Cboe Results Presentation Deck

Adjusted 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

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