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

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

December 8, 2004

Settlement Date December 30, 2004
Structure 5-year; non-call 6-month
First Call Date

June 30, 2005 and quarterly thereafter

Maturity

December 30, 2009

Payment Dates Each June 30th and December 30th beginning June 2005
First Coupon 3.25%
Coupon Structure 3.25% to December 2005; resets annually at 4%, 4.75%, 5.5% and 6.5%
Size $15 million
Issuer Federal Home Loan Bank System
CUSIP 3133X9WQ9
Currency USD