A special election will be held under the provisions of section 4 of the Federal Reserve Act, as amended, to fill the vacancy in the office of Class B director of this Bank for the unexpired portion of the term ending December 31, 2013. JAMES S. TISCH, president and chief executive officer, Loews Corporation, New York, New York, who currently holds office, has decided to step down as a director of this Bank, effective December 31, 2011. Mr. Tisch also serves as a director of GE, which owns a thrift institution. As a result of Dodd-Frank, GE has become a thrift holding company supervised by the Federal Reserve. Mr. Tisch made his decision to resign from the New York Fed board to avoid even an appearance of conflict.