Tradeweb Investor Presentation Deck

Reconciliation of Non-GAAP Items (continued) ($ in thousands, except per share and share Successor FY21 $1.09a Successor FY20 $0.88a amounts) Reconciliation of Net Income attributable to Tradeweb Markets Inc. to Adjusted Net Income and Adjusted Diluted EPS Earnings per diluted share¹ Pre-IPO net income attributable to Tradeweb Markets LLC 1 Net income attributable to Tradeweb Markets Inc.1 Net income attributable to non-controlling interests ¹.2 Net income Provision for income taxes Contingent consideration Acquisition transaction costs 3 D&A related to acquisitions and the Refinitiv Transaction4 Stock-based compensation expense5 Foreign exchange (gains) / losses 6 Tax receivable agreement liability adjustment? Adjusted Net Income before income taxes. Adjusted income taxes8 Adjusted Net Income Adjusted Diluted EPS 1,9 $ Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding Adjusted Net Income (in thousands) Adjusted Diluted EPS Successor 1Q22 $0.40a Diluted weighted average TWM LLC shares outstanding ¹ Diluted weighted average shares of Class A and Class B common stock outstanding Weighted average of other participating securities 2 Assumed exchange of LLC Interests for shares of Class A or Class B common stock 3 Adjusted diluted weighted average shares outstanding 28 2022 Tradeweb Markets LLC. All rights reserved. 82,965a 14,480a $97,445a 13,710 (18) 31,769 3,869 732 147,507 (32,452) 115,055 $ $0.48a Successor 1Q21 $0.33a Successor 1Q22 207,497,102 53,756 30,296.879 237,847,737 67,859a 13,706a $81,565a 16,269 1,761 29,603 6,383 (5,353) $ 115,055 $ $ 0.48 $ 130,228 (28,650) 101,578 $ $0.43a 226,828a 46,280a $273,108a 96,875 Successor 1Q21 5,073 124,580 16,509 (4,702) (12,745) 498,698 (109,713) 388,985 $ $1.63a 101,578 $ 0.43 $ Successor FY21 205,028,717 207,254,840 31,214,407 30,699,577 236,243,124 237,954,417 166,296a 52,094a $218,390a 56,074 110,187 13,025 6,279 (11,425) 392,530 388,985 $ 1.63 $ (86,357) 306,173 $ $1.31a 188,223,032 Successor FY19 45,828,289 $0.54a 0.19b $42,352b 83,769a 46,903a $173,024a,b 52,302 Successor Successor FY20 Post-IPO Period FY19 234,051,321 97,565 25,098 (1,085) (33,134) 313,770 (82,835) 230,935 $ $0.77a 0.23b 306,173 $ 1.31 $ 156,540,246 Successor 4Q18 $0.13b 74,279,741 230,819,987 $29,307b 178,745 $ 0.77 $ $29,307b 3,415 22,413 353 55,488 (14,649) 40,839 $ $0.18b 1. As a result of the Reorganization Transactions and the IPO completed in April 2019, certain earnings information is being presented separately for Tradeweb Markets LLC and Tradeweb Markets Inc. Presents information for Tradeweb Markets Inc. (post-IPO period). a. b. Presents information. Tradeweb Markets LLC (pre-IPO period). 2. For post-IPO periods, represents the reallocation of net income attributable to non-controlling interests from the assumed exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock. 3. Represents transaction and other costs related to the NFI Acquisition, which closed in June 2021. Acquisition-related costs primarily include legal, consulting and advisory fees and severance costs incurred that relate to the acquisition transaction. 4. Represents intangible asset and acquired software amortization resulting from the NFI Acquisition and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). 5. Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with exercises of such options and non-cash accelerated stock-based compensation expense associated with our former CFO and our retiring CEO and related payroll taxes during the applicable periods. 6. Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity's functional currency. 7. Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the statement of financial condition as a result of changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings. 8. Represents corporate income taxes at an assumed effective tax rate of 22.0% applied to Adjusted Net Income before income taxes for the years ended December 31, 2021 and 2020 and the three months ended March 31, 2021 and 2022 and an effective tax rate of 26.4% applied to Adjusted Net Income before income taxes for all other periods presented. For pre-IPO periods, this adjustment assumes Tradeweb Markets LLC was subject to a corporate tax rate for the periods presented. 9. Due to the Reorganization Transactions and the IPO completed in April 2019, shares outstanding during the year ended December 31, 2019 and subsequent periods, represent shares of TWM LLC (pre-IPO period) and shares of Class A and Class B common stock of Tradeweb Markets, Inc. (post-IPO period). For a summary of the calculation of Adjusted Diluted EPS, see "Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding" below. The table below summarizes the calculation of Adjusted Diluted EPS for the periods presented: **o. Tradeweb Predecessor Predecessor Predecessor 9M 18 $0.60b 223,320,457 $130,160b $130,160b 11,900 26,830 19,576 (1,881) 186,585 (49,258) 137,327 $ $0.64b FY17 $0.39b $83,648b $83,648b 6,129 58,520 40,839 $ 0.18 $ 31,236 (1,042) 178,491 (47,122) 131,369 $ $0.62b Successor Successor Predecessor Predecessor Pre-IPO Period 4Q18 9M18 FY19 137,327 $ 0.64 $ 222,243,851 215,365,920 212,568,635 FY17 223,320,457 222,243,851 215,365,920 212,568,635 52,190 $ 131,369 $ 0.23 $ 0.62 $ FY16 $0.445 $93,161b $93,161b (725) 26,224 41,125 160,342 (42,330) 118,012 $0.56b 557 Predecessor FY16 210,979,704 210,979,704 118,012 0.56 3. Assumes the full exchange of the weighted average of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock, resulting in the elimination of the non- controlling interests and recognition of the net income attributable to non-controlling interests. 1. Due to the Reorganization Transactions and the IPO completed in April 2019, shares outstanding during the year ended December 31, 2019 and subsequent periods, represent shares of TWM LLC (pre-IPO period) and shares of Class A and Class B common stock of Tradeweb Markets Inc. (post-IPO period). 2. 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.