o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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•	Earnings per share ("EPS") increased 50% year-over-year to $0.69, up 10% sequentially.

◦	EPS prior to $0.24 of cost from NPH and $0.10 of benefit from tax reform increased 81% year-over-year to $0.83.

◦	Net Income increased 54% year-over-year to $64 million, up 10% sequentially.

◦	Net Income prior to NPH and tax reform increased 85% year-over-year to $77 million.

•	EPS prior to Amortization of Intangible Assets** increased 46% year-over-year to $0.76.

◦	Prior to NPH and tax reform, EPS prior to Amortization of Intangible Assets increased 71% year-over-year to $0.89.

•	Total Brokerage and Advisory Assets increased 21% year-over-year to $615 billion, up 10% sequentially.

◦	Prior to NPH, Total Brokerage and Advisory Assets increased 14% year-over-year to $581 billion.

•	Total Net New Assets were an inflow of $37.5 billion, including $34.2 billion from NPH.

◦	Total Net New Assets prior to NPH were an inflow of $3.3 billion, translating to a 2.4% annualized growth rate.

•	Net new advisory assets prior to NPH were an inflow of $6.3 billion, translating to a 10% annualized growth rate.

•	Net new brokerage assets prior to NPH were an outflow of $3.0 billion, translating to a (4)% annualized rate.

◦	Advisor count increased to 15,210, up 957 sequentially, including 953 advisors joining from NPH.

•	Gross Profit** increased 16% year-over-year to $403 million, up 4% sequentially, including approximately $4 million generated by NPH advisors.

•	EBITDA** increased 17% year-over-year to $139 million, down 11% sequentially.

◦	EBITDA prior to NPH increased 43% year-over-year to $170 million, and increased 7% sequentially.

◦	EBITDA as a percentage of Gross Profit was 35%, up from 34% a year ago.

•	EBITDA as a percentage of Gross Profit prior to NPH was 43%, up 820 bps year-over-year.

◦	Core G&A** increased 8% year-over-year to $195 million, and increased 9% sequentially.

•	Core G&A prior to NPH increased 1% year-over-year to $183 million, and increased 4% sequentially.

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•	EPS increased 22% year-over-year to $2.59.

◦	EPS prior to $0.26 of cost from NPH and $0.10 of benefit from tax reform increased 29% year-over-year to $2.75.

◦	Net Income increased 24% year-over-year to $239 million.

•	Net Income prior to NPH and tax reform increased 32% year-over-year to $254 million.

•	EPS prior to Amortization of Intangible Assets** increased 19% year-over-year to $2.84.

◦	Prior to NPH and tax reform, EPS prior to Amortization of Intangible Assets increased 26% year-over-year to $3.00.

•	Gross Profit** increased 12% year-over-year to $1.6 billion.

•	EBITDA** increased 21% year-over-year to $616 million.

◦	EBITDA prior to NPH increased 28% year-over-year to $651 million.

◦	EBITDA as a percentage of Gross Profit was 40%, up from 36% in 2016.

•	EBITDA as a percentage of Gross Profit prior to NPH was 42%.

◦	Core G&A** increased 4% year-over-year to $727 million.

•	Core G&A prior to NPH increased 2% year-over-year to $712 million, compared to an initial outlook range of $710 - $725 million.

◦	Production retention rate for the year was 95%. Prior to the impact of client departures discussed during the Company's Q2 2017 earnings call, the full year production retention rate was 97%.

•	Estimate NPH overall production transfer rate of approximately 70% and run-rate EBITDA accretion equivalent to production transfer rate of approximately 80%, or $85 million.

•	Established 2018 Core G&A** outlook range of $730 to $750 million prior to NPH, and total Core G&A outlook range of $800 to $830 million.

•	Estimate tax reform will lower the Company's 2018 effective tax rate to within a range of 27% to 29%.

•	Returned $53 million of capital to shareholders in Q4 through $30 million of share repurchases and $23 million of dividends for the quarter.

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•	Onboarded $34.4 billion in Total Brokerage and Advisory Assets, including $26.7 billion in brokerage assets and $7.7 billion in advisory assets, and 953 advisors as of year-end.

•	Q4 onboarding expenses were $17 million, including $7 million of Core G&A expense and $10 million of promotional expense. These expenses, combined with $3 million of Core G&A expense in Q3, make $20 million of onboarding expense in 2017, which were included in the Company’s estimated total onboarding costs of approximately $40 to $60 million.

•	Q4 financial assistance was $44 million, including $32 million provided as forgivable loans and $12 million provided as cash assistance and expensed in Q4. This assistance was included in the Company’s estimated financial assistance of around $100 million.

•	Recorded $98 million in intangible assets and $62 million in goodwill in December related to the Wave 1 onboarding of NPH assets. This increased Q4 amortization of intangible assets expense by $1 million sequentially.

•	The Company returned capital to shareholders totaling $53 million in Q4 2017 and $204 million in full-year 2017, translating to $0.57 per share for Q4 and $2.21 per share for 2017 respectively.

◦	Deployed $30 million of capital to repurchase 603 thousand shares at an average price of $49.76 per share in Q4 2017. This contributed to a total of $114 million of capital deployed to repurchase 2.6 million shares at an average price of $43.42 per share in 2017.

◦	Increased the Company’s share repurchase authorization up to an aggregate of $500 million of its issued and outstanding common stock.

◦	Paid dividends of $23 million on November 27, 2017. This contributed to $90 million of total dividends paid in 2017.

•	Capital expenditures were primarily driven by technology spend and totaled $26 million in Q4 and $112 million for 2017.

•	Cash available for corporate use was $439 million as of quarter-end, and Credit Agreement Net Leverage Ratio, which only applies to the revolving credit facility, was 2.81x, down 0.40x from the prior quarter.

◦	After applying $300 million of cash available for corporate use to Credit Agreement Net Debt, this left an additional $139 million of cash, which if applied to the debt, would further reduce the Credit Agreement Net Leverage Ratio to 2.63x.

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(a)	The Revolving Credit Facility has a borrowing capacity of $500 million.

(b)	The LIBOR rate option is one-, two-, three- or six-month LIBOR rate and subject to an interest rate floor of 0 basis points.

(c)	The Senior Unsecured Notes were issued in two separate transactions; $500 million in notes were issued in March 2017 at par; the remaining $400 million were issued in September 2017 and priced at 103% of the aggregate principal amount.

(d)	Does not include unamortized premium of approximately $12 million as of December 31, 2017.

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(1)	The information presented on pages 10-19 includes non-GAAP financial measures and operational and performance metrics. For more information on non-GAAP financial measures, please see the section titled “Non-GAAP Financial Measures” on page 4.

(2)	Other asset-based revenues consist of revenues from the Company's sponsorship programs with financial product manufacturers and omnibus processing and networking services, but does not include fees from cash sweep programs. Other asset-based revenues are a component of asset-based revenues and are derived from the Company's Unaudited Condensed Consolidated Statements of Income.

(4)	Consists of total advisory assets under custody at LPL Financial.

(5)	Consists of brokerage assets serviced by advisors licensed with the Company’s broker-dealer subsidiary LPL Financial LLC (“LPL Financial”).

(6)	Consists of total assets on LPL Financial's corporate advisory platform serviced by advisors who are investment advisor representatives of LPL Financial.

(7)	Consists of total assets on LPL Financial's independent advisory platform serviced by advisors who are investment advisor representatives of separate investment advisor firms ("Hybrid RIAs"), rather than of LPL Financial.

(8)	Centrally Managed Assets represents those Advisory Assets in LPL Financial’s Model Wealth Portfolios, Optimum Market Portfolios, Personal Wealth Portfolios, and Guided Wealth Portfolios platforms.

(9)	Total Brokerage and Advisory Retirement Assets are a component of Total Brokerage and Advisory Assets. This measure does not include additional retirement plan assets custodied with third parties, estimated to be $135 billion.

(10)	Consists of total client deposits into advisory accounts less total client withdrawals from advisory accounts. The Company considers conversions from and to brokerage accounts as deposits and withdrawals respectively.

(11)	Consists of total client deposits into brokerage accounts less total client withdrawals from brokerage accounts. The Company considers conversions from and to advisory accounts as deposits and withdrawals respectively.

(12)	Consists of existing custodied assets that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage.

(13)	Calculated as annualized current period net new assets divided by preceding period assets in their respective categories of advisory assets or total brokerage and advisory assets.

(14)	Consists of total client deposits into advisory accounts on LPL Financial's corporate advisory platform (FN 6) less total client withdrawals from advisory accounts on its corporate advisory platform.

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(15)	Consists of total client deposits into advisory accounts on LPL Financial's independent advisory platform (FN 7) less total client withdrawals from advisory accounts on its independent advisory platform.

(16)	Consists of total client deposits into Centrally Managed Assets (FN 8) less total client withdrawals from Centrally Managed Assets accounts.

(17)	Calculated by dividing revenue for the period by the average balance during the period.

(18)	Represents estimated potential future cost savings, operating expense reductions or other synergies included in Credit Agreement EBITDA in accordance with the Credit Agreement relating to the acquisition of NPH. Such amounts do not represent actual performance and there can be no assurance that any such cost savings, operating expense reductions or other synergies will be realized.

(19)	Represents items that are adjustable in accordance with the Credit Agreement to calculate Credit Agreement EBITDA, including employee severance costs, employee signing costs, employee retention or completion bonuses, and other non-recurring costs.

(20)	Consists of cash unrestricted by the Credit Agreement and other regulations available for operating, investing, and financing uses.

(21)	Under the Credit Agreement, management calculates Credit Agreement EBITDA for a four-quarter period at the end of each fiscal quarter, and in so doing may make further adjustments to prior quarters.

(22)	Calculated based on the average advisor count from the current period and prior period.

(23)	Calculated based on the end of period Total Brokerage and Advisory Assets divided by end of period Advisor count.

(24)	Represents the amortization expense amount of forgivable loans from transition assistance paid to advisors and financial institutions.

(25)	Represents annualized Gross Profit (see FN 1) for the period, divided by average month-end Total Brokerage and Advisory Assets for the period. Prior to Q4 2017, Management calculated Gross Profit ROA by dividing annualized Gross Profit for the period by Total Brokerage and Advisory Assets at the end of the period. Amounts in this release reflect this new methodology.

(26)

Represents annualized operating expenses for the period, excluding production-related expense, divided by average month-end Total Brokerage and Advisory Assets for the period. Production-related expense includes commissions and advisory expense and brokerage, clearing and exchange expense. For purposes of this metric, operating expenses includes Core G&A (see FN 3), Regulatory, Promotional, Employee Share Based Compensation, Depreciation & Amortization, and Amortization of Intangible Assets. Prior to Q4 2017, Management calculated OPEX ROA by dividing annualized operating expenses for the period by Total Brokerage and Advisory Assets at the end of the period. Amounts in this release reflect this new methodology.

(27)	EBIT ROA is calculated as Gross Profit ROA less OPEX ROA.

(28)	Reflects retention of commission and advisory revenues, calculated by deducting the prior year production of the annualized year-to-date attrition rate, over the prior year total production.

(29)

Recurring Gross Profit Rate refers to the percentage of the Company’s gross profit, a non-GAAP financial measure, that was recurring for the period presented. Management tracks recurring gross profit, a characterization of gross profit and a statistical measure, which is defined to include the Company’s revenues from asset-based fees, advisory fees, trailing commissions, cash sweep programs, and certain other fees that are based upon client accounts and advisors, less the expenses associated with such revenues and certain other recurring expenses not specifically associated with a revenue line. Management allocates such other recurring expenses, such as non-GDC sensitive production expenses, on a pro-rata basis against specific revenue lines at its discretion.

(30)	Capital Allocation per Share equals the amount of capital allocated for share repurchases and cash dividends divided by the diluted weighted-average shares outstanding

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