Notices to Members

October 1, 2001

Board and Nominating Committee Members Whose Terms Will Expire at the 2002 Annual Election

NFA Bylaw 406 provides that before October 15 of each year, NFA's Secretary shall notify all Members in the FCM, IB, CPO and CTA categories of the elected Board of Directors and the members of the Nominating Committee whose terms shall expire at the Annual Election and shall request that the names of eligible persons to fill those positions be submitted to the Nominating Committee.

On August 16, 2001, NFA's Board of Directors unanimously ratified a proposal to amend NFA's Articles of Incorporation to reduce the size of the Board from 45 Directors to 25. On August 30, 2001, NFA sent out Notice to Members I-01-14 which included a ballot to vote on the proposed amendments to NFA's Articles. On October 1, 2001, NFA's Membership approved the amendments. NFA is submitting the proposed amendments to the CFTC under the ten-day automatic approval process, and expects that the CFTC will not take review. Therefore, it is anticipated that the proposed amendments will become effective on October 15, 2001.

Due to the reduction in the Board's size, for this year only, the election process for Directors will be different than usual. To accomplish a transition from the existing to the new Board, the Articles establish an Interim Board that consists of the existing Directors. The interim Directors will serve until February 2002. All new Board members will be elected during this year's election cycle, which will officially culminate on January 15, 2002, the date of the Annual Election. The newly elected Board members will take their seats at the February 21, 2002 regular annual meeting of the Board. For this election only, half of these newly elected Directors will serve two-year terms and the other half one-year terms. This will be determined by the votes received by the Directors elected in each category, with the half receiving the highest votes in each category serving the two-year terms.

As a result, the enclosed list of the Board members whose terms expire in February 2002 contains the names of all current Board members in the FCM, IB and CPO and CTA categories. Also enclosed is a list of Nominating Committee members whose terms expire in February 2002. Finally, you will find a form enclosed for your use in submitting names of persons eligible to fill the vacancies on the Board of Directors and the Nominating Committee.

The Nominating Committee shall consider names that are submitted and the Membership will be notified of its nominations. Thereafter, additional nominations may be made by petition only. Ballots will be mailed in mid-December to all Members and the ballots will be counted on January 16, 2002. The results will be circulated before the regular annual meeting in February.

NFA is a membership organization. NFA Members have a voice in NFA's governance through the exercise of the right to suggest candidates and to nominate and elect individuals to serve on NFA's Nominating Committee and Board of Directors. The Nominating Committee relies heavily on the suggestions of the Membership in making its nominating decisions. Please give this matter serious consideration and return your submission(s) to NFA no later than October 15, 2001.

Please return to:

Thomas W. Sexton, III
Secretary
National Futures Association
200 West Madison Street, Suite 1600
Chicago, Illinois 60606-3447

Should you have any questions, please contact Tony Rose at (312) 781-2254.

Board of Directors
(Directors may succeed themselves)

FCMs

Terrence M. Belton
Managing Director
J.P. Morgan Futures, Inc.

W. Robert Felker
President & Chief Executive Officer
Banc One Brokerage International Corporation

Ronald M. Hersch
Senior Managing Director & Director of Futures Division
Bear, Stearns & Co., Inc.

Douglas O. Kitchen
Managing Director
Rosenthal Collins Group LLC

Bonnie Litt
Managing Director and Associate General Counsel
Goldman Sachs & Co.

Margaret E. McGrath
Chief Executive Officer
ING (U.S.) Securities, Futures & Options, Inc.

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

Ronald S. Oppenheimer
First Vice President & General Counsel
Futures & Options
Merrill Lynch & Co.

O. Lee Reid, Jr.
Vice-President - Futures
A.G. Edwards & Sons, Inc.

Lawrence D. Ryan
Regional Manager
Prudential Securities Incorporated

Michael R. Schaefer
Executive Vice-President
Salomon, Smith Barney, Inc.

Frederick G. Uhlmann
Senior Vice-President
Man Financial, Inc.

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

Vacancy

Guaranteed IBs

Paul J. Georgy
President
Allendale, Inc.

Lou Illes
President
McFarland Commodities, Inc.

Independent IBs

John D. Streich
President
First Capitol Ag, Inc.

CPOs and CTAs

Thomas F. Basso
Chief Executive Officer
Trendstat Capital Management, Inc.

Douglas L. Bry
President
Northfield Trading LP

George E. Crapple
Co-Chairman and Co-Chief Executive Officer
The Millburn Corporation

Malinda E. Goldsmith
Vice President
Fundamental Futures, Inc.

Robert E. Murray
President
Demeter Management Corporation

Verne O. Sedlacek
President
Westport Capital Management Corporation

Nominating Committee
(Nominating Committee Members may NOT succeed themselves)

FCMs

Franklin A. Gelber
Chief Financial Officer
Gelber Group, LLC

IBs

Patrick F. Hart, III
Managing Director
Hart Financial Group LLC

Composition of NFA's Board of Directors

Directors elected by the Members *:

1. Four (4) FCM Representatives from the top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30 preceding the election

2. Four (4) FCM Representatives not ranked in the top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30 preceding the election

3. One (1) IB Representative - Independent

4. One (1) IB Representative - Guaranteed

5. Four (4) CPO/CTA Representatives - At least two (2) affiliated with either CPOs or CTAs that are ranked in the top 20% of funds under management allocated to futures.

* Four (4) Contract Market Representatives are appointed by the top four Contract Market Members based on volume in the prior year. Two (2) Contract Market Representatives are elected by all other Contract Market Members. Five (5) Public Directors are elected by the Board of Directors.

Composition of NFA's Nominating Committee

1. One (1) FCM Representative from the top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30 preceding the election

2. One (1) FCM Representative not ranked in the top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30 preceding the election

3. One (1) FCM Representative from either 1 or 2 above

4. One (1) IB Representative - Independent

5. One (1) IB Representative - Guaranteed

6. One (1) IB Representative from either 4 or 5 above

7. Three (3) CPO/CTA Representatives - At least one representative acting primarily as a CPO and at least one representative acting primarily as a CTA

Name:______________________________________

Suggested for nomination to:

_____________Board of Directors
_____________Nominating Committee

NFA Member with which individual is affiliated:__________________________________

Membership Category: _____ FCM _____ IB _____ CPO/CTA

Title:________________________________________________

Business Address:_____________________________________

____________________________________________________

Telephone:__________________________________

Name of person making suggestion: __________________________

on behalf of:____________________________________________
                  (NFA Member)

Business telephone:______________________________

Thank you for your submission. NFA will contact the individual you suggested to confirm his/her willingness to serve and to obtain biographical information that will be forwarded to the Nominating Committee.

*Please complete a separate form for each individual suggested. This form may be photocopied.