Houlihan Lokey Investor Presentation Deck

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

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