Exhibit A

HEDGE
Street
RULE 12.76 NAR SAN FRANCISCO BINARY HEDGELET CONTRACTS

(a) - (e) [unchanged]

(f) PAYOUT CRITERION - The Payout Criterion for each Contract
will be set by HedgeStreet at the time the Binary Contracts are initially issued. For
the NAR Binary Hedgelet Contract, the Payout Criteria for the Contracts will be set
as follows:

(i) QUARTERLY NAR SAN FRANCISCO BINARY
CONTRACTS

(1) Binary Hedgelet Contract 1: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)) -
25,000.

(2) Binary Hedgelet Contract 42: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)).

(3) Binary Hedgelet Contract 23: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)) +
$25,000.

(4) [except for renumbering, this rule is unchanged]

(g) — (0) [unchanged]

[the remainder of this page is intended to be blank]

1825 S. Grant Street

Suite 500

Son Mateo, CA 94402

Tel: 650.638.3500
www.hedgestreet.com Fax: 650.638.3501


Exhibit A

HEDGE
Street

(f) PAYOUT CRITERION — The Payout Criterion for each Contract
will be set by HedgeStreet at the time the Binary Contracts are initially issued. For
the NAR Binary Hedgelet Contract, the Payout Criteria for the Contracts will be set

as follows:
(i) QUARTERLY NAR NEW YORK BINARY CONTRACTS

(1) Binary Hedgelet Contract 1: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)) -
$15,000.

(2) Binary Hedgelet Contract +2: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)).

(3) Binary Hedgelet Contract 23: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)) +
$15,000.

(4) [except for renumbering, this rule is unchanged]

(g) - (0) [unchanged]
RULE 12.75 NAR SAN DIEGO BINARY HEDGELET CONTRACTS
(a) - (e) [unchanged]

(f) PAYOUT CRITERION - The Payout Criterion for each Contract
will be set by HedgeStreet at the time the Binary Contracts are initially issued. For
the NAR Binary Hedgelet Contract, the Payout Criteria for the Contracts will be set
as follows:

(i) QUARTERLY NAR SAN DIEGO BINARY CONTRACTS

(1) Binary Hedgelet Contract 1: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)) -
$20,000.

(2) Binary Hedgelet Contract 42: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)).

(3) Binary Hedgelet Contract 23: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)) +
$20,000.

(4) [except for renumbering, this rule is unchanged]

(g) — (0) [unchanged]

1825 S. Grant Street
Suite 500
San Mateo, CA 94402
Tel: 650.638.3500
www.hedgestreet.com Fax: 650.638.3501


HEDGE
Street

May 15, 2006

VIA EMAIL: secretary@cftc.gov

Ms. Jean A. Webb

Secretary of the Commission
Commodity Futures Trading Commission
3 Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

RE: Rule Certification: HedgeStreet Amends Payout Criteria for all NAR
Binary Hedgelet Contracts — Submission pursuant to Commission

Regulation §40.6(a)

Dear Secretary Webb:

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”),
§40.6(a) of the regulations promulgated by the Commodity Futures Trading Commission

(the Commission”) under the Act, HedgeStreet, Inc. (“HedgeStreet”) hereby certifies with

the Commission of amendments to the Payout Criteria for the existing NAR Binary
Hedgelet Contracts (“Contracts”) currently offered under Quarterly duration and
represented by Rules 12.71(f), 12.72(f), 12.73(f), 12.74(f), 12.75(f), and 12.76(f). The
amendments to the Payout Criteria for these Contracts are defined in Exhibit A. The rule
deletions are stricken out and the amendments and/or additions are underlined.

HedgeStreet intends to implement these rule additions on Tuesday, May 16, 2006.

No substantive opposing views were expressed to HedgeStreet with respect to these

additions.

HedgeStreet hereby certifies that the Contracts and clearing of the Contracts, including all
rules defining the terms and conditions of said Contracts contained herein, complies with
the Act, as amended, and the Commission’s regulations adopted thereunder.

Should you have any questions regarding the above, please do not hesitate to contact
Stephanie Ford by telephone at (650) 638-3511 or by email at sford@hedgestreet.com.

Sincerely,

Stephanie Ford
Vice President, Legal & Compliance

ce: Clarissa Manansala — HedgeStreet , Inc.

www.hedgestreet.com

1825 S. Grant Street
Suite 500

San Mateo, CA 94402
Tel: 650.639.3500
Fax: 650.638.3501


Exhibit A

HEDGE
Street
EXHIBIT A

Amendment to Rules 12.71(f), 12.72(f), 12.73(f), 12.74(f), 12.75(f), 12.76(f)
(The following new Rule additions are underlined and deletions are stricken out)

RULE 12.71 NAR CHICAGO BINARY HEDGELET CONTRACTS
(a) - (e) [unchanged]

(f) PAYOUT CRITERION - The Payout Criterion for each Contract
will be set by HedgeStreet at the time the Binary Contracts are initially issued. For
the NAR Binary Hedgelet Contract, the Payout Criteria for the Contracts will be set
as follows:

(i) QUARTERLY NAR CHICAGO BINARY CONTRACTS

(1) Binary Hedgelet Contract 1: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)) -
$10,000.

(2) Binary Hedgelet Contract 42: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)).

(3) Binary Hedgelet Contract 23: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)) +
$10,000.

(4) [except for renumbering, this rule is unchanged]

(g) — (0) [unchanged]
RULE 12.72 NAR LOS ANGELES BINARY HEDGELET CONTRACTS
(a) - (e) [unchanged]

(f) PAYOUT CRITERION - The Payout Criterion for each Contract
will be set by HedgeStreet at the time the Binary Contracts are initially issued. For
the NAR Binary Hedgelet Contract, the Payout Criteria for the Contracts will be set
as follows:

(i) QUARTERLY NAR LOS ANGELES BINARY
CONTRACTS

1825 S. Grant Street
Sulte 500
San Mateo, CA 94402
Tel: 650.638.3500
www.hedgestreet.com Fax: 650.638.3501


Exhibit A

HEDGE
Street

(1) Binary Hedgelet Contract 1: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)) -
$15,000.

(2) Binary -Hedgelet Contract 42: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)).

(3) Binary Hedgelet Contract 23: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)) +
$15,000.

(4) [except for renumbering, this rule is unchanged]

(g) — (0) [unchanged]
RULE 12.73 NAR MIAMI BINARY HEDGELET CONTRACTS
(a) - (e) [unchanged]

(f) PAYOUT CRITERION - The Payout Criterion for each Contract
will be set by HedgeStreet at the time the Binary Contracts are initially issued. For
the NAR Binary Hedgelet Contract, the Payout Criteria for the Contracts will be set
as follows:

(i) QUARTERLY NAR MIAMI BINARY CONTRACTS

(1) Binary Hedgelet Contract 1: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000) -
$20,000.

(2) Binary Hedgelet Contract +2: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)).

(3) Binary Hedgelet Contract 23: One Contract will have a Payout
Criterion of greater than X (rounded to the nearest five thousand dollars ($5,000)) +
$20,000.

(4) [except for renumbering, this rule is unchanged]

(g) — (0) [unchanged]
RULE 12.74 NAR NEW YORK BINARY HEDGELET CONTRACTS

(a) - (e) [unchanged]

1825 S. Grant Street
Suite 500
San Mateo, CA 94402
Tel: 650.638.3500
www.hedgestreet.com Fax: 650.638.3501