This article contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements related to the Bank’s dividend philosophy and dividend rates. These statements are based on our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “endeavoring,” “will,” and “expects,” or their negatives or other variations on these terms. The Bank cautions that by their nature, forward-looking statements involve risk or uncertainty, and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized, including future dividends. These forward-looking statements involve risks and uncertainties including, but not limited to, the uncertainty related to the declaration or payment of any dividends. In addition, the Bank reserves the right to change its plans for any programs for any reason, including but not limited to legislative or regulatory changes, changes in membership, or changes at the discretion of the board of directors. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. FHLBank San Francisco does not act as a financial advisor, and nothing herein is an offer to sell or a solicitation of an offer to buy any securities, financial instruments, or derivative products. You should consult your own legal, financial, and accounting advisors before entering into any transaction.

¹ Interest rates shown are for illustrative purposes only.

² In accordance with the Bank’s Excess Stock Repurchase, Retained Earnings, and Dividend Framework (“Framework”) and the dividend philosophy contained therein, the decision to declare any dividend, and the dividend rate, is at the sole discretion of the Bank’s Board of Directors, which may or may not choose to follow the dividend philosophy as guidance in any dividend declaration. Neither the Bank’s historical dividend rates nor its current dividend philosophy are indicative of future dividend declarations. The Bank’s Board of Directors may also revise or eliminate the Framework and/or the current dividend philosophy in the future, and there can be no assurance as to future dividends.

³ For Q3 2024, the FHLBank San Francisco annualized dividend rate was 8.75%.

⁴ As of November 1, 2024.

⁵ Assuming an opportunity cost of purchasing capital stock to be 5.34%, the average US Federal Reserve Interest Rate on Reserve Balances during Q3 2024.