Common use of Underlying Clause in Contracts

Underlying. The Underlying for this Class of Contracts is the Copper price per pound (in U.S. cents), obtained from the specified Copper Futures Contracts (“CPFC”) trading in the COMEX Division on the New York Mercantile Exchange (“NYMEX”®)1. The CPFC prices that will be used 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 the March, May, July, September, or December CPFC delivery months (each a “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 third to last business day of the month preceding the month of the Underlying futures contracts Expiration Date. For example, the Comex Copper March 2014 futures have an Expiration Date of March 27, 2014. The last day on which the 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 Copper contracts will be the third to last business day of the preceding month, February. Therefore, the End Date for using Comex Copper March 2014 futures will be February 26, 2014 and the Start Date for the next delivery month, Comex Copper May 2014 futures, will be February 27, 2014.

Underlying. The Underlying for this Class of Contracts is the Copper WTI Light, Sweet Crude Oil price per pound barrel (in U.S. centsUS dollars), obtained from the specified Copper WTI Light, Sweet Crude Oil Futures Contracts contracts (“CPFCCFC”) trading in the COMEX Division traded on the New York Mercantile Exchange (“NYMEX”®)1NYMEX”® ). The CPFC CFC trade prices that will be used to calculate for 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 the all twelve CFC delivery months: January, February, March, April, May, June, July, August, September, October, November, or December CPFC delivery months (each a “CPFC CFC 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 third to last business day Friday of the month 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 Comex Copper Nymex Crude Oil March 2014 2012 futures have an Expiration Date of March 27February 21, 20142012. The last day on which the Copper Crude Oil March 2014 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 Copper Crude Oil contracts will be the third to last business day Friday of the preceding month, Februaryweek. Therefore, the End Date for using Comex Copper Nymex Crude Oil March 2014 2012 futures will be February 2617, 2014 2012 and the Start Date for the next delivery month, Comex Copper May 2014 Nymex Crude Oil April 2012 futures, will be February 2718, 20142012. 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 the Copper Soybean price per pound bushel (in U.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 specified Copper Soybean Futures Contracts contracts (“CPFCSBFC”) currently trading in the COMEX Division on the New York Mercantile Exchange Chicago Board of Trade (“NYMEX”CBOT®)1)20. The CPFC SBFC prices that will be used 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 the January, March, May, July, September, or December CPFC November SBFC delivery months (each a “CPFC SBFC Delivery Month”). The Start and End Date for which Nadex will use a specific delivery month as the Underlying 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 third last day preceding the Start Date. The Start Date will be the 12th business day of the calendar month that precedes the Underlying futures contracts current lead month. For example, if the CBOT Soybeans May 2014 futures is the current lead month and used as the Underlying for Nadex contracts and to last 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 the month preceding the current lead month of (May), and become the Underlying futures for Nadex contracts and to calculate the Expiration Date. For example, Value on the Comex Copper March 2014 futures have an Expiration Date of March 27, 2014for the relevant Soybeans contracts. The last day on which the Copper March 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 Copper contracts will be the third to last business trading day of the preceding monthApril 16, February. Therefore2014, the End Date for using Comex Copper March 2014 futures will be February 26, 2014 and the Start Date for of the next delivery month, Comex Copper May July 2014 futures, will be February 27, 2014.

Underlying. The Underlying for this Class of Contracts is the Copper Natural Gas price per pound mmBtu (millions British thermal units, in U.S. centsUS dollars), obtained from the specified Copper Physical Natural Gas Futures Contracts contracts (“CPFCNFC”) trading in the COMEX Division traded on the New York Mercantile Exchange (“NYMEX”®)113). The CPFC NFC trade prices that will be used to calculate for 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 the all twelve NFC delivery months: January, February, March, April, May, June, July, August, September, October, November, or December CPFC delivery months (each a an “CPFC NFC 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 third to last business day Friday of the month 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 Comex Copper March 2014 Nymex Natural Gas February 2012 futures have an Expiration Date of March January 27, 20142012. The last day on which the Copper March 2014 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 Copper Natural Gas contracts will be the third to last business day Friday of the preceding month, Februaryweek. Therefore, the End Date for using Comex Copper March 2014 Nymex Natural Gas February 2012 futures will be February 26January 20, 2014 2012 and the Start Date for the next delivery month, Comex Copper May 2014 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, 20142012. 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 Copper WTI Light, Sweet Crude Oil price per pound barrel (in U.S. centsUS dollars), obtained from the specified Copper WTI Light, Sweet Crude Oil Futures Contracts contracts (“CPFCCFC”) trading in the COMEX Division traded on the New York Mercantile Exchange (“NYMEX”NYMEX®)1”11). The CPFC CFC trade prices that will be used to calculate for 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 the all twelve CFC delivery months: January, February, March, April, May, June, July, August, September, October, November, or December CPFC delivery months (each a “CPFC CFC 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 third to last business day Friday of the month 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 Comex Copper Nymex Crude Oil March 2014 2012 futures have an Expiration Date of March 27February 21, 20142012. The last day on which the Copper Crude Oil March 2014 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 Copper Crude Oil contracts will be the third to last business day Friday of the preceding month, Februaryweek. Therefore, the End Date for using Comex Copper Nymex Crude Oil March 2014 2012 futures will be February 2617, 2014 2012 and the Start Date for the next delivery month, Comex Copper May 2014 Nymex Crude Oil April 2012 futures, will be February 2718, 20142012. 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 the Copper Natural Gas price per pound mmBtu (millions British thermal units, in U.S. centsUS dollars), obtained from the specified Copper Natural Gas Futures Contracts contracts (“CPFCNFC”) trading in the COMEX Division traded on the New York Mercantile Exchange (“NYMEX”®)1. ).12 The CPFC NFC trade prices that will be used to calculate for 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 the all twelve NFC delivery months: January, February, March, April, May, June, July, August, September, October, November, or December CPFC delivery months (each a an “CPFC NFC 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 third to last business day Friday of the month 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 Comex Copper March 2014 Nymex Natural Gas February 2012 futures have an Expiration Date of March January 27, 20142012. The last day on which the Copper March 2014 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 Copper Natural Gas contracts will be the third to last business day Friday of the preceding month, Februaryweek. Therefore, the End Date for using Comex Copper March 2014 Nymex Natural Gas February 2012 futures will be February 26January 20, 2014 2012 and the Start Date for the next delivery month, Comex Copper May 2014 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, 20142012. 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 Copper Corn price per pound bushel (in U.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 specified Copper Corn Futures Contracts (“CPFCCNFC”) currently trading in the COMEX Division on the New York Mercantile Exchange Chicago Board of Trade (“NYMEX”CBOT®)1)17. The CPFC CNFC prices that will be used 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 the March, May, July, September, or December CPFC CNFC delivery months (each a “CPFC CNFC Delivery Month”). The Start and End Date for which Nadex will use a specific delivery month as the Underlying 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 third last day preceding the Start Date. The Start Date will be the 12th business day of the calendar month that precedes the Underlying futures contracts current lead month. For example, if the CBOT Corn May 2014 futures is the current lead month and used as the Underlying for Nadex contracts and to last 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 the month preceding the current lead month of (May), and become the Underlying futures for Nadex contracts and to calculate the Expiration Date. For example, Value on the Comex Copper March 2014 futures have an Expiration Date of March 27, 2014for the relevant Corn contracts. The last day on which the Copper March 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 Copper contracts will be the third to last business trading day of the preceding monthApril 16, February. Therefore2014, the End Date for using Comex Copper March 2014 futures will be February 26, 2014 and the Start Date for of the next delivery month, Comex Copper May July 2014 futures, will be February 27, 2014futures18.