#12Q22 EARNINGS CONFERENCE CALL AUGUST 3, 2022 Ⓒ2022 Tradeweb Markets LLC. All rights reserved. Tradeweb •:.#2Disclaimers 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. Basis of Presentation Tradeweb Markets Inc. (unless the context otherwise requires, together with its subsidiaries, referred to as "we," "our," "Tradeweb," "Tradeweb Markets" or the "Company") closed its IPO 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 as sets 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. 0000 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. Tradeweb 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. Non-GAAP Financial Measures 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. 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, LinkedIn 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 2Q22 Earnings Call Participants ©2022 Tradeweb Markets LLC. All rights reserved. STRATEGIC REVIEW Lee Olesky CO-FOUNDER, CHAIRMAN & CEO FINANCIAL REVIEW Sara Furber CHIEF FINANCIAL OFFICER Tradeweb GROWTH INITIATIVES Billy Hult CEO-ELECT & PRESIDENT WELCOME/ INTRODUCTION Ashley Serrao HEAD OF TREASURY, FP&A & IR#44 2Q22 Summary OPERATING PERFORMANCE HIGHLIGHTS REVENUE $297.1M +13.9% y/y* 17.8% y/y (CC**)1 ADJUSTED EBITDA MARGIN² 52.4% +181 bps y/y +220 bps y/y (CC)¹ *y/y = year over year comparison **CC= constant currency INTERNATIONAL REVENUES $107.0M ©2022 Tradeweb Markets LLC. All rights reserved. +10.0% y/y 20.2% y/y (CC)¹ ADJUSTED EBIT MARGIN² 48.0% +189 bps y/y +238 bps y/y (CC)1 0000 Tradeweb ADJUSTED NET INCOME² $111.7M +19.3% y/y 24.7% y/y (CC)¹ ADJUSTED DILUTED EPS² $0.47 +20.5% y/y +25.6% y/y (CC)¹ 1. Growth information presented on a "constant currency" basis reflects growth for the period excluding the impact of foreign currency fluctuations. See "Disclaimers - Non-GAAP Financial Measures" for more information. 2. Adjusted Net Income, Adjusted EBITDA margin, Adjusted EBIT margin and Adjusted Diluted EPS are non-GAAP financial measures. See "Appendix" for reconciliations to their most comparable GAAP financial measures.#52Q22 Revenue Results ($ in millions) $260.8 2Q21 2Q22 y/y growth % 2Q22 y/y constant currency growth % YTD y/y growth % YTD y/y constant currency growth % $17.6 Rates 13.1% 17.6% 12.6% 15.9% 2Q22 REVENUE GROWTH OF 13.9% (CC 17.8% Y/Y) ¹ $(0.2) $11.8 5 ©2022 Tradeweb Markets LLC. All rights reserved. Credit 16.3% 19.4% 16.2% 18.5% $5.3 Equities 30.2% 37.6% 35.7% 41.8% $0.8 Money Markets 7.3% 10.5% 6.9% 9.3% $1.0 Market Data 5.1% 7.0% 6.0% 7.3% Other (3.0)% (2.9)% (9.9)% (9.9)% Tradeweb 1. Growth information presented on a "constant currency" basis reflects growth for the period excluding the impact of foreign currency fluctuations. See "Disclaimers - Non-GAAP Financial Measures" for more information. $297.1 2Q22 13.9% 17.8% 13.9% 16.9%#6Key Growth Initiatives GLOBAL IRS (ADV AND SHARE¹) ($ in billions) $600 $500 $400 $300 $200 $100 $0 6 10.0% 0.0% Swaps/Swaptions> 1Y 12.0% 10.0% 9.8% 20.0% 15.3% 8.0% 6.0% 4.0% $209 68 2.0% 0.0% 141 High Yield 10.2% TTT 170 56 122 4.0% 2.5% 1.5% 2Q20 U.S. CASH CREDIT (SHARE³) High Grade 17.7% 9.5% 5.8% 7.7% 10.0% 11.6% $209 66 4.8% 2.3% 2.5% 143 19.6% 11.8% 9.5% Swaps/Swaptions< 1Y $287 105 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 182 14.7% 19.5% $256 9.3% 90 166 r 21.3% 14.3% $246 91 155 8.4% 9.2% 8.3% 6.5% 6.9% 2.5% 3.0% 4.0% 4.0% 4.8% 10.1% 10.2% 12.1% 12.7% 3.5% 21.0% 9.6% 17.7% 3.3% $383 6.2% 182 2Q22 Y/Y ADV Growth HG: Total +18%, Electronic +17%, E-P +19% 200 2Q22 Y/Y Growth Total: +43% 9.2% Overall Share (%) 12.7% $359 148 211 22.6% 22.5% 3.4% 7.3% 4Q21 1Q22 2Q22 2Q22 Y/Y ADV Growth HY: Total +20%, Electronic +36%, E-P -2% 15.1% 10.7% 10.9% $366 145 221 13.4% 12.0% 12.8% 3.7% 10.5% 9.9% 7.1% 22.7% 9.6% 3.3% 6.2% 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 ■ Fully Electronic. Electronically Processed 1. Share and volumes reflect TW interest rates swaps ("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. Ⓒ2022 Tradeweb Markets LLC. All rights reserved. 1 I 18.0% 16.0% I $125 14.0% 1 12.0% 10.0% 1 8.0% 1 6.0% 4.0% 2.0% 1 $75 I I 1 0.0% U.S. TREASURIES (ADV AND SHARE²) ($ in billions) $150 $100 $50 $25 $0 $92 $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 12.7% $- ADV $87 15.2% 2Q20 3Q 20 2Q22 Regional Mix US ETFS: European ETFs: $2.7 49% 51% Share (%) $2.1 $92 GLOBAL ETFS (INSTITUTIONAL ADV) ($ in billions) 15.2% 15.4% $115 ■Equity $2.9 4Q20 1Q21 2Q21 3Q21 $107 2Q20 3Q 20 4Q20 Note: Totals may not foot due to rounding. 16.5% Fixed Income $4.0 1Q21 $125 $3.6 19.9% 2Q21 $3.4 $135 3Q21 18.7% Tradeweb ■Commodity & Other 2Q22 Y/Y Growth Total: +23% 19.6% $150 4Q21 1Q22 2Q22 $3.8 4Q21 $132 19.6% 2Q22 Y/Y Growth Total: +51% $6.2 27% -24% 21% 18% 15% 12% 9% 6% 1Q22 3% 0% $5.4 2Q22 2. Share and volumes reflect TW U.S. Treasuries volume across institutional, wholesale and retail client sectors, divided by SIFMA volume, adjusted by Tradeweb management to estimate non-primary dealer activity. 3. Share reflects TW high grade and high yield volume across institutional, wholesale and retail client sectors, divided by TRACE volume, adjusted by Tradeweb management to exclude emerging market and convertible bond volumes.#7Credit Growth Initiatives EXPANDING INSTITUTIONAL & WHOLESALE ¹,2 Inst. Client Count 538 U.S. Investment Grade 8.6% $1.8B 5.6% 3.0% 2Q18 U.S. High Yield 3.0% $0.2B 1.9% 1.1% 2Q18 618 $185 0 100 2Q19 12.5% $2.9B 7.5% 5.0% 2Q19 3.2% $0.3B 1.4% 1.8% 705 $510 53 457 35% CAGR 15.3% $4.8B 2Q20 9.5% 5.8% 2Q20 43% CAGR 4.0% $0.5B 2.5% 1.5% 2Q20 $1,210 292 918 740 2Q19 2Q21 Fully Electronic Electronically Processed 2Q21 21.3% $5.2B U.S. International 9.2% INCREASING GLOBAL PORTFOLIO TRADING ADOPTION¹ ($ in millions, ADV) 12.1% 2Q21 8.4% $0.9B 3.5% 4.8% (Share of TRACE $ in billions, ADV) 806 22.7% $6.1B 9.9% 12.8% 2Q22 9.6% $1.0B 3.3% 6.2% 2Q22 $1,556 449 1,108 2Q22 1. Totals may not foot due to rounding. 2. Share reflects TW high grade and high yield volume, divided by TRACE volume, adjusted by Tradeweb management to exclude emerging market and convertible bond volumes. 7 ©2022 Tradeweb Markets LLC. All rights reserved. I GROWING FOUNDATIONAL U.S. RFQ PROTOCOL ($ in millions, ADV) $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 $72 56 15 2Q18 $412 2Q18 442 $506 SOLIDIFYING OUR U.S. DIFFERENTIATORS¹ ($ in millions, ADV) All Trade 64 2Q19 $600 52 547 $447 2Q20 2Q19 $1,418 214 1,204 $1,522 231 $841 1,291 2Q20 I 2Q21 2Q22 U.S. Investment Grade $278 Tradeweb $1,168 2Q21 $767 NET SPOTTING 2Q18 2Q19 U.S. High Yield $1,458 $1,561 2Q22 $1,720 $1,696 2Q 20 2Q21 2Q22#8IRS Growth Initiatives RECOVERING GLOBAL INTEREST RATE SWAPS ADV¹ ($ in trillions) 8 $1.9 2017 $2.3 2018 $1,859 $2.7 1H20 2019 Clarus ADV 1H22 vs 1H21: 1H22 vs 2021: $2.3 GROWING TW EM SWAPS ADV² ($ in millions) 2020 $2.0 1H21 2021 $5,774 +26% +31% ©2022 Tradeweb Markets LLC. All rights reserved. $2.1 1H21 $8,558 1H22 $2.6 1. Share and volumes reflect TW IRS volumes across institutional and wholesale client sectors, divided by Clarus cleared market volumes. Global IRS market refers to volumes traded by U.S. and non-U.S. entities. 1H22 INCREASING MARKET SHARE BY CURRENCY² 13.0% 13.8% Overall 17.1%16.2% $1,741 USD 1H20 9.4% 11.6% GROWING TW SWAPS RFM ADV ($ in millions) 2. EM is defined as Emerging Markets. EUR 13.9% 1H211H22 $4,142 21.3% 1H21 GBP Tradeweb 8.6% 8.2% Other G11 4.9% $7,881 1H22 6.5% EM#9Quarterly ADV RATES¹ ($ in billions) $800 $700 $600 $500 $400 $300 $200 $100 $0 $20 $15 $10 EQUITIES¹ ($ in billions) $5 $507 $490 $0 209 298 2Q20 $10.0 3.7 6.3 179 311 $9.1 3.6 $537 5.4 209 328 $12.4 5.6 2Q ADV of $1,176BN (+20.4% y/y, +16.3% ex Swaps <1 year) 6.8 $666 287 379 $16.2 7.2 9.0 $576 1Q21 257 319 $16.1 7.8 3Q20 4Q 20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 8.2 2Q20 3Q20 4Q 20 1. Totals may not foot due to rounding. 9 ©2022 Tradeweb Markets LLC. All rights reserved. 2Q21 $584 247 337 $14.5 7.0 7.6 2Q22 Y/Y GROWTH Total: +23% Cash: +7% Derivatives: +43% 3Q21 $729 384 346 $16.0 $749 7.4 361 8.6 387 2Q22 Y/Y GROWTH Total: +4% Cash: +21% Derivatives: -13% $21.4 $709 8.7 368 12.8 341 $16.7 6.8 9.9 4Q21 1Q22 2Q22 1 T 1 CREDIT¹ ($ in billions) $36 $32 $28 $24 $20 $16 $12 $8 $4 $0 $450 $400 $17.9 $350 $300 $250 $200 $150 $100 $50 $0 10.1 7.8 $19.5 12.5 $244 7.0 2Q20 3Q20 $17.9 MONEY MARKETS ($ in billions) $262 9.6 8.3 4Q20 $330 $27.1 16.7 10.4 $350 $18.1 2Q20 3Q20 4Q20 1Q21 8.6 1Q21 2Q21 9.5 $367 2Q21 $22.2 13.8 8.4 3Q21 $344 3Q21 Tradeweb KEY Cash - Derivatives 2Q22 Y/Y GROWTH Total: +47% Cash: +7% Derivatives: +92% $18.7 9.9 8.8 $33.2 22.4 $351 10.8 $26.7 4Q21 1Q22 2Q22 $372 16.5 2Q22 Y/Y GROWTH Total: +16% 4Q21 1Q22 10.2 - $424 2Q22#102Q22 Financial Performance ¹ ($ in thousands, except share and per share amounts) Tradeweb REVENUE GROWTH OF 13.9% (17.8% CC)2 WITH 2Q22 EBITDA MARGIN OF 52.4% 6M 22 EBITDA MARGIN EXPANSION OF +115 bps to 52.0% vs. FY 2021 OF 50.8% Trading Revenues Fixed 3 Variable 10 Total Trading Revenues Refinitiv Market Data Other Information Services Total Revenue Adj. Expenses 4 Adj. EBIT Net interest income (expense) Adj. EBT Adj. Income Taxes 5 Adj. Net Income Adj. EBIT Margin 6 Adj. EBITDA Adj. EBITDA Margin 6 Adj. Diluted EPS Adj. Diluted Share Count 7 $ $ $ $ ©2022 Tradeweb Markets LLC. All rights reserved. 2Q22 74,210 201,898 276,108 15,426 5,604 297,138 154,526 142,612 541 143,153 (31,494) 111,659 48.0 % 155,621 52.4 % 0.47 237,320,759 $ $ $ 2Q21 73,501 167,332 240,833 14,926 5,081 260,840 140,569 120,271 (325) 119,946 (26,388) 93,558 46.1 % 131,898 50.6 % 0.39 237,995,893 %A 2Q22 vs 2Q21 1.0 % 20.7 % 14.6% 3.3 % 10.3 % 13.9% 9.9 % 18.6% (266.5)% 19.3% 19.3 % 19.3% +189 bps 18.0 % +181 bps 20.5% (0.3)% 000. 4. Represents adjusted operating expenses. See "Adjusted Expenses Detail" for more information. 5. Represents corporate income taxes at an assumed effective tax rate of 22% applied to Adjusted Net Income before income taxes for each of the three months ended June 30, 2022 and 2021. 0000 %A Constant Currency 2Q22 vs 2Q21² 2. Growth information presented on a "constant currency" basis reflects growth for the period excluding the impact of foreign currency fluctuations. See "Disclaimers - Non-GAAP Financial Measures" for more information. 3. Fixed trading revenues include the fixed trading revenues from our four asset classes and other trading revenues. 4.8 % 24.8% 18.7% 3.4 % 17.9 % 17.8 % 12.6 % 23.9 % (266.1)% 24.7% 24.7% 24.7% 1. Adj. Expenses, Adj. EBIT, Adj. EBT, Adj. Income Taxes, Adj. Net Income, Adj. EBIT Margin, Adj. EBITDA, Adj. EBITDA Margin and Adj. Diluted EPS (including Adj. Diluted Share Count) are non-GAAP financial measures. See "Appendix" for reconciliations to their most comparable GAAP financial measures. +238 bps 22.9% +220 bps 25.6 % 6. Adj. EBIT Margin and Adj. EBITDA Margin are defined as Adjusted EBIT and Adjusted EBITDA, respectively, divided by revenue for the applicable period. 7. Represents the diluted weighted average number of shares of Class A common stock and Class B common stock outstanding for the applicable period (including the effect of potentially dilutive securities determined using the treasury stock method), plus the weighted average number of other participating securities reflected in earnings per share using the two-class method, plus the assumed full exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A common stock or Class B common stock. See "Reconciliation of Non-GAAP Financial Measures" for more information.#11Fees per Million¹ Detail Rates Cash Rates Rates Derivatives Swaps / Swaptions Tenor >= 1 Yr Other Rates Derivatives 2 Credit Equities Cash Equities Equity Derivatives Money Markets (Cash) Cash Credit 3 $ Credit Derivatives + U.S. Cash 'EP' $ Total Fees per Million Total FPM ex <1yr tenor swaps 4 SA $ $ $ 11 ©2022 Tradeweb Markets LLC. All rights reserved. GA GA $ $ $ 2Q22 2.20 2.27 2.14 3.42 0.22 47.31 155.56 7.73 19.77 29.20 5.93 0.29 2.78 3.14 SA $ LA SA 1Q22 2.22 2.05 2.40 3.96 0.21 38.51 147.49 6.91 18.10 26.18 6.18 0.31 2.93 3.33 2Q21 2.18 2.02 2.38 3.54 0.28 57.62 138.52 7.91 14.50 23.21 5.34 0.31 2.70 2.95 %Δ 2Q22 vs 1Q22 (0.8)% 10.6 % (10.7)% (13.7)% 2.4 % 22.9 % 5.5 % 11.9% 9.2 % 11.5% (4.0)% (7.1)% (5.2)% (5.7)% 0000 Tradeweb %A 2Q22 vs 2Q21 0.9 % 12.0 % (10.0)% (3.6)% (20.8)% (17.9)% 12.3 % (2.3)% 36.3 % 25.8 % 11.1 % (5.9)% 3.1 % 6.7 % 1. "Fees per million" or "FPM" means average variable fees per million dollars of volume traded on our trading platforms. Average variable fees per million should be reviewed in conjunction with our trading volumes and revenue by asset class. 2. Includes Swaps / Swaptions of tenor < 1 year and Rates Futures. 3. The "Cash Credit" category represents the credit asset class excluding (1) Credit Derivatives and (2) U.S. High Grade and High Yield Electronically Processed ("EP") activity. 4. Included to contextualize the impact of short-tenored Swaps / Swaptions and Rates Futures on blended FPM across all periods presented.#1212 Adjusted Expenses¹ Detail (s in thousands) 2Q22 ADJUSTED EXPENSES INCREASED 9.9% (12.6% CC y/y)² Adjusted Expenses Employee compensation and benefits a Depreciation and amortization b Technology and communications General and administrative C Professional fees d Occupancy Total adjusted non-compensation expenses Total Adjusted Expenses 2Q22 ©2022 Tradeweb Markets LLC. All rights reserved. 102,595 $ 13,009 16,034 10,667 8,560 3,661 51,931 154,526 $ 2Q21 95,646 11,627 13,957 8,319 7,402 3,618 44,923 140,569 %A 2Q22 vs 2Q21 7.3 % 11.9 % 14.9 % 28.2 % 15.6 % 1.2 % 15.6 % 9.9% 0000 Tradeweb %A Constant Currency 2Q22 vs 2Q21 9.2 % 13.2 % 15.7% 44.8% 18.4% 5.1 % 19.8 % 12.6% 1. Adjusted Expenses is a non-GAAP financial measure. See "Appendix" for a reconciliation to its most comparable GAAP financial measure. a. Adjusted to exclude: Non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and the payroll taxes associated with exercises of such options during the applicable period; Non-cash accelerated stock-based compensation expense associated with our former CFO and our retiring CEO and related payroll taxes. See "Appendix" for additional information. b. Adjusted to exclude acquisition and Refinitiv Transaction related depreciation and amortization. See "Appendix" for additional information. c. Adjusted to exclude unrealized gains/losses from outstanding foreign exchange forward contracts and gains and losses from the revaluation of foreign denominated cash. See "Appendix" for additional information. d. Adjusted to exclude transaction and other costs related to the NFI Acquisition, which closed in June 2021. See "Appendix" for additional information. 2. Growth information presented on a "constant currency" basis reflects growth for the period excluding the impact of foreign currency fluctuations. See "Disclaimers - Non-GAAP Financial Measures" for more information.#1313 Capital Management & FY Guidance ■ ■ ■ $959.7 million in cash and cash equivalents (June 30th) Undrawn $500 million credit facility TTM FCF: $538.4 million¹ (+24.1% yr/yr) Capital Management Key Highlights ▪ 2Q22 Capex & Cap software development: $15.0 million (+16.8% yr/yr) $9.0 million in share buybacks in Q2 (103k shares); $18.0 million of share repurchase authorization remains outstanding as of June 30th 2022 FY Guidance (UNCHANGED)2,3 ($ in millions) ▪ $2.2 million in shares withheld in Q2 to satisfy tax obligations related to exercise of stock options Board of Directors declared a quarterly dividend of $0.08 per Class A and Class B share payable in September 2022 Adjusted Expenses Acquisition & Refinitiv related D&A Assumed non-GAAP tax rate Capex & Cap software development $620 - 655M $127M 22.0% $62 - 68M Strong Free Cash Flow Growth and Conversion¹ ($ in millions) Free Cash Flow $600 $500 $400 $300 $200 $100 Tradeweb $0 2016 2017 FCF 2018 2019 2020 2021 2Q22 (TTM) FCF Conversion on Adj Net Income 160% 140% 120% 100% - 80% 60% 40% -20% 0% 1. Free Cash Flow ("FCF") is a non-GAAP financial measure. FCF Conversion is FCF divided by Adjusted Net Income for the applicable period. See "Appendix" for a reconciliation to its most comparable GAAP financial measure. 2. GAAP operating expenses and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement of foreign currency rates. 3. Expense guidance assumes an average 2021 Sterling/US$ foreign exchange rate or 1.38. ©2022 Tradeweb Markets LLC. All rights reserved. Free Cash Flow Conversion#14Share Count Sensitivity PRO FORMA ADJUSTED FULLY DILUTED WEIGHTED AVERAGE SHARES Assumed Average Share Price $60.00 $70.00 $80.00 $90.00 $100.00 Q3 2022 237,152,510 237,365,860 237,581,380 237,773,348 237,935,038 14 ©2022 Tradeweb Markets LLC. All rights reserved. 0000 Tradeweb The pro forma adjusted fully diluted weighted average shares outstanding and assumed share prices provided in the table above are being provided for illustrative purposes only and do not purport to represent what fully diluted weighted averages shares outstanding or our share price may be for any future period. The trading price of our Class A common stock could be volatile, and there can be no guarantee that actual trading prices will be at or above the assumed prices provided in the table above. Pro forma adjusted fully diluted weighted average shares outstanding is computed by adjusting the weighted average shares of Class A and Class B common stock outstanding to give effect to potentially dilutive securities, including certain shares of Class A con stock underlying outstanding options, RSU and PRSU awards using the treasury stock method, plus the weighted average number of other participating securiti reflected in per share the two-class method. The weighted average share calculation also assumes outstanding LLC Interests of Tradeweb Markets LLC were exchanged for shares of Class A or Class B common stock at the beginning of the applicable period. This adjustment is made for purposes of calculating pro forma adjusted fully diluted weighted average shares outstanding only and does not necessarily reflect the amount of exchanges that may occur in the future.#15APPENDIX 15 ©2022 Tradeweb Markets LLC. All rights reserved. Tradeweb#16Reconciliation of Non-GAAP Financial Measures ($ in thousands) Net Income to Adjusted EBITDA, Adjusted EBIT and Adjusted EBT Net income Acquisition transaction costs 1 Net interest (income) expense Depreciation and amortization Stock-based compensation expense 2 Provision for income taxes Foreign exchange (gains) / losses 3 Tax receivable agreement liability adjustment 4 Adjusted EBITDA Less: Depreciation and amortization Add: D&A related to acquisitions and the Refinitiv Transaction 5 Adjusted EBIT Add: Net interest income (expense) Adjusted EBT Adjusted EBITDA margin 6 Adjusted EBIT margin 6 Operating expenses Acquisition transaction costs 1 D&A related to acquisitions and the Refinitiv Transaction 2 Stock-based compensation expense 3 Foreign exchange gains / (losses) Adjusted Expenses 4 16 $ ©2022 Tradeweb Markets LLC. All rights reserved. $ 2Q22 $ 2Q21 $ 190,531 $ 177,048 (15) (2,966) (31,761) (30,240) (7,295) (2,803) 3,066 (470) 154,526 $ 140,569 $ $ 2Q22 81,600 15 (541) 44,770 7,295 25,548 (3,066) $ 52.4 % 48.0 % 155,621 (44,770) 31,761 142,612 $ 541 143,153 2Q21 $ 131,898 (41,867) 30,240 120,271 (325) 119,946 $ 66,233 2,966 325 41,867 2,803 17,234 470 50.6 % 46.1 % Cash Flow from Operating Activities to Free Cash Flow Cash flow from operating activities Less: Capitalization of software development costs Less: Purchases of furniture, equipment and leasehold improvements Free Cash Flow 0000 $ $ 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, $3.8 million and $9.2 million during the six months ended June 30, 2022 and 2021, respectively and $16.5 million during the year ended December 31, 2021. 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. 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 revenue for the applicable period. See "2Q22 Financial Performance" for 2Q22 and 2Q21 revenue. Revenues for the six months ended June 30, 2022 totaled $609 million. FY 2021 revenues totaled $1,076 million. Operating Expenses to Adjusted Expenses Tradeweb $ 316,256 $ (89,220) 63,530 290,566 $ 94 290,660 $ $ 6M 22 179,045 (3) (94) 89,220 11,164 39,258 (2,334) $ 52.0 % 47.7 % 2022 FY21 273,108 5,073 1,590 171,308 16,509 96,875 (4,702) (12,745) 547,016 (171,308) 124,580 500,288 (1,590) 498,698 597,330 $ (35,767) (23,158) 538,405 $ 50.8 % 46.5 % Trailing Twelve Months Ended June 30, 2021 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 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). 3. 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, $3.8 million and $9.2 million during the six months ended June 30, 2022 and 2021, respectively and $16.5 million during the year ended December 31, 2021. 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. 4. 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. 482,687 (33,215) (15,651) 433,821#17Reconciliation of Non-GAAP Financial Measures cont. (s in thousands, except share and per share amounts) Reconciliation of Net Income attributable to Tradeweb Markets Inc. to Adjusted Net Income and Adjusted Diluted EPS Earnings per diluted share Net income attributable to Tradeweb Markets Inc. Net income attributable to non-controlling interests 1 Net income Provision for income taxes Acquisition transaction costs 2 D&A related to acquisitions and the Refinitiv Transaction 3 Stock-based compensation expense 4 Foreign exchange (gains) / losses 5 Tax receivable agreement liability adjustment 6 Adjusted Net Income before income taxes. Adjusted income taxes 7 Adjusted Net Income Adjusted Diluted EPS 8 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 $ $ Diluted weighted average shares of Class A and Class B common stock outstanding Weighted average of other participating securities 1 Assumed exchange of LLC Interests for shares of Class A or Class B common stock ² Adjusted diluted weighted average shares outstanding Adjusted Net Income (in thousands) Adjusted Diluted EPS $ $ $ 17 ©2022 Tradeweb Markets LLC. All rights reserved. Tradeweb 2Q22 0.33 68,344 13,256 81,600 25,548 15 $ $ 31,761 7,295 (3,066) 143,153 (31,494) 111,659 0.47 1. 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. 2. 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. $ $ 3. 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). 4. 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. 5. 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. 6. 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. 7. Represents corporate income taxes at an assumed effective tax rate of 22.0% applied to Adjusted Net Income before income taxes for each of the three and six months ended June 30, 2022 and 2021. 8. 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 and Adjusted Diluted EPS" below. 2Q22 $ 207,272,675 76,426.00 29,971,658 237,320,759 111,659 0.47 $ $ 2Q21 0.27 55,316 10,917 66,233 17,234 2,966 30,240 2,803 470 $ $ 119,946 (26,388) 93,558 0.39 2Q21 207,463,960 30,531,933 237,995,893 93,558 0.39 1. 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. 2. 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.#18Reconciliation of Non-GAAP Financial Measures cont. (s in thousands, except share and per share amounts) 18 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 Earnings per share - Basic Earnings per share - Diluted $ ©2022 Tradeweb Markets LLC. All rights reserved. $ $ $ 2Q22 68,344 (26) 68,318 204,501,035 782,955 1,839,177 149,508 207,272,675 0.33 0.33 $ $ ****. $ $ Tradeweb 2Q21 55,316 55,316 201,749,985 2,021,234 3,461,230 231,511 207,463,960 0.27 0.27 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.#19Asset Class Rates Total Credit Quarterly Volumes Total Equities Total Money Markets Total Product Cash Derivatives Cash Cash U.S. Government Bonds¹ European Government Bonds Mortgages Other Goverment Bonds Cash Swaps/Swaptions> 1Y Swaps/Swaptions 1Y Derivatives Total Futures U.S. High Grade - Fully Electronic U.S. High Grade - Electronically Processed U.S. High Yield-Fully Electronic U.S. High Yield - Electronically Processed European Credit Municipal Bonds Chinese Bonds Other Credit Bonds Swaps Derivatives U.S. ETFS European ETFs Convertibles/Swaps/Options Futures Repurchase Agreements (Repo) Other Money Markets Q2 2022 ADV (USD mm) 341,351 131,936 35,429 168,603 5,384 367,604 221,191 145,004 1,410 708,956 10,173 3,256 2,652 653 353 1,741 394 1,001 123 16,477 16,477 26,650 9,945 7,201 2,743 6,761 3,273 3,488 16,706 424,016 405,685 18,332 424,016 ADV (USD mm) 1,176,328 PRODUCT CATEGORIES INCLUDE U.S. Government Bonds: U.S. Treasury bills, notes and bonds, and Treasury Inflation-protected Securities. Mortgages: To-be-announced mortgage-backed securities, specified pools, collateralized mortgage obligations, commercial mortgage-backed securities, other mortgage derivatives and other asset-backed securities. Other vemment Bonds: Japanese, Canadian, Australian and New Zealand government bonds, covered bonds (including Pfandbriefe), other government-guaranteed securities, supranational, sub-sovereign and agency bonds/debentures. Rates Futures: Govemment bond futures leg of exchange for physicals (EFPs). U.S. High Grade and High Yield: All TRACE-reported corporates, excluding convertibles (see page 27 for segmentation methodology). Chinese Bonds: Chinese Interbank Bond Market (CIBM) instruments-government and corporate - transacted via Bond Connect Company Limited (BCCL). 19 2022 Tradeweb Markets LLC. All rights reserved. Volume (USD mm) 21,125,468 8,180,022 2,161,176 10,453,372 330,898 22,616,945 13,602,492 8,927,045 87,408 43,742,413 624,892 201,877 164,397 40,488 21,910 106,178 24,444 58.041 7,556 1,013,032 1,013,032 1,637,924 613,836 446,492 167,344 418,547 202,579 215,968 1,032,383 26,207,624 25,071,439 1,136,185 26,207,624 Volume (USD mm) 72,620,344 Q1 2022 ADV (USD mm) 387,495 149,564 38,940 193,844 5,146 361,041 210,550 148,430 2,060 748,535 10,782 3,083 2,838 773 410 2,085 249 1,252 91 22,420 22,420 33,202 12,766 9,050 3,716 8,683 3,370 5,314 21,449 371,741 353,983 17,758 371,741 ADV (USD mm) 1,174,927 Volume (USD mm) 24,059,846 9,272,997 2,453,215 12,018,341 315,293 22,531,757 13,143,966 9,260,040 127,751 46,591,603 665,593 191,135 175,975 47,948 25,393 131,336 15,449 72,641 5,715 Other Credit Bonds: Other developed market (including non-TRACE-reported bonds, preferreds and structured notes), developing and emerging market corporate and government bonds. Credit Swaps: Index and single name credit default swaps. ETF: Exchange traded funds (ETFs), ETF leg of EFPs, and net asset value trades. 1,401,929 1,401,929 2,067,522 795,179 561,085 234,094 539,189 209,391 329,798 1,334,368 23,117,722 22,016,336 1,101,386 23,117,722 Volume (USD mm) 73,111,215 Convertibles/Swaps/Options: Convertible bonds, equity swaps, call and put strategies, and other equity derivatives excluding futures. Equities Futures: Equity futures including the futures leg of EFPs. Other Money Markets: Agency discount notes, commercial paper, certificates of deposits (including structured CDs), and deposits. Starting in February 2019, Canadian Commercial Paper effected on Tradeweb by non-Canadian clients have been added to these volumes. Q2 2021 ADV (USD mm) 318,996 106,904 30,515 177,443 4,135 256,648 165,825 89,975 848 575,644 9,519 2,857 2,231 477 359 1,911 193 1,373 118 8,566 8,566 18,085 8,239 5,885 2,355 7,815 3,850 3,965 16,055 366,978 353,361 13,617 366,978 ADV (USD mm) 976,762 Volume (USD mm) 20,346,393 6,841,840 1,891,937 11,356,322 256,293 16,209,757 10,441,873 5,713,635 54,248 36,556,150 599,766 182,873 142,770 30,506 22,975 118,454 12,367 82,377 7,444 540,584 540,584 1,140,350 516,731 370,742 145,988 490,800 241,047 249,752 1,007,530 23,326,831 22,456,390 870,441 23,326,831 Volume (USD mm) 62,030,861 Tradeweb QoQ ADV -11.91% -11.79% -9.02% -13.02% 4.62% 1.82% 5.05% -2.31% -31.58% -5.29% -5.64% 5.62% -6.58% -15.56% -13.72% -16.50% 58.23% -20.10% 35.22% -26.51% -26.51% -19.73% -22.10% -20.42% -26.17% -22.14% -2.86% -34.36% -22.11% 14.06% 14.61% 3.23% 14.06% QoQ 0.12% YoY Volumes for Mortgages represent current face value at time of trade. Volumes can reflect cancellations and corrections that occur after prior postings. U.S. government bond volumes have been updated as a result of a reclassification of certain U.S. Treasury transactions. ADV 7.01% 23.42% 16.10% -4.98% 30.20% 43.23% 33.39% 61.16% 66.31% 23.16% 6.87% 13.95% 18.86% 37.00% -1.56% -8.89% 104.04% -27.11% 4.27% 92.34% 92.34% 47.36% 20.70% 22.37% 16.51% -13.49% -14.97% -12.05% 4.06% 15.54% 14.81% 34.62% 15.54% YoY 20.43% VOLUMES Volumes include Tradeweb, Dealerweb and Tradeweb Direct. Except with respect to U.S. Treasuries, both sides of a trade are included in volume totals where the trade is fully-anonymous and a Tradeweb broker-dealer is the matched principal counterparty. Riskless principal trades on Tradeweb Direct are single-count. All volumes converted to U.S. Dollars. ¹ U.S. government bonds volumes include wholesale U.S. Treasury volumes from the Nasdaq Fixed Income business Tradeweb acquired on June 25, 2021. 2Q22 and 1Q22 include a full quarter of volumes.#20U.S. Corporate Bonds Product USING MARKET REPORTING STANDARDS U.S. High Grade Product TRADEWEB MARKETS U.S. High Yield 20 Type Total Total U.S. High Grade (TRACE) U.S. High Yield (TRACE) Fully Electronic Electronically Processed Fully Electronic Electronically Processed REPORTED MARKET Volume (USD mm) ADV 6,093 3,441 2,652 1,021 667 353 Total ADV 164,397 377,744 22.7% 213,348 12.8% 63,291 41,381 Volume (USD mm) Total 26,824 1,663,068 Q2 2022 % of TRACE 10,680 662,167 21,910 3.3% 9.9% 9.6% ©2022 Tradeweb Markets LLC. All rights reserved. 6.2% ADT 387 Q2 2022 17,531 1,086,917 17,144 1,062,925 24.0% 2.855 Trades 125 Total ADT 23,992 2.980 184,761 16.8% 176,987 7,774 Trades % of TRACE Total 71,361 4,424,379 17,715 1,098,352 24.6% 0.5% 16.1% 0.7% Volume (USD mm) ADV 3,222 2,838 1,197 788 410 6,060 375,713 22.5% 15,155 939,624 27.5% ADV Total 11,025 175,975 199,738 12.0% 48,839 Volume (USD mm) 25,393 74,232 10.9% FOOTNOTES Numbers include all activity on Tradeweb, Dealerweb and Tradeweb Direct. Corporate bond volume and trade count numbers reflect all trades reported to TRACE, excluding emerging market and convertible bonds. 26,919 1,668,963 683,579 Monthly average capped volumes for HG and HY applied to capped trades based on TRACE reporting standards. Electronically Processed include voice trades processed electronically on Tradeweb. Day counts for corporate bonds reflect all SIFMA trading days. Q1 2022 % of TRACE Total 10.5% 7.1% 3.7% ADT Q1 2022 Trades Total 14,735 913,574 26.7% 420 26,050 141 ADT 3,324 206,090 19.1% 3,183 197,349 8,741 % of TRACE Trades Total 55,113 3,417,019 17,419 1,079,983 0.8% 18.3% 0.8% Volume (USD mm) ADV 5,184 2,231 2,953 188,980 851 492 359 Total 331,750 ADV 142,770 54,435 31,460 22,975 Volume (USD mm) Total 24,334 1,557,374 10,160 650,221 Q2 2021 % of TRACE 21.3% 12.1% 9.2% 8.4% 4.8% 3.5% ADT Q2 2021 328 12,187 779,965 26.5% 11,859 758,975 25.8% 2,630 2.507 123 ADT Trades Total 15,615 20,990 168,328 16.8% 160,465 16.1% Trades % of TRACE 7,863 0.8% Total 46,032 2,946,070 0.7% 999,374 Tradeweb QOQ Volume (USD mm) ADV 6.81% % of TRACE 0.54% 0.90% 17.54% 6.63% 7.19% -15.27% -12.53% -13.72% -10.93% ADV QoQ -3.13% -6.58% -6.25% 18.86% 7.83% -14.74% -11.98% 20.02% 14.17% ADT -0.35% 29.48% YoY Volume (USD mm) ADV 1.70% -If the bond is not rated by any agency then the bond is HY. - If 3 of 3 of the bond's ratings are better than BB+/Ba1/BB+ (but not including "other ratings") then the bond is HG. - If 2 of 3 of the bond's ratings are better than BB+/Ba1/BB+ then the bond is HG. 16.54% 5.72% % of TRACE 35.78% 29.16% -1.56% -6.36% YOY ADV ADT 10.23% 55.02% Segmentation between HG and HY determined using the following methodology and ratings from Standards & Poor's (S&P), Moody's Investor Services and Fitch Ratings: - If 2 of 3 of the bond's ratings are equal to or worse than BB+/Ba1/BB+ (but not including "other ratings") then the bond is HY. - If 1 of 3 of the bond's ratings is equal to or worse than BB+/Ba1/BB+, and none are better, then the bond is HY. 5.12% 13.45% - If 1 of 3 of the bond's ratings is better than BB+/Ba1/BB+, and none are equal or worse, then the bond is HG. - If 1 of 3 of the bond's ratings is better than BB+/Ba1/BB+ and 1 of 3 is equal or worse, then the bond is HG. (i.e. The bond is split rated: 1 HG, 1 HY).#21Contacts 21 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