#1TRADEWEB FIMSAC CORPORATE BOND MARKET: E-TRADING PERSPECTIVE OCTOBER 5, 2020 Tradeweb ©2020 Tradew eb Markets LLC. All rights reserved. The materials and information contained herein are proprietary. ...#2AiPrice HG Spread to Treasury Evolution Daily Average Aiprice Mid By Maturity Between 1/2/2020 and 8/31/2020 2-5 Years Mid 2 400 300 200 100- P Jan 1 65.5 315.4 Apr 1 Jul 1 Jan 1 100.3 5-10 Years 343.7 Apr 1 Jul 1 142.8 Jan 1 10-20 Years 392.2 Apr 1 Jul 1 ©2020 Tradeweb Markets LLC. All rights reserved. The materials and information contained herein are proprietary. 144.7 Jan 1 20-30 Years 372.7 Apr 1 Jul 1 Jan 11 Tradeweb 30+ Years 360.6 Apr 1 158.8 Jui 1#3Client Execution Metrics vs AiPrice and Cover Price TCA metrics are more insightful than Model Bid/Offer in March Tradeweb Product: US Credit Period: 06-Jan-2020 to 18-Sep-2020 Sample: Outright, Standard Settlement, In Comp Outliers removal: Trades with percentage of bid offer spread captured more than 3 standard deviation away from the average removed (over 99% kept). Standard deviation calculated on a weekly basis. US Credit - Average Execution Against Ai-Price Bid/Offer Saving to Cover Dealer per Million Traded 4,000 3 Market Segment $ Saving Per MM Traded (vs. TW Ai-Price) Counterparty Attribution $Saving Per MM Traded (vs. TW Ai-Price) 2,000 0 -2,000 -4,000 -6,000 -8,000 2,000 -2,000 -4,000 -6,000 13-Jan 27-Jan 10-Feb 24-Feb 09-Mar 23-Mar 06-Apr 20-Apr compr 04-May 18-May convey 13-Jan 27-Jan 10-Feb 24-Feb 09-Mar 23-Mar 06-Apr 20-Apr 04-May 18-May unr-to UNG-TO un-st vacom unr-ET un-to un-st 45-Jun 29-Jun 29-Jun uhr-62 29-Jun infat 13-Jul 27-Jul 10-Aug 24-Aug im-20 Inr-et m.cc 27-Jul das-20 10-Aug 24-Aug 07-Sep $ Saving to Cover per Million Traded $ Saving to Cover per Million Traded 12,000 10,000 8,000 6,000 4,000 2,000 0 8,000 6,000 4,000 2,000 wer-ET Segment HY IG ©2020 Tradeweb Markets LLC. All rights reserved. The materials and information contained herein are proprietary. Tradeweb 27-Jan 10-Feb 24-Feb 09-Mar 23-Mar 06-Apr 20-Apr 04-May 18-May 01-Jun 15-Jun 29-Jun 13-Jul 27-Jul 10-Aug 24-Aug 07-Sep Attributed N#4Record Users in US Credit during WFH transition 4 600 500 400 300 200 100 0 January-20 February-20 Users Trading - US Credit March-20 April-20 US Credit May-20 ©2020 Tradeweb Markets LLC. All rights reserved. The materials and information contained herein are proprietary. June-20 July-20 Tradeweb August-20#5Record Usage in March - TW Institutional 6000 5000 4000 3000 2000 1000 5 0 January-20 February-20 Users Trading - Tradeweb Institutional March-20 April-20 ■TW Institutional May-20 Ⓒ2020 Tradeweb Markets LLC. All rights reserved. The materials and information contained herein are proprietary. June-20 July-20 Tradeweb August-20#6All-to-All as Percent of RFQ Rose in March 45% 40% 35% 30% 25% 20% 15% 10% 6 5% 0% January-20 February-20 A2A as Percent of RFQ Trading March-20 April-20 % A2A May-20 Ⓒ2020 Tradeweb Markets LLC. All rights reserved. The materials and information contained herein are proprietary. June-20 July-20 Tradeweb August-20#7Treasury Bid/Offer Widened Significantly in March 7 $1.60- $1.40- $1.20- $1.00- $0.80- $0.60- $0.40- $0.20- T 2.375 15 Nov 49 30yr Treasury Bond Composite Bid/Offer Width ($) between 2:58 PM and 3:03 PM LINLANAN N-LL ܠܚܢ Tradeweb ©2020 Tradeweb Markets LLC. All rights reserved. The materials and information contained herein are proprietary. न जयाला $0.00 T 03-Feb-20 10-Feb-20 17-Feb-20 24-Feb-20 02-Mar-20 09-Mar-20 13-Mar-20 23-Mar-20 30-Mar-20 06-Apr-20 13-Apr-20 20-Apr-20 27-Apr-20#8Tradeweb's Treasury Network Links to Credit Platform Electronic Spotting Linked to a Treasury Hedge on IG Trades Processed IG Voice Volume ($BN) 70.0 60.0 50.0 40.0 30.0 20.0 10.0 8 0.0 1/1/2020 2/1/2020 3/1/2020 4/1/2020 IG Voice 5/1/2020 IG Voice % TRACE 6/1/2020 Ⓒ2020 Tradeweb Markets LLC. All rights reserved. The materials and information contained herein are proprietary. 7/1/2020 8/1/2020 Tradeweb 11.0% 10.5% 10.0% 9.5% 9.0% 8.5% 8.0%#9Netting Volume and Savings Increase 40.0 35.0 30.0 25.0 20.0 9 15.0 10.0 5.0 January-20 February-20 March-20 Netting Volume ($BN) April-20 Netting Volume ($BN) June-20 $$ per mm Savings May-20 Ⓒ2020 Tradeweb Markets LLC. All rights reserved. The materials and information contained herein are proprietary. July-20 August-20 Tradeweb 300 250 200 150 100 50#10Estimated Market Portfolio Trade Volume Monthly Portfolio Volume ($BN) 10 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 Monthly Portfolio Volume and % Share of TRACE M 9/2019 10/2019 11/2019 12/2019 1/2020 2/2020 3/2020 4/2020 5/2020 6/2020 7/2020 3 Mo Avg % TRACE HY Est Volume ($BN) IG Est Volume ($BN) Ⓒ2020 Tradeweb Markets LLC. All rights reserved. The materials and information contained herein are proprietary. 8/2020 Tradeweb 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0%#11Portfolio Trade Volumes and Estimated Share 11 Monthly Portfolio Volume ($BN) 12.0 10.0 8.0 6.0 4.0 2.0 Monthly Trade web Portfolio Volume and Est. Share 9/2019 10/2019 11/2019 12/2019 1/2020 2/2020 3/2020 4/2020 5/2020 6/2020 7/2020 8/2020 ITW PT Volume ($BN) TW% of Est PT Volm Ⓒ2020 Tradeweb Markets LLC. All rights reserved. The materials and information contained herein are proprietary. Tradeweb 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0%#12Disclosures Tradeweb ABOUT TRADEWEB MARKETS Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 40 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves approximately 2,500 clients in more than 65 countries. For more information, please go to www.tradeweb.com. DISCLOSURES The information provided has been obtained from sources deemed to be reliable, however Tradeweb does not guarantee the accuracy of the information contained in this report. This information is intended for general informational purposes only, and should not be used for any investment decisions. None of the information in the attached constitutes an offer or solicitation to buy or sell any security or financial product, a recommendation concerning any security, financial product or asset class, or an offer to provide investment advice or any other service. This presentation shall not be published, reproduced, copied or used without the express written consent of Tradeweb Markets. Tradeweb LLC, Tradeweb Direct LLC, and Dealerweb Inc. are broker-dealers registered with the SEC and members of MSRB, FINRA. Tradeweb maintains additional registrations and permissions in jurisdictions globally. Further information may be found at http://www.tradeweb.com/Disclosures/. 12 Ⓒ2020 Tradeweb Markets LLC. All rights reserved. The materials and information contained herein are proprietary.