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DESCRIPTION OF THE BONDS <br />DATE; FORM; DENOMINATION; The Bonds will be dated as of the delivery date, and <br />will be executed and delivered in non-negotiable, fully registered form, without coupons, in <br />denomination of $5,000 each or any integral multiple thereof. The Bonds will be delivered in a <br />book-entry only system with no physical distribution of Bonds to the public. The Depository <br />Trust Company, New York, New York ("DTC") will act as depository for the Bonds. The Bonds <br />will be registered in the name of Cede & Co., as nominee for DTC, on behalf of the participants <br />in the DTC system and the subsequent beneficial owners of the Bonds. The Bonds are being <br />issued pursuant to and Indenture of Trust dated as of June 1, 2008 (the "Indenture") by and <br />between the Agency and U.S. Bank National Association, as trustee. Reference is made to the <br />Indenture for further details regarding the terms and provisions of the Bonds. <br />MATURITIES: The Bonds will mature on September 1 in each of the years, and in the <br />approximate amounts, in accordance with the following schedule. Each bidder is required to <br />specify in its bid whether, for any particular year, the Bonds will mature or, alternately, be <br />subject to mandatory sinking fund redemption in such year. <br />Year Principal Year Principal <br />(September 1) Amount (September 1) Amount"' <br />INTEREST. Interest on the Bonds will be payable from the delivery date at such rate or <br />rates to be fixed upon the sale thereof, payable semiannually on each March 1 and September <br />1 (each, an "Interest Payment Date"), commencing March 1, 2009. <br />PAYMENT: The Bonds and interest with respect thereto are payable in lawful money of <br />the United States of America, interest being payable by check mailed on each Interest Payment <br />Date to the registered owners thereof at the address shown on the Bond registration books <br />maintained by the Trustee on the 15th calendar day of the month preceding an interest payment <br />date. Principal will be payable upon surrender at the principal corporate trust office of the <br />Trustee in San Francisco. <br />-2- <br />