In accordance with Section 4 of the Federal Reserve Act, as amended, and the circular dated October 2, 2018, the Federal Reserve Bank of New York is conducting an election of those directors whose terms expire on December 31, 2018. Those directors are James P. Gorman, Chairman and Chief Executive Officer, Morgan Stanley, New York, N.Y., Class A, Group 1 director, and Glenn Hutchins, Chairman, North Island and CoFounder, Silver Lake, New York, N.Y., Class B, Group 1 director. There is shown on the following pages the names of the candidates nominated for such offices, and by whom nominated.