Exhibit 99.3

     The effects of the restatement described in Note 1 to the annual financial statements included in this Form 10-K/A on the Bank’s unaudited interim Statement of Cash Flows for 2006 are summarized in the following table by activity classification. The information for the twelve months ended December 31, 2006 is derived from the Bank’s audited annual financial statements.

Federal Home Loan Bank of Pittsburgh
Restated 2006 Statement of Cash Flows

	Three months ended March 31, 2006									Six months ended June 30, 2006
	(unaudited)									(unaudited)
(in thousands)	As Reported			Adjustments			As Restated			As Reported			Adjustments			As Restated
Depreciation and amortization	$	80,032		$	(49,548	)	$	30,484		$	116,559		$	(49,548	)	$	67,011
Net cash provided by operating activities		96,338			(49,548	)		46,790			159,073			(49,548	)		109,525
Net proceeds from issuance of consolidated obligations:
Discount notes		56,857,700			49,548			56,907,248			102,280,989			49,548			102,330,537
Payments for maturing or called consolidated obligations:
Discount notes		(61,082,827	)		—			(61,082,827	)		(104,396,400	)		—			(104,396,400	)
Net cash (used in) provided by financing activities		(335,520	)	$	49,548			(285,972	)		1,789,663		$	49,548			1,839,211
Net decrease in cash and due from banks		(69,714	)		—			(69,714	)		(49,848	)		—			(49,848	)
Cash and due from banks at beginning of period		115,370			—			115,370			115,370			—			115,370
Cash and due from banks at end of period	$	45,656			—		$	45,656		$	65,522			—		$	65,522
	Nine months ended September 30, 2006
	(unaudited)									Twelve months ended December 31, 2006
	As Reported			Adjustments			As Restated			As Reported			Adjustments			As Restated
Depreciation and amortization	$	157,448		$	(49,548	)	$	107,900		$	248,249		$	(111,106	)	$	137,143
Net cash provided by operating activities		234,487			(49,548	)		184,939			350,375			(111,106	)		239,269
Net proceeds from issuance of consolidated obligations:
Discount notes		132,173,176			49,548			132,222,724			158,263,681			49,548			158,313,229
Payments for maturing or called consolidated obligations:
Discount notes		(130,786,434	)		—			(130,786,434	)		(155,169,733	)		61,558			(155,108,175	)
Net cash (used in) provided by financing activities		5,007,792		$	49,548			5,057,340			3,869,167		$	111,106			3,980,273
Net decrease in cash and due from banks		(43,190	)		—			(43,190	)		(37,272	)		—			(37,272	)
Cash and due from banks at beginning of period		115,370			—			115,370			115,370			—			115,370
Cash and due from banks at end of period	$	72,180			—		$	72,180		$	78,098			—		$	78,098

     For the periods ended March 31, June 30, and September 30, 2006, activity for depreciation and amortization was reported in four separate categories on the Statement of Cash Flows. However, for the period ended December 31, 2006, we began presenting one line item called “Depreciation and Amortization” and reporting the cash flows in total. All 2006 reporting periods have been presented above on this new basis to be consistent with our current presentation on the Statement of Cash Flows.

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