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

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

July 26, 2004

Settlement Date August 25, 2004
Structure 10-year; non-call 6-month; Step-Up
First Call Date

February 25, 2005 and semi-annually through August 2007 only

Maturity

August 25, 2014

Payment Dates February 25, 2005 and semi-annually thereafter
   
First Coupon 4.0%
Coupon Structure 4.0% to August 2007; 7.0% thereafter
Size $15 million
Issuer Federal Home Loan Bank System
CUSIP 3133X83N0
Currency USD