Confirmation of Irrevocable Letter of Credit No. 2018-09 between ECIC and FHLB SF dated March 9, 2018

The Federal Home Loan Bank of San Francisco (the "Bank") hereby confirms that, at the request and for the account of Employers Compensation Insurance Company, Reno, Nevada (the "Member"), Letter of Credit No. 2018-09, with terms as specified below (the "Credit") will be issued by the Bank on the Effective Date indicated below to the Beneficiary named below, subject to the Member’s continuing compliance with the Bank’s Advances and Security Agreement and other applicable agreements, as well as with the Bank’s Credit Program and specific eligibility or documentation requirements and policies applicable to specific Bank products. Also, statutory or regulatory conditions (including regulatory limits on Bank credit to capital-deficient savings institutions) may apply. The Credit is being issued pursuant to the Letter of Credit Reimbursement Agreement (the "Reimbursement Agreement") between the Bank and the Member. The rights and obligations of the Bank and the Member with respect to each other in regard to the Credit are as set forth in the Reimbursement Agreement and herein.

When issued, the Credit is irrevocable and, except with the written consent of the Bank, nontransferable except as specifically set forth in the Credit. Pursuant to the Bank's policy, the Member is required to reimburse the Bank for any attorneys' fees, accountants' fees, or other out‑of‑pocket costs associated with the Bank's issuance, amendment, or maintenance of the Credit.

The original Credit will be provided to the Beneficiary at its above address.

The Member covenants with and represents and warrants to the Bank that the issuance of the Credit has been requested in connection with the type of transaction described above, and that the terms set forth above are valid and are those that the Member requested and by which the Member agrees to be bound.

Please sign this Confirmation where indicated below by an authorized signer(s) for the Member and return it to the Bank immediately.