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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 | ||||||
| (Dollars in millions) | March 31, 2010 |
March 31, 2009 | ||||
| Earnings: |
||||||
| Income before assessments |
$ | 126 | $ | 167 | ||
| Fixed charges |
305 | 1,116 | ||||
| Total earnings |
$ | 431 | $ | 1,283 | ||
| Fixed charges: |
||||||
| Interest expense |
$ | 305 | $ | 1,116 | ||
| Estimated interest component of net rental expense(1) |
— | — | ||||
| Total fixed charges |
$ | 305 | $ | 1,116 | ||
| Ratio of earnings to fixed charges |
1.41 | 1.15 | ||||
| (1) | Represents an estimated interest factor. |