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

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

October 4, 2005

Settlement Date October 27, 2005
Structure 10-year; non-call 6-month
First Call Date

April 27, 2006 and quarterly thereafter

Maturity

October 27, 2015

Payment Dates Every April 27th and October 27th beginning April 2006
First Coupon 5.00%
Coupon Structure 5.00% to October 2008; 6.00% to October 2011; 7.00% to October 2013; 8.00% thereafter
Size $15 million
Issuer Federal Home Loan Bank System
CUSIP 3133XDJ51
Currency USD