Proposed Rule

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Proposed Amendments to Articles VIII of NFA's Articles of Incorporation
(Additions are underscored and deletions are stricken)

ARTICLES OF INCORPORATION
OF
NATIONAL FUTURES ASSOCIATION

* * *

ARTICLE VIII: EXECUTIVE COMMITTEE

* * *

Section 3: Composition.

The Executive Committee shall comprise the following:

    (a) NFA's President; and

    (b) Nine Directors, as follows:

      (i) The Chairman of the Board of Directors, and

      (ii) Eight other Directors, as follows:

* * *

      (C) One Two Directors representing CPOs and one Director representing CTAs; and

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