Houlihan Lokey : January 2023 Investor Presentation

INVESTOR PRESENTATION

January 2023

Disclaimers

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.

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Our Culture

Employee DNA

• Analytically Driven
• Client Service and Solution Driven
• Entrepreneurially Motivated
• Desirous of a Winning Culture
• Strong Loyalty to the Firm
• High Integrity

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

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SUMMARY STATISTICS

1972

ESTABLISHED

35

LOCATIONS

WORLDWIDE1

2,561

GLOBAL

EMPLOYEES1

309

MANAGING DIRECTORS1,2

800+

EMPLOYEE

SHAREHOLDERS1

34 YRS

AVG. TENURE OF

MANAGEMENT

TEAM

$1.8B

REVENUES3

2,000+

CLIENTS SERVED

ANNUALLY

1. As of December 31, 2022
2. Excludes Corporate MDs.
3. LTM ended December 31, 2022.

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Investment 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.

Strong Growth Prospects

HLI has significant room to grow all three businesses globally.

Long-Tenured Management Team

The average tenure of our executive leadership team is 34 years.

High Quality, Diversified Revenues

HLI is diversified across clients, industries, geographies, transactions and bankers.

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.

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