The PNC Financial Services Group, Inc.
Corporate & Institutional Banking
BancAnalysts Association of Boston
25
th
Annual Conference
November 3, 2006
EXHIBIT 99.1

This presentation contains forward-looking statements regarding our outlook or
expectations relating to PNC’s future business, operations, financial condition, financial
performance and asset quality.  Forward-looking statements are necessarily subject to
numerous
assumptions,
risks
and
uncertainties,
which
change
over
time.
The forward-looking statements in this presentation are qualified by the factors affecting
forward-looking statements identified in the more detailed Cautionary Statement included
in
the
Appendix
and
in
the
version
of
the
presentation
materials
posted on our corporate
website
at
www.pnc.com
under
“About
PNC
–
Investor Relations.”
We provide greater
detail regarding those factors in our 2005 Form 10-K, including in the Risk Factors and
Risk Management sections, and in our 2006 Form 10-Qs and other SEC reports
(accessible on the SEC’s website at www.sec.gov and on or through our corporate
website).
Future events or circumstances may change our outlook or expectations and may also
affect
the
nature
of
the
assumptions,
risks
and
uncertainties
to
which our forward-looking
statements are subject.  The forward-looking statements in this presentation speak only
as of the date of this presentation.  We do not assume any duty and do not undertake to
update those statements.
This presentation may also include a discussion of non-GAAP financial measures, which,
to the extent not so qualified therein or in the Appendix, is qualified by GAAP
reconciliation
information
available
on
our
corporate
website
at
www.pnc.com
under
“About PNC -
Investor Relations.”
Cautionary Statement Regarding
Forward-Looking Information

Key Takeaways
We’ve built a unique middle market franchise
Which positions us well in an environment where
it is difficult to generate appropriate risk-adjusted
returns from lending-only relationships
Our strategy is differentiated by a broad array of
product solutions, execution and cross-sell

Corporate & Institutional Banking –
A Major Contributor to PNC’s Earnings
Business segment earnings and return on capital reconciled to GAAP net income and returns in Appendix
Contribution to Total PNC Business
Contribution to Total PNC Business
Segment Earnings of $1.2 Billion
Segment Earnings of $1.2 Billion
For the Nine Months Ended 9/30/06
For the Nine Months Ended 9/30/06
Corporate &
Institutional
Banking
27%
C&I Banking Financial Highlights
Net income
$334 million
Return on average
capital
23%
Noninterest income
to total revenue 
51%
NPA’s
to loans
0.46%
As of or for the
Nine Months Ended
September 30, 2006

Diverse
-
No large industry concentration
Limited large non-investment
grade exposure
-
Only 3% is non-investment grade             
and >$50 million
Targeted
-
Focused on clients that meet risk-adjusted
return criteria
Disciplined Approach Leads to
Strong Credit Risk Profile
Strong Asset Quality
Lending Profile (As of September 30, 2006)
PNC
Consolidated
September 30, 2006
Nonperforming loans to loans
0.34%
0.38%
Net charge-offs to
average loans YTD
0.26%
0.27%
Allowance for loan and lease
losses to loans
1.16%
1.14%
Allowance for loan and lease
losses to nonperforming loans
339%
335%
Peer
Group
Source: SNL DataSource; PNC as reported on consolidated basis.
Peer group represents average of super-regional banks identified in
the Appendix.  Peer group excludes PNC.
Commercial Loans

Focused on National Middle Market
Opportunity
Middle Market Statistics
Approximately 35,000 companies with annual sales of $20 million to            
$1 billion
(D&B)
Vast majority of middle market companies are privately held
(One Source)
Recent advances in the capital markets have opened up new and more
sophisticated sources of capital to middle market companies
Middle Market M&A deals reached a 5-year high in 2005 with 1,700
transactions totaling nearly $225 billion in value
(Thomson Financial)
Private equity groups raised a total of $174 billion in capital in 2005 versus
average of $32 billion per year since 2001
(Thomson Financial)

Broad Array of Solutions for Middle
Market Companies
Cash Flow Lending / Asset Based Lending /  Asset Securitization /
Commercial Real Estate Finance / Equipment Finance
Financing
Treasury Management
International Services
Capital Markets
Mergers and Acquisitions
Institutional Investments
Wealth Management
Additional Capabilities
Receivables / Disbursements / Information Reporting / Liquidity Management
Trade Services / Trade Finance / Receivables Management for Exporters /
Foreign Exchange / Correspondent Bank Network / Global Cash Management
Loan Syndications / Derivatives / Foreign Exchange / Public Finance /
Private Placements / Public Market Securities
Sell Side Advisory / Restructuring and Capital Raising / Management Buyouts /
Fairness Opinions / Acquisitions Advisory
Asset Management / Employee Benefits / Charitable Endowments /
Delaware Holding Company
Wealth Planning / Trust / Personal and Business Banking / Ultra High Net Worth
Workplace Banking / Commercial Insurance / Merchant Services

A Leader in Cross-Sell Penetration of Middle
Market Customers in PNC’s Footprint
(1)
PNC has Highest Percentage of Lead Bank Relationships in Our Footprint (63%)
Treasury management
74%
1
st
Business checking accounts
69%
1
st
Capital markets
26%
1
st
Short-term investment services
52%
1
st
International services
24%
1
st
Investment banking services
10%
1
st
Equipment leasing
17%
1
st
401(k) profit sharing, savings plans
17%
1
st
Loans/lines of credit
57%
2
nd
Based on third party survey of companies with annualized revenues of $30-$500 million.  Competitors referenced in survey include Bank of
America, Commerce Bank, Citizens Bank, Fifth Third, JP Morgan Chase, M&T Bank, National City and Wachovia. 
2006
Rank
(1)
PNC Penetration

Key Takeaways
We’ve built a unique middle market franchise
Which positions us well in an environment where
it is difficult to generate appropriate risk-adjusted
returns from lending-only relationships
Our strategy is differentiated by a broad array of
product solutions, execution and cross-sell

The Market is Flooded with New
Competitors..
Total Syndicated Loan Volume
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
2005
2006
$ billions
Nine Months Ended September 30
New Money Issuance
Refinancings
+0%
+49%
Non-Investment
Grade: 53%

Others Are Lending At Below Breakeven
Returns..
1.7%
8 of last 16 yrs.
1.4%
Ba
0.69%
7 of last 16 yrs.
0.60%
Baa
3.5%
4 of last 16 yrs.
2.7%
B
Break-even
Spread
(2)
Current Spread Coverage of
Historical Losses
Current
Spread
(1)
Bond Rating
(1) Analysis is based on market spreads.  PNC’s risk-adjusted loan spread would most likely exceed the market spreads.
(2) Spread needed to cover historical losses for 5 year loan/bond.  Excludes other non-spread fee income.
Bond Spreads vs. Historical Loss Results
Based on our analysis,
spreads typically cover
losses in less than half
of all years
Break-even spreads
cover only average
losses 

And Default Rates are at a Low Point
U.S. Speculative-Grade Bond Default Rate
Source: Moody’s Investor Service

Key Takeaways
We’ve built a unique middle market franchise
Which positions us well in an environment where
it is difficult to generate appropriate risk-adjusted
returns from lending-only relationships
Our strategy is differentiated by a broad array of
product solutions, execution and cross-sell
-
Building on the success of national Commercial Real Estate,
Asset Based Lending, Treasury Management, Capital Markets
and M&A advisory capabilities
-
Deepening client relationships
-
Investing in new products, segments and technology to
achieve competitive advantage

$548
$422
2005
2006
$530
$555
2005
2006
2005
2006
Already Delivering on Our Strategies
Generating Loan Growth, but…
Commercial & Institutional Banking
Total Average Loans
Commercial & Institutional Banking
Net Interest Income (TE)
Commercial & Institutional Banking
Noninterest
Income
Three Months Ended September 30
Nine Months Ended September 30
Nine Months Ended September 30
$ billions
$ millions
$ millions
Selling More Fee-Based Products
Spreads Have Narrowed, so…
Net interest income on a taxable equivalent
basis is reconciled to GAAP in Appendix.
Includes lease financing.
2005 includes Market Street which was
deconsolidated from our Consolidated    
Balance Sheet effective October 17, 2005.
*
*
$20.4
$18.3
$20.0
Market Street

Building on Our National Distribution
Capabilities
Offering Commercial Real Estate, Asset Based Lending, Treasury Management
and M&A Advisory Services Nationwide
Corporate & Institutional Banking Location
Lock Box Location

PNC’s Commercial Real Estate Model
Development
Pre-development
funding
Construction finance
Tax credit equity
Letters of credit
Bridge financing
Mezzanine financing
Equity bridge loans
CMBS
FHA permanent loan
programs
Freddie Mac loan
programs
Commercial loan
servicing
Offering Real Estate Solutions that Span the Life of a Project
Interim
Permanent

$4.6
$6.1
$1.0
$2.0
2004
2006
Capturing Full Spectrum of Commercial
Real Estate Opportunities
$93
$180
2004
2006
Commercial Mortgage
Servicing Portfolio
Nine Months Ended September 30
Nine Months Ended September 30
As of September 30
Originations
$ billions
$ billions
Sales
Servicing
$ billions
$1.3
$2.1
$0.9
$2.0
2004
2006
Loan Syndications
CMBS
Balance Sheet Driven
CMBS Conduit

A Leading Asset Based Lending Franchise
Building on Established National Network
28 offices across the country
14 managers
65 sales representatives
67 portfolio managers
16 underwriters
46 field examiners
84 operations & other personnel
Sales and Servicing Capabilities
$0.0
$0.5
$1.0
$1.5
2005
2006
$ billions
Nine Months Ended September 30
Transaction Volumes
New Deals
75
86
$1.1
$1.4

Harris Williams –
A Leader in M&A
Advisory to the Middle Market
Harris Williams YTD 9/30/06 revenue up 58% over YTD 9/30/05*
Two new industry-focused teams launched:  Technology and Transportation / Logistics
Backlog is stronger than ever with nearly 10% of currently engaged transactions having
a PNC connection
PNC’s Wealth Management team is receiving introductions to many Harris Williams’
clients
Opened 2 offices in Philadelphia and Minneapolis
Increased staff by over 20% since January 1, 2006
PNC & Harris Williams -
Highly Successful First Year Together
Growing revenue
Expanding geographic presence
Generating strong deal flow
YTD 9/30/05 reflects Harris Williams standalone revenue
*

Treasury Management –
Expanding High Growth
Product Revenues Faster than the Industry
Wholesale lockbox
8%
5%
Purchasing card
46%
14%
EDI
59%
9%
All products
6%
3%
PNC
Industry
Average
Selected Product Revenue Growth –
2005 vs
2004 *
* Source: Ernst & Young industry survey

Summary
We’ve built a unique middle market franchise
Which positions us well in an environment where
it is difficult to generate appropriate risk-adjusted
returns from lending-only relationships
Our strategy is differentiated by a broad array of
product solutions, execution and cross-sell

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

•
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)

•
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)

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

Appendix

Non-GAAP to GAAP
Reconcilement
Business segments
Retail Banking
$581
26%
48%
Corporate & Institutional Banking
334
23%
27%
BlackRock
(a)(b)
209
29%
8%
PFPC
93
31%
17%
Total business segments
1,217
26%
100%
Minority interest in income of BlackRock
(64)
Other (b)(c)
1,066
Total consolidated
$2,219
34%
$ millions
Return on
Average
Capital *
Percentages for BlackRock and PFPC reflect return on average equity.
PNC’s ownership interest in BlackRock
was approximately 69-70% for the period presented. Effective September 29, 2006, PNC’s ownership
interest in BlackRock
dropped to approximately 34%
BlackRock
reported
GAAP
earnings
of
$153
million
for
the
period
presented.
For PNC business segment reporting presentation, pretax
integration costs incurred by BlackRock
for the MLIM transaction, totaling $91 million for the period presented, have been reclassified from
“BlackRock”
to “Other.”
“Other”
for
the
period
presented
also
includes
the
after-tax
impact
of
PNC’s
gain
on
the
BlackRock
/
MLIM
transaction
and
PNC’s
costs
associated with its securities portfolio rebalancing and mortgage loan portfolio repositioning.
Appendix
Business Earnings and Return on Capital
Nine Months Ended September 30, 2006
Earnings
Segment
Earnings
Contribution
*
(a)
(b)
(c)

Non-GAAP to GAAP
Reconcilement
Appendix
Net Interest Income
Business segments
Retail Banking
$1,172
$4
$1,176
$1,255
$4
$1,259
Corporate & Institutional Banking
549
6
555
523
7
530
BlackRock
31
1
32
20
5
25
PFPC
(27)
0
(27)
(29)
0
(29)
Total business segments
1,725
11
1,736
1,769
16
1,785
Minority interest in income of BlackRock
Other
(126)
9
(117)
(90)
4
(86)
Total consolidated
$1,599
$20
$1,619
$1,679
$20
$1,699
$ millions
Taxable-
Equivalent
Adjustment
2005
Nine Months Ended September 30
GAAP
Net Interest
Income
2005
Net Interest
Income TE
2005
Taxable-
Equivalent
Adjustment
2006
GAAP
Net Interest
Income
2006
Net Interest
Income TE
2006

BB&T Corporation
BBT
The Bank of New York Company, Inc.
BK
Fifth Third Bancorp
FITB
KeyCorp
KEY
National City Corporation
NCC
The PNC Financial Services Group, Inc.
PNC
Regions Financial
RF
SunTrust Banks, Inc.
STI
U.S. Bancorp
USB
Wachovia Corporation
WB
Wells Fargo & Company
WFC
Ticker
Peer Group of
Super-Regional Banks
Appendix