1. 1 CBOE HOLDINGS 1 CBOE Press Luncheon New York January 13, 2015 Edward Tilly, Chief Executive Officer Jim Lubin, Vice President, CFE Senior Managing Director David Gray, Vice President

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 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.

3. 3 CBOE HOLDINGS 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

4. 4 CBOE HOLDINGS 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

5. 5 CBOE HOLDINGS 2014 Trading Volume *includes SPX Weeklys

6. 6 CBOE HOLDINGS 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%

7. 7 CBOE HOLDINGS 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

8. 8 CBOE HOLDINGS Strategic Initiatives Develop New Products Increase Access to Our Marketplace Educate and Engage Customers

9. 9 CBOE HOLDINGS 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

10. 10 CBOE HOLDINGS 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

11. 11 CBOE HOLDINGS Extended Trading Hours Increase Access to Our Marketplace VIX Futures Successfully 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 Options Plans underway to launch SPX and VIX options in first quarter Hours: 2:00 a.m. to 8:15 a.m., CT, Monday through Friday

12. 12 CBOE HOLDINGS Develop New Products Diversifying Volatility Product Line Short-Term VIX Futures 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 Exchange Today, 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)

13. 13 CBOE HOLDINGS CBOE the “Go-To” Source for Options, Volatility Trading Information Educate and Engage Customers World-Renowned Options Institute Conducting hundreds of seminars for tens of thousands of investors -- in the classroom and online Revised CBOE.com Enhanced site optimizes desktop, mobile phone and tablet viewing New “CBOE Mobile” App 17,000+ downloads/updates since Nov Global Marketing/Education Increasing efforts in Europe and Asia Institute hosting groups from China Annual Risk Management Conference held in U.S., Europe and in 2015, Asia

14. 14 CBOE HOLDINGS 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)

15. Q&A

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