Expanding the Client Network

Investment highlights . • Large fixed income market undergoing major structural shift due to regulatory and market trends. GROWTH FROM 2016-2021 • We are the leading electronic trading network for the institutional market in U.S. credit products. • Electronic trading market share is growing but still in early stages of market penetration. • Growth strategy focuses on: -Increasing penetration of existing and new markets. - Promoting Open Trading protocols. REVENUE GROWTH 14% CAGR OPERATING INCOME GROWTH 12% CAGR • - Continuing to invest in and grow our international business. Superior financial model with strong cash flow and significant operating leverage EBITDA GROWTH 13% CAGR X Market Axess® 3

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