Article 2

2.1 The Association comprises several different types of members:

TYPE "A" MEMBERS

AA. Commission Houses, Clearing Brokers, Banks and Financial Institutions with clearing memberships

This category shall include those companies which are, or which represent a "commission house", with a seat at a recognized futures and options exchange.

AB. Brokers

This category shall include brokers with no direct access to an exchange for their trading and/or their clearing operations, but whose activity is to trade on behalf of their clients, and whose ethics and/or reputation can be compared to those of a "commission house" linked to an exchange.

TYPE "B" MEMBERS

- Banks and Financial Institutions (without clearing memberships)
- Insurance Companies
- Pension Funds
- Commodity Traders

This category includes companies which conduct, for their own account, transactions on the forward or spot commodities market and are users of derivative instruments for the purpose of hedging their market risks.

TYPE "C" MEMBERS

Service companies

This category includes those companies which carry out activities directly or indirectly linked to the derivative instruments markets (i.e. service companies, companies in the field of information on futures and options exchanges and commodities, trust accountants, computer related services, etc.).

"ASSOCIATE MEMBERS"

This category includes the recognized futures and options exchanges and clearing organizations, as well as Swiss or foreign professional associations whose purposes or activities are, either directly or indirectly, close to those of the Association.

2.2 When a company has several branches or establishments, only one of these branches or establishments may become a member of the Association.

2.3 Membership of category "A" shall be open to those companies which have adhered, without any reserve, to the Code of Conduct enacted by the Association, and which are audited on a regular basis by an external auditor recognized by the Association.

2.4 Each member of the Association may designate one or several individuals to represent it in the Association. Only one of these individuals may, however, exercise the voting rights at Annual Meetings.

2.5 The Board of Directors shall decide, by a two third majority of its members, on the admission of new members. Requests for admission must be submitted in writing to the Board of Directors. The Board of Directors may refuse admission without giving any reason for its refusal.

2.6 The Board of Directors will appoint a committee to screen applications of potential new members. The Code of Conduct of the association will be guiding that committee.

2.7 Since the membership of SFOA of any Type AB member can be used as a “seal of approval” special care will have to be taken for the application of such members. A special fee (set at the discretion of the board of directors) will be payable for the due diligence testing to be done.

2.8 The resignation of a member may be submitted, in writing, to the Board of Directors, at any time.

2.9 Membership shall automatically disappear when a member ceases his activities (for example, following liquidation) or when the conditions laid down by the present By-laws are no longer fulfilled by it.

2.10 Exclusion of a member may be decided at any time by the Board of Directors by means of a simple decision and without it being necessary to give any reasons for such exclusion. The decision shall be subject to a majority of two thirds of all the members of the Board of Directors.

Exclusion may be decided in particular in case of failure to respect the spirit and purposes of the Association or in case of violation by a member, on several occasions, of its conventional obligations or when, by its activity, a member should have impaired the interests of other members of the Association or when, after having received official notice, a member should have failed to pay its dues.

2.11 In losing membership, an establishment automatically ceases to be represented within the Association.

Article 3

3.1 Members shall pay the annual contribution as set forth at the Annual Meeting.

3.2 New members shall pay the full yearly contribution for the year of their admission, irrespective of their entry date into the Association.

3.3 In order to meet exceptional expenditures, which may be incurred within the duties of the Association, it can be decided at the Annual Meeting to levy additional or extraordinary contributions.

3.4 In the event of resignation of a member, the resigning member shall pay the annual contribution prorata temporis until such a date as the resignation comes into effect.

3.5 Members shall not in any way be responsible for the financial commitments of the Association over and above the amount of their annual contribution or, whenever applicable, of the above-mentioned extraordinary contribution.

3.6 Outgoing members shall have no right on the assets of the Association.