Notices to Members

November 7, 2003

NFA Announces 2003 Nominating Committee Recommendations

In accordance with NFA Bylaw 406, the Office of the Secretary has received from the 2003 Nominating Committee a list of its nominees for positions on NFA's Board of Directors and 2004 Nominating Committee. The list of nominees included with this notice shall serve as notification to NFA Members of the candidates proposed by the 2003 Nominating Committee.

Other nominations may be made by petition. Article VII, Section 3(b) of NFA's Articles of Incorporation provides that:

"Nominations may be made for elected FCM and LTM, IB, and CPO and CTA Director positions by:

(i) Petition signed by 50 or more NFA Members^* in the category for which the nomination is made (i.e., FCM and LTM, IB, and CPO and CTA); or
(ii) Petition submitted by any organization or association recognized by NFA as fairly representing the category ... for which the nomination is made.

Petitions shall be submitted in the manner specified by the Bylaws. No petition may nominate more than one candidate for the same position."

Article X, Section 3 of NFA's Articles of Incorporation similarly permits nominations by petition for the Nominating Committee.

NFA Bylaw 406 requires that each petition identify the position to which the nomination pertains, and that all petitions must be received by the Secretary within 21 days of the date of this Notice. If you wish to submit additional nominations by petition, please make sure that petition candidates meet the category requirements of Articles VI, VII and X, and that such petitions are received by the Secretary on or before November 28, 2003. Petitions received after that date will not be considered.

If you have any questions, please contact Thomas Sexton at (312) 781-1413 or tsexton@nfa.futures.org.

FCM
This year there are four open positions in the FCM category on the Board. Two of the positions must be filled by FCMs that rank in the top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30th preceding the election, and the other two must be filled by FCMs that do not rank in the top ten. The nominees are:

Nominees - Top Ten FCM Category:
Kevin R. Davis
Chairman and President
Man Financial Inc.

Michael R. Schaefer
Managing Director
Citigroup Global Markets, Inc.

Nominees - Other FCM Category
James A. Davison
Chairman and President
Cargill Investor Services, Inc.

Scott A. Cordes
President
Country Hedging, Inc.

IB
This year there is one open position in the IB category on the Board which must be filled by a Guaranteed IB. The nominee is:

Nominee - Guaranteed IB:
Paul J. Georgy
President
Allendale, Inc.

CPO/CTA
This year there are two open positions in the CPO/CTA category on the Board. The nominees are:

Nominees - CPO and CTAs
James R. Klingler
Senior Vice President, Corporate Secretary and General Counsel
Eclipse Capital Management, Inc.

Robert E. Murray
Chief Operating Officer
Graham Capital Management L.P.

FCM
There is one open position on the 2004 FCM Nominating Subcommittee. The nominee is:
Richard A. Beech
Executive Director
Morgan Stanley

IB
There is one open position on the 2004 IB Nominating Subcommittee. The nominee is:
Kevin P. Biber
Vice President
Pittsburgh Futures Group, Inc.

CPO/CTA
This year there is one open position on the 2004 CPO/CTA Nominating Subcommittee. The nominee is:
Jeffrey A. Rothman
Director
Demeter Management Corporation

^* Section 2 of Article VI of the Articles of Incorporation provides that for purposes of signing nomination petitions, a Member will be deemed to be a Member "only in that single category to which its business activities primarily relate."