VlarketAxess

OTC Derivatives: Electronic Trading Solutions

Best Wlulti-Dealer CDS Trading Platform

www.marketaxess.com

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None ofthe information contained herein may be ; excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Page 1

About MarketAxess IVlarkerAxess'

MarketAxess formed in 2000 to build technology solutions to promote efficiency, transparency and liquidity in credit markets

Patented electronic trading system is an institutional participant to multi-dealer trading platform

SEC-registered broker-dealer and ATS operator; U.K. affiliate is FSA-registered Multilateral Trading Facility

750+ active institutional participant firms and 72 participating broker-dealers

Current products traded include HG Corporate bonds, High Yield, CDS, Emerging Market debt. Agency debt, European credit

Profitable since 2003 and completed an Initial Public Offering in November 2004 (NASDAQ: MKTX)

Leading provider of pre-trade data (MarketAxess Corporate BondTicker™), electronic trading solutions, and post-trade reporting and straight through processing

CDS product launched in late 2005

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None ofthe information contained herein may be excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consenL Page 2

Curren Privative Clearinghouse Activity MarketAxess

CME Group

•Energy •Commodities •Currency •Agriculture •Credit* •Equities* •Interest Rates* •Weather*

*Mot Currently Live

Energy Agriculture Currency Equities Credit

Eurex

• Interest Rates • Equities • Inflation

Eurex Credit Clear

• Credit*

NYSE Liffe

BCIear

• Equities • Commodities • Credit*

LCH.CIearnet

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None of the information contained herein may be excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Pages

Forward View of the Derivatives Market MarketAxess'

Bilateral Trading

Bilateral Clearing

Large Banks Broker-Dealers

Bespoke Swap Contracts Structured Products Exotic Options

Least Liquid

RFQ Multilateral Electronic Trading

Bilateral/Central Clearing

MarketAxess Tradeweb Bloomberg

Liquidity

Exchange/ECN Trading

Central Clearing

CME Eurex

• ICE • NYSE Liffe

Standardized Options/ Futures Products

Continuous Liquidity

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None ofthe information contained herein may be ; excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Page 4

Benefits of Electronic Trading MarketAxess"

Enhanced market competition to drive down transaction costs

Real-time transparency on derivative pricing and market participants

Significant reduction in trade errors resulting in reduced overall market risk

Improved audit trails to demonstrate compliance with best execution guidelines

Automated confirmations and communication of trade details to clearinghouses and regulatory authorities

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None of the information contained herein may be • excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Page 5

Request-For-Quote (RFQ) Trading Protocol MarketAxess"

Key RFQ Features

The RFQ trading protocol establishes discrete auctions for each instrument that a participant wishes to buy or sell.

Enables the seller or purchaser of an instrument to simultaneously request competitive, executable bids or offers from multiple dealers, at the choice ofthe participant.

Participant sets the time when he/she would like all of the dealers' prices or spreads returned to the participant, in order to have the ability to see all executable prices available at the same time.

The entire process is managed electronically is highly efficient and can be completed in minutes.

The MarketAxess platform can run auctions on single instruments or simultaneously on lists of up to 40 instruments (and up to 150 CDS single-names).

• Creates a highly transparent and competitive process that is ideally suited to less liquid markets.

• Preserves the existing participant relationships, incentivizing dealers to commit capital and provide liquidity in less liquid markets.

• Allows for highly efficient price discovery with broad group of dealers.

• Very effective for more fragmented and less liquid markets that do not enjoy continuous two-way liquidity.

• Already adapted to multiple asset classes, including credit default swaps.

• information on instruments and sizes traded could be reported in real time to trade repositories, clearing houses and regulatory authorities.

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None of the information contained herein may be excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Page 6

MarketAxess eTrading Lifecycle: From Execution to Reporting in Minutes MarketAxess

)+3:15 Executed Trade Appears on TRACE

1 + 3 : 0 6 Post-trade

Trade Details Reported to Both Counterparties

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None ofthe information contained herein may be excerpted, copied, disseminated or otheiwise disclosed to any other person without the company's express written consent. Page?

MarketAxess Credit Derivatives MarketAxess

Pre-Trade - Indicative CDS quotes, analytics, and dealer pricing runs

Trading Network - 72 participating dealers system-wide including global, regional and diversity dealers - 12 dealers currently participating in CDS

- Approximately 750+ active institutional participants on the system primarily trading corporate bonds today

- Approximately 200 direct connections to institutional participant order management systems

Electronic Execution - Open, competitive auction-based request-for-quote system - Live trading capabilities in both index and single name CDS products - IVIarket leading electronic bid and offer list capabilities

Post-Trade - straight through processing, post-trade feeds and reporting - Automatically stored audit trails for compliance - Automated links possible to CCPs

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None ofthe information contained herein may be excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Page 8

MarketAxess CDS Trading Capabilities MarketAxess"

Broad Based Index Products

- Investment Grade, Emerging Markets and European Indices

- Seamless roll trading technology

- ISDA-compliant calculations embedded in trading system

- Auction and hit/lift cross-matching trading protocols

Single Name Credit Derivatives

- Investment Grade, Emerging Markets and European Credits

- Market standard RED information

- "Big Bang" calculations embedded in trading system

- Auction and hit/lift cross-matching protocols

CDS Single Name Lists

- Ability to trade up to 150 single-name credit derivatives

Member SiPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None of the information contained herein may be I excerpted, copied, disseminated or othenwise disclosed to any other person without the company's express written consent. Page 9

Appendix: Example Work Flow for a Corporate Bond Trade

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None ofthe information contained herein may be excerpted, copied, disseminated or othera/ise disclosed to any other person without the company's express written consent. Page 10

Trading Homepage MarketAxess"

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Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None of the information contained herein may be excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Page 11

Instrument Search MarketAxess'

- ^ Instrument Search: Please select a bond

Basic Search "Advanced Search"^

-Instrument

O Bonds

# CDS Index

# CDS Single Names

Search by; Ticker, Issuer Name, Identifier

The following 1988 Instruments matched your criteria.

Qln|[x]

Search Hel

Short Name Ocy Features Moody's/S&P Issuer GE 4.460 06/15/18 EUR NC NA/AA+ GE CAP EURO FNDG GE 4.500 06/15/1 Be... USD C Aa2/A^+ GE CAPTAL GE 6.000 06/15/18 USD NC Aa2/AA+ GE CAPTAL GE 6.150 06/15/18 USD NC Aa2/AA+ GE CAPTAL IGE 4.500 06/15/18 c... USD C Aa2//W+ GE CAPTAL GE 3.375 06/19/18 CHF NC Aa2/Afl.+ GE CAPTAL GE 5.670 06/25/18 NOK NC Aaa/NA GE CAPTAL GE 6.670 06/25/18 NOK NC Aa2/AA+ GE CAPTAL GE 5.000 06/27/18 c... USD C Aa2/NA GE CAPTAL GE 5.000 06/30/18 C... USD C Aa2/NA GE CAPTAL

Ticker , Cpn i Maturity LiSector

06/15/2018 Finance 06/15/2018 Finance 06/15/2018 Finance

|i Finance Finance Finance Finance

06/26/2018 Finance 06/27/2018 Finance 06/30/2018 Finance

Fast and efficient tool to searcli for bonds and CDS to trade

identifier

XS0256480566 36966RFN1 36966R3J3 36966R3G9 36966RFY7

CH0025633717 XS0371764605 XS0371764605

36962GD35 36962GD50

Member SIPC Confidential and proprietary information of Marl<etAxess Holdings Inc. (the "company"). None ofthe information contained herein may be excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consenL Page 12

Client Submits New Inquiry MarketAxess' >:*f!«ia<Sa^S«i9SL»B»?;-:

•^ New inquiry

[ Inquiiy Details

O Spread Request OBid • Offer • Swap

Type

O Outright • Cross

Request Bid: - -GE 5.100 02/15/19

Size (000s):

IOct-02-2009

TgtLvl(bps):

Spread Over:

Benchmark: JST 3.625 08/19-CUR 10

Internal Note:

Timer

• ASAP O Bin

O |2 minsi : • 5 mlns • 10 mlns : • 60 mlns '

I Pricing

• 1-Step O Standard • Phone Spot • 3PM Spot

Issuer: GE CAPTAL Ticker: GE

Coupon: 5.100% Maturity: 02/15/2019

Features: NC Ratina: Aa2/AA+

Amt Outs: $ 191,731,000 CUSIP: 36966RW28

BondTicker ??nri Details Market Depth

Notes: Current 10 CUSIP: 912828U7

BondTicker

GE 5.100 02/15A19

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FCMS

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S,QQO +74 3.825 08/16 1GS,003 500 +75 3.B25 DS/19 IK.OQO

1,£0D +82 3.B25 D8i'19 1CS.TS2 715 +77 3.625 08/19 1IS.915

3.088 3.092 3;1SB 3.118

Clients electronically send a request-for-quote (RFQ) to the

dealers of their choice

TRACE data is integrated into the corporate bond trading

system, giving users pre-trade transparency

L Yield Z-Sprd l-Spr

+ 103 + 104 + 113 + 107

Toda/8 TradBK 0 Voliane (QOOs): $0

• 1C2 0 9 / 2 9 J O S 1 1 ; 1 7 A M TRACE

+ 102 :09/2.5iQS 02:45 PM TRACE + 111 09 /23911 :47 AM TRACE + 106 09/2a0910:01 AM TRACE

BondTlckw (i«t30 pnntt-j

Member S IPC Conf ident ia l and proprietary information of MarketAxess Holdings Inc. (the "company") . None of t l ie informat ion contained herein may be excerpted, copied, d isseminated or otherwise d isc losed to any other person without the company 's express wri t ten consent. Page 13

Electronic Execution MarketAxess'

Request Live and Executable Levels

- You select the pool of dealers to respond to trade inquiry

Electronically Execute at the Best Price

- Competitive bidding/offering

- Streamlined for both Index and Single Name Protocols

Cash Flows and Trade Details - Calculations occur within the

Trading System

^Inquiry: 61180

Your Request:

Bid: $5,000M GE 5.100 02/15/19 UST3.62508/19-CUR 10 Outright

Status: RespReq

tDealsr j Size (000s) jSpread (bps)lkl Pricing CS

RBSM BAML BNYM BNPP DLR1 BARX CIBC

C DB

$5,000 100.749 $5,000 100.777 $5,000 101.247 $5,000 101.388 $5,000 103.205

Live Live Live Live Live

HISTOmCnLACTIWlY CUSIP: 36966RW7a

Allocations (0)

0:42 0:42 0:42 0:42 0:42

Dealer responses are released simultaneously from the 'holding bin'

allowing investors to choose best level ActwHyLoo : Analytics I BondTicker I Commi

11:10:19 AM WFS has failed lo respond 11:10:19 AM SANT has failed to respond

11 '10-19 AM ^'^'^'^ (b nymdealer) bids UST +101.388, size $5,000,000, Timer 1 mlns (Auto Spot) Remark Dealer response QuoteUpdate

10:19 AM BARX has failed lo respond 10:19AM MS has failed lo respond

Compliance - Instant access to demonstrate

compliance with Best Execution

Member SIPC Confidential and proprietary information of IVlarketAxess Holdings Inc. (the "company"). None of the information contained herein may be

excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Page 14

Post-Trade •H ^1 k •K

^ k MarketAxess'

Straight Through Processing - Trade details flow directly into

your blotter and/or trading system

Post-Trade Feeds - Experienced in building

connections with all types of formats and endpoints

- Fully capable of connecting directly to CCPs

Reporting

- Existing connectivity to TRACE - Experience with connectivity to

DTCC

Electronic Trade Ticket

• ^ Trade Ticket

YOU SOLD

Qmm InquliylD: 61180 Trade Date: 09/29e009 Trade Time: 11:10 AM EDT

SLD ; Response Summaiy

r Corporate Trade Details

GE 5.100 02/15/19 Issuer: GE CAPTAL

Coupon: 5.10DH I IVIatiiiity: 02/15/2019 I CUSIP: 36966mU28

I I Trade ID: 38626-0 I 1 I r BenclimarK Spot Details I ! UST 3.625 08/19 ! ' - - • - -

I Counterparty Information I Dealer: CS Cvi

r Trade Proceeds

Size: $5,000,000 Spread: 100.749... Cvr: 100.777 Principal;

Benchmark: UST 3.625 08/19 Yield: 4.33BK

Price: 105.811

User: ameatto... Portfolio: N/A

$5,290,550.0

$33,291.67

$5,323,841.67

47

StIDate: Fri 10/02/2009

" " ~ Spot Price; 102-14+

RBSM

• - • - — -

""*"" ' spotYieid; 3.331% j status: Dofie

Trader: csflidealer Salesperson: N/A

- - — Activity Log

MA Inc. (ameattol 2) aprees to the final price of 105.811. Trade Is complete CS(cs(tidealer^ submits final price ofi 05.811 for confirmation 102-14t (3.331) spot on UST 3.625 08/19 • CUR 10 accepted by MA Inc. (ameatlol 2). Est. DW Hedge Is $4,^,000. Awaiting price confirmalion CS (cS^aler) (auto) provides 102-14* (3.331) spot on UST 3.625 08/19 - CUR 10 Bid o f+^^ i2Jrom CS (cslbdealer) accepted by MA Inc. (ameattol 2). Cover UST *100.777. DONE - AwalUng

I Cancel Trade I lAmendTradel

Fully electronic audit trail from trade inquiry to settlement

IVlemberSIPC Confidential and proprietary information of iVlarl^etAxess Holdings Inc. (tlie "company"). None of tl ie information contained tierein may be excerpted, copied, disseminated or otiierwise disclosed to any other person without the company's express written consent. Page 15

BondTicker MarketAxess'

(^BondTicker Corporate Bond Detail - Windows Inlernel Explorer

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Corporate BoncfTicker IssutB US BONOS US AGENCIES EURO BONDS >< MUNIS CDS LOANS ETFS NEWS / RESEARCH MICTX ACTIVIIV COHPUANCE INFO SETTINOS

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Corporate Trade Summaty (Sector - Financed Curfnml;.!. Vl.w

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Once the trade is executed and reported to TRACE, it appears on Marl<etAxess Corporate BondTicker™

BondTicker provides professional market participants witti the most robust corporate bond price information available today

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IVlemberSIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None of the information contained herein may be excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Page 16

Electronic Trading: Front to Back Solution MarketAxess^

A COMPLETE ELECTRONIC PROCESS

- Pre-Trade analysis and electronic request-for-quote auctions

- Electronically execute at the best level, complete with audit trail

- Trade details electronically flow into your blotter/trading system

- TRACE/TRACE-like reporting automatically occurs

- MarketAxess maintains an electronic audit trail for the trade from inquiry to settlement

- Post-trade connectivity available to a variety of OMS systems

- Instantaneous post trade message could link to CCPs

Member SiPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None of the information contained herein may be ; excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Page 17