#1Houlihan Lokey INVESTOR PRESENTATION May 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, 2022, 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 of 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#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 Key Facts and Figures YEARS 50 1972-2022 1. As of March 31, 2023; excludes Corporate MDS 2. LTM ended March 31, 2023 {M} Corporate Finance Financial Restructuring Financial and Valuation Advisory E HLI LISTED NYSE 36 LOCATIONS WORLDWIDE Business Services Equity Capital Markets Healthcare Consumer, Food N and Retail Financial Services /I\ Debt Advisory 寶 Energy </> Financial Sponsors Coverage FinTech Industrials 合 Real Estate, Lodging and Leisure wwwww Technology 2,610 GLOBAL EMPLOYEES 313 MANAGING DIRECTORS¹ $1.8B REVENUES² 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 HLI is diversified across clients, industries, geographies, transactions and bankers. Strong Growth Prospects HLI 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 pretax 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 Management Team Scott L. Beiser CEO Irwin N. Gold Executive Chairman 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. 3 2 1 Long Tenure Results in Collaborative Culture Tenured Management Team Over 30-year average tenure of Management Team High Banker 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 4 No single individual generated more than 2% of revenues² Houlihan Lokey | 7#8Community Involvement HLI has a matching charitable contribution program for active employees that 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 Cents ADINANCE TEACHING TEENS PERSONAL CHILDREN'S BRAIN TUMOR FOUNDATION American Red Cross ARISE AFRICA 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 2022 Top Global Restructuring Firm CY 2022 Global Distressed Debt and Bankruptcy Restructuring Deals Top Global Fairness Opinion Firm Global M&A Fairness Advisors: Announced or Completed Deals (CY 1998 to CY 2022) Houlihan Lokey 381 Houlihan Lokey 58 Rothschild & Co 369 PJT Partners 30 JP Morgan 217 Houlihan Lokey 1,232 JP Morgan 1,030 Lazard 29 Duff & Phelps 938 Lazard 206 Rothschild & Co 25 Morgan Stanley 725 Goldman Sachs 203 Moelis & Co 21 Bank of America 710 • No. 1 U.S. M&A Advisor Leading Capital Markets Advisor Source: Refinitiv. M&A rankings exclude accounting firms and brokers. 1. Transactions under $1 billion in total deal value. 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 No. 1 Global M&A Fairness Opinion Advisor Over the Past 25 Years No. 1 M&A Fairness Opinion Advisor in the U.S. Over the Past 25 Years 1,000+ Annual Engagements Houlihan Lokey | 9#10Market Leading Advisor Across Industries Consumer, Food, & Retail Business Services Houlihan Lokey Lincoln International 21 Financial Services¹ 32 Houlihan Lokey 21 Houlihan Lokey Goldman Sachs & Co 18 Goldman Sachs & Co. 18 Goldman Sachs & Co 20 William Blair & Co 17 Piper Sandler & Co 15 Robert W Baird & Co Inc 17 JP Morgan 16 JP Morgan 13 William Blair & Co 17 Lincoln International 13 MarshBerry & Co Inc 13 Healthcare² Houlihan Lokey Jefferies LLC Piper Sandler & Co 14 SVB Financial Group 14 Edgemont Partners 13 16 18 Industrials Houlihan Lokey Lincoln International Goldman Sachs & Co 26 Technology² 35 Houlihan Lokey 33 Canaccord Genuity 37 Lincoln International 37 Stout 26 William Blair & Co 33 Benchmark International 25 Moelis & Co 32 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. 26 49 Houlihan Lokey 10#11• Diversified Across Geography, Client, Industry, Banker 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 banker was responsible for more than 2% of our revenues No single employee shareholder owns more than 2% of shares outstanding Public Companies & Government Owned, 17% Private Non- Sponsor 43% Client Mix¹ Private Equity & Other Institutional 40% 1. Based on revenues for the LTM ended March 31, 2023. Consumer, Food, & Retail 13% Industry Mix¹ Financial Institutions 15% Energy 6% Healthcare 13% Corporate Finance 62% Business Services 17% Technology Other 15% 4% Industrials 17% Segment Mix¹ Geographic Mix¹ U.S. 71% EMEA 23% Financial Valuation & Advisory 16% Financial Restructuring Asia 6% 22% Houlihan Lokey | 11#12Comprehensive Coverage and Global Scale The Americas Europe and Middle East Asia-Pacific Atlanta Miami Amsterdam Milan Beijing Nagoya Baltimore Minneapolis Antwerp Munich Fukuoka Shanghai Boston Chicago Dallas Houston New York Dubai Paris Gurugram Singapore San Francisco Frankfurt Stockholm São Paulo London Tel Aviv Hong Kong SAR Sydney Mumbai Tokyo Washington, D.C. Madrid Zurich Los Angeles Manchester Houlihan Lokey | 12#13. Robust Long-Term Growth Opportunities We will continue to grow our talent pool through: The development and 1maturation of bankers & operational professionals 2 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 • Continued geographic expansion of service portfolio Deepening client relationship focused culture, supported by a complete life-cycle of services Increasingly complex and ever-changing regulatory reporting, valuation and tax environments Balanced portfolio mix of market hedged services 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 Houlihan Lokey Joint Venture Expanding Presence in Australia May 2015 Media-Focused Investment Banking Firm June 2015 2010-Present . • Debt and Equity Capital Markets Advisory Hedge Fund Coverage Structured Product Valuation Activist Advisory Arranger of Leveraged Loans Transaction Advisory Services Private fundraising for Institutional Clients HL Finance Due Diligence Services McQueen Consumer, Food, and Retail-Focused Investment Banking Firm September 2015 LEONARDO &CO. Continental European Investment Banking Firm November 2015 Data and Analytics, Content, Software, and Services Advisory Firm April 2018 BEARTOOTH 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 Houlihan Lokey | 15#16Overview of Business Segments#17HL maintains three primary service lines - Corporate Finance, Financial Restructuring and Financial and Valuation Services. A Houlihan Lokey Model for Growth and Success Core Services Strengths Managing Directors² Corporate Finance Mergers/Acquisitions Capital Markets Advisory Private Funds Placement Financial Restructuring Debtor and Creditor Restructuring Distressed M&A Liability Management Financial and Valuation Advisory Financial Opinions Valuation Services Transaction Advisory Services Superior Platform Drives Success in Attractive Mid Cap Market¹ Global Market Leader High-Margin Provider with Strong Reputation 217 57 39 5-Year FY Revenue CAGR 16% 6% 15% LTM March 31, 2023 Revenues/% of Total $1,127 / 62% $396 / 22% $287 / 16% Our business is diversified across clients, services, industries, bankers, and geographies. LTM March 31, 2023 Revenues per MD3 LTM March 31, 2023 $5.2 Closed Transactions / Fee Events4 503 $7.1 106 $7.2 2,257 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 March 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, & 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 & Leisure Technology 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 No. 1 Global M&A Advisor Under $1B No. 1 Global Advisor to Private Equity No. 1 US M&A Advisor Leading Capital Markets Advisor 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 2022 M&A Advisory Rankings Ad All U.S. Consumer, Food & Retail Advis Ho 1 Ho Transact 2 Ro 3 Lin 4 Gd 5 GO 12 3 4 Source: Ref 4 2020-2022 M&A Advisory Rankings All U.S. Energy & Power Transactions Gold 1 Will JP N 5 Lind 123 4 Adv 2022 M&A Advisory Rankings Ho Global Healthcare Transactions Under $1 Billion A 2022 M&A Advisory Rankings Source: Refini Jef Ev All U.S. Industrials Transactions 1 H Cit Advis 2 R 5 JP Source: Refin 3 4 Je JA 123 = 2022 M&A Advisory Rankings How All Global Technology Transactions Lind Advisor Deals Gol 1 5 G Houlihan Lokey 116 Source: R 3 5 Sto 2 Ben 3 Goldman Sachs & Co 106 Morgan Stanley 79 Source: Refin 4 Rothschild & Co 76 5 JP Morgan 75 Source: Refinitiv. Excludes accounting firms and brokers. 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 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 HLI'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 2022 43,307 Transactions Source: Refinitiv. 1. Includes capital advisory transactions. 1% 595 Transactions > $1B in Value MID-CAP TRANSACTIONS 42,712 Transactions 1% HLI Market Share¹ 99% 42,712 Transactions 99% < $1B in Value CY 2022 CY 2022 Room to Grow- The BIG Target Houlihan Lokey | 20#21Corporate Finance Capital Markets We believe we are 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 years.1 . 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 though 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 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 (No. of Deals) 2022 Global Distressed Debt and Bankruptcy Restructuring Rankings By Deal Count Top Global Restructuring Advisor (Deal Value) 2022 Global Distressed Debt and Bankruptcy Restructuring Rankings By Deal Value (in $B) 15 Largest Bankruptcies Advisor in 12 of the 15 Largest Bankruptcies 2000-2022 ASSETS ($B) Houlihan Lokey 58 Houlihan Lokey $192 Lehman Brothers Holdings Inc. 691 Washington Mutual Inc. WorldCom Inc. 328 104 PJT Partners 30 General Motors Corporation 91 30 Moelis & Co $163 CIT Group Inc. 80 PG&E Corp. (Pacific Gas) Enron Corp. 71 66 Lazard 29 PJT Partners $148 Conseco Inc. 61 Energy Future Holdings Corp. 41 MF Global Holdings Ltd. 41 Rothschild & Co 25 25 Lazard $142 Chrysler LLC 39 Moelis & Co 21 Perella Weinberg $74 AIG Financial Products Corp. Thornburg Mortgage Inc. Pacific Gas & Electric (2004) Refco Inc. 38 37 36 33 Source: Refinitiv, BankruptcyData.com, Debtwire. Houlihan Lokey | 22#23Financial and Valuation Advisory No. 1 Global M&A Fairness Opinion Advisor over the Past 25 Years Over the past 40 years, Houlihan Lokey has established one of the largest worldwide financial and valuation advisory practices with. melice HFM US Services Awards 2022 Winner Best valuations firm for hard to value assets Houlihan Lokey with. HFM Asian Services Awards 2022 Winner Services Offered . • Transaction and 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 • Best valuations firm Reporting Houlihan Lokey • Data Analytics • Tech & Cyber Security with. HFM European Services Awards 2022 Winner Best valuations firm for hard to value assets Houlihan Lokey • Corporate Valuation Advisory Services 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 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 Note: As of December 31, 2022. 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 4 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 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#25Financial 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 Strong Top-Line Growth & Disciplined Expense $2,270 $1,809 $1,525 $1,159 $1,084 $963 REVENUES Consistent track record of profitability through market cycles Maintained double digit adj. pre-tax margins through downturns in the economy Each business segment is similarly profitable to shareholders 2018 2019 2020 2021 2022 2023 28.4% 29.9% 25.3% 24.4% 24.3% 23.7% ADJUSTED PRE- TAX MARGIN¹ 2018 2019 2020 20212 20222 2023 Scalable, capital-light model Minimal capital balance sheet requirements Low leverage levels Scalable model that can be further leveraged to support top-line growth $485 $317 $315 ADJUSTED NET INCOME¹ $189 $211 $158 2018 2019 2020 20212 20222 2023 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 year ended March 31, 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. Houlihan Lokey | 26#27REVENUES BY BUSINESS SEGMENT $2,270 13% $1,809 17% $1,525 16% 12% DO 22% $1,159 $1,084 $963 14% 35% 15% 15% 30% 29% 30% 70% 62% Business Segment 53% 56% 56% 55% Financials 2018 2019 2020 Corporate Finance Financial Restructuring Note: Fiscal year ended March 31. All dollar amounts in millions unless otherwise noted. 2021 2022 Financial and Valuation Advisory 2023 Houlihan Lokey | 27#28MA 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 | 28#29(In thousands, except per share data) Revenues Three Months Ended March 31, Twelve Months Ended March 31, 2023 2022 2023 2022 444,767 $ 471,166 S 1,809,447 $ 2,269,958 Reconciliation of GAAP to Adjusted Financials Employee compensation and benefits expenses Employee compensation and benefits expenses (GAAP) Less: Acquisition related retention payments 282.937 $ (9,407) Employee compensation and benefits expenses (adjusted) 273,530 293,580 (3,812) 289,768 $ 1,147,879 $ (35,070) 1,408,634 (12,609) 1,112,809 1,396,025 Non-compensation expenses Non-compensation expenses (GAAP) 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 lincome)/expense, net Other (income)/expense, net (GAAP) Less: Warrant revaluation Less: SPAC wind-down write-off Plus/(less): Change in acquisition earnout liability fair value Other (income)/expense, net (adjusted) Provision for Income Taxes Provision for income taxes (GAAP) $ 71,206 $ 78,977 $ 319,830 $ 248,460 (3,793) (2,325) (21,598) (3,215) 67,991 (15,807) (44,971) (33,937) 59,377 272,534 192,925 $ 90,624 12,622 $ 98,609 $ 23,412 103,246 122,021 341,738 82,366 424,104 $ 612,864 68,144 681,008 $ (4,678) $ 7,921 $ 2,738 $ 8,926 (2,264) (2,742) 738 (3,940) (7,613) 308 (2,103). (4,371) (7,613) 1,313 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 Plus: Release of valuation allowance Adjusted provision for income taxes (2) Plus: Resulting tax impact Provision for income taxes (adjusted) Net income Net income (GAAP) Plus: Adjustments (3) Net income (adjusted) Net income attributable to noncontrolling interest Net income attributable to Houlihan Lokey, Inc. (GAAP) Net income attributable to Houlihan Lokey, Inc. (adjusted) Fully diluted shares outstanding 20,642 $ 25,515 $ 69,777 8,102 $ 165,614 6,922 5,762 5,881 5,881 26,523 3,441 29,964 25,515 8,496 89,522 172,536 23,628 21,644 34,011 113,150 194,180 $ 74,660 $ 65,173 S 269,223 $ 438,324 2,562 22,529 77,222 87,702 46,102 315,325 47,191 485,515 (573) 74,660 65,173 269,223 437,751 77,222 87,702 315,325 484,942 Fully diluted shares outstanding (GAAP) Plus: Unvested GCA retention and deferred share awards Fully diluted shares outstanding (adjusted) 68,107,465 1,591,157 69,698,622 67,461,779 67,461,779 67,586,263 1,927,786 69,514,049 68,259,708 68,259,708 Diluted EPS attributeable to Houlihan Lokey, Inc, (GAAP) 1.10 Diluted EPS attributeable to Houlihan Lokey, Inc, (adjusted) $ 1.11 $ $ 0.97 $ 3.98 $ 6.41 1.30 $ 4.54 $ 7.10 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 | 29#30Comparable GAAP vs. Adjusted Financial Figures GAAP Pre-tax Income GAAP Pre-tax Margin $604 $409 22.6% 20.7% $339 20.3% 26.8% 26.6% 18.7% …….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 | 30#31Comparable GAAP vs. Adjusted Financial Figures (Cont'd) GAAP Pre-tax Margin GAAP Net Income 22.6% 20.7% 20.3% 26.8% 26.6% 18.7% $172 $184 $159 $313 $438 $263 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Adjusted Pre-tax Margin Adjusted Net Income 25.3% 29.9% 28.4% 24.4% 24.3% 23.7% $317 $485 $315 mıllı ...ılı 2018 2019 2020 2021 $211 $189 $159 2022 2023 2018 2019 2020 2021 2022 Note: For fiscal years ended March 31. All dollar amounts in millions unless otherwise noted. 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