HOULIHAN LOKEY INC

Ticker: HLI CUSIP: 441593100 Class: Common Stock

Artal Group S.A.'s Holding History (CIK: 0001053906)

Note: Option positions (PUT/CALL) are excluded.

Q3 2015

Shares 75,000 Value ($000) $1,635 Avg Close $17.63 Range $14.66 - $18.59

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2015	75,000	$1,635	$17.63	$14.66 - $18.59