Notices to Members

July 24, 1998

Board and Nominating Committee Members Whose Terms Will Expire at the 1999 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 1999 Annual Election to be held on January 12, 1999.

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 1999 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 13, 1999. 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 21, 1998.

Should you have any questions, please contact Audrey West at
(312) 781-2255.

Alan D. Kluis
President
Northstar Commodity Investment Co.
Minneapolis, Minnesota

Thomas J. McQuiston
President
Morgan Keegan Fund Management, Inc.
Memphis, Tennessee

Thomas W. Rooke
President and Director
Paine Webber Futures Management Corp.
Weehawken, New Jersey

Jerry M. Harris
Senior Vice President
Welton Investment Corporation
Carmel, California

David M. Kozak
Vice President, General Counsel and Secretary
John W. Henry & Company, Inc.
Boca Raton, Florida

DIRECTORS ELECTED BY THE MEMBERS*:

1. TWO (2) FCM REPRESENTATIVES - 1 to 15 Offices
2. TWO (2) FCM REPRESENTATIVES - 16-50 Offices
3. FIVE (5) FCM REPRESENTATIVES - 51 or more Offices
4. FIVE (5) FCM REPRESENTATIVES FROM ANY OF THE CATEGORIES 1, 2 OR 3 ABOVE
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.

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

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