December 31, 2009

The following policy governs the extension of credit to members of the Federal Home Loan Bank of Boston ("the Bank") and describes the types of products and services available to them. It was established by the board of directors of the Bank. The Bank's staff, with the approval of the president, may grant exceptions to the provisions of this policy when necessary or in the Bank's interest.

Extensions of credit will be:

• In compliance with Federal Home Loan Bank and Federal Housing Finance Board regulations and advances guidelines; and
  
  
• In conformance with the Bank's credit and collateral requirements.

The Bank has replaced its Credit Policy with this Products Policy. For purposes of any Bank agreement or other document that refers to the Bank's Credit Policy, this Products Policy is the Credit Policy, and members are therefore bound by the Products Policy's terms and conditions to the same extent that they are bound by the terms and conditions of the Credit Policy. This Products Policy now constitutes the Credit Policy.

Housing associates are governed by a separate Products Policy, which may be obtained by contacting the Collateral Department at collateral@fhlbboston.com or 617-292-9729.