#1AAA A A Houlihan Lokey INVESTOR PRESENTATION July 2023#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. These adjusted items remove the significant accounting impact of one-time or non-recurring charges associated with the Company's one-time/non-recurring matters, as set forth in the tables at the end this presentation. 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#3Employee DNA Analytically Driven Client Service and Solution Driven Entrepreneurially Motivated Desirous of a Winning Culture Strong Loyalty to the Firm High Integrity ● ● ● Our Culture Firm's DNA Partnership Culture Not a "Star" Culture Consensual Decision-Making 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#4HLI LISTED NYSE Houlihan Lokey Our Product Knowledge and Industry Expertise Deliver Superior Results Key Facts and Figures 1. As of June 30, 2023; excludes Corporate MDs 2. LTM ended June 30, 2023 Product Expertise $ Corporate Finance Financial Restructuring Financial and Valuation Advisory 35 LOCATIONS WORLDWIDE Dedicated Industry Groups 7.1.² f Business Services Consumer, Food and Retail Energy 2,595 GLOBAL EMPLOYEES DE </> Financial Services FinTech Healthcare 326 MANAGING DIRECTORS¹ ^ Industrials Real Estate, Lodging and Leisure REVENUE² Technology $1.8B Houlihan Lokey | 4#5Strong 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. Strong Growth Prospects HL has significant room to grow all three businesses globally. Investment Tenets 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. 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% Fiscal year 2022 experienced record results during extremely bullish market conditions ● ● Adjusted pre-tax income grew at a CAGR of 12% over the same five-year period 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 Adjusted Pre-tax Income¹ $244 2018 $264 2019 $282 2020 $434 2021 $680 2022 $428 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. Revenues $963 15% 30% 55% 2018 $1,084 15% 29% 2019 ■ Corporate Finance 25.3% 56% 2018 24.4% $1,159 2019 14% 30% Adjusted Pre-tax Margin¹ 56% 2020 24.3% $1,525 12% 2020 35% 53% 2021 28.4% $2,270 2022 2023 Financial Restructuring Financial and Valuation Advisory 2021 13% 17% 70% 29.9% $1,809 2022 16% 22% 62% 23.7% 2023 Houlihan Lokey | 6#7Strong Partnership Culture with Experienced Leadership Deep and Experienced Management Team Scott L. Beiser CEO Scott J. Adelson 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. Irwin N. Gold Executive Chairman David A. Preiser Co-President 3 2 Long Tenure Results in Collaborative Culture 4 Tenured Management Team 1 Over 30-year average tenure of Management Team High Retention 12-year average tenure of Managing Directors across all business segments¹ Strong Loyalty More than 63% of Managing Directors reached their respective positions through internal promotions¹ No "Star" Culture No single individual generated more than 2% of revenues2² Houlihan Lokey | 7#8Justin BOAT HOULIHAN LOKEY GIVE-A-DAY Community 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: American Cancer ety TEACHING TEENS PERSONAL DAR Daughters of the American Revolution P Jewish Community Services OF SOUTH FLORIDA ND SCHOO COO RISD AF HUAMERICAN FRIENDS OF THE HEBREW UNIVERSITY THEPEOPLE CONCERN CHILDREN'S BRAIN TUMOR FOUNDATION RESEARCH COMMUNITY-COMPANIO Life's WORC Family Center for Autism A Light as the End of the Spect LEUKEMIA & LYMPHOMA SOCIETY AMERICAN FRIENDS OF ISRAEL SPORT CENTER FOR THE DISABLED ROCKING THE BOAT FATHERS AND HIS CAMPIND CCL наци LOS ANGELES POLICE LAPE FOUNDATION TRAIL BLAZERS CLASSICAL OPERA American Red Cross FEEDING WESTCHESTER Lucy sir ambulance for children Ronald McDonald House New York unicef USA E Covenant House ARISE AFRICA Florence Fuller lopment Centers NAMI National Alliance on Mental illness Uplift NYC OUTWARD BOUND SCHOOLS room to grow Schoolk Family Services I CRISTO REY Big Brothers Big Sisters. LONE STAR GREATER DALLAS NETWORK FUTURES AND OPTIONS The Future is in Your Hands project (SAS) SCHOOL SKI & SNOWBOARD Bombers Big Shoulders Fund. GREATER CHICAGO -FOOD DEPOSITORY. SHELTERING 18 ARMS 25 Children and Family Services Your Family Arts Center DALLAS CHILDREN'S THEATER Prospect Park Alliance ఉగ CAPITAL AREA FOOD BANK. SOLA I CAN read ahead share a page in a child's life Vogel Alcove Greater Miami Jewish Federation Squash Drive Youth Renewal Fund Houlihan Lokey | 8#9● Market Leader in All Three Business Segments Top Global M&A Firm¹ Investment Banks by Number of Global M&A Deals in CY 2022 Top Global Restructuring Firm CY 2022 Global Distressed Debt and Bankruptcy Restructuring Deals Houlihan Lokey Rothschild & Co JP Morgan 217 Lazard 206 Goldman Sachs 203 381 369 No. 1 U.S. M&A Advisor Leading Capital Markets Advisor Houlihan Lokey PJT Partners Lazard Rothschild & Co Moelis & Co 30 29 Source: Refinitiv. 1. Transactions under $1 billion in total deal value. M&A ranking excludes accounting firms and brokers. 25 21 58 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 1,500+ Transactions/Valued Over $3.0 Trillion Top Global Fairness Opinion Firm Global M&A Fairness Advisors: Announced or Completed Deals (CY 1998 to CY 2022) Houlihan Lokey JP Morgan Duff & Phelps Morgan Stanley BofA Securities 1,232 1,030 938 725 710 No. 1 Global M&A Fairness Opinion Advisor Over the Past 25 Years No. 1 U.S. M&A Fairness Opinion Advisor Over the Past 25 Years 1,000+ Annual Engagements Houlihan Lokey | 9#10Market-Leading Advisor Across Industries in the U.S. Business Services Houlihan Lokey Lincoln International Goldman Sachs & Co Robert W Baird & Co Inc William Blair & Co Healthcare² Houlihan Lokey Jefferies LLC Piper Sandler & Co SVB Financial Group Edgemont Partners 21 20 17 17 14 14 13 16 32 18 Consumer, Food, & Retail Houlihan Lokey Goldman Sachs & Co William Blair & Co JP Morgan Lincoln International Robert W Baird & Co Inc Industrials Houlihan Lokey Lincoln International Goldman Sachs & Co Source: Refinitiv. Excludes accounting firms and brokers. Note: Advisory rankings based on total number of U.S. M&A transactions completed in CY 2022. 1. Excludes bank transactions. 2. Transactions under $1 billion in total deal value. Stout Benchmark International Jefferies LLC 13 13 18 17 16 26 26 25 21 25 35 33 Financial Services¹ Houlihan Lokey Goldman Sachs & Co. Piper Sandler & Co JP Morgan MarshBerry & Co Inc Houlihan Lokey Canaccord Genuity Lincoln International William Blair & Co Moelis & Co 15 13 13 18 Technology² 37 37 33 32 26 49 Houlihan Lokey | 10#11Diversified 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 & Government Owned, 20% Client Mix¹ Private Equity & Other Institutional 40% Private Non- Sponsor 40% 1. Based on revenues for the LTM ended June 30, 2023. Energy 6% Consumer, Food, & Retail 13% Business Services 17% Industry Mix¹ Financial Services 14% Other 6% Healthcare 14% Industrials 17% Technology 13% Segment Mix¹ Corporate Finance 61% O Financial and Valuation Advisory 15% Financial Restructuring 24% EMEA 22% Geographic Mix¹ Asia 6% U.S. 72% Houlihan Lokey | 11#12Comprehensive Coverage and Global Scale The Americas Atlanta Baltimore Boston Chicago Dallas Houston Los Angeles Miami Minneapolis New York San Francisco São Paulo Washington, D.C. Europe and Middle East Amsterdam Antwerp Dubai Frankfurt London Madrid Manchester Milan Munich Paris Stockholm Tel Aviv Zurich Asia-Pacific Beijing Nagoya Fukuoka Singapore Gurugram Sydney Hong Kong SAR Tokyo Mumbai Houlihan Lokey | 12#13J J ● . AUTOTO Robust Long-Term Growth Opportunities We will continue to grow our talent pool through: The development and 1 maturation of financial & operational professionals 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 ● Targeted professional hires 2 & increased operational support needs 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 3 Acquisitions and joint ventures Financial and Valuation Advisory Addition of new high-value services and scaling of existing services through targeted senior hires Continued geographic expansion of service portfolio Deepening client relationship focused culture, 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 Houlihan Lokey | 13#1445 Growth 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. History of Growing Managing Director Headcount 2003 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. 62 65 2005 85 88 78 72 75 2007 115 107 100 2009 2011 2013 125 146 2015 165 169 173 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. 2017 190 2019 198 198 2021 289 313 2023 Revenue Per MD¹ $5.7 FY 2018 $5.9 FY 2019 $5.9 FY 2020 $7.7 FY 2021 $7.9 FY 2022 $5.8 FY 2023 Houlihan Lokey | 14#15Organic Growth Strengthened by Strategic Acquisitions AVATAVAYA 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 Houlihan Lokey Joint Venture Expanding Presence in Australia May 2015 fidentiis CAPITAL Spain-Focused Investment Banking Firm November 2019 MESA Media-Focused Investment Banking Firm June 2015 Freeman & Co. Financial Institutions Group-Focused Investment Bank December 2019 2010-Present ● ● ● Debt and Equity Capital Markets Advisory Hedge Fund Coverage Structured Product Valuation Activist Advisory Due Diligence Services McQueen Consumer, Food, and Retail-Focused Investment Banking Firm September 2015 MVP CAPITAL Technology, Media, & Telecom-Focused Investment Bank August 2020 LEONARDO &CO. Continental European Investment Banking Firm November 2015 Baylor Klein Household, Beauty and Personal Care Investment Bank July 2021 ● ● Arranger of Leveraged Loans Transaction Advisory Services Private fundraising for Institutional Clients HL Finance Board Advisory Services p Data and Analytics, Content, Software, and Services Advisory Firm April 2018 GCA Global Technology-Focused Investment Bank October 2021 P BEARTOOTH Private Equity Fundraising Advisory Firm May 2018 Oakley Advisory Telecoms, Technology, Media, & Data-Focused. Advisory Firm February 2023 Houlihan Lokey | 15#16Overview of Business Segments#17HL maintains three primary service lines - Corporate Finance, Financial Restructuring and Financial and Valuation Advisory services. Our business is diversified across clients, services, industries, professionals, and geographies. A Houlihan Lokey Model for Growth and Success Financial and Valuation Advisory Core Services Strengths Managing Directors² 5-Year FY Revenue CAGR LTM June 30, 2023 Revenues/ % of Total LTM June 30, 2023 Revenues per MD³ LTM June 30, 2023 Closed Transactions / Fee Events4 Corporate Finance Mergers/Acquisitions Capital Markets Advisory Private Funds Placement Superior Platform Drives Success in Attractive Mid Cap Market¹ 225 16% $1,090 / 61% $5.0 474 Financial Restructuring Debtor and Creditor Restructuring Distressed M&A Liability Management Global Market Leader 59 6% $440 / 24% $7.7 120 Financial Opinions Valuation Services Transaction Advisory Services High-Margin Provider with Strong Reputation 42 15% $276 / 15% $6.9 2,158 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 June 30, 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 Industry Groups (0)} Business Services m 無 Consumer, Food, and Retail 3 Q + (od C₂) 20 (3) Energy Financial Services FinTech Healthcare Industrials Real Estate, Lodging and Leisure Technology ● Integrated Platform combining Industry Coverage, Product Expertise, and Global Reach 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 Private Funds Advisory The Private Funds Group brings together extensive fundraising and in-house operating experience Houlihan Lokey | 18#19Corporate Finance The Global #1 Advisor V 1 No. 1 Global M&A Advisor Under $1B1 No. 1 Global Advisor to Private Equity² No. 1 US M&A Advisor³ Leading Capital Markets Advisor EEEEEEE 1. 2. Source: PitchBook.com. 3. Source: Refinitiv. Source: Refinitiv. Excludes accounting firms and brokers. ● Houlihan Lokey's Corporate Finance group closes more deals than any other firm anywhere in the world Market-Leading Advisor Across Industries 2022 M&A Advisory Rankings All Global Business Services Transa 1 2 3 4 2022 M&A Advisory Rankings Adv All U.S. Consumer, Food & Retail Ho Transact Advis Ro Lin 1 Go 2 3 5 GO Source: Ref 4 LO 5 2020-2022 M&A Advisory Rankings All U.S. Energy & Power Transactions Adv Hou Gol 1 Will 2 JP N 3 Lind 4 Refini 5 JP Source: Refin 2022 M&A Advisory Rankings Ho Global Healthcare Transactions Under $1 Billion I Jef Ev Cit 123 45 A 2022 M&A Advisory Rankings All U.S. Industrials Transactions Advis HRK 50 Je 1 2 2022 M&A Advisory Rankings Ho All Global Technology Transactions Advisor JA Lind 3 Gol 1 G Source: R 3 Sto 2 5 Ben 3 Source: Refind 4 Houlihan Lokey Goldman Sachs & Co Morgan Stanley Rothschild & Co 5 JP Morgan Source: Refinitiv. Excludes accounting firms and brokers. Deals 116 106 79 76 75 Houlihan Lokey | 19#20Corporate Finance Mergers & Acquisitions I 43,307 Transactions Source: Refinitiv. 1. Includes capital advisory transactions. GLOBAL CLOSED M&A TRANSACTIONS CY 2022 1% 99% Our Corporate Finance business is a leader in the Global mid-cap space, which represented approximately 99% of M&A volume in CY 2022 CY 2022 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 2022 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 595 Transactions > $1B in Value 42,712 Transactions < $1B in Value MID-CAP TRANSACTIONS 42,712 Transactions 1% 99% CY 2022 HL Market Share¹ 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. 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 1. Pro forma including GCA. Acquisitions, dividends, refinancings, growth capital and special situations ABLs, secured loans, mezzanine debt, minority and co-investment equity Raised $26 billion and advised on an additional ~$9 billion across 250+ transactions over the past two fiscal years.¹ 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 Houlihan Lokey | 21#22Financial Restructuring Top Global Restructuring Advisor (No. of Deals) 2022 Global Distressed Debt and Bankruptcy Restructuring Rankings By Deal Count Houlihan Lokey PJT Partners Lazard Rothschild & Co Moelis & Co 30 21 29 25 58 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 18 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 (Deal Value) 2022 Global Distressed Debt and Bankruptcy Restructuring Rankings By Deal Value (in $B) Houlihan Lokey Moelis & Co Source: 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. PJT Partners Lazard Perella Weinberg $74 $163 $148 $192 $142 15 Largest Bankruptcies Advisor in 12 of the 15 Largest Bankruptcies 2000-2022 Lehman Brothers Holdings Inc. Washington Mutual Inc.¹ WorldCom Inc. General Motors Corporation CIT Group Inc. PG&E Corp. (Pacific Gas) (2019) Enron Corp. Conseco Inc. Energy Future Holdings Corp. MF Global Holdings Ltd. Chrysler LLC AIG Financial Products Corp. Thornburg Mortgage Inc. Pacific Gas & Electric (2004)² Refco Inc. ASSETS ($B) 691 328 104 91 80 71 66 61 41 41 39 38 37 36 33 Houlihan Lokey | 22#23Financial and Valuation Advisory with. melunce HFM US Services Awards 2022 Winner Best valuations firm for hard to value assets Houlihan Lokey with. alma HFM Asian Services Awards 2022 Winner Best valuations firm Houlihan Lokey with. HFM European Services Awards 2022 Winner Best valuations firm for hard to value assets Houlihan Lokey Note: As of December 31, 2022. Services Offered ● ● ● Transaction and Solvency Opinions Portfolio Valuation and Fund Advisory Transaction Advisory Services ● ● ● ● ● Data Analytics Tech & Cyber Security Corporate Valuation Advisory Services ● Buy-side and Sell-side Diligence M&A Tax Advisory Tax Restructuring Accounting and Financial Reporting No. 1 Global M&A Fairness Opinion Advisor over the Past 25 Years Fund Opinions Dispute Resolution Consulting Diversified Revenue Stream Significant and growing revenues in diverse, 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, financial sponsors, hedge funds, government agencies and entrepreneurially owned companies Over the past 50 years, Houlihan Lokey has established one of the largest worldwide financial and valuation advisory practices 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 centered, providing recurring and transaction-based services through the client's full life cycle ● Market thought leader with innovative new service offerings, market indices and analytical tools Realizing above-market revenue growth and margin targets Houlihan Lokey | 23#24Financial Sponsors Group Houlihan Lokey has one of the largest Financial Sponsors Groups focused on mid and large-cap funds. Most Active Investment Banks to Global P.E.² 1 2 3 4 4 Houlihan Lokey Lincoln International William Blair & Company The Goldman Sachs Group Jefferies Financial Group 242 192 118 108 108 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. 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 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 2022 Sold over 700 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#25086 Financial Overview#26Long history of revenues 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 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 Strong Top-Line Growth & Disciplined Expense REVENUES ADJUSTED PRE- TAX MARGIN¹ ADJUSTED NET INCOME¹ $1,084 2019 24.4% 2019 $189 2019 $1,159 2020 24.3% 2020 $211 2020 $1,525 2021 28.4% 2021² $317 2021² $2,270 2022 29.9% 2022² $485 2022² $1,809 2023 23.7% 2023 $315 2023 $419 3-mo ended 6/30/2022 24.2% 3-mo ended 6/30/2022 $76 3-mo ended 6/30/2022 Note: Fiscal year ended March 31, unless otherwise noted. All dollar amounts in millions. 1. See page 29 for a description and reconciliation to the most directly comparable GAAP measures for the three months ended June 30, 2023 and 2022. See page 30 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. $416 3-mo ended 6/30/2023 21.0% 3-mo ended 6/30/2023 $62 3-mo ended 6/30/2023 Houlihan Lokey | 26#27Business Segment Financials $963 15% 30% 55% 2018 $1,084 15% 29% 56% 2019 ■ Corporate Finance REVENUES BY BUSINESS SEGMENT $1,159 14% 30% 56% 2020 $1,525 12% 35% 53% 2021 $2,270 ■ Financial Restructuring 13% 17% 70% 2022 Note: Fiscal year ended March 31. All dollar amounts in millions unless otherwise noted. $1,809 16% 22% 62% $419 18% 19% 63% 2023 3-mo ended 6/30/2022 Financial and Valuation Advisory $416 16% 30% 54% 3-mo ended 6/30/2023 Houlihan Lokey | 27#28Expense, 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 | 28#29Reconciliation of GAAP to Adjusted Financials (In thousands, except per share data) Revenues Employee compensation and benefits expenses Employee compensation and benefits expenses (GAAP) Less: Acquisition related retention payments Employee compensation and benefits expenses (adjusted) Non-compensation expenses Non-compensation expenses (GAAP) 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 Other (income)/expense, net (adjusted) Provision for Income Taxes Provision for income taxes (GAAP) Plus: Impact of the excess tax benefit for stock vesting Plus: Release of the provision for an uncertain tax position as a result of the successful closure of a state audit Adjusted provision for income taxes Plus: Resulting tax impact (2) Provision for income taxes (adjusted) Net income Net income (GAAP) Plus: Adjustments (3) Net income (adjusted) Fully diluted shares outstanding Fully diluted shares outstanding (GAAP) Plus: Unvested GCA retention and deferred share awards Fully diluted shares outstanding (adjusted) Diluted EPS attributeable to Houlihan Lokey, Inc, (GAAP) Diluted EPS attributeable to Houlihan Lokey, Inc, (adjusted) $ $ $ $ $ $ $ $ $ Three Months Ended June 30, 2023 2022 415,829 $ 263,483 $ (7,750) 255,733 78,999 (3,355) 75,644 73,347 11,105 84,452 (3,005) (3,005) 14,962 7,299 22,261 3,238 25,499 61,390 569 61,959 68,000,392 1,472,899 69,473,291 $ $ $ $ $ 0.90 $ 0.89 $ 418,644 265,735 (8,268) 257,467 75,339 (15,765) 59,574 77,570 24,033 101,603 1,749 (1,250) 499 5,039 8,102 5,762 18,903 6,302 25,205 70,782 5,117 75,899 68,828,246 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. 68,828,246 1.03 1.10 Houlihan Lokey | 29#30Comparable GAAP vs. Adjusted Financial Figures GAAP Pre-tax Income $218 2018 $224 2019 $244 $236 Adjusted Pre-tax Income 2020 $264 $409 2021 $604 2022 $680 $339 2023 $428 GAAP Pre-tax Margin 2023 22.6% 2018 20.7% 25.3% 2019 2018 Adjusted Pre-tax Margin 20.3% 24.4% 2020 2019 28.4% 24.3% $434 ..... ... $282 2018 2019 2020 2021 2022 Note: For fiscal years ended March 31. All dollar amounts in millions unless otherwise noted. 26.8% 2020 2021 26.6% 2021 2022 29.9% 18.7% 2022 2023 23.7% 2023 Houlihan Lokey | 30#31Comparable GAAP vs. Adjusted Financial Figures (Cont'd) GAAP Pre-tax Margin 22.6% 26.8% $313 20.3% $184 ...... ..... $159 2020 2021 2020 2018 25.3% 20.7% Adjusted Pre-tax Margin 2018 2019 24.4% 2019 24.3% 2020 28.4% 2021 26.6% 2022 29.9% 2022 Note: For fiscal years ended March 31. All dollar amounts in millions unless otherwise noted. 18.7% 2023 23.7% GAAP Net Income 2023 $172 2018 Adjusted Net Income $159 2019 2018 $189 2019 $211 2020 2021 $317 $438 2021 2022 $485 2022 $263 2023 $315 2023 Houlihan Lokey | 31#32Our 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.#33Houlihan Lokey CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com