Exhibit 99.1
 
 Contact:
    
    Richard J. Lieb,
Chief Financial Officer
Greenhill & Co., Inc.
(212) 389-1800
 For Immediate Release
 GREENHILL & CO. REPORTS SECOND QUARTER  EARNINGS PER SHARE OF $0.69
 
    
    Quarterly financial advisory revenue up 38% compared to the prior years second quarter;
year-to-date financial advisory revenue up 36% compared to prior years first half
    
    Compensation ratio for quarter back to the 46% level we achieved for several years prior
to 2010
    
    Pre-tax profit margin of 37% for quarter and 22% year-to-date
    
    Completed the sales of substantially all of our interests in two funds we sponsored
prior to our exit from the merchant banking business, Greenhill Capital Partners II, L.P.
(GCP II) and GSAV, L.P. (GSAV), for approximately $45 million and $4 million,
respectively
    
    Repurchased 372,262 shares of common stock during the second quarter in open market
transactions




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The Firms revenues and net income can fluctuate materially depending on the number and size of
completed transactions on which it advised, the size of investment gains (or losses) and other
factors. Accordingly, the revenues and net income in any particular period may not be indicative
of future results.
   Revenues
 Revenues by Source




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For the Three Months EndedJune 30, 2011
    
    
    June 30, 2010Amount
    
    
    % of Total
    
    
    Amount
    
    
    % of Total(in millions, unaudited)Financial advisory fees
    
    $
    85.6
    
    
    
    94
    %
    
    $
    61.9
    
    
    
    74
    %Merchant banking and other investment revenues
    
    
    5.2
    
    
    
    6
    %
    
    
    21.6
    
    
    
    26
    %Total revenues
    
    $
    90.8
    
    
    
    100
    %
    
    $
    83.5
    
    
    
    100
    %
 For the Six Months EndedJune 30, 2011
    
    
    June 30, 2010Amount
    
    
    % of Total
    
    
    Amount
    
    
    % of Total(in millions, unaudited)Financial advisory fees
    
    
    134.1
    
    
    
    96
    %
    
    $
    98.5
    
    
    
    74
    %Merchant banking and other investment revenues
    
    
    5.0
    
    
    
    4
    %
    
    
    33.9
    
    
    
    26
    %Total revenues
    
    $
    139.1
    
    
    
    100
    %
    
    $
    132.4
    
    
    
    100
    %
 Financial Advisory Revenues
   1
  
    
    the sale of Alcon, Inc. to Novartis AG;
    
    the sell-down of shares in Bionomics Limited by Start-up Australia Ventures Pty Limited;
    
    the acquisition by Bridgepoint Advisors Limited of CABB GmbH;
    
    the sale of CHAMP Ventures Retail Apparel Group Pty Ltd to Navis Capital Partners;
 
 1
    
    Global M&A completed transaction volume
for the six months ended June 30, 2011 as compared to the six months ended June
30, 2010. Source: Thomson Financial as of July 8, 2011.




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
    
    the sale of Close Brothers plcs Cayman based offshore business to Intertrust Group
Holding S.A.;
    
    the representation of Constar International Inc. in conjunction with its pre-arranged
Chapter 11 proceedings;
    
    the acquisition by Earthlink, Inc. of One Communications Corp.;
    
    the representation of Guinness Peat Group Plc in connection with the demerger of GPG
Australia and the restructuring of Guinness Peat Group Plc.;
    
    the sale of Tegel Foods Limited to Affinity Equity Partners;
    
    the acquisition of Tower Australia Group Limited by Dai-ichi Life Insurance Co.; and
    
    the acquisition by The Travelers Companies, Inc. of J. Malucelli Participações em
Seguros e Resseguros S.A.
  Merchant Banking and Other Investment Revenues




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The investment gains or losses in the merchant banking funds and other investment portfolio may
fluctuate significantly over time due to factors beyond our control, such as performance of each
company in our merchant banking portfolio, equity market valuations, commodity prices and merger
and acquisition opportunities. Revenue recognized from gains (or losses) recorded in any
particular period are not necessarily indicative of revenue that may be realized and/or recognized
in future periods.
 Expenses
 Operating Expenses
    For the Three Months
    
    For the Six MonthsEnded June 30,
    
    Ended June 30,2011
    
    2010
    
    2011
    
    2010(in millions, unaudited)Employee compensation and benefits expense
    
    $
    41.8
    
    
    $
    38.4
    
    
    $
    78.0
    
    
    $
    70.5% of revenues
    
    
    46
    %
    
    
    46
    %
    
    
    56
    %
    
    
    53
    %Non-compensation expense
    
    
    15.9
    
    
    
    14.9
    
    
    
    30.5
    
    
    
    28.4% of revenues
    
    
    18
    %
    
    
    18
    %
    
    
    22
    %
    
    
    21
    %




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For the Three Months
    
    For the Six MonthsEnded June 30,
    
    Ended June 30,2011
    
    2010
    
    2011
    
    2010(in millions, unaudited)Total operating expense
    
    
    57.6
    
    
    
    53.3
    
    
    
    108.5
    
    
    
    99.0% of revenues
    
    
    64
    %
    
    
    64
    %
    
    
    78
    %
    
    
    75
    %Total income before tax
    
    
    33.1
    
    
    
    30.2
    
    
    
    30.6
    
    
    
    33.4Pre-tax profit margin
    
    
    37
    %
    
    
    36
    %
    
    
    22
    %
    
    
    25
    %
 Compensation and Benefits Expenses
   Our compensation expense is generally based upon revenue and can fluctuate materially in any
particular period depending upon the changes in headcount, amount of revenue recognized as well as
other factors. Accordingly, the amount of compensation expense recognized in any particular period
may not be indicative of compensation expense in a future period.
 Non-Compensation Expenses




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The Firms non-compensation expenses as a percentage of revenue can vary as a result of a variety
of factors including fluctuation in revenue amounts, the changes in headcount, the amount of
recruiting and business development activity, the amount of office expansion, the amount of
reimbursement of engagement-related expenses by clients, the amount of short-term borrowings,
interest rate and currency movements and other factors. Accordingly, the non-compensation expenses
as a percentage of revenue in any particular period may not be indicative of the non-compensation
expenses as a percentage of revenue in future periods.
 Provision for Income Taxes
   The effective tax rate can fluctuate as a result of variations in the relative amounts of financial
advisory and investment income earned in the tax jurisdictions in which the Firm operates and
invests. Accordingly, the effective tax rate in any particular period may not be indicative of the
effective tax rate in future periods.
 Liquidity and Capital Resources




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Dividend
  Earnings Call
  www.greenhill.com




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Cautionary Note Regarding Forward-Looking Statements
 The preceding discussion should be read in conjunction with our condensed consolidated financial
statements and the related notes that appear below. We have made statements in this discussion
that are forward-looking statements. In some cases, you can identify these statements by
forward-looking words such as may, might, will, should, expect, plan, anticipate,
believe, estimate, intend, predict, potential or continue, the negative of these terms
and other comparable terminology. These forward-looking statements, which are subject to risks,
uncertainties and assumptions about us, may include projections of our future financial
performance, based on our growth strategies and anticipated trends in our business. These
statements are only predictions based on our current expectations and projections about future
events. There are important factors that could cause our actual results, level of activity,
performance or achievements to differ materially from the results, level of activity, performance
or achievements expressed or implied by the forward-looking statements. In particular, you should
consider the numerous risks outlined under Risk Factors in our Report on Form 10-K for the
fiscal year 2010.




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##### 



Greenhill & Co., Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
 For the Three Months Ended
    
    
    For the Six Months EndedJune 30,
    
    
    June 30,2011
    
    
    2010
    
    
    2011
    
    
    2010RevenuesFinancial advisory fees
    
    $
    85,578,988
    
    
    $
    61,921,454
    
    
    $
    134,087,751
    
    
    $
    98,518,763Merchant
banking and other investment revenues
    
    
    4,934,198
    
    
    
    21,498,748
    
    
    
    4,661,780
    
    
    
    33,737,401Interest income
    
    
    253,933
    
    
    
    108,401
    
    
    
    385,474
    
    
    
    128,367Total revenues
    
    
    90,767,119
    
    
    
    83,528,603
    
    
    
    139,135,005
    
    
    
    132,384,531ExpensesEmployee compensation and benefits
    
    
    41,752,874
    
    
    
    38,368,345
    
    
    
    77,979,937
    
    
    
    70,523,357Occupancy and equipment rental
    
    
    4,447,440
    
    
    
    3,680,902
    
    
    
    8,632,948
    
    
    
    6,830,191Depreciation and amortization
    
    
    2,009,697
    
    
    
    1,663,639
    
    
    
    3,866,651
    
    
    
    2,415,796Information services
    
    
    2,003,419
    
    
    
    1,434,404
    
    
    
    3,568,513
    
    
    
    3,173,481Professional fees
    
    
    1,525,214
    
    
    
    1,988,670
    
    
    
    2,810,341
    
    
    
    4,232,536Travel related expenses
    
    
    2,636,716
    
    
    
    2,908,794
    
    
    
    5,453,402
    
    
    
    5,126,524Interest expense
    
    
    517,419
    
    
    
    584,340
    
    
    
    1,243,301
    
    
    
    1,112,382Other operating expenses
    
    
    2,734,050
    
    
    
    2,653,160
    
    
    
    4,948,942
    
    
    
    5,551,658Total expenses
    
    
    57,626,829
    
    
    
    53,282,254
    
    
    
    108,504,035
    
    
    
    98,965,925Income before taxes
    
    
    33,140,290
    
    
    
    30,246,349
    
    
    
    30,630,970
    
    
    
    33,418,606Provision for taxes
    
    
    11,651,025
    
    
    
    11,358,643
    
    
    
    10,722,577
    
    
    
    11,679,098Consolidated net income
    
    
    21,489,265
    
    
    
    18,887,706
    
    
    
    19,908,393
    
    
    
    21,739,508Less: Net income allocated to
noncontrolling interests
    
    
    6,302
    
    
    
    1,337,676
    
    
    
    6,302
    
    
    
    3,677,582Net income allocated to common stockholders
    
    $
    21,482,963
    
    
    $
    17,550,030
    
    
    $
    19,902,091
    
    
    $
    18,061,926Average shares outstanding:Basic
    
    
    31,009,869
    
    
    
    30,708,263
    
    
    
    31,178,508
    
    
    
    30,301,144Diluted
    
    
    31,010,524
    
    
    
    30,768,603
    
    
    
    31,187,576
    
    
    
    30,372,089Earnings per share:Basic
    
    $
    0.69
    
    
    $
    0.57
    
    
    $
    0.64
    
    
    $
    0.60Diluted
    
    $
    0.69
    
    
    $
    0.57
    
    
    $
    0.64
    
    
    $
    0.59Dividends declared and paid per share
    
    $
    0.45
    
    
    $
    0.45
    
    
    $
    0.90
    
    
    $
    0.90