Houlihan Lokey Investor Presentation Deck

45 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

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