The PNC Financial Services Group, Inc.
Fourth Quarter and Full Year 2006
Earnings Conference Call
January 23, 2007
Exhibit 99.2

2
Record net income for the year
PNC
recognized
a
$1.6
billion
increase
in
capital
resulting
from
the
BlackRock/MLIM transaction
Strong client activity –
business segment earnings* grew 9%
Balance sheet well positioned for this interest rate environment
Overall asset quality remained very strong
Mercantile acquisition will continue PNC’s expansion into growth
markets; integration process on track
2006 Highlights
*Total business segment earnings are reconciled to total GAAP consolidated earnings in the Appendix

3
Income Statement
Net interest income *
$571
$574
$568
Noninterest income
969
2,943
1,154
Total revenue*
1,540
3,517
1,722
Noninterest expense
969
1,167
1,127
Pretax, pre-provision income
571
2,350
595
Provision
42
16
24
Income before minority
interest and income taxes
529
2,334
571
Minority interest
-
6
22
Income taxes*
153
844
194
Net income
$376
$1,484
$355
EPS -
diluted
$1.27
$5.01
$1.20
$ millions (except per share data)
*
Presented on a taxable-equivalent basis.  See Appendix for GAAP reconciliation of net interest income, total revenue & income taxes, which are
included in the 4Q06, 3Q06 & 4Q05 Income Statement reconciliations.
Third Quarter
2006
Fourth Quarter
2006
Fourth Quarter
2005

4
Net interest income *
$571
$571
$563
Noninterest income
979
832
837
Total revenue*
1,550
1,403
1,400
Noninterest expense
969
872
870
Pretax, pre-provision income
581
531
530
Provision
42
16
24
Income before minority
interest and income taxes
539
515
506
Minority interest
-
-
-
Income taxes*
155
135
151
Net income
$384
$380
$355
EPS -
diluted
$1.30
$1.28
$1.20
Income Statement -
As Adjusted
$ millions (except per share data)
As Adjusted**
Third Quarter
2006
Fourth Quarter
2006
Fourth Quarter
2005
*
Presented on a taxable-equivalent basis.  See Appendix for GAAP reconciliation of net interest income, total revenue & income taxes, which are
included in the 4Q06, 3Q06 & 4Q05 Income Statement reconciliations.
**
See Appendix for GAAP reconciliation of adjustments to reported 4Q06, 3Q06 and 4Q05 income statement, including the taxable-equivalent
adjustments to net interest income, total revenue & income taxes.  Adjustments to 3Q06 & 4Q05 are intended to illustrate the impact of the
deconsolidation
of
BlackRock
as
if
recorded
on
the
equity
method
of
accounting
for
all
periods
presented.
Also,
adjustments
for
certain
significant
items (net gain on BlackRock/MLIM transaction, balance sheet repositioning losses, and BlackRock/MLIM transaction integration costs) were
made
to
4Q06
and
3Q06,
due
to
their
aggregate
magnitude.
Other
types
of
adjustments
were
not
made
as
such
adjustments
would
not
have
been
similar in magnitude to the amount of those shown in the Appendix.

5
Loans
$49.0
(3)%
N/M
Securities
$21.2
(2)%
2%
Total interest-earning assets
$78.6
N/M
3%
Total assets
$99.0
4%
8%
Noninterest-bearing demand deposits
$14.8
2%
5%
Money market deposits
$20.9
2%
9%
Savings and retail CDs
$16.7
3%
10%
Total deposits
$65.0
1%
7%
Total borrowed funds
$14.7
N/M
(9)%
Tangible common equity ratio
7.4%
Loans to deposits
76%
Deposits to total funds
65%
Average balances, $ billions
At quarter-end
Third Quarter
Reported
2006
Fourth Quarter
Reported
2006
Fourth Quarter
Reported
2005
% Change vs.
Balance Sheet Highlights -
Fourth Quarter 2006
N/M –
not meaningful

6
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.
Because
forward-looking
statements
are
subject
to
assumptions
and
uncertainties,
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 some of these factors in our Form 10-
K for the year ended December 31, 2005 and in our 2006 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
–
Financial
Information.”
•
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

7
•
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 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 more expensive to complete than anticipated, including as a result of unexpected factors or events.
Cautionary Statement Regarding
Forward-Looking Information (continued)

8
•
The integration of Mercantile’s business and operations with those of PNC, which will include conversion of Mercantile’s different systems and procedures,
may
take
longer
than
anticipated,
may
be
more
costly
than
anticipated,
and
may
have
unanticipated
adverse
results
relating
to
Mercantile’s
or
PNC’s
existing businesses.
•
The anticipated benefits, including anticipated strategic gains and anticipated cost savings and other synergies of the transaction, may be significantly
harder
or
take
longer
to
be
realized
than
anticipated
or
may
not
be
achieved
in
their
entirety,
including
as
a
result
of
unexpected
factors
or
events,
and
attrition in key client, partner and other relationships relating to the transaction may be greater than expected.
•
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)

9
The
PNC
Financial
Services
Group,
Inc.
and
Mercantile
Bankshares
Corporation
have
filed
a
proxy
statement/prospectus
and
other
relevant
documents
concerning
the
merger
with
the
United
States
Securities
and
Exchange Commission (the “SEC”).  WE URGE INVESTORS TO READ THE PROXY STATEMENT/PROSPECTUS
AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR
INCORPORATED BY REFERENCE IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THEY CONTAIN
IMPORTANT INFORMATION.
Investors may obtain these documents free of charge at the SEC’s website (www.sec.gov).  In addition, documents
filed
with
the
SEC
by
The
PNC
Financial
Services
Group,
Inc.
are
available
free
of
charge
from
Shareholder
Relations
at
(800)
843-2206.
Documents
filed
with
the
SEC
by
Mercantile
Bankshares
are
available
free
of
charge
from
Mercantile Bankshares Corporation, 2 Hopkins Plaza, P.O. Box 1477, Baltimore, Maryland 21203, Attention:  Investor
Relations.
The directors, executive officers, and certain other members of management and employees of Mercantile Bankshares
Corporation are participants in the solicitation of proxies in favor of the merger from the shareholders of Mercantile
Bankshares Corporation.  Information about the directors and executive officers of Mercantile Bankshares Corporation
is set forth in the proxy statement for its 2006 annual meeting of shareholders, which was filed with the SEC on March
29, 2006.  Additional information regarding the interests of such participants is included in the proxy
statement/prospectus filed with the SEC.
Additional Information About
The PNC/Mercantile Transaction

10
Retail Banking
$765
$682
12%
Corporate & Institutional Banking
463
480
(4)%
BlackRock (a)(b)(c)
187
152
23%
PFPC
124
104
19%
Total business segment earnings
1,539
1,418
9%
Other
(c)(d)
1,056
(93)
Total consolidated net income
$2,595
$1,325
96%
Earnings (Loss)
$ millions
Year Ended December 31
2006
2005
Growth
(a)
PNC’s ownership interest in BlackRock was approximately 69%-70% for 2005 and through the first nine months of 2006. 
Effective September 29, 2006, PNC’s ownership interest in BlackRock dropped to approximately 34%.
(b)
These amounts have been reduced by minority interest in income of BlackRock, excluding MLIM integration costs, totaling
$65 million and $71 million for the years ended December 31, 2006 and 2005, respectively.
(c)
For this PNC business segment reporting presentation, integration costs incurred by BlackRock for the MLIM transaction
totaling $47 million for 2006 have been reclassified from BlackRock to “Other”.  These amounts are after-tax and, as
applicable, net of minority interest.
(d)
“Other”
for 2006 includes the after-tax impact of the net gain on the BlackRock/MLIM transaction, MLIM integration costs
and costs associated with the securities portfolio rebalancing and mortgage loan portfolio repositioning.
Non-GAAP to GAAP
Reconcilement
Appendix
Business Earnings Summary

11
Adjustments: *
BlackRock/MLIM transaction integration costs
$10
$2
$8
$0.03
Non-GAAP to GAAP
Reconcilement
Net interest income
$566
$5
$571
-
$571
Noninterest income
969
-
969
$10
979
Total revenue
1,535
5
1,540
10
1,550
Noninterest expense
969
-
969
-
969
Pretax, pre-provision income
566
5
571
10
581
Provision
42
-
42
-
42
Income before income taxes
524
5
529
10
539
Income taxes
148
5
153
2
155
Net income
$376
-
$376
$8
$384
EPS -
diluted
$1.27
-
$1.27
$0.03
$1.30
Reported,
GAAP
Basis
Taxable-
Equivalent
Adjustment
Taxable-
Equivalent
Basis
$ millions (except per share data)
Adjustments *
As Adjusted,
TE
Basis
Pre-Tax
Income
Taxes
After-Tax
Diluted EPS
Impact
Appendix
Income Statement –
Fourth Quarter 2006

12
Significant Item Adjustments: *
Gain on BlackRock/MLIM 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 Significant Item Adjustments
$(1,762)
$14
$(672)
$(1,104)
$(3.73)
Non-GAAP to GAAP
Reconcilement
Net interest income
$567
$7
$574
-
$(3)
$571
Noninterest income
2,943
-
2,943
$(1,834)
(277)
832
Total revenue
3,510
7
3,517
(1,834)
(280)
1,403
Noninterest expense
1,167
-
1,167
(72)
(223)
872
Pretax, pre-provision income
2,343
7
2,350
(1,762)
(57)
531
Provision
16
-
16
-
-
16
Income before minority
interest and income taxes
2,327
7
2,334
(1,762)
(57)
515
Minority interest
6
-
6
14
(20)
-
Income taxes
837
7
844
(672)
(37)
135
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
$ millions (except per share data)
Pre-Tax
Minority
Interest
Income
Taxes
After-Tax
Diluted EPS
Impact
Appendix
Income Statement –
Third Quarter 2006
Significant
Item
Adjustments *
BlackRock
Deconsolidation
& Equity Method
As Adjusted,
TE Basis
Taxable-
Equivalent
Basis

13
Non-GAAP to GAAP
Reconcilement
Net interest income
$555
$13
$568
$(5)
$563
Noninterest income
1,154
-
1,154
(317)
837
Total revenue
1,709
13
1,722
(322)
1,400
Noninterest expense
1,127
-
1,127
(257)
870
Pretax, pre-provision income
582
13
595
(65)
530
Provision
24
-
24
-
24
Income before minority interest
and income taxes
558
13
571
(65)
506
Minority interest
22
-
22
(22)
-
Income taxes
181
13
194
(43)
151
Net income
$355
-
$355
-
$355
EPS -
diluted
$1.20
-
$1.20
-
$1.20
Reported,
GAAP
Basis
Taxable-
Equivalent
Adjustment
$ millions (except per share data)
Taxable-
Equivalent
Basis
Appendix
Income Statement –
Fourth Quarter 2005
BlackRock
Deconsolidation
& Equity Method
As Adjusted
For BlackRock,
TE Basis

14
BB&T Corporation
BBT
Comerica
CMA
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