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

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

November 5, 2004

Settlement Date November 24, 2004
Structure 5-year; non-call 6-month
First Call Date

May 24, 2005 and quarterly thereafter

Maturity

November 24, 2009

Payment Dates Each May 24th and November 24th beginning May 2005
First Coupon 3.25%
Coupon Structure 3.25% to November 2005; resets annually at 4.0%, 4.75%, 5.5%, 6.0%
Size $15 million
Issuer Federal Home Loan Bank System
CUSIP 3133X9H52
Currency USD