Notices to Members

January 07, 2004

Notice of Annual Meeting and Notice of Nominated Individuals to NFA's Board of Directors and 2004 Nominating Committee

The annual meeting of NFA Members will be held on Thursday, February 19, 2004, at National Futures Association, 200 West Madison Street, Suite 1600, Chicago, Illinois, and 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.

On November 7, 2003, NFA notified its Members of the nominations made by the 2003 Nominating Committee for positions on NFA's Board of Directors and 2004 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 2004 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 2004 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)
Kevin R. Davis
Chairman and President
Man Financial Inc.

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

Futures Commission Merchants (Other)
James A. Davison
Chairman and President
Cargill Investor Services, Inc.

Scott A. Cordes
President
Country Hedging, Inc.

Introducing Brokers (Guaranteed)
Paul J. Georgy
Pesident
Allendale, Inc.

Commodity Pool Operator and Commodity Trading Advisors
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.

2004 Nominating Committee

Futures Commission Merchants
Richard A. Beech
Executive Director
Morgan Stanley

Edward Z. Kassakian
President
Carr Futures, Inc.

Colleen M. Mitchell
President
R.J. O'Brien Associates, Inc.

Introducing Brokers
Kevin P. Biber
Vice President
Pittsburgh Futures Group, Inc.

Robert S. Pirie
President
Lakes Trading Company Incorporated

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

Commodity Pool Operator and Commodity Trading Advisors
David M. Kozak
Senior Vice President and General Counsel
John W. Henry & Co.

Steven B. Olgin
Manager and Chief Administrative Officer
MLIM Alternative Strategies LLC

Jeffrey A. Rothman
Chairman and President
Demeter Management Corp.