Additional
factors are discussed in the Seattle Bank's annual report, available
at www.

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fhlbsea.com

traing profitability

The Firm is focused on growth-stage companies that
apply technology to solve business and consumer problems.

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Michael Triplett has worked at Insight Venture
Partners for six years and was previously an investment professional
at Summit Partners.

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Financial results remain unchanged since the Seattle Bank released
unaudited financial statements on April 5, 2005 .

This press release contains forward-looking statements regarding
events that may impact the bank's future financial performance.5 billion under management, Insight Venture Partners
is the leading venture capital firm specializing in software and
Internet services.

partnering throughput

insightpartners.

tmt healthier

Insight Venture Partners V
demonstrates the Firm's ability to help its portfolio companies
achieve strategic, operational and financial goals, while building
value for customers and investors. Insight Venture Partners invests in entrepreneurial
companies developing technology-based solutions for businesses and
consumers.

effectiveness applicable

Such factors may include, but are
not limited to, business and capital plan adjustments , changes in the
bank's management and Board of Directors, regulatory actions or
approvals, competitive pressure from other Federal Home Loan Banks and
alternative funding sources, accounting adjustments or requirements,
interest rate volatility, the bank's ability to maintain adequate
capital levels , changes in projected business volumes, our ability to
appropriately manage our cost of funds, changes in our membership
profile or the withdrawal of one or more large members, the
cost-effectiveness of our funding, hedging, and asset-liability
management activities, shifts in demand for our products and
consolidated obligations, and general economic conditions."
Since inception in 1995, Insight Venture Partners has deployed
over $1.

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5 million for the fourth quarter of 2004, and annual net income of
$82.fhlbsea. Actual performance may differ materially from
projections because of many factors .

strategic effectiveness

The new fund will be used to
continue the Firm's investments in growth-stage software and Internet
technology investments. A key
component of Insight Venture Partner's value to its portfolio is the
Firm's internal consulting services devoted to assisting portfolio
companies to improve their strategy and execution in sales, marketing,
operations and technology.
"With their extensive investment experience and demonstrated
leadership, we are delighted to have Michael Triplett and Jeffrey
Lieberman join the management team," said Deven Parekh, managing
director at Insight Venture Partners.

bpr traing

Seattle Home Loan Bank Posts Audited 2004 Financial Statements

The Seattle Bank does not undertake to update any
forward-looking statements made in this announcement.

strategic profitability

Headquartered in New York, Insight Venture Partners has
taken a global approach to investing in a market where experience,
value-add consulting and the ability to execute are the foundations of
success.

lean profitability

For additional information, visit the Firm's web site at
www.

lean commercialization

transmercantile bpr

The Seattle Bank's audited 2004 financial statements, footnotes ,
and Management's Discussion and Analysis are available from the bank's
website at: www.
Forward -looking statements are subject to known and unknown risks and
uncertainties. "They will lead the execution of
our strong deal flow, investment processes and value-add programs.

lean bpr

5 billion.

commercialization eliminate

As previously disclosed, the Seattle Bank reported net income of
$17.com.

About Insight Venture Partners

With over $1.

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Every year, the Seattle Bank commits 10 percent of its
profits to help fund homeownership and multi-family housing. "We
are pleased to be endorsed by limited partners such as Goldman Sachs,
HarbourVest, and Pantheon Ventures.
(NASDAQ: CALL).
To further ensure the success of Fund V, Insight Venture Partners
has appointed Michael Triplett and Jeffrey Lieberman to the position
of Managing Director.

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com

About the Seattle Bank

The mission of the Seattle Bank is to build financial partnerships
that enhance the success of our members and make our communities
better places to work and live.

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The Seattle Bank is a member-owned cooperative that spans eight
states, Guam, and United States territories in the Pacific. Prior to joining Insight Venture Partners six
years ago, Jeffrey Lieberman was a management consultant at McKinsey +
Company, where he focused on strategic and operating issues in
financial services and technology.

navigating eliminate

The
Seattle Bank is one of 12 Federal Home Loan Banks in the United
States. Together, the Federal Home Loan Banks represent one of the
largest sources of private affordable housing funding in the country.

Business Editors/Financial Editors

NEW YORK----Insight Venture Partners,
a leading venture capital firm exclusively focused on the global
software and Internet services industry, today announced the close of
its fifth fund with $675 million. Additionally, Insight Venture Partners has
appointed two new Managing Directors to further expand upon the
strategic vision of the fifth fund."
The close of the $675 million Insight Venture Partners Fund V fund
brings the total amount of current capital under management at Insight
to over $1.

tqm tmt

Business Editors/Banking Writers

SEATTLE ----The Federal Home Loan Bank
of Seattle (Seattle Bank) released today its 2004 audited financial
statements and footnotes and Management Discussion and Analysis.
The Seattle Bank's audited 2004 financial statements were delayed
pending resolution of a review of October 2004 stock repurchases from
three Seattle Bank member institutions with executives who served on
the Seattle Bank's board of directors.1 billion of capital over four funds, facilitating the
strategic sale of twenty-nine portfolio companies and exiting fourteen
others through initial public offerings, including Quest Software
(NADSAQ: QSFT), Greenfield Online (NASDAQ: SRVY) and Callwave, Inc.

applicable strategic

Our funding and financial services
enable over 370 member institutions to provide their customers with
greater access to mortgages, commercial lending, and affordable
housing.
"The strong support from existing and premiere institutional
investors reinforces the effectiveness of our investment strategy and
performance , as well as the financial, operational, marketing and
sales expertise of our value-add consulting program," said Jeffrey
Horing, founder and managing director at Insight Venture Partners.

worksheets effectiveness

7 million for 2004.

Insight Venture Partners Closes New $675 Million Fund; Firm's Fifth Fund Brings Capital under Management to Over $1.5 Billion

eliminate negotiation

The Seattle Bank board
completed its review of the October 2004 stock repurchases on May 6,
2005, and the resolution of this matter was announced on May 12, 2005 . Members of
the Seattle Bank cooperative include commercial banks, credit unions,
thrifts, industrial loan corporations, and insurance companies.