Results of Director Elections

This letter is in regard to the election of directors of this Bank to succeed Ms. Megan F. Clubb, a Class A director, elected by banks in Group Three, and Mr. Richard A. Galanti, a Class B director, elected by banks in Group Two, whose terms end on December 31, 2014, respectively. These elections have been duly held in accordance with the requirements of Section 4 of the Federal Reserve Act and the provisions of the circulars issued by this office dated September 10 and October 29, 2014.