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Investor Presentaiton

6 Capital light business model with flexible allocation framework Due to our improved earnings profile, we lowered our target leverage range Balance Sheet Principles ■ Maintain a strong balance sheet that can absorb market volatility while having the capacity to invest for growth ■ A long-term target leverage range of 1.5x to 2.5x positions our balance sheet well over a range of economic cycles and strikes the right balance between preserving balance sheet strength and investing for growth ■ We are willing to operate temporarily above or below our target range if conditions warrant ■ At the top end of our target leverage range, we have the capacity to deploy up to ~$3.9B (16) of additional capital ■ We maintain a management target of at least $200 million in Corporate Cash (17)(18) Leverage Ratio(1) Prior Management Target Range 2x-2.75x Updated Management Target Range 2.26x 2.15x 2.16x 1.5x – 2.5x 2.05x 1.39x 1.34x 2018 2019 2020 2021 2022 Q1'23 LPL Financial Member FINRA/SIPC 25 25
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