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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•	Q4 2015 net income of $27 million, or $0.28 per share; FY 2015 net income of $169 million, or $1.74 per share

•	Q4 2015 pre-tax income of $45 million; FY 2015 pre-tax income of $283 million

•	Q4 2015 Adjusted Earnings of $36 million, or $0.37 per share; FY 2015 Adjusted Earnings of $215 million, or $2.22 per share; includes non-recurring cost of $0.04 per share

•	Q4 2015 Adjusted EBITDA of $100 million; FY 2015 Adjusted EBITDA of $489 million

•	Q4 2015 gross profit of $322 million; FY 2015 gross profit of $1,358 million

•	End of period total brokerage and advisory assets of $476 billion

•	Q4 2015 net new advisory assets of $3.1 billion; FY 2015 net new advisory assets of $16.7 billion

•	End of period cash sweep balances of $29.0 billion

•	Q4 2015 share repurchases of $250 million for more than 5.6 million shares; FY 2015 share repurchases of $391 million for more than 8.9 million shares

•	Q1 2016 to date share repurchases of $25 million for more than 630 thousand shares

•	Q4 2015 dividends of $24 million; FY 2015 dividends of $96 million

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•	Brokerage and advisory assets were $476 billion, up 3% sequentially.

•	Net new advisory assets were $3.1 billion, translating to a 7% annualized growth rate.

•	Advisor count was 14,054, down 19 from the third quarter.

•	Advisor production retention finished the year above 96%.

•	Commissions were $464 million, down 4% from the prior quarter. Sales commissions declined mostly due to an industry-wide slowdown in alternative investments, and trailing commissions were relatively flat.

•	Advisory fees were $324 million, down 5% from the prior quarter. Advisory fees are primarily billed on prior quarter balances, and third quarter asset levels declined sequentially along with the S&P 500 index.

•	Asset-based fees were $124 million, flat sequentially. Sponsor revenues declined 4% due to lower billable assets. Cash sweep revenue increased 13% from client cash sweep balance growth and the mid-December increase in the target range for the federal funds rate.

•	Transaction and fee revenues were $97 million, down 8% sequentially primarily due to the timing of conferences as well as slightly lower trading volumes.

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Core G&A expenses were $179 million, up $8 million sequentially. $4 million of this increase was due to non-recurring costs, which were mostly severance. The remaining increase was primarily due to annual disclosures and investments in service and technology offset by lower performance-based compensation. For 2015, core G&A expenses were $695 million, below LPL’s expected range of $697 to $703 million.

•	Promotional expenses were $35 million, down $7 million sequentially. Conference expenses declined $13 million sequentially while increased transition assistance and year-end marketing expenses added $6 million.

•	Regulatory-related charges, which include the cost of restitution and remediation of previously settled regulatory matters, were $8 million, flat sequentially. For 2015, regulatory related expenses totaled $34 million, down $2 million from 2014.

•	Depreciation and amortization of intangibles was $32 million, up $5 million sequentially mostly due to non-recurring real estate consolidation.

•	Interest expense was $18 million, up $5 million sequentially following LPL’s November debt transaction.

•	Adjusted Earnings were $36 million, or $0.37 per share. These results included $0.04 per share of non-recurring costs totaling $7 million of pre-tax expense.

•	The non-recurring costs included $4 million of non-recurring core G&A that was primarily related to severance for role eliminations, and $3 million of non-recurring depreciation for real estate consolidation.

•	Historically, these non-recurring costs would have been adjusted out of Adjusted Earnings.

•	Completed a $700 million debt transaction on November 20, 2015 and used $150 million to fully pay off the Company's revolving credit facility. At the end of the fourth quarter, net debt as defined in the Company's credit agreement was $1.9 billion(6), resulting in a leverage ratio of 3.8 times. This compares to a covenant maximum leverage ratio of 5 times.

•	Generated EBITDA as defined in the credit agreement of $111 million in the fourth quarter and $509 million over the trailing twelve months.

•	Completed a $250 million accelerated share repurchase plan on December 15, 2015 - purchasing more than 5.6 million shares at an average price of $44.46.

•	In the first quarter 2016 to date, the Company purchased more than 630,000 additional shares for $25 million with an average price of $39.41.

•	Paid a dividend of $24 million on November 24, 2015.

•	Capital expenditures were $21 million, up $1 million sequentially. The majority of capital expenditures were for technology and for the construction of the Company's new campus in Fort Mill, South Carolina.

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a.	Adjusted EBITDA, Adjusted Earnings, and Adjusted Earnings per share do not reflect all cash expenditures, or contractual commitments; and do not reflect changes in, or cash requirements for, working capital needs; and

b.	Adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt.

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(a)	Represents share-based compensation 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.

(b)	Represents acquisition and integration costs resulting from various acquisitions, including changes in the estimated fair value of future payments, or contingent consideration that may be required to be made to former shareholders of certain acquired entities.

(c)	Represents organizational restructuring charges, conversion, and other related costs primarily resulting from the expansion of the Company's Service Value Commitment initiative. Results for the three and twelve months ended December 31, 2015 also include charges related to the restructuring of the business of the Company's subsidiary, Fortigent Holdings Company, Inc.

(d)

Represents expenses incurred resulting from the early extinguishment and repayment of amounts outstanding on our prior senior secured credit facilities, including the accelerated recognition of unamortized debt issuance costs that had no future economic benefit, as well as various other charges incurred in connection with the repayment under prior senior secured credit facilities and the establishment of new or amended senior secured credit facilities.

(e)	Results for the three and twelve months ended December 31, 2014 include approximately $0.4 million and $9.6 million, respectively, in parallel rent, property tax, common area maintenance expenses, and fixed asset disposals incurred in connection with the Company's relocation to its San Diego office building.

(f)	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 3.6%, net of the federal tax benefit, for the periods ended December 31, 2015 and 2014, except as discussed in footnotes (g) and (h) below.

(g)	Includes the impact of incentive stock options granted to employees that qualify for preferential tax treatment and conversely for which the Company does not receive a tax deduction.

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(h)	Represents Adjusted Earnings, a non-GAAP measure, divided by weighted-average number of shares outstanding on a fully diluted basis. Set forth below is a reconciliation of earnings per share on a fully diluted basis, as calculated in accordance with GAAP, to Adjusted Earnings per share:

(1)	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.

(2)	End of period advisory and brokerage assets are comprised of assets that are custodied, networked, and non-networked, and reflect market movement in addition to new assets, inclusive of new business development and net of attrition. End of period insured cash account and money market account balances are also included in advisory and brokerage assets.

(3)	Advisory assets under custody is a component of advisory and brokerage assets and consists of advisory assets under management, as well as assets of independent advisors that are custodied by LPL Financial.

(4)	Reflects net new advisory assets consisting of funds from new accounts and additional funds deposited into advisory accounts that are custodied in the Company's fee-based advisory platforms and exclude market impact.

(5)	Reflects insured cash account and money market fees quarterly average.

(6)	The Company's credit agreement limits the total amount of cash available for corporate use that can be used in the net debt calculation to $300 million. The Company had $512 million of cash available for corporate use at the end of the fourth quarter of 2015.

(7)	For the three and twelve months ended December 31, 2015, the Company reclassified amortization of intangibles costs out of Depreciation and Amortization costs. Prior period amounts in the table have also been reclassified to conform to the current period presentation.

(8)	As of September 30, 2015 receivables from advisor loans have been reclassified out of Receivables from Other Receivables in the consolidated statements of financial condition.

(9)

The Company early adopted Accounting Standards Update ("ASU") 2015-03, Interest—Imputation of Interest, which simplifies the presentation of debt issuance costs on the balance sheet by presenting debt issuance costs as a direct deduction from the carrying amount of the related debt liability. The debt issuance costs as of September 30, 2015 in the table have been reclassified to be a direct deduction to our senior secured credit facility.

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