Proposed Rule

Proposed Amendments to Articles VIII of NFA's Articles of Incorporation
(Additions are underscored and deletions are stricken)

ARTICLES OF INCORPORATION
OF
NATIONAL FUTURES ASSOCIATION
* * *

ARTICLE VIII: EXECUTIVE COMMITTEE
* * *

Section 3: Composition.

The Executive Committee shall comprise the following:

(b) Nine Directors, as follows:

(ii) Eight other Directors, as follows:

* * *

~~One~~

Two

~~one Director representing~~

NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the futures markets.