Notices to Members

September 08, 2003

Board and Nominating Committee Members Whose Terms Will Expire at the 2004 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 2004 Annual Election to be held on January 20, 2004.

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 2004 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 21, 2004. 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 October 3, 2003.

Should you have any questions, please contact Carrie Baffes at (312) 781-1407.

FCMs (Top Ten)
Joseph J. Murphy
President
Refco LLC

Michael R. Schaefer
Managing Director
Citigroup Global Markets Inc.

FCMs (Other)
W. Robert Felker
President
Banc One Capital Markets, Inc.

James Davison
President
Cargill Investor Services, Ltd.

Introducing Broker (Guaranteed)
Paul J. Georgy
President
Allendale, Inc.

Commodity Pool Operator and Commodity Trading Advisor
Douglas L. Bry
President
Northfield Trading LP

Robert E. Murray
Chief Operating Officer
Graham Capital Management LP

FCM
Clarence Delbridge, III
Executive Vice President
FC Stone LLC

Introducing Brokers
Peter E. Smith
President
Columbia Futures Group, Inc.

Commodity Pool Operator and Commodity Trading Advisor
Bruce L. Cleland
President and CEO
Campbell & Company, Inc.

Directors elected by the Members*:

1. Four (4) FCM Representatives from the top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30 preceding the election

2. Four (4) FCM Representatives not ranked in the top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30 preceding the election.

3. One (1) IB Representative - Independent.

4. One (1) IB Representative - Guaranteed.

5. Four (4) CPO/CTA Representatives - At least two (2) affiliated with either CPOs or CTAs that are ranked in the top 20% of funds under management allocated to futures.

*Four (4) Contract Market Representatives are appointed by the top four Contract Market Members based on volume in the prior year. Two (2) Contract Market Representatives are elected by all other Contract Market Members. Five (5) Public Directors are elected by the Board of Directors.

1. One (1) FCM Representative from the top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30 preceding the election.

2. One (1) FCM Representative not ranked in the top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30 preceding the election.

3. One (1) FCM Representative from either 1 or 2 above.

4. One (1) IB Representative - Independent.

5. One (1) IB Representative - Guaranteed.

6. One (1) IB Representative from either 4 or 5 above.

7. Three (3) CPO/CTA Representatives - At least one representative acting primarily as a CPO and at least one representative acting primarily as a CTA.

Printable Version of Suggestion for Nomination

Name:

Suggested for nomination to:

______ Board of Directors
______ Nominating Committee

NFA Member with which individual is affiliated:

Membership Category: _____FCM _____IB _____CPO/CTA

Title:

Business Address:

Telephone:

Name of Person Making Suggestion:

on behalf of:

Business Telephone:

Thank you for your submission. NFA will contact the individual you suggested to confirm his/her willingness to serve and to obtain biographical information that will be forwarded to the Nominating Committee.

* Please complete a separate form for each individual suggested. This form may be photocopied. Please return your submission(s) to NFA no later than October 3, 2003 by mail or fax to: