As a result of the extremely successful short-term advance offering on November 18, the Money Desk again offered a deeply discounted two-month special on December 2, 2004. Priced at eight basis points below two-month LIBOR, the level of 2.29 percent represented a discount of nine basis points below the posted advance rate.

Twenty-five members borrowed in excess of $560 million in this special offering. Over the past two weeks, over 70 members have taken advantage of our short-term specials, locking in more than $1.3 billion in over-the- turn funding. In the coming weeks, watch for additional opportunities to secure aggressively priced funding through our Midweek Markdown special each Tuesday morning from 9:30 a.m. to 11:00 a.m.

Call The Money Desk at 800-357-3452 for further details.