GREENHILL & CO. REPORTS THIRD QUARTER RESULTS

24-Oct-08

NEW YORK, October 24, 2008 – Greenhill & Co., Inc. (NYSE: GHL) today reported a net loss of $11.7 million, or $0.42 per diluted share, for the quarter ended September 30, 2008. The net loss resulted from the recording of negative ($51.9) million in merchant banking revenue related to the reversal of unrealized profit overrides recorded in the second quarter of 2008 and mark-to-market adjustments in the carrying value of our investment in our merchant banking funds.