Investor Presentation May 2, 2018 Notices and Disclaimers

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 compensationrelated 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

1

PJT Partners

Strong Legacy, New Energy

The Power of
One

Early Stage
Growth Engine

8 Offices

Differentiated growth from

integrating three highly
Early stage build-out of Strategic Advisory, combined with strong legacy businesses, provides tremendous
67 Partners 480+ Employees complementary businesses 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
Boston

New York
San Francisco
Hong Kong

Sydney

8

Clients across

67

offices in

partners globally

44

5

countries

4

Big Firm Product Capabilities… Small Firm Feel

Restructuring & Special Situations

Capital Markets Advisory

>>>>>>>

Advisory services Recapitalizations Reorganizations Exchange offers Capital raising Distressed M&A 363 asset sales

>>

Capital structure advisory Capital markets support to M&A advisory and restructuring

>>>>>

Capital structure optimization Debt execution assistance Covenant review and assessment Pre-IPO advisory

Debtor

M&A

Capital Markets

Advisory

IPO advisory

Creditor

M&A

>>>>>>>

Mergers & acquisitions Joint ventures Divestitures

Private

In/Out-

of-Court
Capital Markets

Takeover defenses Distressed sales Spin-offs Asset swaps

Private Equity
Secondary Advisory

Hedge Fund
Real Estate

Private Equity

Hedge Fund

Real Estate

Secondary Advisory

>>>

>

>>>

Buyouts

>>>

>

>>>

Long/short equity Global macro Event-driven

Structured finance

Commodities Credit

>>>

>

>>>

Opportunistic & value-add Core/core+ JVs, clubs & SMA programs

Debt/credit

Portfolio recaps Direct sales, financing Sector & regional operators

GP Solutions

LP Solutions

Growth equity Energy

>>

>

>>>>

Tender offers

>

Divesture of private

fund interests

Recapitalizations

Distressed

Fund restructurings

Portfolio asset sales Preferred equity solutions Private debt solutions Management stake sales

>

Collateralized fund

obligations

Special situations

Credit/direct lending

Infrastructure

Multi-strats

5

Broad Industry Expertise

B

T

A

BANK

6

Premier Destination for Best-in-Class Talent

What We Value

What We Offer

+

Alpha players with:
Character
The opportunity to:
Work with top practitioners

Client relationships

Benefit from a partnership culture

Build out a premier franchise Create long-term substantial value

Collaborative approach

Content

7

Park Hill: The Leading Intermediary Advisor in the Alternative Asset Space

2005

Year established

3,000+

100+

Investor relationships

Professionals in New York,

Chicago, Hong Kong, London, San Francisco and Sydney

25+

$300+ billion

Average years of experience

across 17 partners
Raised by Park Hill clients since inception, representing over 250 primary funds

~$30 billion

Executed transactions by

Secondary Advisory¹

8

(1) Since 2013

Park Hill: Leading Market Position in Each of the Principal Alternative Asset Categories

Buyouts
Growth equity
Energy

Long/short equity Global macro Event-driven

Structured finance

Commodities Credit

Private Equity

Hedge Fund

Distressed

Special situations
Credit/direct lending
Infrastructure

Multi-strats

Opportunistic & value-add
Core/core+

GP solutions LP solutions

JVs, clubs & SMA programs
Debt/credit

Real

Estate

Secondary

Advisory

Collateralized fund

obligations

Portfolio recaps

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 each vertical allows

cross collaboration

Scale enables product specialization
New cross vertical products

10

Restructuring & Special Situations: Market Leadership in Distressed Advisory Situations

1991

Year established

500+

situations in 30+ countries

~25

Distressed advisory
Average years of

experience across 13 partners

~$2 trillion

75+

Total liabilities restructured

Professionals in New York

and London

11

Leading Global Restructuring Franchise

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

$11.6bn

1.

> Advised clients on 6 continents > Largest US restructuring
$10.2bn

2.

$8.1bn
> Largest continental Europe restructuring

> Largest cross-border restructuring > Largest public sector restructuring

> Largest Chapter 11 emergence

> Largest energy restructuring > Largest media restructuring > Largest power restructuring

3.

$4.5bn

4.

5.

$3.4bn $3.3bn

6.

$3.1bn

7.

8.

9.

$2.9bn $2.8bn $2.6bn

10.

12

Source: New Generation Research Inc. based on public companies that filed for bankruptcy in 2017, excluding banking/finance companies

Restructuring & Special Situations: Global Reach and Unmatched Expertise

Out-of-Court Assignments

In-Court Assignments

Creditor Assignments

13

Strategic Advisory: An Alpha Play

Favorable Long-Term
Trends

> Transformation of the business

> Share/influence of smaller,

more focused firms

Embedded
Growth

> Commercial impact of difference

makers continues to grow

+

> Footprint expansion
> Favorable near, intermediate

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

14

Momentum in Strategic Advisory

Select Announced Transactions Since Spin

15

Strategic Advisory: Fast Growing Bench of Experienced Practitioners

Strategic Advisory Partners

+5

+9

+13

5 Partners

18 Partners

27 Partners

32 Partners

Spin Announcement
October 2014¹

12/31/15

12/31/17

3/31/18

Strategic Advisory Partners with PJT for 2+ Years

3 Partners with PJT 2+ Years

+13

+2

Spin Announcement
October 2014¹

12/31/15

3/31/18

16

(1) Individuals from Blackstone Advisory Partners that became part of PJT Partners post spin

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, 2017 2016
3 Months Ended March 31,
2018 2017

Revenues

Advisory

$386.3

$377.6

$103.5

$99.3

Placement

102.8

10.2
499.3
115.0
6.9
499.4
26.1
4.5
134.0
19.5
2.1
121.0
Interest Income and Other Total Revenues
Expenses

Compensation and Benefits

391.5

381.0

103.6

95.7

Occupancy and Related Travel and Related Professional Fees Communications and Information Services Depreciation and Amortization Other Expenses Total Non-Compensation Expense Total Expenses
26.9 13.6 19.3 10.8
8.1
19.0 97.7
489.2
25.8 11.5 18.9
8.9
14.0 24.8
103.9 484.9
6.8 5.5 5.2 3.5 2.0
6.2 2.9 4.2 2.4 2.1

4.8

5.4

27.8
131.4
23.2
118.9

Income Before Provision (Benefit) for Taxes

Provision (Benefit) for Taxes

Net Income (Loss)

Net Income Attributable to Non-Controlling Interests

Net Income (Loss) Attributable to PJT Partners Inc.
$10.1

38.4

($28.3)

4.2

$14.5

9.4

$5.1

8.1

$2.6

(4.1)

$6.7

1.5

$2.1

(0.9)

$3.0

1.6

($32.6)

($3.0)

$5.2

$1.3

($1.73) ($1.73)
18.9
($0.17) ($0.17)
18.3
$0.27 $0.24 19.4
$0.07 $0.07 18.5

Net Income (Loss) Per Share of Class A Common Stock — Basic Net Income (Loss) Per Share of Class A Common Stock — Diluted Weighted-Average Shares of Class A Common Stock Outstanding — Basic Weighted-Average Shares of Class A Common Stock Outstanding — Diluted

18.9

18.3

23.9

18.5

19

Note: Totals may not add due to rounding.