Latest Earnings Release: Q2 2021 Earnings Press Release

E V E R C O R E

EVERCORE REPORTS RECORD SECOND QUARTER 2021 RESULTS;

QUARTERLY DIVIDEND OF $0.68 PER SHARE

			Second Quarter 2021 Results		2021 Year to Date Results
			U.S. GAAP		Adjusted		U.S. GAAP		Adjusted
				vs.			vs.				vs.			vs.
				Q2 2020			Q2 2020			YTD 2020			YTD 2020
Net Revenues ($ millions)		$ 687.9	36%	$	691.2	34%	$	1,350.2		45%	$	1,361.1	43%
Operating Income ($ millions)	$ 207.0	139%	$	210.3	105%	$	401.2		195%	$	412.1	122%
Net Income Attributable to
Evercore Inc. ($ millions)		$ 140.4	149%	$	154.0	115%	$	284.7		225%	$	316.5	144%
Diluted Earnings Per Share	$ 3.21	138%	$	3.17	107%	$	6.46		211%	$	6.47	136%
Operating Margin			30.1 %	1,299 bps		30.4 %	1,044 bps		29.7 %		1,515 bps		30.3 %	1,076 bps
	g	Record Second Quarter and First Half Revenues on a U.S. GAAP and an Adjusted basis; First Half
		2021 revenues increased more than 40% both versus the prior record in 2019 and versus 2020
	g	More than $1 billion in	First	Half 2021 Advisory	revenues,	with strong	contribution across
		capabilities globally, including M&A, Capital Advisory and Strategic Defense & Shareholder
Business and		Advisory; activity levels remain high and backlogs are strong
Financial	g	Advising our corporate client on the largest SPAC merger of all-time and on four of the top 25
Highlights		largest announced U.S. M&A transactions of 2021

• ECM activity continues to be diverse across sectors and products as we continued to broaden our capabilities, including advising on our first direct listing assignment
• Delivered significant margin expansion with Second Quarter and First Half U.S. GAAP and Adjusted Operating Margin of 30%
• Two Advisory Senior Managing Directors have already joined Evercore and three more are committed to join in 2021, strengthening our coverage in the Healthcare and FinTech sectors and

Talent	our coverage of Financial Sponsors. Dialogue with additional senior level recruits continues

• Celeste Mellet joined Evercore on July 1 as a Senior Managing Director and will become CFO, effective September 1, succeeding Robert Walsh who will retire from Evercore at year-end
• Quarterly dividend of $0.68 per share

Capital Return	g	Record levels of capital return with $496.3 million returned to shareholders during the first six
		months of 2021 through dividends and repurchases of 3.3 million shares at an average price of
		$128.40
		In July, acquired a 20% interest in Seneca Evercore, strengthening our strategic alliance in Brazil
Strategic	g
Transactions
	g	Published inaugural Sustainability Report in May
ESG

NEW YORK, July 28, 2021 - Evercore Inc. (NYSE: EVR) today announced its results for the second quarter ended June 30, 2021.

LEADERSHIP COMMENTARY

John S. Weinberg, Co-Chairman and Co-Chief Executive Officer, "Our record second quarter and year-to-dateresults reflect the breadth and diversity of our capabilities, supported by a positive macroeconomic environment. Our Advisory teams continue to be busy across capabilities and geographies, and this pace of activity translated into revenues - first half Advisory revenues increased more than 50% year-over-yearand surpassed $1 billion for the first time. In our Underwriting business, we continue to participate in assignments across diverse industries and our revenues year-to-dateincreased 11% year-over-year.In Equities, we continue to deliver high quality content to our client base and had a very active quarter with conferences. We are pleased to have three Advisory Senior Managing Directors committed to join Evercore over the next few months to strengthen areas of strategic significance and dialogues with potential recruits remain high. Finally, we are excited to welcome Celeste Mellet to Evercore to help guide our organization through our next stage of growth."

Ralph Schlosstein, Co-Chairman and Co-Chief Executive Officer, "We continued to deliver for our clients, our people and our shareholders throughout the second quarter. The positive economic environment, pressure on business models from technology and energy disruption, strong CEO and Board confidence and record levels of investable capital from sponsors and SPACs led to robust announcement activity. We maintained our #1 league table ranking in the U.S. for announced M&A volumes among independent firms and we continue to have meaningful dialogue with clients on capital raising opportunities and other strategic priorities. This high level of activity is contributing to our strong backlogs. While we have delivered for our clients and produced extraordinary financial results during this period of remote work over the past 16 months, we remain firmly committed to our culture of in-the-officecollaboration and apprenticeship. Our teams started to transition back to the office during the quarter and we are looking forward to having more of our teams back in the office over the next several weeks. Lastly, we are back to our pre-pandemicapproach to capital return for our shareholders and returned nearly $500 million through dividends and repurchases of 3.3 million shares year-to-date."

Roger C. Altman, Founder and Senior Chairman, "Evercore continued its long standing momentum in the second quarter, as we both increased our market share again and saw strong levels of M&A and capital raising. The Firm's broader platform, as compared to earlier years, and its exceptional talent, is powering this gratifying strength."

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Selected Financial Data - U.S. GAAP Results:

The following is a discussion of Evercore's results on a U.S. GAAP basis.

								U.S. GAAP
		Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020			%		June 30, 2021		June 30, 2020	%
		Change				Change
					(dollars in thousands, except per share data)
Net Revenues	$	687,865	$	507,075			36%	$	1,350,175	$	934,082	45%
Operating Income(1)	$	207,013	$	86,729			139%	$	401,221	$	136,032	195%
Net Income Attributable to Evercore Inc.	$	140,359	$	56,412			149%	$	284,711	$	87,587	225%
Diluted Earnings Per Share	$	3.21	$	1.35			138%	$	6.46	$	2.08	211%
Compensation Ratio		59.3 %			65.9 %						59.5 %			64.7 %
Operating Margin		30.1 %			17.1 %						29.7 %			14.6 %
Effective Tax Rate		22.1 %			24.5 %						19.2 %			25.0 %
Trailing Twelve Month Compensation		58.6 %			62.3 %
Ratio

1. Operating Income includes Special Charges, Including Business Realignment Costs, of $8.6 million recognized in the Investment Banking segment for the three months ended June 30, 2020 and $32.2 million and $0.1 million recognized in the Investment Banking and Investment Management segment, respectively, for the six months ended June 30, 2020. See "Special Charges, Including Business Realignment Costs" below.

Net Revenues

For the three months ended June 30, 2021, Net Revenues of $687.9 million increased 36% versus the three months ended June 30, 2020, primarily reflecting an increase in Advisory Fees of $224.4 million, partially offset by a decrease in Underwriting Fees of $45.5 million. For the six months ended June 30, 2021, Net Revenues of $1.4 billion increased 45% versus the six months ended June 30, 2020, primarily reflecting increases in Advisory Fees and Underwriting Fees of $377.7 million and $12.6 million, respectively, as well as an increase in Other Revenue, net, primarily driven by a shift from net losses of $6.8 million for the six months ended June 30, 2020 to gains of $16.0 million for the six months ended June 30, 2021 on our investment funds portfolio, which is used as an economic hedge against our deferred cash compensation program. See the Business Line Reporting - Discussion of U.S. GAAP Results below for further information.

Compensation

For the three months ended June 30, 2021, compensation costs of $407.8 million increased 22% versus the three months ended June 30, 2020. For the three months ended June 30, 2021, the compensation ratio was 59.3% versus 65.9% for the three months ended June 30, 2020. The compensation ratio for the three months ended June 30, 2020 was 67.5% when the $8.2 million of separation and transition benefits expense, which is presented within Special Charges, Including Business Realignment Costs, is also included. For the six months ended June 30, 2021, compensation costs of $803.2 million increased 33% versus the six months ended June 30, 2020. For the six months ended June 30, 2021, the compensation ratio was 59.5% versus 64.7% for the six months ended June 30, 2020. The compensation ratio for the six months ended June 30, 2020 was 68.0% when the $30.2 million of separation and transition benefits expense, which is presented within Special Charges, Including Business Realignment Costs, is also included. See "Special Charges, Including Business Realignment Costs" below for further information. The increase in the amount of compensation recognized in the three and six months ended June 30, 2021 principally reflects higher levels of incentive compensation, higher amortization of prior period deferred compensation awards and higher base salaries. See "Deferred Compensation" for more information. The compensation ratio in any given period is subject to fluctuation based, in part, on the amount of revenue earned in that period.

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Non-Compensation Costs

For the three months ended June 30, 2021, Non-Compensation Costs of $73.1 million decreased 6% versus the three months ended June 30, 2020, primarily driven by a decrease in bad debt expense, partially offset by an increase in professional fees. For the six months ended June 30, 2021, Non-Compensation Costs of $145.8 million decreased 9% versus the six months ended June 30, 2020, primarily driven by decreased travel and related expenses, as a substantial number of employees continued to work remotely in 2021, as well as a decrease in bad debt expense, partially offset by an increase in professional fees.

Special Charges, Including Business Realignment Costs

In 2020, the Company completed a review of operations focused on markets, sectors and people which delivered lower levels of productivity in an effort to attain greater flexibility of operations and better position itself for future growth. This review generated reductions of approximately 8% of our headcount.

In conjunction with the employment reductions, the Company incurred separation and transition benefits and related costs of $8.2 million and $30.3 million for the three and six months ended June 30, 2020, respectively, which have been recorded as Special Charges, Including Business Realignment Costs, and are excluded from our Adjusted results.

Special Charges, Including Business Realignment Costs, for the three and six months ended June 30, 2020 also reflect 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 of $0.4 million and $1.9 million, respectively.

Effective Tax Rate

For the three months ended June 30, 2021, the effective tax rate was 22.1% versus 24.5% for the three months ended June 30, 2020. For the six months ended June 30, 2021, the effective tax rate was 19.2% versus 25.0% for the six months ended June 30, 2020. The effective tax rate is principally impacted by the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price. The provision for income taxes for the six months ended June 30, 2021 reflects an additional tax benefit of $17.0 million versus $0.1 million for the six months ended June 30, 2020, due to the net impact associated with the appreciation or depreciation in our share price upon vesting of employee share-based awards above or below the original grant price.

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Selected Financial Data - Adjusted Results:

The following is a discussion of Evercore's results on an Adjusted basis. See pages 7 and A-2 to A-11 for further information and reconciliations of these non-GAAP metrics to our U.S. GAAP results.

								Adjusted
		Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020			%		June 30, 2021		June 30, 2020	%
		Change				Change
					(dollars in thousands, except per share data)
Net Revenues	$	691,191	$	513,922			34%	$	1,361,095	$	948,899	43%
Operating Income	$	210,339	$	102,739			105%	$	412,148	$	185,270	122%
Net Income Attributable to Evercore Inc.	$	154,010	$	71,767			115%	$	316,527	$	129,585	144%
Diluted Earnings Per Share	$	3.17	$	1.53			107%	$	6.47	$	2.74	136%
Compensation Ratio		59.0 %			65.0 %						59.0 %			63.6 %
Operating Margin		30.4 %			20.0 %						30.3 %			19.5 %
Effective Tax Rate		24.7 %			26.2 %						21.0 %			25.6 %
Trailing Twelve Month Compensation		57.3 %			60.8 %
Ratio

Adjusted Net Revenues

For the three months ended June 30, 2021, Adjusted Net Revenues of $691.2 million increased 34% versus the three months ended June 30, 2020, primarily reflecting an increase in Advisory Fees of $224.9 million, partially offset by a decrease in Underwriting Fees of $45.5 million. For the six months ended June 30, 2021, Adjusted Net Revenues of $1.4 billion increased 43% versus the six months ended June 30, 2020, primarily reflecting increases in Advisory Fees and Underwriting Fees of $377.8 million and $12.6 million, respectively, as well as an increase in Other Revenue, net, primarily driven by a shift from net losses of $6.8 million for the six months ended June 30, 2020 to gains of $16.0 million for the six months ended June 30, 2021 on our investment funds portfolio, which is used as an economic hedge against our deferred cash compensation program. See the Business Line Reporting - Discussion of Adjusted Results below for further information.

Adjusted Compensation

For the three months ended June 30, 2021, Adjusted compensation costs of $407.8 million increased 22% versus the three months ended June 30, 2020. For the three months ended June 30, 2021, the Adjusted compensation ratio was 59.0% versus 65.0% for the three months ended June 30, 2020. For the six months ended June 30, 2021, Adjusted compensation costs of $803.2 million increased 33% versus the six months ended June 30, 2020. For the six months ended June 30, 2021, the Adjusted compensation ratio was 59.0% versus 63.6% for the six months ended June 30, 2020. The increase in the amount of Adjusted compensation recognized in the three and six months ended June 30, 2021 principally reflects higher levels of incentive compensation, higher amortization of prior period deferred compensation awards and higher base salaries. See "Deferred Compensation" for more information. The Adjusted compensation ratio in any given period is subject to fluctuation based, in part, on the amount of revenue earned in that period.

Adjusted Non-Compensation Costs

For the three months ended June 30, 2021, Adjusted Non-Compensation Costs of $73.1 million decreased 5% versus the three months ended June 30, 2020, primarily driven by a decrease in bad debt expense, partially offset by an increase in professional fees. For the six months ended June 30, 2021, Adjusted Non- Compensation Costs of $145.8 million decreased 9% versus the six months ended June 30, 2020,

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