#1TRADEWEB INVESTOR PRESENTATION AUGUST 2022 Ⓒ2022 Tradeweb Markets LLC. All rights reserved. Tradeweb •:.#2Disclaimer .... The information in this presentation is current only as of its date and may have changed. We undertake no obligation to update this information in light of new information, future events or otherwise. This presentation includes estimates regarding market and industry data that we prepared based on our management's knowledge and experience in the markets in which we operate, together with information obtained from various sources, including publicly available information, industry reports and publications, surveys, our clients, trade and business organizations and other contacts in the markets in which we operate. In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information. Tradeweb Basis of Presentation. The historical financial information and other disclosures contained in this presentation relate to periods that ended both prior to and after the completion of the Reorganization Transactions and the IPO of Tradeweb Markets Inc. (unless the context otherwise requires, together with its subsidiaries, referred to as "we," "our," "Tradeweb," "Tradeweb Markets" or the "Company"). The IPO closed on April 8, 2019. As a result of certain reorganization transactions (the "Reorganization Transactions") completed in connection with the IPO, on April 4, 2019, Tradeweb Markets Inc. became a holding company whose only material assets consist of its equity interest in Tradeweb Markets LLC ("TWM LLC") and related deferred tax assets. As the sole manager of TWM LLC, Tradeweb Markets Inc. operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts its business. As a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, Tradeweb Markets Inc. consolidates the financial results of TWM LLC and its subsidiaries. The historical financial information contained in this presentation relating to periods prior to and including March 31, 2019, which we refer to as the "pre-IPO period," pertain to TWM LLC, the predecessor of Tradeweb Markets Inc. for financial reporting purposes. The historical financial information contained in this presentation relating to periods beginning on April 1, 2019, and through and including June 30, 2022, which we refer to as the "post-IPO period," pertain to Tradeweb Markets Inc. The pre-IPO period excludes, and the post-IPO period includes, our financial results from April 1, 2019 through April 3, 2019, which are not material. On October 1, 2018, Refinitiv Holdings Ltd. ("Refinitiv"), which is controlled by certain investment funds affiliated with The Blackstone Group L.P., an affiliate of Canada Pension Plan Investment Board, an affiliate of GIC Special Investments Pte. Ltd. and certain co-investors, indirectly acquired substantially all of the financial and risk business of Thomson Reuters Corporation and Thomson Reuters Corporation indirectly acquired a non-controlling ownership interest Refinitiv (collectively, the "Refinitiv Transaction"). As a result of the Refinitiv Transaction, as a consolidating subsidiary of Refinitiv, we accounted for the Refinitiv Transaction using pushdown accounting. Due to the change in the basis of accounting resulting from the application of pushdown accounting, the financial information for the period beginning on October 1, 2018, and through and including June 30, 2022, or the "successor" period, and the financial information for the periods prior to, and including, September 30, 2018, or the "predecessor" period, are not comparable. We believe that gross revenue is the key driver of our operating performance and therefore is the revenue measure we utilize to assess our business on a period by period basis. Subsequent to September 30, 2018, there is no difference between references to "gross revenue" and "total revenue," "net revenue" or "revenue". Numerical figures included in this presentation have been subject to rounding adjustments and as a result totals may not be the arithmetic aggregation of the amounts that precede them and figures expressed as percentages may not total 100%. Please refer to the Company's previously filed Annual Report on Form 10-K for capitalized terms not otherwise defined herein. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our guidance, including 2022 guidance, future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading "Risk Factors" in the documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this presentation are not guarantees of future performance and our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this presentation. In addition, even if our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this presentation, they may not be predictive of results or developments in future periods. Any forward-looking statement that we make in this presentation speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this presentation. Non-GAAP Financial Measures This presentation contains "non-GAAP financial measures," including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted EBT, Adjusted Net Income, Adjusted Net Income per diluted share ("Adjusted Diluted EPS"), Free Cash Flow and Adjusted Expenses, which are supplemental financial measures that are not calculated and presented in accordance with GAAP. We make use of non-GAAP financial measures in evaluating our past results and future prospects. We present these non-GAAP financial measures because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. See "Appendix" for reconciliations of the non-GAAP financial measures contained in this presentation to their most comparable GAAP financial measure. Non-GAAP financial measures have limitations as analytical tools, and you should not consider these non-GAAP financial measures in isolation or as alternatives to net income attributable to Tradeweb Markets Inc., net income, earnings per share, operating income, operating expenses, cash flow from operating activities or any other financial measure derived in accordance with GAAP. You are encouraged to evaluate each adjustment included in the reconciliations. In addition, in evaluating Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted EBT, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow and Adjusted Expenses, you should be aware that in the future, we may incur expenses similar to the adjustments in the presentations of these non-GAAP financial measures. We present certain growth information on a "constant currency" basis. Since our consolidated financial statements are presented in U.S. dollars, we must translate non-U.S. dollar revenues and expenses into U.S. dollars. Constant currency growth, which is a non-GAAP financial measure, is defined as growth excluding the effects of foreign currency fluctuations. Constant currency information is calculated by translating the current period and prior period's results using the annual average exchange rates for 2021. We use constant currency growth as a supplemental metric to evaluate our underlying performance between periods by removing the impact of foreign currency fluctuations. We present certain constant currency growth information because we believe it provides investors and analysts a useful comparison of our results and trends between periods. This information should be considered in addition to, not as a substitute for, results reported in accordance with GAAP. Unaudited Interim Results The interim financial results presented herein for the three and six months ended June 30, 2022 and 2021 are unaudited. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, the non-GAAP financial measures contained in this presentation may not be comparable to similarly titled measures used by other companies in our industry or across different industries. 2 Tradeweb Social Media Investors and others should note that Tradeweb Markets announces material financial and operational information using its investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about Tradeweb Markets, its business and its results of operations may also be announced by posts on the Company's accounts on the following social media channels: Instagram, Linked In and Twitter. The information that we post through these social media channels may be deemed material. As a result, we encourage investors, the media, and others interested in Tradeweb Markets to monitor these social media channels in addition to following our investor relations website, press releases, SEC filings and public conference calls and webcasts. These social media channels may be updated from time to time on our investor relations website. 2022 Tradeweb Markets LLC. All rights reserved.#33 BUSINESS OVERVIEW © 2022 Tradeweb Markets LLC. All rights reserved. Tradeweb#44 Tradeweb at a Glance - 20+ Years of Innovation Conceived in 1996, starting with $8mm of capital, Tradeweb is a leader in building and operating electronic marketplaces for its network of clients located in 65+ countries globally 1. $1.2B $1.1T June 30, 2022 June 30, 2022 TTM AVERAGE DAILY VOLUME TTM REVENUE PEOPLE + NETWORK TECHNOLOGY 1,000+ EMPLOYEES OFFICES IN 7 COUNTRIES 2004 marks the acquisition of Tradeweb by The Thomson Corporation. Ⓒ2022 Tradeweb Markets LLC. All rights reserved. 40+ PRODUCTS 2,500+ CLIENTS GLOBALLY + 350+ TECHNOLOGISTS Tradeweb 60,000+ DAILY TRADES GROWTH 14.3% ADV CAGR 2004-20211 12.9% REVENUE CAGR 2004-20211#5Balancing Investment to Drive Revenues & Margins STRONG GROWTH ACROSS ASSET CLASSES¹ ($ in millions) $1,200 $1,000 $800 $600 $400 $200 $0 Rates $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 $518 2016 $563 2016 2017 15.7% CAGR $684 2017 2018 +1,200 bps Adj. Margin Expansion BALANCING HIGHER INVESTMENTS & ADJ EBITDA MARGINS 1,2 ($ in millions) 2018 2021 Credit Equities Money Markets Market Data Other Total Tech Investments $776 2019 2019 1.. Based on TW gross revenues. Ⓒ2022 Tradeweb Markets LLC. All rights reserved. 5 $893 2020 2020 $1,076 2021 Adj. EBITDA Margin I I I I I $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 1 100% 90% 80% 70% 1 60% I INTERNATIONAL REVENUES CONTINUE TO SCALE¹ ($ in millions) 55.0% 50.0% 45.0% I 40.0% 1 35.0% 30.0% 25.0% 50% 40% 20.0% 1 30% 15.0% I 20% 10.0% 5.0% I 10% I 0.0% I 0% $153 2016 26% 37% 36% $178 2017 2017 ANNUAL REVENUE GROWTH ATTRIBUTION1,3 27% 28% 45% 21.4% CAGR 2018 $244 2018 15% 25% 60% $278 2019 2019 .... $323 2020 21% Tradeweb 43% 36% 2020 $403 2021 9% 43% 47% 2021 Rates Credit Other 2. Tech investments include technology compensation related to development and other investment areas, technology-related non-compensation costs in investment areas, and capital expenditures and excludes tech infrastructure operating expenses and maintenance spend. 3. Other includes Equities, Money Markets, Market Data, and Other Trading Revenues.#6Diverse Product Offering (June 30, 2022 TTM) RATES 174 VOLUME (ST) 598 REVENUE ($M) GLOBAL GOVERNMENT BONDS U.S. Treasuries Other N.Amer. Government Bonds UK Gilts European Government Bonds Other European Government Bonds Japanese Government Bonds APAC (ex-Japan) Government Bonds. SECURITIZED PRODUCTS TBA-MBS Specified Pools Other Securitized Products SSAS/COVERED BONDS U.S. Agencies Covered Bonds Other SSAS 6 GLOBAL RATES DERIVATIVES North American Rates Derivatives European IRS Asia Pacific IRS Emerging Markets IRS +22% Y/Y +16% Y/Y CREDIT 6 VOLUME (ST) 316 GLOBAL CREDIT U.S. High-Grade U.S. High-Yield REVENUE (SM) European High-Grade European High-Yield Asian High-Grade Asian High-Yield Emerging Market Bonds MUNICIPAL BONDS U.S. Municipal Bonds CHINA BONDS China Interbank Bond Market GLOBAL CREDIT DERIVATIVES CDX Indices iTraxx Europe Indices iTraxx Asia & EM Indices U.S. Single Name CDS European Single Name CDS Emerging Market Single Name CDS MARKET DATA © 2022 Tradeweb Markets LLC. All rights reserved. 85 +22% Y/Y +23% Y/Y REVENUE ($M) EQUITIES 4 VOLUME (ST) $84 REVENUE ($M) GLOBAL ETFs U.S. ETFs European ETFs Asian ETFs GLOBAL CASH EQUITIES U.S. Preferred Equities U.S. American Depository Receipts European Cash Equities GLOBAL CONVERTIBLE BONDS U.S. Convertible Bonds European Convertible Bonds Asian Convertible Bonds GLOBAL EQUITY DERIVATIVES U.S. Equity Derivatives European Equity Derivatives +6% Y/Y +28% Y/Y +33% Y/Y Tradeweb MONEY MARKETS 93 VOLUME (ST) $46 REVENUE (SM) REPURCHASE AGREEMENTS U.S. Repo European Repo AGENCY DISCOUNT NOTES U.S. Agency Discount Notes COMMERCIAL PAPER N. Amer. Commercial Paper European Commercial Paper CERTIFICATES OF DEPOSIT (CDs) / DEPOSITS U.S. CDs European CDs / Deposits Institutional Wholesale OTHER FEES$22 REVENUE (SM) (7)% YİY +13% Y/Y Retail +6% Y/Y#7INVESTMENT HIGHLIGHTS Ⓒ2022 Tradeweb Markets LLC. All rights reserved. Tradeweb#8Key Investment Highlights 1. ESTABLISHED ELECTRONIC FIXED INCOME NETWORK WITH SCALE ADVANTAGES A leading electronic fixed income network with clients in 65+ countries trading over $1 trillion daily 2. TRACK RECORD OF GROWTH AND SERIAL INNOVATION History of selectively expanding into and scaling new products across asset classes and geographies 3. AT THE INTERSECTION OF POWERFUL SECULAR GROWTH THEMES Capitalizing on growing global debt pools, increasing electronification, rising popularity of ETFs and pursuit of greater efficiencies 4. SEVERAL TANGIBLE GROWTH OPPORTUNITIES Focused on executing on U.S. Treasuries, global interest rate swaps, U.S. credit, global ETFs and investing for the future 5. GROWING POOL OF DATA & ANALYTICS Diligently using data to improve execution outcomes and create new data products 8 6. STRONG REVENUE & EARNINGS GROWTH Management and strategy focused on balancing revenue growth and margin expansion to create long-term shareholder value GROWTH FROM 2016-2021 (CAGR) .... 15.7% REVENUE GROWTH Ⓒ2022 Tradeweb Markets LLC. All rights reserved. Tradeweb 25.4% ADJUSTED EBIT GROWTH¹ 22.2% ADJUSTED EBITDA GROWTH1¹ 1. See "Appendix" for reconciliation of Adjusted EBIT and Adjusted EBITDA to net income.#91. POWERFUL NETWORK EFFECTS A Deeply Integrated & Powerful Network 9 Tradeweb A powerful client network that trades over $1.0 trillion daily across our global electronic marketplaces, which are deeply integrated and supported by our proprietary technology OUR CLIENT NETWORK TRUSTED RELATIONSHIPS, MANY DEVELOPED OVER 20+ YEARS THREE CLIENT SECTORS INSTITUTIONAL WHOLESALE RETAIL OFFICES IN NORTH AMERICA, EUROPE AND ASIA STP / INTEGRATION 450+/30+ ~2,500 CLIENTS 90%+ TOP 100 GLOBAL ASSET MANAGERS SOLUTIONS SUPPORTING CLIENTS ACROSS THE WHOLE TRADE LIFECYCLE PROPRIETARY/VENDOR OMSs 40,000+ FINANCIAL ADVISORS BUY-SIDE ORDER MANAGEMENT SYSTEMS 65 COUNTRIES TECHNOLOGY-HEAVILY INTEGRATED IN CUSTOMER WORKFLOWS FULL SPECTRUM OF TRADING PROTOCOLS BUILT ON PROPRIETARY TECHNOLOGY © 2022 Tradeweb Markets LLC. All rights reserved. 80%+ TOP 25 INSURANCE COMPANIES 55+ CENTRAL BANKS/ SOVEREIGN ENTITIES VOICE INVENTORY FOUR ASSET CLASSES RATES CREDIT EQUITIES MONEY MARKETS REPO RISK CLEARING MANAGEMENT BANKS SYSTEMS ELECTRONIC MARKET LEADER FOR MULTIPLE PRODUCTS¹ OUR DEEP POOLS OF LIQUIDITY EFFICIENT & TRANSPARENT TRADING REQUEST BASED 350+ TECHNOLOGISTS PRE-TRADE ● EXECUTION ● POST-TRADE • DATA & REPORTING SESSIONS ACTIONABLE TRADING STREAMS CENTRAL CLEARING ORGANIZATIONS ALL-2-ALL .... CLEARING FIRMS / PRIME BROKERS $1,050B / 60,000+ TRADES JUN 2022 TTM AVERAGE DAILY VOLUME GOVERNMENT BONDS TBA MBS INTEREST RATE SWAPS 3RD SWAP PARTY DATA MIDDLEWARE REPOSITORIES 40+ PRODUCTS TRADED PRE-TRADE DATA ORDER BOOK EXECUTION CREDIT ACCOUNTING HUBS SYSTEMS 1. Based on public industry sources and Tradeweb internal estimates. Public sources by product: government bonds (TRACE, SIFMA, AFME), TBA MBS (TRACE) and interest rate swaps (ISDA). See "Disclaimer" for additional information regarding market information.#101. POWERFUL NETWORK EFFECTS Calculated Network Expansion to Connect the Dots TW NETWORK: CONNECTING KEY DIFFERENTIATORS TO GENERATE A STEADY... 1998: Rates 2003: Money Markets 2005: Credit 2010: Equities 1998: USA 2000: Europe 2004: HK/ Singapore 2017: China 10 MULTI- ASSET Selectively add adjacent asset classes over the long-term DEEP INTEGRATIONS (Make workflows seamless) Allocations: Account Net Infrastructure: Clearinghouses/ Middleware GLOBAL² Replicate asset class footprint globally © 2022 Tradeweb Markets LLC. All rights reserved. MULTI- SECTOR Distribute products across sectors Orders/Trades: EMS/OMS Systems: Front/Middle/ Back Office Reporting: Repositories/ Accounting MULTI- PROTOCOL 1. We first established a presence in the retail client sector in 2006 and scaled our presence through the BondDesk acquisition in 2013. 2. Represents the year the office opened in that location. Offer full spectrum of protocols 1998: Institutional 2008: Wholesale 2013: Retail¹ 1998: RFQ 2001: Inventory 2008: RFS 2009: CLOB 2009: CTT 2010: RFM 2013: Session 2014: Compression 2017: A2A 2018: Direct Streams 2019: Portfolio Trading 2020: ReMatch .... Tradeweb ...STREAM OF INNOVATIONS Multi-Client Net Spotting 2021 Hedging of U.S. HG Credit with USTS Asset Swaps 2019 Trading IRS and government bonds simultaneously BC 2017/ CIBM Direct 2020 Connecting bond traders with China (Northbound trading) UST Closing Prices 2019 Replicating a UK concept for Gilt trading in the U.S. for USTS Credit AiPrice 2018 Delivering prices using content from all three sectors Credit ReMatch 2020 Connecting Wholesale with Retail and Institutional UST Streams 2018 Improving on a CLOB with streams Credit Portfolio Trading 2019 Execute large, complex trades across numerous bonds#112. TRACK RECORD OF GROWTH Track Record of Growth, Product Diversification and Serial Innovation Tradeweb 11 LAUNCH YEAR² STAGE 1999 2001 2001 2005/20131 Our deep relationships with our clients allows us to identify growth opportunities early and grow them into meaningful contributors of revenue over time 2005/20181 2012 2013 2014 الله Pil Pill Pil الله Pil UST (U.S. TREASURIES) TBA-MBS EUROPEAN GOVERNMENT BONDS PRODUCT U.S. DERIVATIVES (IRS / CDS) EUROPEAN DERIVATIVES (IRS / CDS) GLOBAL ETFs SESSION TRADING (SWEEP) U.S. INSTITUTIONAL CASH CREDIT ill Cornerstone Products Newer Products © 2022 Tradeweb Markets LLC. All rights reserved. TIME TO $25+ MM IN REVENUE 4 Years 4 Years 4 Years After Dodd-Frank - 3 Years After MiFID II - 1 Year 6 Years 5 Years 4 Years PRODUCT PROFICIENCY IIII REGULATORY KNOWLEDGE ml MARKET EXPERTISE 1. U.S. derivatives and European derivatives were launched in 2005, however, revenue growth is being presented post Dodd-Frank (2013) and MiFID II (2018) to show the impact of regulation. 2. Launch year is the first year of revenue.#123. POWERFUL GROWTH THEMES Expansive and Growing Addressable Markets TRADEWEB'S GROWTH ADVANTAGE सव IN 12 GROWTH IN EXISTING MARKETS ELECTRONIFICATION OF MARKETS INCREASE MARKET SHARE GROWTH IN UNDERLYING ASSET CLASSES ENHANCE DATA AND ANALYTICS CAPABILITIES ENTER NEW MARKETS AND OTHER DRIVERS OF LONG-TERM GROWTH NEW ASSET CLASSES NEW REGIONS AND CLIENTS STRATEGIC ACQUISITIONS AND PARTNERSHIPS Ⓒ2022 Tradeweb Markets LLC. All rights reserved. EXPANSIVE ADDRESSABLE MARKETS (ADV)1,4 Total Market CAGRs²: Rates +7% Credit +5% Equities +11% Money Markets +10% Overall +8% $3.9T $4.2T $4.8T TW CAGRs²: Rates +21% Credit +30% 3. Total ADV for equities is based on ETF volumes only. 4. Please see Slide 27 for further asset class breakdown. Equities +20% Money Markets +27% Overall +23% $5.5T $6.3T $6.0T $6.3T .... Tradeweb TAM:~$8.0T TW% of TAM: 14% RATES TAM: $3.8T TW: $724B TW% of TAM: 19% CREDIT TAM: $202B TW: $29B TW% of TAM: 14% EQUITIES (ETFs)³ TAM: $226B TW: $11B TW % of TAM: 5% MONEY MARKETS TAM: $3.9T TW: $380B TW% of TAM: 10% 2015 2016 2017 2018 2019 2020 2021 6M22 1. Total ADV by asset class is based on public industry sources and Tradeweb internal estimates and for the purposes of this slide, total ADVs and Tradeweb ADVs omit volumes in products where the total market ADV cannot be sourced reliably: APAC excluding Japan government bonds in rates, Chinese bonds in credit, equity derivatives in equities, and commercial paper, agency discount notes and certificates of deposits in money markets. Total market size for all products included in each asset class based on ADV through 6M22 except for EUGV and EM Debt, which are an average of the previous four quarters. Public sources by asset class: rates (SIFMA, TRACE, CLARUS, AFME, JSDA); credit (TRACE, TRAX, CLARUS, SIFMA, CFETS, EMTA); equities (CBOE, Flowtraders); money markets (N.Y. Fed). 2. CAGRS based on growth between 2015 and 2021.#133. POWERFUL GROWTH THEMES Secular Tailwinds Expected to Position Tradeweb for Long-Term Growth Tradeweb 13 MARKET VOLUME GROWTH¹ EXPANDING GOVERNMENT DEBT POOL GROWING CORPORATE DEBT OUTSTANDING RISING POPULARITY OF ETFs CHINA CAPITAL MARKETS REFORM ETFs © 2022 Tradeweb Markets LLC. All rights reserved. ELECTRONIFICATION FOCUS ON COST REDUCTION INCREASING REGULATION WORKFLOW DIGITIZATION DATA-DRIVEN TRADING SA || Tradeweb GROWTH IN ELECTRONIC TRADING VOLUMES & RISING VALUE OF TRADING DATA 1. Sources: Government bonds (TRACE, TRAX), corporate bonds (SIFMA), ETFs (ETFGI data, ETF/EFP Sponsors, Bloomberg, BMO Global Asset Management ETF Report), Chinese bonds (CFETS).#143. POWERFUL GROWTH THEMES AIEX Adoption - The Rise in Automated Trading 14 AIEX TRADE ACTIVITY 12,000 10,000 8,000 6,000 4,000 2,000 0 Average Daily AiEX Trades 11% 1,370 2016 SYSTEMS WORKFLOW Client EMS/OMS 14% 2,201 2018 % of Institutional Trades 31% 1. Trailing twelve months as of June 2022 25% Ⓒ2022 Tradeweb Markets LLC. All rights reserved. 6,234 1 Order Specifications Specifications Accepted/Rejected 2020 Execution Report 11,816 6M22 35% 30% 25% 20% 15% 10% 5% 0% Order Validation & Compliance Counterparty Selection 1 Tradeweb 1 1 Aiex Legend: Pre Trade Execution Post Trade CLIENT GROWTH¹ Top 200 clients 36 27 2016 Launch Inquiry Execution Rules Other Clients 16 52 3 Pricing 5 2018 6 4 Negotiation Represents Total AIEX Clients Client Accepts Dealer Accepts 88 104 2020 .... Tradeweb Dealers Dealer 1 251 TTM 2022 Dealer 2 133 118 Dealer n / All-To-All AIEX (Automated Intelligent Execution) uses pre-programmed execution rules to automatically execute trades on Tradeweb sent from a client's EMS/OMS.#151. 2. 4. TANGIBLE GROWTH OPPORTUNITIES Leading Global Electronic Rates Business U.S. TREASURIES TW UST SHARE CONTINUES TO GROW¹ 7.5% 2016 9.4% 2017 $359B Voice -60% 11.6% Electronic -40% 2018 12.3% 2019 $336B Voice -20% VOICE STILL ACCOUNTS FOR -35-40% OF UST TRADING4 Electronic -80% 13.8% 2020 Dealer-to-Dealer 17.6% 2021 $695B Voice 35-40% Streams 7-8% RFQ 25-30% 19.6% CLOB 25-30% 6M22 Electronic Dealer-to-Customer Overall; by Protocol Source: TRACE and Liberty Street Economics data as of August 2017 July 2018; Greenwich estimates and Tradeweb market intelligence as of TTM 6M22. Share reflects Tradeweb Treasuries volume across institutional, wholesale and retail client sectors, divided by SIFMA volume, adjusted by Tradeweb management to estimate non-primary dealer activity. Global IRS market estimate based on Clarus cleared market volumes; Global IRS market refers to volumes traded by U.S. and non-U.S. entities. Ⓒ2022 Tradeweb Markets LLC. All rights reserved. 15 1 I 3. 1 T 4. I 5. GLOBAL SWAPS GLOBAL IRS MARKET2 ($ in trillions, ADV) Global IRS Market (Clarus) $1.5 2016 2.6% 0.1% 2.6% $1.9 2016 2017 3.3% 0.4% 2.9% 2017 10% CAGR $2.3 2018 5.5% 0.8% Estimated Market Electronification: -30%³ 4.7% 2018 $2.7 2019 TW GLOBAL IRS MARKET SHARE IS GROWING5 7.9% 2.6% 5.2% $2.3 2019 2020 9.3% 3.1% 6.2% 2020 .... Tradeweb ■Swaps/Swaptions ≥ 1Y Based on Clarus volumes and Tradeweb management estimates. Electronification rates based on UST volumes traded. $2.0 2021 14.5% 5.8% 8.7% 2021 Swaps/Swaptions < 1Y $2.6 6M22 13.8% 5.6% 8.2% 6M22 Share reflects TW IRS volumes across institutional, wholesale and retail client sectors, divided by Clarus cleared market volumes. Global IRS market refers to volumes traded by U.S. and non-U.S. entities.#164. TANGIBLE GROWTH OPPORTUNITIES Building a Next Generation U.S. Corporate Credit Market Place Tradeweb EXPANDING INSTITUTIONAL & WHOLESALE ¹,2 Inst. Client Count 493 U.S. Investment Grade 5.7% $1.1B 3.4% 2.3% 2017 U.S. High Yield 2.2% $0.2B 0.9% 1.3% 2017 4 567 $172 168 2019 9.0% $1.9B 5.7% 3.4% 2018 3.1% $0.3B 1.2% 1.9% 681 13.0% $2.9B 7.7% 5.3% 2019 3.7% $0.3B 1.8% 1.9% 2018 2019 ■Fully Electronic $581 98 483 40% CAGR 2020 726 16.7% $4.3B 9.5% 7.2% 2020 43% CAGR 4.7% $0.5B 2.3% 2.4% INCREASING GLOBAL PORTFOLIO TRADING ADOPTION¹ ($ in millions, ADV) $1,214 308 769 906 21.0% $5.1B 9.0% 2020 2021 Electronically Processed 2021 12.0% 2021 8.7% $0.9B 3.3% 5.4% (Share of TRACE $ in billions, ADV) 806 22.6% $6.1B 10.2% 12.4% 6M22 10.2% $1.1B 3.5% 6.7% 6M22 $1,492 452 1,040 6M22 U.S. International 1. Totals may not foot due to rounding 2. Share reflects TW high grade and high yield volume, divided by TRACE volume, adjusted by Tradeweb management to exclude emerging market and convertible bond volumes. Ⓒ2022 Tradeweb Markets LLC. All rights reserved. 16 I I GROWING FOUNDATIONAL U.S. RFQ PROTOCOL ($ in millions, ADV) $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 $112 2016 $239 2017 $170 $21 $37 29 All Trade $540 75 $401 $779 88 2018 SOLIDIFYING OUR U.S. DIFFERENTIATORS¹ ($ in millions, ADV) $1,576 266 $469 $1,433 237 2019 I $831 2016 2017 2018 2019 2020 2021 6M22. U.S. Investment Grade 2020 $51 $1,173 NET SPOTTING $328 2021 $729 $1,454 6M22 $1,691 $1,571 $1,298 $4 2016 2017 2018 2019 2020 2021 6M22 U.S. High Yield#174. TANGIBLE GROWTH OPPORTUNITIES Electronifying Block ETFs & Investing in the Future MAKING BLOCK TRADING MORE EFFICIENT $4.5 $4.0 $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 17 BETTER PRICING & SIZE GLOBAL ETFs STREAMLINED WORKFLOW CLEAR COMPLIANCE 2016 2017 TW INSTITUTIONAL ETF ADV CONTINUES TO GROW ($B) ■U.S. ETFs ■ European and Asian ETFs PRODUCT LAUNCHES 2018 2012 European ETFs O 2016 U.S. ETFs 2017 Asian ETFs 43% CAGR 2019 Ⓒ2022 Tradeweb Markets LLC. All rights reserved. 2020 2021 6M22 ● ● RATES UST Directed Streams: Electronic tailored order book that gives clients the ability to source liquidity at larger sizes and better price increments vs. CLOB with minimal information leakage ● .... Tradeweb EARLY STAGE OPPORTUNITIES Emerging Markets Interest Rate Swaps: Strong pipeline of dealers and clients with plans to add more currencies CREDIT ● Specified Pools: Access to trade and view inventory of the industry's leading liquidity providers ● Multi-Client Net Spotting: Next generation of our net spotting offering, netting hedging activity across not only dealers but also clients at the same time, enhancing trading and operational efficiency MONEY MARKETS 债券通 China Bonds: First offshore platform to offer foreign investors electronic access to Bond Connect & CIBM Direct BOND CONNECT Portfolio Trading: Electronic trading of large and complex baskets of bonds across the liquidity spectrum at a portfolio level price in a single transaction Bilateral Repo: Strong pipeline of clients globally with plans to expand into additional collateral types EQUITIES ADRs & Single Stock: Leveraging existing Tradeweb value proposition/connectivity across additional equity products MARKET DATA Benchmarks: Tradeweb-ICE closing prices#184. TANGIBLE GROWTH OPPORTUNITIES M&A and Partnerships-Selectively Accelerating Growth EXAMPLES 18 HISTORY OF SUCCESSFUL STRATEGIC ACQUISITIONS... DATE 2008 2011 2013 2016 2021 TARGET Hilliard Farber Rafferty Capital Markets ● BondDesk CodeStreet Nasdaq U.S. Fixed Income Electronic Trading Platform PRE-TRADE DESCRIPTION • Analytics Inventory Wholesale voice broker with a strong MBS franchise Wholesale voice broker with a strong UST franchise Leading U.S. retail fixed income trading technology vendor to wealth management firm s Data-driven trade identification and workflow management software for corporate bonds Fully executable CLOB for electronic trading in on-the-run (OTR) UST LEVERAGE CLIENT NETWORK AND GUI- DRIVE MORE BUSINESS TO EXECUTION INTEGRATION AND WORKFLOW • Basis trading • Algorithms © 2022 Tradeweb Markets LLC. All rights reserved. STRATEGIC RATIONALE Entered wholesale sector and launched an electronic TBA platform Introduced hybrid electronic UST trading Scaled position in the retail client sector Enhanced corporate bond platform pre-trade intelligence Complements TW's wholesale UST streaming protocol ● EXECUTION PLATFORM Asset classes • Geographies Client sectors Products & Protocols ...AND PARTNERSHIPS BLACKROCK 债券通 BOND CONNECT EuroCCP WILL CONTINUE TO SELECTIVELY EVALUATE OPPORTUNITIES TO EXPAND IN A DISCIPLINED FASHION STP AND WORKFLOW REFINITIV Cboe® Global Markets 1 Reporting .... ● Tradeweb ● IRS, CDS AND CREDIT INITIATIVES WITH BANKS Investortools Investment System Solutions Freddie Mac FTSE Russell Sumscope LEVERAGE TECHNOLOGY & INFORMATION CREATED BY TRADING ACTIVITY POST-TRADE Data Benchmarks REFINITIV FXall TCA 1. Tradeweb's ETF CCP service is expected to be available in the coming months, subject to regulatory approvals.#195. GROWING POOL OF DATA AND ANALYTICS Platforms and Solutions Powered by Data and Analytics. ● 19 DATA SUPPORTS THE PLATFORM Data and analytics play a critical role by improving the trading experience of our clients and driving more liquidity to our platforms KEY INPUT INTO TRADEWEB'S SOLUTIONS HISTORY OF INNOVATION AND FACILITATING BETTER TRADING DECISIONS • Anonymized Composite Pricing via Refinitiv and Tradeweb PRICING/DISTRIBUTION Direct Dealer Content to clients over TW infrastructure ● ● ● ● DEEPER AND WIDER DATASETS BETTER VALUE-ADDED SOLUTIONS Create New Data Sets As Asset Classes and Products Expand © 2022 Tradeweb Markets LLC. All rights reserved. BENCHMARKS Tradeweb Composite prices ICE Swap Rate Closing Prices-UST, UK Gilts Dealerweb UST-RCM 19901 HIGHER NUMBER OF CLIENTS LIQUIDITY INCREASED Tradeweb Increase Solution Penetration ● TRADING VOLUMES GROWTH STRATEGY Ø₂ ANALYTICS • Transaction Cost Analytics Ai-Price-prices 21,000+ corporate bonds and 880,000 municipal bonds Invest in Differentiated Analytics .... DIRECTLY MONETIZING DATA LONG-STANDING LICENSE AGREEMENT WITH REFINITIV PROPRIETARY DATA AND ANALYTICS SOLUTIONS Tradeweb REPORTING APA-pre- and post-trade data sets Pursue Strategic Partnerships#2020 FINANCIAL OVERVIEW © 2022 Tradeweb Markets LLC. All rights reserved. Tradeweb#216. STRONG REVENUE AND EARNINGS GROWTH Straightforward & Diversified Business Model 21 TRADEWEB HAS A DIVERSIFIED REVENUE BASE WITH A MIX OF VARIABLE AND FIXED REVENUE Percentage of Variable (68%) Fixed (32%) 6M2022 revenue Total Revenue 6M2022 REVENUE BY 8% ASSET CLASS 4% 28% 7% Rates Equities Market Data 2% 51% Credit Money Markets Other Trading © 2022 Tradeweb Markets LLC. All rights reserved. Volume X Average Fee Per Million CLIENT SECTOR 8% 23% 7% Institutional Retail 62% Wholesale Market Data + (25%) Fixed Transaction & Subscription Fees 37% GEOGRAPHY U.S. 63% International + (7%) Market Data (5% Refinitiv/2% Non-Refinitiv) 32% Tradeweb TYPE Variable 68% Fixed#226. STRONG REVENUE AND EARNINGS GROWTH Strong & Broad-based Revenue and YTD Margin Expansion vs. FY21 Tradeweb 6M2022 REVENUE GROWTH BY ASSET CLASS AND YTD MARGIN EXPANSION VS. FY21 ($M) 22 $534.2 6M21 6M22 y/y growth % GROSS REVENUE GROWTH ($M) Volume ($B) $518 $563 3 $35.0 Rates CAGR: 15.7% 3 12.6% $398 $684 $776 2,3 $23.7 Credit 16.2% © 2022 Tradeweb Markets LLC. All rights reserved. $893 2016 2017 2018 2019 2020 2021 $1,076 $12.9 13.9% Revenue Growth +115 bps YTD Margin Expansion vs. FY21 Equities 35.7% 13.9% y/y $534 $609 $81,151 $99,615 $137,237 $182,283 $211,219 $258,938 $127,107 $145,732 $1.5 6M21 6M22 Money Markets 6.9% Adj. EBITDA margin¹ Adj. Net Income¹ $201 $2.4 Market Data 38.7% 2016³ 6.0% ADJUSTED EBITDA GROWTH ($M)¹ CAGR: 22.2% $215 2017³ 38.2% $279 2,3 $(1.2) Other 40.8% $353 2018 2019 45.5% (9.9)% $231 $436 2020 48.9% ooo.. $608.6 $547 50.8% 6M22 13.9% $389 15.4% yly 2021 6M21 6M22 $274 $316 $324 $549 $727 $838 $1,028 $1,017 $1,176 $118 $131 $178 $306 ADV ($B) 1. See "Appendix" for reconciliation of Adjusted EBITDA and Adjusted Net Income to net income. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by gross revenue for the applicable period. 2. Represents the combined results of the period from January 1, 2018 to September 30, 2018 and the period from October 1, 2018 to December 31, 2018 for the full year ended December 31, 2018. This combination was performed by mathematical addition and is not a presentation made in accordance with GAAP. See "Disclaimer" for additional information and "Appendix" for additional reconciliations. 3. The 2016, 2017 and 2018 years represent gross revenue amounts as the revenue measure we utilize to assess our business. Subsequent to September 30, 2018, there is no difference between "gross revenue", "total revenue," "net revenue" or "revenue". 51.3% 52.0% $195 $227#23SIMPLE PHILOSOPHY Capital Management ● ● 1. 2. FUTURE CAPITAL ALLOCATION PHILOSOPHY Invest in Profitable Growth Balanced strategy of returning capital to shareholders (dividend + buyback) and investing in the business Strong balance sheet with $960 million of cash and cash equivalents, supported by strong free cash flow generation • $500 million revolver remains undrawn as of June 30, 2022 $150 million share repurchase program which we will use primarily to offset annual equity grants ¹ 3-5 YEAR TIME HORIZON 23 Return Capital to Shareholders DIVIDEND BUYBACK Opportunistic Acquisitions © 2022 Tradeweb Markets LLC. All rights reserved. EXPAND OR ENHANCE CAPABILITIES Free Cash Flow STRONG FREE CASH FLOW GROWTH & CONVERSION ($M)² 2016-2021 CAGR: +31% $600 $500 $400 $300 $200 $100 $0 2016 .... 2017 2018 Tradeweb 2019 2020 2021 ■FCF FCF Conversion on Adj Net Income $150M Share repurchase authorized in February 2021. $18.0 million of share repurchase authorization remains outstanding at end of 2Q22. Free Cash Flow ("FCF") is a non-GAAP financial measure. FCF Conversion is FCF divided by Adjusted Net Income for the applicable period. See "Appendix" for a reconciliation to its most comparable GAAP financial measure. 160% 140% 120% 100% 80% 60% 40% 20% 0% Free Cash Flow Conversion#241. 2. A Growth Company: 6M22 vs. 6M21 BENCHMARKING PERFORMANCE 24 Continuing to Strike the Right Balance Between Investing to Drive Revenue Growth & YTD Margin Expansion vs. FY21 il VOLUMES il REVENUES il ADJ. EBITDA MARGIN² ADJ. DILUTED EPS² EM Swaps (IRS) GLOBAL & MULTI- ASSET CLASS NETWORK 6M22 $1,176B ADV © 2022 Tradeweb Markets LLC. All rights reserved. $609M 52.0% $0.95 Portfolio Trading (CREDIT) 6M21 $1,017B ADV $534M 51.3% (6M21) / 50.8% (FY21) DEEP INTEGRATIONS INVESTMENTS & INNOVATIONS Closing Prices (MARKET DATA) GROWTH ADVANTAGES $0.82 Streams (USTS) STRONG CLIENT RELATIONSHIPS Tradeweb GROWTH¹ +15.6% +13.9% / +16.9% y/y (CC) +68 bps (vs. 6M21) / +115bps (vs. FY21) +15.9% Options/Convertibles (EQUITIES) CULTURE OF COLLABORATIVE INNOVATION Constant currency growth, which is a non-GAAP financial measure, is defined as total revenue growth excluding the effects of foreign currency fluctuations. Total revenue excluding the effects of foreign currency fluctuations is calculated by translating the current period and prior period's total revenue using the annual average exchange rates for 2021. We use constant currency growth as a supplemental metric to evaluate our underlying total revenue performance between periods by removing the impact of foreign currency fluctuations. We believe that providing constant currency growth provides a useful comparison of our total revenue performance and trends between periods. See "Appendix" for a reconciliation of Adjusted EBITDA and Adjusted Diluted EPS to their most comparable GAAP financial measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by gross revenue for the applicable period.#25Contacts 25 Ashley Serrao, CMA, CFA Head of Treasury, FP&A & Investor Relations Tel: 646-430-6027 Email: [email protected] Sameer Murukutla, CFA Director, Investor Relations Tel: 646-767-4864 Email: [email protected] Global Offices New York Jersey City London Amsterdam Tokyo Hong Kong Singapore Shanghai Ⓒ2022 Tradeweb Markets LLC. All rights reserved. .... ·· Tradeweb Tradeweb Markets Inc. 1177 Avenue of the Americas New York, NY 10036 For more information on Tradeweb: www.tradeweb.com#2626 APPENDIX © 2022 Tradeweb Markets LLC. All rights reserved. Tradeweb#27Total Addressable Market Details ¹ ($ in trillion, ADV) Rates US Treasuries Mortgages Rate Derivatives European Government Bonds Other Total Rates Credit US Investment Grade US High Yield European Credit Credit Derivatives Municipal Bonds Emerging Markets Total Rates Equities (ETFs)' US ETFs European ETFs Total Equities (ETFs) Money Markets Repo (Excluding Bilateral) Total Money Markets 2015 $0.55 27 $0.21 $1.21 $0.12 $0.02 $2.11 2015 $0.02 $0.01 $0.01 $0.05 $0.01 $0.02 $0.11 2015 $0.08 $0.00 $0.08 2015 $1.6 $1.61 2016 $0.57 $0.21 $1.46 $0.12 $0.02 $2.38 Ⓒ2022 Tradeweb Markets LLC. All rights reserved. 2016 $0.02 $0.01 $0.01 $0.05 $0.01 $0.02 $0.12 2016 $0.08 $0.00 $0.08 2016 $1.6 $1.63 2017 $0.56 $0.21 $1.89 $0.12 $0.0 $2.79 2017 $0.02 $0.01 $0.01 $0.05 $0.01 $0.02 $0.12 2017 $0.07 $0.00 $0.07 2017 $1.8 $1.82 2018 $0.61 $0.22 $2.34 $0.11 02 $3.30 2018 $0.02 $0.01 $0.01 $0.07 $0.01 $0.02 $0.14 2018 $0.10 $0.01 $0.11 2018 $1.9 $1.93 2019 $0.65 $0.25 $2.70 $0.12 $0.02 $3.74 2019 $0.02 $0.01 $0.01 $0.06 $0.01 $0.02 $0.14 2019 $0.09 $0.01 $0.10 2019 $2.3 $2.34 2020 $0.66 $0.29 $2.28 $0.11 $0.03 $3.37 2020 $0.03 $0.01 $0.01 $0.08 $0.01 $0.02 $0.16 2020 $0.13 $0.01 $0.14 2020 $2.4 $2.36 2021 $0.69 $0.28 $2.01 $0.12 $0.03 $3.12 2021 $0.02 $0.01 $0.01 $0.07 $0.01 $0.02 $0.15 2021 $0.14 $0.01 $0.15 2021 $2.9 $2.89 6M 22 $0.72 $0.26 $2.63 $0.13 $0.03 $3.76 6M 22 $0.03 $0.01 $0.01 $0.12 $0.01 $0.02 $0.20 6M22 $0.22 $0.01 $0.23 6M 22 $3.9 $3.85 Tradeweb '15-6M 22 CAGR 4% 3% 12% 0% 5% 9% '15-6M22 CAGR 7% 5% 3% 13% 7% 2% 9% '15-6M22 CAGR 15% 14% 15% 1. Total ADV by asset class is based on public industry sources and Tradeweb internal estimates and for the purposes of this slide, total ADVs and Tradeweb ADVs omit volumes in products where the total market ADV cannot be sourced reliably: APAC excluding Japan government bonds in rates, Chinese bonds in credit, equity derivatives in equities, and commercial paper, agency discount notes and certificates of deposits in money markets. Total market size for all products included in each asset class is based on ADV through 6M22 except for EUGV and EM Debt, which are an average of the previous four quarters. Public sources by asset class: rates (SIFMA, TRACE, CLARUS, AFME, JSDA); credit (TRACE, TRAX, CLARUS, SIFMA, CFETS, EMTA); equities (CBOE, Flowtraders); money markets (N.Y. Fed). 2. Total ADV for equities is based on ETF volumes only. '15-6M22 CAGR 13% 13%#28Reconciliation of Non-GAAP Items ($ in thousands, except per share and share amounts) Net Income to Adjusted EBITDA, Adjusted EBIT and Adjusted EBT Net income Contingent consideration Acquisition transaction costs ¹ Net interest (income) expense Depreciation and amortization Stock-based compensation expense² Provision for income taxes Foreign exchange (gains) / losses ³ Tax receivable agreement liability adjustment4 Adjusted EBITDA Less: Depreciation and amortization Add: D&A related to acquisitions and the Refinitiv Transaction5 Adjusted EBIT Add: Net interest income (expense) Adjusted EBT 28 Successor Successor Successor Successor Successor Successor Predecessor Predecessor Predecessor 6M 22 6M 21 FY20 4Q18 9M 18 $ 179,045 $ 147,798 $ 273,108 $ 218,390 $ 173,024 $ (3) (94) 89,220 11,164 39,258 (2,334) © 2022 Tradeweb Markets LLC. All rights reserved. 4,727 818 82,833 9,186 33,503 (4,883) FY21 52.0 % 47.7 % 5,073 1,590 171,308 16,509 96,875 (4,702) (12,745) (11,425) $ 316,256 $ 273,982 $ 547,016 $ 436,448 (89,220) (82,833) (171,308) (153,789) 63,530 59,843 124,580 110,187 51.3 % 47.0% 316 153,789 13,025 56,074 6,279 FY19 50.8 % 46.5 % (2,373) 139,330 $ 290,566 $ 250,992 $ 500,288 $ 392,846 $ 311,397 $ 94 (818) (1,590) (316) $ 290,660 $ 250,174 $ 498,698 $ 2,373 392,530 $ 313,770 $ 48.9 % 45.5 % 44.0 % 40.2 % 25,098 52,302 29,307 $ 130,160 $ 26,830 (787) 33,020 3,415 353 (1,085) (33,134) $ 353,162 $ 65,308 $ (139,330) (33,020) 97,565 22,413 54,701 $ 787 55,488 $ 36.6% 30.6% Tradeweb (1,726) 48,808 11,900 (1,881) 2017 184,859 $ 1,726 186,585 $ 42.3 % 36.5% 83,648 $ 58,520 (685) 68,615 6,129 (1,042) 2016 177,806 $ 685 178,491 $ 38.2 % 31.6% 93,161 26,224 Adjusted EBITDA margin Adjusted EBIT margin6 1. Represents transaction and other costs related to the NFI Acquisition, which closed in June 2021. Acquisition-related costs primarily include legal, consulting and advisory fees and severance costs incurred that relate to the acquisition transaction. 2. Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options totaling $1.6 million and $2.8 million during the three months ended June 30, 2022 and 2021, respectively, and $3.8 million and $9.2 million during the six months ended June 30, 2022 and 2021, respectively. During the three and six months ended June 30, 2022, this adjustment also includes $5.7 million and $7.4 million, respectively, of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former CFO and our retiring CEO. 3. Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity's functional currency. 4. Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statement of financial condition as a result of changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings. 695 80,859 214,091 $ 215,185 $ 200,771 (80,859) (48,808) 19,576 (68,615) 31,236 41,125 (725) 557 161,037 (695) 160,342 5. Represents intangible asset and acquired software amortization resulting from the NFI Acquisition and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). 6. Adjusted EBITDA margin and Adjusted EBIT margin are defined as Adjusted EBITDA and Adjusted EBIT, respectively, divided by gross revenue for the applicable period. See "Strong & Broad-based Revenue and YTD Margin Expansion vs. FY21" for gross revenue. 38.7 % 31.1 %#29Reconciliation of Non-GAAP Items (continued) ($ in thousands, except per share and share Reconciliation of Net Income attributable to Tradeweb Markets Inc. to Adjusted Net Income and Adjusted Diluted EPS Successor FY21 Successor FY20 Earnings per diluted share¹ $1.09a $0.88a amounts) Pre-IPO net income attributable to Tradeweb Markets LLC 1 Net income attributable to Tradeweb Markets Inc.1 Net income attributable to non-controlling interests ¹.2 Net income Provision for income taxes Contingent consideration Acquisition transaction costs 3 D&A related to acquisitions and the Refinitiv Transaction4 Stock-based compensation expense5 Foreign exchange (gains) / losses 6 Tax receivable agreement liability adjustment? Adjusted Net Income before income taxes. Adjusted income taxes8 Adjusted Net Income Adjusted Diluted EPS 1,9 $ Diluted weighted average TWM LLC shares outstanding ¹ Diluted weighted average shares of Class A and Class B common stock outstanding ¹ Weighted average of other participating securities 2 Assumed exchange of LLC Interests for shares of Class A or Class B common stock 3 Adjusted diluted weighted average shares outstanding Adjusted Net Income (in thousands) Adjusted Diluted EPS 29 Successor 6M22 The table below summarizes the calculation of Adjusted Diluted EPS for the periods presented: Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding 2022 Tradeweb Markets LLC. All rights reserved. 151,309a 27,736a $179,045a 39,258 $0.73a (3) 63,530 11,164 (2,334) 290,660 (63,946) 226,714 $ $0.95a $ $ Successor 6M21 $0.60a Successor 6M22 123,175a 24,623a $147,798a 33,503 4,727 59,843 9,186 (4,883) 250,174 (55,038) 195,136 $ $0.82a 226,828a 46,280a $273,108a 96,875 5,073 124,580 16,509 (4,702) (12,745) 498,698 (109,713) 388,985 $ $1.63a Successor Successor 6M21 FY21 166,296a 52,094a $218,390a 56,074 206,253,756 207,254,840 110,187 13,025 6,279 (11,425) 392,530 (86,357) 306,173 $ $1.31a Successor FY19 $0.54a 0.19b $42,352b 83,769a 46,903a $173,024a,b 52,302 188,223,032 97,565 25,098 (1,085) (33,134) 313,770 (82,835) 230,935 $ $0.77a 0.23b Successor Successor FY20 Post-IPO Period FY19 Successor 4Q18 $0.13b 156,540,246 $29,307b $29,307b 3,415 22,413 353 55,488 (14,649) 40,839 $0.18b Successor Pre-IPO Period FY19 Predecessor 9M 18 $0.60b $ $130,160b $130,160b 11,900 26,830 19,576 (1,881) 186,585 (49,258) 137,327 $ $0.64b Tradeweb Predecessor Predecessor FY17 $0.39b $83,648b 1. As a result of the Reorganization Transactions and the IPO completed in April 2019, certain earnings information is being presented separately for Tradeweb Markets LLC and Tradeweb Markets Inc. Presents information for Tradeweb Markets Inc. (post-IPO period). a. b. Presents information for Tradeweb Markets LLC (pre-IPO period). 2. For post-IPO periods, represents the reallocation of net income attributable to non-controlling interests from the assumed exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock. 3. Represents transaction and other costs related to the NFI Acquisition, which closed in June 2021. Acquisition-related costs primarily include legal, consulting and advisory fees and severance costs incurred that relate to the acquisition transaction. 4. Represents intangible asset and acquired software amortization resulting from the NFI Acquisition and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). 5. Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options totaling $1.6 million and $2.8 million during the three months ended June 30, 2022 and 2021, respectively, and $3.8 million and $9.2 million during the six months ended June 30, 2022 and 2021, respectively. During the three and six months ended June 30, 2022, this adjustment also includes $5.7 million and $7.4 million, respectively, of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former CFO and our retiring CEO. 6. Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity's functional currency. 7. Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statement of financial condition as a result of changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings. 8. Represents corporate income taxes at an assumed effective tax rate of 22.0% applied to Adjusted Net Income before income taxes for the years ended December 31, 2021 and 2020 and the six months ended June 30, 2022 and 2021 and an effective tax rate of 26.4% applied to Adjusted Net Income before income taxes for all other periods presented. For pre-IPO periods, this adjustment assumes Tradeweb Markets LLC was subject to a corporate tax rate for the periods presented. 9. Due to the Reorganization Transactions and the IPO completed in April 2019, shares outstanding during the year ended December 31, 2019 and subsequent periods, represent shares of TWM LLC (pre-IPO period) and shares of Class A and Class B common stock of Tradeweb Markets, Inc. (post-IPO period). For a summary of the calculation of Adjusted Diluted EPS, see "Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding" below. $83,648b 6,129 58,520 31,236 (1,042) 178,491 (47,122) 131,369 $ $0.62b FY16 $0.445 $93,161b $93,161b (725) 26,224 41,125 557 160,342 (42,330) 118,012 $0.56b Successor Predecessor Predecessor Predecessor 4Q18 9M18 FY17 FY16 223,320,457 222,243,851 215,365,920 212,568,635 210,979,704 207,371,372 80,778 30,133,370 237,585,520 226,714 $ 0.95 $ 30,871,285 30,699,577 45,828,289 237,125,041 237,954,417 234,051,321 195,136 $ 388,985 $ 306,173 $ 0.82 $ 1.63 $ 1.31 $ 74,279,741 230,819,987 178,745 $ 0.77 $ 223,320,457 52,190 $ 0.23 $ 222,243,851 215,365,920 212,568,635 210,979,704 40,839 $ 137,327 S 131,369 $ 118,012 0.18 $ 0.64 $ 0.62 $ 0.56 1. Due to the Reorganization Transactions and the IPO completed in April 2019, shares outstanding during the year ended December 31, 2019 and subsequent periods, represent shares of TWM LLC (pre-IPO period) and shares of Class A and Class B common stock of Tradeweb Markets Inc. (post-IPO period). 2. Represents weighted average unvested restricted stock units and unsettled vested performance-based restricted stock units issued to certain retired executives that are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock in accordance with the two-class method used for purposes of calculating earnings per share. 3. Assumes the full exchange of the weighted average of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock, resulting in the elimination of the non- controlling interests and recognition of the net income attributable to non-controlling interests.#30Reconciliation of Non-GAAP Items (continued) ($ in thousands, except per share and share amounts) The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets Inc.: EPS: Net income attributable to Tradeweb Markets Inc. Numerator: Net income attributable to Tradeweb Markets Inc. Less: Distributed and undistributed earnings allocated to unvested RSUS and unsettled vested PRSUS ¹ Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted Denominator: Weighted average shares of Class A and Class B common stock outstanding - Basic Dilutive effect of PRSUS Dilutive effect of options. Dilutive effect of RSUS Weighted average shares of Class A and Class B common stock outstanding - Diluted 30 Earnings per share - Basic Earnings per share - Diluted January 1, 2018 to September 30, 2018 October 1, 2018 to December 31, 2018 Full Year Ended December 31, 2018 $ $ $ © 2022 Tradeweb Markets LLC. All rights reserved. $ Gross Revenue 505,771 $ 178,637 $ 684,408 $ $ $ $ 214,091 65,308 279,399 6M22 151,309 $ (53) 151,256 $ 204,282,406 $ 765,497 2,080,602 242,867 207,371,372 0.74 $ 0.73 $ 1. During the three and six months ended June 30, 2022, there was a total of 76,426 and 80,778, respectively, weighted average unvested RSUS and unsettled vested PRSUS that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method. There were none during the three and six months ended June 30, 2021. Adjusted Adjusted EBITDA EBITDA ¹ Margin¹ 42.3% $ 137,327 $ 0.64 36.6% $ 40,839 $ 0.18 40.8% $ 178,166 $ 0.82 The following is the calculation of gross revenue, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Adjusted Diluted EPS for the full year ended December 31, 2018. Revenue accounts were not, and the non-GAAP financial measures were not materially, impacted by the Refinitiv Transaction or the application of pushdown accounting. See "Disclaimer" for additional information. hooo. Adjusted Adjusted Net Income Diluted EPS 1. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by gross revenue of $684.4 million for the full year ended December 31, 2018. Tradeweb 6M21 123,175 123,175 200,414,714 1,926,771 3,656,412 255,859 206,253,756 0.61 0.60