The Federal Home Loan Bank of San Francisco announced November 30, 2004, that the 11th District Monthly Weighted Average Cost of Funds Index ("COFI") for October 2004 is 1.960%. The index for September 2004 was 1.931%.

The COFI is computed from the actual interest expense reported for a given month by the Arizona, California, and Nevada savings institutions members of the Federal Home Loan Bank of San Francisco that satisfy the Bank's criteria for inclusion in the COFI ("COFI Reporting Members"). Changes in interest rates on adjustable rate mortgage loans offered by many financial institutions are tied to changes in the COFI.

For additional information and disclosures concerning the COFI, visit the Bank's website at www.fhlbsf.com.

Although the Federal Home Loan Bank of San Francisco makes a good faith effort to be accurate in the calculation and publication of the COFI, the Bank does not warrant, confirm, or guarantee the accuracy of the data it receives from its COFI Reporting Members, the accuracy of the COFI calculation, or the accuracy of the COFI as published. The Bank does not examine the books and records of its COFI Reporting Members for the purpose of confirming the accuracy of the data they deliver to the Bank used to calculate the COFI, and the Bank expressly disclaims all liability that may arise from any use of the COFI or the use of inaccurate data received from its COFI Reporting Members in calculating the COFI. In addition, the Bank expressly disclaims any liability to any person for any inaccuracy in the COFI, regardless of the cause, or for any resulting damages.

The Bank accepts data for the COFI for a given month from the COFI Reporting Members until 12 noon California time on the last business day of the following month and publishes the COFI for that given month based on data received by that time. The Bank will not revise or republish the COFI for a given month based on new or corrected data received after that time and expressly disclaims all liability that may arise as a result. In addition, although the Bank makes a good faith effort to publish the COFI on the last business day of the following month at or after 3 p.m. California time, the Bank does not guarantee that it will always publish the COFI at that date and time, and the Bank expressly disclaims any liability for any delay in publishing the COFI.