Hamilton Lane Incorporated : First Quarter 2022 Earnings Presentation

Fiscal Year 2022 First Quarter Results

Earnings Presentation - August 3, 2021

Today's Speakers

Mario Giannini	Erik Hirsch	Atul Varma	John Oh
Chief Executive Officer	Vice Chairman	Chief Financial Officer	Investor Relations Manager

Hamilton Lane l Global Leader in the Private Markets	2

Period Highlights

Business Performance

• Assets under management and fee-earning assets under management were $92 billion and $43 billion, respectively, as of June 30, 2021, increases of 34% and 10%, respectively, compared to June 30, 2020
• Management and advisory fees increased 10% compared to the three months ended June 30, 2020

Financial Results

USD in millions except per share amounts	Q1 FY22	vs. Q1 FY21	vs. Q4 FY21
Management and advisory fees	$73.9	10 %	(8)%
GAAP net income	$28.2	768 %	(29)%
GAAP EPS	$0.78	609 %	(22)%
Non-GAAP EPS1	$0.84	546 %	(12)%
Fee Related Earnings1	$33.4	21 %	(8)%
Adjusted EBITDA1	$40.2	27 %	(20)%

Dividend

• Declared a quarterly dividend of $0.35 per share of Class A common stock to record holders at the close of business on September 15, 2021

1Non-GAAP earnings per share, Fee Related Earnings and Adjusted EBITDA are non-GAAP financial measures. For the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see pages 21 and 22 of this presentation.

Hamilton Lane l Global Leader in the Private Markets	3

Growing Asset Footprint & Influence

			$757B
			AUM & AUA
			Total Assets Under Management/Advisement ($B)1
$800
			$92
$700
Y-o-Y Growth
	AUM:	34 %	$76
$600	AUA:	49 %	$ 665

$500

	%
21
:
CAGR

$66 $581

$59

$400																$50		$422
																$410
															$40	$374
$300
											$32	$35	$292
$200									$24	$30			$205
							$22
									$189
					$16	$19				$147
				$13			$147
$100			$11
				$129
	$7	$79	$95	$81
$6	$77
$36	$51
$0
										2014
2005		2006	2007	2008	2009	2010	2011	2012	2013	2015	2016	2017	2018	2019	2020	6/30/21
									Total AUA			Total AUM

1Data as of calendar year end 12/31 unless otherwise noted. Numbers may not tie due to rounding.

Hamilton Lane l Global Leader in the Private Markets	4

Fee-Earning AUM Driving Revenues

Fee-Earning AUM growth continues and annual fee rates are stable

Total Fee-Earning Assets Under Management ($B)

$50				.56%					.55%	.56%	.60%				.57%1	.55%
																$42					$43
$40													$39								$39
					$31				$34			$14				$16				$15		$16
$30	$27							$11
						$10
$20		$9													$26					$26
									$22	$25				$24
				$21
$10
$18
$0
	Mar-17			Mar-18		Mar-19			Mar-20				Mar-21	Jun-20		Jun-21
*Numbers may not tie due to rounding								Customized Separate Accounts				Specialized Funds
1Reflects retroactive fees of $3.8M from
latest secondary fund								Total Management Fee Revenues as a % of Average FEAUM
													Y-o-Y Drivers of Growth
				Customized Separate Accounts:							Specialized Funds:
				•	New client wins									• Closed 5th secondary fund and 6th credit-oriented
				•	Client re-ups									fund

• Fundraising 5th direct equity fund, 7th credit-oriented fund and evergreen funds

Hamilton Lane l Global Leader in the Private Markets	5