Notices to Members

August 08, 1996

Board and Nominating Committee Members Whose Terms Will Expire at the 1997 Annual Election

Board and Nominating Committee Members Whose Terms Will Expire at the 1997 Annual Election

NFA Bylaw 406 provides that before October 15 of each year, NFA's Secretary shall notify all Members in the FCM, IB, CPO and CTA categories of the elected Directors and the members of the Nominating Committee whose terms shall expire at the Annual Election and shall request that the names of eligible persons to fill those positions be submitted to the Nominating Committee. Enclosed is a list of Board and Nominating Committee members whose terms shall expire at the 1997 Annual Election to be held on January 14, 1997.

Also enclosed is a form for your use in submitting names of persons eligible to fill the vacancies on the Board of Directors and the 1997 Nominating Committee. The Nominating Committee shall consider names which are submitted and the Membership shall be notified of its nominations. Thereafter, additional nominations may be made by petition only. Ballots shall be mailed in December to all Members in categories for which there is a contested election and the ballots will be counted on January 14, 1997. The results shall be circulated before the Annual Meeting in February.

NFA is a membership organization. NFA Members have a voice in NFA's governance through the exercise of the right to suggest candidates and to nominate and elect individuals to serve on NFA's Nominating Committee and Board of Directors. The Nominating Committee relies heavily on the suggestions of the membership in making its nominating decisions. Please give this matter serious consideration and return your submission(s) to NFA no later than August 26, 1996.

Should you have any questions, please contact Tony Rose at (312) 781-1471.

FCMs with 1-15 Offices
Hal T. Hansen
President
Cargill Investor Services, Inc.
Chicago, Illinois
Central Region

Wallace G. Weisenborn
President
ING (U.S.) Securities, Futures & Options, Inc.
Chicago, Illinois
Central Region

FCMs with 16-50 Offices
Douglas O. Kitchen
Partner Bradford & Co., Incorporated
Nashville, Tennessee
Central Region

FCMs with 51 or more Offices
James F. Curley
Chairman and Chief Executive Officer
Republic New York Securities Corporation
New York, New York
Eastern Region

Laurence E. Mollner
Executive Vice-President
Dean Witter Reynolds, Inc.
New York, New York
Eastern Region

Guaranteed IBs
None

Independent IBs
Howard M. Rothman
Executive Vice President
Super Fund Financial Group, Inc.
New York, New York
Eastern Region

CPOs
None

CTAs
Jack H. Denis, Jr.
Associated Person
Lamborn Commodity Pool Management, Inc.
New York, New York
Eastern Region

FCMs with 1-15 Offices
John J. Ruth
Executive Vice President
LIT Division of First Options of Chicago, Inc.
Chicago, Illinois

FCMs with 16-50 Offices
Ronald H. Filler
Director of Futures Administration
Lehman Brothers, Inc.
New York, New York

FCMs with 51 or more Offices
John F. Benjamin
Managing Director
Smith Barney, Inc.
New York, New York

Guaranteed IBs
Paul J. Georgy
President
Allendale, Inc.
McHenry, Illinois

William H. Plummer
President
Frontier Risk Management, Inc.
Chicago, Illinois

Independent IBs
William D. Darby
President and Chief Executive Officer
Darby Trading Consultants, Inc.
White Plains, New York

CPOs
Esther E. Goodman
Senior Executive Vice President
Kenmar Holdings, Inc.
Greenwich, Connecticut

Mark J. Hawley
President
Demeter Management Corporation
New York, New York

John P. Lass
President
Everest Asset Management, Inc.
Fairfield, Iowa

CTAs
Jeffrey D. Izenman
President
EMC Capital Management
Bannockburn, Illinois

Thomas W. Moller
President & CEO
Eclipse Capital Management, Inc.
St. Louis, Missouri

Patrick L. Welton
President
Welton Investment Systems Corporation
Carmel, California

Directors elected by the members*:

1. Two (2) FCM Representatives - 1 to 15 Offices
   
2. Two (2) FCM Representatives - 16-50 Offices
   
3. Four (4) FCM Representatives from either Category 1 or 2 above
   
4. Six (6) FCM Representatives - 51 or more Offices
   
5. One (1) IB Representative - Independent
   
6. One (1) IB Representative - Guaranteed
   
7. One (1) IB Representative from either category 5 or 6 above
   
8. Three (3) CPO Representatives - At least one being from a CPO which ranks within the top one-third of CPOs with funds under management
   
9. Three (3) CTA Representatives - At least one being from a CTA which ranks within the top one-third of CTAs with funds under management
   

* Contract Market Representatives are appointed by the Contract Markets they represent. Public Directors are elected by the Board of Directors. There are also regional restrictions that affect eligibility. For complete details, see NFA Article VII, Sections 2(b)(ii), 2(b)(iii) and 2(c)(iii).

1. One (1) FCM Representative - 1 to 15 Offices
   
2. One (1) FCM Representative - 16 to 50 Offices
   
3. One (1) FCM Representative - 51 or more Offices
   
4. One (1) IB Representative - Independent
   
5. One (1) IB Representative - Guaranteed
   
6. One (1) IB Representative from either category 4 or 5 above
   
7. Three (3) CPO Representatives
   
8. Three (3) CTA Representatives
   

Name

Board of Directors

Nominating Committee

FCM

IB

CPO

CTA

*Please complete a separate form for each individual suggested. This form may be photocopied.

Name of person making suggestion:

on behalf of: (NFA Member)

Business telephone:

Thank you for your submission. NFA will be contacting the individual you suggested to confirm his/her willingness to serve and to obtain biographical information.