Federal Home Loan Bank of San Francisco Releases May 2009 Cost of Funds Index

SAN FRANCISCO--(Business Wire)--
The Federal Home Loan Bank of San Francisco announced June 30, 2009, that the
11th District Monthly Weighted Average Cost of Funds Index ("COFI") for May 2009
is 1.832%. The index for April 2009 was 1.380%.

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.

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.

Certain corporate activity, such as charter changes or mergers, may cause the
Bank to determine that a financial institution no longer qualifies as a COFI
Reporting Member and will no longer be included in the COFI. Similarly, if a
COFI Reporting Member`s Bank membership is terminated, it will no longer be
included in the COFI. The impact of such removals on the COFI will depend
entirely on the amount of interest expense and total funds of the entity being
removed, and may be significant.

For additional information and disclosures about the calculation of the COFI,
removal of a COFI Reporting Member, and other matters concerning the COFI, visit
the Bank`s website at www.fhlbsf.com.

Federal Home Loan Bank of San Francisco
Lucia Marquès, 415-616-2786
marquesl@fhlbsf.com

Copyright Business Wire 2009