Evercore Partners Reports Third Quarter 2012 Results; Increases Quarterly Dividend To $0.22 Per Share

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.

“We are pleased with our third quarter results, reporting our third best quarter for revenue on sustained strong performance in our Advisory business. Our Wealth Management and Institutional Equities businesses continue to take market share and investment performance is improving in the Institutional Asset Management business. While market conditions remain challenging, we are working hard to sustain this momentum through the end of the year and into 2013, continuing to build market share in each of our core businesses,” said Ralph Schlosstein, President and Chief Executive Officer. “Our results further demonstrate our commitment to delivering strong returns to our shareholders. During the quarter we repurchased more than 1 million shares of stock (2.6 million shares year to date) and increased our dividend by 10% to $0.22 per share. The increased dividend and our Board’s authorization of a new stock repurchase program for 5 million shares, more than double the size of the prior program, demonstrate our ongoing commitment to delivering returns to our shareholders as we continue to grow.”

“Evercore continues to grow and gain market share. Compared to this time last year, our year-to-date Investment Banking revenues have grown by 10%, despite a 15% decrease in global announced M&A volume and a 27% decrease in global completed M&A volume. We were again strong competitively, ranking eighth among all firms in year-to-date U.S. announced deals. We continued our long standing practice of adding talented Senior Managing Directors, hiring four new SMDs who will strengthen our Consumer, Restructuring and Canada businesses,” said Roger Altman, Executive Chairman.

Consolidated U.S. GAAP and Adjusted Pro Forma Selected Financial Data (Unaudited)
	U.S. GAAP
	Three Months Ended												% Change vs.						Nine Months Ended
	September 30,				June 30,				September 30,				June 30,			September 30,			September 30,				September 30,
	2012				2012				2011				2012			2011			2012				2011				% Change
	(dollars in thousands)
Net Revenues	$	153,029			$	172,497			$	163,181			(11	%)		(6	%)		$	428,324			$	411,483			4	%
Operating Income	$	14,245			$	21,195			$	13,442			(33	%)		6	%		$	23,297			$	36,821			(37	%)
Net Income from Continuing Operations Attributable to Evercore Partners Inc.	$	5,301			$	7,934			$	1,957			(33	%)		171	%		$	9,867			$	7,921			25	%
Diluted Earnings Per Share from Continuing Operations	$	0.17			$	0.25			$	0.06			(32	%)		183	%		$	0.31			$	0.27			15	%
Compensation Ratio		66	%			66	%			70	%									69	%			69	%
Operating Margin		9	%			12	%			8	%									5	%			9	%
	Adjusted Pro Forma
	Three Months Ended												% Change vs.						Nine Months Ended
	September 30,				June 30,				September 30,				June 30,			September 30,			September 30,				September 30,
	2012				2012				2011				2012			2011			2012				2011				% Change
	(dollars in thousands)
Net Revenues	$	149,247			$	172,115			$	163,094			(13	%)		(8	%)		$	426,883			$	408,728			4	%
Operating Income	$	29,391			$	36,452			$	33,383			(19	%)		(12	%)		$	74,774			$	86,240			(13	%)
Net Income from Continuing Operations Attributable to Evercore Partners Inc.	$	17,275			$	21,185			$	19,792			(18	%)		(13	%)		$	42,777			$	49,062			(13	%)
Diluted Earnings Per Share from Continuing Operations	$	0.40			$	0.49			$	0.46			(18	%)		(13	%)		$	0.98			$	1.17			(16	%)
Compensation Ratio		60	%			60	%			62	%									61	%			60	%
Operating Margin		20	%			21	%			20	%									18	%			21	%

The U.S. GAAP and Adjusted Pro Forma results for September 30, 2011 present the continuing operations of the Company, which exclude amounts related to Evercore Asset Management (“EAM”), whose operations were discontinued during the fourth quarter of 2011. See page A-1 for the full financial results of the Company including its discontinued operations.

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