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

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

November 29, 2005

Settlement Date December 22, 2005
Structure 6-year; non-call 3-month
First Call Date

March 22, 2006 and quarterly to December 2008 only; non-call thereafter

Maturity

December 22, 2011

Payment Dates Every June 22nd and December 22nd beginning June 2006
First Coupon 5.20%
Coupon Structure 5.20% to December 2008; 6.0% thereafter
Size $15 million
Issuer Federal Home Loan Bank System
CUSIP 3133XE2E8
Currency USD