Notices to Members

January 23, 2007

Notice of Annual Meeting and Notice of Nominated Individuals to NFA's Board of Directors and 2007 Nominating Committee

The annual meeting of NFA Members will be held on Thursday, February 15, 2007, at National Futures Association, 200 West Madison Street, Suite 1600, Chicago, Illinois, and will begin at 11:00 AM (Central Time). Under Bylaw 405, one hundred Members constitute a quorum. In the absence of a quorum, the Members in attendance may act to adjourn the meeting.

On November 10, 2006, NFA notified its Members of the nominations made by the 2006 Nominating Committee for positions on NFA's Board of Directors and 2007 Nominating Committee. At that time, Members were also given the opportunity to make other nominations by petition, in accordance with Article VII, Section 3(b) and Article X, Section 3 of NFA's Articles of Incorporation.

NFA Bylaw 406 states that "promptly after the expiration of the period within which petitions may be submitted, the Secretary shall notify the Members of all of the candidates for Director and member of the Nominating Committee." In accordance with Bylaw 406, this Notice will serve as notification of the candidates for the Board and 2007 Nominating Committee. No candidates were added via petition.

NFA Bylaw 406 also states that "in the event of a contested election, the Secretary shall cause written ballots to be sent to all Members in that category (i.e., FCM and LTM, IB, CPO or CTA) by December 15." Since there are no contested elections, no ballots were sent in the FCM, IB, CPO or CTA categories. These categories will be represented on the Board and the 2007 Nominating Committee by the individuals indicated on the enclosed list.

If you have any questions, please contact NFA's Vice President and General Counsel, Thomas W. Sexton, at (312) 781-1413.

Futures Commission Merchants (Top Ten)
W. Robert Felker
Chairman
J.P. Morgan Futures Inc.

William F. McCoy
Managing Director
Morgan Stanley

Futures Commission Merchants (Other)
Christopher K. Hehmeyer
Co-Chairman
Goldenberg Hehmeyer & Co.

Douglas O. Kitchen
Managing Director
Rosenthal Collins Group LLC

Introducing Brokers (Independent)
John A. Vassallo
President
Coquest Incorporated

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

George E. Crapple
Co-Chairman and Co-Chief Executive Officer
The Millburn Corporation

Nominating Committee

Futures Commission Merchants
Richard W. Dodson
President
ADM Investor Services Inc.

Introducing Brokers
Scott W. Stewart
President
Stewart Peterson Group Inc.

Commodity Pool Operator and Commodity Trading Advisors
Jeffrey D. Izenman
Executive Vice President
Rabar Market Research Inc.