2022 Annual Report Dear Clients, Stockholders and Colleagues, Greenhill is a leading independent advisory firm for complex financial transactions across the globe. Our objective is to provide unconflicted advice and transaction execution expertise to public and private corporations, private equity and other fund sponsors, institutional investors, family offices and governments globally on a wide range of transactions, including mergers & acquisitions (“M&A”), restructuring, financing, capital raising and other important financial transactions. Over more than 27 years we have developed a brand that is highly respected by senior decision makers around the world. We have grown to significant scale, with a large and expanding group of client- facing Managing Directors supported by a highly skilled team of other professionals. Our Firm includes senior bankers who have deep expertise in nearly every industry sector and every type of financial advice, in each of the major international markets. We believe the Firm we operate today is unique among its competitors. First, we are entirely focused on advisory work for clients, and so we are able to avoid the conflicts of interests that can arise from principal activities or from various financial products that can be cross-sold to clients. Second, we are a truly global firm, having generated nearly half of our cumulative historic revenue from clients based outside the U.S. and with a historical focus on executing complex cross-border transactions. Third, we have an unusually collegial culture, where our teams work seamlessly across sectors, regions and advisory specialties in order to help clients achieve their goals. Review of 2022 Performance 2022 was a year that began with great promise but turned out to be a difficult one for economies, markets, the financial services sector broadly and for our Firm. On the positive side, over the course of the year the Covid pandemic continued to recede in every place we do business. That led to greater client engagement and increased collaboration across our Firm, strengthening both our capabilities and our culture. At the same time, the powerful fiscal and monetary stimulus that was put in place around the world in order to mitigate the impact of the pandemic, together with the ramifications of Russia’s invasion of Ukraine early in the year, created a new set of challenges. Energy and food prices rose sharply and business supply chains were further disrupted, resulting in the highest price inflation that major economies have experienced in recent decades. That led central banks to withdraw stimulus and aggressively push interest rates higher. And that, in turn, led to stock markets declining, credit markets tightening up for all but the highest quality borrowers and M&A activity declining sharply. The challenges for our business that flowed from this chain of events were reminiscent of similar challenges we have faced, and overcome, over the course of our relatively long history: the bursting of the “dot com” bubble in the early 2000s, the September 11 terrorist attacks of 2001, the global financial crisis of 2008 and the Covid pandemic that began in 2020. Our business is not immune to the challenges of a tough operating environment, and thus we saw reduced revenue and lower earnings for the year. But the diversity inherent in our business model, which offers a wide range of advisory services to clients in nearly every industry sector and in every major regional market, mitigated the impact of the difficult environment in 2022 and positions us well for success going forward. While the tepid deal environment meant many parts of our business saw less activity, other parts of our business thrived. In particular, we had good success in the industrial and telecom infrastructure sectors, as well as in Canada, France and Spain. Meanwhile, we made solid progress in our efforts to expand our coverage of financial sponsors to complement our historic focus on serving public companies. And while revenue is always the primary driver in our business performance, we continued to manage our costs in a prudent manner, resulting in a profitable year. Our cash flow allowed us to return significant capital to shareholders via share repurchases and an increased dividend. The Outlook for 2023 As we enter 2023, the environment remains challenging and the outlook is uncertain. Credit markets remain constrained, and equity markets are volatile. Yet opportunities to serve clients and help them meet their strategic and financial goals are abundant across our business. Particularly in a rapidly changing environment, corporate clients will continue to see M&A as a key strategic tool for both expanding and enhancing their businesses. And the difficult economic environment means many companies will need financing or restructuring advice. Our collegial culture positions us well to provide clients, whatever their particular circumstances, with the best holistic advice. And that same culture positions us well to continue to attract new talent as we broaden and deepen our teams across key sectors and regions. Closing We are grateful to our clients for their trust, to our employees for their steadfast efforts and to our stockholders for believing in our strategy and its potential for creating value for shareholders as well as our other important constituencies. We will do our utmost to realize that potential in 2023 and beyond. Scott L. Bok Chairman & Chief Executive Officer [This page intentionally left blank] (! 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