The PNC Financial Services Group, Inc.
Third Quarter 2006
Earnings Conference Call
October 31, 2006
Exhibit 99.2

2
Closing of BlackRock acquisition of Merrill Lynch Investment Managers provides
capital for growth
Earned record $1.5 billion or $5.01 per diluted share
Adjusted earnings* of $380 million or $1.28 per diluted share
Invested in our brand by introducing free ATMs, PNC credit card and simplified
checking
Balance sheet well positioned for interest rate environment
One PNC initiative produced desired results and continuous improvement program
offers new opportunities
Announced
agreement
to
acquire
Mercantile
Bankshares
Corporation
on
October 9
Third Quarter 2006 Highlights
* Adjustments
exclude
the
$1.3
billion
net
addition
to
earnings
from
BlackRock
transaction
and
$158
million
of after-
tax losses from balance sheet repositioning.  See Appendix for GAAP reconciliation of adjustments to reported third
quarter 2006 income statement.

3
Income Statement
Net interest income *
$574
$574
$562
$566
Noninterest
income
2,943
1,109
1,230
1,116
Total revenue *
3,517
1,683
1,792
1,682
Noninterest
expense
1,178
1,106
1,149
1,159
Pretax, pre-provision income *
2,339
577
643
523
Provision
16
16
44
16
Income before minority interest and
income taxes *
2,323
561
599
507
Minority interest
(5)
9
15
14
Income taxes *
844
172
203
159
Net income
$1,484
$380
$381
$334
EPS -
diluted
$5.01
$1.28
$1.28
$1.14
Third Quarter
Reported
2006
Third Quarter
As Adjusted
2006 **
Second Quarter
Reported
2006 **
$ millions
(except per share data)
Third Quarter
Reported
2005 **
* Presented on a taxable-equivalent basis.  See Appendix for GAAP reconciliation of reported net interest income,
total revenue and income taxes.
**
See Appendix for GAAP reconciliation of adjustments to reported 3Q06 income statement.  Adjustments are  
intended to highlight the impact of certain significant 3Q06 items, due to their aggregate magnitude.  Similar types   
of adjustments were not made to 2Q06 and 3Q05, as any such adjustments would not have been similar in
magnitude to the amount of the 3Q06 adjustments shown in the appendix.

4
Loans
$50.3
1%
2%
Securities
$21.7
1%
6%
Total interest-earning assets
$78.7
2%
4%
Total assets
$95.3
2%
5%
Noninterest-bearing demand deposits
$14.5
4%
6%
Money market deposits
$20.6
8%
11%
Savings and retail CDs
$16.2
2%
10%
Total deposits
$64.6
3%
8%
Total borrowed funds
$14.7
(2)%
(14)%
Tangible common equity ratio
7.5%
Loans to deposits
76%
Deposits to total funds
66%
Average balances, $ billions
At quarter-end
Second Quarter
2006
Third Quarter
2006
Third Quarter
2005
% Change vs.
Balance Sheet Highlights -
Third Quarter 2006

5
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 and in our current year Form 10-Qs, including in the Risk Factors and Risk Management sections of those reports.  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.”
•
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 our
pending acquisition of Mercantile Bankshares Corporation.
Cautionary Statement Regarding
Forward-Looking Information

6
•
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 unfavorable 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
interest
in
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.
In addition, our pending acquisition of Mercantile Bankshares presents us with a number of risks and uncertainties related both to the acquisition transaction
itself and to the integration of the acquired businesses into PNC after closing.  These risks and uncertainties include the following:
•
Completion of the transaction is dependent on, among other things, receipt of regulatory and Mercantile shareholder approvals, the timing of which
cannot be predicted with precision at this point and which may not be received at all.  The impact of the completion of the transaction on PNC’s
financial statements will be affected by the timing of the transaction.
•
The
transaction
may
be
substantially
more
expensive
to
complete
(including
the
integration
of
Mercantile’s
businesses)
and
the
anticipated benefits,
including anticipated cost savings and strategic gains, may be significantly harder or take longer to achieve than expected or may not be achieved in
their entirety as a result of unexpected factors or events.
Cautionary
Statement Regarding
Forward-Looking
Information (continued)

7
•
The
integration
of
Mercantile’s
business
and
operations
into
PNC,
which
will
include
conversion
of
Mercantile’s
different
systems
and
procedures,
may
take
longer
than
anticipated
or
be
more
costly
than
anticipated
or
have
unanticipated
adverse
results
relating
to
Mercantile’s
or
PNC’s existing
businesses.
•
The
anticipated
benefits
to
PNC
are
dependent
in
part
on
Mercantile’s
business
performance
in
the
future,
and
there
can
be
no
assurance
as
to
actual
future results, which could be impacted by various factors, including the risks and uncertainties generally related to PNC’s and Mercantile’s
performance
(with
respect
to
Mercantile,
see
Mercantile’s
SEC
reports,
accessible
on
the
SEC’s
website)
or
due
to
factors
related
to
the
acquisition
of
Mercantile and the process of integrating it into PNC.
In
addition
to
the
pending
Mercantile
Bankshares
transaction,
we
grow
our
business
from
time
to
time
by
acquiring
other
financial
services companies. 
Acquisitions
in
general
present
us
with
risks
other
than
those
presented
by
the
nature
of
the
business
acquired.
In
particular,
acquisitions
may
be
substantially
more expensive to complete (including as a result of costs incurred in connection with 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.  In some cases, acquisitions
involve
our
entry
into
new
businesses
or
new
geographic
or
other
markets,
and
these
situations
also
present
risks
resulting
from
our
inexperience
in
these
new
areas.  As a regulated financial institution, our pursuit of attractive acquisition opportunities could be negatively impacted due to regulatory delays or other
regulatory
issues.
Regulatory
and/or
legal
issues
related
to
the
pre-acquisition
operations
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.
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, Mercantile’s
or other company’s actual or anticipated results.
Cautionary Statement Regarding
Forward-Looking
Information (continued)

8
The
PNC
Financial
Services
Group,
Inc.
and
Mercantile
Bankshares
Corporation
will
be
filing
a proxy
statement/prospectus
and
other
relevant
documents
concerning
the
PNC/Mercantile merger
transaction with the United States Securities and Exchange Commission (the “SEC”). 
SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY
OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER
TRANSACTION OR INCORPORATED BY REFERENCE IN THE PROXY
STATEMENT/PROSPECTUS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION.  Shareholders will be able to obtain free copies of the proxy
statement/prospectus, as well as other filings containing information about Mercantile Bankshares and
PNC, without charge, at the SEC’s Internet site (http://www.sec.gov).  In addition, documents filed with
the SEC by The PNC Financial Services Group, Inc. will be available free of charge from Shareholder
Relations at (800) 843-2206.  Documents filed with the SEC by Mercantile Bankshares will be
available
free
of
charge
from
Mercantile
Bankshares
Corporation,
2
Hopkins
Plaza,
P.O.
Box 1477,
Baltimore, Maryland 21203, Attention:  Investor Relations.
Mercantile Bankshares and its directors and executive officers and certain other members of
management and employees are expected to be participants in the solicitation of proxies from
Mercantile Bankshares’
shareholders in respect of the proposed merger transaction.  Information
regarding the directors and executive officers of Mercantile Bankshares is available in the proxy
statement for its May 9, 2006 annual meeting of shareholders, which was filed with the SEC on March
29, 2006.  Additional information regarding the interests of such potential participants will be included
in the proxy statement/prospectus relating to the merger transaction and the other relevant documents
filed with the SEC when they become available.
Additional Information About
The PNC/Mercantile Transaction

9
$ millions
Net interest income, GAAP basis
$567
$556
$559
Taxable-equivalent adjustment
7
6
7
Net interest income, taxable-equivalent basis
$574
$562
$566
Total revenue, GAAP basis
$3,510
$1,786
$1,675
Taxable-equivalent adjustment
7
6
7
Total revenue, taxable-equivalent basis
$3,517
$1,792
$1,682
Income taxes, GAAP basis
$837
$197
$152
Taxable-equivalent adjustment
7
6
7
Income taxes, taxable-equivalent basis
$844
$203
$159
3Q06
2Q06
Non-GAAP to GAAP
Reconcilement
Appendix
Net Interest Income, Total Revenue and Income Taxes
3Q05

10
Adjustments: *
Gain on BlackRock transaction
$(2,078)
-
$(785)
$(1,293)
$(4.36)
Securities portfolio rebalancing loss
196
-
69
127
.43
Mortgage loan portfolio repositioning loss
48
-
17
31
.10
Total included in noninterest income
(1,834)
-
(699)
(1,135)
(3.83)
BlackRock/MLIM transaction integration costs
(72)
$14
27
(31)
(.10)
Total included in noninterest expense
(72)
14
27
(31)
(.10)
Total Adjustments
$(1,762)
$14
$(672)
$(1,104)
$(3.73)
Non-GAAP to GAAP
Reconcilement
Net interest income
$567
$7
$574
-
$574
Noninterest
income
2,943
-
2,943
$(1,834)
1,109
Total revenue
3,510
7
3,517
(1,834)
1,683
Noninterest
expense
1,178
-
1,178
(72)
1,106
Pretax, pre-provision income
2,332
7
2,339
(1,762)
577
Provision
16
-
16
-
16
Income before minority interest
and income taxes
2,316
7
2,323
(1,762)
561
Minority interest
(5)
-
(5)
14
9
Income taxes
837
7
844
(672)
172
Net income
$1,484
-
$1,484
$(1,104)
$380
EPS -
diluted
$5.01
-
$5.01
$(3.73)
$1.28
Reported,
GAAP
Basis
Taxable-
Equivalent
Adjustment
Taxable-
Equivalent
Basis
$ millions (except per share data)
Adjustments *
As Adjusted,
TE
Basis
Pre-Tax
Minority
Interest
Income
Taxes
After-Tax
Diluted EPS
Impact
Third Quarter 2006
Appendix
Income Statement