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

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

July 1, 2005

Settlement Date July 21, 2005
Structure 1-year; non-call 3-month
First Call Date

October 2005 and quarterly thereafter

Maturity

July 21, 2006

Payment Dates Each January 21st and quarterly thereafter
First Coupon 3.625%
Coupon Structure 3.625% to October 2005; resets quarterly at 3.8%; 4.0%; 4.25%
Size $25 million
Issuer Federal Home Loan Bank System
CUSIP 3133XCFN8
Currency USD