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CBOE Press LuncheonNew YorkJanuary 13, 2015

Edward Tilly, Chief Executive OfficerJim Lubin, Vice President, CFE Senior Managing DirectorDavid Gray, Vice President

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Forward-Looking Statements

This presentation may contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those statements that reflect our expectations, assumptions or projections about the future and involve a number of risks and uncertainties. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause actual results to differ materially from that expressed or implied by the forward-looking statements, including: the loss of our right to exclusively list and trade certain index options and futures products; increasing price competition in our industry; compliance with legal and regulatory obligations and obligations under agreements with regulatory agencies; decreases in the amount of trading volumes or a shift in the mix of products traded on our exchanges; legislative or regulatory changes, including heightened capital requirements for some of our customers ; increasing competition by foreign and domestic entities; 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 accommodate trading volume and order transaction traffic without failure or degradation of performance of our systems; our ability to protect our systems and communication networks from security risks, including cyber-attacks; economic, political and market conditions; our ability to maintain access fee revenues; our ability to meet our compliance obligations; our ability to attract and retain skilled management and other personnel; our ability to maintain our growth effectively; our dependence on third party service providers; and the ability of our compliance and risk management methods to effectively monitor and manage our risks. 

More detailed information about factors that may affect our performance may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2013 and other filings made from time to time with the SEC.

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Today’s Agenda

Introductions

2014 By the Numbers

Trading Volume

Market Share

Stock Performance

Key Initiatives

Develop New Products

Increase Access to Our Marketplace

Educate and Engage Customers

Q & A

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2014 Trading Volume

CBOE Holdings volume was a record 1.3 billion contracts

Increases in ADV across each product category

Record total volume and ADV for CBOE, C2 and CFE

CBOE options volume growth outpaced industry (11% vs 4%)

New all-time highs for total index options, SPX options, VIX options and futures…

CBOE Holdings Total Volume and ADV Increased 12% in 2014

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2014 Trading Volume

*includes SPX Weeklys

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2014 Market Share

In December 2014:

CBOE & C2 accounted for 30.6% of industry volume; up versus 29.3% in December 2013

CBOE total market share of 28.6% versus 27.5% in December 2013

CBOE multiply-listed market share of 20.8% versus 20.3% in December 2013

Focused on being among the leaders in options market share

28.6%

22.8%

¹Market share stats exclude dividend trades

20.3%

27.5%

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2014 Stock Performance

CBOE’s total shareholder return was 25% for 2014, compared with an average of 13% for our Exchange peers

For the fourth consecutive year since our IPO, we increased our quarterly dividend in 2014 to $0.21 per share, an increase of 17%

Stock reached an all-time high of $68.00 last Thursday

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Strategic Initiatives

Develop New Products

Increase Access to Our Marketplace

Educate and Engage Customers

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TABB Group on Institutional Use of U.S. Equity Index Derivatives

Some of the Study Findings: Over 90% of asset managers say their equity index derivatives volume will increase over the next year

Use of equity index derivatives has steadily increased over past 5 years and TABB predicts use will increase by another 6% in the coming year

Reasons for increased usage included market structure changes in both OTC and cash markets, as well as the efficiencies of index derivatives -- lower trading costs due to their inherent leverage and an efficient way to access foreign markets

Develop New Products

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Expanding Index Complex

CBOE is home to the most extensive line of index options products in our industry: S&P, Dow Jones, Nasdaq and Russell

Pleased to expand our index complex with addition of key MSCI Indexes

Combining MSCI’s experience in global benchmark indexes with CBOE’s leadership in developing and trading successful index options

MSCI: global exposure, S&P and Dow: U.S. exposure

CBOE only U.S. exchange for trading MSCI Index options

Launch two of MSCI’s best-known indexes in first quarter:

MSCI EAFE Index (Europe, Australasia, Far East)

MSCI Emerging Markets Index

4 others to follow later in 2015

Ability to develop MSCI volatility products in the future

Develop New Products

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Extended Trading Hours

Increase Access to Our Marketplace

VIX FuturesSuccessfully expanded trading to nearly 24-hours a day, 5 days a week

4.3M contracts traded during non-U.S. hours / 9% of total CFE volume

SPX and VIX OptionsPlans underway to launch SPX and VIX options in first quarter

Hours: 2:00 a.m. to 8:15 a.m., CT, Monday through Friday

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Develop New Products

Diversifying Volatility Product Line

Short-Term VIXFutures and options launched in 2014

9-day gauge, complements flagship, 30-day VIX

10-Year Treasury Note VIX Hedge pure interest rate volatility risk based on U.S. government debt with a single product for the first time

Massive space, but new area for volatility trading, we’ve embarked on extensive education initiative

Foreign ExchangeToday, began calculating values for 3 new volatility indexes on CME Group products (press release in folder):

Dollar/Euro (EUVIX)

Dollar/British Pound (BPVIX)

Dollar/Yen (JYVIX)

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CBOE the “Go-To” Source for Options, Volatility Trading Information

Educate and Engage Customers

World-Renowned Options InstituteConducting hundreds of seminars for tens of thousands of investors -- in the classroom and online

Revised CBOE.comEnhanced site optimizes desktop, mobile phone and tablet viewing

New “CBOE Mobile” App17,000+ downloads/updates since Nov

Global Marketing/EducationIncreasing efforts in Europe and Asia

Institute hosting groups from China

Annual Risk Management Conference held in U.S., Europe and in 2015, Asia

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New White Paper on Fund Use of Options

Study analyzed investment companies that focus on the use of exchange-listed options for portfolio management (options-based funds)

Key Findings:First-ever list of 119 options-based funds (up from 10 funds in 2000)

Options-based funds had higher risk-adjusted returns and lower volatility

Notional $ value of SPX ADV grew to more than $170 billion in 2014

Educate and Engage Customers

(press release & white paper excerpts in folder)

Q&A

CBOE400 South LaSalle StreetChicago, Illinois 60605www.cboe.com@CBOE