Please be advised that the Membership Subcommittee’s determinations as to the positions and/or categories in which those individuals who were recommended as proposed candidates for the 2004 elections are eligible to run:

1. Recommended as Proposed Nominees for “Chairman”
(ONE three-year term)
Mitchell Steinhause (STEN)

2. Recommended as Proposed Nominees for “Public Director”:
(TWO three-year terms)
Ronald Comerchero
Harley Lippman
Lawrence Silver
Robert Steele

3. Recommended as Proposed Nominees for “Equity Holder”:
(ONE three-year term)
Bruce Fein
Harvey Gralla
Michel Marks
Richard Saitta

4. Recommended as Proposed Nominees for “Director*”:
(ONE three-year term: FCM, Local, Floor Broker, Trade, At Large)
Daniel Dicker (DANO) - Local
Stephen Forman - FCM/Trade
Kenneth Garland (CASH) - Local
Michael McCallion (MMC) - Local
Gary Rizzi (RAZZ) - FCM
Gordon Rutledge (OPEC) - Floor Broker
Mitchell Stern (MJS) - Local
Michael Wamp (WAMP) - FCM/Floor Broker

*In addition to the categories specified above, ALL proposed nominees in the
“Director” category are also eligible to be run in the “At Large” category.

TO BE OFFICIALLY NOMINATED, EACH PROPOSED NOMINEE WILL BE REQUIRED TO FILE WITH THE OFFICE OF THE CORPORATE SECRETARY A DECLARATION WHICH STATES THAT CATEGORY IN WHICH THE PERSON INTENDS TO STAND FOR ELECTION. FAILURE TO SUBMIT A DECLARATION TO THE OFFICE OF THE CORPORATE SECRETARY BY 5:00 P.M. ON TUESDAY, FEBRUARY 17, 2004 WILL RENDER THE PROPOSED NOMINEE INELIGIBLE TO RUN IN ANY CATEGORY.

Note, only those persons who were proposed by January 23, 2004 will be permitted to be officially nominated.

Ballots will be mailed on or about March 1, 2004. A candidates’ forum is scheduled to be held on Thursday, March 4, 2004.

The election will be held on Tuesday, March 16, 2004.