PJT Partners Inc.

In developing our compensation programs, our Compensation Committee commissions a

compensation benchmarking analysis to ensure that our programs are competitive with those of other

independent investment banks, including consideration of the cost of equivalent talent in the markets in which

we operate. Our Compensation Committee reviews our Named Executive Officer compensation in relation to

other financial institutions, working with Willis Towers Watson, which provides market data and practices for

consideration, as well as executive compensation trends and developments. One of the challenges for our

company when establishing its peer group is the limited number of directly comparable organizations. Part of

our Compensation Committee’s overall review of the executive compensation program over the past several

years has included developing underlying principles for identifying peers. These principles include operating in

similar or comparable industry segments: investment banking, comparable in size and scope and competitors

for talent. The full peer group of independent investment banking firms considered for the 2023 market data

benchmarking set for the purposes of 2024 executive compensation decisions is Evercore Inc., Houlihan

Lokey Inc., Jefferies Financial Group Inc., Lazard Ltd., Moelis & Company and Perella Weinberg Partners and

Rothschild & Co. The most relevant public competitors considered within the independent investment bank

benchmarking data for 2024 did not change from the prior year andincluded:

For purposes of determining our overall level of executive compensation (i.e., base salary and annual

incentive compensation), our Compensation Committee generally reviews compensation in light of peer group

compensation ranges but does not limit target setting to a particular peer group percentile.

Our Compensation Committee also takes into account other factors, including the executive’s role

and experience, as compared to our peers’ executives. Ultimately, our Compensation Committee believes that

appropriate compensation for a particular executive should be made based on the full review of company and

individual performance, while also considering market data.

Overall, as set forth below in “Elements of Our Compensation Program,” Willis Towers Watson

determined that our executive compensation programs, as structured, are appropriately competitive relative

to our peers.