Investor Presentation M A Y 2 0 1 8 Disclaimer Forward-Looking - PowerPoint PPT Presentation

Investor Presentation M A Y 2 0 1 8

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” 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, 2018, 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

Our Culture  Analytically Driven  Client Service and Solution Driven  Entrepreneurially Motivated Employee DNA  Desirous of a Winning Culture  Strong Loyalty to the Firm  High Integrity  Partnership Culture  Not a “Star” Culture Firm’s DNA  Consensual Decision Making  Measured Risk Taking  Broad-Based, Long-Term Employee Ownership  Sophisticated Corporate Procedures and Financial Systems Ownership and Controls  NYSE Listed  Blue Chip Institutional Ownership 3

A Leading Independent Global Investment Bank Expertise Global Integrated Platform Growth Mergers & Acquisitions Seamlessly Combining 2013–2018 Revenue CAGR 1 of 13% Capital Markets Advisory Product and Industry Expertise Unadjusted 2 Net Income CAGR 1 of 24% Financial Restructuring worldwide Adjusted Net Income CAGR 1 of 22% Financial Advisory Services Strategic Consulting 1972 1,000+ 22 Established Clients Served Annually Locations Worldwide ³ 169 884 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 March 31, 2018; locations include one joint venture office. 4 4. As of March 31, 2018; excludes Corporate Managing Directors and MDs at joint ventures.

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  Market Fundamentals are Favorable for Independent Advisors 5

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 Financial Assets Proceedings Services Superior Platform Drives Global Market Leader High-Margin Provider Strengths Success in Attractive Mid- with Strong Reputation with Strong Reputation Cap Market 1 Managing 92 42 35 Directors 2 LTM 3/31/18 Revenue/ $529 / 55% $294 / 30% $141 / 15% % of Total LTM 3/31/18 Revenue $5.9 $6.9 $4.0 per MD ³ LTM 3/31/18 Transactions 226 77 1,339 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 in value. 2. As of March 31, 2018; 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.

Diversified Revenue Base  More than 1,000 clients served annually Balanced Client Mix 1  For FY 2018: Public Companies &  No single transaction fee represented more than 3% of our Private Equity Government & Other Owned revenues Institutional 22% 37%  No individual banker was responsible for more than 3% of our revenues  No single employee shareholder owns more than 3% of shares outstanding Hedge Funds Private Non-  Together, our CF and FR businesses provide a natural hedge 8% Sponsor 33% Diversified Industry Mix 1 Diversified Product Mix 1 Real Estate, Lodging and Industrials Leisure 22% 2% Healthcare Financial 7% Restructuring 30% Services Financial Group Institutions 13% 18% Corporate Finance Financial 55% Advisory Consumer, Services Food & Retail 15% 15% Energy 10% Technology, Media, & Telecom 13% 7 1 Based on revenues for the LTM ended March 31, 2018.

Market Leader in All Three Business Segments Top U.S. M&A Advisor Top Global Restructuring Advisor Top Global Fairness Opinion Advisor CY 2017 Financial Advisors by Number CY 2017 Global Distressed Debt & Bankruptcy U.S. M&A Fairness Advisors: Announced or of U.S. M&A Deals Restructuring Deals Completed Deals (CY 1997 to CY 2017) Houlihan Houlihan Houlihan 174 63 1001 Lokey Lokey Lokey JP Goldman Rothschild 48 959 173 Morgan Sachs Bank of JP Lazard 36 699 164 America Morgan PJT Duff & Morgan 35 672 132 Partners Phelps Stanley Morgan Moelis 22 660 Barclays 106 Stanley #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 20 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.

Organic Growth Strengthened by Strategic Acquisitions Data and Analytics, Technology and IP Continental European Consumer, Food & Retail Media-Focused Content, Software and Financial Advisory Firm Investment Banking Firm Focused Investment Investment Banking Firm Services Advisory Firm Banking Firm April 2018 January 2017 November 2015 September 2015 June 2015 Joint Venture Expanding Adds Strategic Technology-Focused Presence in Australia Consulting Capabilities to Investment Bank C-Suite Relationships May 2015 January 2015 March 2014 2010-Present  Debt & Equity Capital Markets Advisory 2000-2009 Specialty Finance Adds Capabilities in  Hedge Fund Coverage Focused Investment Valuation of Complex, Bank Illiquid Securities  Structured Product  Private Equity December 2012 August 2010 Coverage Valuation 1990-1999  Distressed M&A  Illiquid Financial Assets Intermediation  Industry Build-Out  Industry Specialization  Activist Advisory & Expansion Strategic Partnership  Derivative Security Expanding Presence in  Due Diligence Services 1980-1989  Secondary Advisory Valuations India and Singapore Services  Strategic Consulting  Sovereign Debt  Corporate Finance July 2010  Tax & Financial  IP Valuation and Restructuring  Financial Restructuring Reporting Valuations Monetization Advisory 1972-1979  Fairness & Capital  Portfolio Valuations Adequacy Opinions  Business Valuations  Tax Valuations  ESOP Valuations 9

Comprehensive Coverage and Global Scale 1,228 Global 22 Global Employees 1 Locations 1 21 Houlihan Lokey Offices 404 Corporate Finance 206 Financial Restructuring 1 Joint Venture Office 274 Financial Advisory Services 344 Corporate & Administrative North America Europe & Middle East Asia-Pacific Atlanta Miami Amsterdam Madrid Beijing Sydney Chicago Minneapolis Dubai Milan (JV) Hong Kong Tokyo Dallas New York Frankfurt Paris Singapore Houston San Francisco London Los Angeles Washington, D.C. 1 As of March 31, 2018. 10 Houlihan Lokey holds an indirect minority stake in Leonardo & Co. S.p.A., an investment bank with an office in Milan.