Investor Presentation May 2, 2018 Notices and Disclaimers

Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include certain information concerning future results of operations, business strategies, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, the effects of competition and the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “might,” “should,” “could” or the negative of these terms or similar expressions.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in such forward-looking statements. You should not put undue reliance on any forward-looking statements contained herein. PJT Partners undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. The risk factors discussed in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the United States Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our periodic filings with the SEC, accessible on the SEC’s website at www.sec.gov, could cause the results of PJT Partners to differ materially from those expressed in forward-looking statements. There may be other risks and uncertainties that PJT Partners is unable to predict at this time or that are not currently expected to have a material adverse effect on its business. Any such risks could cause the results of PJT Partners to differ materially from those expressed in forward-looking statements.

Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”) in the statements of operations, financial condition or cash flows of the company. These measures should not be considered substitutes for, or superior to, financial measures prepared in accordance with GAAP. Management believes the following non-GAAP measures, when presented together with comparable GAAP measures, are useful to investors in understanding the Company’s operating results: Adjusted Pretax Income; Adjusted Net Income; Adjusted Net Income, If-Converted, in total and on a per-share basis; Adjusted Compensation and Benefits Expense and Adjusted Non-Compensation Expense. These non-GAAP measures, presented and discussed in this presentation, remove the significant accounting impact of: (a) transaction-related equity-based compensation expense, including expense related to Partnership Units with both time-based vesting and market conditions as well as equity-based retention awards granted in connection with the spin-off; (b) intangible asset amortization associated with The Blackstone Group L.P.’s (“Blackstone”) initial public offering (“IPO”) and the acquisition of PJT Capital LP; and (c) the amount the Company has agreed to pay Blackstone related to the net realized cash benefit from certain compensation- related tax deductions. Reconciliations of the non-GAAP measures to their most directly comparable GAAP measures and further detail regarding the adjustments are provided on page 20 of this presentation. For additional information about our non-GAAP financial measures, see our filings with the SEC.

Disclaimers This document is “as is” and is based, in part, on information obtained from other sources. Our use of such information does not imply that we have independently verified or necessarily agree with any of such information, and we have assumed and relied upon the accuracy and completeness of such information for purposes of this document. Neither we nor any of our affiliates or agents, make any representation or warranty, express or implied, in relation to the accuracy or completeness of the information contained in this document or any oral information provided in connection herewith, or any data it generates and expressly disclaim any and all liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information or any errors or omissions therein. Any views or terms contained herein are preliminary, and are based on financial, economic, market and other conditions prevailing as of the date of this document and are subject to change. We undertake no obligations or responsibility to update any of the information contained in this document. Past performance does not guarantee or predict future performance.

This document does not constitute an offer to sell or the solicitation of an offer to buy any security, nor does it constitute an offer or commitment to lend, syndicate or arrange a financing, underwrite or purchase or act as an agent or advisor or in any other capacity with respect to any transaction, or commit capital, or to participate in any trading strategies, and does not constitute legal, regulatory, accounting or tax advice to the recipient. This document does not constitute and should not be considered as any form of financial opinion or recommendation by us or any of our affiliates. This document is not a research report nor should it be construed as such.

Presentation of Information All facts, metrics and other information provided herein are presented as of March 31, 2018 unless otherwise stated.

PJT Partners

Strong Legacy, The Power of Early Stage New Energy One Growth Engine

8 Offices Differentiated growth from Early stage build-out of

integrating three highly Strategic Advisory, combined

67 Partners complementary businesses with strong legacy businesses,

provides tremendous 480+ Employees opportunity for growth

2 One Dedicated Team - Three Highly Complementary Businesses

Strategic Advisory # of Partners: 32

Restructuring Park Hill # of Partners: 13 # of Partners: 17

3 Global Reach Beyond Physical Locations

London

Chicago Madrid San Francisco Boston New York

Hong Kong

Sydney

8 Clients across offices in 67 44 partners 5 countries globally countries

4 Big Firm Product Capabilities… Small Firm Feel

Restructuring & Special Situations Capital Markets Advisory

> Advisory services > Capital structure advisory > Recapitalizations > Capital markets support to M&A advisory and > Reorganizations restructuring > Exchange offers Debtor M&A > Capital structure optimization > Capital raising > Debt execution assistance > Distressed M&A > Covenant review and assessment > 363 asset sales Capital > Pre-IPO advisory Markets > IPO advisory Creditor Advisory

M&A

Private > Mergers & acquisitions In/Out- > Joint ventures of-Court Capital Markets > Divestitures > Takeover defenses > Distressed sales > Spin-offs Private Secondary > Asset swaps Equity Advisory Hedge Real Fund Estate

Private Equity Hedge Fund Real Estate Secondary Advisory

> Buyouts > Long/short equity > Opportunistic & value-add GP Solutions LP Solutions > Growth equity > Global macro > Core/core+ > Tender offers > Divesture of private > Energy > Event-driven > JVs, clubs & SMA programs > Recapitalizations fund interests > Distressed > Structured finance > Debt/credit > Fund restructurings > Collateralized fund > Special situations > Commodities > Portfolio recaps > Portfolio asset sales obligations > Credit/direct lending > Credit > Direct sales, financing > Preferred equity solutions > Infrastructure > Multi-strats > Sector & regional operators > Private debt solutions > Management stake sales

5 Broad Industry Expertise

B T A BANK

6 Premier Destination for Best-in-Class Talent

What What We + We Value Offer

Alpha players with: The opportunity to:

Character Work with top practitioners

Client relationships Benefit from a partnership culture

Collaborative approach Build out a premier franchise

Content Create long-term substantial value

7 Park Hill: The Leading Intermediary Advisor in the Alternative Asset Space 2005 Year established

100+ 3,000+ Professionals in New York, Investor relationships Chicago, Hong Kong, London, San Francisco and Sydney

25+ $300+ billion Average years of experience Raised by Park Hill clients across 17 partners since inception, representing over 250 primary funds ~$30 billion Executed transactions by Secondary Advisory1

(1) Since 2013 8 Park Hill: Leading Market Position in Each of the Principal Alternative Asset Categories

Buyouts Long/short equity Growth equity Global macro Energy Event-driven Private Hedge Distressed Structured finance Equity Fund Special situations Commodities Credit/direct lending Credit Infrastructure Multi-strats

Opportunistic & value-add

Core/core+ GP solutions JVs, clubs & SMA programs Real Secondary LP solutions Debt/credit Estate Advisory Collateralized fund Portfolio recaps obligations Direct sales, financing Sector & regional operators

9 Park Hill Fund Placement: Leading Market Share and Brand Recognition

Frequent Manager Identification

Consistent Process

Specialist Model

Unrivaled Scale

Global Reach

Leading position in Scale enables product New cross vertical each vertical allows specialization products cross collaboration

10 Restructuring & Special Situations: Market Leadership in Distressed Advisory Situations 1991 Year established

~25 500+ Distressed advisory Average years of situations in 30+ experience across countries 13 partners

~$2 trillion 75+ Total liabilities restructured Professionals in New York and London

11 Leading Global Restructuring Franchise

Advised on 8 of the top 10 deals of 2017 Advised on the largest and most complicated transactions worldwide

$11.6bn 1. > Advised clients on 6 continents

2. $10.2bn > Largest US restructuring

3. $8.1bn > Largest continental Europe restructuring

4. $4.5bn > Largest cross-border restructuring

> Largest public sector restructuring 5. $3.4bn

> Largest Chapter 11 emergence 6. $3.3bn

> Largest energy restructuring 7. $3.1bn

> Largest media restructuring 8. $2.9bn > Largest power restructuring 9. $2.8bn

10. $2.6bn

Source: New Generation Research Inc. based on public companies that filed for bankruptcy in 2017, excluding banking/finance companies 12 Restructuring & Special Situations: Global Reach and Unmatched Expertise

Out-of-Court Assignments In-Court Assignments Creditor Assignments

13 Strategic Advisory: An Alpha Play

Embedded > Transformation of the business Favorable > Share/influence of smaller, Growth Long-Term Trends more focused firms

> Commercial impact of difference continues to grow makers + > Footprint expansion > Favorable near, intermediate

and long-term environment > Enhanced win rate through collaboration across other businesses for M&A activity

14 Momentum in Strategic Advisory Select Announced Transactions Since Spin

15 Strategic Advisory: Fast Growing Bench of Experienced Practitioners

Strategic Advisory Partners

+13 +9 +5 5 Partners 18 Partners 27 Partners 32 Partners

Spin Announcement 12/31/15 12/31/17 3/31/18 October 20141

Strategic Advisory Partners with PJT for 2+ Years

3 Partners +2 5 Partners +13 18 Partners with PJT with PJT with PJT 2+ Years 2+ Years 2+ Years

Spin Announcement 12/31/15 3/31/18 October 20141

(1) Individuals from Blackstone Advisory Partners that became part of PJT Partners post spin 16 We are PJT Partners…

Strong Legacy, New Energy

One Dedicated Firm – Three Complementary Businesses

A Tradition of Forward Thinking

Defined by Deep Relationships

Character, Culture and Collaboration

With a Focus on the Future

…your results are our reputation

17 Financials GAAP Statements of Operations

(Amounts in millions, except per share data)

12 Months Ended 12/31, 3 Months Ended March 31, 2017 2016 2018 2017 Revenues Advisory $386.3 $377.6 $103.5 $99.3 Placement 102.8 115.0 26.1 19.5 Interest Income and Other 10.2 6.9 4.5 2.1 Total Revenues 499.3 499.4 134.0 121.0 Expenses Compensation and Benefits 391.5 381.0 103.6 95.7 Occupancy and Related 26.9 25.8 6.8 6.2 Travel and Related 13.6 11.5 5.5 2.9 Professional Fees 19.3 18.9 5.2 4.2 Communications and Information Services 10.8 8.9 3.5 2.4 Depreciation and Amortization 8.1 14.0 2.0 2.1 Other Expenses 19.0 24.8 4.8 5.4 Total Non-Compensation Expense 97.7 103.9 27.8 23.2 Total Expenses 489.2 484.9 131.4 118.9 Income Before Provision (Benefit) for Taxes $10.1 $14.5 $2.6 $2.1 Provision (Benefit) for Taxes 38.4 9.4 (4.1) (0.9) Net Income (Loss) ($28.3) $5.1 $6.7 $3.0 Net Income Attributable to Non-Controlling Interests 4.2 8.1 1.5 1.6 Net Income (Loss) Attributable to PJT Partners Inc. ($32.6) ($3.0) $5.2 $1.3 Net Income (Loss) Per Share of Class A Common Stock — Basic ($1.73) ($0.17) $0.27 $0.07 Net Income (Loss) Per Share of Class A Common Stock — Diluted ($1.73) ($0.17) $0.24 $0.07 Weighted-Average Shares of Class A Common Stock Outstanding — Basic 18.9 18.3 19.4 18.5 Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 18.9 18.3 23.9 18.5

Note: Totals may not add due to rounding. 19 Summary of GAAP to Adjusted Financial Information

(Amounts in millions, except per share data)

12 Months Ended 12/31, 3 Months Ended March 31, 2017 2016 2018 2017 Revenues Advisory $386.3 $377.6 $103.5 $99.3 Placement 102.8 115.0 26.1 19.5 Interest Income and Other 10.2 6.9 4.5 2.1 Total Revenues $499.3 $499.4 $134.0 $121.0 Compensation and Benefits Expense Compensation and Benefits- US GAAP Basis 391.5 381.0 103.6 95.7 Adjustments: Transaction-Related Compensation Expense (1) (71.3) (65.8) (17.8) (18.3) Compensation and Benefits- As adjusted $320.2 $315.2 $85.8 $77.4 Non-Compensation Expense Non-Compensation- US GAAP Basis 97.7 103.9 27.8 23.2 Adjustments: Amortization of Intangible Assets (2) (2.4) (8.9) (0.6) (0.7) Spin-Off-Related Payable Due to Blackstone (3) (3.0) (4.1) (0.8) (1.6) Non-Compensation- As adjusted $92.3 $91.0 $26.4 $20.9 Pretax Income Income Before Benefit for Taxes- US GAAP Basis 10.1 14.5 2.6 2.1 Income Before Provision (Benefit) for Taxes- As adjusted $86.8 $93.3 $21.8 $22.6 Adjusted Taxes(4) 45.5 19.3 1.7 3.6 Net Income- As adjusted $41.3 $74.1 $20.1 $19.0 If-Converted Adjustments Less: Adjusted Taxes (4) (45.5) (19.3) (1.7) (3.6) Add: If-Converted Taxes (5) 28.1 35.8 4.9 8.2 Adjusted Net Income, If-Converted $58.7 $57.5 $17.0 $14.4 Adjusted Net Income, If-Converted Per Share $1.54 $1.55 $0.44 $0.38 Weighted-Average Shares Outstanding, If-Converted 38.0 37.2 38.6 37.8

Note: Totals may not add due to rounding. See “Notes to Financials” on page 23 for footnote detail 20 Capital Priorities

NET WORKING CAPITAL BALANCE $mm

187 187 #1: INVESTMENT IN OUR BUSINESS > 48% Headcount growth since spin1

> 16% Headcount growth year-over-year

#2: SHARE REPURCHASES 115 > ~2.4mm units exchanged for cash1

> ~140k open market repurchases2

#3: DIVIDENDS

> Maintained $0.05 dividend

Mar 16 Mar 17 Mar 18

(1) Since Spin-off on 10/1/15 (2) Repurchase program authorized October 2017 21 Continued Focus on Share Count Management Share count growth of ~4% managed through ~2.5mm of exchanges and share buybacks

SHARE COUNT1 Share count in mm ~4%

41.99 40.36 38.56 4.1 6.4 4.7 6.0 6.1 5.0 9.4 9.3 9.5

22.5 18.6 19.4

3/31/2017 3/31/2018 2 Wtd. Avg. FD Shares Outstanding (Treasury 3 Fully-Diluted Shares Outstanding (If-Converted) Stock Method) Class A Common Shares Vested Holdings Units Unvested Holdings Units Unvested RSUs

Note: Totals may not add due to rounding (1) Assumes all Partnership Units and unvested RSUs are fully converted to Class A Common Stock. Excluded from 3/31/18 Fully-Diluted Shares Outstanding are 5.0 million unvested Partnership Units in PJT Partners Holdings LP that have yet to satisfy certain market conditions. Included in Class A Shares are Vested, Undelivered Shares. (2) Fully Diluted 3/31/18 Vested Holdings Units include ~7.7 million shares held by current and former BX partners. (3) Weighted-average for the three months ended 3/31/18. Assumes all Partnership Units are fully converted and unvested RSUs are converted under the Treasury Stock Method to Class A Common Stock. 22 Notes to Financials

1. This adjustment adds back to GAAP Pretax Income transaction-related equity-based compensation expense for Partnership Units with both time-based vesting and market conditions as well as equity-based retention awards granted in connection with the spin- off.

2. This adjustment adds back to GAAP Pretax Income amounts for the amortization of intangible assets that are associated with Blackstone’s IPO and amounts for the amortization of intangible assets identified in connection with the acquisition of PJT Capital LP on October 1, 2015.

3. This adjustment adds back to GAAP Pretax Income the amount the Company has agreed to pay Blackstone related to the net realized cash benefit from certain compensation-related tax deductions. Such expense is reflected in Other Expenses in the GAAP Statements of Operations.

4. Represents taxes on Adjusted Pretax Income, considering both current and deferred income tax effects for the current ownership structure.

5. Represents taxes on Adjusted Pretax Income, assuming all Partnership Units (excluding the unvested partnership units that have yet to satisfy market conditions) were exchanged for shares of the Company’s Class A common stock, resulting in all of the Company’s income becoming subject to corporate-level tax, considering both current and deferred income tax effects, permanent differences, as well as the impact of the deferred tax asset remeasurement related to the enactment of the Tax Cuts and Jobs Act and return to provision adjustments.