Greenhill
Annual Report 2016

Plain-text annual report

2016 Annual Report Founded 1996Greenhill is a UniqUe investment BankinG Firm advisinG Clients is OUr Only BUsiness • No INvestINg, tradINg, LeNdINg or UNderwrItINg • No ProdUcts to seLL / No coNfLIcts We advise On a Wide ranGe OF matters • M&a, fINaNcINg, restrUctUrINg aNd caPItaL raIsINg We have sUBstantial teams in all majOr markets • North aMerIca, eUroPe, aUstraLIa, asIa aNd soUth aMerIca • MaNagINg dIrectors average ~25 years of exPerIeNce 1 histOry OF Greenhill Founded as a M&A firm in New York 1996 1998 Opens London office to serve European clients and facilitate cross-border work Establishes office in Frankfurt 2000 2001 Establishes Financial Restructuring practice Completes initial public offering 2004 2005 Establishes office in Dallas Establishes office in Toronto 2006 Establishes offices in San Francisco and Chicago 2008 Enters Capital Advisory business Establishes office in Tokyo Establishes office in Houston 2009 Launches Real Estate Capital Advisory practice 2010 Expands to Australia with acquisition of Caliburn Establishes office in Hong Kong 2011 2012 Establishes office in Stockholm Establishes office in São Paulo 2013 2015 Expands Capital Advisory capabilities through acquisition of Cogent Partners 20th anniversary of the Firm 2016 Note: In addition to the above history of its advisory business, Greenhill was in the private equity investment business from 2000-2009 2 Fastest GrOWinG advisOry Firm in 2016 2016 Advisory Revenue % Increase Greenhill Evercore PJT Credit Suisse Houlihan Lokey Morgan Stanley Moelis Jefferies Lazard JP Morgan UBS Citigroup Deutsche Bank Goldman Sachs Bank of America Merrill Lynch 29% 27% 23% 15% 15% 13% 11% 3% 2% (1%) (4%) (9%) (15%) (16%) (16%) Note: Foreign revenues converted to USD using average period exchange rate Source: Company filings and releases 3 letter tO OUr Clients, stOCkhOlders and COlleaGUes Greenhill is a leading independent advisory firm. Our objective is to provide high quality, unconflicted advice to corporations, partnerships, institutions and governments globally on a wide range of transactions, including mergers & acquisitions, restructuring, financing, capital raising and other strategic transactions. Over 21 years we have built significant scale, with more than 70 client- facing Managing Directors now in place, as well as a large, highly skilled group of professionals supporting them. We have also built significant global reach with 14 offices across 9 countries. Typically, nearly half of our revenue comes from clients outside the United States. 2016 ACCOMPLISHMENTS 2016 was an outstanding year for our Firm in all respects. Our consistent goal over time has been to provide our stockholders with prudent growth, robust profitability and strong return of capital. We accomplished all three of those objectives in 2016 despite volatile markets, reduced M&A activity globally, a strong dollar that diminished the value of advisory fees in other currencies, and the outcome of the Brexit referendum. Our 29% increase in advisory revenue was the best reported by any firm in our industry, whether a large lending bank or an independent advisory firm like ours. In fact, the entire group of publicly traded firms with which we compete for advisory work reported essentially no change in aggregate advisory revenue for the year. Our 2016 revenue performance continues a long history of strong performance in both absolute and relative terms. Using the full 17 years of data available on our Firm and key competitors, our advisory revenue grew 3.9 times over that period – triple the growth of the largest advisory firm (Goldman Sachs) and roughly double the growth of the largest independent advisory firm (Lazard). We achieved that outperformance, both in 2016 and over time, through a mix of new clients that are added every year and longstanding clients who have come to us repeatedly for advice on important strategic transactions. You can find case studies of some of our most significant transactions of the year throughout this annual report. Strong revenue growth, coupled with continued discipline on expenses, allowed us to achieve a 26% pre-tax profit margin in 2016. This marked the 7th time in the past 10 years we achieved at least a 25% pre-tax margin. By comparison, on a GAAP basis, only one of our independent advisory peers has ever reported a pre-tax margin of 25% or more. Through a combination of impressive revenue growth and our high profit margin, our net income and our earnings per share each more than doubled in 2016 from 2015. As has always been the case with Greenhill, high profitability translated into strong cash flow, which translated into a strong return of capital to stockholders. In every year since our 2004 initial public offering, we have returned more than 100% of our net income to stockholders through a combination of dividends and share repurchases, and 2016 was no exception. This year we repurchased 1.2 million shares or share equivalents in addition to paying our substantial dividend. In addition to seeking to produce strong financial results each year, we seek to continually expand the longer term potential of our Firm. 44 In 2016, we recruited 6 Managing Directors from other firms, adding to our capabilities in Canada, Latin America, the United Kingdom and in the energy and chemicals sectors in the United States. Internal promotions of “homegrown” talent have become another important means of expanding our team of senior bankers. In addition, 2016 was the first full calendar year we owned Cogent Partners, a leading global advisor to pension funds and other institutional investors on the secondary market for alternative assets. The Greenhill Cogent team now represents a core part of our business globally, and we increasingly find opportunities for synergies between that business and our other advisory businesses. we believe a “pro-business” government should lead to more transaction activity in the U.S., and European deal activity should begin to recover from a year that was negatively impacted by the Brexit vote. Regardless of what happens with transaction activity in the near term, we see significant opportunities to expand the long term capabilities of our Firm in 2017. Our strong outperformance relative to peers in 2016 will help in that regard, as will the continuing challenges faced by many large banks. We continually look to expand our business in three ways: geographic reach, industry sector coverage and the range of advisory services offered. We will look to capitalize on the momentum we built in 2016 by recruiting additional talent that will enhance our capabilities in most or all of those ways. LOOKING AHEAD TO 2017 2017 promises to be an interesting year in many respects, with potentially significant changes coming in regard to U.S. tax policy, the regulation of many industries and trade policy. In general, In closing, we are grateful to our clients, employees and stockholders for making 2016 another year of progress in building our Firm. We look forward to 2017. Robert F. Greenhill Founder and Chairman Scott L. Bok Chief Executive Officer FinanCial hiGhliGhts in $ millions, except per share amounts and number of employees Total revenues Pre-tax income Pre-tax income margin Net income As of or for the Year Ended December 31, 2012 2013 2014 2015 2016 $ 285.1 $ 70.5 25% $ 42.1 $ 287.2 $ 71.2 25% $ 46.7 $ 275.2 $ 67.5 25% $ 43.4 $ 261.6 $ 43.3 17% $ 25.6 $ 335.5 $ 87.9 26% $ 60.8 Earnings per share $ 1.38 $ 1.55 $ 1.43 $ 0.82 $ 1.89 Cash and cash equivalents Total debt Stockholders’ equity $ 50.3 29.1 302.2 $ 42.7 30.8 276.7 $ 50.9 35.6 255.5 $ 70.0 73.6 283.4 $ 98.3 80.9 291.2 Employees 324 319 304 350 356 5 nOrth & sOUth ameriCa Leisure Industrials Technology Media seParatiOn intO tWO PUBliC COmPanies aCqUisitiOn OF BrOadCOm’s Wireless internet OF thinGs BUsiness $550 million tax-Free sPin-OFF OF * tOrOntO 2006 ChiCaGO 2008 sale tO C$1.4 billion Healthcare FinanCinG advisOry $223 million Industrials neW yOrk 1996 dallas 2005 sãO PaUlO 2013 aCqUisitiOn OF metaldyne PerFOrmanCe GrOUP inC. san FranCisCO 2008 $3.3 billion* Financial Technology COmBinatiOn With Brazilian OPeratiOns OF GrOUPe UP hOUstOn 2009 6 Industrials Financial Services Technology Retail U.s. BanCOrP sale OF 50.1% stake in dO Brasil tO aCqUisitiOn OF hOst eUrOPe GrOUP stOne PaGamentOs $1.8 billion* aCqUisitiOn OF rexam $8.4 billion 7 sale OF tO $1.4 billion Energy FinanCinG advisOry $500 million Industrials aCqUisitiOn OF valves & COntrOls BUsiness OF Pentair $3.2 billion* Healthcare merGer With aeGeriOn PharmaCeUtiCals $414 million *Pending eUrOPe Healthcare Gaming Industrials Consumer merGer With Certain BUsinesses OF Gala COral limited sale tO aCqUisitiOn OF $5.6 billion $942 million aCqUisitiOn OF GeneriCs $40.5 billion Waste Management merGer With $628 million* Industrials aCqUisitiOn OF sUBsidiaries and aFFiliates OF emPresas indUmOtOra s.a. $290 million Telecommunications aCqUisitiOn OF 36% eCOnOmiC interest in $105 million 8 Retail Industrials Consumer Technology sale OF dOBBies Garden Centres tO an investOr GrOUP led By midlOthian CaPital Partners and hattinGtOn CaPital $310 million lOndOn 1998 FrankFUrt 2000 stOCkhOlm 2012 aCqUisitiOn OF the GlOBal FiltratiOn OPeratiOns OF aCqUisitiOn OF aCqUisitiOn OF a POrtFOliO OF Carrier-neUtral eUrOPean data Centers FrOm eqUinix $748 million $874 million Energy sale OF italian sOlar Pv POrtFOliO tO UltOr s.P.a. $346 million Media sale OF tO CheqUers CaPital Healthcare GlOBal COllaBOratiOn With *Pending 9 asia-PaCiFiC Infrastructure Media Business Services Consumer Peer revieW and strateGiC advisOry FOr the Western sydney airPOrt aCqUisitiOns OF Franklin WeB and aiW PrintinG A$116 million navis CaPital sale OF sale tO tO PaCiFiC eqUity Partners msx internatiOnal A$306 million 10 Consumer Financial Services Healthcare Industrials sale OF its aUstralian Wine BUsiness tO aCCOlade Wines COmPetitive tender OF the aUstralian seCUrities and investments COmmissiOn’s reGistry BUsiness resPOnse tO sharehOlder aCtivism FOrmatiOn OF jv With COOeC FOr the zhUhai FaBriCatiOn yard $1.0 billion tOkyO 2008 hOnG kOnG 2011 sydney 2010 melBOUrne 2010 11 merGers & aCqUisitiOns Greenhill’s M&A team advises clients on mergers, acquisitions, divestitures, spin- offs, takeover defense, activist shareholder response and a variety of other strategic financial matters. We are typically the sole or lead financial advisor on a transaction, but are capable of playing a variety of roles, such as advisor to a company or board of directors, advisor to a special committee of a board of directors and/or providing fairness opinions on transactions. The Firm’s independence (i.e., its lack of principal activities, research, lending or underwriting businesses or willingness to work with activist investors) makes it an ideal advisor where the transaction scenario includes real or perceived conflicts of interest, reliance on a large financing transaction, negotiations with private equity funds or the involvement of an activist hedge fund. The Firm has specialists in nearly every significant industry sector, and those sector specialists work alongside transaction specialists to provide clients with the best possible advice. As a result of the Firm’s broad global footprint and its collegial culture, a significant portion of its business each year involves cross-border transactions, where Greenhill colleagues work seamlessly across offices to provide clients with the full range of expertise they require. M&A was more muted in 2016 despite the number of transactions announced remaining roughly in line with 2015. The volume of announced transactions declined 18% with “mega transactions” becoming less pronounced. Further, the volume of completed M&A transactions in 2016 declined 2% as many larger transactions set to close were delayed due to lengthy regulatory review or were terminated. Corporate spin-offs and other types of M&A-related reorganizations remain at the forefront. For 2017, we believe a number of market and geopolitical factors will support a strong year for global M&A. GLOBAL M&A VOLUME, 1989-2009* GlOBal COmPleted m&a vOlUme, 1996-2016 $4,000 $3,000 $2,000 $1,000 s n o i l l i b $ n i , e m u l o V l a e D $ 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: Thomson One 12 5000 4000 3000 2000 1000 0 5000 4000 3000 2000 1000 0 5000 4000 3000 2000 1000 0 5000 4000 3000 2000 1000 0 REPRESENTATIVE M&A TRANSACTIONS DURING 2016 Ball Greenhill acted as lead financial advisor to Ball Corporation (“Ball”) on its $8.4 billion acquisition of Rexam plc (“Rexam”). Ball is a leading manufacturer of metal packaging products for the global beverage, food, personal care and household products industries and provides systems and technologies for the aerospace industry. This cross-border, cash and stock transaction created a leading global metal packaging manufacturer that is geographically diversified and well positioned to serve its combined customer base. Greenhill also provided a fairness opinion to Ball’s Board of Directors in connection with its $3.4 billion divestiture of select metal beverage can assets, support locations and functions in Europe, Brazil and the United States to Ardagh Group, in order to satisfy certain regulatory requirements related to its acquisition of Rexam. emersOn Greenhill is acting as sole financial advisor to Emerson Electric Co. (“Emerson”), a leading global manufacturer of diversified industrial products and provider of automation and commercial & residential solutions, on its announced $3.15 billion acquisition of the Valves & Controls business of Pentair plc. By adding a highly complementary portfolio of valves and related products to Emerson’s existing platform, this strategic acquisition is expected to expand Emerson’s market position and enable it to offer enhanced solutions for customers around the world. sUPervalU Greenhill advised SUPERVALU INC. (“SUPERVALU”), one of the largest grocery wholesalers and retailers in the U.S., on its sale of Save-A-Lot to Onex Corporation (“Onex”) for $1.365 billion in cash subject to customary adjustments. In connection with the sale, SUPERVALU and Save-A-Lot entered into a five year professional services agreement. The sale of Save- A-Lot will provide SUPERVALU with a stronger balance sheet that will allow it to further build on its core strengths and growth opportunities. Greenhill has been working with SUPERVALU for several years, including advising the Company in 2013 on the divestiture of its New Albertson’s subsidiary for $3.3 billion to entities affiliated with Cerberus. teva Greenhill advised Teva Pharmaceutical Industries (“Teva”) on its $40.5 billion acquisition of Actavis Generics from Allergan plc, which was completed in August 2016 and created a leader in the branded generics industry. As part of securing regulatory approval for the transaction, Greenhill acted as sole financial adviser to Teva with respect to more than 15 separate regulatory divestments mandated by the FTC in the United States and the EC in Europe including, among others, the sale of assets and operations of Actavis UK & Ireland to Intas Pharmaceuticals for $775 million, the sale of a portfolio of generic products to Mayne Pharma Group for $652 million and the sale of a separate portfolio of generic products to Impax Laboratories for $586 million. Whistler Greenhill acted as sole financial advisor to Whistler Blackcomb Holdings (“Whistler Blackcomb”), operator of North America’s largest and most visited four-season mountain resort, on its C$1.4 billion strategic combination with Vail Resorts, a leading global mountain resort operator. Combining Whistler Blackcomb with Vail Resorts’ geographically diversified portfolio of iconic resorts provides Whistler Blackcomb with greater resources to support its current operations and growth plans, increased marketing exposure and improved customer diversity through the extension of Vail Resorts’ successful season pass programs. 13 FinanCinG advisOry & restrUCtUrinG Financing Advisory & Restructuring encompasses a wide range of activities within Greenhill. One important aspect of this is classic debt restructuring, whether done through a court process such as Chapter 11 bankruptcy or in a negotiated transaction outside of court oversight. Greenhill has a team of specialists globally who advise debtors, creditors and other constituents in such situations. Separately, the Firm also advises on a variety of other financing matters, including debt financing, equity financing, and spin-off transactions. In addition, the Firm advises on initial public offering (IPO) transactions and other extraordinary equity capital markets transactions, such as advising the United States Treasury on its large shareholding in AIG during the financial crisis. Clients value independent counsel from an advisor who does not stand to earn substantial underwriting or placement fees and does not have conflicts that arise from in-house lending and asset management activities. Traditional restructuring activity accelerated meaningfully during 2016 as falling energy and commodity prices, combined with greater volatility in the capital markets, resulted in liquidity and covenant pressure for a wide range of borrowers. As part of this heightened activity, Greenhill was involved in some of the largest and most complex restructurings globally. With credit markets less supportive of the riskiest borrowers, and uncertainty surrounding many industries given competition and an evolving regulatory framework, we expect 2017 will continue to see a higher level of restructuring activity relative to the last several years. Similarly, the success of many recent spin-off transactions and the current strength of the equity markets suggest that this will also continue to be an area of meaningful activity in 2017. Global High Yield Defaults, 1989-2008* GlOBal COrPOrate deFaUlts, 1996-2016 s t l u a f e D 300 250 200 150 100 50 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: Standard & Poor’s 14 300 250 200 150 100 50 0 300 250 200 150 100 50 0 REPRESENTATIVE FINANCING ADVISORY & RESTRUCTURING TRANSACTIONS DURING 2016 alCOa Greenhill acted as financial advisor to Alcoa Inc. (“Alcoa”) on its separation into two independent, publicly-traded companies. The separation launched two industry-leading, Fortune 500 companies. One is focused on the manufacture of high performance, multi-material, value-added parts for critical industries, most notably the aerospace market. The other is a cost-competitive industry leader in all aspects of the upstream production of aluminum. Alcoa’s separation is the culmination of a successful, multi-year transformation, which Alcoa executed in part through the recently completed acquisitions of RTI International Metals, TITAL GmbH and Firth Rixson. Greenhill also advised Alcoa on each of these critical acquisitions. aPex Greenhill advised Apex International Energy Management (“Apex”), a newly formed oil and gas venture focused on the Middle East and North Africa regions, in the private equity fund-raising process with multiple energy-focused financial sponsors, ultimately resulting in an initial $500 million capital commitment from Warburg Pincus. aralez Greenhill advised Aralez Pharmaceuticals Inc. (“Aralez”), a global specialty pharmaceutical company, in connection with the financing of its acquisition of the U.S. rights to the cardiovascular drug Toprol-XL (metoprolol succinate) and its Authorized Generic from AstraZeneca. neW enterPrise stOne & lime Greenhill advised New Enterprise Stone & Lime Co., Inc. (“New Enterprise Stone & Lime”) on $555 million of secured financings, including a new $450 million senior secured term loan and substantial amendments to its existing $105 million ABL revolver. teGna Greenhill is acting as financial advisor to TEGNA Inc. (“TEGNA”), a major broadcasting and digital marketing services company, on the planned spin-off of Cars.com into a separate, publicly traded company through a tax-free spin-off to shareholders. The spin-off of Cars.com will create two independent publicly traded companies: TEGNA, the largest independent broadcast station group among major network affiliates, and Cars.com, a top online destination in the automotive marketplace. Over the last few years, Greenhill has advised TEGNA and its predecessor Gannett on several transactions, including a major broadcasting acquisition, the acquisition of Cars.com, and the spin-off of the company’s publishing business. texas COmPetitive eleCtriC hOldinGs texas COmPetitive eleCtriC hOldinGs Greenhill acted as the financial advisor to Texas Competitive Electric Holdings and its subsidiaries (“TCEH”) at the direction of its independent director in connection with its and Energy Future Holdings’ Chapter 11 proceedings. TCEH is Texas’ largest power generator and competitive retail electricity provider. In connection with the plan, TCEH has spun out from Energy Future Holdings and emerged in October 2016. 15 CaPital advisOry Primary CaPital raisinG seCOndary transaCtiOn advisOry Greenhill’s Primary Capital Advisory team advises general partnerships focused on real estate and other real assets on capital raising from pension funds, endowments, sovereign wealth funds and other institutional investors worldwide. Greenhill provides clients with comprehensive global marketing efforts and access to a diversified global institutional investor base. In 2016, the fund raising environment continued to be relatively strong despite higher valuations, increased competition for deal flow and geopolitical volatility. Investors proceeded with more caution than in years past, and the trend of fund manager consolidation caused more capital to be diverted to fewer funds. The Firm’s dialogue with global institutional investors suggests that investing appetite remains positive in 2017, particularly as funds continue to deliver strong returns and record distributions to investor portfolios. Going forward, real estate and infrastructure are expected to play an important role in generating returns for investors in an increasingly low return environment. Greenhill’s Secondary Advisory team, formerly known as Cogent Partners, is a global leader in advising institutional investors on utilizing the secondary market to actively manage their alternative asset portfolios. Since inception in 2002, Greenhill’s secondary advisory professionals have advised on over 8,900 limited partnership interests, representing approximately $175 billion in commitments. Greenhill’s secondary advisory professionals also work closely with general partners seeking to access the secondary market to restructure or recapitalize funds or selectively generate liquidity for limited partners. While the secondary market retracted modestly in 2016, with estimated transaction volume of $37 billion compared with $40 billion in 2015, it was Greenhill’s busiest year ever in terms of number of transactions. The Firm’s client base in 2016 consisted of high-quality general partners and institutional investors such as endowments, foundations, pensions, financial institutions and sovereign wealth funds, which was representative of the composition of the secondary market as a whole, where investors of all types are increasingly using the market as an active portfolio management tool. GlOBal alternative asset dOllars raised, 2006–2016 seCOndary market transaCtiOn vOlUme, 2006–2016 $750 $600 $450 $300 $150 s n o i l l i b $ n i , l a t i p a C d e t t i m m o C $ 0 06 07 08 09 10 11 12 13 14 15 16 Note: Broadly includes Venture, Co-Investment, Fund-of-Funds, Infrastructure, Mezzanine, Real Estate, Secondaries, Turnaround, Buyout, Growth, Natural Resources, Special Situation, Timber, Venture Debt, Distressed Debt Source: Preqin s n o i l l i b $ n i , e m u l o V $50 $40 $30 $20 $10 $ 0 06 07 08 09 10 11 12 13 14 15 16 Source: Greenhill Secondary Advisory 16 800 700 600 500 400 300 200 100 0 50 40 30 20 10 0 800 700 600 500 400 300 200 100 0 500 400 300 200 100 0 800 700 600 500 400 300 200 100 0 500 400 300 200 100 0 REPRESENTATIVE PRIMARY CAPITAL ADVISORY TRANSACTION CLIENTS DURING 2016 areim Founded in 2003, Areim Real Estate Innovation (“Areim”) currently manages three Nordic- focused real estate funds with a total equity base of SEK 9.1 billion (US$979 million) on behalf of global institutional investors. Areim’s vertically integrated platform includes 30 professionals in acquisitions, asset management, development and leasing, operating out of local offices in Sweden and Finland. Since inception, Areim has acquired, developed and managed properties and advised on over 40 transactions worth approximately SEK 50 billion (US$5.4 billion). In December 2016, Areim closed its latest Nordic value-added real estate fund, Areim Fund III, with SEK 4.2 billion (US$450 million) in commitments. The Fund will leverage Areim’s significant local operating experience and vertically integrated platform to pursue real estate investments in Sweden, Finland, Denmark and Norway. CaBOt Cabot Properties (“Cabot”) is a leading investor, developer and operator of industrial properties throughout North America and the United Kingdom. Formed in 1986, Cabot has invested $7 billion in industrial real estate, managing and operating over 3,500 tenants in 160 million square feet. In June 2016, Cabot closed its first discretionary core fund, Cabot Industrial Core Fund, with $443 million in capital commitments. The Fund will leverage Cabot’s leading vertically integrated platform and 30 years of industrial real estate investment experience to acquire and manage core industrial properties throughout the United States. davis The Davis Companies (“Davis”) is an integrated real estate investment, development and management firm, headquartered in Boston and founded in 1976, that has invested more than $4 billion in gross asset value through real estate equity, debt and fixed-income securities. Davis currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States. The Company closed its third discretionary co-mingled investment vehicle, Davis Investment Ventures Fund III, in December 2016 with $512 million in total commitments. divCOWest DivcoWest is the equity investment platform of DivCore Real Estate Asset Management, a real estate investment firm with a total of $9.8 billion of assets under management across debt and equity focused investment platforms. DivcoWest was established in 1993 and has acquired more than 37 million square feet of commercial space located in growth-oriented markets across the United States. In March 2014, DivcoWest closed its latest real estate fund, DivcoWest Fund IV, with over $976 million in capital commitments, to acquire commercial properties primarily in technology-related markets throughout the U.S. PatrOn Established in 1999, Patron Capital Partners (“Patron”) pursues opportunistic and value- oriented investments in property and property-related assets, loans and corporate entities, predominantly in Western Europe. Since its founding, Patron has raised over €3.4 billion of equity from over 100 primarily institutional investors including sovereign wealth funds, corporate pension plans and endowments across five funds and co-investment pools. With its main advisory offices in the UK and Luxembourg and additional offices in Germany, Spain and Italy, Patron’s funds are managed by one of the largest and most experienced teams in Europe, comprised of 76 people with expertise in acquisitions, asset management, development, finance and operations across both regions and sections. 17 indUstry seCtOr exPerienCe General indUstrials • Aerospace & Defense • Capital Goods • Diversified Industrials • Packaging • Transportation healthCare • Healthcare Services • Life Science Tools • Medical Devices & Services • Pharmaceuticals & Biotech metals & mininG • Metals & Materials • Mining Services • Processing Equipment • Steel & Mining real estate & inFrastrUCtUre • Airports, Ports, Parking & Toll Roads • Gaming, Lodging, Leisure & Timeshare • REITs • Real Estate Operating Companies • Water, Wastewater, Energy & Pipelines teChnOlOGy • Consulting & IT Services • Enterprise Software & Security • Internet • Networking • Semiconductors, Capital Equipment & Materials teleCOm • Cable • Mobile Devices • Wireless & Full Service Telcos • Wireline ChemiCals • Specialty Chemicals • Agrochemicals • Engineered Plastics COmmUniCatiOns & media • Advertising & Marketing Services • Business-to-Business (“B2B”) Media • Consumer Media & Education • Professional Publishing & Information Services COnsUmer GOOds & retail • Durables & Discretionary • Food & Beverage • Grocery • Restaurants • Retailers enerGy & Utilities • Electric & Gas Utilities • Exploration & Production • Midstream Energy • Oilfield Services FinanCial serviCes • Asset Management • Banking & Brokerage • Insurance FinanCial teChnOlOGy • Credit Cards & Lending • Loyalty, Data & Analytics • Marketplaces & Exchanges • Payments & Processing FOrest PrOdUCts • Paperboard & Wood Products • Pulp & Paper • Timber 18 Firm manaGement Scott L. Bok Chief Executive Officer Mr. Bok joined the Firm’s New York office in 1997 and was named Chief Executive Officer in 2007. Before joining Greenhill, Mr. Bok was a Managing Director in the M&A and restructuring department of Morgan Stanley in New York and London. Prior to his 10 years at Morgan Stanley, he practiced M&A and securities law in New York with Wachtell, Lipton, Rosen & Katz. David A. Wyles President Mr. Wyles joined the Firm’s London office in 1998 and focuses on advising European clients. He was previously with Baring Brothers International Limited, Coopers & Lybrand’s management consultancy division and the weapon and communications systems arm of the British Royal Navy. Robert F. Greenhill Founder and Chairman Mr. Greenhill founded Greenhill & Co. in 1996. He was previously Chairman and Chief Executive Officer of Smith Barney Inc. from 1993 to 1996. Prior to that, he spent 30 years with Morgan Stanley Group Inc., where he was President, Vice Chairman and Head of Investment Banking; founded and directed Morgan Stanley’s M&A group; and oversaw the establishment of Morgan Stanley’s private equity group. Kevin M. Costantino President Mr. Costantino joined the Firm’s New York office in 2005 and later worked in the Firm’s Chicago and Sydney offices. Mr. Costantino began his career practicing corporate and securities law at Wachtell, Lipton, Rosen & Katz. Harold J. Rodriguez, Jr. Chief Operating Officer and Chief Financial Officer Mr. Rodriguez joined the Firm’s New York office in 2000 and is responsible for financial, administrative and regulatory matters within Greenhill. He previously spent 13 years with a major consumer packaging goods manufacturer, Silgan Holdings, where he was Vice President of Finance and Controller. Formerly, he worked at Ernst & Young. 1919 MANAGING DIRECTORSFIRM MANAGEMENTis not copy that should be read for its content. In this comprehensive layout, type has been keyed to indicate both placement and a suggested style only. Should the indicated typographic style be found appealing to the eye, the designer is capable of providing the client a rough character count. Calculations required in estimating copy counts include the average number of characters of a given typeface of a specific size in the column width or line mea-sure and the leading measurement from one baseline to the next. The leading will tell you how many lines you can fit into a column. Multiplying the line count by the number of lines in a column will yield the number of characters in a column. Counting columns per page and pages collectively or, if helpful, per chapter offers quantities for review.is not copy that should be read for its content. In this comprehensive layout, type has been keyed to indicate both placement and a suggested style only. Should the indicated typographic style be found appealing to the eye, the designer is capable of providing the client a rough character count. Calculations required in estimating copy counts include the average number of characters of a given typeface of a specific size in the column width or line mea-sure and the leading measurement from one baseline to the next. The leading will tell you how many lines you can fit into a column. Multiplying the line count by the number of lines in a column will yield the number of characters in a column. Counting columns per page and pages collectively or, if helpful, per chapter offers quantities for review.advisOry manaGinG direCtOrs James Babski First and Last Name Co-Head of Financial Technology Title Corporate Advisory Dummy text is not copy that should be read for its Mr. Babski joined the Firm’s content. In this comprehensive layout, type has New York office in 2000 and been keyed to indicate both placement and a sug- focuses on the financial gested style only. Should the indicated typographic technology industry. style be found appealing to the eye, the designer is capable of providing the client a rough character count. Calculations required in estimating copy counts include the average number of characters of a given typeface of a specific size in the column width or line measure and the leading measure- Jay Barnes ment from one baseline to the next. The leading Mr. Barnes joined the Firm’s New will tell you how many lines you can fit into a York office in 2017 and focuses column. Multiplying the line count by the number on the healthcare services sector. of lines in a column will yield the number of char- He was previously a healthcare acters in a column. Counting columns per page and services banker at Jefferies. pages collectively or, if helpful, per chapter offers quantities for review. Scott Beckelman Mr. Beckelman joined the Firm’s New York office as part of the acquisition of Cogent. Prior to joining Greenhill, he worked at Landmark Partners. Chris Bonfield Mr. Bonfield joined the Firm’s Dallas office as part of the acquisition of Cogent. Prior to joining Greenhill, Mr. Bonfield worked at Bank of America where he was involved with underwriting and monitoring debt transactions for public and private media and telecommunications clients. Carlo Bosco Mr. Bosco joined the Firm’s London office in 2014 and focuses on financing advisory and restructuring. He previously served as a Director at Lazard in the Restructuring Group. Pieter-Jan Bouten Mr. Bouten joined the Firm’s London office in 2001 and focuses on advising European clients, in particular in the telecom, media and technology sectors. Scott L. Bok Chief Executive Officer Mr. Bok joined the Firm’s New York office in 1997 and was named Chief Executive Officer in 2007. Before joining Greenhill, Mr. Bok was a Managing Director in the M&A and restructuring department of Morgan Stanley in New York and London. Prior to his 10 years at Morgan Stanley, he practiced M&A and securities law in New York with Wachtell, Lipton, Rosen & Katz. Mats Bremberg Head of Nordic Region Mr. Bremberg founded the Firm’s Stockholm office in 2012. He previously served as Head of Nordic Investment Banking at Citigroup, as well as Group Head of Investment Banking at Carnegie. Mr. Bremberg began his career at Morgan Stanley in the European Telecom Group. 20 20 advisOry manaGinG direCtOrs Tammo Bünnemeyer Mr. Bünnemeyer joined the Firm’s Frankfurt office in 2015 and focuses on the technology, media and telecom sectors. He was previously with IKB Deutsche Industriebank and Michael Cramer Head of European Industrial Corporate Advisory Mr. Cramer joined the Firm’s Frankfurt office in 2001 and focuses on the industrial sector. Prior to joining JPMorgan in London and Frankfurt. Greenhill, he worked in the Automotive and Industrial M&A Group at Merrill Lynch. Chris Collett Mr. Collett joined the Firm’s Sydney office in 2007. He focuses on advising Australian clients, with a particular focus on the retail and consumer, technology, healthcare and industrial sectors. Stephen A. Cruise Co-Head of Industrial Corporate Advisory Mr. Cruise joined the Firm’s Chicago office in 2013 and focuses on the industrial sector globally. He was previously Co-Head of the Chicago Office and Midwest Region for UBS, as well as a senior member of its Global Industrials Group. Prior to UBS, Mr. Cruise spent time at Credit Suisse First Boston and Lehman Brothers. Ashish K. Contractor Mr. Contractor joined the Firm’s New York office in 2005 and focuses on the pharmaceutical, biotech and healthcare sectors. He was previously with Lehman Brothers, where he worked in Bryce Dakin Head of Technology Corporate Advisory Mr. Dakin joined the Firm’s San Francisco office in 2015 and focuses on the technology sector. Prior to joining both investment banking and private equity. Greenhill, he was a Managing Director and member of the Management Committee at GCA Savvian. Kevin M. Costantino President Mr. Costantino joined the Firm’s New York office in 2005 and later worked in the Firm’s Chicago and Sydney offices. Mr. Costantino began his career practicing corporate and securities law at Wachtell, Lipton, Rosen & Katz. Gareth Davies Mr. Davies joined the Firm’s London office in 2010 and focuses on financing and restructuring advisory. He was previously with Close Brothers Corporate Finance, where he was a Managing Director in the Restructuring Group. 21 advisOry manaGinG direCtOrs Joseph C. Dilg Vice Chairman Mr. Dilg joined the Firm’s Houston office in 2015 as Vice Chairman to focus on the energy sector. Prior to joining Greenhill, Mr. Dilg was a partner Larry Gelwix Co-Head of Industrial Corporate Advisory Mr. Gelwix co-founded the Firm’s Chicago office in 2008 and focuses on the industrial and aerospace & defense at the Houston-based law firm Vinson & Elkins, where he was a M&A lawyer focused primarily on the energy sector for 38 years and led the Firm as Managing Partner from 2002 through 2011. sectors. He was previously in the M&A Group at Lehman Brothers. Bernhard Engelien Mr. Engelien joined the Firm’s London office as part of the acquisition of Cogent. Prior to joining Greenhill, he was an Associate Principal at McKinsey & Company where he worked with financial services companies and private equity firms on a broad range of strategy and corporate finance topics. Michael A. Giaquinto Mr. Giaquinto joined the Firm’s New York office in 2008 and focuses on the healthcare sector. He was previously with Citigroup, where he was Co-Head of the U.S. Healthcare Group. Prior to Citigroup, he was a Managing Director in the Healthcare Group at UBS. Roger Feletto Head of Greenhill Australia Mr. Feletto joined the Firm’s Sydney office in 2000 and was named Head of Greenhill Australia in 2013. He focuses on the industrial and consumer sectors. Jon Gidney Vice Chairman of Greenhill Australia Mr. Gidney joined the Firm’s Sydney office in 2015. Prior to joining Greenhill, he was Vice Chairman of Investment Banking and Head of M&A Australia/New Zealand at JPMorgan. James Flicker Mr. Flicker joined the Firm’s New York office in 2008 and focuses on the paper and forest products sectors. He was previously with Citigroup, where he ran the Paper & Forest Products Group. Prior to that, he was at UBS and at Lehman Brothers, where he was an II-ranked Analyst in Paper & Forest Products. David Goldberg Mr. Goldberg joined the Firm’s Toronto office in 2008 and focuses on covering Canadian companies. Previously he was a consultant at Bain & Company and worked in Morgan Stanley’s Media and Telecom group. 22 advisOry manaGinG direCtOrs Charles Gournay Mr. Gournay joined the Firm’s London office in 2009 and focuses on the consumer and retail sectors. He was previously with UBS and Merrill Lynch in London and Paris. Mr. Gournay Howard W. House Mr. House joined the Firm’s Houston office in 2016 and focuses on the energy sector. Previously he served as a Managing Director and the Co-Head of Energy Investment started his career with BNP in Paris. Banking at Raymond James. Robert F. Greenhill Founder and Chairman Mr. Greenhill founded Greenhill & Co. in 1996. He was previously Chairman and Chief Executive Officer of Smith Barney Inc. from 1993 to 1996. Prior to that, Briac Houtteville Mr. Houtteville joined the Firm’s London office as part of the acquisition of Cogent. Prior to joining Greenhill, he was a Manager at Ernst & Young Transaction he spent 30 years with Morgan Stanley Group Inc., where he was President, Vice Chairman and Head of Investment Banking; founded and directed Morgan Stanley’s M&A group; and oversaw the establishment of Morgan Stanley’s private equity group. Advisory Services in Paris. Christopher T. Grubb Mr. Grubb joined the Firm’s New York office in 2006. He focuses on restructuring advisory. Prior to joining Greenhill, he worked in the investment banking group of UBS. Rupert Hill Mr. Hill joined the Firm’s London office in 2012 and focuses on the healthcare sector. He previously served as Head of Healthcare for EMEA and Asia-Pacific at Bank of America Merrill Lynch. Prior to Douglas H. Jackson Co-Head of U.S. M&A Mr. Jackson co-founded the Firm’s Chicago office in 2008 and focuses on the industrial sector. He was previously in the M&A groups of Lehman Brothers and Bank of America. Prior to that, he practiced corporate and securities law. Richard C. Jacobsen, Jr. Mr. Jacobsen joined the Firm’s San Francisco office in 2008 and focuses on the healthcare services sector. He was previously Head of the U.S. Healthcare Services Group at Citigroup. BAML, Mr. Hill spent time as a Chartered Accountant at Charterhouse and Price Waterhouse. 23 advisOry manaGinG direCtOrs Brenlen Jinkens Mr. Jinkens joined the Firm’s London office as part of the acquisition of Cogent. Prior to joining Greenhill, he was an Executive Director of Lehman Brothers, where he covered Lord James R.C. Lupton Chairman, Greenhill Europe Mr. Lupton co-founded the Firm’s London office in 1998 and focuses on advising European clients. He is a member of the House of financial services technology businesses in the UK, Germany and Scandinavia. Mr. Jinkens also previously started an online financial services business and worked in the financial services practice of McKinsey & Company in Paris and London. Lords and was previously Deputy Chairman at Baring Brothers International Limited and a solicitor with Lovell, White & King. Andrew L. Kramer Mr. Kramer joined the Firm’s New York office in 2009 and focuses on financing advisory and restructuring. He was previously Head of Restructuring for the Americas at UBS and a Benjamin Lyons Mr. Lyons joined the Firm’s New York office in 2016 and focuses on the chemicals, materials, and distribution sectors. Previously, he was a Managing Director at RBC and Senior Vice President at Credit Suisse. Bank of America Merrill Lynch. Simon Lam Mr. Lam joined the Firm’s Capital Advisory group in Hong Kong in 2011. He previously served as Head of Marketing for CLSA Capital Partners and worked in the Private Placement Group at Macquarie Capital in Asia. Steve Mayer President of Greenhill Canada Mr. Mayer joined the Firm’s Toronto office in 2016 and focuses on covering Canadian clients. Previously, he was a Managing Director and the Head of Canadian Diversified Investment Banking at Goldman Sachs. Richard J. Lieb Chairman, Real Estate Mr. Lieb joined the Firm’s New York office in 2005 and focuses on the real estate sector. He previously spent more than 20 years with Simon McConnell Mr. McConnell rejoined the Firm’s Melbourne office in 2010 and focuses on the industrial sector. He was previously with Goldman Sachs after originally joining Goldman Sachs, where he led its Real Estate Group. Caliburn, now Greenhill Australia, in 1999. 24 advisOry manaGinG direCtOrs Carlos Medina Mr. Medina joined the Firm’s New York office in 2016 and focuses on covering clients in Latin America. Previously, he was a Managing Director at Gregory R. Miller Head of Media Corporate Advisory Mr. Miller joined the Firm’s New York office in 2004 and focuses on the media sector, including publishers BTG Pactual and Morgan Stanley. and information services. He was previously a Managing Director at Credit Suisse. Rodrigo Mello Co-Head of Greenhill Brazil Mr. Mello joined the Firm’s São Paulo office in 2014 and focuses on financial institutions and the consumer and retail sectors, among others. He was previously a Managing Director at Goldman Sachs. Todd Miller Mr. Miller joined the Firm’s Dallas office as part of the acquisition of Cogent. Prior to joining Greenhill, Mr. Miller was with Credit Suisse First Boston, where he focused on raising equity and debt capital for public and private companies and advising on mergers and acquisitions. Eric Mendelsohn Head of Financing Advisory and Restructuring for North America Mr. Mendelsohn joined the Firm’s New York office in 2012 and focuses on financing Brian Mooney Mr. Mooney joined the Firm’s Dallas office as part of the acquisition of Cogent. He focuses on GP restructuring transactions. Prior to co- founding Greenhill Cogent, and restructuring advisory. He was previously a Managing Director and founding member of the Restructuring Group at Lazard Frères. Mr. Mooney was part of the investment team at The Crossroads Group (now part of NB Private Equity Partners / Neuberger Berman) where he focused on secondary acquisitions as well as primary investments and equity co-investments. Philip Meyer-Horn Co-Head of DACH Region Mr. Meyer-Horn joined the Firm’s Frankfurt office in 2006 and focuses on advising European clients. He was previously Head of Corporate Seamus Moorhead Mr. Moorhead joined the Firm’s London office in 2009 and focuses on the consumer and retail sectors. He was previously with UBS and its predecessor firms in London and New York, Finance for Germany at BNP Paribas. Prior to that, he spent time with Lazard Frères and Baring Brothers International Limited. having joined S.G. Warburg & Co. in 1991. 25 advisOry manaGinG direCtOrs Bill Murphy Mr. Murphy joined the Firm’s New York office as part of the acquisition of Cogent. Prior to joining Greenhill, he was a senior member of Citigroup’s Private Equity Group, where he Anthony Parsons Head of European Corporate Advisory Mr. Parsons joined the Firm’s London office in 2012. He previously served as Head of UK M&A at Deutsche led the secondary sell side, securitization and new product development initiatives in private equity. Bank. Prior to that, Mr. Parsons served as Co-Head of European FIG M&A at Citigroup. Andy Nick Mr. Nick joined the Firm’s San Francisco office as part of the acquisition of Cogent. Prior to joining Greenhill, Mr. Nick was with Citigroup, where he advised clients on strategic and financing alternatives. Manjul Ramchandani Mr. Ramchandani joined the Firm’s New York office in 2010 in the Capital Advisory group. He previously served as a Director in the Credit Suisse Real Estate Private Fund Group. Mario Orozco Mr. Orozco joined the Firm’s New York office in 2016 and focuses on covering clients in Latin America. Previously, he was a Managing Director at UBS and Bank of America. Gregory G. Randolph Mr. Randolph joined the Firm’s New York office in 2004, splits his time with the Houston office, and focuses on the energy and power sectors. He was previously a Managing Director at Goldman Sachs and a member of the project finance group at Salomon Brothers. 26 advisOry manaGinG direCtOrs James (Jim) C.V. Rogers Mr. Rogers joined the Firm’s Houston office in 2015 and focuses on opportunities in the upstream energy sector. He was previously a Managing Director in the global energy group of TD Securities. Prior to TD Securities, he worked at Deutsche Bank and Citigroup. Richard M. Steinman Head of Retail Corporate Advisory Mr. Steinman joined the Firm’s New York office in 2007 and focuses on the retail sector, including financial services for retailers. He was previously Head of the Global Retail Group at Morgan Stanley. Anthony Samengo-Turner Co-Head of DACH Region Mr. Samengo-Turner joined the Firm’s Frankfurt office in 2006 and focuses on the healthcare and chemical sectors. He previously worked at Close Brothers and Dresdner Kleinwort Wasserstein with a focus on restructuring. Stephen Sloan Co-Head of Capital Advisory Mr. Sloan joined the Firm’s Dallas office as part of the acquisition of Cogent. Prior to co-founding Greenhill Cogent, Mr. Sloan was with Goldman Sachs in New York, where he worked in both the international finance and structured products groups. Nate Stulman Co-Head of Financial Technology Corporate Advisory Mr. Stulman joined the Firm’s New York office in 2006 and focuses on the financial technology and retail industries. Isaias Sznifer Mr. Sznifer joined the Firm’s Sao Paulo office in 2014. Prior to joining Greenhill, he worked at eBricks Digital and Goldman Sachs, where he focused on the financial services, real estate, and technology sectors. 27 advisOry manaGinG direCtOrs Bill Thompson Co-Head of Capital Advisory Mr. Thompson joined the Firm’s San Francisco office in 2010 and co-leads the Capital Advisory group. He was previously a founding member and Head of the Credit Suisse Real Estate Private Fund Group. Jeffrey Wasserstein Mr. Wasserstein joined the Firm’s New York office in 2012 and focuses on the pharmaceutical, generic and biotech sectors. He previously spent over 20 years in the pharmaceutical industry, including roles at Fougera Pharmaceuticals, Dr. Reddy’s Laboratories and Schering-Plough Corporation. Prior to that, Mr. Wasserstein practiced M&A and securities law at Wachtell, Lipton, Rosen & Katz. Hugh A.C. Tidbury Mr. Tidbury joined the Firm’s London office in 2004 and focuses on the chemicals, biotech and food ingredients sectors. He was previously Head of Deutsche Bank’s Ed Welsh Mr. Welsh joined the Firm’s London office in 2016 and focuses on the business services sector. He previously served as Executive Director in the Cabinet Office of the U.K. European Chemicals Group. Government and as the Global Co-Head of Business Services at Rothschild. Daniel Wainstein Co-Head of Greenhill Brazil Mr. Wainstein founded the Firm’s São Paulo office in 2013. Prior to joining Greenhill, he was a Managing Director at Goldman Sachs, where he acted in many capacities, including Head and Chairman of the Investment Banking Division of Goldman Sachs in Brazil, as a member of the Latin America and Brazil Executive Committees and as a statutory director at GS Brazil Bank. Kirk R. Wilson Mr. Wilson joined the Firm’s New York office in 2009 and focuses on the financial institutions sector. He was previously at Morgan Stanley, where he served as Vice Chairman of the Investment Banking Division and a senior member of the Financial Institutions Group. 28 advisOry manaGinG direCtOrs Peter Wilson Mr. Wilson joined the Firm’s Sydney office in 2004. He was previously with Malleson Stephen Jaques where he practiced corporate and banking law and prior to that was with the Commonwealth Bank and JP Morgan. David A. Wyles President Mr. Wyles joined the Firm’s London office in 1998 and focuses on advising European clients. He was previously with Baring Brothers International Limited, Coopers & Lybrand’s management consultancy division and the weapon and communications systems arm of the British Royal Navy. Andrew K. Woeber Co-Head of U.S. M&A Mr. Woeber founded the Firm’s San Francisco office in 2008 and focuses on advising North American clients. He was previously a Managing Hiroto Yamada President of Greenhill Japan Mr. Yamada joined the Firm’s Tokyo office in 2009 and focuses on advising Japanese clients. He was previously Head of the M&A group at Director at Morgan Stanley and a corporate lawyer with Cravath, Swaine & Moore. Merrill Lynch Japan. Prior to that, he worked in the Financial Institutions, TMT and M&A groups of Goldman Sachs. Pamela Wright Ms. Wright joined the Firm’s San Francisco office in 2010 and is a Managing Director in the Capital Advisory group. She was previously a founding member and Co-Head of the Credit Suisse Real Estate Private Fund Group. Masao Yoshikawa Mr. Yoshikawa joined the Firm’s Tokyo office in 2014 and focuses on advising Japanese clients. He was previously Head of Japan TMT and Alternative Assets Groups, and a Head of the Japan M&A Group at Citigroup. Prior to that he was a Partner at Silverlake Partners and worked in M&A and financing at Merrill Lynch and Goldman Sachs. 29 administrative manaGinG direCtOrs Naomi Buffery General Counsel for Europe Ms. Buffery joined the Firm’s London office in 2015. She previously served as Legal Counsel and Compliance Officer for Greenhill’s Mark Lasky Corporate Controller Mr. Lasky joined the Firm’s New York office in 2012. Previously, he served as a Vice President at Goldman Sachs and as a Certified Public Accountant at European operations and as a Senior Solicitor at Société Générale. PricewaterhouseCoopers. Erich Ephraim Chief Operating Officer, Greenhill Cogent Mr. Ephraim joined the Firm’s Dallas office as part of the acquisition of Cogent. He previously served as the Ricardo Lima General Counsel for the Americas and Secretary Mr. Lima joined the Firm’s New York office in 2011. He previously served as Deputy General Counsel at Greenhill CFO for Tolleson Wealth Management and Tolleson Private Bank. and as a Vice President in the IBD Legal group of Goldman Sachs. Robert Knox Director of Tax Mr. Knox joined the Firm’s New York office in 2007. Previously, he served as a Vice President in Citigroup’s international tax group and as a tax manager at GE Capital. Harold J. Rodriguez, Jr. Chief Operating Officer and Chief Financial Officer Mr. Rodriguez joined the Firm’s New York office in 2000 and is responsible for financial, administrative and regulatory matters within Greenhill. He previously spent 13 years with a major consumer packaging goods manufacturer, Silgan Holdings, where he was Vice President of Finance and Controller. Formerly, he worked at Ernst & Young. 30 seniOr advisOrs Kensuke Hotta Mr. Hotta founded the Firm’s Tokyo office in 2008 and focuses on advising Japanese clients. He was previously a Managing Director with Greenhill before transitioning to the Senior Advisor role in 2016. Prior to Greenhill, he was Chairman of Morgan Stanley Japan. Prior to that, he was at Sumitomo Bank, where he was Deputy President and a Board Director, and at Japan’s Ministry of Finance. Peter J. Hunt Chairman, Greenhill Australia Mr. Hunt co-founded Greenhill Australia in Sydney in 1999 and focuses on advising Australian clients. He was previously Co-Head of Corporate Finance at BZW and ABN Amro. Bradley J. Crompton Mr. Crompton founded the Firm’s Toronto office in 2006 and focuses on advising Canadian clients. He was previously a Managing Director with Greenhill before transitioning to the Senior Advisor role in 2016. Prior to Greenhill, he was President of Morgan Stanley Canada and also spent 10 years with Goldman Sachs in New York and London. Vikram Gandhi Mr. Gandhi joined Greenhill as a Senior Advisor for India in 2012. He was most recently the Global Head, Financial Institutions Group and Vice Chairman, Investment Banking Department at Credit Suisse based in New York and Hong Kong. He also spent 16 years at Morgan Stanley in various roles globally, including President and Country Head, Morgan Stanley India. Mr. Gandhi currently serves as senior advisor to the Canada Pension Plan Investment Board, focusing on investment opportunities in India. He also founded VSG Capital Advisors, which provides cross-border and domestic investment and advisory services in the private, public and social sectors in India and Asia. Gil H. Ha Mr. Ha is based in New York and focuses on the telecommunications and technology sectors. He was previously a Managing Director with Greenhill before Lieutenant General (Retired) Sir Simon Mayall, KBE, CB Sir Simon joined Greenhill in 2015 after a long and distinguished military career with the British Army which began in 1978. Over the transitioning to the Senior Advisor role in 2017. Prior to that, he was a Managing Director at Evercore Partners and Rohatyn Associates. Mr. Ha also held positions as the Co-Head of Deutsche Bank’s Telecommunications Investment Banking group for the Americas and as a Managing Director at Lazard Frères. course of his Army career, Sir Simon held a series of increasingly senior roles. Most recently, he served as Deputy Chief of Defence Staff (Operations) from 2009-2011, Defence Senior Adviser (Middle East) from 2011-2014 and as the Prime Minister’s Security Envoy to Iraq from 2014-2015. 31 advisOry manaGinG direCtOrsseniOr advisOrs Jean-Michel Steg Mr. Steg joined the Firm as a Senior Advisor in 2013 to assist in the expansion of the Firm’s client relationships with large European companies, in particular French corporations. He started his career at Lazard where he spent 16 years both in New York and Paris. Subsequently he worked for Goldman Sachs and ran the Paris offices for DLJ and Citigroup. Most recently, he started Blackstone’s advisory business in France. In total, Mr. Steg has close to 35 years of experience advising clients. Glenn R. Tilles Mr. Tilles is based in Chicago and focuses on the industrial sector. He was previously a Managing Director with Greenhill and co-founded the Firm’s Chicago office in 2008. Prior to Greenhill, he was a Managing Director at Lehman Brothers, where he headed the Chicago office and the Midwest investment banking practice. Hartmut Ostrowski Mr. Ostrowski joined Greenhill as a Senior Advisor in 2012. He previously served as Chief Executive Officer of Bertelsmann AG, a role he held for 4 years. In total, he spent 26 years at Bertelsmann in various roles including CEO of Arvato between 2002 and 2008. Earlier in his career, he served as a Managing Director at a German subsidiary of Security Pacific. William D. Perez Mr. Perez is based in Chicago and has been a Senior Advisor to Greenhill since 2010. He retired as President and Chief Executive Officer for the Wm. Wrigley Jr. Company in December 2008. Before joining the Wrigley Company, he served as President and Chief Executive Officer of Nike, Inc. Previously, Mr. Perez spent 34 years with SC Johnson, including eight years as President and Chief Executive Officer. He serves on the Board of Directors for Johnson & Johnson, Whirlpool Corporation, Northwestern Memorial Hospital, and on the Board of Trustees for Cornell University. Robert C. Smith Mr. Smith is based in New York and focuses on the financial services sector. He was previously a Managing Director with Greenhill before transitioning to the Senior Advisor role in 2016. Prior to that, he was with Citigroup, where he served in several senior positions, including as Co-Head of Financial Institutions Mergers and Acquisitions. 3232 Other key PersOnnel PRINCIPALS Chicago Linda Bursic Dallas Wes Bender Frankfurt Andreas Bienert London Michael Lord Doris Salzburger Andrew Stace Sarah Warmisham Houston Mark Boucher Melbourne Nicholas Bordignon New York Humberto Garcia-Salas Yan Ling Molly Muchmore Jeff Paige Stephanie Shideler Jon Swope São Paulo Rafael Pereira Sydney Sally Box Chris Smith Saurabh Thaper Tokyo Rita Springett Hitoshi Saito VICE PRESIDENTS Chicago Rachel Zhang FIRM ADMINISTRATION Christina Celestino Director of Recruitment Tom Dunn Director of Information Technology John Shaffer Chief Technology Officer David Trone Director of Investor Relations Dallas David Eberstein Jeremy Joersz Jason Morris David Windle Frankfurt Alexander Jenner Niels Tepker Hong Kong Michael Hu London Ben Griffiths Nadira Huda Stefano Manna Anthony Rawlinson Dean Rodrigues Gerwin Weidl New York Mitch Clemente Kyle Cresci Zack Gordon Samuel Sandford Jochen Schmitz Jessup Shean Patrick Suehnholz Andrew Walker Collin Zych San Francisco Ryan Ferguson Lindsay Felldin Bachner Sydney Joshua Frank John Ng Tokyo Yusuke Moriuchi 33 indePendent direCtOrs Robert T. Blakely III Mr. Blakely currently serves as the President of Performance Enhancement Group. He previously served in senior management positions at Fannie Mae, MCI, Lyondell Chemical and Tenneco. Mr. Blakely is a member of the Board of Directors of Westlake Chemical Corporation, Natural Resource Partners L.P. and Ally Financial Inc. Steven F. Goldstone Mr. Goldstone currently manages Silver Spring Group, a private investment group, and is also the non-executive Chairman of ConAgra Foods. His prior positions include Chairman and Chief Executive Officer of RJR Nabisco, Inc. and partner in the New York City law firm of Davis Polk & Wardwell. Mr. Goldstone is a member of the board of Directors of Chefs’ Warehouse, Inc. Stephen L. Key Mr. Key is currently the sole proprietor of Key Consulting, LLC. He was previously Chief Financial Officer of Textron, Inc., Chief Financial Officer of ConAgra Foods, and Managing Partner of Ernst & Young’s New York office. Karen P. Robards Ms. Robards is currently a principal of Robards & Company, LLC, a consulting and private investment firm. She is also Vice Chair of the Board and Chair of the Audit Committee of BlackRock Closed-End Funds and a member of the Board of Directors of AtriCure, Inc. She previously worked in the investment banking group at Morgan Stanley. 34 direCtOrs and OFFiCers BOARD OF DIRECTORS EXECUTIVE OFFICERS Robert F. Greenhill Chairman and Founder, Greenhill & Co., Inc. Scott L. Bok Chief Executive Officer Kevin M. Costantino President David A. Wyles President Harold J. Rodriguez, Jr. Chief Operating Officer and Chief Financial Officer Robert T. Blakely III Chairman, Nominating and Governance Committee Member, Audit Committee Member, Compensation Committee Scott L. Bok Chief Executive Officer, Greenhill & Co., Inc. Steven F. Goldstone Lead Independent Director Chairman, Compensation Committee Member, Nominating and Governance Committee Stephen L. Key Chairman, Audit Committee Member, Compensation Committee Member, Nominating and Governance Committee Karen P. Robards Member, Audit Committee Member, Nominating and Governance Committee Committees Our Board of Directors currently has six members: Robert F. Greenhill, Scott L. Bok, Steven F. Goldstone, Stephen L. Key, Karen P. Robards and Robert T. Blakely III. Ms. Robards and Messrs. Goldstone, Key and Blakely have been affirmatively determined to be “independent” within the meaning of the listing standards of the New York Stock Exchange. The Board of Directors conducts its business through meetings of the Board and the following standing committees: Audit, Compensation, and Nominating and Governance. Each of the standing committees has adopted and operates under a written charter, all of which are available on our website at www.greenhill.com. Our certificate of incorporation, bylaws, corporate governance guidelines, related person transaction policy and code of business conduct and ethics also are available on our website. 35 advisOry manaGinG direCtOrsGreenhill & Co., LLC Greenhill Cogent, LP 300 Park Avenue New York, NY 10022 United States of America Tel: +1 212 389 1500 155 North Wacker Drive Suite 4550 Chicago, IL 60606 United States of America Tel: +1 312 846 5000 2101 Cedar Springs Road Suite 1200 Dallas, TX 75201 United States of America Tel: +1 713 739 2000 1301 McKinney Street Suite 2000 Houston, TX 77010 United States of America Tel: +1 214 871 5400 600 Montgomery Street 33rd Floor San Francisco, CA 94111 United States of America Tel: +1 415 216 4100 OFFiCe lOCatiOns Greenhill & Co. International LLP Greenhill Cogent Europe, LLP Lansdowne House 57 Berkeley Square London W1J 6ER United Kingdom Tel: +44 20 7198 7400 Greenhill & Co. Europe LLP Maintower Neue Mainzerstrasse 52 60311 Frankfurt am Main Germany Tel: +49 69 272 272 00 Greenhill & Co. Sweden AB Gustav Adolfs torg 16 SE-111 52 Stockholm Sweden Tel: +46 8 402 13 70 Greenhill & Co. Japan Ltd. Marunouchi Building 2-4-1, Marunouchi Chiyoda-ku, Tokyo 100-6333 Japan Tel: +81 3 4520 5100 Greenhill & Co. Canada Ltd. 79 Wellington Street West Suite 3403, P.O. Box 333 Toronto, Ontario M5K 1K7 Canada Tel: +1 416 601 2560 Greenhill & Co. Australia Pty. Ltd. Level 43, Governor Phillip Tower 1 Farrer Place Sydney NSW 2000 Australia Tel: +61 2 9229 1410 Level 30 101 Collins Street Melbourne VIC 3000 Australia Tel: +61 3 9935 6800 Greenhill & Co. do Brasil Assessoria Ltda. Av. Brig. Faria Lima, 2277 Ed. Plaza Iguatemi, 19º andar São Paulo - SP - Brasil - 01452-000 Tel: +55 11 2039 0600 Greenhill & Co. Asia Limited L19 Two International Finance Centre 8 Finance Street, Central Hong Kong Hong Kong S.A.R., China Tel: +852 2251 1645 COrPOrate inFOrmatiOn Annual Meeting Wednesday, July 26, 2017, at 10:30 am, 300 Park Avenue, New York, New York 10022 Stock Listing The New York Stock Exchange Symbol: GHL Registrar and Transfer Agent American Stock Transfer & Trust Company 59 Maiden Lane New York, NY 10036 Tel: +1 866 668 6550 Investor Relations David Trone Director of Investor Relations Greenhill & Co. Inc. 300 Park Avenue New York, NY 10022 Tel: +1 212 389 1800 Independent Registered Public Accounting Firm Ernst & Young LLP 5 Times Square New York, NY 10036 Tel: +1 212 773 3000 A copy of our Form 10-K filed with the Securities and Exchange Commission will be furnished, without charge, to any stockholder upon request addressed to Investor Relations, Greenhill & Co. Inc., 300 Park Avenue, New York, NY 10022. Copies of our filings with the Securities and Exchange Commission and other information about Greenhill & Co. Inc. can also be viewed on our website at www.greenhill.com or at the website of the Securities and Exchange Commission at www.sec.gov. Our business involves no research, trading, investing, or capital markets activities to conflict with our advisory focus. We seek in all cases to align our interests fully with those of our clients. Greenhill & Co., LLC and Greenhill Cogent, LP are registered in the U.S. as broker-dealers with the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) and are members of the Securities Investor Protection Corporation (SIPC). In the U.K. and Europe, Greenhill & Co. International LLP, Greenhill Cogent Europe, LLP and Greenhill & Co. Europe LLP are regulated by the U.K. Financial Conduct Authority (FCA) and Greenhill & Co. Sweden AB is regulated by the Swedish Financial Supervisory Authority. Greenhill & Co. Australia Pty. Ltd. is licensed and regulated by the Australian Securities and Investment Commission (ASIC). Greenhill & Co. Japan Ltd. is licensed with the Kanto Local Finance Bureau and is regulated by the Financial Services Agency in Japan. Greenhill & Co. Asia Limited is licensed and regulated by the Hong Kong Securities and Futures Commission. This document does not constitute or represent an offer to buy or sell any security or to participate in any trading strategy. 36 n g i s e D t n a l p r a g u S y b d e c u d o r p d n a d e n g i s e D 

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