Exhibit 99.2

The Audit Committee of the Board of Directors of the Federal Home Loan Bank of Pittsburgh (FHLBank) for 2011 was composed of six directors, two public interest and four industry directors. The members of the Audit Committee at December 31, 2011 were Brian A. Hudson, John S. Milinovich, Luis A. Cortes, Jr., Bradford E. Ritchie, Patrick J. Ward and Robert W. White.

The 2012 Audit Committee is comprised of the same six directors, two public interest and four industry directors. Members of the 2011 and 2012 Audit Committees are independent as defined by the Federal Housing Finance Agency.

The Audit Committee oversees the FHLBank's financial reporting process; reviews compliance with laws, regulations, policies and procedures; and evaluates the adequacy of administrative, operating and internal accounting controls. The Audit Committee has adopted and is governed by a written charter, and has satisfied its responsibilities during 2011 in compliance with the charter. In fulfilling its responsibilities, the Audit Committee has reviewed and discussed the audited financial statements with management. The Audit Committee has discussed with the independent auditors the matters required to be discussed by Public Company Accounting Oversight Board AU 380, Communication withAudit Committees. The Audit Committee has also received the written disclosures and the letter from the independent auditors required by Public Company Accounting Oversight Board Rule 3526, and has discussed with the auditors their independence.

Based on the review and discussion referred to above, the 2012 Audit Committee recommends to the Board of Directors that the financial statements be included in the FHLBank's 2011 Annual Report on Form 10-K filed with the Securities and Exchange Commission.

THE AUDIT COMMITTEE

Brian A. Hudson, Chair

John S. Milinovich, Vice Chair

Luis A. Cortes, Jr.

Bradford E. Ritchie

Patrick J. Ward

Robert W. White