2017 2016
Advisory Re venue - U.S. GAAP $ 1,229,011 $ 886,794 $ 312,284 $ 180,102
Client Related Expenses (1) (27,253) (22,844) (6,683) (3,922)
Income from Equity Method Investments (2) 1,493 743 (149) (272)
Advisory Re venue - Adjusted $ 1,203,251 $ 864,693 $ 305,452 $ 175,908

Net Re venues - U.S. GAAP $ 1,569,586 $ 1,243,003 $ 387,247 $ 257,713

Client Related Expenses (1) (28,152) (22,936) (6,699) (3,945)
Income from Equity Method Investments (2) 6,964 6,230 1,610 1,287
Interest Expense on Long-term Debt (3) 10,681 9,168 2,581 2,148
Gain on Transfer of Ownership of Mexican Private Equity Business (4) (406) - - -
Net Re venues - Adjusted $ 1,558,673 $ 1,235,465 $ 384,739 $ 257,203

Operating Income - U.S. GAAP $ 356,378 $ 133,797 $ 111,329 $ 16,125

Income from Equity Method Investments (2) 6,964 6,230 1,610 1,287
Interest Expense on Long-term Debt (3) 10,681 9,168 2,581 2,148
Gain on Transfer of Ownership of Mexican Private Equity Business (4) (406) - - -
Intangible Asset Amortization / Other Purchase Accounting-related
Amortization (5) 10,167 14,360 2,392 3,245
Amortization of LP Units and Certain Other Awards (7) 27,716 89,482 (21,371) 31,759
Other Acquisition Related Compensation Charges (9) - 952 - -
Special Charges (10) 8,100 35,506 - -
Acquisition and Transition Costs (12) 99 4,406 - -
Fair Value of Contingent Consideration (13) 1,001 2,810 - 106
Operating Income - Adjusted $ 420,700 $ 296,711 $ 96,541 $ 54,670

Net Income from Continuing Operations - U.S. GAAP $ 235,481 $ 59,475 $ 94,647 $ 7,678
Net Income Attributable to Noncontrolling Interest (52,500) (15,594) (13,876) (2,360)
Gain on Transfer of Ownership of Mexican Private Equity Business (4) (406) - - -
Intangible Asset Amortization / Other Purchase Accounting-related
Amortization (5) 10,167 14,360 2,392 3,245
Income Taxes (6) (2,854) (26,941) 8,022 (9,961)
Amortization of LP Units and Certain Other Awards (7) 27,716 89,482 (21,371) 31,759
Other Acquisition Related Compensation Charges (9) - 952 - -
Special Charges (10) 8,100 35,506 - -
Acquisition and Transition Costs (12) 99 4,406 - -
Fair Value of Contingent Consideration (13) 1,001 2,810 - 106
Noncontrolling Interest (16) 47,039 9,941 13,826 2,348
Net Income Attributable to Evercore Partners Inc. - Adjusted $ 273,843 $ 174,397 $ 83,640 $ 32,815

30
 U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
Compensation and non-compensation expense (dollars in thousands)

Twelve Months Ended December 31,

2016 2015 2014 2013 2012 2011 2010
Compensation Expense - U.S. GAAP $ 900,590 $ 788,175 $ 549,516 $ 485,794 $ 430,415 $ 357,680 $ 247,737
Amortization of LP Units and Certain Other Awards (7) (80,846) (83,673) (3,399) (20,026) (20,714) (23,707) (20,821)
IPO Related Restricted Stock Unit Awards (8) - - - - - (11,389) -
Other Acquisition Related Compensation Charges (9) - (1,537) (7,939) (15,923) (28,163) (14,618) -
Compensation Expense - Adjusted $ 819,744 $ 702,965 $ 538,178 $ 449,845 $ 381,538 $ 307,966 $ 226,916

Non-compensation Expense - U.S. GAAP $ 270,188 $ 265,284 $ 190,502 $ 149,289 $ 145,761 $ 126,878 $ 91,308
Professional Fees (1) (11) (12,105) (7,929) (8,325) (5,990) (7,884) (6,099) (6,000)
Travel and Related Expenses (1) (10,606) (13,030) (9,808) (7,089) (6,788) (5,028) (3,660)
Communications and Information Services (1) (87) (60) (13) (19) (229) (154) (127)
Depreciation and Amortization (5) (11,020) (14,123) (2,822) (328) (3,676) (7,176) (2,208)
Acquisition and Transition Costs (12) (99) (4,890) (4,712) - - - -
Other Operating Expenses (1) (13) (3,707) (4,310) (1,279) (2,201) (1,604) (1,880) (311)
Non-compensation Expense - Adjusted $ 232,564 $ 220,942 $ 163,543 $ 133,662 $ 125,580 $ 106,541 $ 79,002

LTM Three Months Ended

March 31, March 31, March 31, March 31,
2017 2016 2017 2016
Compensation Expense - U.S. GAAP $ 926,233 $ 804,964 $ 205,558 $ 179,915
Amortization of LP Units and Certain Other Awards (7) (27,716) (89,482) 21,371 (31,759)
Other Acquisition Related Compensation Charges (9) - (952) - -
Compensation Expense - Adjusted $ 898,517 $ 714,530 $ 226,929 $ 148,156

Non-compensation Expense - U.S. GAAP $ 278,875 $ 268,736 $ 70,360 $ 61,673

Professional Fees (1) (14,243) (8,612) (3,520) (1,382)
Travel and Related Expenses (1) (10,989) (12,574) (2,767) (2,384)
Communications and Information Services (1) (90) (67) (20) (17)
Depreciation and Amortization (5) (10,167) (14,360) (2,392) (3,245)
Acquisition and Transition Costs (12) (99) (4,406) - -
Other Operating Expenses (1) (13) (3,831) (4,493) (392) (268)
Non-compensation Expense - Adjusted $ 239,456 $ 224,224 $ 61,269 $ 54,377

31
 U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
Diluted shares outstanding and key metrics (dollars and share amounts in thousands)

Twelve Months Ended December 31,

2016 2015 2014 2013 2012 2011 2010
Diluted Shares Outstanding - U.S. GAAP 44,193 43,699 41,843 38,481 32,548 29,397 22,968
LP Units (17a) 7,479 9,261 5,929 6,926 10,040 12,391 16,454
Unvested Restricted Stock Units - Event Based (17a) 12 12 12 12 12 276 633
Acquisition Related Share Issuance (17b) - 51 233 533 1,174 569 -
Diluted Shares Outstanding - Adjusted 51,684 53,023 48,017 45,952 43,774 42,633 40,055

Key Metrics: (a)

Diluted Earnings (Loss) Per Share - U.S. GAAP (b) $ 2.43 $ 0.98 $ 2.08 $ 1.42 $ 0.89 $ 0.27 $ 0.41
Diluted Earnings Per Share - A djusted (b) $ 4.32 $ 3.23 $ 2.59 $ 2.25 $ 1.78 $ 1.48 $ 0.96

Operating Margin - U.S. GAAP 18.1% 10.5% 18.7% 17.0% 10.2% 6.8% 9.8%
Operating Margin - Adjusted 26.5% 24.0% 23.1% 23.2% 20.6% 20.4% 18.1%

Compensation Ratio - U.S. GAAP 62.5% 64.4% 60.0% 63.5% 67.0% 68.2% 65.9%
Compensation Ratio - Adjusted 57.3% 57.8% 59.0% 59.2% 59.7% 59.1% 60.7%

Non-Compensation Ratio - U.S. GAAP 18.8% 21.7% 20.8% 19.5% 22.7% 24.2% 24.3%
Non-Compensation Ratio - Adjusted 16.3% 18.2% 17.9% 17.6% 19.7% 20.5% 21.1%

(a) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components on t he prior pages.
(b) For Earnings Per Share purposes, Net Income Attributable to Evercore Partners Inc. is reduced by $68, $84, $84 and $74 of accretion for the twelve months ended December 31, 2013,
2012, 2011 and 2010, respectively, related to the Company's noncontrolling interest in Trilantic Capital Partners.

32
 U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
Diluted shares outstanding and key metrics (dollars and share amounts in thousands)

LTM Three Months Ended

March 31, March 31, March 31, March 31,
2017 2016 2017 2016
Diluted Shares Outstanding - U.S. GAAP 45,936 44,920
LP Units (17a) 6,074 7,106
Unvested Restricted Stock Units - Event Based (17a) 12 12
Diluted Shares Outstanding - Adjusted 52,022 52,038

Key Metrics: (a)

Diluted Earnings Per Share - U.S. GAAP (b) $ 4.08 $ 0.99 $ 1.76 $ 0.12
Diluted Earnings Per Share - Adjusted (b) $ 5.30 $ 3.31 $ 1.61 $ 0.63

Operating Margin - U.S. GAAP 22.7% 10.8% 28.7% 6.3%

Operating Margin - A djusted 27.0% 24.0% 25.1% 21.3%

Compensation Ratio - U.S. GAAP 59.0% 64.8% 53.1% 69.8%

Compensation Ratio - A djusted 57.6% 57.8% 59.0% 57.6%

Non-Compensation Ratio - U.S. GAAP 17.8% 21.6% 18.2% 23.9%

Non-Compensation Ratio - Adjusted 15.4% 18.1% 15.9% 21.1%

(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.

33
U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
Net Income, Diluted Shares Outstanding and Key Metrics (dollars and share amounts in thousands)

Three Months Ended Three Months Ended

March 31, December 31, September 30, June 30, March 31, December 31, September 30, June 30,
2017 2016 2016 2016 2016 2015 2015 2015

Net Income from Continuing Operations - U.S. GAAP $ 94,647 $ 59,958 $ 47,283 $ 33,593 $ 7,678 $ 29,976 $ 5,435 $ 16,386
Net Income Attributable to Noncontrolling Interest (13,876) (16,530) (12,588) (9,506) (2,360) (9,374) 1,762 (5,622)
Gain on Transfer of Ownership of Mexican Private Equity Business (4) - - (406) - - - - -
Intangible Asset Amortization / Other Purchase Accounting-related
Amortization (5) 2,392 2,392 2,538 2,845 3,245 3,245 4,898 2,972
Income Taxes (6) 8,022 (7,301) (1,211) (2,364) (9,961) 6,265 (19,106) (4,139)
Amortization of LP Units and Certain Other Awards (7) (21,371) 14,490 13,859 20,738 31,759 17,550 21,980 18,193
Other Acquisition Related Compensation Charges (9) - - - - - - - 952
Special Charges (10) - 8,100 - - - 7,645 28,000 (139)
Acquisition and Transition Costs (12) - 89 339 (329) - 2,951 538 917
Fair Value of Contingent Consideration (13) - (564) 984 581 106 (93) 2,797 -
Noncontrolling Interest (16) 13,826 13,783 11,625 7,805 2,348 6,552 (3,370) 4,411
Net Income Attributable to Evercore Partners Inc. - Adjusted $ 83,640 $ 74,417 $ 62,423 $ 53,363 $ 32,815 $ 64,717 $ 42,934 $ 33,931

Diluted Shares Outstanding - U.S. GAAP 45,936 44,524 43,734 43,603 44,920 45,480 44,334 42,165
LP Units (17a) 6,074 7,544 7,604 7,617 7,106 7,501 8,749 10,199
Unvested Restricted Stock Units - Event Based (17a) 12 12 12 12 12 12 12 12
Acquisition Related Share Issuance (17b) - - - - - - - 96
Diluted Shares Outstanding - Adjusted 52,022 52,080 51,350 51,232 52,038 52,993 53,095 52,472

Key Metrics: (a )
Diluted Earnings Per Share - U.S. GAAP $ 1.76 $ 0.98 $ 0.79 $ 0.55 $ 0.12 $ 0.45 $ 0.16 $ 0.26
Diluted Earnings Per Share - Adjusted $ 1.61 $ 1.43 $ 1.22 $ 1.04 $ 0.63 $ 1.22 $ 0.81 $ 0.65

LTM Diluted Earnings Per Share - U.S. GAAP $ 4.08 $ 0.99

LTM Diluted Earnings Per Share - Adjusted $ 5.30 $ 3.31

(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.

34
U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
Footnotes
1. Client related expenses, expenses associated with revenue sharing engagements with third parties and provisions for uncollected receivables, have been
reclassified as a reduction of revenue in the Adjusted presentation.
2. Income (Loss) from Equity Method Investments has been reclassified to Revenue in the Adjusted presentation.
3. Interest Expense on Debt is excluded from the Adjusted Investment Banking and Investment Management segment results and is included in Interest
Expense in the segment results on a U.S. GAAP Basis.
4. The gain resulting from the transfer of ownership of the Mexican Private Equity business in the third quarter of 2016 is excluded from the Adjusted
presentation.
5. The exclusion from the Adjusted presentation of expenses associated with amortization of intangible assets and other purchase accounting-related
amortization from the acquisitions of ISI, SFS, Lexicon, Protego, Braveheart and certain other acquisitions.
6. Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a Public Corporation and therefore, not all of the
Company’s income is subject to corporate level taxes. As a result, adjustments have been made to Evercore’s effective tax rate. These adjustments
assume that the Company has adopted a conventional corporate tax structure and is taxed as a C-Corporation in the U.S. at the prevailing corporate rates,
that all deferred tax assets relating to foreign operations are fully realizable within the structure on a consolidated basis. In addition, the Adjusted
presentation reflects the netting of changes in the Company’s Tax Receivable Agreement against Income Tax Expense.
7. Expenses or reversal of expenses incurred from the modification of Evercore Class A LP Units and related awards, which primarily vested over a five-year
period ending December 31, 2013, and the assumed vesting of Class E LP Units and Class G and H LP Interests issued in conjunction with the acquisition
of ISI are excluded from the Adjusted presentation.
8. Expenses incurred from the vesting of IPO related restricted stock unit awards relating to the June 2011 offering are excluded from the Adjusted
presentation.
9. Expenses for deferred consideration issued to the sellers of certain of the Company’s acquisitions are excluded from the Adjusted presentation.
10. Expenses during 2016 related to a charge for the impairment of our investment in Atalanta Sosnoff during the fourth quarter. Expenses during 2015
primarily related to a charge for the impairment of goodwill in the Institutional Asset Management reporting unit and charges related to the restructuring of
our investment in Atalanta Sosnoff during the fourth quarter, primarily related to the conversion of certain of Atalanta Sosnoff’s profits interests held by
management to equity interests. Expenses during 2015 also include charges related to separation benefits and costs associated with the termination of
certain contracts within the Company’s Evercore ISI business, as well as the finalization of a matter associated with the wind-down of the Company’s U.S.
Private Equity business. Expenses during 2014 primarily related to separation benefits and certain exit costs related to combining the equities business
upon the ISI acquisition and a provision recorded in 2014 against contingent consideration due on the 2013 disposition of Pan. Expenses during 2013
primarily related to the write-off of intangible assets from the Company’s acquisition of Morse, Williams and Company, Inc. Expenses during 2012 primarily
related to charges incurred in connection with exiting facilities in the UK. Expenses during 2011 related to the charge associated with lease commitments
for exited office space in conjunction with the acquisition of Lexicon as well as for an introducing fee in connection with the Lexicon acquisition.
11. The expense associated with share-based awards resulting from increases in the share price, which is required upon change in employment status, is
excluded from the Adjusted results.

12. Primarily professional fees incurred, as well as the reversal of a provision for certain settlements in 2016 and costs related to transitioning acquisitions or
divestitures.

35
U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
Footnotes
13. The expense associated with changes in the fair value of contingent consideration issued to the sellers of certain of the Company’s acquisitions is
excluded from the Adjusted results.

14. The Adjusted results from continuing operations exclude the Income (Loss) from our equity method investment in Pan.

15. The write-off of General Partnership investment balances during the fourth quarter of 2013 associated with the acquisition of Protego.

16. Reflects an adjustment to eliminate noncontrolling interest related to all Evercore LP partnership units which are assumed to be converted to Class A
common stock in the Adjusted presentation.

17. (a) Assumes the vesting, and exchange into Class A shares, of certain Evercore LP partnership units and interests and IPO related restricted stock unit
awards and reflects on a weighted average basis, the dilution of unvested service-based awards in the Adjusted presentation. In the computation of
outstanding common stock equivalents for U.S. GAAP net income per share, the Evercore LP partnership units are anti-dilutive and the IPO related
restricted stock unit awards are excluded from the calculation prior to the June 2011 offering.

17. (b) Assumes the vesting of all Acquisition Related Share Issuances and Unvested Restricted Stock Units granted to Lexicon employees in the Adjusted
presentation. In the computation of outstanding common stock equivalents for U.S. GAAP, these Shares and Restricted Stock Units are reflected using
the Treasury Stock Method.

36