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FOR IMMEDIATE RELEASE

Contact:
Neil Cotiaux, FHLBank of Pittsburgh, 412-288-2851

DELAWARE BUILDER DAVID W. CURTIS ELECTED TO
PITTSBURGH FHLBANK BOARD

PITTSBURGH, PA, April 5, 2006 — The Federal Home Loan Bank of Pittsburgh (FHLBank) today announced that David W. Curtis, a nationally known advocate for and builder of affordable housing, has rejoined the Bank's Board of Directors.

Curtis, a member of the board of directors of Citizens Bank Delaware, is executive vice president of Leon N. Weiner & Associates, Inc., a Wilmington, DE-based home builder, developer and property management firm. Curtis will complete the unexpired term of David M. Applegate, chairman of the board of GMAC Bank, who resigned earlier this year in anticipation of the relocation of GMAC Bank's home office from Delaware to Pennsylvania. Curtis' term will expire on December 31, 2007. Curtis returns as an elected director appointed by the Board to fill the unexpired term of a "non-guaranteed" Delaware directorship that is based on the FHLBank's level of capital stock.

Curtis is a prior member of the FHLBank's Board of Directors. He was appointed by the Federal Housing Finance Board in January 1996 and served two terms, the second term expiring in December 2002. He served as chairman of the board from July 1999 through 2001 and as vice chair in 2002.

In addition to his executive position at Leon Weiner & Associates, named by the National Association of Home Builders (NAHB) in 1992 as the nation's premier multifamily builder, Curtis co-founded Renewal Housing Associates, LLC, which identifies projects in need of rehabilitation in order to preserve affordable housing. He also is president of Arbor Management LLC, a multifamily residential management company with a portfolio of 56 properties across the mid-Atlantic region. He has participated in the development and operation of real estate projects with a total value of at least $1 billion.

A respected leader in the fields of homebuilding and housing finance, Curtis currently serves as co-chairman of the Mortgage Roundtable, a blue-ribbon panel of 50 leaders in the area of housing finance. He is past chairman of the NAHB's Housing Finance Committee. Curtis holds a master of arts degree from the University of Delaware's College of Urban Affairs where he was a graduate fellow. In April 2004, he was elected to the board of directors of Citizens Bank Delaware, a financial institution member of the FHLBank of Pittsburgh. Curtis resides in Wilmington with his wife, Donna.

"I am exceedingly pleased to be able to rejoin the FHLBank's Board of Directors," Curtis remarked. "Throughout its nearly 75-year history, the Bank has played a critical role in providing low-cost funding to hundreds of community financial institutions so they can assist a growing number of homebuyers in achieving their dreams, strengthening numerous local communities. I look forward to helping the Bank continue its vital mission."

"The entire Board of Directors is delighted to have Dave back for a return engagement," said Marvin N. Schoenhals, chairman of the board. "He brings an impressive depth of understanding to the issues of affordable housing, housing finance and community banking. He will be an invaluable resource as we help chart the Bank's future progress."

The FHLBank of Pittsburgh's Board of Directors discharges its responsibilities independent of management. No member of management serves on the Board, and sessions are regularly held without management in attendance.

The FHLBank of Pittsburgh, with assets of $75 billion, serves nearly 340 financial institution members in Delaware, Pennsylvania and West Virginia. It is one of twelve FHLBanks, all private cooperatively owned banks using private funds to provide wholesale housing finance, community lending and correspondent banking services to member banks, savings institutions, credit unions and insurance companies.