Investor Presentation M A Y 2 0 1 6 Disclaimer Forward-Looking - PowerPoint PPT Presentation

Investor Presentation M A Y 2 0 1 6

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 the Registration Statement on Form S-1 filed 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 Employee DNA  Entrepreneurial  Desirous of a Winning Home  Partnership Culture  Not a “Star” Culture Firm’s DNA  Consensual Decision Making  Measured Risk Taking  Broad-Based, Long-Term Employee Ownership Ownership and Controls  Sophisticated Corporate Procedures and Financial Systems 3

A Leading Independent Global Investment Bank Expertise Integrated Platform Growth Mergers & Acquisitions Seamlessly Combining 2000–2016 Revenue CAGR 1 of 10% Capital Markets Advisory Product and Industry Expertise Adjusted Net Income CAGR 1 of 12% Financial Restructuring Financial Advisory Services 1972 ~800 24 Established Clients Served Annually Locations Worldwide ² 165 837 Managing Directors ³ Total Financial Professionals ³ 1 CAGR based on the fiscal year ended March 31. 2 As of March 31, 2016; locations include five joint venture offices. 4 3. As of March 31, 2016; Managing Directors 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  Strong Sector Fundamentals 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-Cap with Strong Reputation with Strong Reputation Market 1 Managing 89 42 34 Directors 2 FY 2016 Revenue / $372 / 54% $202 / 29% $120 / 17% % of Total Revenue per MD 3 $4.8 $4.9 $3.6 FY 2016 Transactions 162 58 1,179 Closed / Fee Events Note: All dollar amounts in millions unless otherwise noted. 1. Defined as transactions under $1 billion in value. 2. As of March 31, 2016. Managing Directors do not include Corporate Managing Directors. 6 3. Represents average of beginning-of-FY16 and end-of-FY16 MD count.

Diversified Revenue Base  More than 800 clients served annually Balanced Client Mix 1  No single transaction fee represented more than 2% of Public Private Equity our revenues Companies & & Other Government Institutional  No individual banker was responsible for more than 3% of Owned 29% 23% our revenues  No single employee shareholder owns more than 3% of shares outstanding Hedge Funds  Together, our CF and FR businesses provide a natural 9% hedge Private Non- Sponsor 39% Diversified Industry Mix 1 Diversified Product Mix 1 Real Estate, Other Lodging and Industrials 1% Leisure 20% 4% Financial Energy Restructuring 7% 29% Financial Institutions 13% Healthcare 15% Corporate Finance 54% Financial Advisory Consumer, Services Food & 17% Retail Technology, 13% Media, & Telecom 14% Services Group 13% 7 1 Based on revenues for the FY ended March 31, 2016.

Market Leader in All Three Business Segments Top U.S. M&A Advisor Top Global Restructuring Advisor Top Global Fairness Opinion Advisor CY 2015 Financial Advisors by Number CY 2015 Global Distressed Debt & Bankruptcy U.S. M&A Fairness Advisors: Announced or of U.S. M&A Deals Restructuring Deals Completed Deals (CY 2001 to CY 2015) Houlihan Houlihan Houlihan 789 185 50 Lokey Lokey Lokey Goldman Lazard 35 JP Morgan 732 174 Sachs Duff & Moelis 26 529 JP Morgan 141 Phelps Bank of America Morgan Rothschild 17 488 129 Merrill Lynch Stanley PJT Bank of America Morgan Stanley 16 481 115 Partners Merrill Lynch #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 11 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 Continental European Consumer, Food & Retail Media-Focused Joint Venture Expanding Adds Strategic Investment Banking Firm Focused Investment Investment Banking Firm Presence in Australia Consulting Capabilities to C-Suite Relationships Banking Firm November 2015 September 2015 June 2015 May 2015 January 2015 Technology-Focused Specialty Finance Adds Capabilities in Investment Bank Focused Investment Valuation of Complex, Bank Illiquid Securities March 2014 December 2012 August 2010 2010-Present  Debt & Equity Capital Markets Advisory Strategic Partnership 2000-2009 Expanding Presence in  Hedge Fund Coverage India and Singapore  Private Equity  Structured Product July 2010 Coverage 1990-1999 Valuation  Distressed M&A  Private Growth Equity  Industry Specialization  Industry Build-Out Capital 1980-1989  Derivative Security & Expansion  Illiquid Financial Assets Valuations  Corporate Finance  Secondary Advisory Intermediation  Sovereign Debt Services  Financial Restructuring 1972-1979  Activist Advisory Restructuring  Tax & Financial  Fairness & Capital  Business Valuations  Due Diligence Services Reporting Valuations Adequacy Opinions  Tax Valuations  Strategic Consulting  Portfolio Valuations  ESOP Valuations 9

Comprehensive Coverage and Global Scale 24 1,171 Global Global Employees 1 Locations 1 425 Corporate Finance 19 Houlihan Lokey Offices 2010-Present Joint Venture Offices 206 Financial Restructuring 5  Mumbai 206 Financial Advisory Services  Singapore 334 Corporate & Administrative  Miami 2000-2009  Newport Beach  London  Madrid  Paris  Sydney  Frankfurt 1990-1999  Amsterdam  Hong Kong  Atlanta  Milan  Tokyo  Minneapolis  Rome  Beijing 1980-1989  Washington D.C.  Houston  Dallas  San Francisco  Chicago  New York 1972-1979  Los Angeles 10 1 As of March 31, 2016.