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

6-year; non-call 6-month; Step-Up
Pricing Date

April 12, 2004

Settlement Date April 29, 2004
Structure 6-year; non-call 6-month
First Call Date

October 29, 2004 with semi-annual calls through April 2007, non-callable thereafter

Maturity April 29, 2010
Payment Dates Each October 29th and April 29th
  beginning October 2004
First Coupon 3.375%
Coupon Structure 3.375% to April 2007; 6% thereafter
Size $15 million
Issuer Federal Home Loan Bank System
CUSIP 3133X6GR1
Currency USD