Notices to Members

January 24, 2002

Notice of Annual Meeting and Notice of Recently Elected Members to NFA's Board of Directors and 2002 Nominating Committee

The annual meeting of NFA Members will be held on Thursday, February 21, 2002 at NFA's office, 200 West Madison Street, Suite 1600, Chicago, Illinois. The meeting will begin at 12:00 noon (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.

Effective October 15, 2001, NFA's Articles of Incorporation were amended to reduce the size of NFA's Board of Directors from 45 Directors to 25 Directors. Enclosed with this Notice is a complete list of the recently elected Members of NFA's Board of Directors representing FCMs, IBs, CPOs and CTAs. Also enclosed is a complete list of the Members of the 2002 Nominating Committee.

Thank you for your participation in the election of NFA's Directors and 2002 Nominating Committee Members.

BOARD OF DIRECTORS

Top Ten FCMs
Bonnie Litt
Managing Director & Associate General Counsel
Goldman, Sachs & Co.

Joseph J. Murphy
President
Refco LLC

Ronald S. Oppenheimer
First Vice President & General Counsel
Futures & Options
Merrill Lynch & Co.

Michael R. Schaefer
Executive Vice President
Salomon, Smith Barney, Inc.

Other FCMs
W. Robert Felker
President & Chief Operating Officer
Banc One Capital Markets, Inc.

James A. Gary
Executive Vice President
Director of Global Futures
ABN AMRO Incorporated

Charles P. Nastro
Managing Director
Co-head of Global Futures
Lehman Brothers, Inc.

Jan R. Waye
Senior Vice President
Cargill Investor Services, Inc.

Guaranteed IBs
Paul J. Georgy
President & Chief Executive Officer
Allendale, Inc.

Independent IBs
John A. Vassallo
President
Coquest Incorporated

CPOs & CTAs
Thomas F. Basso
Chief Executive Officer
Trendstat Capital Management, Inc.

Douglas L. Bry
President
Northfield Trading LP

George E. Crapple
Co-Chairman
Millburn Ridgefield Corp.

Robert E. Murray
President
Demeter Management Corporation

2002 NOMINATING COMMITTEE

FCMs
Clarence Delbridge, III
Executive Vice President
FC Stone LLC

Lawrence J. Schneider
Senior Vice President, Futures
Morgan Stanley DW, Inc.

Edward Z. Kassakian
President
Carr Futures, Inc.

IBs
John W. Crane
President
Traders Network, Inc.

Norton B. Rixey, Jr.
President
Central States Commodities, Inc.

Peter E. Smith
President
Columbia Futures Group, Inc.

CPOs & CTAs
Bruce L. Cleland
President & Chief Executive Officer
Campbell & Company, Inc.

Ernest L. Jaffarian
Managing Member
Efficient Capital Management LLC

Tracy C. Wills-Zapata
Executive Vice President
Dominion Capital Management, Inc.