Directors may be paid for reasonable travel, subsistence and other related expenses incurred in connection with the performance of their official duties as are payable to senior officers of the FHLBNY as specified in the FHLBNY’s current Travel Policy. However, under no circumstances shall Directors be paid for gift or entertainment expenses.

Reimbursable expenses may be paid to Directors for attendance at Board and Committee meetings as established herein.

Reimbursement of reasonable expenses incurred by Directors attending FHLBNY stockholders’ meetings is permitted.

Reimbursement of independent Directors’ expenses incurred while attending industry meetings or annual conventions of trade associations on a national level is permitted provided that a specific objective has been identified and that attendance has been specifically pre-approved by the Board of Directors. Independent directors attending industry events on behalf of the FHLBNY should register and identify themselves as directors of the FHLBNY.

Reimbursement of member directors’ expenses incurred while in attendance at industry meetings or annual conventions of trade associations on a national level is not permissible, unless such attendance is incidental to a FHLBNY Board or Committee meeting.

Reimbursement of reasonable expenses may be paid to all Directors participating in any meetings called by the FHFA.

Reimbursement of reasonable expenses may be paid to all Directors who are invited to attend meetings of Federal Home Loan Bank System committees (e.g., the Chair/Vice Chair Conference); Federal Home Loan Bank System director orientation meetings; and meetings of the Council of Federal Home Loan Banks and Council committees.

Reimbursement of reasonable expenses incurred by a Director’s spouse while accompanying the Director to a meeting for which the Director’s own reasonable expenses can be reimbursed (as specified in Sections II B, C, D, E or F above) is permitted.

Directors’ expense reports should be submitted to the Office of the Corporate Secretary no less than quarterly.

Payment for and reimbursement of allowable business expenses of the Directors will require the approval of the Corporate Secretary or Assistant Corporate Secretary.

Meetings of the Board and Committees thereof should usually be held within the district served by the FHLBNY. Under no circumstances shall such meetings be held in any location that is not within the district without prior approval of the Board. FHFA regulations prohibit any meetings of the Board of Directors (including committee, planning, or other business meetings) to be held outside the United States or its possessions and territories.