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COFI

May 2008

11th District Monthly Weighted Average Cost of Funds Index

Index Month Index Value Date Announced
May 2008 2.918 June 30, 2008

The COFI is computed from data reported by COFI Reporting Members of the Federal Home Loan Bank of San Francisco. For May 2008, 28 eligible institutions reported COFI data.

Comparison to April 2008 Index Value

May 2008 April 2008
Index value 2.918% 3.111%
Average total funds* 404.4 billion 407.4 billion
     Average deposit accounts 243.5 billion 239.1 billion
     Average advances 111.6 billion 114.1 billion
     Average other borrowings 49.3 billion 54.2 billion
Total interest expense** 983.2 million 1,056.3 million

*Averages for a month consist of the simple average of the monthend balances for that month and the prior month for total funds, deposit accounts, advances, and other borrowing.

**The total interest expense is derived from interest expense reported on deposit accounts, Federal Home Loan Bank advances, and other borrowings, adjusted for the number of days in the month. The adjustment factors for 2008 are 1.052 for February, 1.017 for 30-day months, and 0.984 for 31-day months.