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  <p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
  STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</font></b><font size="5" face="Times New Roman" style="font-size:18.0pt;"><br>
  </font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, DC 20549</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
  REPORT<br>
  Pursuant to Section&nbsp;13 or 15(d)&nbsp;of <br>
  The Securities Exchange Act of 1934</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report
  (Date of earliest event reported)<b> June&nbsp;9,
  2008</b></font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FEDERAL
  HOME LOAN BANK OF BOSTON</font></b><font size="5" face="Times New Roman" style="font-size:18.0pt;"><br>
  </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center">
  
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   <tr>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Federally
    chartered corporation</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">000-51402</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">04-6002575</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other jurisdiction<br>
    of incorporation)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer</font><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
    </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification No.)</font></p>
    </td>
   </tr>
  </table>
  
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">111
  Huntington Avenue</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
  <b>Boston, MA 02199</b><br>
  </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices, including zip code)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(617)
  292-9600<br>
  </font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s telephone number, including area code)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not
  Applicable<br>
  </font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former name or former address, if changed since last report)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check
  the appropriate box below if the Form&nbsp;8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any of the
  following provisions (see General Instruction A.2. below):</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .1in;text-indent:-.1in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Written
  communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR
  230.425)</font></p>
  
  <p style="margin:0in 0in .0001pt .1in;text-indent:-.1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160; Soliciting material pursuant to Rule&nbsp;14a-12
  under the Exchange Act (17 CFR 240.14a-12)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 24.0pt;text-indent:-24.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement
  communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17
  CFR 240.14d-2(b))</font></p>
  
  <p style="margin:0in 0in .0001pt 24.0pt;text-indent:-24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 24.0pt;text-indent:-24.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement
  communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17
  CFR 240.13e-4(c))</font></p>
  
  <p style="margin:0in 0in .0001pt 24.0pt;text-indent:-24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\rmoralec\08-16574-1\task2984794\16574-1-ba.htm',USER='rmoralec',CD='Jun 12 11:50 2008' -->
  
  
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  <div style="font-family:Times New Roman;">
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Creation
  of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
  Arrangement of a Registrant</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Federal Home Loan Bank of Boston (the Bank)
  obtains most of its funds from the sale of debt securities, known as
  consolidated obligations, in the capital markets. Consolidated obligations,
  which consist of bonds and discount notes, are by regulation the joint and
  several obligations of the 12 Federal Home Loan Banks (the FHLBanks).
  Consolidated obligations are sold to the public through the FHLBanks&#146; Office of
  Finance using authorized securities dealers.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The FHLBanks are regulated by the Federal
  Housing Finance Board (the Finance Board) and the Finance Board regulations
  authorize the Finance Board to require any FHLBank also to repay all or any
  portion of the principal of or interest on any or all consolidated obligations
  for which any other FHLBank is the primary obligor.&#160; In other words, the Bank is jointly and
  severally liable with the other FHLBanks for any and all payments due on all of
  the consolidated obligations issued by the FHLBanks, regardless of whether the
  Bank receives all or any portion of the proceeds from any particular issuance.&#160; Information regarding historical, current,
  and future issuances of consolidated obligations by the FHLBanks may be
  obtained from the Office of Finance (http://www.fhlb-of.com).&#160; Further, consolidated obligations are backed
  only by the financial resources of the FHLBanks and are not guaranteed by the
  United States government.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule A</font></u><font size="2" face="Times New Roman" style="font-size:10.0pt;"> sets forth all consolidated obligation bonds
  and discount notes committed to be issued by the FHLBanks, for which the Bank
  is the primary obligor, on the trade dates indicated, other than discount notes
  with a maturity of one year or less that are issued in the ordinary course of
  business. [<u>Schedule A</u> also includes any consolidated obligations with a
  remaining maturity in excess of one year, if any, for which we have assumed the
  primary repayment obligation from another FHLBank.]</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We may elect to change our method of reporting
  information on the issuance or assumption of consolidated obligations at any
  time. In reviewing the information in this Current Report on Form&nbsp;8-K,
  please note:</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">although certain aggregated issuances of
  consolidated obligations are material to the Bank, we have not made a judgment
  as to the materiality of any particular consolidated obligation or obligations;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Schedule A</font></u><font size="2" style="font-size:10.0pt;"> does not
  address any interest-rate-exchange agreements (or other derivative instruments)
  that we may enter into as a result of our asset and liability-management
  strategies and that may be associated, directly or indirectly, with one or more
  of the reported consolidated obligations;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Schedule A</font></u><font size="2" style="font-size:10.0pt;"> will not
  enable a reader to track changes in the total consolidated obligations
  outstanding for which we are the primary obligor because <u>Schedule A</u>
  generally excludes consolidated obligation discount notes with a maturity of
  one year or less and does not reflect whether the proceeds from the issuance of
  the reported consolidated obligations will be used to, among other things,
  replace called or maturing consolidated obligations. We will report the total
  consolidated obligations outstanding for which we are the primary obligor in
  our periodic reports filed with the Securities and Exchange Commission; and</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the principal amounts reported on <u>Schedule
  A</u> represent the principal amount of the reported consolidated obligations
  at par, which may not correspond to the amounts reported in our financial
  statements prepared in accordance with generally accepted accounting principles
  contained in our periodic reports filed with the Securities and </font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\rmoralec\08-16574-1\task2984794\16574-1-ba.htm',USER='rmoralec',CD='Jun 12 11:50 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange Commission, because the par amount does not account for, among
  other things, any discounts, premiums, or concessions.</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule
  A</font></u></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:7.98%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">TRADE<br>
    DATE</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.46%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:10.3%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">CUSIP</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.42%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:8.22%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">SETTLEMENT<br>
    DATE</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.42%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:7.8%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">MATURITY<br>
    DATE</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.64%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:7.82%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">NEXT PAY<br>
    DATE</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.44%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:7.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">CALL
    TYPE<br>
    (1)</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.34%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:6.9%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">CALL<br>
    STYLE<br>
    (2)</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.24%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:7.16%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">RATE<br>
    TYPE/RATE<br>
    SUB-TYPE<br>
    (3)(4)</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.36%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:7.48%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">NEXT<br>
    CALL<br>
    DATE</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.42%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:5.58%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">COUPON<br>
    PCT</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.24%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:7.98%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">BANK PAR<br>
    ($)</font></b></p>
    </td>
    <td width="0%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:.92%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:7.98%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">06/09/2008</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.46%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:10.3%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3133XRJ92</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.42%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:8.22%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">06/23/2008</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.42%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:7.8%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">06/23/2015</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.64%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:7.82%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/23/2008</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.44%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:7.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Optional<br>
    Principal<br>
    Redemption</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.34%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.9%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">American</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.24%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:7.16%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fixed<br>
    Constant</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.36%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:7.48%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">06/23/2010</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.42%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:5.58%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">5.050</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.24%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:7.98%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">25,000,000</font></p>
    </td>
    <td width="0%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:.92%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:7.98%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">06/10/2008</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.46%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="10%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:10.3%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3133XBTH8</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.42%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.22%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">06/12/2008</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.42%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:7.8%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">06/11/2010</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.64%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:7.82%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/11/2008</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.44%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:7.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Non-<br>
    Callable</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.34%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.9%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">N/A</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.24%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:7.16%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fixed<br>
    Constant</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.36%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:7.48%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">N/A</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.42%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.58%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4.250</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.24%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:7.98%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">6,000,000</font></p>
    </td>
    <td width="0%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:.92%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:7.98%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">06/10/2008</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.46%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:10.3%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3133XBYA7</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.42%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.22%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">06/12/2008</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.42%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:7.8%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">06/10/2011</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.64%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:7.82%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/10/2008</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.44%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:7.88%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Non-<br>
    Callable</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.34%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:6.9%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">N/A</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.24%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:7.16%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fixed<br>
    Constant</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.36%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:7.48%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">N/A</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.42%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:5.58%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4.250</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.24%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:7.98%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">11,500,000</font></p>
    </td>
    <td width="0%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:.92%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
  </table>
  
  <div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>
  
  <p style="margin:0in 0in .0001pt 48.25pt;text-indent:-12.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160; Call Type Description:</font></p>
  
  <p style="margin:0in 0in .0001pt 48.25pt;text-indent:-12.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Optional Principal Redemption</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds (callable bonds) may be redeemed by the Bank in whole or in part at its
  discretion on predetermined call dates, according to the terms of the bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 84.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Indexed Amortizing Notes</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  (indexed principal redemption bonds) repay principal based on a predetermined
  amortization schedule or formula that is linked to the level of a certain
  index, according to the terms of the bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 84.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Scheduled Amortizing Notes</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  repay principal based on a predetermined amortization schedule, according to
  the terms of the bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 84.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Call
  Style Description: Indicates whether the consolidated obligation is redeemable
  at the option of the Bank, and if so redeemable, the type of redemption
  provision. The types of redemption provisions are:</font></p>
  
  <p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">American</font></i></b><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"> &#151; </font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">redeemable continuously
  on and after the first redemption date and until maturity.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Bermudan</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  &#151; redeemable on specified recurring dates on and after the first redemption
  date, until maturity.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">European</font></i></b><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">  </font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151; redeemable on a
  particular date only.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Canary</font></i></b><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">  </font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151; redeemable on
  specified recurring dates on and after the first redemption date until a
  specified date prior to maturity.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Multi-European</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  &#151; redeemable on particular dates only.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rate
  Type Description:</font></p>
  
  <p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Conversion</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds have coupons that convert from fixed to variable, or variable to fixed,
  or a mix of capped coupons and non-capped coupons, or from one variable type to
  another, or from one U.S. or other currency index to another, according to the
  terms of the bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Fixed</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds generally pay interest at constant or stepped fixed rates over the life
  of the bond, according to the terms of the bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Variable</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds may pay interest at different rates over the life of the bond, according
  to the terms of the bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rate
  Sub-Type Description<b>:</b></font></p>
  
  <p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Constant</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds generally pay interest at fixed rates over the life of the bond,
  according to the terms of the bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Step Down</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds generally pay interest at decreasing fixed rates for specified intervals
  over the life of the bond, according to the terms of the bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Step Up</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds generally pay interest at increasing fixed rates for specified intervals
  over the life of the bond, according to the terms of the bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\rmoralec\08-16574-1\task2984794\16574-1-ba.htm',USER='rmoralec',CD='Jun 12 11:50 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Step Up/Down</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds generally pay interest at various fixed rates for specified intervals
  over the life of the bond, according to the terms of the bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Zero Coupon</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds earn a fixed yield to maturity or the optional principal redemption date,
  according to the terms of the bond, with principal and interest paid at
  maturity, or upon redemption to the extent exercised prior to maturity.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Capped Floater</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds have an interest rate that cannot exceed a stated or calculated ceiling,
  according to the terms of the bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Dual Index Floater</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds have an interest rate determined by two or more indices, according to the
  terms of the bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Leveraged/Deleveraged</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds pay interest based on a formula that includes an expressed multiplier,
  according to the terms of the bond: multiplier &gt; 1 = leveraged, multiplier
  &lt; 1 = deleveraged.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Inverse Floater</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds have an interest rate that increases as an index declines and decreases
  as an index rises, according to the terms of the bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Stepped Floater</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds pay interest based on an increasing spread over an index, according to
  the terms of the bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Range</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds may pay interest at different rates depending upon whether a specified
  index is inside or outside a specified range, according to the terms of the
  bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Single Index Floater</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds pay interest at a rate that increases as an index rises and decreases as
  an index declines, according to the terms of the bond.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Ratchet Floater</font></i></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  bonds pay interest subject to increasing floors, according to the terms of the
  bond, such that subsequent coupons may not be lower than the previous coupon.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\rmoralec\08-16574-1\task2984794\16574-1-ba.htm',USER='rmoralec',CD='Jun 12 11:50 2008' -->
  
  
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  <p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Signature(s)</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned hereunto duly authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.9%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Federal Home Loan Bank
    of Boston</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.9%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: June&nbsp;12, 2008</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.82%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:50.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Frank Nitkiewicz</font></p>
    </td>
   </tr>
   <tr>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.82%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frank Nitkiewicz</font></p>
    </td>
   </tr>
   <tr>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.82%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President and Chief Financial
    Officer</font></p>
    </td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-16574_18k.htm", "description": "8-K", "secsgml_size_bytes": 74460}]
metadata_filer: {"company-data": {"conformed-name": "Federal Home Loan Bank of Boston", "cik": "0001331463", "assigned-sic": "6111", "irs-number": "046002575", "state-of-incorporation": "X1", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51402", "film-number": "08895466"}, "business-address": {"street1": "111 HUNTINGTON AVENUE", "street2": "24TH FLOOR", "city": "BOSTON", "state": "MA", "zip": "02199", "phone": "617-292-9600"}, "mail-address": {"street1": "111 HUNTINGTON AVENUE", "street2": "24TH FLOOR", "city": "BOSTON", "state": "MA", "zip": "02199"}}
text: UNITED
  STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, DC 20549
  FORM 8-K
  CURRENT
  REPORT
  Pursuant to Section 13 or 15(d) of
  The Securities Exchange Act of 1934
  Date of Report
  (Date of earliest event reported)
  June 9,
  2008
  FEDERAL
  HOME LOAN BANK OF BOSTON
  (Exact name of registrant as specified in its charter)
  Federally
    chartered corporation
  000-51402
  04-6002575
  (State or other jurisdiction
  of incorporation)
  (Commission File Number)
  (IRS Employer
  Identification No.)
  111
  Huntington Avenue
  Boston, MA 02199
  (Address of principal executive offices, including zip code)
  (617)
  292-9600
  (Registrant's telephone number, including area code)
  Not
  Applicable
  (Former name or former address, if changed since last report)
  Check
  the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any of the
  following provisions (see General Instruction A.2. below):
  o
  Written
  communications pursuant to Rule 425 under the Securities Act (17 CFR
  230.425)
  o
  Soliciting material pursuant to Rule 14a-12
  under the Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17
  CFR 240.14d-2(b))
  o
  Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17
  CFR 240.13e-4(c))
  Item 2.03.         Creation
  of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
  Arrangement of a Registrant
  The Federal Home Loan Bank of Boston (the Bank)
  obtains most of its funds from the sale of debt securities, known as
  consolidated obligations, in the capital markets. Consolidated obligations,
  which consist of bonds and discount notes, are by regulation the joint and
  several obligations of the 12 Federal Home Loan Banks (the FHLBanks).
  Consolidated obligations are sold to the public through the FHLBanks' Office of
  Finance using authorized securities dealers.
  The FHLBanks are regulated by the Federal
  Housing Finance Board (the Finance Board) and the Finance Board regulations
  authorize the Finance Board to require any FHLBank also to repay all or any
  portion of the principal of or interest on any or all consolidated obligations
  for which any other FHLBank is the primary obligor.  In other words, the Bank is jointly and
  severally liable with the other FHLBanks for any and all payments due on all of
  the consolidated obligations issued by the FHLBanks, regardless of whether the
  Bank receives all or any portion of the proceeds from any particular issuance.  Information regarding historical, current,
  and future issuances of consolidated obligations by the FHLBanks may be
  obtained from the Office of Finance (http://www.fhlb-of.com).  Further, consolidated obligations are backed
  only by the financial resources of the FHLBanks and are not guaranteed by the
  United States government.
  Schedule A
  sets forth all consolidated obligation bonds
  and discount notes committed to be issued by the FHLBanks, for which the Bank
  is the primary obligor, on the trade dates indicated, other than discount notes
  with a maturity of one year or less that are issued in the ordinary course of
  business. [
  Schedule A
  also includes any consolidated obligations with a
  remaining maturity in excess of one year, if any, for which we have assumed the
  primary repayment obligation from another FHLBank.]
  We may elect to change our method of reporting
  information on the issuance or assumption of consolidated obligations at any
  time. In reviewing the information in this Current Report on Form 8-K,
  please note:
  ·
  although certain aggregated issuances of
  consolidated obligations are material to the Bank, we have not made a judgment
  as to the materiality of any particular consolidated obligation or obligations;
  ·
  Schedule A
  does not
  address any interest-rate-exchange agreements (or other derivative instruments)
  that we may enter into as a result of our asset and liability-management
  strategies and that may be associated, directly or indirectly, with one or more
  of the reported consolidated obligations;
  ·
  Schedule A
  will not
  enable a reader to track changes in the total consolidated obligations
  outstanding for which we are the primary obligor because
  Schedule A
  generally excludes consolidated obligation discount notes with a maturity of
  one year or less and does not reflect whether the proceeds from the issuance of
  the reported consolidated obligations will be used to, among other things,
  replace called or maturing consolidated obligations. We will report the total
  consolidated obligations outstanding for which we are the primary obligor in
  our periodic reports filed with the Securities and Exchange Commission; and
  ·
  the principal amounts reported on
  Schedule
  A
  represent the principal amount of the reported consolidated obligations
  at par, which may not correspond to the amounts reported in our financial
  statements prepared in accordance with generally accepted accounting principles
  contained in our periodic reports filed with the Securities and
  2
  Exchange Commission, because the par amount does not account for, among
  other things, any discounts, premiums, or concessions.
  Schedule
  A
  TRADE
  DATE
  CUSIP
  SETTLEMENT
  DATE
  MATURITY
  DATE
  NEXT PAY
  DATE
  CALL
    TYPE
  (1)
  CALL
  STYLE
  (2)
  RATE
  TYPE/RATE
  SUB-TYPE
  (3)(4)
  NEXT
  CALL
  DATE
  COUPON
  PCT
  BANK PAR
  ($)
  06/09/2008
  3133XRJ92
  06/23/2008
  06/23/2015
  12/23/2008
  Optional
  Principal
  Redemption
  American
  Fixed
  Constant
  06/23/2010
  5.050
  25,000,000
  06/10/2008
  3133XBTH8
  06/12/2008
  06/11/2010
  12/11/2008
  Non-
  Callable
  N/A
  Fixed
  Constant
  N/A
  4.250
  6,000,000
  06/10/2008
  3133XBYA7
  06/12/2008
  06/10/2011
  12/10/2008
  Non-
  Callable
  N/A
  Fixed
  Constant
  N/A
  4.250
  11,500,000
  (1)
  Call Type Description:
  ·
  Optional Principal Redemption
  bonds (callable bonds) may be redeemed by the Bank in whole or in part at its
  discretion on predetermined call dates, according to the terms of the bond.
  ·
  Indexed Amortizing Notes
  (indexed principal redemption bonds) repay principal based on a predetermined
  amortization schedule or formula that is linked to the level of a certain
  index, according to the terms of the bond.
  ·
  Scheduled Amortizing Notes
  repay principal based on a predetermined amortization schedule, according to
  the terms of the bond.
  (2)
  Call
  Style Description: Indicates whether the consolidated obligation is redeemable
  at the option of the Bank, and if so redeemable, the type of redemption
  provision. The types of redemption provisions are:
  ·
  American
  —
  redeemable continuously
  on and after the first redemption date and until maturity.
  ·
  Bermudan
  — redeemable on specified recurring dates on and after the first redemption
  date, until maturity.
  ·
  European
  — redeemable on a
  particular date only.
  ·
  Canary
  — redeemable on
  specified recurring dates on and after the first redemption date until a
  specified date prior to maturity.
  ·
  Multi-European
  — redeemable on particular dates only.
  (3)
  Rate
  Type Description:
  ·
  Conversion
  bonds have coupons that convert from fixed to variable, or variable to fixed,
  or a mix of capped coupons and non-capped coupons, or from one variable type to
  another, or from one U.S. or other currency index to another, according to the
  terms of the bond.
  ·
  Fixed
  bonds generally pay interest at constant or stepped fixed rates over the life
  of the bond, according to the terms of the bond.
  ·
  Variable
  bonds may pay interest at different rates over the life of the bond, according
  to the terms of the bond.
  (4)
  Rate
  Sub-Type Description
  :
  ·
  Constant
  bonds generally pay interest at fixed rates over the life of the bond,
  according to the terms of the bond.
  ·
  Step Down
  bonds generally pay interest at decreasing fixed rates for specified intervals
  over the life of the bond, according to the terms of the bond.
  ·
  Step Up
  bonds generally pay interest at increasing fixed rates for specified intervals
  over the life of the bond, according to the terms of the bond.
  3
  ·
  Step Up/Down
  bonds generally pay interest at various fixed rates for specified intervals
  over the life of the bond, according to the terms of the bond.
  ·
  Zero Coupon
  bonds earn a fixed yield to maturity or the optional principal redemption date,
  according to the terms of the bond, with principal and interest paid at
  maturity, or upon redemption to the extent exercised prior to maturity.
  ·
  Capped Floater
  bonds have an interest rate that cannot exceed a stated or calculated ceiling,
  according to the terms of the bond.
  ·
  Dual Index Floater
  bonds have an interest rate determined by two or more indices, according to the
  terms of the bond.
  ·
  Leveraged/Deleveraged
  bonds pay interest based on a formula that includes an expressed multiplier,
  according to the terms of the bond: multiplier > 1 = leveraged, multiplier
  < 1 = deleveraged.
  ·
  Inverse Floater
  bonds have an interest rate that increases as an index declines and decreases
  as an index rises, according to the terms of the bond.
  ·
  Stepped Floater
  bonds pay interest based on an increasing spread over an index, according to
  the terms of the bond.
  ·
  Range
  bonds may pay interest at different rates depending upon whether a specified
  index is inside or outside a specified range, according to the terms of the
  bond.
  ·
  Single Index Floater
  bonds pay interest at a rate that increases as an index rises and decreases as
  an index declines, according to the terms of the bond.
  ·
  Ratchet Floater
  bonds pay interest subject to increasing floors, according to the terms of the
  bond, such that subsequent coupons may not be lower than the previous coupon.
  4
  Signature(s)
  Pursuant to the requirements of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned hereunto duly authorized.
  Federal Home Loan Bank
    of Boston
  Date: June 12, 2008
  By:
  /s/ Frank Nitkiewicz
  Frank Nitkiewicz
  Executive Vice President and Chief Financial
    Officer
  5