1. 14 th Annual Financial Services Forum February 14, 2013 Edward Tilly, President and Chief Operating Officer Credit Suisse

2. 2 CBOE HOLDINGS 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 exclusive licenses to list certain index options; decreases in the amount of trading volumes or a shift in the mix of products traded on our exchanges; legislative or regulatory changes affecting the options markets; increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities; increasing price competition; our ability to maintain access fee revenues; economic, political and market conditions; 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 increases in 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; 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, 2011 and other filings made from time to time with the SEC.

3. 3 CBOE HOLDINGS At a Glance Leading Brand and Market Position Leading U.S. options exchange CBOE and VIX are industry’s leading brands Well positioned to benefit from secular growth Leading Product Innovator Exclusive index franchise differentiates CBOE Volatility suite provides strong growth potential High Performance Trading Technology CBOE Command™ - proprietary, state of the art electronic platform; built and maintained in-house Powers CBOE, C2, CFE, CBSX and OneChicago

4. 4 CBOE HOLDINGS Well Positioned for Growth Record Financial Results for 2012 Leveraged proprietary products Higher growth rate in proprietary products drove increase in RPC Effectively managed resources Invested in future growth initiatives Returned increased value to stockholders Well positioned to continue to grow and shape options and volatility space

5. 5 CBOE HOLDINGS Source: OCC and CBOE Large and Growing U.S. Options Market 2000 – 2012 CAGR: 15% (ADV in thousands)

6. 6 CBOE HOLDINGS Demand for Options Use Increasing Studies and research point to increasing demand for options across a variety of customer segments Macro drivers of growth Return of greater retail participation Increased standardization of the OTC market “Futurization” of swaps Increased globalization Evolutionary Buy-side OTC International Options Growth

7. 7 CBOE HOLDINGS Leading and defining the options industry for 40 years Product Development Trading Technology Investor Education Translating Our Mission into Value

8. 8 CBOE HOLDINGS Undisputed Leader in Innovation for 40 Years 1970s 1980s 1990s 2000s 2010s 1.1 million in 1973 > 1.1 billion in 2012 First marketplace for trading options Introduced LEAPS Devised methodology for VIX Began Hybrid trading model Began trading VIX options Opened CBOE Futures Exchange Introduced Index Options Established Options Institute Launched C2 and SPXpm Introduced CFLEX 2.0 Launched CBOE Command Opened London Hub Industry Leader in Product Innovation Total Annual Options Contract Volume

9. 9 CBOE HOLDINGS Strong Contribution from S&P 500 Index Product Line S&P 500 Index product line: SPX, SPXpm & SPX Weeklys S&P 500 Index product line has highest options RPC Volume down 7% in 2012 versus 2011 Strong growth in SPX Weeklys Volume up 69% in 2012 versus 2011 Moving SPXpm to CBOE from C2 Unites all SPX products on a single platform Exposes SPXpm to a broader user base, providing ease of access -- both open outcry and electronic trading ¹YTD through January 2013

10. 10 CBOE HOLDINGS VIX options ADV up 14% in 2012 Sixth consecutive annual record VIX futures ADV up 99% in 2012 Third consecutive annual record Momentum carried over into 2013 VIX futures ADV up 241% in January YOY VIX options ADV up 85% in January YOY Growth increasingly driven by a broader user base Record Growth in Volatility Trading ¹Through January 2013 Strong Growth Amid Low Volatility

11. 11 CBOE HOLDINGS Broadening Customer Base Growth in VIX products now being driven by a broader user base Increase in number and types of participants using VIX products Proprietary trading firms Hedge funds CTAs Pension funds Endowments Registered investment advisors

12. 12 CBOE HOLDINGS Fueling Growth Through Education CBOE is world’s go-to source for options education

13. 13 CBOE HOLDINGS Institutional Buy-Side Opportunity Number of funds using CBOE index options strategies increasing CBOE S&P 500 BuyWrite Index (BXM) Introduced 10 years ago First major benchmark index for options investment performance

14. 14 CBOE HOLDINGS OTC Opportunity OTC participants poised to drive increased options and volatility trading Traditional OTC participants seeking exchange-traded alternatives Introduced new CFLEX 2.0, customized trading technology Enables more convenient access to FLEX options, using same CBOE computer interface Introduced new products aimed at OTC users S&P 500 Variance Futures launched on CFE

15. 15 CBOE HOLDINGS Focus for 2013: Establishing Traction in Variance Products CFE introduced S&P 500 variance futures in December 2012 Customized to meet the needs of the OTC variance swaps market Expertise in volatility puts CBOE in a unique position to attract OTC variance swap business Working with customers to ensure specifications are aligned with the OTC variance market OTC Opportunity

16. 16 CBOE HOLDINGS International Opportunity Expect continued demand for U.S. options from European institutional investors Tabb study estimates 10% of U.S. listed options volume from Europe CBOE estimates 15-20% of its volume comes from outside U.S. SPX enables overseas investors to take a position in or to hedge the broader U.S. equity market with a single transaction VIX index serves as proxy for worldwide equity market volatility Growing interest in VIX options and futures globally

17. 17 CBOE HOLDINGS International Opportunity Intensifying our international marketing focus Opened CFE London Hub February 1, 2013 Expanding VIX futures trading to virtually 24 hours a day, five days a week in May 2013 Pending regulatory approval RMC continues to showcase VIX options and futures trading Second annual European RMC to be held in Sept. 2013

18. 18 CBOE HOLDINGS Operating revenues up 1% Adjusted operating margin of 48.7%, up 30 bps Adjusted diluted EPS of $1.69, up 6% ¹Adjusted to reflect the impact of certain items. See Appendix for “Non-GAAP Information.” ‘07-’12 CAGR 8% Strong Financial Performance Focused on driving revenue growth and controlling expenses ‘ 07-’12 CAGR 13%

19. 19 CBOE HOLDINGS Enhancing Stockholder Value Strong cash flow generation, improving stockholder returns Returned nearly $700 million to stockholders since IPO Deploy capital opportunistically Fund growth in business Steady growth in dividend payout Share repurchases ’07 – ’12 CAGR 12%

20. 20 CBOE HOLDINGS Confident in Long-Term Growth Prospects Reward Stockholders and Invest in Growth Successfully Compete in Commoditized Products Leverage Proprietary Products Prudently Manage Expenses

21. Questions & Answers

22. Appendix Materials

23. 23 CBOE HOLDINGS 2012 Financial Overview Adjusted Basis¹ (in millions, except EPS and RPC) 20122011$ Change% Change Operating Revenues$512.3$508.1$ 4.21% Adjusted Operating Expenses262.9262.4 0.5- Adjusted Operating Income$249.4$245.7$ 3.62% Adjusted Operating Margin %48.7%48.4%30 bps Adjusted Net Income Allocated to Common Stockholders$147.5$143.1$ 4.43% Adjusted Diluted EPS$ 1.69$ 1.59$0.106% Total ADV4.544.83-6% Rate per Contract$0.315$0.307$0.0083% ¹Adjusted to reflect the impact of certain items. See Appendix for “Non-GAAP Information.”

24. 24 CBOE HOLDINGS Quarterly Adjusted Operating Income and Margin¹ ($ in millions ) ¹Adjusted to reflect the impact of certain items. See Appendix for “Non-GAAP Information.” Well Positioned to Gain Additional Leverage

25. 25 CBOE HOLDINGS Increasing Market Share – 2012 Total Industry Volume Equity Options¹ Options on ETPs¹ Index Options¹ Excl. Dividend Trades¹ CBOE CBOE C2 ISE NASDAQ PHLX NASDAQ NOM NAASDAQ NOBO NYSE AMEX NYSE ARCA BOX Source: Options Clearing Corporation and CBOE ¹Full-Year 2012. Excludes Dividend Trades May not add to 100 percent due to rounding 29.0% 27.8% BATS

26. 26 CBOE HOLDINGS CBOE Holdings Quarterly Options ADV (contracts in millions) Quarterly Options ADV

27. 27 CBOE HOLDINGS Trading Volume Mix 2012 vs 2011 RPC Increase Reflects Shift in Mix of Trading Volume

28. 28 CBOE HOLDINGS Trading Volume Mix 4Q12 vs 4Q11 RPC Increase Reflects Shift in Mix of Trading Volume

29. 29 CBOE HOLDINGS Proprietary Products Account for Growing Percentage of Transaction Fee Revenue Index options and futures contracts increased to 71.3% of transaction fee revenue in 4Q12 versus 58.5% in 4Q11

30. 30 CBOE HOLDINGS CBOE Holdings Rolling 3-Month RPC 2012JanFebMarAprMayJunJulAugSepOctNovDec Equities$0.151$0.128$0.110$0.112$0.117$0.123$0.124$0.122$0.118$0.121$0.124$0.134 Indexes0.6400.6510.6580.6670.6730.6770.6800.6840.6820.6750.670 Exchange-traded products0.2060.1880.1710.1720.1760.1800.177 0.1800.1830.186 Total options average0.2970.2750.2610.2670.2790.2880.2890.2860.2870.2940.3090.322 Futures1.4741.6101.6971.6551.6501.6071.5981.6261.6061.5731.4731.442 Total average transaction fee per contract$0.308$0.289$0.280$0.290$0.304$0.314$0.316$0.315$0.317$0.326$0.342$0.355 2011JanFebMarAprMayJunJulAugSepOctNovDec Equities$0.170$0.164$0.160$0.163$0.168$0.169$0.171$0.159 $0.155$0.163$0.167 Indexes0.5920.6010.6040.6150.6180.6270.6240.6060.605 0.6210.631 Exchange-traded products0.2230.2150.207 0.2080.2020.1970.1870.1920.1940.2050.212 Total options average0.2760.2720.2750.2820.2890.2950.3030.3000.3010.3000.3080.312 Futures1.6571.5911.5071.4931.5141.4771.4371.3761.3711.3481.3281.329 Total average transaction fee per contract$0.286$0.282$0.285$0.293$0.301$0.308$0.316$0.313 $0.311$0.317$0.321 2010JanFebMarAprMayJunJulAugSepOctNovDec Equities$0.177$0.180$0.184$0.172$0.163$0.162$0.170$0.180$0.182$0.180$0.179$0.177 Indexes0.5760.5900.5970.5840.5780.5800.5900.5970.5980.592 0.590 Exchange-traded products0.2340.2370.2360.2250.2150.2170.2220.2330.2360.228 0.224 Total options average0.2820.2900.2970.2820.2740.2770.2880.2960.3000.2960.2920.284 Futures2.0922.0041.9521.8791.8321.7171.6941.6001.6611.6691.6741.679 Total average transaction fee per contract$0.286$0.294$0.300$0.286$0.279$0.281$0.293$0.301$0.306$0.302$0.300$0.293 2009JanFebMarAprMayJunJulAugSepOctNovDec Equities$0.179$0.188$0.195$0.188$0.183$0.188$0.187$0.181$0.171$0.168$0.172 Indexes0.5830.5730.5690.5630.565 0.5700.5670.5740.5780.5740.563 Exchange-traded products0.2590.2670.285 0.2720.2630.2470.2450.2370.2350.2340.233 Total options average0.287 0.2920.2820.2730.272 0.2700.2640.2660.2730.274 Futures1.7281.6961.6891.6571.6701.7381.8191.9271.9382.0772.1062.186 Total average transaction fee per contract$0.288 $0.292$0.283$0.274$0.273 $0.272$0.266$0.268$0.277$0.278

31. 31 CBOE HOLDINGS Quarterly Core Operating Expenses¹

32. 32 CBOE HOLDINGS Annual Core Operating Expenses¹

33. 33 CBOE HOLDINGS 2013 Full-Year Guidance As of February 8, 2013 ($ in millions) 2012 Actual2013 Guidance Core operating expenses$ 179$189 to $194 Continuing stock-based compensation¹$ 12 $18 Core operating expenses excluding stock-based compensation$ 167$171 to $176 Adjusted tax rate39.7%39.5% to 40.0% Depreciation and amortization $ 31$37 to $39 Capital expenditures$ 30$35 to $40 1 Stock-based compensation expense is included in employee costs.

34. 34 CBOE HOLDINGS Estimated 2013 Stock-Based Compensation by Quarter Quarterly breakout of estimated continuing stock-based compensation for 2013 1Q132Q133Q134Q13Total Continuing stock-based compensation¹$3.7$5.5$4.4 $18.0 Accelerated stock-based compensation¹, ²$3.2 ¹All stock-based compensation is reported in employee costs ²Excluded from core expenses; included in non-GAAP reconciliation

35. 35 CBOE HOLDINGS Weighted Average Shares Calculation

36. 36 CBOE HOLDINGS NOTE: May not foot due to rounding GAAP to Non-GAAP Reconciliation For 2012

37. 37 CBOE HOLDINGS NOTE: May not foot due to rounding GAAP to Non-GAAP Reconciliation For Years 2009, 2010 and 2011

38. 38 CBOE HOLDINGS In addition to disclosing results determined in accordance with GAAP, CBOE Holdings has disclosed certain non-GAAP measures of operating performance. The non-GAAP measures provided in this presentation include core operating expenses, adjusted operating revenue, adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted effective tax rate, adjusted net income, adjusted net income allocated to common stockholders and adjusted diluted earnings per share. Management believes that the non-GAAP financial measures presented in this presentation, including adjusted net income and core operating expenses, provide useful and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures disclosed by management, including adjusted diluted EPS, are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non- GAAP financial measures used by other companies. Core operating expenses is the company’s operating expenses after excluding (i) volume-based expenses, (ii) depreciation and amortization expense, (iii) accelerated stock-based compensation expense and (iv) other unusual or one-time expenses. Non-GAAP Information

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