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	Press Release For Immediate Release March 31, 2005 Federal Home Loan Bank of San Francisco Announces Dividend Rate for Fourth Quarter 2004 and Projected Dividend Rate for First Quarter 2005 San Francisco—The Federal Home Loan Bank of San Francisco today announced that the dividend rate for the fourth quarter of 2004 is 3.97% (annualized) and the annual dividend rate for 2004 is 4.07%. The Bank’s 2004 Annual Report is now available. In addition, the Bank announced that, based on the information available to date, it is projecting that the dividend rate for the first quarter of 2005 will be approximately 4.26% (annualized). The Bank expects to calculate and announce the actual dividend rate for the first quarter of 2005 in May, when the Bank publishes its first quarter financial report. The projection of the first quarter dividend rate is provided for informational purposes only. The Bank has not yet closed its books for the first quarter of 2005. The actual dividend rate may be significantly different as a result of a number of factors, including the effects of SFAS 133 and the Bank’s ability to pay dividends out of retained earnings. In addition, payment of a dividend remains within the discretion of the Bank’s Board of Directors and subject to certain regulatory requirements. This announcement contains information and forward-looking statements about the Bank’s expectations. Such information and statements involve certain risks and uncertainties, and results will depend on actual events and developments. Federal Home Loan Bank of San Francisco The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank serves and is owned by its members—358 commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada. Contacts: Cynthia Lopez, (415) 616-2757 lopezc@fhlbsf.com

Press Release

For Immediate Release
March 31, 2005

Federal Home Loan Bank of San Francisco Announces Dividend Rate for Fourth Quarter 2004 and Projected Dividend Rate for First Quarter 2005

San Francisco—The Federal Home Loan Bank of San Francisco today announced that the dividend rate for the fourth quarter of 2004 is 3.97% (annualized) and the annual dividend rate for 2004 is 4.07%.

The Bank’s 2004 Annual Report is now available.

In addition, the Bank announced that, based on the information available to date, it is projecting that the dividend rate for the first quarter of 2005 will be approximately 4.26% (annualized). The Bank expects to calculate and announce the actual dividend rate for the first quarter of 2005 in May, when the Bank publishes its first quarter financial report.

The projection of the first quarter dividend rate is provided for informational purposes only. The Bank has not yet closed its books for the first quarter of 2005. The actual dividend rate may be significantly different as a result of a number of factors, including the effects of SFAS 133 and the Bank’s ability to pay dividends out of retained earnings. In addition, payment of a dividend remains within the discretion of the Bank’s Board of Directors and subject to certain regulatory requirements.

This announcement contains information and forward-looking statements about the Bank’s expectations. Such information and statements involve certain risks and uncertainties, and results will depend on actual events and developments.

Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank serves and is owned by its members—358 commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada.

Contacts:
Cynthia Lopez, (415) 616-2757
lopezc@fhlbsf.com

© 2000-2008 Federal Home Loan Bank of San Francisco