Common use of Underlying Clause in Contracts

Underlying. The Underlying for this Class of Contracts is WTI Light, Sweet Crude Oil price per barrel (in US dollars), obtained from the WTI Light, Sweet Crude Oil Futures contracts (“CFC”) traded on the New York Mercantile Exchange (“NYMEX®”11). The CFC trade prices that will be used for the Underlying will be taken from all twelve CFC delivery months: January, February, March, April, May, June, July, August, September, October, November, or December (each a “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 Crude Oil March 2012 futures have an Expiration Date of February 21, 2012. The last day on which the 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 Crude Oil contracts will be the Friday of the preceding week. Therefore, the End Date for using Nymex Crude Oil March 2012 futures will be February 17, 2012 and the Start Date for the next delivery month, Nymex Crude Oil April 2012 futures, will be February 18, 2012. The Nymex Crude Oil November 2012 futures, however, have an Expiration Date of Monday, October 22, 2012. The last day on which the 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 Crude Oil contracts will be October 12, 2012, rather than October 19, 2012, and the Start Date for the next delivery month, Nymex Crude Oil December 2012 futures will be October 13, 2012.

Underlying. The Underlying for this Class of Contracts is WTI Light, Sweet Crude Oil the Natural Gas price per barrel mmBtu (millions British thermal units, in US dollars), obtained from the WTI Light, Sweet Crude Oil Physical Natural Gas Futures contracts (“CFCNFC”) traded on the New York Mercantile Exchange (“NYMEXNYMEX”®”1113). The CFC NFC trade prices that will be used for the Underlying will be taken from all twelve CFC NFC delivery months: January, February, March, April, May, June, July, August, September, October, November, or December (each a an “CFC 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 Crude Oil March Natural Gas February 2012 futures have an Expiration Date of February 21January 27, 2012. The last day on which the Crude Oil March 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 Crude Oil Natural Gas contracts will be the Friday of the preceding week. Therefore, the End Date for using Nymex Crude Oil March Natural Gas February 2012 futures will be February 17January 20, 2012 and the Start Date for the next delivery month, Nymex Crude Oil April Natural Gas March 2012 futures, will be February 18January 21, 2012. The Nymex Crude Oil November Natural Gas March 2012 futures, however, have an Expiration Date of Monday, October 22February 27, 2012. The last day on which the Crude Oil November 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 Crude Oil Natural Gas contracts will be October 12February 17, 2012, rather than October 19February 24, 2012, and the Start Date for the next delivery month, Nymex Crude Oil December Natural Gas April 2012 futures will be October 13February 18, 2012.

Underlying. The Underlying for this Class of Contracts is WTI Light, Sweet Crude Oil price per barrel (in US dollars), obtained from the WTI Light, Sweet Crude Oil Futures contracts (“CFC”) traded on the New York Mercantile Exchange (“NYMEX®”11”® ). The CFC trade prices that will be used for the Underlying will be taken from all twelve CFC delivery months: January, February, March, April, May, June, July, August, September, October, November, or December (each a “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 Crude Oil March 2012 futures have an Expiration Date of February 21, 2012. The last day on which the 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 Crude Oil contracts will be the Friday of the preceding week. Therefore, the End Date for using Nymex Crude Oil March 2012 futures will be February 17, 2012 and the Start Date for the next delivery month, Nymex Crude Oil April 2012 futures, will be February 18, 2012. The Nymex Crude Oil November 2012 futures, however, have an Expiration Date of Monday, October 22, 2012. The last day on which the 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 Crude Oil contracts will be October 12, 2012, rather than October 19, 2012, and the Start Date for the next delivery month, Nymex Crude Oil December 2012 futures will be October 13, 2012.

Underlying. The Underlying for this Class of Contracts is WTI Light, Sweet Crude Oil the Corn price per barrel bushel (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 WTI Light, Sweet Crude Oil specified Corn Futures contracts Contracts (“CFCCNFC”) traded currently trading on the New York Mercantile Exchange Chicago Board of Trade (“NYMEXCBOT®”11))17. The CFC trade CNFC prices that will be used for to calculate the Underlying will be taken from all twelve CFC delivery months: January, February, the March, April, May, June, July, August, September, October, November, or December CNFC delivery months (each a “CFC 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 Crude Oil March 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 February 21the 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 Crude Oil March 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 Crude Oil contracts will be the Friday of the last trading day preceding week. ThereforeApril 16, the End Date for using Nymex Crude Oil March 2012 futures will be February 172014, 2012 and the Start Date for of the next delivery month, Nymex Crude Oil April 2012 futures, will be February 18, 2012. The Nymex Crude Oil November 2012 futures, however, have an Expiration Date of Monday, October 22, 2012. The last day on which the 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 Crude Oil contracts will be October 12, 2012, rather than October 19, 2012, and the Start Date for the next delivery month, Nymex Crude Oil December 2012 futures will be October 13, 2012July 2014 futures18.

Underlying. The Underlying for this Class of Contracts is WTI Light, Sweet Crude Oil the Copper price per barrel pound (in US dollarsU.S. cents), obtained from the WTI Light, Sweet Crude Oil specified Copper Futures contracts Contracts (“CFCCPFC”) traded trading in the COMEX Division on the New York Mercantile Exchange (“NYMEXNYMEX”®”11))1. The CFC trade CPFC prices that will be used for to calculate the Underlying will be 1 NYMEX® is a registered service xxxx of the New York Mercantile Exchange, Inc. COMEX® is a registered service xxxx 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 CFC delivery months: January, February, the March, April, May, June, July, August, September, October, November, or December CPFC delivery months (each a “CFC 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 Crude Oil Comex Copper March 2012 2014 futures have an Expiration Date of February 21March 27, 20122014. The last day on which the Crude Oil Copper March 2012 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 Crude Oil Copper contracts will be the Friday third to last business day of the preceding weekmonth, February. Therefore, the End Date for using Nymex Crude Oil Comex Copper March 2012 2014 futures will be February 1726, 2012 2014 and the Start Date for the next delivery month, Nymex Crude Oil April 2012 Comex Copper May 2014 futures, will be February 1827, 2012. The Nymex Crude Oil November 2012 futures, however, have an Expiration Date of Monday, October 22, 2012. The last day on which the 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 Crude Oil contracts will be October 12, 2012, rather than October 19, 2012, and the Start Date for the next delivery month, Nymex Crude Oil December 2012 futures will be October 13, 20122014.

Underlying. The Underlying for this Class of Contracts is WTI Light, Sweet Crude Oil the Soybean price per barrel bushel (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 WTI Light, Sweet Crude Oil specified Soybean Futures contracts (“CFCSBFC”) traded currently trading on the New York Mercantile Exchange Chicago Board of Trade (“NYMEXCBOT®”11))20. The CFC trade SBFC prices that will be used for to calculate the Underlying will be taken from all twelve CFC delivery months: the January, February, March, April, May, June, July, August, September, October, November, or December November SBFC delivery months (each a “CFC 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 Crude Oil March 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 February 21the 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 Crude Oil March 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 Crude Oil contracts will be the Friday of the last trading day preceding week. ThereforeApril 16, the End Date for using Nymex Crude Oil March 2012 futures will be February 172014, 2012 and the Start Date for of the next delivery month, Nymex Crude Oil April 2012 July 2014 futures, will be February 18, 2012. The Nymex Crude Oil November 2012 futures, however, have an Expiration Date of Monday, October 22, 2012. The last day on which the 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 Crude Oil contracts will be October 12, 2012, rather than October 19, 2012, and the Start Date for the next delivery month, Nymex Crude Oil December 2012 futures will be October 13, 2012.

Underlying. The Underlying for this Class of Contracts is WTI Light, Sweet Crude Oil the Natural Gas price per barrel mmBtu (millions British thermal units, in US dollars), obtained from the WTI Light, Sweet Crude Oil Natural Gas Futures contracts (“CFCNFC”) traded on the New York Mercantile Exchange (“NYMEXNYMEX”®”11). ).12 The CFC NFC trade prices that will be used for the Underlying will be taken from all twelve CFC NFC delivery months: January, February, March, April, May, June, July, August, September, October, November, or December (each a an “CFC 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 Crude Oil March Natural Gas February 2012 futures have an Expiration Date of February 21January 27, 2012. The last day on which the Crude Oil March 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 Crude Oil Natural Gas contracts will be the Friday of the preceding week. Therefore, the End Date for using Nymex Crude Oil March Natural Gas February 2012 futures will be February 17January 20, 2012 and the Start Date for the next delivery month, Nymex Crude Oil April Natural Gas March 2012 futures, will be February 18January 21, 2012. The Nymex Crude Oil November Natural Gas March 2012 futures, however, have an Expiration Date of Monday, October 22February 27, 2012. The last day on which the Crude Oil November 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 Crude Oil Natural Gas contracts will be October 12February 17, 2012, rather than October 19February 24, 2012, and the Start Date for the next delivery month, Nymex Crude Oil December Natural Gas April 2012 futures will be October 13February 18, 2012.