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Hamilton Lane Incorporated - Investor PresentationCompany Overview

A Compelling Growth Story

Value Drivers Our Franchise

Established and leading market position Continued growth

Proven record of growth over many years Scalable

Strong industry tailwinds Industry leader

Significant locked-in and recurring revenue Predictable

Strong and steady margins Profitable

Significant employee ownership Aligned

Our strengths and unique market positioning translate into a successful growth company operating in a fast-growing industry with meaningful barriers to entry

Leading, Global Private Markets Solutions Provider

• Founded in 1991, we are one of the largest allocators of capital to private markets worldwide with nearly $360B of AUM / AUA• Over 290 professionals dedicated to the private markets (substantially all are stockholders)• 14 offices in key markets globally• ~350 sophisticated clients globally (in 35 countries)• Significant proprietary databases and suite of analytical tools • $49B of discretionary commitments since 2000

We operate at the epicenter of a large, fast-growing and highly desirable asset class, helping a wide array of investors around the world navigate, access and succeed in the private markets

~$46Bof AUM1

~$314Bof AUA1

Buyout Growth Equity Real E

state

Inf

rast

ruct

ure

C

redit

Venture Capital Co-Investment Secondary

Nat

. Res

ourc

esC

o-Investments

Secondary T

rans

actio

ns

Primary Funds

Private Markets Funds

Private Companies

Investors/Limited Partners (LPs)

1 As of 6/30/2017

What We Do for Our Clients

Customized Separate Accounts

Tailored solutions through managed investment

accounts

Specialized Funds

Primaries, secondaries, direct/co-investments, fund-

of-funds and white-label products

Advisory Services

Partnering with large institutions with in-house

resources to assist across the complex landscape

Reporting, Monitoring,

Data and Analytics

Customized, technology-driven reporting, monitoring

& analytics services

Distribution Management

Active portfolio management of private

markets distributions

Our value proposition

Who We Work For

Our global client base includes institutional investors of all sizes and with different needs...

Public Pensions

Some of the largest pension funds in the U.S.

and globally

Taft Hartley

A leading provider to U.S. labor union pension plans

Sovereign Wealth FundsSome of the world’s

largest SWFs

Financial Institutions

Banks, insurance companies and other financial firms that are

global in nature

Endowment FundsWide range of colleges,

universities and foundations

Corporate Pension FundsRecognizable brands

across a variety of industries

Sample clients include...

Diversified revenue stream with no single client representing more than 5% of management and advisory fee revenues

Highly Diversified Client Mix

Sticky Client Base• ~12 year average term for specialized products• Seven year average age of separate account client

relationship• No customized separate account clients lost in the last

four fiscal years• 80% re-up rate for clients whose first investment period

has expired• Over 60% of new customized separate account

management fees over the last three fiscal years have come from our existing client base

Multiple Layers of Diversification• Over 40% of our clients have multiple products and/or

services with us• 95% of our top 20 clients have multiple products and/or

services with us

Top 20 clients contributed 39% to FY17 net revenue

FY17 Clients and Investors by TypePublic Pension

14%

Endowment/Foundation

14%

Financial/Insurance

20%SovereignWealth Fund

2%

Top 10 Clients26%

Clients 11-2013%

Other61%

Labor UnionPension Plans

24%

Corporate/Private Pension

9%

HNW/Family Office

17%

FY17 Management and Advisory Fees by Client

Where We Fit in the Asset Management Ecosystem

We are not a one size fits all provider

Private markets allocator

Traditional asset managers

Alternative asset managers

Financial solutions / Investor & business services

Global consultants

Partners Group

Federated

OM Asset Management T. Rowe Price Waddell & Reed

Ares

MSCI

Factset Morningstar

Willis Towers WatsonAON Marsh & McLennan Companies

Envestnet Moody’s Financial Engines

Thomson Reuters Markit McGraw Hill Financial SEISS&C

The Carlyle Group Blackstone Oaktree Apollo KKR

Janus Capital GroupFranklin Templeton

Artisan Partners Eaton Vance BlackRock Invesco Legg MasonCohen & Steers

Hamilton Lane is a market leader in a growing asset class with a model that lends itself to stability and predictability

Industry Tailwinds and Preferred Business Model

Blackstone KKR Apollo

Ares

Carlyle

Oaktree

Partners Group

BlackRock

Franklin Templeton

T. Rowe

Invesco

Eaton Vance

Legg Mason

Janus Capital

Federated

Artisan Partners

Cohen & Steers

Old Mutual

Waddell & Reed

-10%

-5%

0%

5%

10%

15%

20%

30% 40% 50% 60% 70% 80% 90% 100%

4 Ye

ar A

UM

CAG

R

Management & Advisory Fees as a % of Revenue (LFY)

Alternative Managers

Traditional Managers

Ass

et G

row

th

Stability & Predictability

Note: Represents peers identified by research analysts where the relevant information is available; based on the most recent fiscal year data (most as of 12/31/16)Source: Capital IQ and public filings

Growing Asset Footprint & Influence

$36 $51 $77 $79 $95 $81

$129 $147 $147 $189 $205

$292

$314

$6 $7

$11 $13 $16 $19

$22 $24 $30

$32 $35

$40 $46

$0

$50

$100

$150

$200

$250

$300

$350

$400

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 6/30/17

Total AUA Total AUM

Total Assets Under Management/Advisement ($B)1

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

CAGR: 21%

$359BAUM & AUAQ-o-Q Growth

AUA: 4%AUM: 10%

Fee-Earning AUM Driving Revenues

...and annual fee rates are stable

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Jun-16 Jun-17

Customized Separate Accounts Specialized Funds

CAGR: 14%

Total Fee-Earning Assets Under Management ($B)1

$0

$5

$10

$15

$20

$25

$30

$35

$40

$11

$5

$16

$14

$5

$19

$16

$6

$22

$17

$7

$24

$18

$9

$27

$18

$9

$28

$17

$7

$25

12%Y-o-Y Growth

0.58% 0.55% 0.56% 0.57% 0.65%20.51%

1 Data as of fiscal year end 3/31; unless otherwise noted2 Reflects retroactive fees of $5.8M

Total Management Fee Revenues as a % of Average FEAUM

Annual performance data as of fiscal year ending March 31 unless noted otherwise1

Growing and Stable Revenue and Earnings Profile

Note: Numbers may not tie due to rounding. Data as of fiscal year end 3/311 Adjusted EBITDA and Fee Related Earnings are non-GAAP financial measures. For a reconciliation from GAAP financial measures to non-GAAP financial measures, see Appendix, page 19.

2016 Adjusted EBITDA includes $20.3M of compensation expenses related to incentive fee revenue that was not recognized in 2016 but is expected to be recognized in future periods

$0

$25

$50

$75

$100

$125

$150

$81

2014

$87

2015

$104

2017$0

$40

$80

$120

$160

$200

$240

$130

$9 $140

2014

$146

$10 $155

2015

$158

$23 $181

2016

$173

$7

$180

2017

US

D in

Mill

ions

$0 $20 $40 $60 $80

$100 $120 $140

$64

2014

$74

2015

$83

2017

US

D in

Mill

ions

Total Revenue Total Expenses ($M)

Adjusted EBITDA ($M)1

$68

2016

$119

2016

CAGR: 11%

$113

$6$119

2013

$69

2013

CAGR: 11%

$55

2013$0

$20$40$60$80

$100$120$140

2013 2014 2015 2016 2017

$47 $54$63

$70 $72

Fee Related Earnings1

CAGR: 11%

US

D in

Mill

ions

US

D in

Mill

ions

Management & Advisory Fees Incentive Revenue

Significant Growth Visibility

Investor Re-Ups and Maintaining Allocations

Addressable Market

New Products

New Distribution Channels

Client Base Diversification

Global Expansion

Data Advantage

Defined Contribution Opportunity

++++++

=+

Multiple Avenues

of Profitable Growth Ahead

Robust Data Advantage Informs Our Investment Decisions

Hamilton Lane Proprietary

40 Vintage Years

~$3T Total Fund Commitments

3,300+ Funds

~50,000 Portfolio Companies

Advantages for Our Clients

Benchmarks

Market Intelligence

Manager Selection

Industry Insights

Asset Level Insights

Attribution Analysis

Partnerships with leading-edge technology providers

Data collection and reporting

Investment workflow management

Allocation software Benchmarking and analytics

Aggregation of Industry & Fund-Level Data Creates Our Wealth of Proprietary

Information+

Hamilton Lane Analytical & Research Capabilities

Deep Bench of Talent and Award-Winning Culture

Executive Management (7)

Investment Team (95)

Business Development

(20)

Product Management

(20) Finance (20)

IT (20)

Legal & Compliance

(20) HR / Admin

(15) Client

Services (80)

Key Stats• Over 290 employees globally• ~70% of the team is less than 40 years of age• Women compose ~40% of the employee base and ~30% of

all senior roles

Beyond the Business• HL in Action – Volunteerism and Matching Gifts Program • HL Wellness Committee• Hamilton Lane matching gifts program• HL Women’s Exchange• HL Diversity & Inclusion Council

Awards

Widespread employee ownershipSource: Company data. Employee figures as of 6/30/2017

The Hamilton Lane Story

Growing asset base

Expanding private markets

allocations

Desire to consolidate

service partners

Increasingly complex offering

set

Industry Tailwinds

Market leading footprint

Global, blue-chip client base

Deep, talented, aligned team

Solutions focused

Our Approach +

Continued AUM Growth

Stable and Growing Margins

Expected Earnings Growthx =

Growing Global Presence• Continued expanding our global footprint with the addition of two new offices in Sydney, Australia

and Munich, Germany

Enhanced Governance• Added two new independent board members; Leslie F. Varon and David J. Berkman

Expanding Asset Footprint• New client adds and separate account re-ups continue• Completed the raise of our latest flagship secondary fund, Hamilton Lane Secondary Fund IV, L.P., which attracted

$1.9 billion in commitments--our largest specialized product to date• Closed our credit-focused annual series fund, Hamilton Lane Strategic Opportunities Fund 2017, on $435 million in

commitments, which is more than twice the size of the prior year’s fund

Continuation of Data & Technology Initiatives• Partnered with IPREO to form Private Market Connect, a data collection and management initiative

Transacting in Areas of Growth• Signed the acquisition of Real Asset Portfolio Management, LLC, which will broaden the firm’s real assets

capabilities

Shareholder Returns• Announced our intent to pay a quarterly dividend to shareholders; dividends declared for the first two quarters as a

public company

Since the IPO

Appendix

Historical Income Statement

(Dollars in Thousands)Year Ended March 31,

2013 2014 2015 2016 2017RevenuesManagement and advisory fees $112,982 $130,455 $145,876 $157,630 $172,674

Incentive fees 6,179 9,309 9,509 23,167 7,146

Total revenues 119,161 139,764 155,385 180,797 179,820 ExpensesCompensation and benefits 46,789 55,950 60,157 92,065 72,116

General, administrative and other 22,210 24,760 26,865 26,898 31,589

Total expenses 68,999 80,710 87,022 118,963 103,705 Other income (expense)

Equity in income of investees 12,149 16,905 10,474 1,518 12,801

Interest expense (11,136) (8,503) (5,883) (12,641) (14,565)

Interest income 296 142 87 194 320

Other non-operating income (loss) (461) (699) (1,056) 5,816 83

Total other income (expense) 848 7,845 3,622 (5,113) (1,361)

Income before income taxes 51,010 66,899 71,985 56,721 74,754 Income tax expense (benefit) (827) (128) 483 869 316

Net income 51,837 67,027 71,502 55,852 74,438

Less: income attributable to non-controlling interests 51,837 67,027 71,502 55,852 72,634

Net income attributable to Hamilton Lane Incorporated $- $- $- $- $612

Non-GAAP Reconciliation

Year Ended March 31,(Dollars in thousands except share and per share amounts) 2013 2014 2015 2016 2017Net income attributable to Hamilton Lane Incorporated $- $- $- $- $612

Income (loss) attributable to non-controlling interests in general partnerships 3,157 4,565 2,242 (1,255) 1,192 Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. 48,680 62,462 69,260 57,107 72,634 Incentive fees (6,179) (9,309) (9,509) (23,167) (7,146)Incentive fee related compensation1 2,854 4,511 4,542 31,714 3,283 Interest income (296) (142) (87) (194) (320)Interest expense 11,136 8,503 5,883 12,641 14,565 Income tax expense (benefit) (827) (128) 483 869 316 Equity in income of investees (12,149) (16,905) (10,474) (1,518) (12,801)Other non-operating (income) loss 461 699 1,056 (5,816) (83)

Fee Related Earnings $46,837 $54,256 $63,396 $70,381 $72,252 Depreciation and amortization 2,074 1,853 1,867 2,027 1,915 Equity-based compensation 2,803 3,070 3,390 3,730 4,681 Incentive fees 6,179 9,309 9,509 23,167 7,146 Incentive fee related compensation1 (2,854) (4,511) (4,542) (31,714) (3,283)Interest income 296 142 87 194 320

Adjusted EBITDA $55,335 $64,119 $73,707 $67,785 $83,031

Non-GAAP earnings per shareNet income attributable to Hamilton Lane Incorporated $612

Income attributable to non-controlling interests in general partnerships 1,192 Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. 72,634 Income tax expense 316 IPO related expenses2 1,935 Write-off of deferred financing costs3 3,359

Adjusted pre-tax net income 80,048 Adjusted income taxes4 (32,211)Adjusted net income $47,837

Weighted-average shares of Class A common stock outstanding 18,341,079 Exchange of Class B and Class C units in HLA5 34,438,669

Adjusted shares 52,779,748

Non-GAAP earnings per share $0.91

1 Incentive fee related compensation includes incentive fee compensation expense and bonus and other revenue sharing allocated to carried interest classified as base compensation. 2 Represents accrual of one-time payments to induce members of HLA to exchange their HLA units for HLI Class A common stock in the reorganization in connection with the IPO.3 Represents write-down of unamortized discount and debt issuance costs due to the $160 million paydown of outstanding indebtedness under the Term Loan with proceeds from the IPO.4 Represents corporate income taxes at assumed effective tax rate of 40.24% applied to adjusted pre-tax net income. The 40.24% is based on a federal tax statutory rate of 35.00% and a combined state

income tax rate net of federal benefits of 5.24%.5 Assumes the full exchange of Class B and Class C units in HLA for HLI Class A common stock.

Disclosures

As of August 29, 2017

Some of the statements in this presentation may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expects,” “believes” and similar expressions are used to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. All forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different, including risks relating to our ability to manage growth, fund performance, risk, changes in our regulatory environment and tax status; market conditions generally; our ability to access suitable investment opportunities for our clients; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; defaults by clients and third-party investors on their obligations to us; our ability to comply with investment guidelines set by our clients; the time, expense and effort associated with being a newly public company; and our ability to receive distributions from Hamilton Lane Advisors, L.L.C. to fund our payment of dividends, taxes and other expenses.

The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the “Risk Factors” section of our Registration Statement on Form S-1, as amended, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included in this presentation are made only as of the date presented. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.

The S&P 500 Total Return Index is a capitalization-weighted index of 500 U.S. large cap stocks that assumes all dividends and distributions are reinvested.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity performance of developed markets.

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