The PNC Financial Services Group, Inc.
Fourth Quarter and Full Year 2005
Earnings Conference Call
January 19, 2006
The PNC Financial Services Group, Inc.
Fourth Quarter and Full Year 2005
Earnings Conference Call
January 19, 2006
Exhibit 99.2

2
2005 Highlights
2005 Highlights
Record year -
Earned $1.3 billion or $4.55 per diluted share
Improved
operating
leverage
in
4
th
quarter
–
One PNC initiative ahead of schedule
Leveraged market leadership positions to grow our businesses
Grew our customer base by deepening customer knowledge
and relationships
Maintained a disciplined risk management program
Managed capital effectively and invested in PNC

3
Retail Banking
$195
$167
17%
26%
Corporate & Institutional Banking
108
108             -
24%
BlackRock
73
50
46%
32%
PFPC
29
20
45%
32% 
Total business segment
earnings
405
345
17%
27%
Minority interest in income
of BlackRock
(22)
(15)
Other
(28)
(23)
Total consolidated
$355
$307
16%
17%
Business Results are Gaining
Momentum
Business Results are Gaining
Momentum
Earnings (Loss)
$ millions
Quarter Ended December 31
2005
2004
Growth
Return on
Avg. Capital *
2005
* Percentages for BlackRock and PFPC reflect return on average equity.

4
Income Statement Highlights -
Fourth Quarter 2005
Income Statement Highlights -
Fourth Quarter 2005
Net interest income *
$568
.4%
12%
Noninterest income
$1,151
3%
27%
Total revenue *
$1,719
2%
22%
Provision
$24
50%
26%
Noninterest expense
$1,126
(3)%
19%
Net income
$355
6%
16%
EPS –
diluted
$1.20
5%
11%
Third Quarter
2005
Fourth Quarter
2005
Fourth Quarter
2004
% Change vs.
$ millions, except EPS
* Net
interest
income
and
total
revenue
are
presented
on
a
taxable-equivalent
basis;
see
Appendix
for
GAAP
reconciliation.

5
Balance Sheet Highlights -
Fourth Quarter 2005
Balance Sheet Highlights -
Fourth Quarter 2005
Total loans
$48.8
(1)%
13%
Securities
$20.8
2%
29%
Total interest-earning assets
$76.2
1%
18%
Total assets
$92.1
1%
17%
Noninterest bearing demand deposits
$14.1
2%
12%
Money market deposits
$19.2
4%
18%
Savings and retail CDs
$15.2
3%
21%
Total deposits
$60.8
2%
17%
Total borrowed funds
$16.2
(6)%
28%
Tangible common capital ratio
5%
Loans to deposits
81%
Deposits to total funds
66%
Average balances, $ billions
At quarter-end
Third Quarter
2005
Fourth Quarter
2005
Fourth Quarter
2004
% Change vs.

6
One PNC –
Making Efficiency
Part of Our Culture
One PNC –
Making Efficiency
Part of Our Culture
Building a More Competitive Company
Eliminate 3,000 positions
Implement 2,400 ideas
Achieve $400 million of 
total value
1,800 positions eliminated
88% of ideas are complete
or in process
Delivered $90 million in
2005.  On track to capture
$400 million of value
by 2007
Expected Outcomes
Update –
As of 12/31/05

7
Cautionary Statement Regarding
Forward-Looking Information
Cautionary Statement Regarding
Forward-Looking Information
We
make
statements
in
this
presentation,
and
we
may
from
time
to
time
make
other
statements,
regarding
our
outlook
or
expectations
for
earnings,
revenues,
expenses
and/or
other
matters
regarding
or
affecting
PNC
that
are
forward-looking
statements
within
the
meaning
of
the
Private
Securities
Litigation
Reform
Act. 
Forward-looking
statements
are
typically
identified
by
words
such
as
“believe,”
“expect,”
“anticipate,”
“intend,”
“outlook,”
“estimate,”
“forecast,”
“project”
and
other
similar
words
and
expressions.
Forward-looking
statements
are
subject
to
numerous
assumptions,
risks
and
uncertainties,
which
change
over
time.
Forward-looking
statements
speak
only
as
of
the
date
they
are
made.
We
do
not
assume
any
duty
and
do
not
undertake
to
update
our
forward-looking
statements.
Actual
results
or
future
events
could
differ,
possibly
materially,
from
those
that
we
anticipated
in
our
forward-looking
statements,
and
future
results
could
differ
materially
from
our
historical
performance.
In
addition
to
factors
that
we
have
disclosed
in
our
2004
annual
report
on
Form
10-K,
our
third
quarter
2005
report
on
Form
10-Q,
and
in
other
reports
that
we
file
with
the
SEC
(accessible
on
the
SEC’s
website
at
www.sec.gov
and
on
or
through
PNC’s
corporate
website
at
www.pnc.com),
PNC’s
forward-looking
statements
are
subject
to,
among
others,
the
following
risks
and
uncertainties,
which
could
cause
actual
results
or
future
events
to
differ
materially
from
those
that
we
anticipated
in
our
forward-looking
statements
or
from
our
historical
performance:
•
changes
in
political,
economic
or
industry
conditions,
the
interest
rate
environment,
or
the
financial
and
capital
markets
(including
as
a
result
of
actions
of
the
Federal
Reserve
Board
affecting
interest
rates,
the
money
supply,
or
otherwise
reflecting
changes
in
monetary
policy),
which
could
affect:
(a)
credit
quality
and
the
extent
of
our
credit
losses;
(b)
the
extent
of
funding
of
our
unfunded
loan
commitments
and
letters
of
credit;
(c)
our
allowances
for
loan
and
lease
losses
and
unfunded
loan
commitments
and
letters
of
credit;
(d)
demand
for
our
credit
or
fee-based
products
and
services;
(e)
our
net
interest
income;
(f)
the
value
of
assets
under
management
and
assets
serviced,
of
private
equity
investments,
of
other
debt
and
equity
investments,
of
loans
held
for
sale,
or
of
other
on-balance
sheet
or
off-balance
sheet
assets;
or
(g)
the
availability
and
terms
of
funding
necessary
to
meet
our
liquidity
needs;
•
the
impact
on
us
of
legal
and
regulatory
developments,
including
the
following:
(a)
the
resolution
of
legal
proceedings
or
regulatory
and
other
governmental
inquiries;
(b)
increased
litigation
risk
from
recent
regulatory
and
other
governmental
developments;
(c)
the
results
of
the
regulatory
examination
process,
our
failure
to
satisfy
the
requirements
of
agreements
with
governmental
agencies,
and
regulators’
future
use
of
supervisory
and
enforcement
tools;
(d)
legislative
and
regulatory
reforms,
including
changes
to
tax
and
pension
laws;
and
(e)
changes
in
accounting
policies
and
principles,
with
the
impact
of
any
such
developments
possibly
affecting
our
ability
to
operate
our
businesses
or
our
financial
condition
or
results
of
operations
or
our
reputation,
which
in
turn
could
have
an
impact
on
such
matters
as
business
generation
and
retention,
our
ability
to
attract
and
retain
management,
liquidity
and
funding;
•
the
impact
on
us
of
changes
in
the
nature
and
extent
of
our
competition;
•
the
introduction,
withdrawal,
success
and
timing
of
our
business
initiatives
and
strategies;

8
Cautionary Statement Regarding
Forward-Looking Information (continued)
Cautionary Statement Regarding
Forward-Looking Information (continued)
•
customer
acceptance
of
our
products
and
services,
and
our
customers’
borrowing,
repayment,
investment
and
deposit
practices;
•
the
impact
on
us
of
changes
in
the
extent
of
customer
or
counterparty
delinquencies,
bankruptcies
or
defaults,
which
could
affect,
among
other
things,
credit
and
asset
quality
risk
and
our
provision
for
credit
losses;
•
the
ability
to
identify
and
effectively
manage
risks
inherent
in
our
businesses;
•
how
we
choose
to
redeploy
available
capital,
including
the
extent
and
timing
of
any
share
repurchases
and
acquisitions
or
other
investments
in
our
businesses;
•
the
impact,
extent
and
timing
of
technological
changes,
the
adequacy
of
intellectual
property
protection,
and
costs
associated
with
obtaining
rights
in
intellectual property claimed by others;
•
the
timing
and
pricing
of
any
sales
of
loans
or
other
financial
assets
held
for
sale;
•
our
ability
to
obtain
desirable
levels
of
insurance
and
to
successfully
submit
claims
under
applicable
insurance
policies;
•
the
relative
and
absolute
investment
performance
of
assets
under
management;
and
•
the
extent
of
terrorist
activities
and
international
hostilities,
increases
or
continuations
of
which
may
adversely
affect
the
economy
and
financial
and
capital
markets
generally
or
us
specifically.
Our
future
results
are
likely
to
be
affected
significantly
by
the
results
of
the
implementation
of
our
One
PNC
initiative,
as
discussed
in
this
presentation. 
Generally,
the
amounts
of
our
anticipated
cost
savings
and
revenue
enhancements
are
based
to
some
extent
on
estimates
and
assumptions
regarding
future
business
performance
and
expenses,
and
these
estimates
and
assumptions
may
prove
to
be
inaccurate
in
some
respects.
Some
or
all
of
the
above
factors
may
cause
the
anticipated
expense
savings
and
revenue
enhancements
from
that
initiative
not
to
be
achieved
in
their
entirety,
not
to
be
accomplished
within
the
expected
time
frame,
or
to
result
in
implementation
charges
beyond
those
currently
contemplated
or
some
other
unanticipated
adverse
impact.
Furthermore,
the
implementation
of
cost
savings
ideas
may
have
unintended
impacts
on
our
ability
to
attract
and
retain
business
and
customers,
while
revenue
enhancement
ideas
may
not
be
successful
in
the
marketplace
or
may
result
in
unintended
costs.
Assumed
attrition
required
to
achieve
workforce
reductions
may
not
come
in
the
right
places
or
at
the
right
times
to
meet
planned
goals.
In
addition,
we
grow
our
business
from
time
to
time
by
acquiring
other
financial
services
companies.
Acquisitions
in
general
present
us
with
a
number
of
risks
and
uncertainties
related
both
to
the
acquisition
transactions
themselves
and
to
the
integration
of
the
acquired
businesses
into
PNC
after
closing.
In
particular,
acquisitions
may
be
substantially
more
expensive
to
complete
(including
the
integration
of
the
acquired
company)
and
the
anticipated
benefits,
including
anticipated
cost
savings
and
strategic
gains,
may
be
significantly
harder
or
take
longer
to
achieve
than
expected.
As
a
regulated
financial
institution,
our

9
Cautionary Statement Regarding
Forward-Looking Information (continued)
Cautionary Statement Regarding
Forward-Looking Information (continued)
pursuit
of
attractive
acquisition
opportunities
could
be
negatively
impacted
due
to
regulatory
delays
or
other
regulatory
issues.
Regulatory
and/or
legal
issues
of
an
acquired
business
may
cause
reputational
harm
to
PNC
following
the
acquisition
and
integration
of
the
acquired
business
into
ours
and
may
result
in
additional
future
costs
and
expenses
arising
as
a
result
of
those
issues.
Recent
acquisitions,
including
our
acquisition
of
Riggs
National
Corporation,
continue
to
present
the
integration
and
other
post-closing
risks
and
uncertainties
described
above.
You
can
find
additional
information
on
the
foregoing
risks
and
uncertainties
and
additional
factors
that
could
affect
the
results
anticipated
in
our
forward-looking
statements
or
from
our
historical
performance
in
the
reports
that
we
file
with
the
SEC.
You
can
access
our
SEC
reports
on
the
SEC’s
website
at
www.sec.gov
and
on
or
through
our
corporate
website
at
www.pnc.com.
Also,
risks
and
uncertainties
that
could
affect
the
results
anticipated
in
forward-looking
statements
or
from
historical
performance
relating
to
our
majority-owned
subsidiary
BlackRock,
Inc.
are
discussed
in
more
detail
in
BlackRock’s
filings
with
the
SEC,
accessible
on
the
SEC’s
website
and
on
or
through
BlackRock’s
website
at
www.blackrock.com.
Any
annualized,
proforma,
estimated,
third
party
or
consensus
numbers
in
this
presentation
are
used
for
illustrative
or
comparative
purposes
only
and
may
not
reflect
actual
results.
Any
consensus
earnings
estimates
are
calculated
based
on
the
earnings
projections
made
by
analysts
who
cover
that
company.
The
analysts’
opinions,
estimates
or
forecasts
(and
therefore
the
consensus
earnings
estimates)
are
theirs
alone,
are
not
those
of
PNC
or
its
management,
and
may
not
reflect
PNC’s
actual
or
anticipated
results.

10
Non-GAAP to GAAP
Reconcilement
Non-GAAP to GAAP
Reconcilement
$ millions
Appendix
Net Interest Income and Total Revenue
Net interest income, GAAP basis
$555
$559
$503
(.7)%
10%
Taxable-equivalent adjustment
13
7
6
N/M
N/M
Net interest income, taxable-equivalent basis
$568
$566
$509
.4%
12%
Total consolidated revenue, GAAP basis
$1,706
$1,672
$1,407
2%
21%
Taxable-equivalent adjustment
13
7
6
N/M
N/M
Total consolidated revenue, taxable-equivalent basis
$1,719
$1,679
$1,413
2%
22%
% Change
4Q05
4Q05
vs.
4Q04
4Q05
vs.
3Q05
N/M –
not meaningful
3Q05
4Q04