HOULIHAN LOKEY INC

Ticker: HLI CUSIP: 441593100 Class: Common Stock

Philadelphia Financial Management of San Francisco, LLC's Holding History (CIK: 0001351407)

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

Q2 2017

Shares 86,140 Value ($000) $3,006 Avg Close $28.45 Range $26.82 - $30.64

Q4 2015

Shares 432,158 Value ($000) $11,327 Avg Close $18.39 Range $16.78 - $21.66

Q3 2015

Shares 544,420 Value ($000) $11,868 Avg Close $17.63 Range $14.66 - $18.59

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2017	86,140	$3,006	$28.45	$26.82 - $30.64
Q4 2015	432,158	$11,327	$18.39	$16.78 - $21.66
Q3 2015	544,420	$11,868	$17.63	$14.66 - $18.59