Notices to Members

November 30, 2001

Candidates Announced for NFA Board and Nominating Committee

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. Effective February 2002, all of the current Directors' terms will expire. On November 7, 2001, NFA notified its Members of the nominations made by the 2001 Nominating Committee for positions on NFA's Board of Directors and 2002 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 2002 Nominating Committee, including the names of the individuals nominated by petition in accordance with Article VII, Section 3(b) and Article X, Section 3. A complete list of candidates follows.

NFA Bylaw 406 also states that "in the event of a contested election in any of the FCM and LTM, IB, or CPO and CTA categories, the Secretary shall cause written ballots to be sent to all Members in that category by December 15." In accordance with Bylaw 406, ballots will be sent to all Member FCMs and IBs on December 14, 2001. No ballots will be sent in the CPO and CTA category. This category will be represented on the Board by the individuals indicated on the enclosed list. In the CPO and CTA category, there were no vacancies to be filled on the 2002 Nominating Committee.

Should you have any questions, do not hesitate to contact Tony Rose at (312) 781-1469.

2002 CANDIDATES

Effective February 2002, FCM representation on the Board will be reduced from 14 Directors to eight Directors. Of the eight FCM seats on NFA's Board, four are reserved for FCMs that are ranked in the top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30th preceding the election. The remaining four seats are reserved for FCMs that are not ranked in the top ten FCMs.

Board of Directors - Top Ten FCMs - 4 vacancies

Candidates
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.

David C. Sturm
Vice President
J.P. Morgan Futures, Inc.

Board of Directors - Other FCMs - 4 vacancies

Candidates
Richard A. Beech
Executive Director
Morgan Stanley, DW, Inc.

W. Robert Felker
President & Chief Executive Officer
Banc One Capital Markets, Inc.

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

Douglas O. Kitchen
Managing Director
Rosenthal Collins Group LLC

Charles P. Nastro
Managing Director
Director of Futures
Lehman Brothers, Inc.

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

Nominating Committee - 1 vacancy

Candidate
Edward Z. Kassakian
President
Carr Futures, Inc.

IB

Effective February 2002, IB representation on the Board will be reduced from three Directors to two Directors. Of the two IB seats on NFA's Board, one is reserved for Guaranteed IBs and one is reserved for Independent IBs.

Board of Directors - Guaranteed IBs - 1 vacancy

Candidates
Paul J. Georgy
President
Allendale, Inc.

Lou Illes
President
McFarland Commodities, Inc.

John J. Lothian
President - Electronic Trading Division
The Price Futures Group, Inc.

Board of Directors - Independent IBs - 1 vacancy

Candidate
John A. Vassallo
President
Coquest Incorporated

Nominating Committee - 1 vacancy

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

CPO & CTA

Effective February 2002, CPO and CTA representation on the Board will be reduced from six Directors to four Directors.

Board of Directors

Candidates
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