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2004 Press Releases

ATTENTION: EDITORS / ASSIGNMENT EDITORS

Contact: Neil Cotiaux, 412-288-2851, cell: 330-703-0753, neil.cotiaux@fhlb-pgh.com

CHIEF U.S. ECONOMIST FOR LEHMAN BROTHERS TO OFFER ELECTION EVE FORECAST: ETHAN HARRIS TO SPEAK TO FEDERAL HOME LOAN BANK MEMBERS OCTOBER 7

PITTSBURGH, PA, September 28, 2004 — Ethan Harris, chief U.S. economist for Lehman Brothers and one of the most quoted economic analysts in the country, will offer his forecast for the U.S. economy at an event sponsored by the Federal Home Loan Bank of Pittsburgh, Thursday, October 7, at the Pittsburgh Marriott North at Cranberry Woods.

Harris' forecast will center on the state of the U.S. economy in 2005, including the impact of a Bush or Kerry presidency. Harris will be the luncheon speaker at the FHLBank's Fall 2004 Product Seminar, a gathering of member banks from across western Pennsylvania and West Virginia. He will speak and take questions from noon - 1 p.m.

Harris serves as managing director and chief U.S. economist at Lehman Brothers in New York. He is responsible for the firm's forecast and analysis of the U.S. economy. In this capacity, he has written extensively about the linkages between geopolitical events and the economy, the unique nature of the current business cycle, and the outlook for monetary and fiscal policy. Harris joined Lehman Brothers in 1996.

Prior to joining Lehman Brothers, Harris worked for nine years at the Federal Reserve Bank of New York. There, he served as the research officer in charge of the domestic division and as the assistant to the bank's president. Harris also worked for several years as an international economist at JP Morgan. Harris has a Ph.D. in economics from Columbia University. He earned a BA in economics from Clark University.

Lehman Brothers serves the financial needs of corporations, governments and municipalities, institutional clients and high-net-worth individuals worldwide. It maintains leadership positions in equity and fixed-income sales, trade and research, investment banking, private equity and private client services. The firm is headquartered in New York, London and Tokyo and operates a network of offices around the world.

The Federal Home Loan Bank of Pittsburgh serves nearly 350 financial institution members in Delaware, Pennsylvania and West Virginia. It is one of twelve FHLBanks, all private cooperatively owned banks that provide wholesale housing finance, community lending and correspondent banking services to member banks, savings institutions, credit unions and insurance companies. Lehman Brothers Bank, FSB of Wilmington, Delaware, is a member of the FHLBank of Pittsburgh.

Directions: From Downtown Pittsburgh, take 279 North to 79 North. Take Exit 78 (Route 228). Turn right and the hotel is on the right.