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

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

July 19, 2005

Settlement Date August 17, 2005
Structure 10-year; non-call 6-month
First Call Date

February 2006 and quarterly thereafter

Maturity

August 17, 2015

Payment Dates Every February 17th and August 17th beginning February 2006
First Coupon 5.00%
Coupon Structure 5.00% to August 2009; 6.00% to August 2012; 7.00% thereafter
Size $15 million
Issuer Federal Home Loan Bank System
CUSIP 3133XCMD2
Currency USD