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JULY 2008 NEWS RELEASE

Gary H. Burner, Chief Financial Officer, Federal Financing Bank (FFB) announced the following activity for the month of June 2008.

FFB holdings of obligations issued, sold or guaranteed by other Federal agencies totaled $31.0 billion on June 30, 2008, posting an increase of $61.9 million from the level on May 31, 2008.  This net change was the result of an increase in net holdings of agency debt (U.S. Postal Service) of $172.1 million and a decrease in net holdings of government-guaranteed loans of $110.2 million. The FFB made 45 disbursements and received 3 prepayments during the month of June.  The FFB also extended the maturities of 124 loans guaranteed by the Rural Utilities Service (“RUS”) and reset the interest rate for 9 loans guaranteed by the Department of Education during the month.
  
Attached to this release are tables presenting FFB June loan activity and FFB holdings as of June 30, 2008.

FEDERAL FINANCING BANK
JUNE 2008 ACTIVITY


Amount Final Interest
Borrower Date of Advance Maturity Rate
AGENCY DEBT
U.S. POSTAL SERVICE
U.S. Postal Service 6/02 $159,400,000.00 6/03/08 2.074% S/A
U.S. Postal Service 6/30 $1,200,000,000.00 7/01/08 1.536% S/A
U.S. Postal Service 6/30 $261,200,000.00 7/01/08 1.688% S/A
GOVERNMENT-GUARANTEED LOANS
GENERAL SERVICES ADMINISTRATION
Foley Services Contract 6/05 $6,725.74 7/31/25 4.319% S/A
Foley Services Contract 6/19 $73,203.91 7/31/25 4.475% S/A
San Francisco Bldg Lease 6/19 $317,317.68 8/01/35 4.745% S/A
San Francisco Bldg Lease 6/25 $13,435.00 8/01/35 4.676% S/A
DEPARTMENT OF EDUCATION
*Dillard University 6/02 $79,089,811.36 12/01/08 2.010% S/A
*Dillard University 6/02 $372,697.19 12/01/08 2.010% S/A
Dillard University 6/02 $396,224.01 12/01/08 2.010% S/A
*Southern University 6/02 $2,088,120.00 12/01/08 2.010% S/A
Southern University 6/02 $343.25 12/01/08 2.010% S/A
*Tougaloo College 6/02 $10,711,884.03 12/01/08 2.010% S/A
*Tougaloo College 6/02 $50,477.92 12/01/08 2.010% S/A
*Tougaloo College 6/02 $280,207.49 12/01/08 2.010% S/A
*Tougaloo College 6/02 $238,882.73 12/01/08 2.010% S/A
Tougaloo College 6/02 $54,712.71 12/01/08 2.010% S/A
*Xavier University 6/02 $70,798,489.42 12/01/08 2.010% S/A
*Xavier University 6/02 $333,625.76 12/01/08 2.010% S/A
Xavier University 6/02 $354,686.16 12/01/08 2.010% S/A
Allen University 6/20 $237,065.67 11/01/19 4.365% S/A
Clark Atlanta University 6/27 $5,619,695.19 2/02/37 4.527% S/A
Tougaloo College 6/27 $48,619.00 12/01/08 2.066% S/A
RURAL UTILITIES SERVICE
Wilkes Tele. & Elec. #851 6/03 $501,000.00 12/31/18 3.545% Qtr.
East Kentucky Power #2322 6/04 $25,000,000.00 12/31/40 4.498% Qtr.
New Horizon Elec. #2349 6/04 $3,270,000.00 7/01/13 3.183% Qtr.
Brazos Electric #2086 6/06 $2,362,000.00 9/30/08 1.894% Qtr.
Brazos Electric #2307 6/06 $5,000,000.00 9/30/08 1.894% Qtr.
Brazos Electric #2307 6/06 $5,000,000.00 9/30/08 1.894% Qtr.
Brazos Electric #2307 6/06 $5,000,000.00 9/30/08 1.894% Qtr.
Brazos Electric #2307 6/06 $5,000,000.00 9/30/08 1.894% Qtr.
Brazos Electric #2307 6/06 $1,289,000.00 9/30/08 1.894% Qtr.
N. Carolina Elec. #2260 6/09 $10,017,000.00 12/31/26 4.211% Qtr.
N. Carolina Elec. #2260 6/09 $1,106,000.00 12/31/26 4.211% Qtr.
N. Carolina Elec. #2261 6/09 $1,407,000.00 1/03/12 2.557% Qtr.
W. Farmers Elec. Coop. #2318 6/09 $5,922,000.00 12/31/24 4.088% Qtr.
W. Farmers Elec. Coop. #2319 6/09 $1,128,000.00 12/31/40 4.523% Qtr.
M & A Electric #2283 6/13 $2,133,000.00 1/03/40 4.681% Qtr.
Tri-State #756A 6/13 $1,819,000.00 12/31/25 4.413% Qtr.
Tri-State #2052 6/13 $2,883,000.00 1/03/34 4.633% Qtr.
Tri-State #2172 6/13 $16,692,000.00 12/31/35 4.655% Qtr.
Tri-State #2247 6/13 $3,995,000.00 12/31/35 4.655% Qtr.
Tri-State #2298 6/13 $554,000.00 12/31/37 4.670% Qtr.
Orange County Elec. #2179 6/17 $1,370,000.00 9/30/13 3.710% Qtr.
Bailey County Elec. #2219 6/20 $1,505,000.00 1/03/40 4.676% Qtr.
N.E. Missouri Elec. #2352 6/20 $1,292,000.00 12/31/35 4.653% Qtr.
Tri-County Telephone #2304 6/20 $630,000.00 1/03/23 4.145% Qtr.
Farmers Telephone #2203 6/23 $1,003,000.00 9/30/08 1.925% Qtr.
FTC Communications #2101 6/23 $2,827,000.00 9/30/08 1.925% Qtr.
Midstate Communications #780 6/24 $925,063.00 12/31/18 3.839% Qtr.
M & A Electric #2283 6/27 $1,272,000.00 1/03/40 4.520% Qtr.
W. Farmers Elec. Coop. #2116 6/27 $1,869,000.00 12/31/20 3.846% Qtr.
*Blue Grass Energy #674 6/30 $4,397,730.76 9/30/08 1.699% Qtr.
*Blue Grass Energy #674 6/30 $1,756,904.80 9/30/08 1.699% Qtr.
*Blue Grass Energy #674 6/30 $4,476,961.03 9/30/08 1.699% Qtr.
*Blue Grass Energy #674 6/30 $4,569,608.46 9/30/08 1.699% Qtr.
*Blue Grass Energy #674 6/30 $2,657,269.84 9/30/08 1.699% Qtr.
*Brazos Electric #2086 6/30 $5,652,380.17 9/30/08 1.699% Qtr.
*Brazos Electric #2182 6/30 $5,528,620.38 9/30/08 1.699% Qtr.
*Brazos Electric #2307 6/30 $5,000,000.00 9/30/08 1.699% Qtr.
*Brazos Electric #2307 6/30 $5,000,000.00 9/30/08 1.699% Qtr.
*Brazos Electric #2307 6/30 $5,000,000.00 9/30/08 1.699% Qtr.
*Brazos Electric #2307 6/30 $5,000,000.00 9/30/08 1.699% Qtr.
*Brazos Electric #2307 6/30 $5,000,000.00 9/30/08 1.699% Qtr.
*Brazos Electric #2307 6/30 $3,139,000.00 9/30/08 1.699% Qtr.
Central Iowa Power Coop #2311 6/30 $3,200,000.00 1/03/40 4.360% Qtr.
*Clark Energy Coop. #2087 6/30 $1,962,991.81 6/30/15 3.568% Qtr.
*Cumberland Valley #668 6/30 $3,667,751.94 9/30/08 1.699% Qtr.
*Cumberland Valley #668 6/30 $4,404,964.85 9/30/08 1.699% Qtr.
*Cumberland Valley #2118 6/30 $2,103,189.12 9/30/08 1.699% Qtr.
*Cumberland Valley #2118 6/30 $1,911,990.11 9/30/08 1.699% Qtr.
*Cumberland Valley #2118 6/30 $2,860,794.79 9/30/08 1.699% Qtr.
*Cumberland Valley #2118 6/30 $1,946,494.57 9/30/08 1.699% Qtr.
*Cumberland Valley #2118 6/30 $1,084,068.47 9/30/08 1.699% Qtr.
*Cooper Valley Tel. #648 6/30 $749,686.64 9/30/08 1.699% Qtr.
*Cooper Valley Tel. #648 6/30 $170,590.51 9/30/08 1.699% Qtr.
Dairyland Power #2262 6/30 $1,425,000.00 12/31/40 4.442% Qtr.
*Darien Telephone Co. #719 6/30 $283,671.53 9/30/08 1.699% Qtr.
*Fairfield Elec. #684 6/30 $2,823,940.31 9/30/08 1.699% Qtr.
*Fairfield Elec. #684 6/30 $82,816.13 9/30/08 1.699% Qtr.
*Farmer's Telephone #459 6/30 $15,070.65 9/30/08 1.824% Qtr.
*Farmer's Telephone #459 6/30 $133,840.03 9/30/08 1.824% Qtr.
*Fleming-Mason Energy #644 6/30 $2,217,271.15 9/30/08 1.699% Qtr.
*Fleming-Mason Energy #644 6/30 $1,193,915.18 9/30/08 1.699% Qtr.
*Fleming-Mason Energy #644 6/30 $1,279,194.87 9/30/08 1.699% Qtr.
*Fleming-Mason Energy #644 6/30 $1,876,152.48 9/30/08 1.699% Qtr.
*Fleming-Mason Energy #644 6/30 $1,193,915.18 9/30/08 1.699% Qtr.
*Fleming-Mason Energy #644 6/30 $2,587,009.79 9/30/08 1.699% Qtr.
*Fleming-Mason Energy #644 6/30 $2,563,748.93 9/30/08 1.699% Qtr.
*Fleming-Mason Energy #644 6/30 $2,708,881.12 9/30/08 1.699% Qtr.
*Fleming-Mason Energy #644 6/30 $2,249,390.52 9/30/08 1.699% Qtr.
*Farmers Telephone #399 6/30 $3,597,494.32 9/30/08 1.824% Qtr.
*Farmers Telephone #399 6/30 $2,539,329.17 9/30/08 1.824% Qtr.
*Farmers Telephone #399 6/30 $1,723,592.25 9/30/08 1.824% Qtr.
*Farmers Telephone #399 6/30 $1,364,307.97 9/30/08 1.824% Qtr.
*Farmers Telephone #399 6/30 $1,797,274.15 9/30/08 1.824% Qtr.
*Farmers Telephone #399 6/30 $1,511,175.67 9/30/08 1.824% Qtr.
*Farmers Telephone #399 6/30 $149,942.19 9/30/08 1.824% Qtr.
*Farmers Telephone #476 6/30 $1,695,391.10 9/30/08 1.824% Qtr.
*Farmers Telephone #476 6/30 $2,364,087.08 9/30/08 1.824% Qtr.
*Farmers Telephone #476 6/30 $5,931,275.91 9/30/08 1.824% Qtr.
*Farmers Telephone #476 6/30 $4,418,377.19 9/30/08 1.824% Qtr.
*Farmers Telephone #476 6/30 $3,431,109.44 9/30/08 1.824% Qtr.
*Farmers Telephone #476 6/30 $3,065,250.71 9/30/08 1.824% Qtr.
*Farmers Telephone #476 6/30 $1,267,410.27 9/30/08 1.824% Qtr.
*Farmers Telephone #2203 6/30 $1,689,751.40 9/30/08 1.699% Qtr.
*Farmers Telephone #2203 6/30 $6,954,739.24 9/30/08 1.699% Qtr.
*Farmers Telephone #2203 6/30 $4,085,589.19 9/30/08 1.699% Qtr.
*Farmers Telephone #2203 6/30 $2,227,757.10 9/30/08 1.699% Qtr.
*Farmers Telephone #2203 6/30 $7,983,201.43 9/30/08 1.699% Qtr.
*FTC Communications #709 6/30 $4,962,687.84 9/30/08 1.699% Qtr.
*FTC Communications #709 6/30 $1,483,084.01 9/30/08 1.699% Qtr.
*FTC Communications #709 6/30 $1,911,163.46 9/30/08 1.699% Qtr.
*FTC Communications #709 6/30 $2,444,201.77 9/30/08 1.699% Qtr.
*FTC Communications #709 6/30 $861,336.66 9/30/08 1.699% Qtr.
*FTC Communications #709 6/30 $1,026,279.06 9/30/08 1.699% Qtr.
*FTC Communications #2101 6/30 $361,149.98 9/30/08 1.699% Qtr.
*FTC Communications #2101 6/30 $2,804,018.82 9/30/08 1.699% Qtr.
*FTC Communications #2101 6/30 $2,498,752.78 9/30/08 1.699% Qtr.
*FTC Communications #2101 6/30 $2,586,813.64 9/30/08 1.699% Qtr.
*FTC Communications #2101 6/30 $1,155,788.50 9/30/08 1.699% Qtr.
*Grayson Rural Elec. #619 6/30 $1,023,355.90 9/30/08 1.699% Qtr.
*Grayson Rural Elec. #619 6/30 $511,677.96 9/30/08 1.699% Qtr.
*Grayson Rural Elec. #619 6/30 $852,796.60 9/30/08 1.699% Qtr.
*Grayson Rural Elec. #619 6/30 $1,104,824.22 9/30/08 1.699% Qtr.
*Grayson Rural Elec. #619 6/30 $872,697.26 9/30/08 1.699% Qtr.
*Grayson Rural Elec. #619 6/30 $2,210,125.14 9/30/08 1.699% Qtr.
*Grayson Rural Elec. #619 6/30 $902,960.39 9/30/08 1.699% Qtr.
*Grayson Rural Elec. #619 6/30 $922,357.13 9/30/08 1.699% Qtr.
*Grayson Rural Elec. #619 6/30 $1,554,697.17 9/30/08 1.699% Qtr.
*Harrison County #532 6/30 $849,328.51 9/30/08 1.699% Qtr.
*Harrison County #532 6/30 $764,395.69 9/30/08 1.699% Qtr.
*Harrison County #532 6/30 $855,058.68 9/30/08 1.699% Qtr.
*Harrison County #532 6/30 $1,394,310.41 9/30/08 1.699% Qtr.
*Harrison County #532 6/30 $1,501,145.24 9/30/08 1.699% Qtr.
*Inter-County Energy #592 6/30 $1,273,992.77 9/30/08 1.699% Qtr.
*Inter-County Energy #592 6/30 $1,698,657.07 9/30/08 1.699% Qtr.
*Inter-County Energy #592 6/30 $2,214,199.45 9/30/08 1.699% Qtr.
*Inter-County Energy #592 6/30 $188,468.03 9/30/08 1.699% Qtr.
*Inter-County Energy #850 6/30 $3,664,392.68 9/30/08 1.699% Qtr.
*Inter-County Energy #850 6/30 $1,832,196.32 9/30/08 1.699% Qtr.
*Inter-County Energy #850 6/30 $1,832,311.46 9/30/08 1.699% Qtr.
*Inter-County Energy #850 6/30 $3,250,814.37 9/30/08 1.699% Qtr.
*Inter-County Energy #850 6/30 $2,998,016.41 9/30/08 1.699% Qtr.
*Inter-County Energy #850 6/30 $3,456,931.70 9/30/08 1.699% Qtr.
*Inter-County Energy #850 6/30 $3,082,886.96 9/30/08 1.699% Qtr.
*Ironton Telephone Co. #888 6/30 $2,577,482.66 6/30/09 2.337% Qtr.
*Ironton Telephone Co. #2051 6/30 $2,522,792.26 6/30/09 2.338% Qtr.
*La Plata Electric #2140 6/30 $23,043,254.24 9/30/08 1.699% Qtr.
*Licking Valley Elec. #522 6/30 $2,334,804.11 9/30/08 1.699% Qtr.
*Licking Valley Elec. #854 6/30 $1,844,158.16 9/30/08 1.699% Qtr.
*Licking Valley Elec. #854 6/30 $1,888,684.92 9/30/08 1.699% Qtr.
*Licking Valley Elec. #854 6/30 $1,923,239.07 9/30/08 1.699% Qtr.
*Licking Valley Elec. #854 6/30 $4,663,076.80 9/30/08 1.699% Qtr.
*Medina Electric #622 6/30 $1,304,241.30 9/30/08 1.699% Qtr.
*Medina Electric #622 6/30 $1,310,161.81 9/30/08 1.699% Qtr.
*Medina Electric #622 6/30 $714,969.51 9/30/08 1.699% Qtr.
*Medina Electric #2050 6/30 $1,880,451.27 9/30/08 1.699% Qtr.
*Medina Electric #2050 6/30 $945,622.31 9/30/08 1.699% Qtr.
*Moundville Telephone #2159 6/30 $823,232.22 9/30/08 1.699% Qtr.
*Moundville Telephone #2159 6/30 $231,196.41 9/30/08 1.699% Qtr.
*Navopache Electric #2021 6/30 $8,702,290.04 6/30/09 2.340% Qtr.
*Nolin Rural Elec. #528 6/30 $1,607,778.84 9/30/08 1.699% Qtr.
*Nolin Rural Elec. #577 6/30 $2,193,815.55 9/30/08 1.699% Qtr.
*Nolin Rural Elec. #577 6/30 $2,193,815.55 9/30/08 1.699% Qtr.
*Nolin Rural Elec. #840 6/30 $3,664,392.68 9/30/08 1.699% Qtr.
*Nolin Rural Elec. #840 6/30 $2,700,657.41 9/30/08 1.699% Qtr.
*Northstar Technology #811 6/30 $1,369,115.30 9/30/08 1.699% Qtr.
*Northstar Technology #811 6/30 $746,725.51 9/30/08 1.699% Qtr.
*Okefenoke Rural Elec. #685 6/30 $4,383,495.15 1/02/35 4.397% Qtr.
*PRTCommunications #798 6/30 $3,429,402.90 9/30/08 1.699% Qtr.
*PRTCommunications #798 6/30 $1,285,490.47 9/30/08 1.699% Qtr.
*PRTCommunications #798 6/30 $571,143.03 9/30/08 1.699% Qtr.
*PRTCommunications #798 6/30 $822,222.24 9/30/08 1.699% Qtr.
*San Miguel Electric #919 6/30 $5,020,685.22 9/30/08 1.699% Qtr.
*San Miguel Electric #919 6/30 $5,271,778.24 9/30/08 1.699% Qtr.
*Shelby Energy Coop. #758 6/30 $916,371.88 12/31/35 4.408% Qtr.
*Virgin Islands Tel. #2089 6/30 $54,169,902.60 9/30/08 1.699% Qtr.

S/A is a Semiannual rate
Qtr. is a Quarterly rate
* maturity extension or interest rate reset or principal rollover

FEDERAL FINANCING BANK HOLDINGS
(in millions of dollars)

Monthly Fiscal Year
Net Change Net Change
Program June 30, 2008 May 31, 2008 6/01/08- 6/30/08 10/01/07- 6/30/08
Agency Debt
U.S. Postal Service $1,461.2 $1,289.1 $172.1 -$2,738.8
National Credit Union Adm.-CLF $0.0 $0.0 $0.0 $0.0
Federal Deposit Insurance Corp.        $0.0        $0.0        $0.0        $0.0
Subtotal* $1,461.2 $1,289.1 $172.1 -$2,738.8
Agency Assets
Rural Utilities Service-CBO    $3,819.6    $3,819.6        $0.0      -$97.0
Subtotal* $3,819.6 $3,819.6 $0.0 -$97.0
Government-Guaranteed Lending
DOD-Foreign Military Sales $731.7 $751.6 -$19.9 -$104.8
DoEd-HBCU+ $322.6 $315.9 $6.7 $8.9
DHUD-Public Housing Notes $691.4 $691.4 $0.0 -$99.2
General Services Administration+ $2,093.2 $2,095.1 -$2.0 -$26.7
DOI-Virgin Islands $0.8 $0.8 $0.0 $0.0
DON-Ship Lease Financing $69.6 $69.6 $0.0 $0.0
Rural Utilities Service $19,291.1 $19,385.6 -$94.5 $103.9
Rural Utilities Service-GETP $2,500.0 $2,500.0 $0.0 $0.0
SBA-State/Local Development Cos. $11.2 $11.7 -$0.5 -$5.8
DOT-Section 511 $2.1 $2.2 -$0.1 -$0.2
VA Homeless Veterans Housing+        $4.9        $4.9        $0.0        $0.0
Subtotal* $25,718.5 $25,828.7 -$110.2 -$124.0
========= ========= ========= =========
Grand total* $30,999.3 $30,937.4 $61.9 -$2,959.8
_______________________________________
* figures may not total due to rounding
+ does not include capitalized interest