Expanding the Client Network

Commission Revenue Detail (in $ thousands, except transaction fee data) COMMENTARY (2022 vs. 2Q21) U.S. High Grade (8.6%) • Reduction in transaction fees due to 18% decline in U.S. high-grade fees per million impact driven by: - Higher bond yields Shorter years to maturity of bonds traded on platform • Increase in distribution fees due to dealer migration to a fixed distribution fee plan, upgrades in existing fixed fee plans and higher unused monthly minimum commitment fees Other Credit • Increase in transaction fees due to strong market share gains, partially offset by lower fees per million due to: Rates Mix shift in EM to local markets which have a lower fee per million Dealers migrating to HY fixed distribution fee plans • Increase in transaction fees due to increased market share Commissions 2Q22 1Q22 2Q21 2Q22 vs. 2Q21 Transaction Fees U.S. High-Grade 51,576 52,878 56,413 Other Credit 74,226 75,804 67,074 Total Credit 125,802 128,682 123,487 10.7% 1.9% Rates 6,020 6,191 3,612 66.7% Total Transaction Fees 131,822 134,873 127,099 3.7% Distribution Fees U.S. High-Grade 23,496 23,026 21,373 9.9% Other Credit 8,096 8,152 7,895 2.5% Total Credit 31,592 31,178 29,268 7.9% Rates 49 62 64 Total Distribution Fees 31,641 31,240 29,332 (23.4%) 7.9% Total Commissions 163,463 166,113 156,431 4.5% Transaction Fees per Million U.S. High Grade $ 143 $ 155 $ 174 (17.7%) Other Credit $ 186 $ 188 $ 194 (4.4%) Total Credit SA $ 166 $ 173 $ 185 (10.2%) Rates EA $ 4.21 $ 3.92 $ 4.07 3.5% X Market Axess® 29

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