8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 24, 2014

FEDERAL HOME LOAN BANK OF BOSTON(Exact name of registrant as specified in its charter)

Federally chartered corporation	000-51402	04-6002575
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

800 Boylston Street
Boston, MA 02199
(Address of principal executive offices, including zip code)

(617) 292-9600
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On April 25, 2014, the Federal Home Loan Bank of Boston (the “Bank”) issued a press release announcing its preliminary, unaudited results for the quarter ended March 31, 2014, and the declaration of a dividend. The Bank’s board of directors declared a cash dividend equal to an annual yield of 1.49 percent, the approximate daily average three-month LIBOR yield for the first quarter of 2014 plus 125 basis points. The dividend, based on average stock outstanding for the first quarter of 2014, will be paid on May 2, 2014. The press release, which should be reviewed for further details on each of these developments, is attached as Exhibit 99.1 to this report.

Item 7.01. Regulation FD Disclosure.

On April 25, 2014, Edward A. Hjerpe III, president and chief executive officer of the Bank, will make a presentation to members at the Bank’s annual meeting of shareholders. A copy of this presentation is attached as Exhibit 99.2 to the Form 8-K.

The information set forth in Item 2.02 is also furnished under this Item 7.01. The information being furnished pursuant to Items 2.02 and 7.01 and contained in Exhibits 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

This report, including Exhibits 99.1 and 99.2, uses forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on the Bank’s expectations as of the date hereof. For example, statements about future declarations of dividends and expectations for advances balances and mortgage-loan investments are forward-looking statements, among other forward-looking statements herein. The words “preliminary,” “expects,” “anticipates,” “is likely,” “will,” and similar statements and their plural and negative forms are used in this notification to identify some, but not all, of such forward-looking statements. The Bank cautions that, by their nature, forward-looking statements involve risks and uncertainties, including, but not limited to, the application of accounting standards relating to, among other things, the amortization of discounts and premiums on financial assets, financial liabilities, and certain fair value gains and losses; hedge accounting of derivatives and underlying financial instruments; the fair values of financial instruments, including investment securities and derivatives; and other-than-temporary impairment of investment securities, in addition to instability in the credit and debt markets, economic conditions (including effects on, among other things, mortgage-backed securities), changes in interest rates, and prepayment speeds on mortgage assets. Accordingly, the Bank cautions that actual results could differ materially from those expressed or implied in these forward-looking statements or could impact the extent to which a particular objective, projection, estimate or prediction is realized, and you are cautioned not to place undue reliance on such statements. The Bank does not undertake to update any forward-looking statement herein or that may be made from time to time on behalf of the Bank.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

2

Exhibit Number

99.1 Press release issued by the Bank on April 25, 2014.

99.2 Presentation to members on April 25, 2014.

Signature(s)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Federal Home Loan Bank of Boston
Date: April 25, 2014	By:	/s/Frank Nitkiewicz
		Frank Nitkiewicz
		Executive Vice President and Chief Financial Officer

3

EX-99.1

Exhibit 99.1

	NEWS RELEASE
FOR IMMEDIATE RELEASE	CONTACT: Mark S. Zelermyer
April 25, 2014	617-292-9750
	mark.zelermyer@fhlbboston.com

FEDERAL HOME LOAN BANK OF BOSTON ANNOUNCES 2014

FIRST QUARTER RESULTS AND DECLARES DIVIDEND

BOSTON - The Federal Home Loan Bank of Boston announced its preliminary, unaudited first quarter results for 2014, reporting net income of $36.1 million for the quarter compared with net income of $53.3 million for the first quarter of 2013. The Bank expects to file its quarterly report with the Securities and Exchange Commission on Form 10-Q for the quarter ending March 31, 2014, next month.

The Bank’s board of directors also declared a dividend equal to an annual yield of 1.49 percent, the approximate daily average three-month LIBOR yield for the first quarter of 2014 plus 125 basis points. The dividend, based on average stock outstanding for the first quarter of 2014, will be paid on May 2, 2014. In declaring the dividend, the board stated that it anticipates that it will declare cash dividends through 2014 generally consistent with this dividend, although a quarterly loss or a significant adverse event or trend would cause a dividend to be suspended.

“We are encouraged that advances grew again this quarter, as members used our funding to meet their liquidity needs as well as the credit needs of their communities,” said President and CEO Edward A. Hjerpe III. “Quarterly earnings declined, partly due to an expected decrease in prepayment fees and the impact of continued low interest rates. Our strengthened balance sheet and steady growth of retained earnings enables us to repurchase an additional $500 million of excess stock and pay an attractive dividend next week.”

First Quarter 2014 Operating Highlights

Net income for the quarter ending March 31, 2014, was $36.1 million, compared with net income of $53.3 million for the same period in 2013. These results led to a $4.4 million contribution to the Bank’s Affordable Housing Program for the quarter. The net income for the quarter was impacted by a $12.0 million decrease in net prepayment fees from investments and advances(1).

Net interest income after provision for credit losses for the quarter ending March 31, 2014, was $54.9 million, compared with $77.4 million for the same period in 2013. Contributing to the $22.5 million decrease in net interest income after provision for credit losses was a decrease in net prepayment fees of $12.0 million, from $14.6 million in 2013 to $2.7 million in 2014, as well as a narrowing of the spread between interest earned on assets and interest paid on liabilities. Partially offsetting these decreases to net interest income after provision for credit losses was an increase in interest income resulting from an increase in average earning assets, which increased $9.1 billion from $38.6 billion for 2013, to $47.7 billion for 2014. The increase in average earning assets was driven by a $7.6 billion increase in average

advances balances and a $1.7 billion increase in average investments balances. Growth in these asset categories was concentrated in low-margin, short-term maturities.

Additionally, $8.7 million of the Bank’s interest income for the quarter ended March 31, 2014, was from the accretion of discount on securities that were other-than-temporarily impaired in prior quarters, but for which a significant improvement in projected cash flows(2) has subsequently been recognized. This represents an increase of $5.8 million from $2.9 million recorded in the first quarter of 2013.

Net interest spread was 0.41 percent for the quarter ended March 31, 2014, a 28 basis point decrease from the same period in 2013, and net interest margin was 0.46 percent, a 34 basis point decrease from the same period in 2013. The decrease in net interest spread reflects a 53 basis point decrease in the average yield on earning assets and a 25 basis point decrease in the average yield on interest-bearing liabilities. Approximately half of the decline in net interest spread is attributable to the decline of prepayment fees and the remainder is attributable to a narrowing of the spread between interest earned on assets and interest paid on liabilities. The Bank had expected this compression in net interest margin and net interest spread due to the prolonged low interest-rate environment and the gradual replacement of higher-yielding assets with lower-yielding, short-term assets, and expects such compression to continue.

Credit-related other-than-temporary impairment charges on certain private-label mortgage-backed securities were $458,000 for the first quarter of 2014, compared with $421,000 recorded for such charges in the first quarter of 2013. The charges were attributable to projected incremental credit losses on the collateral underlying certain private-label MBS with a combined par value of $87.3 million at March 31, 2014.

March 31, 2014 Balance-Sheet Highlights

Total assets increased 12.1 percent to $50.1 billion at March 31, 2014, up from $44.6 billion at year-end 2013. During the quarter ended March 31, 2014, investments increased by $3.9 billion, or 30.0 percent, and advances increased $2.2 billion, or 7.9 percent, to $29.7 billion, compared with $27.5 billion at year-end 2013. The increase of advances in the first quarter of 2014 was concentrated primarily in short-term advances. We cannot predict whether this trend will continue.

Total investments were $16.9 billion at March 31, 2014, an increase of $3.9 billion, or 30.0 percent, compared with $13.0 billion at December 31, 2013. Short-term money market investments increased by $4.1 billion and MBS increased by $470.1 million, offset by a $671.2 million decrease in agency and supranational institutions’ debentures. The par value of private-label MBS was $1.9 billion at March 31, 2014, a drop of $49.0 million from December 31, 2013, while the carrying value of private-label MBS was $1.1 billion at March 31, 2014, a decline of $22.6 million from December 31, 2013.

Investments in mortgage loans totaled $3.3 billion at March 31, 2014, a decrease of $20.5 million from year-end 2013. The Bank cannot predict whether this portfolio will change significantly in 2014, based on continued uncertainty about the mortgage loan market and unknown legislative and regulatory developments.

GAAP capital at March 31, 2014, was $2.9 billion, an increase of $70.7 million from $2.8 billion at year-end 2013. Capital stock increased by $32.4 million. Restricted retained earnings totaled $114.0 million at March 31, 2014, while total retained earnings at March 31, 2014, grew to $815.6 million, an increase of

$26.8 million from December 31, 2013. Accumulated other comprehensive loss totaled $470.0 million at March 31, 2014, a decrease of $11.5 million from December 31, 2013.

The Bank was in compliance with all regulatory capital ratios as well as internal capital requirements at March 31, 2014, and in the most recent information available was classified “adequately capitalized” by its regulator, the Federal Housing Finance Agency, based on the Bank’s financial information at December 31, 2013.(3)

About the Bank

The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to support the residential-mortgage and community-development lending activities of its members, which include over 440 financial institutions across New England. To accomplish its mission, the Bank utilizes private-sector capital to provide members and other qualified customers with reliable access to low-cost wholesale funds, liquidity, a competitive outlet for the sale of loans, special lending programs, technical assistance, and other products and services.

Federal Home Loan Bank of Boston

Balance Sheet Highlights

(Dollars in thousands)

(Unaudited)

	3/31/2014			12/31/2013			3/31/2013
ASSETS
Advances	$	29,699,600		$	27,516,678		$	19,900,367
Investments (4)	16,878,224			12,981,340			13,028,738
Mortgage loans held for portfolio, net	3,347,987			3,368,476			3,504,394
Other assets	135,432			771,582			501,426
Total assets	$	50,061,243		$	44,638,076		$	36,934,925
LIABILITIES
Consolidated obligations, net	$	44,725,807		$	39,526,687		$	31,703,190
Deposits	522,003			517,565			662,625
Mandatorily redeemable capital stock	977,685			977,348			190,889
Other liabilities	927,289			778,731			1,005,891
CAPITAL
Class B capital stock	2,562,857			2,530,471			3,202,211
Retained earnings - unrestricted	701,567			681,978			562,671
Retained earnings - restricted (5)	114,026			106,812			75,018
Total retained earnings	815,593			788,790			637,689
Accumulated other comprehensive loss	(469,991		)	(481,516		)	(467,570		)
Total capital	2,908,459			2,837,745			3,372,330
Total liabilities and capital	$	50,061,243		$	44,638,076		$	36,934,925
Total regulatory capital-to-assets ratio	8.7		%	9.6		%	10.9		%
Ratio of market value of equity (MVE) to par value of capital stock (6)	119.8		%	119.4		%	111.9		%

Income Statement Highlights

(Dollars in thousands)

(Unaudited)

	For the Three Months Ended
	3/31/2014			12/31/2013			3/31/2013
Total interest income	$	136,701		$	141,031		$	160,577
Total interest expense	82,132			80,637			84,229
Net interest income	54,569			60,394			76,348
Net interest income after provision for credit losses	54,891			60,154			77,435
Net other-than-temporary impairment losses on investment securities recognized in income	(458		)	(223		)	(421		)
Litigation settlements	4,310			52,493			—
Other (loss) income	(1,318		)	855			(2,276		)
Operating expense	14,860			16,154			12,996
Other expense	2,094			1,934			2,459
AHP assessment	4,406			9,886			5,949
Net income	$	36,065		$	85,305		$	53,334
Performance Ratios: (7)
Return on average assets	0.31		%	0.84		%	0.56		%
Return on average equity (8)	5.10		%	12.39		%	6.10		%
Net interest spread	0.41		%	0.52		%	0.69		%
Net interest margin	0.46		%	0.59		%	0.80		%

(1)Prepayment fees received from borrowers on prepaid advances are presented net of any associated basis adjustments related to hedging activities on those advances and net of deferred prepayment fees on advance prepayments considered to be loan modifications. Additionally, for certain advances products, the prepayment-fee provisions of the advance agreement could result in either a payment from the borrower or to the borrower when such an advance is prepaid, based upon market conditions at the time of prepayment (referred to as a symmetrical prepayment fee). Advances with a symmetrical prepayment-fee provision are hedged with derivatives containing offsetting terms, so that we are financially indifferent to the borrowers’ decision to prepay such advances. The net amount of prepayment fees is reflected as interest income in the statement of operations.

(2)Upon subsequent evaluation of a debt security when there is no additional other-than-temporary impairment, we adjust the accretable yield on a prospective basis if there is a significant increase in the security’s expected cash flows. This adjusted yield is used to calculate the amount to be recognized into income over the remaining life of the security so as to match the amount and timing of future cash flows expected to be collected. Subsequent changes in estimated cash flows that are deemed significant will change the accretable yield on a prospective basis.

(3)For additional information on the Bank’s capital requirements, see Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Capital in the Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on March 24, 2014 (the 2013 Annual Report).

(4)Investments include available-for-sale securities, held-to-maturity securities, trading securities, interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold.

(5)The Bank’s capital plan and a joint capital enhancement agreement among all Federal Home Loan Banks require the Bank to allocate a certain percentage of quarterly net income to a restricted retained earnings account until a total required allocation is met. The allocation percentage is typically 20 percent of quarterly net income. Amounts in the restricted retained earnings account are unavailable to be paid as dividends. For additional information, see Item 5 — Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities in the 2013 Annual Report.

(6)MVE equals the difference between the theoretical market value of assets and the theoretical market value of liabilities, and the ratio of MVE to par value of Bank capital stock can be an indicator of future net income to the extent that it demonstrates the impact of prior interest-rate movements on the capacity of the current balance sheet to generate net interest income. However, this ratio does not always provide an accurate indication of future net income. Accordingly, investors should not place undue reliance on this ratio and are encouraged to read the Bank’s discussion of MVE, including discussion of the limitations of MVE as a metric, in Item 7A — Quantitative and Qualitative Disclosures About Market Risk — Measurement of Market and Interest Rate Risk in the 2013 Annual Report.

(7)Yields for quarterly periods are annualized.

(8)Return on average equity is net income divided by the total of the average daily balance of outstanding Class B capital stock, accumulated other comprehensive loss, and total retained earnings.

****************************

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release, including the unaudited balance sheet highlights and income statement highlights, uses forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and are based on the Bank’s expectations as of the date hereof. The words “preliminary,” “expects,” “is likely,” “will,” and similar statements and their plural and negative forms are used in this notification to identify some, but not all, of such forward-looking statements. For example, statements about future declarations of dividends, future excess stock repurchases, and expectations for advances balances and mortgage-loan investments are forward-looking statements, among other forward-looking statements herein. The Bank cautions that, by their nature, forward-looking statements involve risks and uncertainties, including, but not limited to, the application of accounting standards relating to, among other things, the amortization of discounts and premiums on financial assets, financial liabilities, and certain fair value gains and losses; hedge accounting of derivatives and underlying financial instruments; the fair values of financial instruments, including investment securities and derivatives; and other-than-temporary impairment of investment securities, in addition to instability in the credit and debt markets, economic conditions (including effects on, among other things, MBS), changes in interest rates, and prepayment speeds on mortgage assets. Accordingly, the Bank cautions that actual results could differ materially from those expressed or implied in these forward-looking statements or could impact the extent to which a particular objective, projection, estimate or prediction is realized and you are cautioned not to place undue reliance on such statements. The Bank does not undertake to update any forward-looking statement herein or that may be made from time to time on behalf of the Bank.

###

EX-99.2

Exhibit 99.2

81st Annual Shareholders Meeting April 25, 2014

Andy Calamare: Welcome and Introduction Ed Hjerpe: State of the Bank A Conversation with Bob Woodward Today’s Agenda For your convenience, a copy of this presentation is available at fhlbboston.com 1

81st Annual Shareholders Meeting April 25, 2014

Cautionary Statements Regarding Forward-Looking Statements, Data, and Adjusted Information Forward-looking statements: This presentation, including the preliminary and unaudited first quarter 2014 highlights herein, uses forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are based on our expectations as of the date hereof. The words “preliminary,” “will,” “may,” “expect,” “anticipate,” “outlook,” “appear,” and similar statements and their plural, negative, past, and progressive forms as well as statements about expected developments for housing GSE reform, economic changes, housing sector projections, advances balances, and investment risk are used in this presentation to identify some, but not all, of such forward-looking statements. We caution that, by their nature, forward-looking statements involve risks and uncertainties, including, but not limited to, the application of accounting standards relating to, among other things, the amortization of discounts and premiums on financial assets, financial liabilities, and certain fair-value gains and losses; hedge accounting of derivatives and underlying financial instruments; the fair values of financial instruments, including investment securities and derivatives; and other-than-temporary impairment of investment securities, in addition to instability in the credit and debt markets, economic conditions (including effects on, among other things, mortgage-backed securities), changes in interest rates, and prepayment spreads on mortgage assets. We do not undertake to update any forward-looking statement herein or that may be made from time to time on our behalf. Data: Some data set forth herein is unaudited. Data identified herein with a third-party source is provided to you without any independent verification by the Bank, and the Bank expressly disclaims any responsibility for, its accuracy, completeness or whether any additional information is necessary to make such data not materially misleading. Accordingly, you are cautioned against placing any undue reliance on such data. Non-GAAP financial information: This presentation uses non-GAAP financial information. Specifically, the Bank adjusts GAAP net income for the impact of Affordable Housing Program (AHP) and other-than-temporary impairment (OTTI) charges. Management believes this information may be informative to investors in gauging the Bank’s financial performance, identifying trends, and providing meaningful period-to-period comparisons. Annual Report: You are encouraged to read our Annual Report on Form 10-K to better understand the information in this presentation. A link to that report is available on the Security and Exchange Commission’s web site, www.sec.gov. 3

Meet the Management Committee Progress Toward Recovery Recent Financial Results Legislative and Regulatory Update Your Cooperative at Work 4 State of the Bank

Meet the Management Committee

Carol Hempfling Pratt General Counsel Timothy J. Barrett Treasurer Barry F. Gale Executive Director of HR George H. Collins Chief Risk Officer M. Susan Elliott Chief Business Officer Frank Nitkiewicz Chief Financial Officer Sean McRae Chief Information Officer 6 Our Management Committee

Progress Toward Recovery

Restore consistent profitability From $186.8 million loss in 2009 to record earnings in 2012 and 2013 More fully fund the Affordable Housing Program Two consecutive years of record-high contributions to program, including $24.2 million in 2013 Resume dividend payments Steady quarterly payouts since Q1 2011, with significant increase for the past two quarters 8 Six Post-Recession Financial Priorities Identified in 2009

Reestablish repurchase of excess stock On May 1, will have repurchased $1.05 billion in last three years Increase market value of stock to exceed 100 percent par value From 48 percent in 2008 to 120 percent in Q1 2014 Meet retained earnings target Met and exceeded minimum retained earnings target in Q3 2013 – now over $800 million 9 Six Post-Recession Financial Priorities Identified in 2009 (continued)

Recent Financial Results

11 First Quarter 2014 Financial Highlights All first quarter results are preliminary and unaudited.

Year-End and Q1 2014 Advances Balances In 1989, FIRREA expanded FHLB charter, enabling commercial banks and credit unions to join Median advances balance since FIRREA: $23.5 billion 12

13 Year-End and Q1 2014 Assets, Advances, & Investments In billions Investments Advances Assets Investments

14 Year-End and Q1 2014 Total Capital In millions

The regulatory capital ratio is capital stock (including mandatorily redeemable capital stock) plus total retained earnings as a percentage of total assets 15 Year-End and Q1 2014 Regulatory Capital Ratio Minimum

Year-End and Q1 2014 Market/Par Value of Stock 16

17 Annual and Q1 2014 Net Income *Includes $349.1 million of noncredit losses on PLMBS, subsequently reclassified to accumulated OCI upon adoption of amended accounting guidance related to OTTI. In millions

Annual and Q1 2014 Net Income Before Assessment, OTTI Charges In millions 18

19 Year-End and Q1 2014 Investments and PLMBS In billions

Annual and Q1 2014 Credit Losses (1)Includes cumulative effect of adopting FSP FAS 115-2 and FAS 124-2, January 1, 2009 In millions 20 $.5

Private-Label Mortgage-Backed Securities 21

22 Annual and Q1 2014 Return on Average Assets and Average Equity

Collateral Valuation Bank increased maximum values of several collateral types that have potential to increase borrowing capacity Agency-issued MBS, collateralized mortgage obligations, multifamily and commercial real estate loans New Collateral Options Bank continues to expand collateral options and now accepts non-agency commercial MBS to secure all extensions of credit External Audit Opinion Letters Audit opinion on sufficient collateral no longer required due to more frequent on-site reviews Prepayments In response to member request, Bank now allows prepayment of short-term advances and floating-rate advances 23 At Your Request: Changes to Enhance Membership Value

Participate in our Fast Track surveys Top 3 strategies: increase commercial lending, increase residential lending, reduce operating expenses Top 3 challenges: regulatory burden, residential mortgage demand, net interest margin We rely on the important input of the Member Advisory Panel Over 70 member CEOs and CFOs participated in yesterday’s roundtable discussion and dinner Join us at one of our upcoming member outreach/golf events June 30: Rhode Island CC, Barrington, Rhode Island September 29: Wentworth by the Sea CC, Rye, New Hampshire 24 We Value Your Ideas

Legislative and Regulatory Update

GSE reform legislation has picked up momentum in recent weeks, but outlook remains uncertain in divided Congress Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) released bill in March and hope to schedule committee vote next week On House side, PATH Act approved by Financial Services Committee, and HOME Forward Act proposed by Rep. Maxine Waters Mel Watt sworn in as Director of the FHFA in January 26 Housing Finance Reform Update

Our role and regional cooperative structure must be preserved Support housing, provide low-cost funding and liquidity to members through secured wholesale lending and other services We must have authority to build upon existing mortgage programs Improve members’ access to the secondary markets; expand aggregator role We should have the option to be an approved guarantor of mortgage loans in the future In addition, the Affordable Housing Program, current investment authorities, and conditions of membership must be preserved 27 FHLBanks’ Positions on Housing Finance Reform

Your Cooperative at Work

29 Flexible. Engaged. Easy. NH Laura Jacobi Lake Sunapee Bank CT Richard E. McDonald and Treasury staff Webster Bank RI George J. Charrette Pawtucket Credit Union

30 Reliable. Critical. Helpful. Valuable. ME Leo R. Sagan Jr. Westfield Bank MA Larry L. Barker Machias Savings Bank VT Timothy Ross and Ed Sulva Northfield Savings Bank VT Donald P. Messier National Life Group

We provide the reliable liquidity, term funding, and business solutions you need in all economic environments Achieving our financial priorities has strengthened our balance sheet and led to a stable and growing return on your investment We are well positioned to respond quickly and effectively to emerging opportunities and risks, including legislative and regulatory developments 31 Your Cooperative at Work

We have the tools you need to manage your balance sheet and serve your communities in every business cycle. Put your cooperative to work for you! Your Cooperative at Work 32

81st Annual Shareholders Meeting April 25, 2014