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

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

March 8, 2005

Settlement Date March 30, 2005
Structure 5-year; non-call 6-month
First Call Date

September 30, 2005 and quarterly thereafter

Maturity

March 30, 2010

Payment Dates Each September 30th and March 30th beginning September 2005
First Coupon 4.25%
Coupon Structure 4.25% to March 2007; 5.25% thereafter
Size $15 million
Issuer Federal Home Loan Bank System
CUSIP 3133XB5T8
Currency USD