March 14, 2018

Cboe Global Markets Analyst Luncheon FIA Boca 2018

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This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; our index providers’ ability to maintain the quality and integrity of their indexes and to perform under our agreements; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to attract and retain skilled management and other personnel, including those experienced with post-acquisition integration; our ability to accommodate trading volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; our ability to protect our systems and communication networks from security risks, including cyber-attacks and unauthorized disclosure of confidential information; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; our ability to manage our growth and strategic acquisitions or alliances effectively; unanticipated difficulties or expenditures relating to the acquisition of Bats Global Markets, Inc., including, without limitation, difficulties that result in the failure to realize expected synergies, accretion, efficiencies and cost savings from the acquisition within the expected time period (if at all), whether in connection with integration, migrating trading platforms, broadening distribution of product offerings or otherwise; restrictions imposed by our debt obligations; our ability to maintain an investment grade credit rating; potential difficulties in our migration of trading platforms and our ability to retain employees as a result of the acquisition; and the accuracy of our estimates and expectations. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2017 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

Trademarks: Cboe®, Bats®, BZX®, BYX®, EDGX®, EDGA®, Cboe Volatility Index® and VIX® are registered trademarks and Cboe Global MarketsSM and C2SM are service marks of Cboe Global Markets, Inc. and its subsidiaries. All other trademarks and service marks are the property of their respective owners. © 2017 Cboe Global Markets, Inc. All rights reserved.

Cautionary Statements Regarding Forward-Looking Information

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Strong attendance at RMC US, including:

• Institutional traders

• Pension plan sponsors

• Portfolio and mutual fund managers

• Investment advisors

• Hedge fund managers

• Equity derivatives strategist

Included timely topics such as short vol strategies, changes in the volatility regime and new strategies for rebalancing portfolios using options

Key takeaways from RMC

34th Annual Risk Management Conference US (RMC) Held March 7 – 9, 2018

Given recent market events, opportune time to engage with and educate users on the utility of our proprietary products

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Concerns about inflation and its impact on interest rates are key macro risk drivers so far in 2018

Key theme heard at RMC US last week was the synchronization of low volatility across asset classes over the past 10 years

As a result, higher volatility across asset classes is likely as global business cycles mature and monetary policy changes

VIX futures and options strategies can work in low-, medium- and high-volatility regimes

We’ve seen growing sophistication in the use of these products and strategies, and expect to see this trend continue

Firmly believe we are on the edge of innovation with VIX products and are excited about the opportunities that lie ahead

VIX: Looking Ahead

Market landscape has changed since year-end

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VIX: Ongoing Education

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Index customers at Cboe typically use VIX and SPX products interchangeably or in tandem, depending on their trading objective and market conditions

SPX options and VIX futures are the most liquid and direct tools to hedge against adverse moves in the U.S. stock market and market volatility, respectively

When traders/investors need to adjust positions quickly, they tend to use the most direct and liquid instruments, such as SPX options and VIX futures

While VIX options are extremely liquid as well, their use is more nuanced, and offer other market opportunities

¹Through March 9, 2018

Proprietary Index Suite Provides a “Toolbox” of Products for Index Customers

698 823 888 939 1,024 1,164 1,552 1,823 1,463443 567 632 573 588 722996

1,561

840

95159 201 205 239

294

343

475

250

2012 2013 2014 2015 2016 2017 Jan '18 Feb '18 ¹Mar '18

SPX Options VIX Options Other Index Options VIX Futures

Toolbox of Volatility Products - ADV(in thousands)

1,638 1,8251,8141,312

2,648

1,9592,271

3,968

2,998

All-time high across

products

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VIX Futures Volume vs Open Interest

VIX Futures Volume Historically Not Correlated to Open Interest

80,000

180,000

280,000

380,000

480,000

580,000

680,000

780,000

880,000

980,000

1,080,000

1,180,000

1,280,000

1,380,000

1,480,000

VIX Futures Volume VIX Futures OI

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*March ADV through March 9, 2018

VIX Futures Volume is Highly Correlated to the VIX of VIX (VVIX)

0

20

40

60

80

100

120

140

160

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Jan

-15

Feb

-15

Mar

-15

Ap

r-15

May

-15

Jun

-15

Jul-

15A

ug

-15

Sep

-15

Oct

-15

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-16

May

-16

Jun

-16

Jul-

16A

ug

-16

Sep

-16

Oct

-16

No

v-16

Dec

-16

Jan

-17

Feb

-17

Mar

-17

Ap

r-17

May

-17

Jun

-17

Jul-

17A

ug

-17

Sep

-17

Oct

-17

No

v-17

Dec

-17

Jan

-18

Feb

-18

*Mar

-18

VIX Futures Monthly ADV vs Average VIX of VIX (VVIX)

VIX Futures ADV VVIX

VVIX measures the implied volatility of VIX options – an indicator of the expected volatility of the 30-day forward price of the VIX

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Trading in VIX options and futures is also influenced by the VIX term structure

The VIX term structure indicates the difference between near-term and long-term implied volatility

Term structure is typically upward sloping (contango) and more favorable for trading opportunities

Volume calculated based on a trailing 22-day average

VIX Options and Futures Volume vs VIX Term Structure

00

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

1/1/2011 6/1/2011 11/1/2011 4/1/2012 9/1/2012 2/1/2013 7/1/2013 12/1/2013 5/1/2014 10/1/2014 3/1/2015 8/1/2015 1/1/2016 6/1/2016 11/1/2016 4/1/2017 9/1/2017 2/1/2018

VIX FUTURES and VIX OPTIONS VOLUME vs. VIX Term Structure

Contango Backwardation Flat Options Futures

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CFE platform enhancements include:

• Offers greater visibility into CFE with new order-by-order market data (PITCH) feed

• Increased Bandwidth/Port Order rate thresholds by 100 times versus previous

• Reduced latency by more than 80%

• Enhanced risk controls and self-trade prevention

• Improved complex spread order handling

• A fully-featured Customer Web Portal for trading and clearing firms

To date, orders per contract are up substantially reflecting the responsiveness of the new platform

Oct. 2017

• Complex Order Book

• Down payment on C1 and C2

Jan. 22, 2018

• Launched new Index Calculation Platform

Feb. 25, 2018

• CFE technology migration

April 2018

• Plan to announce Cboe Options migration date

2Q18

• Plan to migrate SPX to Hybrid trading

May 14, 2018

• Planned C2 technology migration

Migrating Cboe exchanges onto Bats technology to create a commonworld-class trading platform across our equities, options and futures markets

Successful Migration of CFE to Bats Technologyon February 25, 2018

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Hybrid incorporates electronic and open-outcry trading, which enables investors to choose their trading method

All Cboe Options products trade on our hybrid system, with the exception of standard SPX options

Higher percentage of proprietary products traded in open-outcry, primarily due their size and complexity

Plan to Migrate Standard SPX Options to Hybrid System in 2Q18

63.1%90.4% 91.3% 91.1%

36.9%9.6% 8.7% 8.9%

2007 2015 2016 2017Electronic Open Outcry

Multiply-Listed Options Traded on Cboe Options Exchange Electronic vs Open Outcry

6.6%

43.3% 43.0% 45.1%

93.4%

56.7% 57.0% 54.9%

2007 2015 2016 2017Electronic Open Outcry

Proprietary Options Traded on Cboe Options Exchange Electronic vs Open Outcry

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Growth in SPX Weeklys drove increase in electronic trading in total SPX options

S&P 500 Index (SPX) Options –The Most Actively Traded U.S. Index Option

1%38%

99% 62%

2007 2017

Open Outcry Electronic

SPX Options Traded Electronic vs Open Outcry

Product % Traded Electronic in 2017

Total SPX options 38%

SPX Weeklys 52%

SPX excluding Weeklys 19%

Total VIX options 52%

628 705 606 681 725 599 626 615 601 637 641

23

8 1559

99 197 273 338 387523

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

SPX Options SPX Weeklys

SPX Options Annual ADV(in thousands)

698

1,164

SPX Weeklys ADV include settlements on Mondays, Wednesdays and Fridays

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Questions & Answers

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Appendix

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Before the VIX Index, we could only measure volatility in the rear view mirror

VIX Index brought a standard measure of the market’s expectation of future volatility

VIX Index has become an important part of financial ecosystem, relied upon by investors, institutions and media as benchmark for cost of hedging risk

VIX Index: Measuring Volatility

Cboe Volatility Index (VIX)

What It Is

The VIX Index, created in 1993, is a benchmark index that measures the expected volatility over 30 days using real-time S&P 500 Index (SPX) options prices. Index typically has an inverse relationship with stocks.

What It Is Not

The VIX Index is NOT a tradable instrument. The VIX Index does NOT cause volatility.

How It Works

The VIX Index is calculated every 15 seconds as a snapshot of current market conditions. It uses the midpoint of real-time bid and ask quotes (not trades) on S&P 500 Index options.

Cboe revolutionized investing with creation of the Cboe Volatility Index (VIX), the first benchmark to measure the market’s expectation of future volatility

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The Return of Volatility to the Market

S&P 500 Index fell 4%

Dow dropped nearly 1,200 points -- its largest one-day point drop in history

U.S. equities lost over a trillion dollars

VIX Index rose 115% -- its largest ever single-day percentage increase

ETPs poised for continued low volatility suffered losses

Several different factors contributed to jump in market volatility on February 5

After two years of low volatility in a prolonged bull market, volatility roared back in February, with a sharp market drop on February 5

0.00

10.00

20.00

30.00

40.00VIX Index Daily Close

Lowest Nov. 24, 2017 - 8.56; Highest Feb. 6, 2018 - 50.30

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A newly released report found that the number of SEC regulated funds using options rose from 10 in 2000 to 157 in 2017, and that the aggregate amount of assets in the options-based funds has risen to more than $54 billion.

The new study, “Performance Analysis of Option-Based Equity Mutual Funds, CEFs and ETFs: An Update” is now available at www.cboe.com/funds

New Report Shows 17-Year Growth in Number of Funds Using Options

Thank you for joining us.

Debbie KoopmanVP, Investor Relations

312-786-7136

koopman@cboe.com