Exhibit 99.2

Federal Home Loan Bank of Topeka

Audit Committee Report

March 23, 2009

The Audit Committee operates under a written charter adopted by the board of directors that is available on the FHLBank’s Web site at http://www.fhlbtopeka.com. The Audit Committee reviews its charter on an annual basis.

The Audit Committee for 2008 was comprised of six directors, two representing the public sector and four representing industry members. The members of the Audit Committee at year-end 2008 were Michael M. Berryhill, Robert E. Caldwell II, Lawrence L. McCants, Neil F.M. McKay, Bruce A. Schriefer, and Ronald K. Wente, ex officio.

The 2009 Audit Committee is comprised of six directors, two representing the public sector and four representing industry members. The 2008 and 2009 Audit Committee members are independent, as defined by the Federal Housing Finance Agency and Nasdaq Independence Standards.

The Audit Committee has:

·   reviewed and discussed the audited financial statements with management;

·   discussed with the independent auditors the matters required to be discussed by Statement on Auditing Standards (SAS) No. 61, Communications with Audit Committees, and SAS No. 90, Audit Committee Communications; and

·   received the written disclosures and the letter from PricewaterhouseCoopers LLP (PwC) required by the applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountant's communications with the audit committee concerning independence and has engaged in dialogue with PwC regarding their independence.

Based on the review and discussions referred to above, the 2009 Audit Committee recommends to the board of directors that the audited financial statements be included in the FHLBank’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, for filing with the Securities and Exchange Commission.

Michael M. Berryhill, Chairman

James R. Hamby

Andrew C. Hove, Jr.

Lawrence L. McCants

Neil F.M. McKay

Ronald K. Wente