Amendments to all Silver Contracts and NAR Housing Price Hedgelet Contracts submitted to the Commission on Thursday, May 12, 2005

32.051205

Pursuant to Commission Regulation 40.6, the HedgeStreet Rule Committee has approved various amendments to existing terms and conditions of the following Contracts:

a) Silver Fixed Payout and Variable Payout Hedgelet Contracts - adding specifications representing that the Underlying is quoted in cents (in U.S. Currency);

b) All NAR Housing Price Fixed Payout and NAR Housing Price Variable Payout Hedgelet Contracts - adjusting terms in the Payout Criteria representing that the Cap and Floor are rounded to the nearest thousand and five-thousand, respectively;

c) Bi-Annual Variable Payout NAR San Diego Contracts - adjustment of the current Dollar Multiplier; and

d) Quarterly Variable Payout NAR San Francisco Contracts - replacement of the current Dollar Multiplier.

These Rule amendments will become effective at the start of business on Friday, May 13, 2005. Click here to view the rule amendments.

Should you have any questions or require further information, please contact the Compliance Department.