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FHLBANK PITTSBURGH SEC REGISTRATION EFFECTIVE

PITTSBURGH, August 8, 2006 — The Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh) announced that its registration with the Securities and Exchange Commission becomes effective today, August 8, 2006. On June 9, 2006, FHLBank Pittsburgh filed its Form 10 registration statement, which becomes effective 60 days after the filing. FHLBank anticipates filing its Form 10-Q for the second quarter of 2006 on August 11. FHLBank Pittsburgh's current and future SEC filings can be accessed through its Web site at www.fhlb-pgh.com, or on the SEC's Web site at www.sec.gov.

FHLBank Pittsburgh is a wholesale bank that serves the housing finance and community and economic development needs of its owner-members. FHLBank Pittsburgh provides reliable access to low-cost funds, competitive pricing in the purchase of mortgage loans, correspondent banking, technical assistance, affordable housing grants and other programs so members can better serve their own communities. FHLBank is privately capitalized and funded, does not use taxpayer dollars, and enjoys a triple-A rating. It currently has 334 members in its district of Delaware, Pennsylvania and West Virginia and approximately $72.5 billion in assets. FHLBank Pittsburgh is one of twelve Banks in the Federal Home Loan Bank System, established by Congress in 1932 to support the residential mortgage activities of local financial institutions.

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.