Expanding the Client Network

2022 Guidance EXPENSES • Expected range of $385.0 million to $415.0 million. - - Based on the midpoint of the stated guidance range, operating expenses are expected to increase by approximately 11% in 2022 Approximately 60% of the anticipated increase in operating expenses is expected to be attributable to our continued investments in trading system enhancements and product and geographical expansion Approximately 40% of the anticipated increase is expected to be primarily due to higher acquired intangible expense, variable clearing costs and inflation CAPITAL EXPENDITURES • Expected range of $58.0 million to $62.0 million. Includes an expected increase in capitalized software development to support new protocols, products and platform enhancements EFFECTIVE TAX RATE • Expected to be between 24.0% and 26.0% Increase in tax rate principally due to lower estimated excess tax benefits on share awards 1. 2. 2022 estimates based on the midpoint of the stated guidance range "FF&E" means furniture, fixtures and equipment and "LHI" means leasehold improvement. 2022 OPERATING EXPENSE GROWTH BREAKDOWN Other 15% Investment Intangible Amortization 8% Variable Expenses 15% 62% HISTORICAL CAPITAL EXPENDITURES¹ $ in millions Product Investment ■FF&E and LHI² 70 60 50 40 30 20 10 ・ 56698 គ 60 51 46 8 8 33 10 7 52 43 52 36 26 2019 EXCESS TAX BENEFIT¹ $ in millions 30 25 20 15 11 10 5 2020 2021 2022 Est. 24 2019 2020 12 2 2021 2022 Est. X Market Axess® 31

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