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FOR IMMEDIATE RELEASE

Contact: Neil Cotiaux, FHLBank Pittsburgh: 412-288-2851; cell 412-335-9488 Neil.cotiaux@fhlb-pgh.com

FHLBANK PITTSBURGH FILES FORM 10 WITH THE SEC; ANNOUNCES RECORD EARNINGS FOR 2005; RELEASES FIRST QUARTER 2006 FINANCIAL RESULTS

PITTSBURGH, June 9, 2006 – The Federal Home Loan Bank of Pittsburgh (FHLBank) today filed its Form 10 Registration Statement with the Securities and Exchange Commission. The Registration Statement includes financial statements for the first quarter 2006, for the year ending 2005, and restated financial results for the years 2001 through 2004 and first quarter 2005. A link to the Form 10 filing is available on the FHLBank's Web site at www.fhlb-pgh.com.

"Completing the restatement of our financial statements and filing our Form 10 are essential milestones in the Bank's process toward completing the registration of our equity securities under the Securities Exchange Act of 1934," said John R. Price, president and CEO of FHLBank Pittsburgh. "We are also pleased to be releasing our year-end 2005 financial statements, which demonstrate strong advance growth, steady increases in asset size and, importantly, record earnings in the Bank's 74-year history."

In 2005, net income increased 61 percent to $191.8 million, from $118.9 million in 2004 and $68.7 million in 2003. Assets increased to $72.9 billion, from $61.1 billion in 2004 and $53.2 billion in 2003. Advances stood at $47.5 billion at year-end 2005, compared to $39.0 billion and $34.7 billion in 2004 and 2003, respectively.

FHLBank's restatement includes, among other things, corrections related to the application of Financial Accounting Standard No. 133, Accounting for Derivative Instruments and Hedging Activities. The cumulative effect of the restatement on retained earnings for the specified periods, combined with its effect on the results from April 1, 2005 through December 31, 2005, was an increase of $6.1 million. Retained earnings stood at $188 million at year-end 2005.

FHLBank's net income totaled $49.7 million for the first quarter of 2006, a decrease of $23.2 million from the first quarter of 2005. Earnings in first quarter 2005 included net gains on derivatives and hedging activities totaling $34.8 million, compared to net gains of $4.6 million in the first quarter of 2006. Net interest income for the first quarter of 2006 reflected a slight increase over first quarter 2005 due to increases in interest-earning assets, primarily loans to members.

With assets of approximately $73 billion, FHLBank Pittsburgh is a government-sponsored enterprise that uses private capital to provide a steady stream of low-cost funding to approximately 335 member financial institutions in Delaware, Pennsylvania and West Virginia. One of 12 regional banks in the FHLBank System created by Congress in 1932 to support housing finance, FHLBank’s mission in more recent years has been expanded to include financing for a variety of community and economic development needs.

This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as "projected," "expects," "may," or their negatives or other variations on these terms. FHLBank Pittsburgh cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.