Notices to Members

December 13, 1996

Ballot Enclosed for Voting in NFA's Annual Election

Enclosed is your ballot for voting in NFA’s annual election. NFA is a membership organization and each Member’s vote is very important. Make your voice heard by completing your ballot.

Members may vote only in their respective voting categories and no write-in votes will be accepted. All ballots must be completed and received by Arthur Anderson, LLP on or before January 14, 1997. Ballots submitted which are not in accordance with these procedures, or which are received after January 14, 1997, will be considered void. All ballots must be sent to Arthur Anderson, LLP. A pre-addressed, postage-paid envelope is enclosed for your convenience.

Also enclosed is a copy of each position paper, if any, received by NFA from candidates in your voting category. If you have questions, please contact Tony Rose at (312) 781-1469 or Daniel J. Roth at (312) 781-1390.

Please vote for one (1) individual.

William D. Darby, President, Darby Trading Consultants, Inc.

Michael P. Doherty, Branch Manager, Super Fund Financial Group, Inc.

Please vote for three (3) individuals.

[Note that at least one Nominating Committee vacancy must be filled by a candidate affiliated with an Independent IB (IBI). The other two vacancies can be filled by candidates affiliated with Guaranteed IBs (IBG).]

Kevin P. Biber, Vice-President, Pittsburgh Futures Group, Inc. (IBG)

Michael L. Mitchell, President & CEO, Mitchell Investments, Inc. (IBG)

Norton B. Rixey, Jr., President, Central States Commodities, Inc. (IBI)

Bradley W. Sharp, General Manager, Defiance Landmark, Inc. (IBG)

Please vote for one (1) individual

Douglas L. Bry, President, Northfield Trading LP

Elizabeth A.M. Kenton, Senior Vice President & Director of Compliance, John W. Henry & Co., Inc.