TRADEWEB INVESTOR PRESENTATION

4Q 2019

© 2020 Tradeweb Markets LLC. All rights reserved.

Disclaimer

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. Our market leader position in US treasuries, TBA MBS, European government bonds, interest rate swaps and European ETFs is based on our share of the electronic market for such products.

Basis of Presentation

The historical financial information and other disclosures contained in this presentation relate to periods that ended both prior to and after the completion of the Reorganization Transactions (as defined below) and initial public offering (the "IPO") of Tradeweb Markets Inc. (unless the context otherwise requires, together with its subsidiaries, referred to as "we," "our," "Tradeweb," "Tradeweb Markets" or the "Company"). The IPO closed 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 assets 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. The historical financial information contained in this presentation relating to periods prior to and including March 31, 2019, which we refer to as the "pre-IPO period," pertain to TWM LLC, the predecessor of Tradeweb Markets Inc. for financial reporting purposes. The historical financial information contained in this presentation relating to periods beginning on April 1, 2019, and through and including December 31, 2019, which we refer to as the "post-IPO period," pertain to Tradeweb Markets Inc. The pre-IPO period excludes, and the post-IPO period includes, our financial results from April 1, 2019 through April 3, 2019, which are not material.

On October 1, 2018, Refinitiv Holdings Ltd. ("Refinitiv"), which is controlled by certain investment funds affiliated with The Blackstone Group L.P., an affiliate of Canada Pension Plan Investment Board, an affiliate of GIC Special Investments Pte. Ltd. and certain co-investors, indirectly acquired substantially all of the financial and risk business of Thomson Reuters Corporation and Thomson Reuters Corporation indirectly acquired a non-controlling ownership interest in Refinitiv (collectively, the "Refinitiv Transaction"). As a result of the Refinitiv Transaction, as a consolidating subsidiary of Refinitiv, we accounted for the Refinitiv Transaction using pushdown accounting. Due to the change in the basis of accounting resulting from the application of pushdown accounting, the financial information for the period beginning on October 1, 2018, and through and including December 31, 2019, or the "successor period," and the financial information for the periods prior to, and including, September 30, 2018, or the "predecessor period," are not comparable. However, the change in basis resulting from the Refinitiv Transaction did not materially impact certain financial information. Accordingly, we present certain financial information for the year ended December 31, 2018 on a combined basis as the change in basis resulting from the Refinitiv Transaction did not materially impact such financial information and we believe it provides a meaningful method of comparison to other periods. The combined financial information is being presented for informational purposes only and (i) has not been prepared on a pro forma basis as if the Refinitiv Transaction occurred on the first day of the period, (ii) may not reflect the actual results we would have achieved absent the Refinitiv Transaction, (iii) may not be predictive of future results of operations and (iv) should not be viewed as a substitute for the financial results of the separate periods presented in accordance with GAAP.

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.

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our 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. 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.

Non-GAAP Financial Measures

This presentation contains "non-GAAP financial measures," including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income and Adjusted Net Income per diluted share ("Adjusted Diluted EPS"), 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, or 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 Net Income and Adjusted Diluted EPS 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. 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.

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 average exchange rates for 2018. 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, and may not be comparable to similarly titled measures used by other companies.

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 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.

© 2020 Tradeweb Markets LLC. All rights reserved.

BUSINESS OVERVIEW

2 © 2020 Tradeweb Markets LLC. All rights reserved.

Tradeweb at a Glance - 20+ Years of Innovation

Conceived in 1996, starting with $8mm of capital, Tradeweb is a leader in building and operating electronic marketplaces for its network of clients located in 65+ countries globally

$776M

$725B

DECEMBER 31, 2019

DECEMBER 31, 2019

REVENUE

AVERAGE DAILY VOLUME

PEOPLE

+ NETWORK +

TECHNOLOGY

= GROWTH

900+

40+

300+

13.7%

EMPLOYEES

PRODUCTS

TECHNOLOGISTS

ADV CAGR

2004-20191

OFFICES IN

2,500+

50,000+

12.3%

7

CLIENTS

DAILY TRADES

REVENUE CAGR

COUNTRIES

GLOBALLY

2004-20191

Notes:

1. 2004 marks the acquisition of Tradeweb by The Thomson Corporation.

3 © 2020 Tradeweb Markets LLC. All rights reserved.

Diverse Product Offering (December 31, 2019)

RATES

123VOLUME ($T)

+38%

Y/Y

434REVENUE ($M)

+14%

Y/Y

GLOBAL GOVERNMENT BONDS

U.S. Treasuries

Other N.Amer. Government Bonds

UK Gilts

Euro Government Bonds

Other European Government Bonds

Japanese Government Bonds

APAC (ex-Japan) Government Bonds

SECURITIZED PRODUCTS

TBA-MBS

Specified Pools

Other Securitized Products

SSAS/COVERED BONDS

U.S. Agencies

Covered Bonds

Other SSAs

GLOBAL RATES DERIVATIVES

North American Rates Derivatives

CREDIT

4VOLUME ($T)

+17%

Y/Y

162REVENUE ($M)

+16%

Y/Y

GLOBAL CREDIT

U.S. High-Grade

U.S. High-Yield

Euro High-Grade

Euro High-Yield

Asian High-Grade

Asian High-Yield

Emerging Market Bonds

MUNICIPAL BONDS

U.S. Municipal Bonds

CHINA BONDS

China Interbank Bond Market

GLOBAL CREDIT DERIVATIVES

CDX Indices

iTraxx Indices

U.S. Single Name CDS

European Single Name CDS

Emerging Markets Single Name CDS

EQUITIES

2VOLUME ($T)

+0%

Y/Y

47REVENUE ($M)

+15%

Y/Y

GLOBAL ETFs

U.S. ETFs

European ETFs

Asian ETFs

GLOBAL CONVERTIBLES

U.S. Convertibles

European Convertibles

Asian Convertibles

GLOBAL EQUITY DERIVATIVES

U.S. Equity Derivatives

European Equity Derivatives

CASH EQUITIES

European Cash Equities

PREFERRED EQUITIES

U.S. Preferred Equities

MONEY MARKETS

54VOLUME ($T)

+23%

Y/Y

40REVENUE ($M)

+16%

Y/Y

REPURCHASE AGREEMENTS

U.S. Repo

European Repo

AGENCY DISCOUNT NOTES

U.S. Agency Discount Notes

COMMERCIAL PAPER

N. Amer. Commercial Paper

European Commercial Paper

CERTIFICATES OF DEPOSIT (CDS) / DEPOSITS

U.S. CDs

European CDs / Deposits

European IRS

Asia Pacific IRS

Emerging Markets IRS

Institutional Wholesale Retail

+11%

OTHER FEES 21REVENUE ($M)

N/A

MARKET DATA 71REVENUE ($M) Y/Y

4 © 2020 Tradeweb Markets LLC. All rights reserved.

INVESTMENT HIGHLIGHTS

5 © 2020 Tradeweb Markets LLC. All rights reserved.

Key Investment Highlights

1. ESTABLISHED ELECTRONIC FIXED INCOME NETWORK WITH SCALE ADVANTAGES

A leading electronic fixed income network with clients in 65+ countries trading over $720 billion daily

2. TRACK RECORD OF GROWTH AND SERIAL INNOVATION

History of selectively expanding into and scaling new products across asset classes and geographies

3. AT THE INTERSECTION OF POWERFUL SECULAR GROWTH THEMES

Capitalizing on growing global debt pools, increasing electronification, rising popularity of ETFs and pursuit of greater efficiencies

4. SEVERAL TANGIBLE GROWTH OPPORTUNITIES

Focused on executing on U.S Treasuries, global interest rate swaps, U.S. credit, global ETFs and investing for the future

5. GROWING POOL OF DATA & ANALYTICS

Diligently using data to improve execution outcomes and create new data products

6. STRONG REVENUE & EARNINGS GROWTH

Management and strategy focused on balancing revenue growth and margin expansion to create long-term shareholder value

GROWTH

14.4%

24.6%

20.7%

2016-2019

FROM

(CAGR)

REVENUE

ADJUSTED EBIT

ADJUSTED EBITDA

GROWTH

GROWTH1

GROWTH1

6 © 2020 Tradeweb Markets LLC. All rights reserved.

Notes:

1. See "Appendix" for reconciliation of Adjusted EBIT and Adjusted EBITDA to net income.

1. POWERFUL NETWORK EFFECTS

A Deeply Integrated & Powerful Network

A powerful client network that trades over $0.7 trillion daily across our global electronic marketplaces,

which are deeply integrated and supported by our proprietary technology

OUR CLIENT NETWORK

OUR DEEP POOLS OF LIQUIDITY

TRUSTED RELATIONSHIPS, MANY DEVELOPED OVER 20+ YEARS

EFFICIENT & TRANSPARENT TRADING

THREE CLIENT SECTORS

FOUR ASSET CLASSES

INSTITUTIONAL

2,500+

65+

RATES

$725B /

WHOLESALE

CREDIT

RETAIL

CLIENTS

COUNTRIES

EQUITIES

50,000+ TRADES

90%+

80%+

MONEY MARKETS

DECEMBER 2019 AVERAGE DAILY VOLUME

TOP 100 GLOBAL

TOP 25

GOVERNMENT

OFFICES IN

ASSET MANAGERS INSURANCE COMPANIES

ELECTRONIC

40+

BONDS

45,000+

50+

NORTH AMERICA,

MARKET LEADER FOR

PRODUCTS

TBA MBS

MULTIPLE PRODUCTS1

EUROPE AND ASIA

FINANCIAL

CENTRAL BANKS/

INTEREST RATE

TRADED

ADVISORS

SOVEREIGN ENTITIES

SWAPS

TECHNOLOGY-HEAVILY INTEGRATED IN CUSTOMER WORKFLOWS

300+ TECHNOLOGISTS

FULL SPECTRUM OF TRADING PROTOCOLS BUILT ON PROPRIETARY TECHNOLOGY

SOLUTIONS SUPPORTING CLIENTS ACROSS THE WHOLE TRADE LIFECYCLE

PRE-TRADE

EXECUTION

POST-TRADE

DATA & REPORTING

VOICE

INVENTORY

REQUEST

ALL-2-ALL

SESSIONS

ACTIONABLE

ORDER BOOK

BASED

TRADING

STREAMS

STP / INTEGRATION

BUY-SIDE ORDER

REPO

RISK

CENTRAL

CLEARING

3RD

SWAP

CREDIT

ACCOUNTING

MANAGEMENT

CLEARING

MANAGEMENT

CLEARING

FIRMS / PRIME

PARTY

DATA

HUBS

SYSTEMS

400+/30+

SYSTEMS

BANKS

SYSTEMS

ORGANIZATIONS

BROKERS

MIDDLEWARE

REPOSITORIES

PROPRIETARY/VENDOR OMSs

Notes:

7

© 2020 Tradeweb Markets LLC. All rights reserved.

1. Based on public industry sources and Tradeweb management estimates. Public sources by product: government bonds (TRACE, SIFMA,

AFME), TBA MBS (TRACE) and interest rate swaps (ISDA). See "Disclaimer" for additional information regarding market information.

1. POWERFUL NETWORK EFFECTS

Calculated Network Expansion to Connect the Dots

TW NETWORK: CONNECTING KEY DIFFERENTIATORS TO GENERATE A STEADY…

…STREAM OF INNOVATIONS

Net Spotting 2016

1998: Rates

MULTI-

MULTI-

2003: Money

ASSET

SECTOR

Markets

Selectively add

2005: Credit

Distribute

adjacent

products across

2010: Equities

asset classes over

sectors

the long-term

DEEP INTEGRATIONS

(Make workflows seamless)

Allocations:

Orders/Trades:

1998: USA

Account Net

EMS/OMS

Infrastructure:

Reporting:

2000: Europe

Clearinghouses/

Repositories/

Middleware

Accounting

2004: HK/

Systems:

Singapore

Front/Middle/

MULTI-

2017: China

GLOBAL2

Back Office

PROTOCOL

Replicate asset

class footprint

Offer full

spectrum of

globally

protocols

Notes:

  1. We first established a presence in the retail client sector in 2006 and scaled our presence through the BondDesk acquisition in 2013.
  2. Represents the year the office opened in that location.

8 © 2020 Tradeweb Markets LLC. All rights reserved.

1998: Institutional

2008: Wholesale

2013: Retail1

1998: RFQ

2001: Inventory

2008: RFS

2009: CLOB

2009: CTT

2010: RFM

2013: Session

2014: Compression

2017: A2A

2018: Direct Streams

2019: Portfolio Trading

Hedging of U.S. HG Credit with USTs

Asset Swaps 2019

Trading IRS and government bonds simultaneously

Bond Connect 2017

Connecting bond traders with China (Northbound trading)

UST Closing Prices 2019

Replicating a UK concept for Gilt trading in the U.S. for USTs

Credit AiPrice 2018

Delivering prices using content from all three sectors

Credit Live Streams 2019

Introducing retail liquidity to institutional RFQs

AiEX 2013

Automation via multiple protocols (RFQ, CTT)

UST Streams 2018

Improving on a CLOB with streams

2. TRACK RECORD OF GROWTH

Track Record of Growth, Product Diversification and Serial Innovation

Our deep relationships with our clients allows us to identify growth opportunities early

and grow them into meaningful contributors of revenue over time

LAUNCH YEAR2 STAGE

PRODUCT

TIME TO $25+ MM IN REVENUE

1999

UST (U.S. TREASURIES)

4 Years

2001

TBA-MBS

4 Years

2001

EUROPEAN GOVERNMENT BONDS

4 Years

2005/20131

U.S. DERIVATIVES (IRS / CDS)

After Dodd-Frank - 3 Years

2005/20181

EUROPEAN DERIVATIVES (IRS / CDS)

After MiFID II - 1 Year

2012

GLOBAL ETFs

6 Years

2013

SESSION TRADING (SWEEP)

5 Years

2014

U.S. INSTITUTIONAL CASH CREDIT

4 Years

Cornerstone Products

Newer Products

9 © 2020 Tradeweb Markets LLC. All rights reserved.

Notes:

  1. U.S. derivatives and European derivatives were launched in 2005, however, revenue growth is being presented post Dodd-Frank (2013) and MiFID II (2018) to show the impact of regulation.
  2. Launch year is the first year of revenue.

3. POWERFUL GROWTH THEMES

Expansive and Growing Addressable Markets

TRADEWEB'S GROWTH ADVANTAGE

EXPANSIVE ADDRESSABLE MARKETS (ADV)1

GROWTH IN EXISTING MARKETS

ELECTRONIFICATION OF MARKETS

INCREASE MARKET SHARE

GROWTH IN UNDERLYING

ASSET CLASSES

ENHANCE DATA AND

ANALYTICS CAPABILITIES

ENTER NEW MARKETS AND OTHER DRIVERS OF LONG-TERM GROWTH

NEW ASSET CLASSES NEW REGIONS AND CLIENTS

STRATEGIC ACQUISITIONS

AND PARTNERSHIPS

Total Market CAGRs2:

TW CAGRs2:

Rates +15%

Rates +25%

Credit +5%

Credit +32%

Equities +4%

Equities +12%

Money Markets +10%

Money Markets +23%

Overall +13%

Overall +24%

TAM: ~$6.3T

TW % of TAM: 11%

RATES

$5.6T

TAM: $3.7T

TW : $487B

$4.9T

TW % of TAM:13%

$4.3T

CREDIT

$4.0T

TAM: $109B

TW : $14B

TW % of TAM: 13%

EQUITIES (ETFs)3

TAM: $99B

TW: $4B

TW % of TAM: 4%

MONEY MARKETS

TAM: $2.3T

TW: $195B

TW % of TAM: 8%

2015

2016

2017

2018

2019

10 © 2020 Tradeweb Markets LLC. All rights reserved.

Notes:

  1. Total ADV by asset class is based on public industry sources and Tradeweb management estimates and for the purposes of this slide, total ADVs and Tradeweb ADVs omit volumes in products where the total market ADV cannot be sourced reliably: APAC excluding Japan government bonds in rates, Chinese bonds in credit, equity derivatives in equities, and bi-lateral repo, commercial paper, agency discount notes and certificates of deposits in money markets. Total market size for all products included in each asset class based on ADV through 2019. Public sources by asset class: rates (SIFMA, TRACE, CLARUS, AFME, JSDA); credit (TRACE, TRAX, ISDA, SIFMA, CFETS, EMTA); equities (CBOE, Flowtraders); money markets (N.Y. Fed).
  2. CAGRs based on growth between 2015 and 2019.
  3. Total ADV for equities is based on ETF volumes only.

3. POWERFUL GROWTH THEMES

Secular Tailwinds Expected to Position Tradeweb for Long-Term Growth

MARKET VOLUME GROWTH1

ELECTRONIFICATION

EXPANDING

FOCUS

GOVERNMENT

ON COST

DEBT POOL

REDUCTION

GROWING

CORPORATE

INCREASING

DEBT

REGULATION

OUTSTANDING

RISING

WORKFLOW

POPULARITY

DIGITIZATION

OF ETFs

CHINA

CAPITAL

DATA-DRIVEN

MARKETS

TRADING

REFORM

GROWTH IN

ELECTRONIC

TRADING VOLUMES

&

RISING VALUE OF

TRADING DATA

11 © 2020 Tradeweb Markets LLC. All rights reserved.

Note:

1. Sources: Government bonds (TRACE, TRAX), corporate bonds (SIFMA), ETFs (ETFGI data, ETF/EFP Sponsors, Bloomberg, BMO Global Asset Management ETF Report), Chinese bonds (CFETS).

3. POWERFUL GROWTH THEMES

AiEX Adoption - The Rise in Automated Trading

AiEX TRADE ACTIVITY

ADTV CAGR '15-19: +60%

CLIENT GROWTH

CAGR '15-19: +43%

Average Daily AiEX Trades

% of Institutional Trades

Top 200 clients

Other Clients

Represents

Total AiEX

101

5,000

23%

25%

Clients

4,000

4,856

20%

25

14%

3,000

11%

12%

15%

16

16

2,000

6%

2,216

10%

24

9

76

1,000

5%

41

53

1,373

1,521

29

739

23

0

0%

2015

2016

2017

2018

2019

2015

2016

2017

2018

2019

NUMBER OF CLIENTS BY PRODUCT GROUP

PENETRATION OF TOP 100 CLIENTS

Global ETFs

U.S./Europe Government Bonds

U.S./Europe Credit

45

46

37

38

27

29

29

21

20

16

18

17

15

9

10

2015

2016

2017

2018

2019

AiEX (Automated Intelligent Execution) uses pre-programmed execution rules to automatically execute trades on Tradeweb sent from a client's EMS/OMS.

12 © 2020 Tradeweb Markets LLC. All rights reserved.

4. TANGIBLE GROWTH OPPORTUNITIES

Leading Global Electronic Rates Business

U.S. TREASURIES

TW UST SHARE CONTINUES TO GROW1

11.6%12.3%

9.4%

7.5%

2016

2017

2018

2019

VOICE STILL ACCOUNTS FOR ~35-40% OF UST TRADING2

$305B

$346B

$651B

Voice

~20%

Voice

Voice

35-40%

~60%

Streams 7-8%

Electronic

Electronic

RFQ

~80%

19-20%

Electronic

CLOB

~40%

35-40%

Dealer-to-Customer

Dealer-to-Dealer

Overall; by Protocol

Source: TRACE and Liberty Street Economics data as of August 2017 - July 2018; Greenwich estimates and Tradeweb market intelligence as of 4Q19.

Notes:

  1. Share reflects Tradeweb Treasuries volume across institutional, wholesale and retail client sectors, divided by SIFMA volume, adjusted by Tradeweb management to approximate TRACE volume.
  2. Electronification rates based on UST volumes traded.

13 © 2020 Tradeweb Markets LLC. All rights reserved.

GLOBAL SWAPS

GLOBAL IRS MARKET IS GROWING ($ in trillions, ADV)

Global IRS Market (Clarus)1

22% CAGR

$2.7

$2.4

$1.9

$1.5

Estimated Market

$1.2

Electronification : 20-25%2

2015

2016

2017

2018

2019

TW GLOBAL IRS ADV GROWTH OUTPACING MARKET ADV GROWTH (Y/Y GROWTH)1 ($ in billions, ADV)

Represents

TW ADV

2018:

$212.5

2014:

MiFID II

$127.8

CFTC

(Category

Trading

$62.4

1 & 2)

105%

Mandate

$38.3

63%

66%

24%

20%

29%

24%

15%

2016

2017

2018

2019

TW Growth

Market Growth

Notes:

  1. Global IRS market estimate based on Clarus cleared market volumes; Global IRS market refers to volumes traded by U.S. and non-U.S. entities.
  2. Based on Clarus volumes and management estimates.

4. TANGIBLE GROWTH OPPORTUNITIES

Building a Next Generation U.S. Corporate Credit Market Place

MARKET-WIDE FOCUS

HG/HY U.S. MARKET VOLUME MIX (TRACE)1

D2C/C2C ~70%

D2D ~30%

INSTITUTIONAL RETAIL WHOLESALE

CONSTANT INNOVATION

ELECTRONIC PROTOCOLS

A2A 2.0

Institutional RFQ accesses $10bn+ of live streaming retail liquidity across over 5,000 CUSIPs; accessible via AiEX

SWEEP

Daily electronic wholesale sessions

STRONG GROWTH

EXPANDING TW CLIENT NETWORK3

492569674

4Q17

4Q18

4Q19

INCREASING TW MARKET SHARE1,4

CLICK-TO-TRADE

Executable odd-lot liquidity across 20,000 CUSIPs

BLOCK TRADING

HG 15.8

10.5 %

7.4% % 8.5%

4.7%

6.3%

7.3%

4.2%

2.7%

4Q17

4Q18

4Q19

HY

4.3%

4.6%

2.6%

3.4%

1.6%

1.3%

2.1%

2.7%

1.3%

1.3%

4Q17

4Q18

4Q19

PRE-TRADE

AiPrice, Liquidity Scores, Streaming

Prices, Inventories, Portfolio

Monitoring, Analytics and Reporting

HG: ~30-35%2

HG: ~65-70%2

HY: ~12-15%2

HY: ~85-88%2

TRADE

ELECTRONIC

VOICE

Spotting/Net Spotting Leveraging

POST-TRADE TW UST Market, TCA, Compliance

Trade Exemption Reporting,

Prevailing Market Price

14 © 2020 Tradeweb Markets LLC. All rights reserved.

PORTFOLIO TRADING

Live since November 2018 with $40bn+ traded

MULTI-DEALER NET SPOTTING

~25% of TW notional volume; $200/mm in average savings for trades using net spotting

LIVE INVENTORY/AXES

~$30bn of block liquidity

SPOTTING

Electronic hedging - ~95% of institutional HG trades

Notes:

  1. Source: TRACE.
  2. Source: TRACE, Greenwich Associates, competitor reports and TW management estimates.
  3. Reflects total number of institutional credit clients.
  4. Share reflects TW high grade and high yield volume across institutional, wholesale and retail client sectors, divided by TRACE volume, adjusted by TW management to exclude emerging market and convertible bond volumes.
  5. Reflects TW high grade and high yield volumes intermediated with undisclosed counterparties.
  6. Block trades are defined as $5mm+ for HG and $1mm+ for HY.

*Unless otherwise noted, all data is as of 4Q19.

Electronic Electronically Processed

GROWING TW ANONYMOUS VOLUMES5

($ in billions)

$39

$19

$4$7

4Q18

HG

HY 4Q19

INCREASING TW BLOCK SHARE4,6

HGHY

17.2%

2.9%

3.3%

8.9%

11.7%

1.8%

1.9%

15.0%

2.5%

8.2%

10.8%

1.6%

2.2%

0.4%

1.4%

0.8%

0.3%

0.7%

4Q17

4Q18

4Q19

4Q17

4Q18

4Q19

Electronic

Electronically Processed

Note: Totals may not foot due to rounding.

4. TANGIBLE GROWTH OPPORTUNITIES

Electronifying Block ETFs & Investing in the Future

GLOBAL ETFs

MAKING BLOCK TRADING MORE EFFICIENT

BETTER

PRODUCT LAUNCHES

2012

European ETFs

PRICING & SIZE

STREAMLINED

2016

U.S. ETFs

WORKFLOW

CLEAR

2017

Asian ETFs

COMPLIANCE

TW INSTITUTIONAL ETF ADV CONTINUES TO GROW ($B)

$2.0

U.S. ETFs

European and Asian ETFs

$1.5

37% CAGR

$1.0

$0.5

$0.0

2014

2015

2016

2017

2018

2019

15 © 2020 Tradeweb Markets LLC. All rights reserved.

EARLY STAGE OPPORTUNITIES

RATES

  • UST Directed Streams: Electronic tailored order book that gives clients the ability to source liquidity at larger sizes and better price increments vs. CLOB with minimal information leakage
  • Specified Pools: Access to trade and view inventory of the industry's leading liquidity providers

CREDIT

  • China Bonds: First electronic platform for international investors to access the Chinese Bond Market

MONEY MARKETS

  • Bilateral Repo: Strong pipeline of clients globally with plans to expand into additional collateral types

EQUITIES

  • U.S. Options: Introduced RFQ technology to facilitate more efficient trading of block U.S. options
  • European Cash Equities: Strategic partnership with Plato focused on block RFQ trading of single-stock securities

MARKET DATA

• Benchmarks: Tradeweb-ICE closing prices

4. TANGIBLE GROWTH OPPORTUNITIES

M&A and Partnerships-Selectively Accelerating Growth

HISTORY OF SUCCESSFUL STRATEGIC ACQUISITIONS…

…AND PARTNERSHIPS

DATE

TARGET

DESCRIPTION

STRATEGIC RATIONALE

2008

Hilliard

Wholesale voice broker with a

Entered wholesale sector

and launched an electronic

Farber

strong MBS franchise

TBA platform

2011

Rafferty

Wholesale voice broker with a

Introduced hybrid

Capital

strong UST franchise

electronic UST trading

Markets

1

2013

Leading U.S. retail fixed income

Scaled position in the retail

BondDesk

trading technology vendor to

client sector

wealth management firms

2016

Data-driven trade identification

Enhanced corporate bond

CodeStreet

and workflow management

platform pre-trade

software for corporate bonds

intelligence

WILL CONTINUE TO SELECTIVELY EVALUATE OPPORTUNITIES TO EXPAND IN A DISCIPLINED FASHION

PRE-TRADE

INTEGRATION

AND WORKFLOW

LEVERAGE CLIENT NETWORK AND GUI-

DRIVE MORE BUSINESS TO EXECUTION

EXAMPLES

•

Analytics

•

Basis trading

•

Inventory

•

Algorithms

16 © 2020 Tradeweb Markets LLC. All rights reserved.

EXECUTION PLATFORM

STP AND

POST-TRADE

WORKFLOW

LEVERAGE TECHNOLOGY & INFORMATION

CREATED BY TRADING ACTIVITY

•

Asset classes

• Reporting

•

Data

• Geographies

• Benchmarks

•

Client sectors

•

TCA

  • Products & Protocols

Note:

1. Tradeweb's ETF CCP service is expected to be available in the coming months, subject to regulatory approvals.

5. GROWING POOL OF DATA AND ANALYTICS

Platforms and Solutions Powered by Data and Analytics

Data and analytics play a critical role by improving the trading experience of our clients and

driving more liquidity to our platforms

DATA SUPPORTS THE PLATFORM

DIRECTLY MONETIZING DATA

KEY INPUT

LONG-STANDING

INTO TRADEWEB'S

LICENSE AGREEMENT

SOLUTIONS

WITH REFINITIV

HISTORY OF INNOVATION

PROPRIETARY DATA

AND FACILITATING BETTER

AND ANALYTICS

TRADING DECISIONS

SOLUTIONS

PRICING/DISTRIBUTION

  • Anonymized Composite Pricing via Refinitiv and Tradeweb
  • Direct Dealer Content to clients over TW infrastructure

BENCHMARKS

ANALYTICS

REPORTING

• Tradeweb Composite prices

• Transaction Cost Analytics

• APA-pre- and post-trade data

• Closing Prices-UST, UK Gilts

• AiPrice-prices ~19,000

sets

• Dealerweb UST-RCM 19901

corporate bonds

GROWTH STRATEGY

Create New Data Sets As

Increase

Invest in

Pursue

Asset Classes and

Solution

Differentiated

Strategic

Products Expand

Penetration

Analytics

Partnerships

17 © 2020 Tradeweb Markets LLC. All rights reserved.

FINANCIAL OVERVIEW

18 © 2020 Tradeweb Markets LLC. All rights reserved.

6. STRONG REVENUE AND EARNINGS GROWTH

Straightforward & Diversified Business Model

TRADEWEB HAS A DIVERSIFIED REVENUE BASE WITH AN EVEN MIX OF VARIABLE AND FIXED REVENUE

Percentage of

Variable (56%)

Fixed (44%)

2019 revenue

Volume

(35%)

(9%)

=

+

Fixed Transaction

+

Market Data

Total Revenue

x

& Subscription

(7% Refinitiv/2%

Average Fee Per

Fees

Non-Refinitiv)

Million

2019 GROSS REVENUE BY

ASSET CLASS

CLIENT SECTOR

GEOGRAPHY

TYPE

9 %

9 %

3 %

10 %

6 %

36 %

5 %

44 %

21 %

56 %

22 %

59 %

64 %

56 %

Rates

Equities

Institutional

Retail

U.S.

Variable

Credit

Other Trading

Wholesale

Market Data

International

Fixed

Money Markets

Market Data

19 © 2020 Tradeweb Markets LLC. All rights reserved.

6. STRONG REVENUE AND EARNINGS GROWTH

Strong & Broad-based Revenue and Margin Expansion

2019 REVENUE GROWTH BY ASSET CLASS AND MARGIN EXPANSION ($M)

45.5%

Adj. EBITDA

Margin1

$5.7

$6.9

$22.5

$6.0

$(4.9)

40.8%

Adj. EBITDA

$55.0

Margin1

$775.6

$684.4

20182

Rates

Credit

Equities

Money Markets

Market Data

Other

2019

y/y Growth %

14.5%

16.1%

14.6%

16.3%

10.9%

(18.7)%

13.3%

GROSS REVENUE GROWTH ($M)

ADJUSTED EBITDA GROWTH ($M)1

CAGR: 14.4 %

CAGR: 20.7%

$ 563

$ 684

$ 776

$ 279

$ 353

$ 518

$ 201

$ 215

2016

2017

2018 2

2019

2016

2017

20182

2019

Volume ($B)

$81,142

$99,615

$137,237

$182,272

Adj. EBITDA

38.7%

38.2%

40.8%

45.5%

margin1

ADV ($B)

$324

$398

$548

$725

Adj. Net

$118

$131

$178

$231

Income1

Notes:

  1. See "Appendix" for reconciliation of Adjusted EBITDA and Adjusted Net Income to their most comparable GAAP financial measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by gross revenue for the applicable period.
  2. Represents the combined results of the period from January 1, 2018 to September 30, 2018 and the period from October 1, 2018 to December 31, 2018 for the full year ended December 31, 2018. This combination was performed by mathematical addition and is not a presentation made in accordance with GAAP. See "Disclaimer" for additional information and "Appendix" for additional reconciliations.

20 © 2020 Tradeweb Markets LLC. All rights reserved.

SIMPLE PHILOSOPHY

Capital Management

  • Balanced capital strategy of returning capital to shareholders via a dividend and investing in the business
  • Strong balance sheet, supported by strong free cash flow generation
  • Sufficient cash to support regulatory, risk and working capital
  • $500 million revolver entered into in conjunction with IPO, undrawn as of December 31, 2019

FUTURE CAPITAL ALLOCATION PHILOSOPHY

Invest in

Return Capital

Opportunistic

Profitable Growth

to Shareholders

Acquisitions

3-5 YEAR

SECTOR

EXPAND OR

LEVEL

ENHANCE

TIME HORIZON

DIVIDEND

CAPABILITIES

21 © 2020 Tradeweb Markets LLC. All rights reserved.

A Growth Company: 2019 vs. 2018

Continuing to Strike the Right Balance Between Investing to Drive

Revenue Growth & Margin Expansion

BENCHMARKING PERFORMANCE

2019

20181

GROWTH2

VOLUMES

$725 B ADV

$548 B ADV

+32%

REVENUES

$776 M

$684 M

+13% / +15% y/y (CC)

ADJ. EBITDA MARGIN3

45.5%

40.8%

+471 bps

ADJ. DILUTED EPS3

$1.004 ($0.23/$0.77)

$0.82

+22%

INVESTMENTS & INNOVATIONS SINCE IPO

Asset Swaps

Portfolio Trading

UST Closing Prices

Euro-CCP

Cassini +

(IRS + GOV. BONDS)

(CREDIT)

(MARKET DATA)

(ETFs)

OpenGamma (IRS)

GROWTH ADVANTAGES

GLOBAL & MULTI-

DEEP

STRONG

CULTURE OF

ASSET CLASS

CLIENT

COLLABORATIVE

NETWORK

INTEGRATIONS

RELATIONSHIPS

INNOVATION

Notes:

  1. Represents the combined results of the period from January 1, 2018 to September 30, 2018 and the period from October 1, 2018 to December 31, 2018. This combination was performed by mathematical addition and is not a presentation in accordance with GAAP. See "Disclaimer" for additional information for the full year ended December 31, 2018.
  2. Growth information provided 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. Adjusted EBITDA margin growth on a constant currency basis was +530bps.
  3. See "Appendix" for a reconciliation of Adjusted EBITDA and Adjusted Diluted EPS to their most comparable GAAP financial measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by gross revenue for the applicable period.

22 © 2020 Tradeweb Markets LLC. All rights reserved. 4. Represents combined Adjusted Diluted EPS for Tradeweb Markets Inc. (post-IPO period 2019) and Tradeweb Markets LLC (pre-IPO period 2019) for the full year ended December 31, 2019. This combination was performed by mathematical addition and is not a presentation made in accordance with GAAP. However, we believe it provides a meaningful method

of comparison of Adjusted Diluted EPS for the full year ended December 31, 2019 to the combined year ended December 31, 2018.

Contacts

Ashley Serrao

Head of U.S. Corporate Development

  • Investor Relations Tel: 646-430-6027
    Email:ashley.serrao@tradeweb.com

Karen Werbel

VP Investor Relations

Tel: 646-430-6297

Email:karen.werbel@tradeweb.com

Global Offices

New York

Tokyo

Jersey City

Hong Kong

London

Singapore

Amsterdam

Shanghai

23 © 2020 Tradeweb Markets LLC. All rights reserved.

Tradeweb Markets Inc.

1177 Avenue of the Americas New York, NY 10036

For more information on Tradeweb: www.tradeweb.com

APPENDIX

24 © 2020 Tradeweb Markets LLC. All rights reserved.

Reconciliation of Non-GAAP Items ($ in thousands)

Net Income to Adjusted EBITDA,

Successor

Successor

Predecessor

Predecessor

Predecessor

Adjusted EBIT and Adjusted EBT

FY19

4Q18

9M18

2017

2016

Net Income

$

173,024

$

29,307

$

130,160

$

83,648

$

93,161

Contingent consideration

-

-

26,830

58,520

26,224

Interest income, net

(2,373)

(787)

(1,726)

(685)

695

Depreciation and amortization

139,330

33,020

48,808

68,615

80,859

Stock-based compensation expense1

25,098

-

-

-

-

Provision for income taxes

52,302

3,415

11,900

6,129

(725)

Unrealized foreign exchange (gains) / losses

(2,310)

263

(960)

(364)

1,872

(Gain) / loss from revaluation of foreign denominated cash2

1,225

90

(921)

(678)

(1,315)

Tax receivable agreement liability adjustment3

(33,134)

-

-

-

-

Adjusted EBITDA

$

353,162

$

65,308

$

214,091

$

215,185

$

200,771

Less: Depreciation and amortization

(139,330)

(33,020)

(48,808)

(68,615)

(80,859)

Add: Acquisition and Refinitiv Transaction related D&A4

97,565

22,413

19,576

31,236

41,125

Adjusted EBIT

$

311,397

$

54,701

$

184,859

$

177,806

$

161,037

Add: Interest income, net

2,373

787

1,726

685

(695)

Adjusted EBT

$

313,770

$

55,488

$

186,585

$

178,491

$

160,342

Adjusted EBITDA Margin5

45.5%

36.6%

42.3%

38.2%

38.7%

Adjusted EBIT Margin5

40.2%

30.6%

36.5%

31.6%

31.1%

  1. Represents non-cashstock-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.
  2. Represents foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity's functional currency.
  3. 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.
  4. Represents acquisition-related intangibles amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the Refinitiv Transaction and the application of push down accounting (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).
  5. Adjusted EBITDA margin and Adjusted EBIT margin are defined as Adjusted EBITDA and Adjusted EBIT, respectively, divided by gross revenue for the applicable period. See slide 20 for gross revenue.

25 © 2020 Tradeweb Markets LLC. All rights reserved.

Reconciliation of Non-GAAP Items (continued)

Reconciliation of Net Income attributable to Tradeweb Markets Inc. to

Successor

Successor

Predecessor

Adjusted Net Income and Adjusted Diluted EPS

FY19

4Q18

9M18

Earnings per diluted share1

$

0.19ba

$

0.13a

$

0.60a

0.54

Pre-IPO net income attributable to Tradeweb Markets LLC1

$42,352

$29,307a

$130,160a

Add: Net income attributable to Tradeweb Markets Inc.1

83,769

-

-

Add: Net income attributable to non-controlling interests1,2

46,903

-

-

Net income

$

173,024a,b

$

29,307a

$

130,160a

Provision for income taxes

52,302

3,415

11,900

Contingent consideration

-

-

26,830

Acquisition and Refinitiv Transaction related D&A3

97,565

22,413

19,576

Stock-based compensation expense4

25,098

-

-

Unrealized foreign exchange (gains) / losses

(2,310)

263

(960)

(Gain) / loss from revaluation of foreign denominated cash5

1,225

90

(921)

Tax receivable agreement liability adjustment6

(33,134)

-

-

Adjusted Net Income before income taxes

313,770

55,488

186,585

Adjusted income taxes7

(82,835)

(14,649)

(49,258)

Adjusted Net Income

$

230,935

$

40,839

$

137,327

Adjusted Diluted EPS1,8

$

0.23a

$

0.18a

$

0.64a

0.77b

  1. In April 2019, the Company completed the Reorganization Transactions and the IPO. As a result, certain earnings information is being presented separately for Tradeweb Markets LLC and Tradeweb Markets Inc.
    1. Presents information for Tradeweb Markets LLC (pre-IPO period).
    2. Presents information for Tradeweb Markets Inc. (post-IPO period).
  3. For post-IPO periods, represents the reallocation of net income attributable to non-controlling interests from the assumed exchange of all outstanding LLC Interests for shares of Class A or Class B common stock.
  4. Represents acquisition-related intangibles amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the Refinitiv Transaction and the application of pushdown accounting (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).
  5. Represents non-cashstock-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.
  6. Represents 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 26.4% for all periods presented applied to Adjusted Net Income before income taxes. 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 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).

The table below summarizes the calculation of Adjusted Diluted EPS for the periods presented:

Successor

Successor

Successor

Predecessor

Reconciliation of Diluted Weighted Average Shares Outstanding to

Pre-IPO Period

Post-IPO Period

Adjusted Diluted Weighted Average Shares Outstanding

FY19

FY19

4Q18

9M18

Diluted weighted average TWM LLC shares outstanding

223,320,457

-

222,243,851

215,365,920

Diluted weighted average shares of Class A and Class B common stock

-

156,540,246

-

-

outstanding

Assumed exchange of TWM LLC interests for shares of Class A and Class B

-

74,279,741

-

-

common stock 1

Adjusted diluted weighted average shares outstanding

223,320,457

230,819,987

222,243,851

215,365,920

Adjusted Net Income (in thousands)

$

52,190

$

178,745

$

40,839

$

137,327

Adjusted Diluted EPS

$

0.23

$

0.77

$

0.18

$

0.64

1. Assumes the exchange of all outstanding LLC Interests for shares of Class A and Class B common stock, resulting in the elimination of the non-controlling interests and recognition of the net income attributable to non-controlling interests.

26 © 2020 Tradeweb Markets LLC. All rights reserved.

Reconciliation of Non-GAAPItems ($ in thousands, except per share and share amounts)

The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets LLC (pre-IPO period):

EPS: Pre-IPO net income attributable to

Successor

Successor

Predecessor

Tradeweb Markets LLC1

1Q19

4Q18

9M18

Numerator:

Pre-IPO net income attributable to

$

42,352

$

29,307

$

130,160

Tradeweb Markets LLC

Denominator:

Weighted average LLC Interests

222,222,197

222,221,628

215,365,920

outstanding - Basic

Dilutive effect of equity-settled PRSUs

1,098,260

22,223

-

Weighted average LLC Interests

223,320,457

222,243,851

215,365,920

outstanding - Diluted

Earnings per share - Basic

$

0.19

$

0.13

$

0.60

Earnings per share - Diluted

$

0.19

$

0.13

$

0.60

1. Earnings per share and weighted average shares outstanding for the pre-IPO periods have been computed to give effect to the Reorganization Transactions, including the amendment and restatement of the fourth amended and restated limited liability company agreement of Tradeweb Markets LLC to, among other things, (i) provide for a new single class of common membership interests in Tradeweb Markets LLC ("LLC Interests") and (ii) exchange all of the original members' existing membership interests for LLC Interests.

The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets Inc. (post-IPO period):

EPS: Post-IPO net income attributable to

Successor

Tradeweb Markets Inc.

FY19

Numerator:

Post-IPO net income attributable to Tradeweb

$

83,769

Markets Inc.

Denominator:

Weighted average shares of Class A and Class B

148,013,274

common stock outstanding - Basic

Dilutive effect of equity-settled PRSUs

2,464,137

Dilutive effect of options

6,062,835

Weighted average shares of Class A and Class B

156,540,246

common stock outstanding - Diluted

Earnings per share - Basic

$

0.57

Earnings per share - Diluted

$

0.54

The following is the calculation of gross revenue, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Adjusted Diluted EPS for the full year ended December 31, 2018. Revenue accounts were not, and the non-GAAP financial measures were not materially, impacted by the Refinitiv Transaction or the application of pushdown accounting. See "Disclaimer" for additional information.

Gross

Adjusted

Adjusted EBITDA

Adjusted

Adjusted

Revenue

EBITDA1

Margin1

Net Income

Diluted EPS

January 1, 2018 to September 30, 2018

$

505,771

$

214,091

42.3%

$

137,327

$

0.64

October 1, 2018 to December 31, 2018

$

178,637

$

65,308

36.6%

$

40,839

$

0.18

Full Year Ended December 31, 2018

$684,408

$

279,399

40.8%

$

178,166

$

0.82

1. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by gross revenue of $684.4 million for the full year ended December 31, 2018.

27 © 2020 Tradeweb Markets LLC. All rights reserved.

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Tradeweb Markets Inc. published this content on 12 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 February 2020 14:48:01 UTC