Notices to Members

December 7, 2007

Nominated Individuals to NFA's Board of Directors and 2008 Nominating Committee and Notice of Annual Meeting

On November 14, 2007, NFA notified its Members of the nominations made by the 2007 Nominating Committee for positions on NFA's Board of Directors and 2008 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. The deadline to submit nominations by petition has passed and no candidates were added via petition.

In our November 14^th Notice to Members, we mentioned that there would be a contested election this year in the FCM Other category on the Board of Directors. However, one of the nominees in this category has subsequently withdrawn his name from consideration. Therefore, there will be no contested election this year, and the nominees named on the attached will fill the open positions on the Board and Nominating Committee.

Notice of Annual Meeting

The annual meeting of NFA Members will be held on Thursday, February 21, 2008, at National Futures Association, 300 South Riverside Plaza, Suite 1800, Chicago, Illinois, and will begin at 11:00 AM (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.

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. The other two open positions must be filled by FCMs that do not rank in the top ten. The nominees who will fill these positions are:

Nominees - Top Ten FCM Category:

Thomas A. Kloet
Senior Executive Vice President and Chief Operating Officer
Fimat USA Inc.

Michael R. Schaefer
Managing Director
Citigroup Global Markets Inc.

Nominees - Other FCM Category:

Gerald F. Corcoran
Chief Executive Officer
R.J. O'Brien & Associates, 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 an Guaranteed IB. The nominee who will fill this position 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. As the two CPO/CTA Board members whose terms do not expire next year rank in the top 20% of CPOs or CTAs with funds under management allocated to futures, it is not mandatory that the two open positions be filled by CPO/CTAs that rank in the top 20%. The nominees who will fill these positions are:

Nominees - CPO and CTAs

Craig Caudle
Chief Executive Officer
Liberty Funds Group, Inc.

Robert E. Murray
Chief Operating Officer
Graham Capital Management LP

FCM

There is one open position on the 2008 FCM Nominating Subcommittee, which must be filled by an individual from a top-ten FCM. The nominee who will fill this position is:

Cynthia L. Zeltwanger
President
Fimat USA LLC

IB

There is one open position on the 2008 IB Nominating Subcommittee, which must be filled by an individual from an Independent IB . The nominee who will fill this position is:

Robert (Buck) Haworth
Chief Executive Officer
Born Capital, LLC

CPO/CTA

There is one open position on the 2008 CPO/CTA Nominating Subcommittee. The nominee who will fill this position is:

Joseph F. Esposito
Senior Vice President
Blenheim Capital Management L.L.C.