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

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

August 9, 2005

Settlement Date August 24, 2005
Structure 10-year; non-call 6-month
First Call Date

February 24, 2006 and quarterly thereafter

Maturity

August 24, 2015

Payment Dates Every February 24th and August 24th beginning February 2006
First Coupon 5.00%
Coupon Structure 5.00% to August 2008; 6.00% to August 2011; 7.00% to August 2013; 8.00& thereafter
Size $15 million
Issuer Federal Home Loan Bank System
CUSIP 3133XCV91
Currency USD