!"#$%&'()*+,-./012 !Article X. GUARANTY~ !" Section 10.01"The Guaranty~ "# Section 10.02!#Obligations Unconditional~ #$ Section 10.03$ Reinstatement~ $ % Section 10.04"%Subrogation; Subordination~ % & Section 10.05&Remedies~ & ' Section 10.06+'#Instrument for the Payment of Money~ ' ( Section 10.07(Continuing Guaranty~ ( ) Section 10.083)+General Limitation on Guarantee Obligations~ ) * Section 10.09*Information~ *+ Section 10.10+Release of Guarantors~ +, Section 10.11,Right of Contribution~ ,- Section 10.12-Cross-Guaranty~ -./$0____________________________11)Created by Morningstar Document Research.02(http://documentresearch.morningstar.com/*hp$\b$SG;=PF0*8X> @"221100!! l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }}$ }y# Tradeweb Markets Inc.10-Q 05/20/2019,$MORGAN STANLEY SENIOR FUNDING, INC., Schedule 1.01Consolidated EBITDA Schedule 2.01 Commitments Schedule 3.06 Disclosed Matters Schedule 5.13Post-Closing CovenantsSchedule 6.01(b)Existing Indebtedness Schedule 6.02 Existing Liens Schedule 6.04Existing Investments Schedule 9.01%Administrative Agent?s Office$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.}qeYP5)=PF0*8X> @ l g dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }}$ }: Tradeweb Markets Inc.10-Q 05/20/2019,$MORGAN STANLEY SENIOR FUNDING, INC., Exhibit A)!Form of Assignment and Assumption Exhibit B ! Form of Borrowing Request Exhibit C 8 0Form of United States Tax Compliance Certificate Exhibit D&Form of Compliance Certificate Exhibit E&Form of Perfection Certificate Exhibit F ! Form of Intercompany Note Exhibit G"Form of Security AgreementExhibit H-12*Form of Pari Passu Intercreditor AgreementExhibit H-23+Form of Junior Lien Intercreditor Agreement Exhibit I,$Form of Letter of Credit Application$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/24}qeYhEA5)=PF0*8X> @ l -Q @ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4) the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }}}a/ - Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank]TRADEWEB MARKETS LLC By:/s/ Douglas Friedman Name:Douglas Friedman Title:/ 'General Counsel and Assistant SecretaryBNX LLCBy:/s/ Douglas Friedman Name:Douglas FriedmanTitle:/'General Counsel and Assistant SecretaryBONDDESK GROUP LLCBy:/s/ Douglas Friedman Name:Douglas FriedmanTitle:/'General Counsel and Assistant SecretaryMUNIGROUP.COM, LLCBy:/s/ Douglas Friedman Name:Douglas FriedmanTitle:/'General Counsel and Assistant SecretaryTECH HACKERS LLCBy:/s/ Douglas FriedmanDGlcWK?cOu0V !"#$%&'()*+, Name: Douglas Friedman!!!Title:/!'General Counsel and Assistant Secretary""###TRADEWEB GLOBAL HOLDING LLC$$By:$/s/ Douglas Friedman%% %Name:%Douglas Friedman&&&Title:/&'General Counsel and Assistant Secretary''''()$*____________________________1+)Created by Morningstar Document Research.0,(http://documentresearch.morningstar.com/^F6=PF0*8X> @z,,++**$$## l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }}}a/ Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank]TRADEWEB GLOBAL LLC By: /s/ Douglas Friedman Name: Douglas FriedmanTitle:/'General Counsel and Assistant Secretary " TRADEWEB IDB MARKETS, INC.By:/s/ Douglas Friedman Name:Douglas FriedmanTitle:/'General Counsel and Assistant Secretary*"TRADEWEB MARKETS INTERNATIONAL LLCBy:/s/ Scott Zucker Name:Scott ZuckerTitle: Secretary$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:cWK?7mF=PF0*8X> @J l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }}$ Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank]0(CITIBANK, N.A. , as Administrative Agent and Collateral Agent By/s/ Caesar Wyszomirski Name:Caesar Wyszomirski Title: Vice President$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hcWK?D=PF0*8X> @* l - dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }} Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank]0(CITIBANK, N.A. , as Lender, Issuing Bank and Swing Line Lender By:/s/ Caesar Wyszomirski Name: Caesar WyszomirskiTitle: Vice President$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,I|cWK?e)=PF0*8X> @* l NF dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }} Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank]/'JPMORGAN CHASE BANK, N.A. , as a Lender By:/s/ Michael E. MurrayName: Michael E. Murray Title: Managing Director$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hcWK?Y=PF0*8X> @" l ^ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }}! Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank]/'MORGAN STANLEY BANK, N.A. , as a Lender By:/s/ Michael KingName: Michael King # Title: Authorized Signatory$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hcWK?c$=PF0*8X> @" l kw dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }}! Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank],$GOLDMAN SACHS BANK USA , as a Lender By:/s/ Ryan DurkinName: Ryan Durkin # Title: Authorized Signatory$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hcWK?h)=PF0*8X> @" l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }} Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank]+#BANK OF AMERICA, N.A. , as a Lender By:/s/ Sherman M. WongName: Sherman M. Wong Title: Director$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hcWK?a."=PF0*8X> @" l o dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }}a Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank]'BARCLAYS BANK PLC , as a Lender By:/s/ Ronnie GlennName: Ronnie Glenn Title: Director$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hcWK?k8, =PF0*8X> @" l ? dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }}! Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank]1)CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH , as a Lender By:/s/ Judith E. Smith Name: Judith E. Smith#Title: Authorized Signatory$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,@|cWK?q8=PF0*8X> @* l ] dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }}! Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank] By: /s/ Brady Bingham Name: Brady Bingham#Title: Authorized Signatory $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&@cWK?'yma9=PF0*8X> @ l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }}$ Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank]6.DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender By:/s/ Virginia CosenzaName: Virginia Cosenza Title: Vice President$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/* hcWK?T=PF0*8X> @" l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }}0 Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank] By: /s/ Ming K. Chu Name: Ming K. ChuTitle: Director $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&t@cWK?'}qI=PF0*8X> @ l n" dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }} Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank]-%UBS AG, STAMFORD BRANCH , as a Lender By:/s/ Robert KhanName: Robert Khan ! Title: Associate Director$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hcWK?g*=PF0*8X> @" l |: dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }} Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank] By: /s/ Nima Gandhi Name: Nima Gandhi!Title: Associate Director $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&~@cWK?'sg?=PF0*8X> @ l 7S dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }}U Tradeweb Markets Inc.10-Q 05/20/2019F>[the remainder of this page has been left intentionally blank]0(WELLS FARGO BANK, NATIONAL ASSOCIATION , as a Lender By:/s/ James Mastroianna Name: James MastroiannaTitle: Director$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,7|cWK?p5=PF0*8X> @* l tn dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)TABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }a/}$ Tradeweb Markets Inc.10-Q 05/20/2019Lender CommitmentsLenderRevolving Commitment Citibank, N.A. ~ W ! JPMorgan Chase Bank, N.A. ~ W !Morgan Stanley Bank, N.A.~ WGoldman Sachs Bank USA~ W Bank of America, N.A. ~ Barclays Bank PLC~ /'Credit Suisse AG, Cayman Islands Branch~ ( Deutsche Bank AG New York Branch~ UBS AG, Stamford Branch~ .&Wells Fargo Bank, National Association~ Total~ 5w$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6wk!Ky -=PF0*8X> @z l ? dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (6)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }m}6} ? Tradeweb Markets Inc.10-Q 05/20/2019TABLE OF CONTENTSPage ARTICLE I DEFINITIONS Section 1.01. Credit Agreement~ Section 1.02.Other Defined Terms~ ARTICLE IIPLEDGE OF SECURITIES Section 2.01.Pledge~ Section 2.02.*"Delivery of the Pledged Securities~ Section 2.03.1)Representations, Warranties and Covenants~ Section 2.04.2*Certification of Limited Liability Company~ )!and Limited Partnership Interests Section 2.05.3+Registration in Nominee Name; Denominations~ Section 2.06.-%Voting Rights; Dividends and Interest~ ARTICLE III/'SECURITY INTERESTS IN PERSONAL PROPERTY Section 3.01.Security Interest~ " Section 3.02.&Representations and Warranties~ *DlxlD ]i0"3q !"#$%&'()*+,-./0123456789:;<=> Section 3.03. Covenants~ .!!!"" ARTICLE IV"##REMEDIES#$$$% Section 4.01.%Remedies Upon Default~ %:& Section 4.02.&Application of Proceeds~ &>' Section 4.03.5'-Grant of License to Use Intellectual Property~ '>((()) ARTICLE V)** SUBORDINATION*+++, Section 5.01., Subordination~ ,B---.. ARTICLE VI.// MISCELLANEOUS/0001 Section 6.01.1Notices~ 1F2 Section 6.02.2Waivers; Amendment~ 2F3 Section 6.03.-3%Collateral Agent?s Fees and Expenses;~ 3F44Indemnification5 Section 6.04.5Successors and Assigns~ 5F6 Section 6.05.6Survival of Agreement~ 6F7 Section 6.06.,7$Counterparts; Effectiveness; Several~ 7J88 Agreement9 Section 6.07.9Severability~ 9J:;$<____________________________1=)Created by Morningstar Document Research.0>(http://documentresearch.morningstar.com/BXrF"0J&i$\]QE=PF0*8X> @>>==<< l (; dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)Signature Pages FollowSignature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }m}U5} ( Tradeweb Markets Inc.10-Q 05/20/2019TABLE OF CONTENTSPage Section 6.08.2 *Governing Law; Jurisdiction; Venue; Waiver~ J4,of Jury Trial; Consent to Service of Process Section 6.09.Headings~ J Section 6.10." Security Interest Absolute~ J Section 6.11.Termination or Release~ N Section 6.12.Additional Grantors~ R Section 6.13.3+Collateral Agent Appointed Attorney-in-Fact~ R Section 6.14.1)General Authority of the Collateral Agent~ R Section 6.15.Reasonable Care~ V Section 6.16.Delegation; Limitation~ V Section 6.17. Reinstatement~ V Section 6.18.Affected Pledged Equity~ V Section 6.19. Miscellaneous~ Z Schedules Schedule ISubsidiary PartiesSchedule II'Pledged Equity and Pledged DebtExhibits Exhibit I-%Form of Security Agreement SupplementDlxlD Dh l#Y5V2 !"#$%&' Exhibit II) !Form of Patent Security Agreement !Exhibit III,!$Form of Trademark Security Agreement!" Exhibit IV,"$Form of Copyright Security Agreement"#$$%____________________________1&)Created by Morningstar Document Research.0'(http://documentresearch.morningstar.com/=^=PF0*8X> @''&&%% l ; dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages Follow (1)!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }}7 ; Tradeweb Markets Inc.10-Q 05/20/2019 [Signature Pages Follow]TRADEWEB MARKETS LLC By: /s/ Douglas FriedmanName: Douglas Friedman6.Title: General Counsel and Assistant Secretary BNX LLCBy:/s/ Douglas FriedmanName: Douglas Friedman6.Title: General Counsel and Assistant SecretaryBONDDESK GROUP LLCBy:/s/ Douglas FriedmanName: Douglas Friedman6.Title: General Counsel and Assistant SecretaryMUNIGROUP.COM, LLCD;l}qe9N6Nf+ !"#$%&'()*+,-./0123456789: !!!""By:"/s/ Douglas Friedman###Name: Douglas Friedman$$6$.Title: General Counsel and Assistant Secretary%%&&''TECH HACKERS LLC(()))**By:*/s/ Douglas Friedman+++Name: Douglas Friedman,,6,.Title: General Counsel and Assistant Secretary--../#/TRADEWEB GLOBAL HOLDING LLC0011122By:2/s/ Douglas Friedman333Name: Douglas Friedman4464.Title: General Counsel and Assistant Secretary55567$8____________________________19)Created by Morningstar Document Research.0:(http://documentresearch.morningstar.com/:Oi.r?'<=PF0*8X> @J ::9988//'' l + dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)! Commissions increased by 6 (3)! Commissions increased by 6 (4)! Commissions increased by 6 (5)Operating ExpensesWorking CapitalCash Flows (2)Free Cash Flow!Adjusted Net Income and Adjuste!Adjusted Net Income and Adj (1)ITEM 6 EXHIBITS SIGNATURESTable of Contents (1)STOCKHOLDERS AGREEMENTSTOCKHOLDERS AGREEMENT (1)STOCKHOLDERS AGREEMENT (2)STOCKHOLDERS AGREEMENT (3)!71 Notices All notices requests!Remainder of page intentionally!Remainder of page intention (1)!Remainder of page intention (2)!Remainder of page intention (3)!Remainder of page intention (4)!Remainder of page intention (5)!Remainder of page intention (6)!Remainder of page intention (7)!Remainder of page intention (8)!Remainder of page intention (9)!Remainder of page intentio (10)!Remainder of page intentio (11)!Remainder of page intentio (12)!Assignor in its capacity as a RTABLE OF CONTENTS (2)TABLE OF CONTENTS (3)TABLE OF CONTENTS (4)!Confidential Information as use!Confidential Information as (1)!Confidential Information as (2)!Confidential Information as (3)!Confidential Information as (4)!Confidential Information as (5)!Confidential Information as (6)!Confidential Information as (7)!Confidential Information as (8)!Confidential Information as (9)!Confidential Information a (10)!Confidential Information a (11)!Confidential Information a (12)!Confidential Information a (13)!Confidential Information a (14)!Confidential Information a (15)FORM OF JOINDER AGREEMENTFORM OF JOINDER AGREEMENT (1)!if the undersigned elects Optio!FORM OF BENEFICIAL OWNERSHIP NO CONTENTSCONTENTS (1) ARTICLE VIIARTICLE VII (1)ARTICLE VII (2)ARTICLE VII (3)ARTICLE VII (4)ARTICLE VII (5)ARTICLE VII (6)ARTICLE VII (7)ARTICLE VII (8)ARTICLE VII (9)ARTICLE VII (10)ARTICLE VII (11)ARTICLE VII (12)ARTICLE VII (13)ARTICLE VII (14)! this Joinder is delivered purs!Each Party hereby waives to the!Each Party hereby waives to (1)!MORGAN STANLEY SENIOR FUNDING I!MORGAN STANLEY SENIOR FUNDI (1)!MORGAN STANLEY SENIOR FUNDI (2)!MORGAN STANLEY SENIOR FUNDI (3)!MORGAN STANLEY SENIOR FUNDI (4)!the remainder of this page has the remainder of this page (1) the remainder of this page (2) the remainder of this page (3) the remainder of this page (4) the remainder of this page (5) the remainder of this page (6) the remainder of this page (7) the remainder of this page (8) the remainder of this page (9) the remainder of this pag (10) the remainder of this pag (11) the remainder of this pag (12) the remainder of this pag (13) the remainder of this pag (14) the remainder of this pag (15)Lender CommitmentsTABLE OF CONTENTS (5)TABLE OF CONTENTS (6)Signature Pages Follow!RESTRICTED STOCK UNIT NOTICE OF!RESTRICTED STOCK UNIT NOTIC (1)!SECTION 302 OF THE SARBANESOXLE!SECTION 302 OF THE SARBANES (1)!SECTION 906 OF THE SARBANESOXLE!SECTION 906 OF THE SARBANES (1)U }$ }}7 + Tradeweb Markets Inc.10-Q 05/20/2019 [Signature Pages Follow]TRADEWEB GLOBAL LLC By:/s/ Douglas FriedmanName: Douglas Friedman 6 .Title: General Counsel and Assistant Secretary"TRADEWEB IDB MARKETS, INC.By:/s/ Douglas FriedmanName: Douglas Friedman6.Title: General Counsel and Assistant Secretary*"TRADEWEB MARKETS INTERNATIONAL LLCBy:/s/ Scott ZuckerName: Scott ZuckerTitle: SecretaryD%l}qe:"7^$hP, !"#$%&'()* , $CITIBANK, N.A. , as Collateral Agent!!"""##By:#/s/ Caesar Wyszomirski$$ $Name: Caesar Wyszomirski%%%Title: Vice President&'$(____________________________1))Created by Morningstar Document Research.0*(http://documentresearch.morningstar.com/K=PF0*8X> @:**))(( l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Tradeweb Markets IncTradeweb Markets Inc (1)TABLE OF CONTENTSPART I FINANCIAL INFORMATION!Statements of Financial Conditi!Notes to Statements of Financia!Consolidated Statements of FinaIncome StatementIncome Statement (1)!Consolidated Statements of Chan!Consolidated Statements of (1) Cash FlowsCash Flows (1)!Consolidated Statements of Cash!Notes to Consolidated Financial 4 Leases!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!5 Intangible Assets and Goodwil!5 Intangible Assets and Goo (1)!Notes to Consolidated Finan (3)6 Deferred Revenue7 Income Taxes 8 Shares!9 ShareBased Compensation Plans!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)10 Related Party Transactions!11 Fair Value of Financial Inst14 Net Income Per Share!15 Regulatory Capital Requireme!15 Regulatory Capital Requi (1)!Notes to Consolidated Finan (9)!17 Business Segment and Geograp!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Three Months Ended March 31 201 RevenuesRevenues (1)! Commissions increased by 63 mi! Commissions increased by 6 (1)! Commissions increased by 6 (2)