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FOR IMMEDIATE RELEASE

Contact:
Neil Cotiaux, FHLBank of Pittsburgh: 412-288-2851; cell: 412-335-9488

WILLIAMS NAMED CHIEF FINANCIAL OFFICER AT FEDERAL HOME LOAN BANK OF PITTSBURGH

PITTSBURGH, January 30, 2006 — The Board of Directors of the Federal Home Loan Bank of Pittsburgh has named Kristina K. Williams as chief financial officer, effective February 1, 2006. She will succeed Eric J. Marx, who has announced his intent to resign from the FHLBank but will stay on through quarter-end. Additionally, Robert J. Snyder has been named to the position of controller.

Prior to this promotion, Williams served the FHLBank as chief accounting officer. Prior to joining the FHLBank in December 2004, she held a number of positions of increasing responsibility over twelve years at PNC Bank. These included manager of SEC and regulatory reporting, director of accounting policy and, most recently, chief financial officer of the Corporate and Institutional Banking business segment. Before her tenure at PNC, Williams was both a manager at PricewaterhouseCoopers and a staff accountant at Deloitte & Touche. Her educational background includes bachelor and master of science degrees, both in accounting, and the Certified Public Accountant certification.

"We are most pleased to elevate Kris Williams to the CFO position," said John R. Price, president and chief executive officer of the FHLBank. "Her vast accounting knowledge and straightforward management style have already proved that she is the right person to lead as we approach SEC registration and an increasingly complex accounting environment."

Bob Snyder, certified public accountant, has served as financial controls manager at the FHLBank since March 2005. Prior to a short tenure as an accounting policy manager at Alcoa, Snyder spent nine years at Deloitte & Touche. His expertise includes internal controls over financial reporting, GAAP accounting, SEC reporting and Sarbanes-Oxley compliance.

Marx, who joined the FHLBank in November 1995, served as CFO, chair of the Bank's ALCO and secretary of the Finance Committee of the Board of Directors. He will work as a special assistant to CEO John Price until March 31, 2006. Price joined the FHLBank on January 3, 2006.

"I have a world of respect for Eric Marx and certainly thank him for his significant contribution to a decade of growth at the FHLBank," said Price. "As the new CEO, I appreciate that he has agreed to stay on, even for a short while, to share his considerable institutional knowledge and insight as I work on building the strategic plan for the Bank." Noting that Marx actively recruited Kris Williams a year ago to succeed him, Price added, "I know the Board and the members join me in wishing Eric all the best in whatever exciting endeavors lie ahead."

With assets of approximately $73 billion, the FHLBank of Pittsburgh is a government-sponsored enterprise that uses private capital to provide a steady stream of low-cost funding to nearly 340 member financial institutions in Delaware, Pennsylvania and West Virginia. Created by Congress in 1932 to support housing finance, the FHLBank's mission in more recent years has been expanded to include financing for a variety of community and economic development needs.