Latest Earnings Release: Q3 2021 Earnings Press Release

E V E R C O R E

EVERCORE REPORTS THIRD QUARTER 2021 RESULTS;

QUARTERLY DIVIDEND OF $0.68 PER SHARE

			Third Quarter Results						Year to Date Results
		U.S. GAAP		Adjusted		U.S. GAAP		Adjusted
	Q3 2021	Q3 2020	Q3 2021	Q3 2020	YTD 2021	YTD 2020	YTD 2021	YTD 2020
Net Revenues ($ mm)	$	823.6	$	402.5	$	831.6	$	408.5	$	2,173.7	$	1,336.6	$	2,192.7	$	1,357.4
Operating Income ($ mm)	$	245.2	$	63.7	$	261.8	$	77.7	$	646.4	$	199.7	$	673.9	$	262.9
Net Income Attributable to	$	159.5	$	42.6	$	188.3	$	52.6	$	444.3	$	130.2	$	504.9	$	182.2
Evercore Inc. ($ mm)
Diluted Earnings Per Share	$	3.74	$	1.01	$	3.96	$	1.11	$	10.19	$	3.09	$	10.41	$	3.85
Compensation Ratio		59.1 %		64.5 %		58.5 %		63.6 %		59.3 %		64.7 %		58.8 %		63.6 %
Operating Margin		29.8 %		15.8 %		31.5 %		19.0 %		29.7 %		14.9 %		30.7 %		19.4 %
Effective Tax Rate		24.0 %		23.5 %		25.6 %		27.2 %		21.0 %		24.5 %		22.8 %		26.1 %

	g	Record 3Q and YTD Revenues on a U.S. GAAP and an Adjusted basis; fourth straight quarter of
		Advisory revenues greater than $500 million
	g	#1 league table ranking(1) in announced M&A volume both globally and in the U.S. among
		independents and #7 in the U.S. among all firms over the last twelve months
Business and	g	Advising on three of the top 10 largest announced U.S. M&A transactions of 2021
Financial
Highlights	g	ECM activity continues to be diverse across sectors and products, including more diverse deals in
		Healthcare and strength in TMT, Consumer and Industrials
	g	Evercore ISI recognized as the top independent research firm in the Institutional Investor All-
		America Equity Research team rankings for the eighth straight year and ranked #2 among all firms
		on a weighted basis
	g	Three Advisory Senior Managing Directors recently joined Evercore: Adi Jayaraman in October
		covering the FinTech sector, Brad David in September strengthening coverage of Financial
		Sponsors and Brad Wolff in August enhancing coverage of the Healthcare sector
Talent	g	Celeste Mellet became CFO of Evercore effective September 1
g	Three additional Advisory Senior Managing Directors are committed to join Evercore in 2021,
		strengthening our coverage in the Power and Renewables and Basic Materials sectors
	g	Dialogue with potential senior level talent remains robust and lateral hiring at other levels continues
		to be strong
	g	Quarterly dividend of $0.68 per share
Capital Return	g	Record levels of capital return with $631.5 million returned to shareholders during the first nine
		months of 2021 through dividends and repurchases of 4.1 million shares at an average price of
		$129.22

1. Based on Refinitiv rankings

NEW YORK, October 27, 2021 - Evercore Inc. (NYSE: EVR) today announced its results for the third quarter ended September 30, 2021.

LEADERSHIP COMMENTARY

John S. Weinberg, Co-Chairman and Co-Chief Executive Officer, "We continue to advise our clients on a wide array of transactions, reflecting the breadth, diversity and strength of our franchise. The ongoing robust environment for M&A activity and the continued success of many of our strategic growth initiatives aimed at expanding and enhancing our platform contributed to our second best revenue quarter ever. We ranked(1) #1 globally and in the U.S. among independents in the M&A league tables, strong momentum continues in our Capital Advisory businesses and our Underwriting business continues to perform well with greater sector diversity. And Evercore ISI was once again recognized by Institutional Investor as the top independent research firm. Looking ahead, our pipeline continues to be strong and we remain focused on addressing our clients' objectives, growing our firm and returning capital to shareholders."

Ralph Schlosstein, Co-Chairman and Co-Chief Executive Officer, "Our strong quarterly results indicate that our long-termgrowth strategy is working. We continue to attract and hire exceptionally talented individuals in areas that offer significant growth opportunities, including three recent Advisory SMD hires that enhance our coverage of the Healthcare and FinTech sectors and our coverage of Financial Sponsors. We also have three additional individuals committed to join Evercore in 2021 who will further enhance key areas of strategic importance, including the Power and Renewables and Basic Materials sectors. In addition to executing on our growth and hiring initiatives, we continue to pass along our financial success to our shareholders. In the third quarter, we returned $135.2 million to shareholders through buybacks and dividends, bringing our year-to-datecapital return to $631.5 million through a combination of dividends and buybacks. We are committed to returning excess cash flow to our shareholders through share repurchases."

Roger C. Altman, Founder and Senior Chairman, "The Firm has exceptional momentum, accentuated by a strong recruiting year which has, again, expanded our coverage and footprint."

(1)Based on Refinitiv rankings

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Evercore's quarterly results may fluctuate significantly due to the timing and amount of transaction fees earned, as well as other factors. Accordingly, financial results in any particular quarter may not be representative of future results over a longer period of time.

Business Segments:

Evercore's business results are categorized into two segments: Investment Banking and Investment Management. Investment Banking includes providing advice to clients on mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research. Investment Management includes Wealth Management and interests in private equity funds which are not managed by the Company, as well as advising third-party investors through affiliates and historically through Institutional Asset Management. See pages A-2 to A-10 for further information and reconciliations of these segment results to our U.S. GAAP consolidated results.

Non-GAAP Measures:

Throughout this release 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 certain unvested Evercore LP 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. 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.

Evercore's Adjusted Net Income Attributable to Evercore Inc. for the three and nine months ended September 30, 2021 was higher than U.S. GAAP as a result of certain business acquisition-related and disposition-related charges and Special Charges, Including Business Realignment Costs. Acquisition- related charges for 2021 include professional fees incurred. Special Charges, Including Business Realignment Costs, in 2021 relate to the write-down of certain assets associated with a legacy private equity investment relationship which, consistent with the Company's current investment strategy, the Company decided to wind down during the third quarter of 2021.

The gain on the redemption of the G5 debt security in the second quarter of 2021 was excluded from Adjusted Net Revenues.

Evercore's Adjusted Diluted Shares Outstanding for the three and nine months ended September 30, 2021 were higher than U.S. GAAP, as a result of the inclusion of certain Evercore LP Units.

Further details of these adjustments, as well as an explanation of similar amounts for the three and nine months ended September 30, 2020 are included in pages A-2 to A-10.

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Selected Financial Data - U.S. GAAP Results

The following is a discussion of Evercore's consolidated results on a U.S. GAAP basis. See pages A-6 to A-8 for our business segment results.

Net Revenues

							U.S. GAAP
		Three Months Ended				Nine Months Ended
	September 30,		September 30,	%		September 30,		September 30,	%
		2021			2020		Change			2021			2020		Change
							(dollars in		thousands)
Investment Banking:
Advisory Fees	$	708,333	$	270,662		162%	$	1,781,065	$	965,662	84%
Underwriting Fees		54,381			66,499		(18%)			181,686			181,182		-%
Commissions and Related Revenue(1)		46,763			44,003		6%			151,014			153,903	(2%)
Investment Management:
Asset Management and Administration Fees		16,960			14,025		21%			48,092			39,725	21%
Other Revenue, net(1)		(2,882)			7,326		NM			11,873			(3,875)		NM
Net Revenues	$	823,555		$	402,515		105%		$	2,173,730		$	1,336,597	63%

1. Certain balances in the prior period were reclassified to conform to their current presentation in this release. "Commissions and Related Fees" has been renamed to "Commissions and Related Revenue" and principal trading gains and losses from our institutional equities business have been reclassified from "Other Revenue, net" to "Commissions and Related Revenue." For the three and nine months ended September 30, 2020, this resulted in a reclassification of $0.2 million and $0.6 million, respectively, from "Other Revenue, net" to "Commissions and Related Revenue." There was no impact on U.S. GAAP Net Revenues, Operating Income, Net Income or Earnings Per Share. See page A-3 for further information.

	Three Months Ended			Nine Months Ended
	September 30,		September 30,	%		September 30,		September 30,	%
	2021		2020		Change		2021		2020		Change
Total Number of Fees from Advisory Client	257	206		25%	586	475	23%
Transactions(1)
Total Number of Fees of at Least $1 million	130	74		76%	349	224	56%
from Advisory Client Transactions(1)
Total Number of Underwriting Transactions	28	30		(7%)	98	78	26%
Total Number of Underwriting Transactions as	26	23		13%	82	52	58%
a Bookrunner

1. Includes Advisory and Underwriting Transactions.

As of September 30,

	2021				2020	%
					Change
Assets Under Management ($ mm)(1)
Wealth Management(2)	$	11,316	$	9,517	19%
Institutional Asset Management		-			1,420		NM
Total Assets Under Management	$	11,316	$	10,937	3%

1. Assets Under Management reflect end of period amounts from our consolidated subsidiaries.
2. Assets Under Management includes Evercore assets which are managed by Evercore Wealth Management of $76.3 million and $223.4 million as of September 30, 2021 and 2020, respectively.

Advisory Fees - Third quarter Advisory Fees increased $437.7 million, or 162%, year-over-year, reflecting an increase in the number of fees earned and an increase in revenue earned from large transactions. Year-to-date Advisory Fees increased $815.4 million, or 84%, year-over-year, reflecting an increase in the number of fees earned and an increase in revenue earned from large transactions.

Underwriting Fees - Third quarter Underwriting Fees decreased $12.1 million, or 18%, year-over-year, reflecting a decrease in both the number of transactions we participated in and the relative fee size of those transactions. Year-to-date Underwriting Fees increased $0.5 million, reflecting an increase in the number

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of transactions we participated in, partially offset by a decrease in the relative fee size of our participation in those transactions, as we participated in several of the largest deals in our history last year.

Commissions and Related Revenue - Third quarter Commissions and Related Revenue increased $2.8 million, or 6%, year-over-year, reflecting increased trading volume compared to the prior year period. Year-to-date Commissions and Related Revenue decreased $2.9 million, or 2%, year-over-year, reflecting lower volatility compared to the prior year period.

Asset Management and Administration Fees - Third quarter Asset Management and Administration Fees increased $2.9 million, or 21%, year-over-year, driven by an increase in fees from Wealth Management clients as associated AUM increased 19%. Year-to-date Asset Management and Administration Fees increased $8.4 million, or 21%, year-over-year, driven by an increase in fees from Wealth Management clients as associated AUM increased 19%.

Other Revenue - Third quarter Other Revenue, net, decreased $10.2 million year-over-year, primarily driven by lower performance of our investment funds portfolio, which is used as an economic hedge against our deferred cash compensation program. Year-to-date Other Revenue, net, increased $15.7 million year-over-year, primarily driven by higher performance of our investment funds portfolio, as well as a gain on the redemption of the G5 debt security in the second quarter of 2021.

Expenses

							U.S. GAAP
		Three Months Ended				Nine Months Ended
	September 30,		September 30,	%		September 30,		September 30,	%
		2021			2020		Change			2021			2020		Change
							(dollars in		thousands)
Employee Compensation and Benefits	$	486,471	$	259,812		87%	$	1,289,659	$	864,600	49%
Compensation Ratio		59.1 %			64.5 %					59.3 %			64.7 %
Non-Compensation Costs	$	83,377	$	71,637		16%	$	229,143	$	232,665	(2%)
Non-Compensation Ratio		10.1 %			17.8 %					10.5 %			17.4 %
Special Charges, Including Business	$	8,554	$	7,380		16%	$	8,554	$	39,614	(78%)
Realignment Costs

Employee Compensation and Benefits - Third quarter Employee Compensation and Benefits increased $226.7 million, or 87%, year-over-year. The third quarter compensation ratio was 59.1% versus 64.5% for the prior year period. Year-to-date Employee Compensation and Benefits increased $425.1 million, or 49%, year-over-year. The year-to-date compensation ratio was 59.3% versus 64.7% for the prior year period. The increase in the amount of compensation recognized in both the third quarter and year-to-date period principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards, as well as increased headcount year over year. The decrease in the compensation ratios for both the third quarter and year-to-date period reflects leverage achieved on higher revenues in the current quarter and year-to-date period. See "Deferred Compensation" for more information.

Non-CompensationCosts - Third quarter Non-Compensation Costs increased $11.7 million, or 16%, year-over-year, primarily driven by increases in professional fees and travel and related expenses. The third quarter Non-Compensation ratio of 10.1% decreased from 17.8% for the prior year period. Year-to- date Non-Compensation Costs decreased $3.5 million, or 2%, year-over-year, primarily driven by a decrease in travel and related expenses, as well as a decrease in bad debt expense, partially offset by an increase in professional fees. The year-to-dateNon-Compensation ratio of 10.5% decreased from 17.4% for the prior year period. The decrease in the Non-Compensation ratios for both the third quarter and year-

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