Amherst Securities LP
Amherst Securities Group Underwrites New Issue Deal for FHLB

11.5-year; non-call 1-year; Step-Up
Pricing Date

March 24, 2004

Settlement Date April 22, 2004
Structure 11.5-year; non-call 1-year
First Call Date

April 22, 2005 with quarterly calls thereafter

Maturity October 22, 2015
Payment Dates Each October 22nd and April 22nd
  beginning October 2004
First Coupon 3.25%
Coupon Structure 3.25% to April 2007; 6.25% thereafter
Size $15 million
Issuer Federal Home Loan Mortgage Corporation
CUSIP 3128X24R3
Currency USD