The PNC Financial Services Group, Inc.
Second Quarter 2006
Earnings Conference Call
July 19, 2006
Exhibit 99.2

2
Earned $381 million, a record for PNC, or $1.28 per
diluted share
Created positive operating leverage
Sustained solid customer growth and business trends
Continued strength in asset quality
Well positioned for a challenging interest rate
environment
Second Quarter 2006 Highlights

3
Retail Banking
$185
$162
14%
25%
Corporate & Institutional Banking **
116
144
(19)%
23%
BlackRock
63
53
19%
25%
PFPC
26
24
8%
25%
Total business segment
earnings
390
383
2%
24%
Minority interest in income
of BlackRock
(19)
(16)
Other
10
(85)
Total consolidated
$381
$282
35%
17%
Adjustment for 2005 loan recovery:
Total business segment earnings
$390
$383
2%
Adjustment –
2005 loan recovery **
-
(34)
Total business segment earnings, adjusted
$390
$349
12%
Earnings (Loss)
$ millions
Quarter Ended June 30
2006
2005
Growth
Return on Avg.
Capital *
2006
Business Results
Percentages for BlackRock and PFPC reflect return on average equity.
2Q05 Corporate & Institutional Banking earnings reflect the impact of a $53 million loan recovery ($34 million after-tax) during that period.
*
**

4
Net interest income *
$562
N/M
4%
Noninterest income
1,230
4%
32%
Total revenue *
1,792
3%
22%
Noninterest expense
1,149
(2)%
10%
Pretax, pre-provision income *
643
11%
50%
Provision
44
100%
(263)%
Income before minority
interest and income taxes *
599
8%
31%
Minority interest
15
N/M
N/M
Income taxes *
203
8%
22%
Net income
$381
8%
35%
EPS –
diluted
$1.28
8%
31%
Second Quarter
2006
$ millions
(except per share data)
Income Statement
First Quarter
2006
Second Quarter
2005
% Change vs.
N/M –
not meaningful
* Presented on a taxable-equivalent basis.  See Appendix for GAAP reconciliation of net interest income, total
revenue and income taxes.

5
Loans
$49.9
2%
6%
Securities
$21.4
2%
13%
Total interest-earning assets
$77.2
1%
7%
Total assets
$93.4
1%
7%
Noninterest-bearing demand deposits
$13.9
N/M
7%
Money market deposits
$19.0
3%
9%
Savings and retail CDs
$15.9
2%
13%
Total deposits
$62.6
3%
11%
Total borrowed funds
$15.0
(5)%
(8)%
Tangible common equity ratio
5.2%
Loans to deposits
80%
Deposits to total funds
67%
Average balances, $ billions
At quarter-end
First Quarter
2006
Second Quarter
2006
Second Quarter
2005
% Change vs.
Balance Sheet Highlights -
Second Quarter 2006
N/M –
not meaningful

6
Building a More Competitive Company
Eliminate 3,000 positions
Implement 2,400 ideas
Achieve $400 million of total
value
2,400 positions eliminated
95% of ideas are complete or
in process
Delivered $240 million of
annualized run rate value
On track to capture $400
million of value by 2007
Expected Outcomes
Update –
As of 6/30/06
One PNC –
Driving Improved
Operating Leverage

7
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.
Our forward-looking statements are subject to the following principal risks and uncertainties.  We provide greater detail regarding these factors in our Form 10-K
for the year ended December 31, 2005, including in the Risk Factors and Risk Management sections, and in our Form 10-Q for the quarter ended March 31,
2006. Our forward-looking statements may also be subject to other risks and uncertainties, including those that we may discuss elsewhere in this presentation or
in
our
filings
with
the
SEC,
accessible
on
the
SEC’s
website
at
www.sec.gov
and
on
or
through
our
corporate
website
at
www.pnc.com
under
“About PNC -
Investor Relations -
Investor Events”
•
Our business and operating results are affected by business and economic conditions generally or specifically in the principal markets in which we do
business.
We
are
affected
by
changes
in
our
customers’
financial
performance,
as
well
as
changes
in
customer
preferences
and
behavior,
including
as a result of changing economic conditions.
•
The value of our assets and liabilities as well as our overall financial performance are affected by changes in interest rates or in valuations in the debt
and equity markets.  Actions by the Federal Reserve and other government agencies, including those that impact money supply and market interest
rates, can affect our activities and financial results.
•
Competition can have an impact on customer acquisition, growth and retention, as well as on our credit spreads and product pricing, which can affect
market share, deposits and revenues.
•
Our ability to implement our One PNC initiative, as well as other business initiatives and strategies we may pursue, could affect our financial
performance over the next several years.
•
Our ability to grow successfully through acquisitions is impacted by 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.  These uncertainties are present in transactions such as the
pending acquisition by BlackRock of Merrill Lynch’s investment management business.
Cautionary Statement Regarding
Forward-Looking Information

8
•
Legal and regulatory developments could have an impact on our ability to operate our businesses or our financial condition or results of operations or
our
competitive
position
or
reputation.
Reputational
impacts,
in
turn,
could
affect
matters
such
as
business
generation
and
retention,
our
ability to
attract
and
retain
management,
liquidity
and
funding.
These
legal
and
regulatory
developments
could
include:
(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
laws
and
regulations
involving
tax,
pension, and
the
protection
of
confidential
customer
information;
and
(e)
changes
in
accounting
policies
and principles.
•
Our business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where
appropriate, through the effective use of third-party insurance and capital management techniques.
•
Our ability to anticipate and respond to technological changes can have an impact on our ability to respond to customer needs and to meet
competitive demands. 
•
The adequacy of our intellectual property protection, and the extent of any costs associated with obtaining rights in intellectual property claimed by
others, can also impact our business and operating results.
•
Our
business
and
operating
results
can
be
affected
by
widespread
natural
disasters,
terrorist
activities
or
international
hostilities,
either
as
a
result
of the impact on the economy and financial and capital markets generally or on us or on our customers, suppliers or other counterparties specifically.
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
2005
Form
10-K,
including
in
the
Risk
Factors
section,
and
in
BlackRock’s
other 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.
Cautionary Statement Regarding
Forward-Looking Information (continued)

9
$ millions
Net interest income, GAAP basis
$556
$ 556
$534
N/M
4%
Taxable-equivalent adjustment
6
7
7
(14)%
(14)%
Net interest income, taxable-equivalent basis
$562
$ 563
$541
N/M
4%
Total revenue, GAAP basis
$1,786
$ 1,741
$1,463
3%
22%
Taxable-equivalent adjustment
6
7
7
(14)%
(14)%
Total revenue, taxable-equivalent basis
$1,792
$ 1,748
$1,470
3%
22%
Income taxes, GAAP basis
$197
$ 181
$159
9%
24%
Taxable-equivalent adjustment
6
7
7
(14)%
(14)%
Income taxes, taxable-equivalent basis
$203
$ 188
$166
8%
22%
% Change
2Q06
2Q06
vs.
2Q05
2Q06
vs.
1Q06
1Q06
2Q05
Non-GAAP to GAAP
Reconcilement
Appendix
Net Interest Income, Total Revenue and Income Taxes
N/M –
not meaningful