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Fannie Mae and Primary Market Performance

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Potential Costs Related To The SEC Registration

Of The FHLB's Stock

First Manhattan Consulting Group

White Paper Document

October 15, 2003

FMCG.COM

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Address comments or questions to:
Alden L. Toevs

Robert J. Zizka
Executive Vice President

Managing Vice President atoevs@fmcg.com

Izizka@fmcg.com

First Manhattan Consulting Group

90 Park Avenue
New York, New York 10016

(212) 557-0500

www.fmcg.com

FMCG.COM

om_FFHS 01_09-262

1

Introduction

This document provides FMCG's views on the financial costs that would likely follow SEC registration of FHLB's stock. It should help the FHLBs as they advise their Boards, their Members, and other constituents on the implications of voluntary registration as proposed by the FHFB.

On September 17, FHFB, the regulator for the 12 FHLBs, proposed "to adopt a regulation requiring each Federal Home Loan Bank (Bank) to prepare and make public certain disclosures relating to its business and financial condition. Each Bank will satisfy these disclosure requirements by voluntarily registering a class of its securities with the Securities and Exchange Commission (SEC) under the provisions of section 12(g) of the Securities Exchange Act of 1934. By voluntarily registering a class of its securities, each Bank will subject itself to the 1934 Act's periodic disclosure regime, as interpreted and administered by the SEC.”1

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