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EXHIBIT 99.1
Federal Home Loan Bank of San Francisco
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||
| (Dollars in millions) | June 30, 2010 |
June 30, 2009 |
June 30, 2010 |
June 30, 2009 | ||||||||
| Earnings: |
||||||||||||
| Income before assessments |
$ | 41 | $ | 413 | $ | 167 | $ | 580 | ||||
| Fixed charges |
281 | 700 | 587 | 1,817 | ||||||||
| Total earnings |
$ | 322 | $ | 1,113 | $ | 754 | $ | 2,397 | ||||
| Fixed charges: |
||||||||||||
| Interest expense |
$ | 281 | $ | 700 | $ | 586 | $ | 1,816 | ||||
| Estimated interest component of net rental expense(1) |
— | — | 1 | 1 | ||||||||
| Total fixed charges |
$ | 281 | $ | 700 | $ | 587 | $ | 1,817 | ||||
| Ratio of earnings to fixed charges |
1.15 | 1.59 | 1.28 | 1.32 | ||||||||
| (1) | Represents an estimated interest factor. |