LPL_Presentation_-_Q2_2015_William_Blair_-_FINAL

LPL Financial Member FINRA/SIPC
1Member FINRA/SIPC
June 10, 2015
THE LPL FINANCIAL OPPORTUNITY

2
NOTICES
SAFE HARBOR DISCLOSURE
Statements in this presentation regarding LPL Financial Holdings Inc.'s (the “Company”) future financial and operating results, outlook, growth, plans, strategies, future market position,
ability and plans to repurchase shares and pay dividends in the future, and goals, including forecasts and statements relating to future efficiency gains, scale and projected expenses, and
future results of the Company’s cash sweep programs, including the statements on the slides entitled “The flexibility of our business model enables us to respond to potential environmental
changes”, “We believe that we are entering a period of more normalized conditions”, “Latent earnings potential in the business model from rising interest rates”, “Our capital-light model has
supported shareholder capital returns”, “Our operating principles guide us to create long-term shareholder value”, “In 2015, we remain focused on executing core opportunities within our
existing business model”, “We believe that we have limited financial exposure from alternative investments under the DOL proposal as written”, “Our cash sweep revenue potential has
grown over time”, “ICA bank spread outlook” and “Cash sweep opportunity”, as well as any other statements that are not related to present facts or current conditions or that are not purely
historical, constitute forward-looking statements. These forward-looking statements are based on the Company's historical performance and its plans, estimates and expectations as of June
10, 2015. Forward-looking statements are not guarantees that the future results, plans, intentions or expectations expressed or implied by the Company will be achieved. Matters subject to
forward-looking statements involve known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, which may cause actual financial
or operating results, levels of activity, or the timing of events to be materially different than those expressed or implied by forward-looking statements. Important factors that could cause or
contribute to such differences include: changes in general economic and financial market conditions, including retail investor sentiment; fluctuations in the value of advisory and brokerage
assets; fluctuations in levels of net new advisory assets and the related impact on fee revenue; effects of competition in the financial services industry; changes in the number of the
Company's financial advisors and institutions, their ability to market effectively financial products and services, and the success of the Company’s initiatives designed to engage them; the
Company's strategy in managing program fees; changes in the growth of the Company's fee-based business; finalization and implementation of the Department of Labor’s proposed
fiduciary rule; the effect of current, pending and future legislation, regulation and regulatory actions, including disciplinary actions imposed by federal or state securities regulators or self-
regulatory organizations; the costs of settling and remediating issues related to pending or future regulatory matters; changes in interest rates and fees payable by banks participating in the
Company's cash sweep programs, including the Company's success in negotiating agreements with current or additional counterparties; the performance of third party service providers to
which business processes are transitioned from the Company; the Company’s success in negotiating and developing commercial arrangements with third party technology providers that will
enable the Company to realize the improvements and efficiencies expected to result from such technology, including with respect to supervision and oversight of advisor activities; the
Company’s ability to control operating risks, information technology systems risks and sourcing risks; the Company's success in integrating the operations of acquired businesses; and the
other factors set forth in Part I, “Item 1A. Risk Factors” in the Company's 2014 Annual Report on Form 10-K as may be amended or updated in its quarterly reports on Form 10-Q. Except as
required by law, the Company specifically disclaims any obligation to update any forward-looking statements as a result of future developments, even if its estimates change, and you
should not rely on those statements as representing the Company's views after June 10, 2015.

3
NOTICES
NON-GAAP FINANCIAL MEASURES
Adjusted Earnings represent net income before: (a) employee share-based compensation expense, (b) amortization of intangible assets resulting from various acquisitions, (c) debt
extinguishment costs, (d) restructuring and conversion costs, (e) equity issuance and related offering costs and (f) other. Reconciling items are tax effected using the income tax rates in
effect for the applicable period, adjusted for any potentially non-deductible amounts. Adjusted Earnings per share represents Adjusted Earnings divided by weighted average outstanding
shares on a fully diluted basis. The Company prepares Adjusted Earnings and Adjusted Earnings per share to eliminate the effects of items that it does not consider indicative of its core
operating performance. The Company believes these measures provide investors with greater transparency by helping illustrate the underlying financial and business trends relating to
results of operations and financial condition and comparability between current and prior periods.
Adjusted EBITDA is defined as EBITDA (net income plus interest expense, income tax expense, depreciation and amortization), further adjusted to exclude certain non-cash charges and
other adjustments. The Company presents adjusted EBITDA because the Company considers it a useful financial metric in assessing the Company's operating performance from period to
period by excluding certain items that the Company believes are not representative of its core business, such as certain material non-cash items and other adjustments that are outside the
control of management.
Adjusted earnings, adjusted earnings per share, and adjusted EBITDA are not measures of the Company's financial performance under GAAP and should not be considered as an
alternative to net income or earnings per share or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a
measure of profitability or liquidity. In addition, adjusted EBITDA can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the
tax jurisdictions in which companies operate, and capital investments.
You can find additional related information, including a reconciliation of such non-GAAP measures for the year ended December 31, 2014 within the Company’s Annual Report, under "Item
7. Management's Discussion and Analysis of Financial Condition and Results of Operations—How We Evaluate Our Business." A reconciliation of Adjusted Earnings to GAAP measures is
also set forth in the Appendix to this presentation.
Gross Profit is calculated as net revenues less production expenses. Production expenses consist of the following expense categories from the Company’s consolidated statements of
income: (i) commission and advisory and (ii) brokerage, clearing, and exchange. All other expense categories, including depreciation and amortization, are considered general and
administrative in nature. Because the Company’s gross profit amounts do not include any depreciation and amortization expense, the Company considers its gross profit amounts to be non-
GAAP measures that may not be comparable to those of others in its industry
CHANGE IN BASIS OF PRESENTATION
In the first quarter of 2015, the Company reclassified certain non-networked brokerage assets as associated with its Hybrid RIA firms rather than its corporate RIA platform. The Company’s
Financial Supplement presentation for the first quarter of 2015 was revised subsequent to its original posting on April 30, 2015 to reflect such reclassification. Specifically, on page 13 of the
revised presentation, “Brokerage Assets Associated with Hybrid RIAs” and “Total Hybrid RIA Firm Assets” for the four quarters of 2014 (but not the first quarter of 2015) were updated to re-
classify certain non-networked brokerage assets as associated with Hybrid RIA firms rather than the Company’s corporate RIA platform. As a result, the reported amount of brokerage
assets associated with Hybrid RIA firms for the first quarter of 2014 increased from $31.4 million to $35.3 million and the reported amount of total Hybrid RIA firms assets serviced increased
from $69.6 million to $73.5 million, with corresponding reductions in previously reported year-over-year growth from 53.2% to 36.3%, in the case of brokerage assets, and 50.6% to 42.6%,
in the case of total assets. See slide 32 in the Appendix to this presentation for additional information.

4
Key messages
• Differentiated value proposition drives advisor growth
• Scale of advisory and brokerage offerings provides flexibility to manage change
• Financial performance demonstrates business growth and earnings potential

5
We are the leading financial services provider to independent advisors,
RIAs and financial institutions
1 Financial Planning magazine 1996-2014 based on total revenue 2 As of March 31, 2015 3 Consists of $485 billion in retails assets and $120 billion in retirement plan assets
4 Clearing clients include over 4,000 additional advisors affiliated with insurance companies 5 Retirement plan assets are not custodied by LPL
Independent Advisor Services
Over 8,000 advisors
$265 billion assets served
Institution Services
Over 700 banks, credit unions
and clearing clients4
Hybrid RIA
Over 300 firms
Retirement Partners
Over 40,000 plans
$120 billion in assets served5
Focus on chosen
markets#1 independent broker-dealer for
19 straight years
14,098
advisors
$605 billion
in assets3
1
2

6
Our differentiated business model and capabilities drive market
share growth
LPL Custodian Employee Independent
Enables independence
Superior advisor economics
Focused business model
Integrated brokerage and RIA
advisory platform
Robust technology and service
support
Supports an array of advisor
practices
Differentiated model and capabilities
1.7%
4.5%4.8%
11.3%
Total advisors Independent
advisors
2004 2013
LPL Financial market share by
headcount1
1 Cerulli Lodestar - Intermediary. Independent advisors includes IBD’s, independent RIAs and dual RIAs as defined by Cerulli.
ModelCapabilities

7
#1
destination for advisors
considering a move in 20131
#1
in net new advisor growth
over the past four years2
97%
production
retention3
We offer a leading end-to-end solution that attracts and retains
advisors and institutions
1 Cogent 2013 Advisor Migration Trends
2 Based on the number of broker-dealer affiliated advisors reported from publicly disclosed information since 12/31/10 through 3/31/15
Comprehensive
clearing and
compliance
services
Independent
research
Scalable
investment
platforms
Consultative
practice
management
programs
Integrated technology platform
End-to-endsolution
3 As of March 31, 2015

8
Our differentiated model and capabilities combine with favorable
industry trends to generate industry-leading recruiting
$9
$14
n/a
2008 2013 2018E
Independent Employee
69%
31%
66%
34%
61%
39%
($ in trillions)
1,654 1,593
1,304
677
186
35
(129)
(2,128)
LPL Financial Edward
Jones
Raymond
James
Merrill Lynch UBS Ameriprise Wells Fargo Morgan
Stanley
(Q1’11 – Q1’15)
1 Cerulli: “The State of U.S. Retail and Institutional Asset Management 2014”
2 Based on the number of broker-dealer affiliated advisors reported from publicly disclosed information since December 31st, 2010, inclusive of acquisitions
Retail Asset Market Share by
Channel1 Net New Advisors2

9
Key messages

10
We operate at scale across both our brokerage and our advisory
businesses
$149
$98
$152
$86
$301
$184
1Q15 Brokerage Assets 1Q15 Advisory Assets
Retirement Assets Non-Retirement Assets
Total Brokerage & Advisory Client Assets
of $485 billion (as of March 31, 2015)

11
We have been building our advisory business for many years and
are benefitting from the marketplace trend towards advisory
1990 2000 2010 Today
2008 – LPL
launches Hybrid
RIA Platform
2014 – LPL’s 7
advisory offerings
serve all levels of
wealth, generating
industry-leading
growth
2004 – LPL launches
“centrally managed”
platforms, enabling
advisors to use 3rd
party portfolio
managers
Mid ‘90s– LPL
establishes Advisory
Consulting Team,
providing
advisory-oriented
training and support
to LPL advisors
1991 – LPL Launches
our first advisory
platform, enabling
advisors to build
advisory portfolios
LPL Financial Advisory Business Today
90%
of advisors licensed for
advisory business
62%
of gross asset sales1
are advisory
38%
of client assets are in
advisory accounts
1 Gross asset sales include advisory offerings, mutual funds, variable annuities, fixed annuities, group annuities, and alternative investments but excludes equity, fixed income, and insurance sales

12
Our net new advisory asset growth in 2014 was the highest
among publicly traded peers
12%
10% 9% 8%
7%
LPL Financial TD Ameritrade Ameriprise - Wealth
Management
Morgan Stanley -
Wealth Management
Charles Schwab
1 Based on net flows reported from publicly disclosed information as of December 31, 2014, inclusive of acquisitions
2014 Net New Advisory Asset Growth1

13
The flexibility of our business model enables us to respond to
potential environmental changes
Environmental change Potential impact
Department of Labor
proposal / heightened
regulatory standards
• Product substitution
• Cost to comply
• Further acceleration of shift to advisory
• Industry consolidation
Marketplace shift from
brokerage toward
advisory
• Gains for our hybrid RIA platform and broader
advisory offerings
• Improved LPLA economics
Emergence of
robo‐advice
• Reassessment of value proposition
• Market expansion strategy for advisors
• Improved productivity of advisors
• Increased use of our centrally managed platforms

14
Key messages

15
Our steady asset growth has driven topline performance
$0.94
$1.03 $1.11
$1.25 $1.33
2010 2011 2012 2013 2014
($ in billions)
$223 $229 $251
$287 $299 $301
$93 $102
$122
$152
$176 $184
$316
$330
$373
$438
$475 $485
2010 2011 2012 2013 2014 Q1'15
Brokerage Advisory
($ in billions)
Gross Profit ex Cash Sweep Revenue = 11% CAGRBrokerage Assets = 7% CAGR
Advisory Assets = 17% CAGR
Total gross profitAssets

16
13%
5%
7.5-8.5%
2013 2014 2015 Outlook 2016 Outlook
We believe that we are entering a period of more normalized conditions
$616
Core G&A ($ in mm)
$648
$8 $36
Ex-Reg.
Regulatory
$697-703M
TBD
Year-over-Year Core G&A Growth Rate Excluding Regulatory Charges
TBD
TBD
Anticipated lower
growth rate than
in 2015

17
Latent earnings potential in the business model from rising
interest rates
$1.71
$1.95 $2.03
$2.44 $2.44
$0.63
$0.72
$0.80
$1.09 $1.28
$2.34
$2.67
$2.83
$3.53
$3.72
2010 2011 2012 2013 2014
Adj. EPS Cash Sweep Potential
1 Demonstrates the potential benefit that rising interest rates would have had on cash sweep revenue, using quarterly end of period average asset balances and cash sweep yields, and assuming a
max fee of 185 bps in ICA and 55 bps in MMF. Analysis included the impact that rising interest rates would have had on our floating rate term loans
1
Adjusted Earnings Per Share

18
Our capital-light model has supported shareholder capital returns
112 111
106
102
98
2011 2012 2013 2014 Q1'15
(in millions)
Return of Capital Fully Diluted Shares
$89
$199 $219
$275
$30
$249
$68
$96
$24
$89
$448
$287
$371
$54
2011 2012 2013 2014 Q1'15
Share Repurchases Dividends
(in millions)
2012 includes a special dividend of $223 million
$2.71 $3.65
Return of capital per share
$4.04$0.79 $0.55

19
Our operating principles guide us to create
long-term shareholder value
Enable the delivery of objective advice, which we believe is the best solution for retail investors, through an
unmatched independent model
Provide choice by offering both brokerage and advisory solutions and an open architecture platform with products
that meet the diverse financial needs of American investors
Drive differentiated value for our advisors by offering a comprehensive, integrated set of services that serve investors
effectively and efficiently
Protect investor interests by developing and maintaining leading compliance and risk management capabilities
Prioritize reinvestment to drive long-term business outcomes, recognizing that, at times, longer-term investments
must be prioritized ahead of maximizing short-term results
Allocate capital to create the highest long-term shareholder value; reinvesting in the business where we can earn
attractive long-term returns and returning surplus capital to shareholders
Make decisions that create long-term value for all stakeholders in our community – employees, advisors, investors,
business partners, and shareholders
Long-term shareholder value
1
2
3
4
5
6
7

20
In 2015, we remain focused on executing core opportunities within
our existing business model
Remaining good financial stewards of our investors’ capital
Positioning cost structure to enter normalized conditions
Retaining upside on interest rates
Supporting the shift to advisory
where appropriate
Adding advisors

2121
APPENDIX

22
In the first quarter of 2015, Adjusted EPS* declined as business
expansion and share repurchases were outweighed by regulatory, cash
sweep, and conference timing
$0.69
$0.64
$0.02
$0.03
$0.06
$0.03
$0.01
Q1'14 Adjusted
EPS
Business
Expansion
Benefit from
TTM Share
Buybacks
Regulatory
Charges(1)
Conference
Timing(2)
Decline in Cash
Sweep
Revenue(3)
Q1'15 Adjusted
EPS
1 Represent the increase in Q1'15 regulatory charges compared to Q1'14 3 Represent the decline in Q1'15 cash sweep revenue compared to Q1'14
2 Represents an increase in conference expense attributable to the occurrence of two advisor conferences in Q1'15
Components of our Q1 2015 Year-over-Year Adjusted Earnings per Share* performance
*Adjusted EPS and Adjusted Earnings per Share are non‐GAAP financial metrics

23
We are the 7th largest advisory asset manager
1 Cerulli Associates – Lodestar Database as of March 31st, 2015
$801
$611
$433
$351
$226 $187 $184 $180 $148 $140
Morgan
Stanley -
Wealth
Management
Merrill Lynch Wells Fargo UBS Fidelity Schwab LPL Financial Ameriprise Raymond
James
Edward
Jones
Q1 2015 Advisory Assets1
(in billions)

24
We believe that growth of assets and gross profits represents our
business growth better than revenue growth does
13% 14% 15%
17%
12%
14%
12%
9%
11%
8%
6%
9% 9%
3%
8%
Asset
Growth
Revenue
Growth
Gross
Profit
Growth
Asset
Growth
Revenue
Growth
Gross
Profit
Growth
Asset
Growth
Revenue
Growth
Gross
Profit
Growth
Asset
Growth
Revenue
Growth
Gross
Profit
Growth
Asset
Growth
Revenue
Growth
Gross
Profit
Growth
TTM Q1'14 TTM Q2'14 TTM Q3'14 TTM Q4'14 TTM Q1'15
Asset, Revenue and Gross Profit(1) Growth
1 Gross Profit excludes cash sweep revenue
Under accounting standards, advisory fees charged to investors by advisors on our hybrid RIA platform are not reflected on our income statement
(unlike advisory fees charged for our corporate advisory platform business).

25
Recurring gross profit* of >75% has created financial stability and
minimized dependency on sales commissions
>75%
<25%
2014 Gross Profit
Recurring Transactional
2014 Components
($ in millions)
Revenue
%
Recurring
Gross
Profit
% of Gross
Profit
Recurring
Gross
Profit
Advisory 1,338 99% 231 17% 229
Sales commissions 1,181 0% 120 9% ‐
Trailing commissions 937 100% 115 9% 115
Cash sweep 100 100% 100 8% 100
Other asset based 377 96% 357 27% 344
Transaction and fee 370 63% 340 26% 214
Interest and other 71 32% 62 4% 20
Total 4,373 1,326 100% 1,022
% Recurring 68% 77%
*Gross profit is a Non-GAAP financial metric
Note: The 2014 gross profit breakdown applies a refined cost allocation methodology that was implemented in 2015. The gross profit breakdown methodology differs from the 2013 gross profit breakdown
methodology that was included in a presentation dated December 10, 2014 (“The LPL Financial Opportunity”) posted on LPL’s website in connection with the Goldman Sachs investor conference held on December
10, 2014. Applying the updated methodology to 2013 yields gross profit distribution of 17% Advisory, 9% Sales Commissions, 9% Trail Commissions, 34% Asset Based, 27% Transaction and Fees, and 4% Interest
and Other.

26
We believe that we have limited financial exposure from
alternative investments under the DOL proposal as written
Alternative investment sales as a percentage of total
gross profit (2014 total of $1,326M)
~5%
(~$65 million)
Percentage of alternative investment sales that are
made in brokerage retirement accounts
~40%
Alternative investment sales in brokerage retirement
accounts as a share of total gross profit
~2%
(~$26 million)
Variable cost projected to be eliminated due to reduced
manual alternative investments processing and
compliance
~25% of gross profit reduction
(~$6 million)
Substitute products potential contribution to gross profit* At least 1%
($13 million+)
Potential EBIT impact $7 million or less
($26M - $6M - $13M+)
*Substitute product gross profit likely to phase in over several years due to trailing commissions and attachment revenue vs. alternative investments which accrue gross profit at the time of sale

27
21%
13% 2%
44%
39%
18%
25%
36%
52%
10% 12%
28%
LPL Regional Wirehouse
<$100K $100-500K $500K-2M >$2M
Our product mix reflects the greater percentage of mass affluent
investors we serve relative to wirehouse or regional firms
1 Cerulli Advisor Metrics 2014
~65%
Mass
Affluent
(<$500K)

28
Our cash sweep revenue potential has grown over time
($ in millions)
$18.7 $21.5 $22.8 $24.1
Average Cash Sweep Balances ($bn)
$201
$120 $120 $127 $138 $120 $100
$17
$145 $135
$162
$176 $231 $262
2008 2009 2010 2011 2012 2013 2014
Cash Sweep Revenue Cash Sweep Potential
$24.8
Average Cash Sweep Yield (bps)
64 61 62 4250
Note: The revenue potential assumes a max fee of 185 bps in the insured cash account (ICA) program and 55 bps in the money market fund (MMF) program.
57113
$20.3$19.4
Cash Sweep Revenue

29
ICA bank spread outlook
Current
FFER
Beginning of
the Year Bank
Spread
Beginning
ICA Fee1
Estimated
Bank Spread
Compression2
Estimated
Ending
ICA Fee1
FFER needed to
achieve 185 bps ICA
target fee 3,4
EBITDA upside from
rise in interest rate
($mm)5
2015 10 45 ~55 ~13 ~42 ~270 ~$290
2016 10 33 ~42 ~22 ~20 ~315 ~$330
+
+ =
=
 Certain ICA bank contracts established in 2008 provide fees that are above market. As these contracts gradually
reset to market rates, the weighted average bank spread over FFER has and will continue to decline
 If FFER remains flat in 2015, the result would be a ~$20 mm revenue and EBITDA headwind based on 1Q15 cash
balances
 We expect a ~22 bps step-down in our bank spread in Q1 2016
 The anticipated 2016 ending bank spread is approximately within the range of current market rates
 As interest rates rise, we may incur additional interest expense related to our loan facilities
1 The ICA fee is based on average balances for the prior four quarters inclusive of Q1’15 and assumes a flat FFER of 10 basis points. An increase in balances may lead to further ICA bank fee compression
2 The majority of bank spread compression historically has occurred in the first quarter
3 Pages 16 - 17 of our Q1 2015 Financial Supplement, which is posted on the LPL Financial Investor Relations website under the Events section, provides additional information regarding the effect of a rising FFER on our ICA bank fee program
4 Based on 1Q15 balances and contracts, if maximum bank spread compression occurs, the minimum FFER rate required to maximize fees could increase up to approximately 350 bps
5 Does not include the potential to incur additional expense related to our loan facilities as interest rates rise

30
Cash sweep opportunity
ICA MMF Total
Assets1 ($ in bn) $18.1 $7.1 $25.2
Fee1 (bps) 45 8 35
Assumed max fee (bps) 185 55 145
Potential annualized
incremental EBITDA
($ in mm)2
$253 $33 $286
1 Based on the average balances and fees for the prior four quarters, inclusive of Q1’15
2 As interest rates rise, we may incur additional expense related to our loan facilities
ICA upside from FFER will be
recognized incrementally and
immediately as FFER improves

31
Adjusted Earnings Per Share reconciliation
(a) Generally, EBITDA Adjustments and amortization of intangible assets have been tax effected using a federal rate of 35.0% and the applicable effective state rate which was 3.30%, net of the federal tax benefit, for the periods presented,
except as noted below.
(b) Represents share-based compensation expense for equity awards granted to employees, officers and directors. Such awards are measured based on the grant date fair value and recognized over the requisite service period of the
individual awards, which generally equals the vesting period.
(c) Represents acquisition and integration costs resulting from various acquisitions, including changes in the estimated fair value of future payments, or contingent consideration, required to be made to former shareholders of certain acquired
entities.
(d) Represents organizational restructuring charges, conversion and other related costs incurred resulting from the expansion of the Company’s Service Value Commitment, the 2011 consolidation of UVEST Financial Services Group, Inc. and
the 2009 consolidation of Mutual Service Corporation, Associated Financial Group, Inc., Associated Planners Investment Advisory, Inc. and Waterstone Financial Group.
(e) Represents expenses incurred resulting from the early extinguishment, amending, restating, and repayment of amounts outstanding under our credit agreements.
(f) Represents equity issuance and offering costs for our IPO, which was completed in the fourth quarter of 2010.
(g) Represents amortization of intangible assets as a result of our purchase accounting adjustments from our merger transaction in 2005 and various acquisitions.
(h) Represents the expected tax benefit available to us from the accumulated net operating losses of the Concord Trust and Wealth division of LPL Financial LLC that arose prior to our acquisition of Concord Capital Partners ; such benefits
were recorded in the third quarter of 2012.
(i) Represents Adjusted Earnings, a non-GAAP measure, divided by weighted-average number of shares outstanding on a fully diluted basis.
The reconciliation from net income to Adjusted Earnings and Adjusted Earnings Per Share, a non-
GAAP measure, for the periods presented is as follows (in thousands):
2014 2013 2012 2011 2010
(unaudited)
Net income (loss) $178,043 $181,857 $151,918 $170,382 ($56,862)
After-Tax:
EBITDA Adjustments(a)
Employee share-based compensation expense(b) 14,175 11,109 13,161 11,472 8,400
Acquisition and integration related expenses(c) 366 10,919 11,106 (2,354) 7,638
Restructuring and conversion costs(d) 21,357 19,011 3,792 13,606 13,877
Debt amendment and extinguishment costs(e) 2,678 4,916 10,274 - 23,477
Equity issuance and related offering costs(f) - - 4,262 1,272 149,568
Other 7,137 6,926 7,384 156 91
Total EBITDA Adjustments 45,713 52,881 49,979 24,152 203,051
Amortization of intangible assets(a)(g) 23,865 24,067 24,397 24,051 26,531
Acquisition related benefit for a net operating loss carry-forward(h) - - (1,265) - -
Adjusted Earnings $247,621 $258,805 $225,029 $218,585 $172,720
Adjusted Earnings per share(i) $2.44 $2.44 $2.03 $1.95 $1.71
Weighted-average shares outstanding - diluted 101,651 106,003 111,060 112,119 100,933

32
Total Hybrid RIA Firm Assets Served

LPL_Presentation_-_Q2_2015_William_Blair_-_FINAL

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