#1Houlihan Lokey INVESTOR PRESENTATION February 2024#2Disclaimers Forward-Looking Information This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation may be forward-looking statements. The words "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors, that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from expectations are disclosed under the "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" sections of our annual report on Form 10-K for the year ended March 31, 2023, and subsequent filings with the Securities and Exchange Commission (the "SEC"). All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements. You should evaluate all forward-looking statements made in this presentation in the context of these risks and uncertainties. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. The forward-looking statements in this presentation are made only as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Non-GAAP Financial Measures Adjusted pre-tax income, adjusted net income, total and on a per share basis, and certain adjusted items used to determine adjusted net income, are presented and discussed in this presentation and are non-GAAP measures that management believes, when presented together with comparable GAAP measures, are useful to investors in understanding the Company's operating results. The adjusted items included in this presentation as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these adjusted amounts are not a measurement of financial performance or liquidity under GAAP and should not be considered as an alternative to the Company's financial information determined under GAAP. For a description of the Company's use of these adjusted items and a reconciliation with comparable GAAP items, see the section of this presentation titled "Reconciliation of GAAP to Adjusted Financial Information." Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations, and cash flows. Houlihan Lokey | 2#3• Employee DNA Analytically Driven Our Culture Firm's DNA • Partnership Culture • Client Service and Solution Driven • Not a "Star" Culture • Entrepreneurially Motivated • Consensual Decision-Making • Desirous of a Winning Culture • Strong Loyalty to the Firm High Integrity Measured Risk-Taking Ownership and Controls Broad-Based, Long-Term Employee Ownership Sophisticated Corporate Procedures and Financial Systems . New York Stock Exchange Listed Company Blue Chip Institutional Ownership Houlihan Lokey | 3#4Houlihan Lokey Our Product Knowledge and Industry Expertise Deliver Superior Results Product Expertise Dedicated Industry Groups {M} Corporate Finance Financial Restructuring Financial and Valuation Advisory Key Facts and Figures HLI LISTED NYSE 36 LOCATIONS WORLDWIDE 1. As of December 31, 2023; excludes Corporate MDs 2. LTM ended December 31, 2023 E 111!! Business Services Financial Services Consumer, Food FinTech and Retail </> Energy Healthcare Industrials ក Real Estate, Lodging and Leisure Technology 2,660 GLOBAL EMPLOYEES 312 MANAGING DIRECTORS' $1.8B REVENUE² Houlihan Lokey | 4#5Investment Tenets Strong Track Record of Growth and Profitability Strong and consistent financial performance since going public. Long history of growing senior banker headcount Lower Revenues and Earnings Volatility Through Economic Cycles Given our diversified business model, focus on mid-cap clients in our corporate finance business and the size of our restructuring practice, we believe we are less volatile than other investment banking firms Houlihan Lokey Long-Tenured Management Team The average tenure of our executive leadership team is over 30 years High-Quality, Diversified Revenues HL is diversified across clients, industries, geographies, transactions and financial professionals Strong Growth Prospects HL has significant room to grow all three businesses globally Market Fundamentals Are Favorable for Independent Advisors We believe that independence is increasingly important to our clients and that our limited- service focus is more attractive to our clients than being a full-service investment banking firm Houlihan Lokey | 5#6Strong Financial Performance Strong revenue growth with a five-year CAGR of 13% $2,270 Revenues Fiscal year 2022 experienced record results during 13% $1,809 extremely bullish market conditions $1,525 17% 16% • Adjusted pre-tax income grew at a CAGR of 12% over the same five-year period $1,159 12% 22% $1,084 $963 14% 35% 15% 15% 30% 29% 70% 30% Maintained solid adjusted pre-tax margins throughout, with higher pre-tax margins for fiscal years 2021 and 2022 as a result of temporarily lower non-compensation expenses as a result of COVID-19 62% 53% 55% 56% 56% 2018 ■Corporate Finance 2019 2020 2021 ■Financial Restructuring 2022 2023 Financial and Valuation Advisory Adjusted Pre-tax Income¹ $434 $264 $282 $244 2018 2019 2020 2021 $680 Adjusted Pre-tax Margin¹ 29.9% 28.4% 25.3% 24.4% 24.3% 23.7% $428 2022 2023 Note: For fiscal years ended March 31. All dollar amounts in millions unless otherwise noted. 1. Adjusted Pre-tax Income and Adjusted Pre-Tax Margin are non-GAAP financial measures. See page 29 for comparable GAAP figures. 2018 2019 2020 2021 2022 2023 Houlihan Lokey | 6#7Strong Partnership Culture with Experienced Leadership Deep and Experienced Executive Management Team Scott L. Beiser CEO Irwin N. Gold Executive Chairman 2 Scott J. Adelson Co-President David A. Preiser Co-President J. Lindsey Alley CFO 1. As of March 31, 2023. Excludes Managing Directors from acquisitions. 2. For the fiscal year ended March 31, 2023. Long Tenure Results in Collaborative Culture Tenured Management Team Over 30-year average tenure of our Executive Management Team 1 and over 25-year average tenure of our 16 person Operating Committee team High Retention 12-year average tenure of Managing Directors across all business segments¹ Strong Loyalty 3 More than 63% of Managing Directors reached their respective positions through internal promotions¹ 4 No "Star" Culture No single individual generated more than 2% of revenues² Houlihan Lokey | 7#8Community Involvement HL has a matching charitable contribution program for active employees, which results in a number of donations to causes around the globe, and a give-a-day program that results in significant participation by our employees in programs local to our offices. Listed below are several of the beneficiaries of our programs: Justin BOAT HOULIHAN LOKEY GIVE-A-DAY American Cancer Society AF HU AMERICAN FRIENDS OF THE HEBREW UNIVERSITY AMERICAN FRIENDS OF ISRAEL SPORT CENTER FOR THE DISABLED American + Red Cross ARISE AFRICA Cents ADINANCE TEACHING TEENS PERSONAL CHILDREN'S BRAIN TUMOR FOUNDATION Big Brothers Big Sisters LONE STAR GREATER DALLAS Big Shoulders Fund: CAPITAL AREA LARLA FOOD BANK CLASSICAL OPERA Covenant House CRISTO REY NETWORK DAR Daughters of the American Revolution Life WORC Family Center for Autism A Light as the End of the Spect FATHERS AU HIS LAMPRE FEEDING WESTCHESTER Jewish Community Services OF SOUTH FLORIDA LEUKEMIA & LYMPHOMA SOCIETY AND SCHOO COLO RISD ENDIS ROCKING TAL BOAT LOS ANGELES POLICE LAPE FOUNDATI Florence Fuller opment Centers Lucy sir ambulance for children @NAMI National Alliance on Mental Illness Ronald McDonald House New York Bomber's Your Family Arts Center DALLAS CHILDREN'S THEATER FUTURES AND OPTIONS The Future is in Your Hands GREATER CHICAGO -FOOD DEPOSITORY. Greater Miami Jewish Federation project OUTWARD SCHOOLS School room to grow THECON THEPEOPLE TRAIL BLAZERS unicef Uplift Family Services maji Prospect Park Alliance read ahead share a page in a child's life. ST. ANN SAS SCHOOL SKI & SNOWBOARD SHELTERING 18 ARMS Children and Family Services SOLA I CAN Vogel Alcove Squash Drive Youth Renewal Fund INVEST INNOVATE EDUCATE Houlihan Lokey | 8#9Market Leader in All Three Business Segments Top Global M&A Firm¹ Investment Banks by Number of Global M&A Deals in CY 2023 Top Global Restructuring Firm CY 2023 Global Distressed Debt and Bankruptcy Restructuring Deals Top Global Fairness Opinion Firm Global M&A Fairness Advisors: Announced or Completed Deals (CY 1999 to CY 2023) Houlihan Lokey 352 Houlihan Lokey 73 13 Houlihan Lokey 1,247 Rothschild & Co 349 PJT Partners 64 JP Morgan 1,035 Goldman Sachs & Co 300 Rothschild & Co 51 Duff & Phelps 977 JP Morgan 300 Lazard 37 Morgan Stanley 253 Evercore Partners 27 UBS 884 Morgan Stanley 716 • No. 1 U.S. M&A Advisor Leading Capital Markets Advisor No. 1 Global Restructuring Advisor, Based on Total Deal Value and Number of Transactions Closed Advised on 12 of the 15 Largest U.S. Bankruptcies Since 2000 No. 1 Global M&A Fairness Opinion Advisor Over the Past 25 Years² 1,000+ Annual Engagements Source: LSEG (formerly Refinitiv). 1. M&A ranking excludes accounting firms and brokers. 2. Announced or completed transactions Houlihan Lokey | 9#10Global Market-Leading Advisor Across Industries Business Services Houlihan Lokey Rothschild & Co Lincoln International Clearwater International 32 46 Consumer, Food, & Retail² 63 Houlihan Lokey Rothschild & Co Lazard 32 Financial Services 1,2 50 Houlihan Lokey 41 48 Rothschild & Co 32 Goldman Sachs & Co 29 31 Goldman Sachs & Co 25 UBS 27 UBS 23 Morgan Stanley 26 Goldman Sachs & Co 27 Healthcare Houlihan Lokey Jefferies LLC 31 Rothschild & Co 31 Centerview Partners LLC 30 Goldman Sachs & Co 30 Industrials² 34 Houlihan Lokey Rothschild & Co Technology 62 Houlihan Lokey 58 Rothschild & Co 76 JP Morgan 68 45 Goldman Sachs & Co 63 ICBC 49 Lincoln International Source: LSEG (formerly Refinitiv). Excludes accounting firms and brokers. Note: Advisory rankings based on total number of Global M&A transactions completed in CY 2023. 1. Excludes depositories. 2. Transactions under $1 billion in total deal value. Lazard 42 Morgan Stanley 59 89 Houlihan Lokey 10#11• Diversified Across Geography, Client, Industry, Professional and Segment More than 2,000 clients served annually For FY 2023: - No single transaction fee represented more than 2% of our revenues No individual financial professional was responsible for more than 2% of our revenues No single employee shareholder owns more than 2% of shares outstanding Public Companies 23% Client Mix¹ Industry Mix¹ Financial Services Private Equity 13% & Other Institutional Energy 6% Healthcare 11% Private Non- 40% Consumer, Sponsor 37% 1. Based on revenues for the LTM ended December 31, 2023. Food, & Retail 12% Business Services Industrials 17% 18% Other 7% Technology 16% Segment Mix¹ Corporate Finance 59% O Financial and Valuation Advisory 15% EMEA 23% Geographic Mix¹ Financial Restructuring Asia 7% 26% The Americas 70% Houlihan Lokey | 11#12Comprehensive Coverage and Global Scale The Americas Europe and Middle East Asia-Pacific Atlanta Los Angeles Amsterdam Milan Beijing Shanghai Baltimore Boston Miami Antwerp Munich Fukuoka Singapore Minneapolis Dubai Paris Gurugram Sydney Charlotte New York Frankfurt Stockholm Chicago San Francisco London Tel Aviv Hong Kong SAR Tokyo Mumbai Dallas São Paulo Madrid Zurich Houston Washington, D.C. Manchester Houlihan Lokey | 12#13. Robust Long-Term Growth Opportunities We will continue to grow our talent pool through: The further development 1 and maturation of financial 2 & operational professionals Targeted professional hires & increased operational support needs 3 Corporate Finance Continued geographic expansion Building out our Capital Markets and Fund Placement platforms Adding incremental industry expertise globally Increasing deal size and deal fees • GROWTH WILL BE DRIVEN BY: Financial Restructuring Growing availability and use of leverage Continued globalization of financial restructuring Increasingly complex balance sheets Impact from ongoing technology disruptors • • Acquisitions and joint ventures Financial and Valuation Advisory • Addition of new high-value services and scaling of existing services through targeted senior hires Deepening client relationships and walletshare, supported by a complete lifecycle of services Increasingly complex and ever-changing regulatory reporting, valuation and tax environments • Balanced portfolio mix of market hedged services Continued geographic expansion of service portfolio Houlihan Lokey | 13#14Growth Through Hiring and MD Productivity HL has increased its Managing Director Headcount by a CAGR of 10% over the last 20 years through internal promotions, opportunistic hirings, and strategic acquisitions HL has maintained solid MD productivity through the cycles. Productivity increased in FY21 and FY22 due to significantly less travel and more time for deal execution as a result of COVID-19 History of Growing Managing Director Headcount 45 62 62 65 55 Revenue Per MD1 313 289 190 198 198 165 169 173 $5.7 $5.9 $5.9 146 125 100 107 115 85 88 72 75 78 $7.7 $7.9 $5.8 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 Note: For fiscal years ended March 31. All dollar amounts in millions unless otherwise noted. 1. Based on the number of MDS at the end of each respective fiscal year, excludes corporate MDs. Houlihan Lokey | 14#15Organic Growth Strengthened by Strategic Acquisitions Growth Through Expansion of Services 2000-2009 • Private Equity Coverage • Distressed M&A Industry Build-Out and Expansion Secondary Advisory Services Tax and Financial Reporting Valuations Portfolio Valuations Growth Through Recent Acquisitions MESA Media-Focused Investment Banking Firm June 2015 McQueen Consumer, Food, and Retail-Focused Investment Banking Firm September 2015 2010-Present . • Debt and Equity Capital Markets Advisory Hedge Fund Coverage Structured Product Valuation Activist Advisory Due Diligence Services Arranger of Leveraged Loans Transaction Advisory Services Private fundraising for Institutional Clients HL Finance Board Advisory Services es LEONARDO&CO. Continental European Investment Banking Firm November 2015 Data and Analytics, Content, Software, and Services Advisory Firm April 2018 BEARTOOTH ADVISORS Private Equity Fundraising Advisory Firm May 2018 fidentiis CAPITAL Spain-Focused Investment Banking Firm November 2019 Freeman & Co. Financial Institutions Group-Focused Investment Bank December 2019 MVP CAPITAL Technology, Media, & Telecom-Focused Investment Bank August 2020 Baylor Klein Household, Beauty and Personal Care Investment Bank July 2021 GCA Global Technology-Focused Investment Bank October 2021 Oakley Advisory Telecoms, Technology, Media, & Data-Focused Advisory Firm February 2023 MILE ADVISORS Global Information Technology Services Advisory Firm December 2023 Houlihan Lokey | 15#16Overview of Business Segments#17HL maintains three primary service lines - Corporate Finance, Financial Restructuring and Financial and Valuation Advisory services A Houlihan Lokey Model for Growth and Success Core Services Strengths Managing Directors² Corporate Finance Mergers/Acquisitions Capital Markets Advisory Private Funds Placement Superior Platform Drives Success in Attractive Mid Cap Market¹ 219 Financial Restructuring Debtor and Creditor Restructuring Distressed M&A Liability Management Global Market Leader 52 52 Financial and Valuation Advisory Financial Opinions Valuation Services Transaction Advisory Services High-Margin Provider with Strong Reputation 41 Our business is diversified across clients, services, industries, professionals, and geographies 5-Year FY Revenue CAGR 16% 6% 15% LTM December 31, 2023 Revenues/% of Total $1,076/59% $487 / 26% $276 / 15% LTM December 31, 2023 Revenues per MD3 $4.9 $8.5 $6.8 LTM December 31, 2023 Closed Transactions / Fee Events4 469 129 2,190 Note: All dollar amounts in millions unless otherwise noted. Figures may not tie due to rounding. 1. Defined as transactions $1 billion or less in value. 2. As of December 31, 2023; excludes Corporate MDs. 3. Based on the average of the MD count at the end of each fiscal quarter throughout the LTM. 4. A Fee Event includes any engagement that involves revenue activity during the measurement period based on a revenue minimum of one thousand dollars. References in this press release to closed transactions should be understood to be the same as transactions that are "effectively closed" as described in our periodic reports on Forms 10-K and 10-Q. Houlihan Lokey | 17#18Corporate Finance Integrated Platform combining Industry Coverage, Product Expertise, and Global Reach Industry Groups (3) Business Services Consumer, Food, and Retail Energy Financial Services FinTech Product Specialists Mergers & Acquisitions Balanced and insightful mergers and acquisitions advice Capital Markets Comprehensive range of debt and financial restructuring advisory services and capital raisings for quoted and non-quoted clients + Healthcare Industrials Real Estate, Lodging and Leisure Technology Private Funds Advisory The Private Funds Group brings together extensive fundraising and in-house operating experience Houlihan Lokey | 18#19Corporate Finance Houlihan Lokey's Corporate Finance group closes more deals than any other firm anywhere in the world The Global #1 Advisor V 1 Market-Leading Advisor Across Industries¹ 2023 M&A Advisory Rankings All Global Business Services Transa 2023 M&A Advisory Rankings Adv Global Consumer, Food & Retail 3 Lin Transactions³ 123 + Adv 2023 M&A Advisory Rankings Global Financial Services Transactions³ 2023 M&A Advisory Rankings Ho All Global Healthcare Transactions 2023 M&A Advisory Rankings Global Industrials Transactions³ 123 1 Ho 2 Ro Hd Adv Ro 4 Cle Laz 1 5 Gd Source: LSE 4 Go 2 Ro Adv and brokers 5 UB 3 Go Ho Source: LSE 4 UB and brokers. Jef Advis 5 Mo Ro 1 Ho Deals Source: LSEG brokers. 4 Ce 2 Rot 1 Houlihan Lokey 89 5 Go 3 ICB 2 Rothschild & Co 76 Source: LSEG 4 Lind and brokers. 3 JP Morgan 68 5 Laza 4 Goldman Sachs & Co 63 Source: LSEG and brokers. 5 Morgan Stanley 59 Source: LSEG (formerly Refinitiv). Excludes accounting firms and brokers. 2023 M&A Advisory Rankings All Global Technology Transactions Advisor No. 1 Global M&A Advisor¹ No. 1 Global Advisor to Private Equity² No. 1 US M&A Advisor¹ Leading Capital Markets Advisor Note: Advisory rankings based on total number of Global M&A transactions completed in CY 2023. 1. Source: LSEG (formerly Refinitiv). Excludes accounting firms and brokers. 2. Represents number of transactions closed for the calendar year to date period ended September 30, 2023. Source: Pitch Book. Excludes accounting firms and brokers. 3. Transactions under $1 billion in total deal value. Houlihan Lokey 19#20Corporate Finance Mergers & Acquisitions Our Corporate Finance business is a leader in the Global mid-cap space, which represented approximately 99% of M&A volume in CY 2023 Our market share in the Global mid-cap space is approximately 1%, based on the number of closed Corporate Finance transactions we completed in CY 2023 The mid-cap space is less volatile than the large-cap space, which, when combined with HL's ongoing opportunities to increase its relatively low market share, generally results in less revenue "downside" in weaker M&A markets GLOBAL CLOSED M&A TRANSACTIONS CY 2023 44,359 Transactions Source: LSEG (formerly Refinitiv). 1. Includes capital advisory transactions. 1% 421 Transactions > $1B in Value MID-CAP TRANSACTIONS 43,938 Transactions 1% HL Market Share¹ 99% 99% 43,938 Transactions < $1B in Value CY 2023 CY 2023 Room to Grow- The BIG Target Houlihan Lokey | 20#21Corporate Finance Capital Markets We believe we have one of the largest capital markets groups at non-balance-sheet banks, raising capital for both sponsors and corporate clients More than 90 dedicated professionals across 11 offices in five countries as of FYE 2023 Raised $26 billion and advised on an additional ~$9 billion across 250+ transactions over the past two fiscal years¹ . Private Capital Solutions Houlihan Lokey is a market leader in placing bespoke capital in the private markets-from senior debt to equity Access capital when traditional markets / providers are inappropriate or unreceptive Placement of solution-oriented capital for a wide range of financing needs - - High-touch, confidential, targeted process Differentiated investor relationships and access to decision-makers Financing solutions for companies at various stages of the corporate lifecycle - Acquisitions, dividends, refinancings, growth capital and special situations ABLS, secured loans, mezzanine debt, minority and co-investment equity Capital Markets Advisory Independent advisor on bank commitments and equity and debt securities offerings Drive competition to optimize positioning, structure/terms and syndication Evaluate public vs. private market solutions Ability in the US to participate in public / syndicated offerings Act as Bookrunner / Co-Manager on securities offerings and Arranger on leveraged loans Through HL Finance, LLC, a wholly owned subsidiary, provide underwriting commitments through financing agreements with institutional investors 1. Pro forma including GCA. Houlihan Lokey | 21#22Financial Restructuring Deepest bench in the industry with 57 Managing Directors and 310 total finance professionals as of March 31, 2023 A true global player, having dedicated resources in 17 offices worldwide and executed transactions in more than 60 countries since 2000 Extensive experience and flexibility to work on large global restructurings as well as mid-cap restructurings for debtors and creditors With contracting monetary policies and credit market instabilities, global restructuring activity has elevated and is expected to remain robust for the foreseeable future. We have maintained our market share throughout various economic cycles and continue to execute groundbreaking transactions in nearly all industries and geographies Top Global Restructuring Advisor (No. of Deals) 2023 Global Distressed Debt and Bankruptcy Restructuring Rankings By Deal Count Top Global Restructuring Advisor (Deal Value) 2023 Global Distressed Debt and Bankruptcy Restructuring Rankings By Deal Value (in $B) 15 Largest Bankruptcies Advisor in 12 of the 15 Largest Bankruptcies 2000-2023 Houlihan Lokey PJT Partners Rothschild & Co 51 Lazard 37 Evercore Partners 27 ASSETS ($B) Houlihan Lokey 73 $103 Lehman Brothers Holdings Inc. 691 Washington Mutual Inc. 328 WorldCom Inc. 104 General Motors Corporation 91 ...... 64 PJT Partners $95 CIT Group Inc. 80 PG&E Corp. (Pacific Gas) (2019) Enron Corp. 71 66 Lazard $83 Conseco Inc. 61 Energy Future Holdings Corp. 41 MF Global Holdings Ltd. 41 Moelis & Co $59 Chrysler LLC 39 AIG Financial Products Corp. 38 Thornburg Mortgage Inc. 37 Rothchild & Co $48 Pacific Gas & Electric (2004)² 36 Refco Inc. 33 Source: LSEG (formerly Refinitiv), BankruptcyData.com, Debtwire. 1. Houlihan Lokey advised certain creditors of the Washington Mutual Receivership. 2. Houlihan Lokey advised a group of noteholders of Pacific Gas & Electric subsidiary National Energy Group Inc. Houlihan Lokey | 22#23Financial and Valuation Advisory No. 1 Global M&A Fairness Opinion Advisor over the Past 25 Years Over the past 50 years, Houlihan Lokey has established one of the largest worldwide financial and valuation advisory practices with. Intelligence HFM US Services Awards 2023 Winner Best valuations firm for hard to value assets Houlihan Lokey with. Inalcera HFM European Services Awards 2023 Winner Best valuations firm for hard to value assets with. Intelligence Houlhan Lokey HFM Asian Services Awards 2023 Winner Best valuations firm Houlihan Lokey Services Offered Transaction (including Solvency) Opinions Portfolio Valuation and Fund Advisory . Transaction Advisory Services • Buy-side and Sell-side Diligence M&A Tax Advisory • Tax Restructuring • Accounting and Financial Reporting Data Analytics Tech & Cyber Security Corporate Valuation Advisory Services Fund Opinions Dispute Resolution Consulting Diversified Revenue Stream • Significant and growing revenues in massive global addressable markets Diverse, full-cycle service portfolio balanced to mitigate volatility due to changing M&A markets Low client concentration with more than 1,200 unique clients Long-standing, sticky clients with over 50% of our FVA business being recurring in nature Diverse client base, including corporate clients (public and private), financial sponsors, hedge funds, government agencies and entrepreneurially owned companies Operating Philosophy . • Extending the HL brand and reputation as a premium provider and leading advisor in complex matters Strengthening fee mix with larger-cap and public clients using value-added transaction driven services • Rapid growth in number of $1M+ clients Client-centric, providing recurring and transaction-based services through the client's full life cycle Market thought leader with innovative new service offerings (such as our ESG/Sustainability Advisory Services), market indices and analytical tools Realizing above-market revenue growth and margin targets Note: As of December 31, 2023. Houlihan Lokey | 23#24Financial Sponsors Group Houlihan Lokey has one of the largest Financial Sponsors Groups focused on mid and large-cap funds Broad and Deep Financial Sponsor Group HL has 25 senior officers dedicated to the sponsor community in North America and Europe as of FYE 2023 Coverage of 1,000+ private equity firms, 250+ credit funds and 75+ family offices as of FYE 2023 Organized geographically to ensure client coverage proximity Most Active Investment Banks to Global P.E.² 1 Houlihan Lokey 242 2 Lincoln International 192 3 William Blair & Company 118 • 4 The Goldman Sachs Group 108 5 Jefferies Financial Group 108 1. As of March 31, 2023. Source: Preqin. 2. Represents number of transactions closed for the calendar year to date period ended December 31, 2022 Source: PitchBook. Excludes accounting firms and brokers. In-Depth Data on Buyer Behavior Knowledge of and database on financial sponsor preferences and behavior through our relationships and deal flow Collect and analyze comprehensive data on industry, size and general market trends Importance of Our Sponsor Relationships . • Worked on over 2,000 engagements involving sponsors and their portfolio companies in calendar-year 2023 Sold over 750 companies to financial sponsors over the last five years Buyout firms have approximately $910 billion of dry powder¹ Provide financial sponsors access to successful solutions - with coverage officers facilitating two-way information flow between sponsors and Houlihan Lokey Houlihan Lokey | 24#25Private Equity Portfolio Company Inventory Given our strong market share serving the PE community, HL is well positioned to benefit from the growing number of portfolio companies held by private equity. Current Inventory of U.S. Private-Equity-Backed Companies (2013-2023) ■Greater than 5 Years Old Less than 5 Years Old 11,283 10,865 10,386 9,701 9,209 8,760 8,290 7,821 7,526 7,213 6,882 7,378 3,905 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: PitchBook as of December 31, 2023. Houlihan Lokey | 25#26Financial Overview#27Long history of revenue growth through various market cycles Resilient business mix consisting of cyclical and countercyclical elements Leader in each of our three business segments with ample growth opportunities Strong Top-Line Growth & Disciplined Expense $2,270 $1,809 $1,525 $1,365 $1,394 $1,084 $1,159 REVENUES Consistent track record of profitability through market cycles Maintained double-digit adjusted pre-tax margins through downturns in the economy Each business segment is similarly profitable to shareholders Scalable, capital-light model Minimal capital balance sheet requirements Low leverage levels Scalable model that can be further leveraged to support top-line growth 2019 2020 2021 2022 2023 9-mo ended 9/30/2022 9-mo ended 9/30/2023 29.9% 28.4% 24.4% 24.3% 23.7% 23.5% 22.6% ADJUSTED PRE- TAX MARGIN¹ 2019 2020 20212 20222 2023 9-mo ended 9-mo ended 12/31/2022 12/31/2023 $485 $317 $315 $238 ADJUSTED NET INCOME¹ $189 $211 $223 2019 2020 20212 20222 2023 9-mo ended 12/31/2022 9-mo ended 12/31/2023 Note: Fiscal year ended March 31, unless otherwise noted. All dollar amounts in millions. 1. See page 30 for a description and reconciliation to the most directly comparable GAAP measures for relative year-to-date periods for fiscal 2023 and 2022. See page 31 for comparable historical GAAP figures and refer to previously filed earnings releases for historical adjustments. 2. Operated at higher margins as a result of temporarily lower non-compensation expenses as a result of COVID-19. Houlihan Lokey | 27#28REVENUES BY BUSINESS SEGMENT $2,270 13% $1,809 17% 16% $1,525 $1,365 $1,394 12% DO 22% 15% $1,159 16% $1,084 $963 14% 35% 15% 20% 26% 15% 30% 29% 30% 70% 62% 64% 59% 53% 56% 56% 55% Business Segment 2018 Financials 2019 2020 2021 2022 2023 9-mo ended 12/31/2022 9-mo ended 12/31/2023 Corporate Finance ■Financial Restructuring Note: Fiscal year ended March 31. All dollar amounts in millions unless otherwise noted. Financial and Valuation Advisory Houlihan Lokey | 28#29MA Expense, Balance Sheet and Cash Management Operating Expenses • Compensation Given our diversified business model, we are able to maintain a tight compensation ratio through market cycles Non-compensation - We believe our annual non- compensation ratio is among the lowest of our publicly traded peers Balance Sheet Health • We operate with extremely low levels of debt We maintain a revolver of $100 million which has remained largely undrawn We are cash flow positive throughout the year We are focused on maintaining this balance sheet flexibility in order to enable us to be opportunistic, especially regarding acquisition opportunities Shareholder Return We are committed to the following principles: Grow our quarterly dividend as the business grows • Through share repurchases, offset the annual dilution associated with stock granted to employees as part of their compensation • When possible, use cash to make acquisitions that are strategic as well as accretive to shareholders If excess cash accumulates, return it to shareholders in the most efficient manner possible Houlihan Lokey | 29#30(In thousands, except per share data) Revenues Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 $ 511,130 $ 456,499 $ 1,393,948 $ 1,364,680 Reconciliation of GAAP to Adjusted Financials Employee compensation and benefits expenses Employee compensation and benefits expenses (GAAP) Less: Acquisition related retention payments $ 324,039 $ 289,348 $ 884,064 $ (9,694) Employee compensation and benefits expenses (adjusted) 314,345 (8,599) 280,749 (26,786) 857,278 864,942 (25,663) 839,279 Non-compensation expenses Non-compensation expenses (GAAP) 90,551 $ 82,978 $ 249,720 $ 248,624 Less: Acquisition related legal structure reorganization $ (2,603) $ (2,603) (4,259). (5,724) (1,560) 82,129 (10,367) 72,611 (8,275) 233,118 (2,325) (41,756) 204,543 Less: Integration and acquisition related costs. Less: Acquisition amortization Non-compensation expenses (adjusted) Operating income Operating income (GAAP) Plus: Adjustments (1) Operating income (adjusted) Other (income)/expense, net Other (income)/expense, net (GAAP) Less: Warrant revaluation $ 96,540 $ 18,116 114,656 84,173 18,966 103,139 $ 260,164 43,388 303,552 $ 251,114 69,744 320,858 Less: SPAC wind-down write-off Plus/(less): Change in acquisition earnout liability fair value Other (income), net (adjusted) $ (6,035) $ 563 $ (12,336) $ 7,416 (2,264) (2,742) (2,742) 816 (2,841) (6,035) (2,179) (11,520) (431) Provision for income taxes Provision for income taxes (GAAP) 31,772 20,559 Plus: Impact of the excess tax benefit for stock vesting 73,276 7,299 $ 49,135 8,102 Plus: Release of the provision for an uncertain tax position as a result 5,762 of the successful closure of a state audit Less: Non-deductible acquisition related costs (679) (679) Adjusted provision for income taxes 31,093 20,559 79,896 62,999 5,491 5,338 12,516 20,187 36,584 25,897 92,412 83,186 Plus: Resulting tax impact (2) Provision for income taxes (adjusted) Net income Net income (GAAP) Plus: Adjustments (3) Net income (adjusted) $ 70,803 $ 13,304 63,051 16,370 $ 199,224 $ 194,563 23,436 43,540 84,107 79,421 222,660 238,103 Fully diluted shares outstanding Fully diluted shares outstanding (GAAP) Plus: Impact of unvested GCA retention and deferred share awards Fully diluted shares outstanding (adjusted) 67,886,301 968,515 68,854,816 69,725,692 69,725,692 67,896,302 1,148,657 69,044,959 69,453,588 69,453,588 Diluted EPS attributable to Houlihan Lokey, Inc, (GAAP) $ 1.04 $ 0.90 $ 2.93 $ 2.80 Diluted EPS attributable to Houlihan Lokey, Inc, (adjusted) $ 1.22 $ 1.14 $ 3.22 $ 3.43 1. The aggregate of adjustments from employee compensation and benefits and non-compensation expenses. 2. Reflects the tax impact of utilizing the adjusted effective tax rate on the non-tax adjustments identified above. 3. Consists of all adjustments identified above net of the associated tax impact. Houlihan Lokey | 30#31Comparable GAAP vs. Adjusted Financial Figures GAAP Pre-tax Income GAAP Pre-tax Margin $604 $409 22.6% 20.7% $324 20.3% 26.8% 26.6% 17.9% …….th milli $218 $224 $236 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Adjusted Pre-tax Income $264 $282 $244 2018 2019 2020 $434 2021 $680 Adjusted Pre-tax Margin 29.9% 28.4% 25.3% 24.4% 24.3% $428 2022 2023 2018 2019 2020 2021 2022 Note: For fiscal years ended March 31. All dollar amounts in millions unless otherwise noted. 23.7% 2023 Houlihan Lokey | 31#32Comparable GAAP vs. Adjusted Financial Figures (Cont'd) GAAP Pre-tax Margin GAAP Net Income 22.6% 20.7% 20.3% 26.8% 26.6% 17.9% $172 $184 $159 $313 $438 $254 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Adjusted Pre-tax Margin 29.9% 28.4% 25.3% 24.4% 24.3% 2018 2019 2020 2021 23.7% Adjusted Net Income $317 $211 $189 $159 $485 2022 2023 2018 2019 2020 2021 2022 Note: For fiscal years ended March 31. All dollar amounts in millions unless otherwise noted. $315 2023 Houlihan Lokey | 32#33Our Vision We will be recognized globally for providing the finest financial advice and service to our clients and the best place to work for our colleagues Our Mission We help our clients achieve superior outcomes by providing thoughtful, caring advice while acting with honor and integrity. We are strategic in our approach to growth and are committed to creating lasting value for our shareholders. We maintain an intellectually stimulating, fair, and fun place to work. We seek to improve our local and global communities through the responsible and direct actions of our firm and its people#34Houlihan Lokey CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com