HOULIHAN LOKEY INC

Ticker: HLI CUSIP: 441593100 Class: Common Stock

Employees Retirement System of Texas's Holding History (CIK: 0001398739)

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

Q1 2019

Shares 46,000 Value ($000) $2,109 Avg Close $38.40 Range $31.48 - $41.12

Q4 2018

Shares 46,000 Value ($000) $1,693 Avg Close $35.25 Range $29.80 - $39.22

Q3 2018

Shares 46,000 Value ($000) $2,067 Avg Close $41.65 Range $38.56 - $45.65

Q2 2018

Shares 92,000 Value ($000) $4,712 Avg Close $40.89 Range $36.78 - $45.36

Q1 2018

Shares 92,000 Value ($000) $4,103 Avg Close $40.27 Range $36.88 - $44.87

Q4 2017

Shares 92,000 Value ($000) $4,180 Avg Close $36.25 Range $32.89 - $39.92

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2019	46,000	$2,109	$38.40	$31.48 - $41.12
Q4 2018	46,000	$1,693	$35.25	$29.80 - $39.22
Q3 2018	46,000	$2,067	$41.65	$38.56 - $45.65
Q2 2018	92,000	$4,712	$40.89	$36.78 - $45.36
Q1 2018	92,000	$4,103	$40.27	$36.88 - $44.87
Q4 2017	92,000	$4,180	$36.25	$32.89 - $39.92