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

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

September 8, 2005

Settlement Date September 30, 2005
Structure 10-year; non-call 6-month
First Call Date

March 30, 2006 and quarterly thereafter

Maturity

September 30, 2015

Payment Dates Every March 30th and September 30th beginning March 2006
First Coupon 5.00%
Coupon Structure 5.00% to September 2009; 6.00% to September 2012; 7.00% thereafter
Size $15 million
Issuer Federal Home Loan Bank System
CUSIP 3133XD7G0
Currency USD