SECOND AMENDMENT TO THE THE FEDERAL HOME LOAN BANK OF BOSTON PENSION BENEFIT EQUALIZATION PLAN (Effective January 1, 2009, as amended April 15, 2009)

WHEREAS, the Federal Home Loan Bank of Boston (the “Bank”) has adopted and currently maintains the Federal Home Loan Bank of Boston Pension Benefit Equalization Plan (the “Pension BEP”), effective January 1, 2009, as amended April 15, 2009; and

WHEREAS, Section 6.1 of the Pension BEP reserves to the Board of Directors of the Bank the right to amend the Pension BEP from time to time, in whole or in part; and

WHEREAS, the Board has delegated to the undersigned Chief Executive Officer, with the written concurrence of either the Chairman of the Personnel Committee or the Chairman of the Board, the authority to make such amendments to the Thrift BEP as he deems necessary or appropriate to comply with Section 409A of the Internal Revenue Code and any rules or regulations promulgated thereunder; and

WHEREAS, to provide consistency with Internal Revenue Service Notice 2010-80, the Bank desires to amend the Pension BEP to revise the provisions relating to the requirement that a Member or Beneficiary sign and return a Release to receive benefits.

NOW, THEREFORE, Section 7.6 of the Pension BEP is amended as set forth below, effective January 1, 2009:

“7.6    Receipt and Release. Any payment to any Member or Beneficiary in accordance with the provisions of the Plan shall, to the extent thereof, be in full satisfaction of all claims against the Bank or the Plan, and the Administrator may require such Member or Beneficiary, as a condition precedent to such payment, to execute a receipt and release (a “Release”) to such effect. If requested, such Release shall be executed by the Member or Beneficiary within the reasonable time period designated by the Bank (not more than ninety (90) days) in order to assure that payments can be made within the time period specified in the Plan, but not prior to expiration of any period specified for revocation of such Release. If a Member or Beneficiary does not sign and return the Release within the specified period, he or she will forfeit any payments contingent on the Release. If the period for signing and returning the Release designated by the Bank extends into a later taxable year, any payments contingent upon the Release will be made (or begin) in the later taxable year.

If any Member or Beneficiary is determined by the Administrator to be incompetent by reason of physical or mental disability (including minority) to give a valid receipt and

release, the Administrator may cause the payment or payments becoming due to such person to be made to another person for his or her benefit without responsibility on the part of the Administrator or the Bank to follow the application of such funds.”

Executed this 21st day of December, 2012.

By: /s/ Mark E. Macomber__________________