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

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

November 2, 2004

Settlement Date November 26, 2004
Structure 6-year; non-call 6-month
First Call Date

May 26, 2005 and semi-annually through November 2007 only

Maturity

November 26, 2010

Payment Dates Each May 26th and November 26th beginning May 2005
First Coupon 3.50%
Coupon Structure 3.50% to November 2007; 6.0% thereafter
Size $15 million
Issuer Federal Home Loan Bank System
CUSIP 3133X9E55
Currency USD