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

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

February 17, 2005

Settlement Date March 16, 2005
Structure 6-year; non-call 6-month
First Call Date

September 16, 2005 and quarterly thereafter

Maturity

March 16, 2011

Payment Dates Each September 16th and March 16th beginning September 2005
First Coupon 4.0%
Coupon Structure 4.0% to March 2007; 5.0% to March 2009; 6.0% thereafter
Size $15 million
Issuer Federal Home Loan Bank System
CUSIP 3133XAUX3
Currency USD