CME : Q2 2021 Quarterly Earnings Commentary

2Q 2021

Earnings Commentary

Revenue						Adjusted
Adjusted Expense*					Diluted EPS
in millions	CME Group
$1,400						$2.00
					(consolidated)
Legacy
CME Group
$1,050											$1.50

$700										$1.00

$350										$0.50

$0

$0.00

2Q21 Summary

• CME Group continued to help clients manage their risk and navigate uncertainty during the quarter. 2Q21 average daily volume (ADV) of 18.4 million contracts was up 5% compared with 2Q20 and included double-digityear-over-year growth in Interest Rates and Agricultural products. Quarterly ADV records were achieved in Secured Overnight Financing Rate (SOFR) futures, overall Bitcoin futures and options, Copper options, Dutch TTF Natural Gas Calendar Month futures and options (TTF and TFO), and Cobalt futures, as well as average daily notional traded in European Repo
• • Interest Rates ADV up 25% to 8.6 million
  • Agricultural ADV up 24% to 1.6 million
• 2Q21 Options ADV increased 13% to 3.1 million contracts, with significant growth in Agricultural (+76%) and Interest Rates (+19%), and both CME Direct and QuikStrike, our specialized Options analytics toolkit, had record quarterly utilization
• 2Q21 non-U.S. ADV increased 6% to 5.2 million contracts, with double-digit growth across Agricultural, Interest Rates, and Foreign Exchange (FX)
• • Agricultural ADV up 42%, Interest Rates ADV up 31%, FX ADV up 15%
  • Agricultural ADV and SOFR futures ADV, in both Europe, Middle East and Africa (EMEA) and Asia Pacific (APAC), reached their highest quarterly levels
• Continued to launch/advance innovative new products, tools and services to support customer needs, including additions to our suite of micro-sized contracts that allow market users to customize their trading and hedging, as well as ESG-focused futures contracts that help manage climate-related risk
• Strategic execution led to adjusted net income attributable to CME Group of $589 million and adjusted diluted earnings per share (EPS) of $1.64

Order of Contents		ADV in millions		OI in millions*
1	2Q21 Summary	21			150
2	2Q21 Highlights
3	2Q21 Product Detail - Financials	14			100

4 2Q21 Product Detail - Commodities

5	Financial Results & Guidance	7		50

6 Forward Looking Statements

7	Q&A Conference Call Details	0			0
* •		2Q18	2Q19	2Q20	2Q21
Represents quarterly adjusted operating expense excluding licensing and other fee agreements which is the basis for expense guidance
•	A reconciliation of the non-GAAP financial results mentioned to the respective GAAP figures can be found within the Reconciliation of GAAP to Non-GAAP
•	Measures chart at the end of the financial statements
All growth rates included in this document refer to 2Q21 versus 2Q20, unless otherwise noted, and all global data/statistics exclude the open outcry venue
•	OI within the chart, and throughout this document, includes only benchmark product within Energy (Crude Oil, Natural Gas and Refined Products)

2Q 2021 Earnings Commentary - Unaudited

2Q21 Highlights

CME Group's highly diverse product set positions the company well for varying macroeconomic backdrops

• 2Q21 ADV increased 5% to 18.4 million contracts
• • Interest Rates ADV up 25% to 8.6 million contracts
  • Agricultural ADV up 24% to 1.6 million contracts
  • FX ADV up 6% to 769,268 contracts
  • Metals ADV up 9% to 567,678 contracts
  • Options ADV up 13% to 3.1 million contracts

Quarterly ADV records included:

• SOFR futures		118,259, up 252%
• Bitcoin futures and options		26,575, up 279%
• Micro Bitcoin futures	25,216 (recent launch)
• Combined TTF and TFO		4,352 up 6%
• S&P 500 Annual Dividend futures		4,015, up 17%
• Copper options		4,264 up 309%
• BrokerTec EU Repo (avg notional traded)	€300.9B, up 10%

• 30-YearU.S. Treasury Bond futures reached highest daily volume of 2 million contracts on May 26th
• Ultra 10-Year U.S. Treasury Note futures reached highest daily volume of 1.8 million contracts on May 25th
• SOFR futures reached highest daily volume of 341,922 contracts on June 18th, highest open interest (OI) of 850, on July 1st and record large open interest holders (LOIH) as of April 27th
• S&P 500 Annual Dividend futures reached highest daily volume of 26,046 contracts on April 13th

Includes	2Q 2021
EBS(~$41M)	Revenue Mix
	FX	Agricultural
	7%	12%

Equity Index	Energy
12%
14%
	Metals
	4%
	Market Data
Interest Rates	12%
28%
	Other
	11%
Includes	Includes
BrokerTec (~$43M)
Interest Rate	Optimization
Swaps Clearing (~$16.9M)

• Adjusted Interest Rate (AIR) Total Return futures reached highest daily volume of 18,804 contracts and highest OI of 138,859 on June 15th

• Micro Bitcoin futures reached highest daily volume of 94,770 contracts on May 19th

• Copper options had highest daily volume of 25,010 contracts on May 10th and highest OI of 96,644 contracts on June 23rd
• Ultra 10-Year U.S. Treasury Note futures reached highest OI of 1.67 million contracts on June 7th and Euro FX futures reached highest OI of 837,332 contracts on June 14th
• Agricultural futures and options reached the highest average OI during 2Q21 of 9.5 million contracts, and included the highest average OI for Corn options of 2.1 million contracts and for Soybean Oil options of 268,363 contracts
• CME Direct had record quarterly utilization for the second consecutive quarter and QuikStrike, our specialized Options analytics toolkit, had record utilization for the third consecutive quarter
• Record quarterly active trader participation within Agricultural products ADV of 59,158 contracts, up 79% versus 2020

Expanding Micro Suite of Products	2021
Strong Micro product activity continued in 2Q21	Micro Bitcoin Futures
2009	2019	1M+ contracts traded
Micro FX Futures	Micro USD/JPY, USD/CAD, USD/CHF, FX futures
59M+ contracts traded	Micro E-mini Futures
2010	820M+ contracts traded	Now available in OTC quoting conventions
	Micro WTI Crude Oil Futures
Micro Gold Futures
2020	Most successful commoditiesproduct launch
40M+ contracts traded
	Micro E-mini Options on Futures	Micro Treasury Yield Futures
	1.5M+ contracts traded
	Coming August 16th*
2009 2010	2019 2020	2021	*Subject to regulatory approval
			Data as of June 30, 2021

-2-

2Q 2021 Earnings Commentary - Unaudited

2Q21 non-U.S. ADV was 5.2 million contracts, up 6% from 2Q20

• 2Q21 non-U.S. ADV highlights:

• Agricultural ADV up 42% from 2Q20	2.5	Non-U.S. ADV by Product Line
ADV in millions
• Interest Rates ADV up 31% from 2Q20

• FX ADV up 15% from 2Q20	2.0
• Metals ADV up 7% from 2Q20	1.5
• EMEA region ADV highlights:
• EMEA ADV increased 6% to 3.7 million	1.0
contracts, with double-digit growth across
Interest Rates, FX, Agricultural and Metals
• Record Agricultural quarterly ADV of	0.5
330,838 contracts, up 35%, with record
participation from proprietary trading firm	0.0
and active trader customer segments

• Quarterly ADV records reached in SOFR futures, Brazilian Real futures, Corn

futures and options, and Chicago SRW	50%
Wheat futures

• APAC region ADV highlights:	40%
• APAC ADV increased 9% to 1.2 million
contracts, with double-digit growth across	30%
Interest Rates, FX, and Agricultural
• Record Agricultural quarterly ADV of	20%
121,483 contracts, up 68%, with record
participation from proprietary trading firm	10%
and commercial customer segments
• Quarterly ADV records reached in SOFR	0%
futures and Corn futures

• Greater Latin America region ADV highlights:

Interest Rates Equities		FX	Energy	Agricultural
		2Q20		2Q21

Non-U.S. % of Total ADV by Product Line

49%

29.5%	30%
25%	25%

Interest Rates Equities		FX		Energy	Agricultural
		2Q20		2Q21

Metals

45%

Metals

• Greater Latin America ADV increased 8% to 117,079 contracts, with double-digit growth across FX, Agricultural, and Metals

As activity picked up in 1H 2021 relative to 2020, and market participants turned to CME group to manage risks associated with the potential for a post-pandemic economic recovery, the company continued to focus on factors in its control and execute on strategic priorities

2Q21 saw solid levels of sales productivity and strong revenue conversion

• In line with strong quarterly ADV, 2Q21 saw solid levels of sales productivity and particularly strong revenue conversion in the cross-sell space
• 2Q21 client meetings were up 6% year-over-year, driven by a 56% increase in in-person meetings as sales staff and clients alike begin to return to offices around the world. 2Q21 cross-well wins were up 32% versus 1Q21, and year-to-datecross-sell wins are up 51% versus 2020
• 1H21 marked a record with CME Group's largest campaign slate - 24 unique campaigns completed, including 13 currently live campaigns, and 2Q21 campaign outreach is up 35% year-over-year. Through our campaign selling model, we have reached more than 3,600 clients year-to-date in 2021
• Additionally, EBS Client Migration efforts continue to be a large focus, and main priority, for our teams. Sales is working closely with our product, technology and operations teams to deliver the value-proposition to clients and help facilitate an effective transition to Globex. Client Development & Sales is actively engaged with more than
  300 of our largest clients to ensure a successful migration. This includes the deployment currently underway of our newly enhanced front end trading platform, called EBS Workstation, to over 2,000 institutional users globally - this community is a critical part of the EBS ecosystem

-3-

2Q 2021 Earnings Commentary - Unaudited

Progressing with formation of leading post-trade services joint venture with IHS Markit

• We continue to make progress with regulatory approvals for the upcoming launch our joint venture with IHS Markit. The combination of these complementary offerings will provide clients with enhanced platforms and services for global OTC markets across interest rate, FX, equity and credit asset classes. Market participants will benefit from a more efficient front-to- back workflow with enhanced connectivity and improved trading certainty. As a result, OTC market participants will be able to improve risk management and streamline post-trade operations. The transaction is expected to close in the coming months subject to customary antitrust and regulatory approvals and other customary closing conditions

CME Group continues to launch analytical tools to enhance clients' experience, along with new products and services, as well as enhancements to existing offerings

• New products launched since 2010 generated ~$245 million in net revenue in 1H21, on pace for $490 million for the full-year 2021, which would be up 27% from $385 million in 2020

New Products launched/announced in 2Q21

• Micro Bitcoin futures - launched May 3rd. Micro Bitcoin futures are one-tenth the size of one Bitcoin future and priced at half the rate per contract of the standard Bitcoin future. The smaller-sized contract provides market participants from institutions to sophisticated, active, individual traders with one more tool to hedge their spot bitcoin price risk or execute bitcoin trading strategies in an efficient, cost-effective way, all while retaining the features and benefits of CME Group's standard Bitcoin futures. ADV during 2Q21 was over 25,000 contracts per day
• CME Term SOFR Reference Rates - CME Group was selected by the Alternative Reference Rates Committee (ARRC) to publish its recommended forward-looking Secured Overnight Financing Rate (SOFR) term rates, following a robust request for proposals (RFP) process. CME Group began publishing for 1-month,3-month, and 6-month tenors in late April - based on CME Group's deep and liquid underlying SOFR futures, making them a robust and sustainable measure of forward-looking SOFR rates
• CME Group E-miniS&P Europe 350 ESG index futures - building on the company's successful E-mini S&P 500 ESG Index futures contract, this new product was launched May 24th. This latest addition to our ESG offerings will allow market participants in this region to gain exposure to a European index based on a robust ESG methodology - all to meet their risk management needs. CME Group's E-mini S&P 500 ESG index futures volume and OI growth continued with 2Q21 ADV averaging 913 contracts and OI averaged 11,548 (+60% and +222% vs. Q2-2020, respectively). In 2021, 10% of volume has been transacted during Non-US hours and nearly 260,000 contracts have been traded since launch
• Micro WTI futures - announced July 12th launch of Micro WTI futures, which are one-tenth the size of the company's global benchmark WTI Crude Oil futures contract and cash-settled. They enable market participants - from institutions to sophisticated, active, individual traders - to fine-tune exposure to crude oil markets and enhance their trading strategies in an efficient, cost-effective way. Micro WTI futures represented the most successful commodities product launch, with volumes surpassing 50,000 contracts as of July 14th, and seeing around the clock participation from market participants across more than 50 different countries and 27 retail channels
• Bloomberg Short-TermBank Yield (BSBY) Index futures - these new contracts will be available for trading on August 23rd, with OTC clearing of BSBY swaps introduced in Q4, both pending regulatory review. In response to client demand for credit sensitive instruments, BSBY futures will offer both price discovery and risk hedging for the BSBY Index, and will complement our existing short-term interest rate futures and Term SOFR index products, providing global market participants with a suite of capital-efficient risk management tools to manage their interest rate exposures going forward
• FTSE 100 Adjusted Interest Rate (AIR) Total Return futures - building on the success of our expanding suite of Total Return contracts, the new FTSE 100 AIR Total Return futures were launched June 7th and are an ideal addition that will provide a capital-efficient, exchange-tradedalternative to total return swaps. Going forward, this new risk management instrument will support clients in hedging Euro equity benchmark exposure. As of July 26th, the AIR Total Return futures are also available on the Nasdaq-100, Russell 1000, Russell 2000 and Dow Jones Industrial Average indices to provide greater trading flexibility. 2Q21 ADV for the existing AIR Total Return futures was 1,454 and OI averaged 115,278. Record volume and OI was reached on June 15th with 18,804 contracts traded and OI of 138,859
• Micro Treasury Yield futures - expanding our suite of deeply liquid U.S. Treasury futures and options with the introduction of four new Micro Treasury Yield futures contracts on August 16th, pending regulatory review. These innovative, micro-sized contracts will provide market participants - from institutions to sophisticated, active, individual traders - exposure to the yield of on-the-run Treasury securities in an efficient, cost-effective way. Micro 2-Year, Micro 5-Year, Micro 10-Year, and Micro 30- Year Yield futures will be sized at $10 per basis point of yield, and will be cash settled to newly created BrokerTec cash U.S. Treasury benchmarks, responding directly to client demand for products that reference one of the most widely quoted market metrics - yield on U.S. Treasury securities
• Lithium futures - launched May 3rd, and designed to help market participants manage their battery metals risk. They represent the latest tool the exchange has launched to help establish a forward curve for a key material in the green economy
• Launched two additional Natural Gas Liquids contracts, as we continue to build out our offerings within this emerging space, and four additional financially-settledDutch TTF contracts

-4-

2Q 2021 Earnings Commentary - Unaudited

New Products launched/announced in 2Q21 - continued

• Interest rate futures based on the Central Bank of Mexico's Overnight TIIE funding rate (F-TIIE)- monthly contracts based on the Mexican F-TIIErate launched May 24th and receiving industry support. The Mexican peso-denominatedcontract is cash settled against the compounded F-TIIErate over monthly contract periods. F-TIIEis published daily by the Central Bank
  of Mexico and is based on the highly developed and liquid Mexican repo market. The contract aligns with the Central Bank of Mexico's objectives to develop robust risk-free rates (RFR) and establish a domestic funding curve
• Nature-basedGlobal Emissions Offset futures - leveraging the successful launch of our innovative Global Emissions Offset (GEO) futures, we are launching a nature-based GEO contract on August 1, 2021, pending all relevant regulatory reviews. N- GEO futures will be the company's latest market-based solution to help create a more transparent and efficient voluntary emissions offset market. More companies are relying on nature-based offsets as part of their overall climate strategies as the move to net-zero emissions continues to accelerate. By offering a standardized mechanism for managing the price risk associated with those initiatives, our new N-GEO futures will provide the marketplace with an important tool to help navigate the ongoing energy transition
• In addition, we innovated services including expanding our suite of CVOL indexes, now offering 40+ indexes across nearly every major investible asset class; integrated FXLink with Bloomberg to support market data distribution and execution and to expand FXSwaps pricing and liquidity; went live with next-generation EBS Direct platform; provided several new enhancements to the FXMarket Profile tool; and reduced the tick size in WTI options in June driving doubled ADV and average daily OI - with July ADV to date reaching the highest level since March 2020

2Q 2021 Product Detail - Financials

ADV Interest Rates		OI	ADV			Equities	OI	ADV	FX			OI
in millions			in millions	in millions	in millions	in millions	in millions
14										120	6											10	1.2											3
11										90	5												0.9
									4
7										60
									3											5	0.6											2
4										30	2												0.3
									1
0										0												0.0									1
									0											0
				ADV			OI								ADV			OI							ADV			OI
2Q 2021 Product Detail - Commodities
ADV			Energy		OI*	ADV	Agricultural	OI	ADV	Metals			OI
in millions				in millions	in millions	in millions	in millions					in millions
3.0											18	2.0											10.0	0.80										4
2.0											12	1.5											7.5										3
										1.0											5.0	0.40
1.0											6																			2
										0.5											2.5
0.0										0	0.0											0.0	0.00									1
					ADV				OI*								ADV			OI							ADV			OI

*OI includes benchmark product areas only	-5-
- Crude Oil, Natural Gas and Refined