Hamilton Lane Incorporated : Fourth Fiscal Quarter and Fiscal Year 2021 Earnings Presentation

Fiscal Year 2021 Fourth Quarter and Full Year Results

Earnings Presentation - May 27, 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 approximately $88 billion and $42 billion, respectively, as of March 31, 2021, increases of 28% and 9%, respectively, compared to March 31, 2020
• Management and advisory fees increased 18% compared to fiscal 2020

Financial Results

USD in millions except per share amounts	Q4 FY21	FY21	vs. FY20
Management and advisory fees	$80.5	$289.4	18 %
GAAP net income	$39.8	$98.0	61 %
GAAP EPS	$1.00	$2.81	31 %
Adjusted net income1	$51.0	$146.4	36 %
Non-GAAP EPS1	$0.95	$2.73	36 %
Fee Related Earnings1	$36.2	$130.0	29 %
Adjusted EBITDA1	$50.0	$168.2	32 %

Dividend

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

1Adjusted net income, non-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 22 and 23 of this presentation.

Hamilton Lane l Global Leader in the Private Markets	3

Growing Asset Footprint & Influence

$719B

AUM & AUA

Total Assets Under Management/Advisement ($B) 1

																							$88
$700																						$76
$600						Y-o-Y Growth
					AUM:	28%																$631
						AUA:	45%														$66	$581
$500																				$59
																			$50
$400																				$410	$422
																		$40
																		$374
$300																$35
																$292
															$32
													$30
$200												$24
								$22				$205
												$189
						$13	$16	$19
$100				$11				$147	$147
		$7			$129
$6				$95
		$77	$79	$81
		$36	$51
$0
2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	3/31/21
												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%
																		$42
	$40												$39
					$31	$34							$16
	$30								$14
	$27								$11
	$20		$9				$10
											$25		$26
								$22
	$10			$21
	$18
	$0
		Mar-17						Mar-18		Mar-19			Mar-20		Mar-21
										Customized Separate Accounts			Specialized Funds		*Numbers may not tie due to rounding
										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