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Investor Presentation O C T O B E R 2017 Disclaimer Forward-Looking Information This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation may be

  1. Investor Presentation O C T O B E R 2017

  2. Disclaimer 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” “continue” or 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, 2017, as amended, 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. 2

  3. Our Culture  Analytically Driven  Client Service and Solution Driven Employee DNA  Entrepreneurial  Desirous of a Winning Home  Partnership Culture  Not a “Star” Culture Firm’s DNA  Consensual Decision Making  Measured Risk Taking Ownership  Broad-Based, Long-Term Employee Ownership and Controls  Sophisticated Corporate Procedures and Financial Systems 3

  4. A Leading Independent Global Investment Bank Expertise Global Integrated Platform Growth Mergers & Acquisitions Seamlessly Combining 2013 – 2017 Capital Markets Advisory Product and Industry Expertise Revenue CAGR 1 of 14% Financial Restructuring worldwide Unadjusted 2 Net Income CAGR 1 of 16% Financial Advisory Services Adjusted Net Income CAGR 1 of 21% Strategic Consulting 1972 1,000+ 24 Locations Worldwide ³ Established Clients ServedAnnually 174 884 Managing Directors ⁴ Total Financial Professionals ⁴ 1 CAGR based on the fiscal year ended March 31. 2. Unadjusted based on historical unaudited financials, not adjusted for any one-time, non-recurring items. 3 As of September 30, 2017; locations include three joint venture offices. 4 4. As of September 30, 2017; Managing Directors excludes Corporate Managing Directors, and MDs at joint ventures.

  5. Principal Investment Highlights  Strong Track Record of Growth and Profitability  Low Revenue and Earnings Volatility Through Economic Cycles  High Quality Earnings  Long-Tenured Management Team  Differentiated, Cyclically Balanced Business Model  Strong Sector Fundamentals for Independent Advisors 5

  6. Our Three Primary Business Segments Our business is diversified across clients, services, industries and geographies, as well as cyclically balanced, allowing us to succeed in both bull and bear markets. Corporate Financial Financial Finance Restructuring Advisory Services Financial Opinions M&A Out-of-Court and Formal Valuation Services Services Capital Markets Advisory Bankruptcy / Insolvency Financial Consulting Illiquid FinancialAssets Proceedings Services Superior Platform Drives Global Market Leader High-Margin Provider Success in AttractiveMid- Strengths with Strong Reputation with Strong Reputation Cap Market 1 Managing 94 40 40 Directors 2 LTM 09/30/17 Revenue/ $508 / 53% $317 / 33% $140 / 14% % of Total LTM 09/30/17 Revenue $5.5 $7.6 $3.8 per MD ³ LTM 09/30/17 Transactions 228 85 1,323 Closed / Fee Events Note: All dollar amounts in millions unless otherwise noted. Figures may not tie due to rounding. 1. Defined as transactions $1 billion or less invalue. 2. As of September 30, 2017; Managing Directors excludes Corporate Managing Directors, and MDs at joint ventures. 6 3. Based on average of beginning-of-period and end-of-period MD count.

  7. Diversified Revenue Base  More than 1,000 clients served annually Balanced Client Mix 1  For FY 2017: Public Private Equity Companies &  No single transaction fee represented more than 2% of our & Other Government Institutional revenues Owned 29% 22%  No individual banker was responsible for more than 3% of our revenues  No single employee shareholder owns more than 3% of Hedge Funds shares outstanding 10%  Together, our CF and FR businesses provide a natural hedge Private Non- Sponsor 39% Diversified Industry Mix 1 Diversified Product Mix 1 Real Estate, Lodging and Industrials Leisure 24% 3% Healthcare Financial 7% Restructuring 33% Services Group Financial 11% Institutions 17% Corporate Finance 53% Consumer, Food & Financial Advisory Retail Services 15% 14% Energy Technology, 13% Media, & Telecom 10% 7 1 Based on revenues for the LTM ended September 30, 2017.

  8. Market Leader in All Three Business Segments Top U.S. M&AAdvisor Top Global Restructuring Advisor Top Global Fairness Opinion Advisor CY 2016 Financial Advisors by Number CY 2016 Global Distressed Debt & Bankruptcy U.S. M&A Fairness Advisors: Announced or of U.S. M&A Deals Restructuring Deals Completed Deals (CY 2002 to CY 2016) Houlihan Houlihan Houlihan 637 179 71 Lokey Lokey Lokey Duff & JP Rothschild 47 489 150 Phelps Morgan JP Goldman Moelis 142 38 471 Morgan Sachs Morgan Lazard 36 Stifel/KBW 357 132 Stanley PJT Goldman 31 333 Barclays 105 Sachs Partners #1 U.S. M&A Advisor #1 Global Restructuring Advisor #1 Global M&A Fairness Opinion Advisor Top 10 Global M&A Advisor Advised on 12 of the 15 Largest U.S. #1 M&A Fairness Opinion Advisor Bankruptcies Since 2000 in the U.S. Over the Past 12 Years Leading Capital Markets Advisor 1,000+ Transactions / Valued Over $1.5 1,000+ Annual Valuation Engagements Trillion We invest in areas where we believe we can excel 8 Source: Thomson Reuters.

  9. Organic Growth Strengthened by Strategic Acquisitions Technology and IP Continental European Consumer, Food & Retail Media-Focused Joint Venture Expanding Financial Advisory Firm Investment Banking Firm Focused Investment Investment Banking Firm Presence in Australia Banking Firm January 2017 November 2015 September 2015 June 2015 May 2015 Adds Strategic Technology-Focused Specialty Finance Consulting Capabilities to Investment Bank Focused Investment C-Suite Relationships Bank 2010-Present January 2015 March 2014 December 2012  Debt & Equity Capital Markets Advisory 2000-2009  Hedge Fund Coverage  Private Equity Adds Capabilities in Strategic Partnership  Structured Product Valuation of Complex, Expanding Presence in Coverage Illiquid Securities India and Singapore Valuation 1990-1999  Distressed M&A August 2010 July 2010  Private Growth Equity  Industry Specialization  Industry Build-Out Capital & Expansion  Derivative Security  Illiquid Financial Assets 1980-1989 Valuations  Secondary Advisory Intermediation Services  Corporate Finance  Sovereign Debt  Activist Advisory Restructuring  Tax & Financial  Financial Restructuring  Due Diligence Services 1972-1979 Reporting Valuations  Fairness & Capital  Strategic Consulting  Business Valuations Adequacy Opinions  Portfolio Valuations  IP Valuation and  Tax Valuations Monetization Advisory  ESOP Valuations 9

  10. Comprehensive Coverage and Global Scale 1,223 24 Global Global Employees 1 Locations 1 415 Corporate Finance 21 Houlihan Lokey Offices 2010-Present 205 Financial Restructuring 3 Joint Venture Offices  Mumbai 263 Financial Advisory Services  Singapore 340 Corporate & Administrative  Miami 2000-2009  Madrid  London  Sydney  Paris  Amsterdam 1990-1999  Frankfurt  Milan  Hong Kong  Atlanta  Rome  Tokyo  Minneapolis  Houston  Beijing 1980-1989  Washington D.C.  Dubai  San Francisco  Dallas  Chicago 1972-1979  New York  Los Angeles 10 1 As of September 30, 2017.


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