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

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

November 16, 2005

Settlement Date December 9, 2005
Structure 10-year; non-call 3-month
First Call Date

March 9, 2006 and quarterly thereafter

Maturity

December 9, 2015

Payment Dates Every June 9th and December 9th beginning June 2006
First Coupon 5.25%
Coupon Structure 5.25% to December 2007; 6.25% to December 2010; 7.25% to December 2013; 8.25% thereafter
Size $15 million
Issuer Federal Home Loan Bank System
CUSIP 3133XDY88
Currency USD