Notices to Members

September 16, 2009

Board and Nominating Committee Members Whose Terms Will Expire at the 2010 Annual Election

NFA Bylaw 406 provides that before October 15th 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 2010 Annual Election to be held on January 19, 2010. 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 2010 Nominating Committee. For your reference, an explanation of the composition of the Board of Directors and Nominating Committee and of the open positions in this election is provided.

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 20, 2010. 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 15, 2009.

Michael R. Schaefer
Managing Director
Citigroup Global Markets Inc.

FCMs (Other)
Gerald F. Corcoran
Chief Executive Officer
R.J. O'Brien & Associates, Inc.

Scott A. Cordes
President
Country Hedging, Inc.

IB (Guaranteed)
Paul J. Georgy
President
Allendale, Inc.

CPO/CTAs
Craig L. Caudle
Chief Executive Officer
Liberty Funds Group, Inc.

Robert E. Murray
Chief Operating Officer
Graham Capital Management LP

IB
Scott W. Stewart
President
Stewart-Peterson Group, Inc.

CPO/CTA
Jeffrey D. Izenman
Managing Member
BRI Partners LLC

Composition of Board of Directors:

1. Eight (8) FCM Representatives - At least two (2) from top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30 preceding the election and at least two (2) from FCMs that are not ranked as top ten FCMs.

2. One (1) IB Representative - Independent.

3. One (1) IB Representative - Guaranteed.

4. 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.

5. No more than five (5) Contract Market Representatives.

6. Five (5) Public Directors.

Open Positions on the Board of Directors in the 2010 Member Election:

Four (4) open positions for FCM Representatives who may be affiliated with either a top-ten FCM based on the total amount of segregated funds and secured amounts as of June 30 preceding the election or an FCM which is not ranked as a top ten FCM.

One (1) open position for a Guaranteed IB Representative.

Two (2) open positions for CPO/CTA Representatives who may be affiliated with either CPOs or CTAs that are ranked in the top 20% of funds under management allocated to futures or CPOs or CTAs which are not ranked in the top 20%.

Composition of Nominating Committee:

1. Three (3) FCM Representatives - At least one (1) representative from a top ten FCM based on the total amount of segregated funds and secured amounts as of June 30 preceding the election and at least one (1) representative from an FCM not ranked as a top ten FCM.

2. Three (3) IB Representatives - At least one (1) representative from an Independent IB and at least one (1) representative from a Guaranteed IB.

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

Open Positions on the Nominating Committee in the 2010 Member Election:

One (1) open position for an FCM Representative who may be from either a top ten FCM based on the total amount of segregated funds and secured amounts as of June 30 preceding the election or an FCM that is not ranked as a top ten FCM.

One (1) open position for an IB Representative who may be either an Independent IB or a Guaranteed IB.

One (1) open position for a CPO/CTA Representative who is acting primarily as either a CPO or a CTA.

Printable version of Suggestion for Nomination

SUGGESTION FOR NOMINATION*

Name of Suggested Individual:
________________________________________________________________________________

Suggested for nomination to:
______ Board of Directors
______ Nominating Committee

NFA Member Firm With
Which Individual is Affiliated:
________________________________________________________________________________

Membership Category: _____FCM   _____IB   _____CPO/CTA

Individual's Title:
________________________________________________________________________________

Business Address:
________________________________________________________________________________
________________________________________________________________________________

Telephone:
______________________________

Name of Person Making Suggestion:
___________________________________________________

on behalf of:
___________________________________________________
(NFA Member Firm)

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 15, 2009, by mail or fax to: