Federal Home Loan Bank of Cincinnati 10-K 2014 FY Annual report

Exhibit 99.1

Audit Committee Letter

March 18, 2015

The Audit Committee of the Board of Directors of the Federal Home Loan Bank of Cincinnati (FHLBank) at year-end 2014 was composed of nine Directors, three who represent the public sector and six who represent industry members. The members of the Audit Committee at year-end 2014 were Mark N. DuHamel, Chair; J. Lynn Anderson; Grady P. Appleton; Greg W. Caudill; James R. DeRoberts; Leslie D. Dunn; James A. England; Donald J. Mullineaux, and David E. Sartore.

The 2015 Audit Committee is comprised of eight Directors, two who represent the public sector and six who represent industry members. Both the 2014 and 2015 Audit Committee members are independent, as defined by the Federal Housing Finance Agency.

The Audit Committee oversees the FHLBank's financial reporting process; reviews compliance with laws, regulations, policies and procedures; and evaluates the adequacy of administrative, operating, and internal accounting controls. The Audit Committee has adopted and is governed by a written charter which is posted on the FHLBank’s Web site at www.fhlbcin.com. The Audit Committee met on 11 occasions to satisfy its responsibilities during 2014 in compliance with the charter. In fulfilling its responsibilities under its charter, the Audit Committee has reviewed and discussed the audited financial statements with management. The Audit Committee also discussed with the Independent Registered Public Accounting Firm the matters required to be discussed by applicable PCAOB standards. The Committee also received the written disclosures and the letter from the Independent Registered Public Accounting Firm required by PCAOB standards, and discussed with the auditors the Firm's independence.

Based on the review and discussions referred to above, the current members of the Audit Committee recommended to the Board of Directors that the FHLBank’s audited financial statements for the fiscal year ended December 31, 2014, be included in the FHLBank’s annual report on Form 10-K filed with the Securities and Exchange Commission.

Mark N. DuHamel, Chair

J. Lynn Anderson

Grady P. Appleton

Greg W. Caudill

James R. DeRoberts

Leslie D. Dunn

James A. England

David E. Sartore