#11Q22 EARNINGS CONFERENCE CALL APRIL 28, 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 months ended March 31, 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 1Q22 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 1Q22 Summary OPERATING PERFORMANCE HIGHLIGHTS REVENUE $311.5M +13.9% y/y* 15.9% y/y (CC**)1 ADJUSTED EBITDA MARGIN² 51.6% -40 bps y/y -64 bps y/y (CC)¹ *y/y = year over year comparison **CC= constant currency INTERNATIONAL REVENUES $121.2M ©2022 Tradeweb Markets LLC. All rights reserved. +14.7% y/y 19.8% y/y (CC)¹ ADJUSTED EBIT MARGIN² 47.5% -31 bps y/y -50 bps y/y (CC)¹ 0000 Tradeweb ADJUSTED NET INCOME² $115.1M +13.3% y/y 14.8% y/y (CC)¹ ADJUSTED DILUTED EPS² $0.48 +11.6% y/y +14.0% y/y (CC)¹ 1. Growth information presented on a "constant currency" basis reflects growth for the period excluding the impact of foreign currency fluctuations. See "Disclaimers - Non-GAAP Financial Measures" for more information. 2. Adjusted Net Income, Adjusted EBITDA margin, Adjusted EBIT margin and Adjusted Diluted EPS are non-GAAP financial measures. See "Appendix" for reconciliations to their most comparable GAAP financial measures.#51Q22 Revenue Results ($ in millions) $273.4 1Q21 1Q22 y/y growth % 1Q22 y/y constant currency growth % $17.4 Rates 12.2% 14.4% 1Q22 REVENUE GROWTH OF 13.9% (CC 15.9% Y/Y)¹ $12.0 5 ©2022 Tradeweb Markets LLC. All rights reserved. Credit 16.1% 17.6% $7.7 Equities 40.7% 45.6% $0.7 Money Markets 6.5% 8.1% $1.4 Market Data 7.0% 7.5% $(1.0) Other (16.2)% (16.2)% 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. $311.5 1Q22 13.9% 15.9%#6Key Growth Initiatives GLOBAL IRS (ADV AND SHARE¹) ($ in billions) $600 $500 $400 $300 $249 $200 89 $100 $0 Swaps/Swaptions> 1Y 10.0% 0.0% 7.2% 160 12.0% 10.0% 9.8% 20.0% 15.0% 15.3% $209 68 1Q20 2Q 20 High Yield 141 9.0% 9.5% 5.9% 5.8% 2.1% 2.0% 1Q20 8.0% 6.0% 4.1% 4.0% 4.0% 2.0% 0.0% 10.2% $179 56 U.S. CASH CREDIT (SHARE³) High Grade 122 3Q20 17.7% 10.0% 7.7% 4.8% 2.3% 2.5% Swaps/Swaptions< 1Y 11.6% $209 66 143 11.8% $287 105 182 14.7% $256 90 166 4Q20 1Q21 2Q21 9.2% 14.3% $246 r 6.5% 6.9% 2.5% 3.0% 4.0% 4.0% 4.8% 91 8.4% 155 21.3% 21.0% 3.5% 1Q22 Y/Y Growth Total: +25% Overall Share (%) 17.7% $383 182 1Q22 Y/Y ADV Growth HG: Total +7%, Electronic +9%, E-P + 4% r 19.6% 19.5% 9.5% 9.3% 10.1% 10.2% 12.1% 12.7% 13.4% 12.0% 9.6% 3.3% 200 6.2% 3Q21 4Q21 1Q22 12.7% $359 148 211 9.2% 8.3% 1Q22 Y/Y ADV Growth HY: Total +43%, Electronic +65%, E-P+13% 22.6% 22.5% 7.3% 10.5% F 10.7% 10.9% 3.4% 3.7% 7.2% 2.5% 1.5% 2Q20 3Q20 4Q 20 1Q21 2Q21 3Q21 4Q21 1Q22 ■ 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. 6 Ⓒ2022 Tradeweb Markets LLC. All rights reserved. I 18.0% 16.0% I $125 14.0% 1 12.0% $100 10.0% 1 1 8.0% 1 $75 6.0% I $50 4.0% 2.0% I 1 $25 0.0% U.S. TREASURIES (ADV AND SHARE²) ($ in billions) $150 $0 $94 $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 $- ADV $92 12.5% 12.7% 1Q20 2Q20 1Q22 Regional Mix US ETFS: 40% 60% European ETFs: $3.6 Share (%) $2.7 $87 15.2% GLOBAL ETFS (INSTITUTIONAL ADV) ($ in billions) $92 3Q20 4Q20 ■Equity $2.1 15.2% 15.4% $115 Fixed Income $2.9 1Q20 2Q20 Note: Totals may not foot due to rounding. 3Q20 4Q20 1Q21 $4.0 1Q21 $107 16.5% 2Q21 $3.6 $125 2Q21 19.9% 3Q21 Tradeweb 1Q22 Y/Y Growth Total: +30% Commodity & Other $3.4 $135 18.7% 4Q21 3Q21 $150 -27% 24% 21% 18% 15% 12% 9% 6% 19.6% 1Q22 Y/Y Growth Total: +54% 1Q22 $3.8 3% 0% $6.2 4Q21 1Q22 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 515 U.S. Investment Grade 7.7% $1.8B 4.8% 2.9% 1Q18 U.S. High Yield 2.8% $0.3B 1.6% 1.1% 1Q18 586 $44 0 1Q19 11.3% $2.9B 7.5% 3.8% 1Q19 3.4% $0.3B 2.1% 1.3% 690 $453 87 367 36% CAGR 1Q20 15.0% $4.0B 9.0% 5.9% 1Q20 45% CAGR 4.1% $0.5B 2.1% 2.0% 1Q20 $1,144 1Q19 1Q21 Fully Electronic Electronically Processed 230 914 722 1Q21 19.5% $5.7B INCREASING GLOBAL PORTFOLIO TRADING ADOPTION¹ ($ in millions, ADV) U.S. International 9.3% 10.2% 1Q21 6.9% $0.8B 3.0% 4.0% (Share of TRACE $ in billions, ADV) 783 22.5% $6.1B 10.5% 12.0% 1Q22 10.9% $1.2B 3.7% 7.2% 1Q22 $1,428 456 972 1Q22 1. Totals may not foot due to rounding. 2. Share reflects TW high grade and high yield volume, divided by TRACE volume, adjusted by Tradeweb management to exclude emerging market and convertible bond volumes. 7 ©2022 Tradeweb Markets LLC. All rights reserved. I GROWING FOUNDATIONAL U.S. RFQ PROTOCOL ($ in millions, ADV) $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 $453 1Q18 $52 361 45 7 1Q18 $415 All Trade SOLIDIFYING OUR U.S. DIFFERENTIATORS¹ ($ in millions, ADV) 54 $668 87 581 $416 1Q19 1Q20 1Q19 $1,350 191 1,160 $1,641 304 $668 1,337 1Q20 I 1 I 1Q21 1Q22 U.S. Investment Grade $163 Tradeweb $1,263 1Q21 $735 NET SPOTTING 1Q18 1Q19 U.S. High Yield $1,463 $1,096 1Q22 $1,921 1Q 20 1Q21 $1,686 1Q22#8IRS Growth Initiatives RECOVERING GLOBAL INTEREST RATE SWAPS ADV¹ ($ in trillions) 8 $1.9 $2.3 $2.7 $2.3 $623 2017 2018 2019 2020 2021 1Q20 1Q22 vs 1Q21: 1Q22 vs 2021: $2.0 Clarus ADV GROWING TW EM SWAPS ADV² ($ in millions) $4,078 1Q21 +16% +41% ©2022 Tradeweb Markets LLC. All rights reserved. $2.4 $1.7 $1.7 $2.2 1Q21 2Q21 3Q21 4Q21 1Q22 $10,903 $2.8 1Q22 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. INCREASING MARKET SHARE BY CURRENCY² 11.8% 12.7% Overall $716 15.3% 1Q18 13.5% USD 8.0% GROWING TW SWAPS RFM ADV ($ in millions) $1,744 1Q19 11.3% 2. EM is defined as Emerging Markets. EUR 13.4% 1Q211Q22 $1,951 22.3% 1Q20 GBP Tradeweb 7.9% 6.9% Other G11 $3,379 1Q21 4.3% 7.6% EM $7,674 1Q22#9Quarterly ADV RATES¹ ($ in billions) $800 $700 $600 $500 $400 $300 $200 $100 $0 $20 $15 $10 EQUITIES¹ ($ in billions) $5 $591 $0. 249 342 1Q20 $17.8 8.6 9.2 $507 209 298 $10.0 3.7 $490 6.3 179 311 $9.1 3.6 1Q ADV of $1,175BN (+10.9% y/y, +7.6% ex Swaps <1 year) 5.4 $537 209 328 $12.4 5.6 6.8 $666 3Q20 4Q20 287 379 2Q20 3Q 20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 7.2 9.0 $576 $16.2 $16.1 1Q21 257 1Q20 2Q20 1. Totals may not foot due to rounding. 9 ©2022 Tradeweb Markets LLC. All rights reserved. 319 7.8 1Q22 Y/Y GROWTH Total: +12% Cash: +2% Derivatives: +26% $729 $749 8.2 $584 247 337 $14.5 384 7.0 346 7.6 1Q22 Y/Y GROWTH Total: +33% Cash: +41% Derivatives: +21% $16.0 361 7.4 387 8.6 $21.4 8.7 12.8 2Q21 3Q21 4Q21 1Q22 1 T CREDIT¹ ($ in billions) $36 $32 $28 $24 $20 $16 $12 $8 $4 $0 $33.0 $400 $350 $300 $250 $200 $150 $100 $50 $0 25.7 7.3 $17.9 10.1 $256 7.8 $19.5 12.5 1Q20 2Q20 3Q20 MONEY MARKETS ($ in billions) $244 7.0 $262 1Q20 2Q20 3Q20 $17.9 9.6 8.3 4Q20 $330 4Q20 $27.1 16.7 10.4 1Q21 $350 $18.1 8.6 9.5 2Q21 $367 Tradeweb KEY Cash - Derivatives 1Q22 Y/Y GROWTH Total: +23% Cash: +4% Derivatives: +34% $22.2 13.8 8.4 3Q21 $18.7 $344 9.9 8.8 4Q21 $33.2 $351 22.4 10.8 1Q22 Y/Y GROWTH Total: +6% 1Q22 $372 1Q21 2Q21 3Q21 4Q21 1Q22#101Q22 Financial Performance ¹ ($ in thousands, except share and per share amounts) Trading Revenues Fixed 3 Variable 10 REVENUE GROWTH OF 13.9% (15.9% CC) ² WITH EBITDA MARGIN OF 51.6%, 2022 YTD EXPANSION OF +75 bps vs. FY 2021 OF 50.8% 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. 1Q22 75,658 214,462 290,120 15,558 5,808 311,486 163,532 147,954 (447) 147,507 (32,452) 115,055 47.5 % 160,635 51.6 % 0.48 237,847,737 $ $ $ 1Q21 73,085 180,342 253,427 15,117 4,855 273,399 142,678 130,721 (493) 130,228 (28,650) 101,578 47.8% 142,084 52.0 % 0.43 236,243,124 1Q22 vs 1Q21 %A %A Constant Currency 1Q22 vs 1Q21² 3.5 % 18.9% 14.5% 2.9% 19.6 % 13.9% 14.6% 13.2 % (9.3)% 13.3% 13.3 % 13.3% (31) bps 13.1 % 0000 (40) bps 11.6 % 0.7% Tradeweb 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 March 31, 2022 and 2021. 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. 5.7 % 21.0% 16.6% 2.9 % 22.0% 15.9 % 17.1 % 14.7% (9.1)% 14.8 % 14.8 % 14.8 % 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. (50) bps 14.5% (64) bps 14.0 % 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), the weighted average number of other participating securities reflected in earnings per share using the two-class method and assuming the 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 $ $ $ 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 SA SA SA EA $ $ SA SA 4Q21 1.93 1.98 1.89 3.49 0.14 57.02 149.49 8.08 15.40 23.84 5.62 0.31 2.55 3.02 1Q21 2.19 1.91 2.56 3.90 0.26 40.81 135.45 6.33 16.05 23.63 6.46 0.31 2.77 3.05 %Δ 1Q22 vs 4Q 21 15.0 % 3.5 % 27.0% 13.5 % 52.2 % (32.5)% (1.3)% (14.5)% 17.5 % 9.8 % 9.9% 1.5 % 15.0 % 10.4 % 0000 Tradeweb %A 1Q22 vs 1Q21 1.3 % 7.6% (6.4)% 1.7 % (17.4)% (5.6)% 8.9 % 9.1 % 12.8 % 10.8 % (4.3)% 0.7 % 5.8 % 9.2 % 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 ($ in thousands) 1Q22 EXPENSES INCREASED 14.6% (17.1% CC y/y)² Adjusted Expenses Employee compensation and benefits a Depreciation and amortization b Technology and communications General and administrative Professional feesd Occupancy Total adjusted non-compensation expenses Total Adjusted Expenses 1Q22 ©2022 Tradeweb Markets LLC. All rights reserved. 114,122 12,681 15,776 9,581 7,875 3,497 49,410 163,532 $ $ 1Q21 97,239 11,363 13,544 8,812 7,967 3,753 45,439 142,678 %A 1Q22 vs 1Q21 17.4% 11.6 % 16.5 % 8.7 % (1.2)% (6.8)% 8.7 % 14.6% 0000 Tradeweb %A Constant Currency 1Q22 vs 1Q21 17.9 % 12.0% 16.8 % 44.3 % (0.1)% (5.6)% 15.2 % 17.1 % 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 ■ ■ ■ I 2022 FY Guidance (UNCHANGED)2,3 ($ in millions) $828.1 million in cash and cash equivalents (March 31st) Undrawn $500 million credit facility TTM FCF: $510.9 million¹ (+7.8% yr/yr) 1Q22 Capex & Cap software development: $18.0 million (+42.9% yr/yr) $47.3 million in share buybacks in Q1 (559k shares); $27.0 million of share repurchase authorization remains outstanding $95.8 million in shares withheld in Q1 to satisfy tax obligations related to equity compensation Board of Directors declared a quarterly dividend of $0.08 per Class A and Class B share payable in June 2022 Adjusted Expenses Acquisition & Refinitiv related D&A Assumed non-GAAP tax rate Capex & Cap software development Capital Management Key Highlights ©2022 Tradeweb Markets LLC. All rights reserved. $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 $0 Tradeweb 2016 2017 2018 2019 2020 2021 1Q22 (TTM) 160% 140% 120% - 100% - 80% 60% 40% - 20% 0% ■FCF FCF Conversion on Adj Net Income 1. Free Cash Flow ("FCF") is a non-GAAP financial measure. FCF Conversion is FCF divided by Adjusted Net Income for the applicable period. See "Appendix" for a reconciliation to its most comparable GAAP financial measure. 2. GAAP operating expenses and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement of foreign currency rates. 3. Expense guidance assumes an average 2021 Sterling/US$ and Euro/US$ foreign exchange rate or 1.38 and 1.18, respectively. Free Cash Flow Conversion#14Share Count Sensitivity PRO FORMA ADJUSTED FULLY DILUTED WEIGHTED AVERAGE SHARES 14 Assumed Average Share Price $75.00 $80.00 $85.00 $90.00 $95.00 $100.00 $105.00 Q2 2022 237,366,268 237,471,793 237,582,894 237,691,821 237,789,288 237,877,008 237,956,374 ©2022 Tradeweb Markets LLC. All rights reserved. 0000 The pro forma adjusted fully diluted weighted average shares outstanding and assumed share prices provided in the table above are being provided for illustrative purposes only and do not purport to represent what fully diluted weighted averages shares outstanding or our share price may be for any future period. The trading price of our Class A common stock could be volatile, and there can be no guarantee that actual trading prices will be at or above the assumed prices provided in the table above. Tradeweb Pro forma adjusted fully diluted weighted average shares outstanding is computed by adjusting the weighted average shares of Class A and Class B common stock outstanding to give effect to potentially dilutive securities, including certain shares of Class A comm stock underlying outstanding options, RSU and PRSU awards using the treasury stock method. The weighted average share calculation also assumes standing LLC Interests of Tradeweb Markets LLC we. exchanged for shares of Class A or Class B common stock at the beginning of the applicable period. This adjustment is made for purposes of calculating pro forma adjusted fully diluted weighted average shares outstanding only and does not necessarily reflect the amount of exchanges that may occur in the future.#15APPENDIX 15 ©2022 Tradeweb Markets LLC. All rights reserved. Tradeweb#16Reconciliation of Non-GAAP Financial Measures ($ 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 16 $ ©2022 Tradeweb Markets LLC. All rights reserved. 1Q22 $ 1Q21 $ 199,884 $ 175,072 18 (31,769) (3,869) (1,761) (29,603) (6,383) (732) 5,353 163,532 $ 142,678 $ $ 1Q22 97,445 $ (18) 447 44,450 3,869 13,710 732 160,635 (44,450) 31,769 147,954 $ (447) 147,507 $ 51.6% 47.5 % $ 0000 Tradeweb 1Q21 81,565 1,761 493 40,966 6,383 16,269 (5,353) 142,084 (40,966) 29,603 130,721 (493) 130,228 $ 52.0 % 47.8 % 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 $ 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 exercises of such options during the applicable period totaling $2.1 million and $6.4 million during the three months ended March 31, 2022 and 2021, respectively, and non-cash accelerated stock-based compensation expense associated with our former CFO and our retiring CEO and related payroll taxes totaling $1.7 million during the three months ended March 31, 2022. Non-cash accelerated stock-based compensation expense associated with our former CFO and related payroll taxes totaled $1.7 million during the year ended December 31, 2021. $ 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 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 "1Q22 Financial Performance" for 1Q22 and 1Q21 revenue. FY 2021 revenues totaled $1,076 million. Operating Expenses to Adjusted Expenses 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) 4 Adjusted Expenses $ $ 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 50.8 % 46.5 % Trailing Twelve Months 567,692 (35,183) (21,580) 510,929 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 exercises of such options during the applicable period totaling $2.1 million and $6.4 million during the three months ended March 31, 2022 and 2021, respectively, and non-cash accelerated stock-based compensation expense associated with our former CFO and our retiring CEO and related payroll taxes totaling $1.7 million during the three months ended March 31, 2022. 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.#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 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 months ended March 31, 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" below. 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 $ $ 1Q22 0.40 82,965 14,480 97,445 13,710 (18) 31,769 3,869 732 147,507 (32,452) 115,055 0.48 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 exercises of such options during the applicable period totaling $2.1 million and $6.4 million during the three months ended March 31, 2022 and 2021, respectively, and non-cash accelerated stock-based compensation expense associated with our former CFO and our retiring CEO and related payroll taxes totaling $1.7 million during the three months ended March 31, 2022. 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 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. 1Q22 $ $ 207,497,102 53,756 30,296,879 237,847,737 115,055 0.48 $ $ $ 1Q21 0.33 67,859 13,706 81,565 16,269 1,761 29,603 6,383 (5,353) $ $ 130,228 (28,650) 101,578 0.43 1Q21 205,028,717 31,214,407 236,243,124 101,578 0.43 1. 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. $ $ $ 1Q22 82,965 (22) 82,943 204,061,347 770,765 2,322,027 342,963 207,497,102 0.41 0.40 $ $ ****. $ $ Tradeweb 1Q21 67,859 67,859 199,064,607 1,832,308 3,851,594 280,208 205,028,717 0.34 0.33 1. During the three months ended March 31, 2022 and 2021, there was a total of 53,756 and none, 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.#19Asset Class Rates Total Credit Quarterly Volumes Total Equities Total Money Markets Total Product Cash Derivatives Cash Cash U.S. Government Bonds¹ European Goverment 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 Q1 2022 ADV (USD mm) 387,494 149,564 38,940 193,844 5,146 361,041 210,550 148,430 2,060 748,535 10,793 3,090 2,838 776 410 2,085 249 1,252 94 22,420 22,420 33,214 12,766 9,050 3,716 8,683 3,370 5,314 21,449 371,753 353,995 17,758 371,753 ADV (USD mm) 1,174,950 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, Australiana 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) 24,059,807 9,272,977 2,453,215 12,018,322 315,293 22,531,757 13,143,966 9,260,040 127,751 46,591,564 666,330 191,562 175,975 48,086 25,393 131,336 15,438 72,641 5,898 1,401,929 1,401,929 2,068,259 795,177 561,084 234,094 539,189 209,391 329,798 1,334,366 23,118,472 22,017,086 1,101,386 23,118,472 Volume (USD mm) 73,112,661 Q4 2021 ADV (USD mm) 345,517 135,027 30,999 175,504 3,987 383,514 200,495 182,152 867 729,031 8,846 2,838 2,017 665 313 1,597 183 1,141 91 9,886 9,886 18,732 8,579 6,136 2,443 7,407 3,455 3,952 15,986 350,803 336,820 13,984 350,803 ADV (USD mm) 1,114,552 Volume (USD mm) 21,489,844 8,371,666 1,983,966 10,881,259 252,953 24,138,900 12,639,759 11,445,372 53,769 45,628,744 550,610 175,976 125,052 41,239 19,412 102,180 11,374 69,587 5,790 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. 623,015 623,015 1,173,625 549,052 392,680 156,373 474,029 221,114 252,915 1,023,081 21,888,973 21,021,413 867,560 21,888,973 Volume (USD mm) 69,714,423 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. Q1 2021 ADV (USD mm) 378,750 115,375 31,613 226,368 5,393 287,477 182,088 104,542 847 666,227 10,383 2,864 2,718 458 362 2,066 204 1,594 118 16.690 16,690 27,072 9,022 6,046 2,976 7,154 3,054 4,101 16,176 349,517 335,520 13,996 349,517 ADV (USD mm) 1,058,992 Volume (USD mm) 23,169,513 7,037,857 1,991,630 13,808,465 331,561 17,771,122 11,262,405 6,457,053 51,663 40,940,635 632,811 174,692 165,769 27,928 22,058 130,134 12,465 92,457 7,307 1,033,323 1,033,323 1,666,133 556,282 368,822 187,459 439,390 189,032 250,358 995,672 21,474,112 20,618,692 855,420 21,474,112 Volume (USD mm) 65,076,553 Tradeweb QoQ ADV 12.15% 10.77% 25.61% 10.45% 29.07% -5.86% 5.02% -18.51% 137.60% 2.68% 22.02% 8.86% 40.72% 16.60% 30.81% 30.57% 35.73% 9.79% 2.92% 126.79% 126.79% 77.31% 48.80% 47.50% 52.08% 17.24% -2.47% 34.46% 34.18% 5.97% 5.10% 26.99% 5.97% QoQ 5.42% 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 2.31% 29.63% 23.18% -14.37% -4.59% 25.59% 15.63% 41.98% 143.31% 12.35% 3.96% 7.89% 4.44% 69.40% 13.26% 0.92% 21.85% -21.43% -20.10% 34.34% 34.34% 22.69% 41.50% 49.67% YoY 24.88% 21.37% 10.35% 29.57% 32.59% 6.36% 5.51% 26.88% 6.36% 10.95% 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. 4Q21 and 3Q21 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) Electronically Processed Fully Electronic Electronically Processed Fully Electronic REPORTED MARKET Volume (USD mm) ADV 1,199 410 790 Total ADV 6,065 376,027 22.5% 15,009 930,539 27.2% 2,838 175,975 10.5% 3,227 200,052 12.0% 25,393 74,363 10.9% 48,970 Volume (USD mm) Total Q1 2022 % of TRACE 26,919 1,669,008 11,025 683,525 3.7% ©2022 Tradeweb Markets LLC. All rights reserved. 7.2% ADT Q1 2022 420 14,589 Trades 141 Total ADT 26,050 0.8% 3,322 205,939 19.1% 904,489 26.5% % of TRACE 8,741 3,181 197,198 18.3% Trades Total 55,104 3,416,419 17,423 1,080,207 0.8% Volume (USD mm) ADV 4,961 2,017 2,944 990 313 677 ADV Total 125,052 307,576 22.6% 182,523 61,410 19,412 41,998 Volume (USD mm) 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. 21,924 1,359,274 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. Total 9,279 575,317 Q4 2021 % of TRACE 9.2% 10.7% 3.4% 13.4% 12,389 7.3% ADT Q4 2021 12,698 787,285 309 Trades 98 Total ADT 19,155 768,130 6.096 2,846 176,449 19.9% Trades Total % of TRACE 44,336 2,748,840 28.6% 2,748 170,353 19.2% 14,297 886,395 0.7% 27.9% 0.7% Volume (USD mm) ADV Total 5,684 346,739 19.5% 2,967 180,970 841 2,718 165,769 9.3% 362 51,306 ADV 22,058 479 29,248 Volume (USD mm) Q1 2021 Total % of TRACE 29,207 1,781,637 12,131 739,999 10.2% 6.9% 3.0% 4.0% ADT 412 Q1 2021 12,599 768,560 24.0% Trades Total 121 25,150 12,187 743,410 23.3% ADT 2,849 173,783 16.1% 7,366 Trades % of TRACE 2,728 166,417 15.4% Total 0.8% 52,397 3,196,240 17,708 1,080,213 0.7% Tradeweb QOQ Volume (USD mm) ADV 22.26% -0.43% % of TRACE 40.72% 14.61% 9.60% -10.74% QoQ ADV ADT YoY Volume (USD mm) 21.09% 1.92% 42.60% 56.91% 22.79% 24.29% % of ADV TRACE 30.81% 10.10% 13.26% 24.63% 16.60% -1.86% 64.73% 81.26% 6.70% 15.77% 4.44% 13.32% -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. 8.76% 18.00% YOY ADV ADT -7.83% 5.16% 18.81% 21.87% -9.12% -1.61% 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. - 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