48

3% if redeemed March 1, 1972 through September 1, 1975 inclusive
2-l/2% if redeemed March 1, 1977 through September 1, 1981 inclusive
2% if redeemed March 1, 1982 through September 1, 1986 inclusive
l-l/2% if redeemed March 1, 1987 through September 1, 1991 inclusive
1% if redeemed after September 1, 1991.

Bonds 1,399-C through 1,774-C inclusive, maturing September 1,
1997 through September 1, 2001 inclusive, to be callable at the
option of the Borrower in whole or in part and in inverse numerical
order on any interest payment date during the entire life of the
loan, upon at least thirty (30) days' prior notice, at par plus
accrued interest to the date of redemption.

Priority as to call shall extend to bonds numbered 1, 399-C
through 1, 774-C inclusive over bonds numbered 200-C through
1,398-C inclusive.

(See pages above for Pro Rata Redemption)

(j) Place and Medium of Payment: (See above)

(k) Registrability: (See above)

(l) Redemption Provisions: (Series E Bonds)

Bonds numbered 1-E through 931-E inclusive, maturing September
1, 1982 through September 1, 1996 inclusive, to be callable
at the option of the Borrower prior to the stated maturities
thereof, in whole or in part and in inverse numerical order
on any interest payment date after September 1, 1971 upon at
least thirty (30) days' prior notice at the principal amount
thereof, plus accrued interest to the date of redemption and
a premium for each bond as follows:

3% if redeemed March 1, 1972 through September 1, 1976 inclusive
2-1/2% if redeemed March 1, 1977 through September 1, 1981 inclusive
2% if redeemed March 1, 1982 through September 1, 1986 inclusive
l-l/2% if redeemed March 1, 1987 through September 1, 1991 inclusive
1% if redeemed after September 1, 1991/

Bonds 932-E through 1, 361-E inclusive, maturing September 1, 1997
through September 1, 2001 inclusive, to be callable at the option
of the Borrower in whole or in part and in inverse numerical
order on any interest payment date during the entire life of the
loan, upon at least thirty (30) days' prior notice, at par plus
accrued interest to the date of redemption.

Priority as to call shall extend to bonds numbered 932-E through
1, 361-E inclusive over bonds numbered 1-E through 931-E inclusive.

(SEE PAGES ABOVE FOR PRO RATA REDEMPTION)

(j) Place and Medium of Payment: (See above)

(k) Registrability: (See above)

(l) Redemption Provisions: (Series F Bonds)

Bonds numbered 1-F through 253-F inclusive, maturing September 1,
1967 through September 1, 1974 inclusive, to be non-callable.
Bonds numbered 254-F through 1,718-F inclusive, maturing
September 1, 1975 through September 1, 1999 inclusive, to be
callable at the option of the Borrower prior to the stated
maturities thereof, in whole or in part and in inverse numerical
order on any interest payment date after September 1, 1974 upon
at least thirty (30) days' prior notice at the principal amount
thereof, plus accrued interest to the date of redemption and a
premium for each bond as follows: