HEDGE
Street
RULE 12.44 NAR CHICAGO VARIABLE PAYOUT CONTRACTS

(a) —(g) [unchanged]

(h) REPORTING LEVEL — The Reporting Level for the NAR Chicago Housing
Price Variable Payout Hedgelets shall be 25 62.500 Contracts.

(i) — (0) [unchanged]
RULE 12.45 NAR LOS ANGELES VARIABLE PAYOUT CONTRACTS,
(a) —(g) [unchanged]

(h) REPORTING LEVEL -— The Reporting Level for the NAR Los Angeles
Housing Price Variable Payout Hedgelets shall be 25 41,667 Contracts.

(i) — (0) [unchanged]
RULE 12.46 NAR MIAMI VARIABLE PAYOUT CONTRACTS

(a) — (g) [unchanged]

(h) REPORTING LEVEL — The Reporting Level for the NAR Miami Housing
Price Variable Payout Hedgelets shall be 25 62,500 Contracts.

(i) — (0) [unchanged]
RULE 12.47 NAR NEW YORK VARIABLE PAYOUT CONTRACTS
(a) — (g) [unchanged]

(h) REPORTING LEVEL ~— The Reporting Level for the NAR New York Housing
Price Variable Payout Hedgelets shall be 25 62,500 Contracts.

(i) — (0) [unchanged]
RULE 12.48 NAR SAN DIEGO VARIABLE PAYOUT CONTRACTS

(a) — (g) [unchanged]

(h) REPORTING LEVEL — The Reporting Level for the NAR San Diego Housing
Price Variable Payout Hedgelets shall be 25 50,000 Contracts.

(i) — (0) [unchanged]

1825 S. Grant Street

Suite 500

San Mateo, CA 94402

Tel: 650.638.3500
wer .hedgestreet.com Fax: 650.638.3501


HEDGE
Street

(h) REPORTING LEVEL -— The Reporting Level for the USD/CHF Variable
Payout Hedgelets shall be 406 25,000 Contracts.

(i) — (0) [unchanged]
RULE 12.34 GASOLINE VARIABLE PAYOUT CONTRACTS
(a) —(g) [unchanged]

(h) REPORTING LEVEL — The Reporting Level for the Gasoline Variable Payout
Hedgelets shall be +59 25,000 Contracts.

(i) — (0) [unchanged]
RULE 12.35 GOLD VARIABLE PAYOUT CONTRACTS
(a) — (g) [unchanged]

(h) REPORTING LEVEL -— The Reporting Level for the Gold Variable Payout
Hedgelets shall be 206 25,000 Contracts.

(i) — (0) [unchanged]
RULE 12.36 CRUDE OIL VARIABLE PAYOUT CONTRACTS
(a) —(g) [unchanged]

(h) REPORTING LEVEL — The Reporting Level for the Crude Oil Variable
Payout Hedgelets shall be 350 41.667 Contracts.

(i) — (0) [unchanged]
RULE 12.37 SILVER VARIABLE PAYOUT CONTRACTS
(a) —(g) [unchanged]

(h) REPORTING LEVEL - The Reporting Level for the Silver Variable Payout
Hedgelets shall be 459 25,000 Contracts.

(i) — (0) [unchanged]

RULES 12.38 — 12.43 [unchanged]

1825 S. Grant Street

Suite 500

San Mateo, CA 94402

Tel: 650.638.3500
www.hedgestreet.com Fax: 650.638.3501


HEDGE
Street

RULE 12.49 NAR SAN FRANCISCO VARIABLE PAYOUT CONTRACTS
(a) —(g) [unchanged]

(h) REPORTING LEVEL — The Reporting Level for the NAR San Francisco
Housing Price Variable Payout Hedgelets shall be 25 31,250 Contracts.

(i) — (0) [unchanged]

RULE 12.50 [unchanged]

RULE 12.51 NATURAL GAS VARIABLE PAYOUT HEDGELET CONTRACTS
(a) — (g) [unchanged]

(h) REPORTING LEVEL — The Reporting Level for the Natural Gas Variable
Payout Hedgelets shall be 200 31,250 Contracts.

(i) — (0) [unchanged]

RULES 12.52 — 12.76 [unchanged]

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

1625 S. Grant Street

‘Sulte 500

San Mateo, CA 94402

Tel: 650.638.3500
www.hedgestreet.com Fax: 650.638.3501



HEDGE
Street
April 4, 2006

VIA EMAIL: secretary@efte.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 the Reporting Levels for
Several Instruments; Amendments made pursuant to Section 5c(c)(1)
and Part 40.6(a)

Dear Secretary Webb:

HedgeStreet, Inc, (“HedgeStreet”) hereby notifies the Commission that as of the start of
business on Wednesday, April 5, 2006, HedgeStreet will effect amendments to the
reporting levels of the following futures contracts bearing a maximum contract value of
greater than $10, as referenced below, (and as represented by their corresponding
HedgeStreet Rules, also listed below):

Rule 12.30 Currency Exchange EUR/USD Variable Payout Contracts
Rule 12.31 Currency Exchange GBP/USD Variable Payout Contracts
Rule 12.32 Currency Exchange USD/YEN Variable Payout Contracts
Rule 12.33 Currency Exchange USD/CHF Variable Payout Contracts
Rule 12.34 Gasoline Variable Payout Contracts

Rule 12.35 Gold Variable Payout Contracts

Rule 12.36 Crude Oil Variable Payout Contracts

Rule 12.37 Silver Variable Payout Contracts

Rule 12.44 NAR Chicago Variable Payout Contracts

Rule 12.45 NAR Los Angeles Variable Payout Contracts
Rule 12.46 NAR Miami Variable Payout Contracts

Rule 12.47 NAR New York Variable Payout Contracts
Rule 12.48 — NAR San Diego Variable Payout Contracts
Rule 12.49 NAR San Francisco Variable Payout Contracts

Rule 12.51 Natural Gas Variable Payout Contracts

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


HEDGE
Street

The amendments for these Contracts are defined in Exhibit A. The rule deletions are
stricken out and the amendments and/or additions are underlined. No substantive
opposing views were expressed to HedgeStreet with respect to these additions.

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: 650.638.3500
Fax: 650.638.3501


HEDGE
Street

EXHIBIT A

Amendment to Rules 12.30(h)-12.37(h), 12.44(h)-12.49(h), and 12.51(h)
(The following new Rule additions are underlined and deletions are stricken out)

RULES 12.1 - 12.29 [unchanged]

RULE 12.30 CURRENCY EXCHANGE EUR/USD VARIABLE PAYOUT
CONTRACTS

(a) — (g) [unchanged]

(h) REPORTING LEVEL -— The Reporting Level for the EUR/USD Variable
Payout Hedgelets shall be 490 25,000 Contracts.

(i) — (0) [unchanged]

RULE 12.31 CURRENCY EXCHANGE GBP/USD VARIABLE PAYOUT
CONTRACTS

(a) ~(g) {unchanged]

(b) REPORTING LEVEL — The Reporting Level for the GBP/USD Variable
Payout Hedgelets shall be 490 25,000 Contracts.

(i) — (0) [unchanged]

RULE 12.32 CURRENCY EXCHANGE USD/YEN VARIABLE PAYOUT
CONTRACTS

(a) —(g) [unchanged]

(h) REPORTING LEVEL — The Reporting Level for the USD/YEN Variable
Payout Hedgelets shall be 499 25,000 Contracts.

(i) — (0) [unchanged]

RULE 12.33 CURRENCY EXCHANGE USD/CHF VARIABLE PAYOUT
CONTRACTS

(a) —(g) [unchanged]

1025 S. Grant Street

Suite 500

San Mateo, CA 94402

Tel: 650.638.3500
www.hedgestreet.com. Fax: 650.638.3501