Common use of Underlying Clause in Contracts

Underlying. The Underlying for this Class of Contracts is the Natural Gas price per mmBtu (millions British thermal units, in US dollars), obtained from the Physical Natural Gas Futures contracts (“NFC”) traded on the New York Mercantile Exchange (“NYMEX”®13). The NFC trade prices that will be used for the Underlying will be taken from all twelve NFC delivery months: January, February, March, April, May, June, July, August, September, October, November, or December (each an “NFC Delivery Month”). The date on which a new delivery month will be used as the Underlying for Nadex contracts (i.e. “Start Date”) is one calendar day after the End Date for the previous delivery month contract. The last day on which a delivery month will be used as the Underlying for Nadex contracts (i.e. “End Date”) is the Friday of the week preceding the Underlying futures contracts Expiration Date. If the Underlying futures contracts Expiration Date falls on a Monday, the End Date for that specific delivery month will be the Friday of the week preceding the week of the Underlying futures contracts Expiration Date, i.e. not the Friday that is one business day prior to the Monday Expiration Date. For example, the Nymex Natural Gas February 2012 futures have an Expiration Date of January 27, 2012. The last day on which the Natural Gas February 2012 futures prices will be used as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Natural Gas contracts will be the Friday of the preceding week. Therefore, the End Date for using Nymex Natural Gas February 2012 futures will be January 20, 2012 and the Start Date for the next delivery month, Nymex Natural Gas March 2012 futures, will be January 21, 2012. The Nymex Natural Gas March 2012 futures, however, have an Expiration Date of Monday, February 27, 2012. The last day on which the Natural Gas March 2012 futures prices will be as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Natural Gas contracts will be February 17, 2012, rather than February 24, 2012, and the Start Date for the next delivery month, Nymex Natural Gas April 2012 futures will be February 18, 2012.

Underlying. The Underlying for this Class of Contracts is the Natural Gas Soybean price per mmBtu bushel (millions British thermal units, in US dollarsU.S. cents), herein after referred to as “Soybean” or “Soybeans”, as calculated by Nadex using a proprietary algorithm which takes a sampling of prices19 obtained from the Physical Natural Gas specified Soybean Futures contracts (“NFCSBFC”) traded currently trading on the New York Mercantile Exchange Chicago Board of Trade (“NYMEX”CBOT®13))20. The NFC trade SBFC prices that will be used for to calculate the Underlying will be taken from all twelve NFC delivery months: the January, February, March, April, May, June, July, August, September, October, November, or December November SBFC delivery months (each an a “NFC SBFC Delivery Month”). The Start and End Date for which Nadex will use a specific delivery month as the Underlying, will be set based on the Settlement date of the Underlying futures contract. The date on which a new delivery month will be used as the Underlying for Nadex contracts (i.e. “Start Date”) is one calendar day after the End Date for the previous delivery month contract. The last day on which a delivery month will be used as the Underlying for Nadex contracts (i.e. “End Date”) is the Friday last day preceding the Start Date. The Start Date will be the 12th business day of the week preceding calendar month that precedes the Underlying futures contracts Expiration Date. If the Underlying futures contracts Expiration Date falls on a Monday, the End Date for that specific delivery month will be the Friday of the week preceding the week of the Underlying futures contracts Expiration Date, i.e. not the Friday that is one business day prior to the Monday Expiration Datecurrent lead month. For example, if the Nymex Natural Gas February 2012 CBOT Soybeans May 2014 futures have an is the current lead month and used as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Soybeans contracts, the CBOT Soybeans July 2014 futures will become the current lead month on April 16, 2014, the 12th business day of January 27the month preceding the current lead month (May), 2012and become the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Soybeans contracts. The last day on which the Natural Gas February 2012 Soybeans May 2014 futures prices will be used as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for is April 15, 2014, which is the relevant Natural Gas contracts will be the Friday of the last trading day preceding week. ThereforeApril 16, the End Date for using Nymex Natural Gas February 2012 futures will be January 202014, 2012 and the Start Date for of the next delivery month, Nymex Natural Gas March 2012 July 2014 futures, will be January 21, 2012. The Nymex Natural Gas March 2012 futures, however, have an Expiration Date of Monday, February 27, 2012. The last day on which the Natural Gas March 2012 futures prices will be as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Natural Gas contracts will be February 17, 2012, rather than February 24, 2012, and the Start Date for the next delivery month, Nymex Natural Gas April 2012 futures will be February 18, 2012.

Underlying. The Underlying for this Class of Contracts is the Natural Gas WTI Light, Sweet Crude Oil price per mmBtu barrel (millions British thermal units, in US dollars), obtained from the Physical Natural Gas WTI Light, Sweet Crude Oil Futures contracts (“NFCCFC”) traded on the New York Mercantile Exchange (“NYMEX”®13NYMEX”® ). The NFC CFC trade prices that will be used for the Underlying will be taken from all twelve NFC CFC delivery months: January, February, March, April, May, June, July, August, September, October, November, or December (each an a “NFC CFC Delivery Month”). The date on which a new delivery month will be used as the Underlying for Nadex contracts (i.e. “Start Date”) is one calendar day after the End Date for the previous delivery month contract. The last day on which a delivery month will be used as the Underlying for Nadex contracts (i.e. “End Date”) is the Friday of the week preceding the Underlying futures contracts Expiration Date. If the Underlying futures contracts Expiration Date falls on a Monday, the End Date for that specific delivery month will be the Friday of the week preceding the week of the Underlying futures contracts Expiration Date, i.e. not the Friday that is one business day prior to the Monday Expiration Date. For example, the Nymex Natural Gas February Crude Oil March 2012 futures have an Expiration Date of January 27February 21, 2012. The last day on which the Natural Gas February Crude Oil March 2012 futures prices will be used as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Natural Gas Crude Oil contracts will be the Friday of the preceding week. Therefore, the End Date for using Nymex Natural Gas February Crude Oil March 2012 futures will be January 20February 17, 2012 and the Start Date for the next delivery month, Nymex Natural Gas March Crude Oil April 2012 futures, will be January 21February 18, 2012. The Nymex Natural Gas March Crude Oil November 2012 futures, however, have an Expiration Date of Monday, February 27October 22, 2012. The last day on which the Natural Gas March Crude Oil November 2012 futures prices will be as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Natural Gas Crude Oil contracts will be February 17October 12, 2012, rather than February 24October 19, 2012, and the Start Date for the next delivery month, Nymex Natural Gas April Crude Oil December 2012 futures will be February 18October 13, 2012.

Underlying. The Underlying for this Class of Contracts is the Natural Gas Copper price per mmBtu pound (millions British thermal units, in US dollarsU.S. cents), obtained from the Physical Natural Gas specified Copper Futures contracts Contracts (“NFCCPFC”) traded trading in the COMEX Division on the New York Mercantile Exchange (“NYMEX”NYMEX”®13) 1. The NFC trade CPFC prices that will be used for to calculate the Underlying will be 1 NYMEX® is a registered service ▇▇▇▇ of the New York Mercantile Exchange, Inc. COMEX® is a registered service ▇▇▇▇ of the Commodity Exchange, Inc. Nadex is not affiliated with the New York Mercantile Exchange, Inc. or the Commodity Exchange, Inc. and neither the New York Mercantile Exchange, the Commodity Exchange, Inc., nor their affiliates, sponsor or endorse Nadex or any of its products in any way. taken from all twelve NFC delivery months: January, February, the March, April, May, June, July, August, September, October, November, or December CPFC delivery months (each an a “NFC CPFC Delivery Month”). The Start and End Date for which Nadex will use a specific delivery month as the Underlying will be set based on the Settlement date of the Underlying futures contract. The date on which a new delivery month will be used as the Underlying for Nadex contracts (i.e. “Start Date”) is one calendar day after the End Date for the previous delivery month contract. The last day on which a delivery month will be used as the Underlying for Nadex contracts (i.e. “End Date”) is the Friday third to last business day of the week month preceding the month of the Underlying futures contracts Expiration Date. If the Underlying futures contracts Expiration Date falls on a Monday, the End Date for that specific delivery month will be the Friday of the week preceding the week of the Underlying futures contracts Expiration Date, i.e. not the Friday that is one business day prior to the Monday Expiration Date. For example, the Nymex Natural Gas February 2012 Comex Copper March 2014 futures have an Expiration Date of January March 27, 20122014. The last day on which the Natural Gas February 2012 Copper March 2014 futures prices will be used as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Natural Gas Copper contracts will be the Friday third to last business day of the preceding weekmonth, February. Therefore, the End Date for using Nymex Natural Gas February 2012 Comex Copper March 2014 futures will be January 20February 26, 2012 2014 and the Start Date for the next delivery month, Nymex Natural Gas March 2012 Comex Copper May 2014 futures, will be January 21, 2012. The Nymex Natural Gas March 2012 futures, however, have an Expiration Date of Monday, February 27, 2012. The last day on which the Natural Gas March 2012 futures prices will be as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Natural Gas contracts will be February 17, 2012, rather than February 24, 2012, and the Start Date for the next delivery month, Nymex Natural Gas April 2012 futures will be February 18, 20122014.

Underlying. The Underlying for this Class of Contracts is the Natural Gas WTI Light, Sweet Crude Oil price per mmBtu barrel (millions British thermal units, in US dollars), obtained from the Physical Natural Gas WTI Light, Sweet Crude Oil Futures contracts (“NFCCFC”) traded on the New York Mercantile Exchange (“NYMEX”NYMEX®13”11). The NFC CFC trade prices that will be used for the Underlying will be taken from all twelve NFC CFC delivery months: January, February, March, April, May, June, July, August, September, October, November, or December (each an a “NFC CFC Delivery Month”). The date on which a new delivery month will be used as the Underlying for Nadex contracts (i.e. “Start Date”) is one calendar day after the End Date for the previous delivery month contract. The last day on which a delivery month will be used as the Underlying for Nadex contracts (i.e. “End Date”) is the Friday of the week preceding the Underlying futures contracts Expiration Date. If the Underlying futures contracts Expiration Date falls on a Monday, the End Date for that specific delivery month will be the Friday of the week preceding the week of the Underlying futures contracts Expiration Date, i.e. not the Friday that is one business day prior to the Monday Expiration Date. For example, the Nymex Natural Gas February Crude Oil March 2012 futures have an Expiration Date of January 27February 21, 2012. The last day on which the Natural Gas February Crude Oil March 2012 futures prices will be used as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Natural Gas Crude Oil contracts will be the Friday of the preceding week. Therefore, the End Date for using Nymex Natural Gas February Crude Oil March 2012 futures will be January 20February 17, 2012 and the Start Date for the next delivery month, Nymex Natural Gas March Crude Oil April 2012 futures, will be January 21February 18, 2012. The Nymex Natural Gas March Crude Oil November 2012 futures, however, have an Expiration Date of Monday, February 27October 22, 2012. The last day on which the Natural Gas March Crude Oil November 2012 futures prices will be as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Natural Gas Crude Oil contracts will be February 17October 12, 2012, rather than February 24October 19, 2012, and the Start Date for the next delivery month, Nymex Natural Gas April Crude Oil December 2012 futures will be February 18October 13, 2012.

Underlying. The Underlying for this Class of Contracts is the Natural Gas price per mmBtu (millions British thermal units, in US dollars), obtained from the Physical Natural Gas Futures contracts (“NFC”) traded on the New York Mercantile Exchange (“NYMEX”®13). ).12 The NFC trade prices that will be used for the Underlying will be taken from all twelve NFC delivery months: January, February, March, April, May, June, July, August, September, October, November, or December (each an “NFC Delivery Month”). The date on which a new delivery month will be used as the Underlying for Nadex contracts (i.e. “Start Date”) is one calendar day after the End Date for the previous delivery month contract. The last day on which a delivery month will be used as the Underlying for Nadex contracts (i.e. “End Date”) is the Friday of the week preceding the Underlying futures contracts Expiration Date. If the Underlying futures contracts Expiration Date falls on a Monday, the End Date for that specific delivery month will be the Friday of the week preceding the week of the Underlying futures contracts Expiration Date, i.e. not the Friday that is one business day prior to the Monday Expiration Date. For example, the Nymex Natural Gas February 2012 futures have an Expiration Date of January 27, 2012. The last day on which the Natural Gas February 2012 futures prices will be used as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Natural Gas contracts will be the Friday of the preceding week. Therefore, the End Date for using Nymex Natural Gas February 2012 futures will be January 20, 2012 and the Start Date for the next delivery month, Nymex Natural Gas March 2012 futures, will be January 21, 2012. The Nymex Natural Gas March 2012 futures, however, have an Expiration Date of Monday, February 27, 2012. The last day on which the Natural Gas March 2012 futures prices will be as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Natural Gas contracts will be February 17, 2012, rather than February 24, 2012, and the Start Date for the next delivery month, Nymex Natural Gas April 2012 futures will be February 18, 2012.

Underlying. The Underlying for this Class of Contracts is the Natural Gas price price, per mmBtu ▇▇▇▇ ounce (millions British thermal units, in US dollars), of Gold obtained from the Physical Natural Gas Gold Futures contracts Contracts (“NFCGFC”) traded on the COMEX Division of the New York Mercantile Exchange (“NYMEX”NYMEX®13)”)5. The NFC GFC trade prices that will be used for the Underlying will be taken from all twelve NFC delivery months: January, the February, March, April, May, June, July, August, September, October, November, or December GFC delivery months (each an a “NFC GFC Delivery Month”). The Start and End Date for which Nadex will use a specific delivery month as the Underlying will be set based on the Settlement date of the Underlying futures contract. The date on which a new delivery month will be used as the Underlying for Nadex contracts (i.e. “Start Date”) is one calendar day after the End Date for the previous delivery month contract. The last day on which a delivery month will be used as the Underlying for Nadex contracts (i.e. “End Date”) is the Friday third to last business day of the week month preceding the month of the Underlying futures contracts Expiration Date. If the Underlying futures contracts Expiration Date falls on a Monday, the End Date for that specific delivery month will be the Friday of the week preceding the week of the Underlying futures contracts Expiration Date, i.e. not the Friday that is one business day prior to the Monday Expiration Date. For example, the Nymex Natural Gas February 2012 Comex Gold April 2014 futures have an Expiration Date of January 27April 28, 20122014. The last day on which the Natural Gas February 2012 Gold April 2014 futures prices will be used as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Natural Gas Gold contracts will be the Friday third to last business day of the preceding weekmonth, March. Therefore, the End Date for using Nymex Natural Gas February 2012 Comex Gold April 2014 futures will be January 20March 27, 2012 2014 and the Start Date for the next delivery month, Nymex Natural Gas March 2012 Comex Gold June 2014 futures, will be January 21March 28, 2012. The Nymex Natural Gas March 2012 futures, however, have an Expiration Date of Monday, February 27, 2012. The last day on which the Natural Gas March 2012 futures prices will be as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Natural Gas contracts will be February 17, 2012, rather than February 24, 2012, and the Start Date for the next delivery month, Nymex Natural Gas April 2012 futures will be February 18, 2012.2014.6

Underlying. The Underlying for this Class of Contracts is the Natural Gas Corn price per mmBtu bushel (millions British thermal units, in US dollarsU.S. cents), herein after referred to as “Corn”, as calculated by Nadex using a proprietary algorithm which takes a sampling of prices16 obtained from the Physical Natural Gas specified Corn Futures contracts Contracts (“NFCCNFC”) traded currently trading on the New York Mercantile Exchange Chicago Board of Trade (“NYMEX”CBOT®13))17. The NFC trade CNFC prices that will be used for to calculate the Underlying will be taken from all twelve NFC delivery months: January, February, the March, April, May, June, July, August, September, October, November, or December CNFC delivery months (each an a “NFC CNFC Delivery Month”). The Start and End Date for which Nadex will use a specific delivery month as the Underlying, will be set based on the Settlement date of the Underlying futures contract. The date on which a new delivery month will be used as the Underlying for Nadex contracts (i.e. “Start Date”) is one calendar day after the End Date for the previous delivery month contract. The last day on which a delivery month will be used as the Underlying for Nadex contracts (i.e. “End Date”) is the Friday last day preceding the Start Date. The Start Date will be the 12th business day of the week preceding calendar month that precedes the Underlying futures contracts Expiration Date. If the Underlying futures contracts Expiration Date falls on a Monday, the End Date for that specific delivery month will be the Friday of the week preceding the week of the Underlying futures contracts Expiration Date, i.e. not the Friday that is one business day prior to the Monday Expiration Datecurrent lead month. For example, if the Nymex Natural Gas February 2012 CBOT Corn May 2014 futures have an is the current lead month and used as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Corn contracts, the CBOT Corn July 2014 futures will become the current lead month on April 16, 2014, the 12th business day of January 27the month preceding the current lead month (May), 2012and become the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Corn contracts. The last day on which the Natural Gas February 2012 Corn May 2014 futures prices will be used as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for is April 15, 2014, which is the relevant Natural Gas contracts will be the Friday of the last trading day preceding week. ThereforeApril 16, the End Date for using Nymex Natural Gas February 2012 futures will be January 202014, 2012 and the Start Date for of the next delivery month, Nymex Natural Gas March 2012 futures, will be January 21, 2012. The Nymex Natural Gas March 2012 futures, however, have an Expiration Date of Monday, February 27, 2012. The last day on which the Natural Gas March 2012 futures prices will be as the Underlying for Nadex contracts and to calculate the Expiration Value on the Expiration Date for the relevant Natural Gas contracts will be February 17, 2012, rather than February 24, 2012, and the Start Date for the next delivery month, Nymex Natural Gas April 2012 futures will be February 18, 2012July 2014 futures18.