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

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 selfregulatory 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. LPL Financial Member FINRA/SIPC 2 

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 nonGAAP 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 reclassify 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. LPL Financial Member FINRA/SIPC 3 

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 LPL Financial Member FINRA/SIPC 4 

5) We are the leading financial services provider to independent advisors, RIAs and financial institutions #1 independent broker-dealer for 19 straight years 14,098 2 Focus on chosen markets 1 Independent Advisor Services Over 8,000 advisors $265 billion assets served advisors Institution Services Over 700 banks, credit unions and clearing clients4 $115 billion assets served $605 billion Hybrid RIA Over 300 firms $105 billion assets served in assets3 Retirement Partners Over 40,000 plans $120 billion in assets served5 LPL Financial Member FINRA/SIPC 5 1 4 2 As of March 31, 2015 Financial Planning magazine 1996-2014 based on total revenue Clearing clients include over 4,000 additional advisors affiliated with insurance companies 3 Consists of $485 billion in retails assets and $120 billion in retirement plan assets plan assets are not custodied by LPL 5 Retirement 

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

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

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

9) 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 LPL Financial Member FINRA/SIPC 9 

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

11) We have been building our advisory business for many years and are benefitting from the marketplace trend towards advisory 2000 1990 1991 – LPL Launches our first advisory platform, enabling advisors to build advisory portfolios Mid ‘90s– LPL establishes Advisory Consulting Team, providing advisory-oriented training and support to LPL advisors Today 2010 2004 – LPL launches “centrally managed” platforms, enabling advisors to use 3rd party portfolio managers 2008 – LPL launches Hybrid RIA Platform 2014 – LPL’s 7 advisory offerings serve all levels of wealth, generating industry-leading growth LPL Financial Advisory Business Today 90% 38% 62% of advisors licensed for advisory business of client assets are in advisory accounts of gross asset sales1 are advisory LPL Financial Member FINRA/SIPC 11 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 2014 Net New Advisory Asset Growth1 12% 10% 9% 8% 7% LPL Financial TD Ameritrade Ameriprise - Wealth Management Morgan Stanley Wealth Management Charles Schwab LPL Financial Member FINRA/SIPC 12 1 Based on net flows reported from publicly disclosed information as of December 31, 2014, inclusive of acquisitions 

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 • • • • Marketplace shift from  brokerage toward  advisory  • Gains for our hybrid RIA platform and broader  advisory offerings • Improved LPLA economics  Emergence of  robo‐advice • • • • Product substitution Cost to comply Further acceleration of shift to advisory Industry consolidation Reassessment of value proposition  Market expansion strategy for advisors Improved productivity of advisors Increased use of our centrally managed platforms LPL Financial Member FINRA/SIPC 13 

14) 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 LPL Financial Member FINRA/SIPC 14 

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

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

17) Latent earnings potential in the business model from rising interest rates Adjusted Earnings Per Share Adj. EPS 1 Cash Sweep Potential $3.72 $3.53 $2.83 $2.34 $0.72 $1.09 $1.28 $2.44 $2.67 $2.44 2013 2014 $0.80 $0.63 $1.71 2010 $1.95 $2.03 2011 2012 LPL Financial Member FINRA/SIPC 17 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 

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

19) Our operating principles guide us to create long-term shareholder value 1 Enable the delivery of objective advice, which we believe is the best solution for retail investors, through an unmatched independent model 2 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 3 Drive differentiated value for our advisors by offering a comprehensive, integrated set of services that serve investors effectively and efficiently 4 Protect investor interests by developing and maintaining leading compliance and risk management capabilities 5 Prioritize reinvestment to drive long-term business outcomes, recognizing that, at times, longer-term investments must be prioritized ahead of maximizing short-term results 6 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 7 Make decisions that create long-term value for all stakeholders in our community – employees, advisors, investors, business partners, and shareholders Long-term shareholder value LPL Financial Member FINRA/SIPC 19 

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

21) APPENDIX LPL Financial Member FINRA/SIPC 21 

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 Components of our Q1 2015 Year-over-Year Adjusted Earnings per Share* performance $0.03  $0.06  $0.02  $0.03  $0.69  $0.01  $0.64  Q1'14 Adjusted EPS Business Expansion Benefit from TTM Share Buybacks Regulatory Charges(1) Conference Timing(2) Decline in Cash Q1'15 Adjusted Sweep EPS Revenue(3) *Adjusted EPS and Adjusted Earnings per Share are non‐GAAP financial metrics LPL Financial Member FINRA/SIPC 22 1 2 3 Represent the decline in Q1'15 cash sweep revenue compared to Q1'14 Represent the increase in Q1'15 regulatory charges compared to Q1'14 Represents an increase in conference expense attributable to the occurrence of two advisor conferences in Q1'15 

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

24) We believe that growth of assets and gross profits represents our business growth better than revenue growth does Asset, Revenue and Gross Profit(1) Growth 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).   14% 13% 15% 17% 12% 14% 12% 9% 11% 8% 9% 9% 8% 6% 3% Asset Revenue Gross Growth Growth Profit Growth Asset Revenue Gross Growth Growth Profit Growth Asset Revenue Gross Growth Growth Profit Growth Asset Revenue Gross Growth Growth Profit Growth Asset Revenue Gross Growth Growth Profit Growth TTM Q1'14 TTM Q2'14 TTM Q3'14 TTM Q4'14 TTM Q1'15 LPL Financial Member FINRA/SIPC 24 1 Gross Profit excludes cash sweep revenue 

25) Recurring gross profit* of >75% has created financial stability and minimized dependency on sales commissions 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  1,326  100% 1,022  2014 Components  ($ in millions) <25% >75% 2014 Gross Profit Recurring Transactional Total % Recurring 4,373  68% *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. 77% LPL Financial Member FINRA/SIPC 25 

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+) LPL Financial Member FINRA/SIPC 26 *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) Our product mix reflects the greater percentage of mass affluent investors we serve relative to wirehouse or regional firms 10% 12% 28% 25% 36% ~65%  Mass Affluent  (<$500K) 52% 44% 39% 21% 18% 13% LPL Regional <$100K $100-500K 2% Wirehouse $500K-2M >$2M LPL Financial Member FINRA/SIPC 27 1 Cerulli Advisor Metrics 2014 

28) Our cash sweep revenue potential has grown over time Cash Sweep Revenue ($ in millions) Cash Sweep Revenue Cash Sweep Potential $17 $162 $176 $231 $262 $145 $135 $120 $120 $127 $138 $120 $100 2009 2010 2011 2012 2013 2014 $24.8 $24.1 50 42 $201 2008 Average Cash Sweep Balances ($bn) $19.4 $20.3 $18.7 $21.5 $22.8 Average Cash Sweep Yield (bps) 113 57 64 61 62 LPL Financial Member FINRA/SIPC 28 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. 

29) ICA bank spread outlook  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 ~$20 mm revenue and EBITDA headwind based on 1Q15 cash balances  We expect a ~22 bps step-down in our bank spread in Q1 2016  The anticipated 2016 ending bank spread is approximately within the range of current market rates  As interest rates rise, we may incur additional interest expense related to our loan facilities Beginning of  the Year Bank  Spread Current  FFER 2015 10 2016 10 + + 45 33 = = Beginning  ICA Fee1 Estimated  Bank Spread  Compression2 Estimated  Ending  ICA Fee1 FFER needed to  achieve 185 bps ICA  target fee 3,4 EBITDA upside from  rise in interest rate ($mm)5 ~55 ~13 ~42 ~270 ~$290 ~42 ~22 ~20 ~315 ~$330 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 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 LPL Financial Member FINRA/SIPC 2 The 29 

30) Cash sweep opportunity ICA MMF Total $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 $286 Assets1 ($ in bn) ICA upside from FFER will be recognized incrementally and immediately as FFER improves LPL Financial Member FINRA/SIPC 30 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 

31) Adjusted Earnings Per Share reconciliation The reconciliation from net income to Adjusted Earnings and Adjusted Earnings Per Share, a nonGAAP measure, for the periods presented is as follows (in thousands): 2014 2013 Net income (loss) $178,043 $181,857 After-Tax: EBITDA Adjustments(a) Employee share-based compensation expense(b) Acquisition and integration related expenses(c) Restructuring and conversion costs(d) Debt amendment and extinguishment costs(e) Equity issuance and related offering costs(f) Other Total EBITDA Adjustments Amortization of intangible assets(a)(g) Acquisition related benefit for a net operating loss carry-forward(h) Adjusted Earnings Adjusted Earnings per share(i) Weighted-average shares outstanding - diluted 14,175 366 21,357 2,678 7,137 45,713 23,865 $247,621 $2.44 101,651 11,109 10,919 19,011 4,916 6,926 52,881 24,067 $258,805 $2.44 106,003 2012 (unaudited) $151,918 13,161 11,106 3,792 10,274 4,262 7,384 49,979 24,397 (1,265) $225,029 $2.03 111,060 2011 2010 $170,382 ($56,862) 11,472 (2,354) 13,606 1,272 156 24,152 24,051 $218,585 $1.95 112,119 8,400 7,638 13,877 23,477 149,568 91 203,051 26,531 $172,720 $1.71 100,933 (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. LPL Financial Member FINRA/SIPC (i) Represents Adjusted Earnings, a non-GAAP measure, divided by weighted-average number of shares outstanding on a fully diluted basis. 31 

32) Total Hybrid RIA Firm Assets Served LPL Financial Member FINRA/SIPC 32