#1VANZAZI NZINZ 24400 C'boe Global Markets Fourth Quarter 2020 Earnings Presentation February 5, 2021 WEEKEN 1#2Agenda Strategic Review Financial Review Questions & Answers Edward Tilly Chairman, President and Chief Executive Officer Brian Schell Executive Vice President, CFO and Treasurer Edward Tilly Brian Schell Chris Isaacson Executive Vice President and Chief Operating Officer John Deters Executive Vice President and Chief Strategy Officer Cboe 2#3Cautionary Statements Regarding Forward-Looking Information C'boe 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 impact of the novel coronavirus ("COVID-19") pandemic, including changes to trading behavior broadly in the market; 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 or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes; our ability to protect our systems and communication networks from security risks, cybersecurity risks, insider threats and unauthorized disclosure of confidential information; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; fluctuations to currency exchange rates; our index providers' ability to maintain the quality and integrity of their indices 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; our ability to minimize the risks, including our credit and default risks, associated with operating a European clearinghouse; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; 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; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; 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, 2019 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. This presentation includes market share, financials and industry data that we obtained from industry publications and surveys, reports of governmental agencies, third- parties and internal company surveys. Industry publications and surveys generally state that the information they contain has been obtained from sources believed to be reliable, but we cannot assure you that this information is accurate or complete. We have not independently verified any of the data and financials from third-party sources nor have we ascertained the underlying economic assumptions relied upon therein. Statements as to our market position are based on the most currently available market data. While we are not aware of any misstatements regarding industry data and financials presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors. Trademarks: Cboe®, Cboe Global Markets®, Cboe Volatility Index®, Bats®, BIDS Trading®, BZXⓇ, BYXⓇ, EDGXⓇ, EDGAⓇ, EuroCCP®, MATCHNow®, and VIX® are registered trademarks of Cboe Global Markets, Inc. and its subsidiaries. All other trademarks and service marks are the property of their respective owners. 3#4C'boe Global Markets Strategic Review and Outlook Edward Tilly Chairman, President and CEO 4#52020: Record Results and Strategic Progress Against Challenging Backdrop Achieved record results while building the foundation for future growth Experienced solid growth in multi-listed options and cash equities Continued growth in recurring non-transactional revenue Record results despite macroenvironment that did not favor index trading for much of the year Continued to successfully execute on our strategic growth initiatives Strategic acquisitions further diversified our product set and revenue streams, and expanded our global reach Operational excellence was demonstrated through business continuity during unprecedented trading activity Pleased with the progress we made against our strategic plan ● ● ● ● $1.3B* 2020 Net Revenue +10% Y/Y *Cboe record ¹See appendix for "Non-GAAP Information." C'boe $5.27* 2020 Adjusted EPS¹ +11% Y/Y $520MM* Capital Returned to Shareholders in 2020 +69% 5#62021 and Beyond: Continued Growth and Investment Cboe Targeting mid-term organic net revenue growth of 4 to 6 percentage points Investing in organic growth initiatives in 2021 Beginning to see institutional investors re-engage in trading our index options and volatility products Continuing to execute against our strategic growth initiatives and plan to build on this momentum in 2021#7Strategic Momentum 2020 Highlights Achieved 12% growth in recurring non- transactional revenue; 9% organic growth¹ *Closed acquisitions that expand geographic reach and product offerings Launched Mini VIX futures and S&P 500 ESG Index options; grew iBoxx futures ¹See "Non-GAAP Information" in appendix for reconciliations *Subject to regulatory approval Build upon core proprietary products Leverage leading proprietary trading technology Expand product lines across asset classes Cboe Diversify business mix with growth of non-transactional revenues Broaden geographic reach C'boe Expectations for 2021 and Beyond Increased trading in index options and futures Continued recurring revenue growth driven by Information Solutions expansion Pan-European derivatives launch planned in 2Q21* BIDS Trading expansion ❖ Products and initiatives targeted to retail investors#8C'boe Global Markets Financial Overview and Guidance Brian Schell EVP, CFO and Treasurer 8#94Q20 Financial Summary $307MM Net Revenue +10% Y/Y $206MM Adjusted EBITDA¹ (Adjusted EBITDA margin of 66.9%) $1.21 Adjusted EPS¹ flat Y/Y ¹See appendix for "Non-GAAP Information." $280 4Q19 70.2% $197 4Q19 $1.21 4Q19 Net Revenue (in millions) $358 1Q20 74.2% $266 1Q20 Adjusted EBITDA¹ (in millions) $1.65 $297 1Q20 2Q20 71.1% $211 2Q20 Adjusted EPS $1.31 $292 2Q20 3Q20 65.9% $192 3Q20 $1.11 3Q20 Cboe $307 4Q20 66.9% $206 4Q20 $1.21 4Q20 Margin % 9#104Q20 Net Revenue by Segment and Key Drivers Net Revenue¹ (in millions) $280.3 $139.4 $75.5 30.9 $21.6 $12.9 4Q19 +10% $307.1 $162.5 $73.6 $21.5 $35.5 $14.0 4Q20 Segment Options CBOE - C2 - BZX - EDGX U.S. Equities BYX-BZX- EDGA - EDGX Futures CFE European Equities Europe Lit & Dark - BXTR - LIS-EuroCCP Global FX Spot - Forwards - SEF • Net revenue up 17% Higher trading in multi-listed options and growth of proprietary market data 4Q20 Key Drivers • Net revenue down 3% • Decrease in SIP market data revenue, including lower SIP audit recoveries • Net revenue down 30% • Lower trading volume in VIX futures ● Net revenue up 64% • Addition of EuroCCP ● Cboe ● Net revenue up 9% Growth in transaction and non-transaction revenue Record market share 10#114Q20 Adjusted Operating Expenses Up 17%, Primarily Driven boe by Acquisitions ● ● 4Q expense increase primarily driven by addition of EuroCCP and other acquisitions: $9 million increase in compensation-related expenses $3 million increase in technology support services $2 million increase in professional fees and outside services Excluding acquisitions, adjusted operating expenses were up 4% in 4Q and down 2% for the year Adjusted Operating Expenses¹ (in millions) Compensation and benefits Depreciation and amortization¹ Technology support services Professional fees and outside services Travel and promotional Facilities costs Other expenses Total¹ 4Q19 'Adjusted to reflect the impact of certain items. See Appendix for "Non-GAAP Information." $49.0 9.4 11.9 15.4 3.6 3.2 3.1 $95.6 4Q20 $57.5 9.2 15.0 17.6 2.4 4.9 5.6 $112.2 % Chg 17% -2% 26% 14% -33% 53% 81% 17% 2019 $199.0 38.1 46.2 68.3 11.9 11.0 14.8 $389.3 2020 $224.9 33.8 54.5 60.6 6.6 17.6 17.5 $415.5 % Chg 13% -11% 18% -11% -45% 60% 18% 7% 11#122021 Revenue Guidance +4-6% Net Revenue Contribution From Recent Acquisitions +6-7% Recurring Non-Transactional Organic Revenue Growth Cboe For 2021, expecting net revenue contribution from recent acquisitions in a range of 4 to 6 percentage points Leverage the deals closed in 2020 to accelerate organic growth in 2021 Targeting 6-7% organic growth from recurring non-transactional revenue Growth in subscribers expected to be key driver of organic recurring non-transactional revenue 12#13Adjusted Operating Expense Bridge 2020 to 2021 ($ in millions) $416 Normalize 2020 $55 2020¹ Adjusted M&A run Operating Expenses $16 $487 Non-recurring 2020 rate savings, including Normalized COVID-19 $14- $18 Core Comp, general cost increases ¹Adjusted to reflect the impact of certain items. See Appendix for "Non-GAAP Information" $7-$8 Facilities overlap $508 - $513 Investment $9- $10 European Derivatives buildout $15 - $16 Cboe $531 - $539 2021 Strategic growth Adjusted Operating initiatives Expense Guidance 13#142021 Full-Year Guidance Summary 2021 Full-Year Guidance 1, 2 ($ in millions) Recurring non-transactional revenue growth targets: Reported growth Organic growth Adjusted operating expenses5 Depreciation and amortization (excluding amortization of acquired intangible assets) Effective tax rate on adjusted earnings Capital expenditures 2021 Guidance as of February 5, 2021 7 to 8% 6 to 7% $531 to $539 $38 to $42 27.5% to 29.5% $60 to $65 Cboe 2020 Actual³ 12% 9% $416 $34 28.1% $48 ¹Specific quantifications of the amounts that would be required to reconcile the company's organic growth guidance, adjusted operating expenses guidance and the effective tax rate on adjusted earnings guidance are not available. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related expenses that would be required to reconcile to GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non- GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's adjusted operating expenses and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. ²Guidance includes acquisitions completed through December 31, 2020, and investment in launching pan-European trading and clearing. ³See "Non-GAAP Information" in the appendix for reconciliations of 2020 actual. 4Represents access and capacity fees and proprietary market data. 5Adjusted operating expenses exclude acquisition-related expenses and amortization of acquired intangible assets. The amortization of acquired intangible assets was $125 million for 2020 and is expected to be $116 million for 2021. Adjustments included in the non-GAAP reconciliation. 14#15Focused on Efficient Allocation of Capital to Create Long-Term Shareholder Value Preserving balance sheet flexibility remains a priority Capital allocation priorities include: Investing in the growth of our business Consistent dividend payments and growth Opportunistic share repurchases ● ● Record annual capital return of $520 million in 2020, up 69% versus 2019 Dividend raised each year since IPO; up 17% in 2020; 5-year CAGR of 13% Debt Outstanding ($ in millions) 3.650% Senior Notes (10Y; Due 2027) 1.625% Senior Notes (10Y; Due 2030) Revolving Credit Agreement Term Loan Facility EuroCCP Credit Facility Total Debt (Gross) Debt to EBITDA TTM¹ Adjusted Cash & Financial Investments¹ Dividends Paid Share Repurchases ¹See Appendix for "Non-GAAP Information." Dec. 31, 2019 $650 225 $875 1.2x $208 $40.1 $69.5 Mar. 31, 2020 $650 225 $875 1.0x $137 $40.0 $119.5 June 30, 2020 $650 225 $875 1.0x $176 $39.5 $99.8 Sept. 30, 2020 $650 70 225 $945 1.1x $213 $45.8 $41.8 Dec. 31, 2020 $650 500 70 $1,220 1.4x $210 $45.4 $88.0 Cboe 15#16Well Positioned to Continue Growth in 2021 2020 was a year in which we achieved record results and made strategic progress despite a challenging backdrop * Expect to grow revenue while continuing to execute against our strategic growth initiatives - C'boe Investments we plan to make in 2021 should contribute to long-term sustainable growth in 2022 and beyond Will continue disciplined expense management and efficient allocation of capital to create long-term shareholder value 16#17Questions and Answers Cboe 17#18Appendix C'boe 18#19Grew Recurring Non-Transactional Revenue 4Q20 recurring non-transactional revenue² up 16%; organic growth of 9% YoY ● ● ● 4Q20 organic growth excludes $5.1MM of revenue contributed from acquisitions and other items¹ 9% organic growth in access and capacity fees 10% organic growth in proprietary market data fees About 82% of organic proprietary market data revenue growth in 4Q20 driven by additional subscriptions About 84% of access and capacity fees in 4Q20 were attributable to incremental units $75.5 $75.3 $54.4 Recurring Non-Transactional Revenue (in millions) $21.1 $20.8 $20.9 1019 $76.6 $78.5 $81.9 $54.5 $55.7 $57.3 $24.2 $21.2 $57.7 2Q19 3Q19 4Q19 1Q20 Cboe I Access and Capacity Fees $81.2 $25.5 $55.7 $87.7 $27.1 $90.9 $28.2 $60.6 $62.7 2020 3Q20 4Q20 Prop Market Data ¹See appendix for "Non-GAAP Information." 2Recurring non-transactional revenue defined as proprietary market data plus access and capacity fees 19#20Options 4Q20 Net Revenue Up 17%; Year Up 15% Revenue increase primarily driven by: ● Higher transaction fees from multi-listed options Growth in proprietary market data revenue, with $4.7MM from acquisitions in 4Q20 and $15.2MM for the year Options Selected Revenue Data ($ in millions) Net Revenue Net transaction and clearing fees¹ Index options Multi-listed options Access and capacity Market data Market data - proprietary Market data - industry Options Key Operating Stats (in thousands, except RPC) Total market share Index options Multi-listed options Total ADV Index options Multi-listed options Total RPC Index options Multi-listed options ¹See appendix for "Non-GAAP Information." 4Q19 $139.4 $105.0 85.6 19.4 $26.5 $14.2 7.1 7.1 4Q19 4Q20 $162.5 $120.3 82.6 37.7 $28.4 $19.4 12.8 6.6 4Q20 37.4% 32.0% 99.0% 99.3% 31.3% 28.5% 7,297 10,299 1,745 1,595 5,552 8,705 $0.225 $0.182 $0.766 $0.809 $0.055 $0.068 Chg 17% 15% -4% 94% 7% 37% 80% -7% Chg 5.4 pts 0.3 pts -2.8 pts 41% -9% 57% -19% 6% 24% 2019 $564.1 $434.5 353.9 80.6 $104.1 $55.7 27.9 27.8 2019 2020 $649.7 $495.6 375.9 119.7 $107.0 $74.2 45.8 28.4 2020 Cboe 37.7% 34.3% 99.2% 99.2% 31.1% 30.0% 7,339 10,132 1,883 1,814 5,456 8,318 $0.235 $0.193 $0.746 $0.819 $0.059 $0.057 Chg 15% 14% 6% 49% 3% 33% 64% 2% Chg -3.4 pts -1.1 pts 38% -4% 52% -18% 10% -3% 20#21Futures 4Q20 Net Revenue Down 30%; Year Down 19% ● ● Revenue decrease driven by net transaction fees resulting from lower trading volume and RPC RPC decrease primarily reflects the addition of Mini VIX futures in 2020, one-tenth the size of standard VIX futures, and higher volume from corporate bond index futures and associated lead market maker incentives Futures Selected Revenue Data ($ in millions) Net Revenue Net transaction and clearing fees¹ Access and capacity Market data Futures Key Operating Stats (in thousands, except RPC) Total ADV Total RPC ¹See appendix for "Non-GAAP Information." 4Q19 $30.9 $26.1 $4.1 $1.6 4Q19 228 $1.794 4Q20 $21.5 $16.0 $4.5 $1.6 4Q20 159 $1.575 Chg 2019 -30% $131.3 -39% $110.2 10% $15.6 $6.5 Chg 2019 C'boe 2020 Chg $105.8 $84.5 $17.0 $6.6 2020 -19% -23% 9% 2% Chg -30% 249 201 -19% -12% $1.756 $1.665 -5% 21#22North American (N.A.) Equities 4Q20 Net Revenue Down 2%; Year Up 9% ● ● Increase in net transaction fees offset by lower SIP market data revenue, reflecting decrease in market share and SIP audit recoveries Net transaction fees reflect higher U.S. equities trading volume offset somewhat by lower net capture, primarily reflecting fee changes N.A. Equities Selected Revenue Data ($ in millions) Net Revenue Net transaction and clearing fees¹ Market data Market data - SIP² Market data proprietary Access and capacity fees N.A. Equities Key Operating Stats (shares in billions) U.S. Equities (shares in billions) Total Market Share Market ADV ADV (matched shares) Net capture (per 100 touched shares) Canadian Equities (shares in millions, CAD) Total Market Share - TSX Listed ADV (matched shares) Net capture (per 10,000 touched shares) - 4Q19 $75.5 $17.2 $34.7 25.4 9.3 $20.2 4Q19 16.4% 6.8 1.1 $0.023 4Q20 $73.7 $17.7 $32.9 22.8 10.1 $22.1 4Q20 15.1% 10.5 1.6 $0.015 4.7% 45.2 CAD 8.30 Chg -2% 3% -5% -10% 9% 9% Chg -1.3 pts 54% 45% -35% ¹See appendix for "Non-GAAP Information." 2Includes SIP audit recoveries of $1.5 million in 4Q19 and $0.7 million in 4Q20; $9.3 million for 2019 and $2.8 million for 2020. 2019 $300.8 $75.8 $138.1 101.6 36.5 $78.9 2019 16.3% 7.0 1.1 0.025 2020 $326.6 $100.0 $137.0 98.6 38.4 $84.2 2020 C'boe 15.8% 10.9 1.7 0.021 4.7% 43.1 CAD 8.26 Chg 9% 32% -1% -3% 5% 7% Chg -0.5 pts 56% 55% -16% 22#23European Equities Net Revenue Up 60% for 4Q20 and 30% C'boe for Year, Local Currency Basis, Reflecting Addition of EuroCCP ● ● Net revenue increase reflects contribution from EuroCCP Increase in net transaction fees driven by higher net capture, offset somewhat by lower market share European Equities Selected Revenue Data ($ in millions) Net Revenue Net transaction and clearing fees¹ Net transaction fees Net clearing fees Market data Access and capacity fees Other 2 European Equities Key Operating Stats (shares in billions) European Equities: Total market share Market ADNV Net capture (per matched notional value, in bps) EuroCCP: Trades cleared (in millions) Net settlement volume (in millions) ¹See appendix for "Non-GAAP Information." 2Includes trade reporting NM = not meaningful 4Q19 $21.6 $11.3 11.3 $3.2 $4.7 $2.4 4Q19 18.4% € 35.1 0.248 4Q20 Chg ($) | Chg (£) $35.5 64% $18.5 64% 13.2 17% NM 9% 19% 17% 229% 229% Chg 5.3 $3.5 $5.6 $7.9 4Q20 17.5% -0.9 pts € 37.5 7% 0.259 4% 290.2 2.1 NM NM 2019 2020 Chg ($) | Chg (£) 60% $87.5 $114.4 31% 58% $49.8 $64.3 29% 13% 49.8 50.3 1% NM 14.0 NM 7% $12.6 $13.4 6% $16.5 $20.6 25% $8.6 $16.1 87% 2019 2020 20.2% € 37.9 0.227 Chg 17.2% -3.0 pts € 40.1 6% 0.249 10% 545.5 4.2 NM NM 30% 24% 7% NM 7% 24% 88% 23#24Global FX Net Revenue Up 9% for 4Q20 and Full Year Revenue increase driven by higher transaction and non-transaction revenue FX made solid progress in 2020, expanding its footprint and diversifying its revenue streams by introducing new order types and products, including: - Launch of Cboe Swiss, a new venue Addition of FX Central, a new order book FX Net Revenue (in millions) Net transaction and clearingfees Non-transaction revenue FX Key Operating Stats Market share¹ Average Daily Notional Value ($ in billions) Net capture (per one million dollars traded) 4Q19 $12.9 $14.0 11.0 11.7 1.9 2.3 4Q19 4Q20 16.0% $30.1 $2.80 4Q20 16.7% $33.7 $2.64 Chg 9% 6% 21% Chg 4% 12% -6% 2019 $53.0 $57.8 45.4 49.1 7.6 8.7 2019 15.2% $32.3 $2.71 2020 ¹Market share represents Cboe FX volume divided by the total volume of publicly reporting spot FX venues (Cboe FX, EBS, Refinitiv, and FastMatch). 2020 Cboe 16.1% $34.7 $2.70 Chg 9% 8% 14% Chg 6% 7% 24#25Fourth Quarter and Year Financial Overview Adjusted Financial Results¹ ($ in millions, except per share) Net Revenue² Adjusted Operating Expenses¹ Adjusted Operating Income¹ Adjusted Operating Margin¹ Adjusted Net Income Allocated to Common Stockholders¹ Adjusted Diluted EPS¹ Adjusted EBITDA¹ Adjusted EBITDA Margin¹ 4Q19 4Q20 $280.3 $307.1 95.6 184.7 65.9% 70.2% 112.2 ¹Adjusted to reflect the impact of certain items. See Appendix for "Non-GAAP Information." ²Net revenue referenced in this presentation represents revenue less cost of revenue. 194.9 $134.9 $130.4 $ 1.21 $ 1.21 $196.7 $205.5 63.5% 66.9% % Chg 10% 17% 6% -240 bps -3% 4% -330 bps 2019 $1,136.9 389.3 $747.6 65.8% $528.6 $4.73 $784.1 69.0% 2020 $1,254.3 415.5 $837.8 66.9% $576.5 $5.27 $874.6 69.7% C'boe % Chg 10% 7% 12% 110 bps 9% 11% 12% 70 bps 25#26Net Revenue Detail 2020 net transaction fees up 11%; non-transaction net revenue up 7% Net Revenue (in millions) Net transaction and clearing fees¹ Access and capacity fees Market data fees Regulatory fees Royalty fees Other revenue Total ¹See Appendix for "Non-GAAP Information." 4Q19 $170.6 57.3 53.8 11.7 (21.0) 7.9 $280.3 4Q20 $184.2 62.7 57.6 7.7 (19.0) 13.9 $307.1 % Chg 8% 9% 7% -34% -10% 76% 2019 $715.7 221.9 213.5 40.3 (86.8) 32.3 2020 $793.5 236.7 232.0 35.2 (83.4) 40.3 10% $1,136.9 $1,254.3 Cboe % Chg 11% 7% 9% -13% -4% 25% 10% 26#27Supplemental Segment Information - Quarter 4Q19 Supplemental Net Revenue by Segment (in millions) Net transaction fees² Proprietary net transaction fees included above Access and capacity fees Market data fees Proprietary market data fees included above 4Q20 Supplemental Net Revenue by Segment (in millions) Net transaction and clearing fees² Proprietary net transaction fees included above Access and capacity fees Market data fees Proprietary market data fees included above Options $105.0 $85.6 $26.5 $14.2 $7.1 Options $120.3 $82.6 28.4 $19.4 $12.8 U.S. Equities $17.2 $20.2 $34.73 $9.2 U.S. Equities $17.7 22.1 $32.9 $10.1 Futures $26.1 $26.1 $4.1 $1.6 $1.6 Futures $16.0 $16.0 4.5 $1.6 $1.6 European Equities $11.3 $4.7 $3.2 $3.2 European Equities $18.5 5.6 $3.5 $3.5 Global FX $11.0 $1.8 $0.1 $0.1 Global FX $11.7 2.1 $0.2 $0.2 ¹Totals may not foot due to rounding. 2A full reconciliation of our non-GAAP results to our GAAP results is included in the following tables. See "Non-GAAP Information" in the accompanying financial tables. ³Includes $1.5 million and $0.7 million in SIP audit recoveries for 4Q19 and 4Q20, respectively. Cboe Total¹ $170.6 $111.7 $57.3 $53.8 $21.2 Total¹ $184.2 $98.6 $62.7 $57.6 $28.2 27#28Supplemental Segment Information - Year 2019 Supplemental Net Revenue by Segment (in millions) Net transaction fees² Proprietary net transaction fees included above Access and capacity fees Market data fees Proprietary market data fees included above 2020 Supplemental Net Revenue by Segment (in millions) Net transaction fees² Proprietary net transaction fees included above Access and capacity fees Market data fees Proprietary market data fees included above Options $434.5 $353.9 $104.1 $55.7 $27.9 Options $495.6 $375.9 $107.0 $74.2 $45.8 U.S. Equities $75.8 $78.9 $138.1³ $36.5 U.S. Equities $100.0 $84.2 $137.0³ $38.4 Futures $110.2 $110.2 $15.6 $6.5 $6.5 Futures $84.5 $84.5 $17.0 $6.6 $6.6 European Equities $49.8 $16.5 $12.6 $12.6 European Equities $64.3 $20.6 $13.4 $13.4 Global FX $45.4 $6.8 $0.6 $0.6 Global FX $49.1 $7.9 $0.8 $0.8 ¹Totals may not foot due to rounding. 2A full reconciliation of our non-GAAP results to our GAAP results is included in the following tables. See "Non-GAAP Information" in the accompanying financial tables. ³Includes SIP audit recoveries of $9.3 million for 2019 and $2.8 million for 2020. Cboe Total¹ $715.7 $464.1 $221.9 $213.5 $84.2 Total¹ $793.5 $460.4 $236.7 $232.0 $105.0 28#29Expense Bridge Summary Adjusted Operating Expenses Bridge for 2019 to 2020 ($ in millions) 2019 adjusted operating expenses¹ Realized expense synergies Non-recurring savings One-time benefit Acquisitions Core (5% increase) 2020 adjusted operating expenses¹ Adjusted Operating Expenses Bridge for 2020 to 2021 2021 Guidance of $531 to $539 million¹ ($ in millions) 2020 adjusted operating expenses¹ Realized expense synergies Acquisitions Non-recurring savings Core (3% to 4% increase) Facilities overlap Investments $ 416 Ś $ 2021 guidance as of February 5, 2021 ¹Adjusted to reflect the impact of certain items. See Appendix for "Non-GAAP Information." *Totals may not foot due to rounding $ 55 389 *Guidance Range $ 16 14 (18) (16) 6 34 21 416 16 18 7 8 24 26 $ 115 $ 123 $ 531 $539 55 Cboe 29#30Cboe Focused on Growing Highest-Margin Proprietary Index Suite Index customers at Cboe typically use SPX and VIX options and futures interchangeably or in tandem, depending on market conditions ● Plan to further penetrate existing markets with an emphasis on education, targeting key market segments and geographies Product innovation and collaboration with strategic partners enhances growth prospects Quarterly ADV for Index Options and VIX Futures (in thousands) 1,973 228 409 1,213 4Q19 2,994 331 794 1,717 1Q20 1,773 143 366 1,159 2020 SPX Options Other Index Options ¹Through January 31, 2021 1,604 171 345 1,030 3Q20 1,753 158 472 1,056 4Q20 2,259 270 662 1,234 1Q21 TD¹ VIX Options VIX and Mini VIX Futures Annual ADV for Index Options and VIX Futures (in thousands) 1,825 205 573 939 2015 1,959 239 588 1,024 2016 2,271 294 722 1,164 2017 SPX Options ■ Other Index Options 2,526 295 667 1,479 2018 2,131 248 503 1,266 2019 2,014 200 492 1,237 2020 VIX Options VIX and Mini VIX Futures 30#31Non-GAAP Information C'boe 31#32Cboe In addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. 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. The non-GAAP measures provided in this press release include net transaction and clearing fees, adjusted operating expenses, adjusted operating income, organic net revenue, adjusted operating margin, adjusted net income allocated to common stockholders and adjusted diluted earnings per share, adjusted income before income taxes, adjusted revenue less cost of revenue, effective tax rate on adjusted earnings, adjusted cash, EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin. Non-GAAP Information Management believes that the non-GAAP financial measures presented in this press release, including adjusted operating income, organic net revenue and adjusted operating expenses, provide additional 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 are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results. Organic net revenue and organic net revenue guidance: Are non-GAAP financial measures that exclude or have otherwise been adjusted for the impact of our acquisitions for the period or guidance, as applicable. Management believes the organic net revenue growth and guidance measures provide users with supplemental information regarding the company's ongoing and future potential revenue performances and trends by presenting revenue growth and guidance excluding the impact of the acquisitions. Amortization expense of acquired intangible assets: We amortize intangible assets acquired in connection with various acquisitions. Amortization of intangible assets is inconsistent in amount and frequency and is significantly affected by the timing and size of our acquisitions. As such, if intangible asset amortization is included in performance measures, it is more difficult to assess the day-to-day operating performance of the businesses, the relative operating performance of the businesses between periods and the earnings power of the company. Therefore, we believe performance measures excluding intangible asset amortization expense provide investors with an additional basis for comparison across accounting periods. Acquisition-related expenses: From time to time, we have pursued small bolt-on acquisitions and in 2017 completed a larger transformative acquisition, which have resulted in expenses which would not otherwise have been incurred in the normal course of the company's business operations. These expenses include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. Accordingly, we exclude these costs for purposes of calculating non-GAAP measures which provide an additional analysis of Cboe's ongoing operating performance or comparisons in Cboe's performance between periods. The tables below show the reconciliation of each financial measure from GAAP to non-GAAP. The non-GAAP financial measures exclude the impact of those items detailed below and are referred to as adjusted financial measures. 32#33Non-GAAP Information Reconciliation of Net Transaction and Clearing Fees by Segment For the Three Months Ended Options March 31 (in millions) Transaction fees N.A. Equities 2020 2019 $ 284.2 $ 198.9 $ (124.3) (170.7) (4.5) (5.7) Liquidity payments Routing and clearing Net transaction and clearing fees For the Three Months Ended June 30 (in millions) Transaction fees Liquidity payments Routing and clearing Net transaction and clearing fees For the Three Months Ended September 30 (in millions) Transaction fees Liquidity payments Routing and clearing Net transaction and clearing fees For the Three Months Ended December 31 (in millions) Transaction fees Liquidity payments Routing and clearing Net transaction and clearing fees For the Twelve Months Ended December 31 (in millions) Transaction fees Liquidity payments Routing and clearing Net transaction and clearing fees 2019 $ 172.7 (65.5) (3.5) $ 103.7 $ 155.4 $ Options 2019 $ 185.9 (73.3) (3.5) $ 109.1 $ 113.8 $ Options 202 $ 207.1 $ 241.4 $ 199.4 (86.9) (130.1) (177.6) (3.5) (5.2) (5.8) $ 116.7 $ 106.1 $ Options 22.5 $ N.A. Equities 2019 2020 2020 2019 250.8 $ 182.0 $ 325.1 $ 28.3 $ 15.8 $ (132.0) (156.2) (279.4) (5.0) (5.7) (12.7) 33.0 $ 2019 $ 177.2 (69.8) (2.4) $ 105.0 $ 120.3 $ Options 2020 304.0 (261.4) (11.5) 2019 2020 $ 742.9 $ 1,046.3 (295.5) (12.9) 20.1 $ N.A. Equities 2019 $ 434.5 $ 495.6 $ 31.1 16.0 $ 18.2 $ N.A. Equities 2020 2019 2020 269.9 $164.3 $ 265.1 (145.0) (141.4) (237.0) (4.6) (5.7) (10.4) 75.8 2019 $ 24.6 $ Futures $ 24.6 $ 17.7 $ 2020 253.0 $ 31.2 $ (225.1) (9.7) $ Futures 28.3 $ 2019 Futures 17.2 $ N.A. Equities 2019 2020 2019 $ 744.6 $ 1,147.2 $ 110.2 $ (531.4) (645.9) (1,002.9) (19.3) (22.9) (44.3) 31.2 $ 2020 2019 26.1 $ Futures 26.1 $ 100.0 $ 110.2 $ 35.9 2020 Futures 35.9 $ 15.8 $ 16.8 2020 020 16.8 $ $ 2020 84.5 $ 16.0 $ 16.0 $ $ 84.5 $ European Equities 2019 21.1 (7.5) $ 13.6 $ 15.6 European Equities 2019 2020 19.5 $ 15.2 (6.3) (4.2) 16.9 (5.2) 2020 22.3 (6.7) 13.2 $ European Equities 2020 $ 11.3 $ 11.0 23.4 (4.2) 11.7 $ 19.2 European Equities 2019 2020 15.6 $ (4.3) 30.0 (4.7) (6.8) 18.5 $ European Equities 2019 2020 73.1 $ 90.9 (23.3) (19.8) (6.8) 49.8 $ 64.3 $ Global FX 2019 12.0 12.0 $ 2019 Global FX 2020 11.2 $ 11.4 2020 $ 15.1 Global FX 019 11.2 11.2 $ 11.4 $ 15.1 10.9 $ 10.9 2019 Global FX 2019 2020 11.0 $ 11.7 45.4 10.9 11.0 $ Global FX 2020 45.1 $ 11.7 49.1 49.1 2019 2020 $ 429.3 $ 661.5 (243.7) (392.4) (9.2) (16.0) $ $ Total $ 176.4 $ 253.1 Total 2019 2020 426.9 $ 618.3 (235.8) (415.6) (9.2) (17.7) 181.9 $185.0 Total 20 465.8 $ 545.5 (269.7) (359.4) (9.3) (14.9) 186.8 $ 171.2 Total 2019 394.2 (215.5) (8.1) 2020 $ 592.7 (386.7) (21.8) $ 170.6 $ 184.2 Total 2019 2020 $ 1,716.2 $2,418.0 (964.7) (1,554.1) (35.8) (70.4) $ 715.7 $ 793.5 33#34Non-GAAP Information (in millions, except per share amounts) Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP Net income allocated to common stockholders Acquisition-related expenses (1) Amortization of acquired intangible assets (2) Provision for notes receivable (3) Total Non-GAAP operating expense adjustments Bargain purchase gain (4) Change in redemption value of noncontrolling interest Total Non-GAAP adjustments - pretax Income tax expense related to the items above Impairment charges attributed to noncontrolling interest Deferred tax remeasurement Net income allocated to participating securities - effect on reconciling items Adjusted net income allocated to common stockholders Reconciliation of Diluted EPS to Non-GAAP Diluted earnings per common share Per share impact of non-GAAP adjustments noted above Adjusted diluted earnings per common share Reconciliation of Operating Margin to Non-GAAP Revenue less cost of revenue Non-GAAP adjustments noted above Adjusted revenue less cost of revenue Operating expenses (5) Non-GAAP expense adjustments noted above Adjusted operating expenses Operating income Non-GAAP expense adjustments noted above Adjusted operating income Adjusted operating margin (6) Reconciliation of Income Tax Rate to Non-GAAP Income before income taxes Non-GAAP adjustments noted above Adjusted income before income taxes Income tax (benefit) expense Non-GAAP adjustments noted above Adjusted income tax (benefit) expense Adjusted income tax rate 1Q19 2Q19 3Q19 4Q19 $94.6 2.3 37.6 39.9 0.2 40.1 (10.0) (0.2) $ 124.5 $ 0.85 0.26 $ 1.11 $ 280.5 $ 280.5 $ 134.0 (39.9) $94.1 $ 146.5 39.9 $ 186.4 66.5% $ 87.6 20.8 34.1 54.9 0.2 55.1 (13.2) (3.6) $ 125.7 $ 0.78 0.35 $ 1.13 $ 283.2 $ 283.2 $ 158.0 (54.9) $ 103.1 $ 125.2 54.9 $ 180.1 63.6% $ 105.5 $ 86.1 16.7 8.7 33.4 33.4 23.4 65.5 $ 119.6 55.1 $ 174.7 50.1 0.1 50.2 (11.0) (0.1) $ 144.6 $ 0.94 0.35 $ 1.29 $ 294.0 65.5 (16.5) (0.2) $ 134.9 $ $ 0.77 $ 0.44 $ 1.21 $ $ 294.0 $ 280.3 $161.1 (65.5) $ 95.6 $ 119.2 50.1 65.5 $197.5 $ 184.7 67.2% 65.9% $ 146.6 (50.1) $ 96.5 $ 147.4 $ 127.8 40.1 $ 167.9 $ 32.6 10.0 $ 42.6 $140.9 $ 114.2 50.2 65.5 $ 191.1 $ 179.7 $ 35.1 $ 35.0 13.2 11.0 $48.3 $ 46.0 25.4% 27.7% 24.1% $ 372.7 48.5 138.5 23.4 210.4 2019 $ 27.9 16.5 $ 44.4 24.7% 0.5 210.9 (50.7) (3.6) $280.3 $ 1,136.9 (0.7) 528.6 3.34 1.39 4.73 $ 1,136.9 $ 599.7 (210.4) $ 389.3 $ 537.2 210.4 $ 747.6 65.8% $ 501.4 210.9 $ 712.3 $ 130.6 50.7 $ 181.3 25.5% 1Q20 $ 157.0 0.8 32.5 33.3 33.3 (7.6) (0.4) $ 182.3 $ 1.42 0.23 $ 1.65 $ 358.3 $ 358.3 $ 131.9 (33.3) $ 98.6 $ 226.4 33.3 $ 259.7 72.5% $ 217.5 33.3 $ 250.8 $ 60.1 7.6 $ 67.7 27.0% 2Q20 3Q20 $ 113.3 9.4 30.0 39.4 39.4 (9.3) (0.1) $ 143.3 $ 296.9 $ 109.6 6.2 30.9 6.7 43.8 (32.6) $ 296.9 $135.2 (39.4) $ 95.8 $ 161.7 39.4 $201.1 67.7% 11.2 (8.0) $ 1.03 $ 1.01 0.28 0.10 $ 1.31 $ 1.11 $ 292.0 7.7 (3.6) (0.1) $ 120.5 $130.4 $ $ 292.0 $152.7 (43.8) $108.9 $ 139.3 43.8 $ 183.1 62.7% $ 156.6 $ 163.4 39.4 11.2 $ 196.0 $ 174.6 4Q20 $ 43.0 9.3 $ 53.5 0.3 $ 52.3 $ 53.8 26.7% 30.8% $ 87.1 $ 28.8 31.3 60.1 (13.1) $ 0.81 $ 0.40 $ 1.21 $ $ 122.9 60.1 $ 183.0 $ 35.6 13.1 $ 48.7 26.6% $ $ $ 2020 $ $ $ $ 467.0 45.2 124.7 6.7 116.5 (32.6) 144.0 (38.0) $307.1 $ 1,254.3 $ 307.1 $ 1,254.3 $172.3 $ 592.1 (60.1) (176.6) $ 112.2 415.5 $ 134.8 60.1 $ 194.9 63.5% 662.2 176.6 838.8 66.9% 4.1 (0.6) 576.5 4.27 1.00 5.27 660.4 144.0 804.4 192.2 30.3 222.5 27.7% (1) This amount includes professional fees and outside services, severance, facilities expenses, impairment charges and other costs related to the company's acquisitions. (2) This amount represents the amortization of acquired intangible assets related to the company's acquisitions. (3) This amount represents the provision for notes receivable, recorded in other expenses on the consolidated statements of income, associated with the funding for the development of the consolidated audit trail ("CAT"). (4) This amount represents the bargain purchase gain related to the acquisition of EuroCCP on July 1, 2020. (5) The company sponsors deferred compensation plans held in a rabbi trust. The expenses or income related to the deferred compensation plans are included in "Compensation and benefits" ($1.5 million and $1.2 million in expense for the three months ended December 31, 2020 and 2019, respectively, and $2.5 million and $5.0 million in the year ended December 31, 2020 and 2019, respectively), and are directly offset by deferred compensation income, expenses and dividends included within "Other expense, net" ($1.5 million and $1.2 million in income, expense and dividends in the three months ended December 31, 2020 and 2019, respectively, and $2.5 million and $5.0 million in the year ended December 2020 and 2019, respectively), on the consolidated statements of income. The deferred compensation plans' expenses are not adjusted out of "adjusted operating expenses" and do not have an impact on "Income before income taxes." (6) Adjusted operating margin represents adjusted operating income divided by adjusted revenue less cost of revenue. 34#35Non-GAAP Information EBITDA Reconciliations EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. EBITDA margin represents EBITDA divided by revenues less cost of revenues (net revenue). It is presented as supplemental information that the company believes is useful to investors to evaluate its results because it excludes certain items that are not directly related to the company's core operating performance. EBITDA is calculated by adding back to net income interest expense, income tax expense, depreciation and amortization. Adjusted EBITDA is calculated by adding back to EBITDA acquisition-related expenses, provision for notes receivable, bargain purchase gain and impairment charges attributed to noncontrolling interest. EBITDA and Adjusted EBITDA should not be considered as substitutes either for net income, as an indicator of the company's operating performance, or for cash flow, as a measure of the company's liquidity. In addition, because EBITDA and Adjusted EBITDA may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies. Adjusted EBITDA margin represents Adjusted EBITDA divided by net revenue. Reconciliation of Net Income Allocated to Common Stockholders to EBITDA and Ajdusted EBITDA (in millions, except per share amounts) 4Q19 2019 1Q20 Net income allocated to common stockholders $ 86.1 $ 157.0 2Q20 3Q20 4Q20 2020 $113.3 $109.6 $ 87.1 $ 467.0 7.3 13.5 9.5 1Q19 2Q19 3Q19 $94.6 $ 87.6 $105.5 9.9 10.0 8.2 32.6 35.1 35.0 47.2 43.7 42.9 $184.3 $176.4 $191.6 $164.6 $ 715.8 $ 264.9 $201.6 $212.1 $176.7 $ 65.7% 62.3% 65.2% 58.7% 63.0% 73.9% 67.9% 72.6% 57.5% 7.8 27.9 42.8 $ 372.7 35.9 130.6 176.6 7.3 60.1 40.5 43.0 53.5 35.6 37.6 192.2 158.5 38.0 39.5 40.5 855.3 68.2% Interest expense Income tax provision Depreciation and amortization EBITDA EBITDA Margin Non-GAAP adjustments not included in above line items Acquisition-related expenses Impairment charges attributed to noncontrolling interest Provision for notes receivable Bargain purchase gain Adjusted EBITDA Adjusted EBITDA Margin 2.3 20.8 (3.6) 16.7 $186.6 $193.6 $208.3 66.5% 68.4% 70.9% 8.7 $ 48.5 (3.6) 23.4 23.4 $196.7 $ 784.1 70.2% 69.0% 0.8 $ 265.7 74.2% 9.4 6.2 28.8 6.7 (32.6) $211.0 $192.4 $205.5 $ 71.1% 65.9% 66.9% 45.2 6.7 (32.6) 874.6 69.7% 35#36Non-GAAP Information Adjusted Debt to EBITDA - Trailing Twelve Months¹ (in millions) Net income allocated to common stockholders 1Q20 $ 157.0 7.3 60.1 40.5 EBITDA $ 264.9 Non-GAAP adjustments not included in above line items: Acquisition-related expenses Provision for notes receivable Interest expense, net Income tax provision Depreciation and amortization Bargain purchase gain Adjusted EBITDA Debt at end of period Debt to EBITDA ¹A full reconciliation of our non-GAAP to our GAAP results are available in this section. 6.2 45.2 6.7 6.7 (32.6) (32.6) $265.7 $211.0 $ 192.4 $205.5 $ 874.6 $1,220.0 1.4x Adjusted Cash (in millions) Cash and cash equivalents Financial investments Less deferred compensation plan assets Less cash collected for Section 31 fees Adjusted Cash 2Q20 3Q20 4Q20 LTM $ 113.3 $ 109.6 $ 87.1 $ 467.0 7.3 9.5 13.5 37.6 43.0 53.5 35.6 192.2 39.5 40.5 158.5 38.0 $201.6 $ 212.1 $ 176.7 $ 855.3 0.8 9.4 28.8 Adjusted Cash Adjusted cash is a non-GAAP measure and represents cash and cash equivalents plus financial investments minus deferred compensation plan assets and cash collected for Section 31 fees, which will need to be remitted in the near term. We have presented adjusted cash because we consider it an important supplemental measure of our liquidity and believe that it is frequently used by analysts, investors and other interested parties in the evaluation of companies. As of 3/31/19 As of As As of 6/30/19 9/30/19 12/31/19 $ 346.2 $ 161.3 $ 150.0 $ 229.3 30.2 82.9 21.4 71.0 (20.3) (20.9) (23.4) (28.6) (88.0) (69.0) $347.8 $ 135.9 $ 150.5 $ 207.9 As of 3/31/20 $ 165.2 $ 210.1 43.6 (18.4) (53.1) $ 137.3 As of 12/31/20 $ 212.7 $ 245.4 176.5 22.8 92.4 (20.9) (22.3) (24.5) (103.0) (189.4) $ 176.3 $ 213.2 $ 210.3 As of As of 6/30/20 9/30/20 36#37Non-GAAP Information Reconciliation of Revenue Less Cost of Revenue to Organic Net Revenue Net Revenue (in millions) 4Q19 4Q20 % Chg $280.3 $307.1 (18.1) Revenue less cost of revenue (net revenue) Acquisition revenue less cost of revenue Organic net revenue $280.3 $289.0 Access and capacity fees Proprietary market data Reconciliation of Organic Growth for Recurring Proprietary Non-transaction Net Revenue (in millions) 4Q19 4Q20 % Chg $57.3 $62.7 21.2 28.2 $78.5 $90.9 (0.4) (4.7) Total reported Less: acquisitions - access and capacity Less: acquisitions - market data Less: impact of reporting changes Less: fee realignments due to floor closing Organic growth 2019 2020 10% $1,136.9 $1,254.3 $78.5 $85.8 (41.4) 3% $1,136.9 $1,212.9 2019 $221.9 84.2 9% 33% 16% $306.1 2020 $236.7 105.0 $341.7 (0.8) (15.2) (4.3) (3.5) 9% $298.3 $325.7 % Chg 10% 7% % Chg 7% 25% 12% 9% 37#38Additional Trademark Info The iBoxx iShares $ High Yield Corporate Bond Index and the iBoxx iShares $ Investment Grade Corporate Bond Index (the "Indexes") referenced herein are the property of Markit Indices Limited ("Index Sponsor") and have been licensed for use in connection with Cboe iBoxx® iShares $ High Yield Corporate Bond Index Futures and Cboe® iBoxxⓇ iShares $ Investment Grade Corporate Bond Index Futures. 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