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

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

June 10, 2005

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

December 30, 2005 and quarterly thereafter

Maturity

June 30, 2010

Payment Dates Each December 30th and June 30th beginning December 2005
First Coupon 4.00%
Coupon Structure 4.00% to June 2006; 4.50% to June 2007; 5.00% to June 2008; 5.50% to June 2009; 6.00% thereafter
Size $25 million
Issuer Federal Home Loan Bank System
CUSIP 3133XC6H1
Currency USD