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

10-year: non-call 3-month: Step Rate
Pricing Date

May 11, 2006

Settlement Date May 25, 2006
Structure 10-year; non-call 3-month
First Call Date

August 25, 2006 and quarterly thereafter

Maturity Date May 25, 2016
Payment Dates

Every November 25th and May 25th beginning

November 2006

First Coupon 6.00%
Coupon Structure

6.00% to May 2010; 7.00% to May 2013; 8% thereafter

Size $15 million
Issuer Federal Home Loan Bank System
CUSIP 3133XFML7
Currency USD