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

4-year; non-call 3-month; Step-Up
Pricing Date

November 16, 2004

Settlement Date December 15, 2004
Structure 4-year; non-call 3-month
First Call Date

March 15,2005 and quarterly through December 2005; non-callable thereafter

Maturity

December 15, 2008

Payment Dates Each June 15th and December 15th beginning June 2005
First Coupon 3.0%
Coupon Structure 3.0% to December 2005; 4.50% thereafter
Size $15 million
Issuer Federal Home Loan Bank System
CUSIP 3133X9MP2
Currency USD