ORIX CORP — Director's Dealing 2018

Aug 23, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HOULIHAN LOKEY, INC. (HLI)
CIK: 0001302215
Period of Report: 2018-08-21

Reporting Person: ORIX HLHZ Holding LLC (10% Owner)
Reporting Person: ORIX CORP (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-08-21	Class A Common Stock	S	12739	$48.0000	Disposed	256810	Direct
2018-08-21	Class A Common Stock	C	394374	—	Acquired	651184	Direct
2018-08-22	Class A Common Stock	S	28485	$48.0421	Disposed	622699	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-08-21	Class B Common Stock	$	C	394374	Disposed		Class A Common Stock (394374)	Direct

Footnotes

F1: Owned directly by ORIX HLHZ Holding LLC. Also owned indirectly, through subsidiaries, by ORIX Corporation.

F2: Represents Class A Common Stock received upon conversion of Class B Common Stock.

F3: Reflects a weighted average sale price of $48.0421 per share, at prices ranging from $48.00 to $48.115 per share. The Reporting Person will provide, upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

F4: Convertible into Class A Common Stock on a one-for-one basis, upon transfer or final conversion dates.