Tradeweb

CUSTOMER-TO-DEALER

USA

In the U.S., the Tradeweb customer-to-dealer system (and the Tradeweb Retail platform) are operated and offered by Tradeweb LLC. Tradeweb LLC is a broker-dealer registered with the SEC and a member of FINRA. In addition, the Tradeweb system is regulated as an alternative trading system under Regulation ATS promulgated under the Securities Exchange Act of 1934. Tradeweb LLC has registered branch office locations in Florida, Kentucky, California, and Maryland. Tradeweb Retail is only offered in the U.S.

Canada

Tradeweb LLC is also registered as an"International Dealer" with the Ontario Securities Commission in Ontario, Canada. With respect to Tradeweb's operations in Canada, Tradeweb and CanDeal.ca.Inc. ("CanDeal") have entered into a technology and services agreement whereby Tradeweb, utilizing CanDeal as the "client-facing entity," offers trading in Non-Canadian fixed-income securities to certain approved customers in Canada. Through this relationship, Tradeweb was granted Mutual Reliance Review System (MRRS) Exemptive Relief from the Ontario Securities Commission and the local securities regulatory authorities of the other respective Canadian provinces.

INTER-DEALER

In the U.S., the Tradeweb group of companies operates an inter-dealer broker for TBA Mortgage-Backed Securities, U.S. Government Securities and Municipal Securities through Dealerweb Inc. ("Dealerweb"). Dealerweb is registered with the Securities and Exchange Commission ("SEC") and a member of the Financial Industry Regulatory Authority ("FINRA"). Dealerweb offers voice and electronic brokerage for the dealer community. The Dealerweb electronic platform is registered with the SEC as Alternative Trading System promulgated under the Securities Exchange Act of 1934.