Filed by The PNC Financial Services Group, Inc.

Pursuant to Rule 425 under the Securities Act of 1933 and

deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934

Subject Company: National City Corporation

Commission File No. 001-10074

On October 24, 2008, The PNC Financial Services Group, Inc. held a conference call of investors regarding the National City Corporation acquisition. The following is the transcript of the presentation. The electronic slides referred to in the following transcript were previously filed on October 24, 2008 by PNC pursuant to Rule 425 under the Securities Act of 1933, and the transcript should be read in conjunction with those materials.

All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer period. If you would like to ask a question during this time, you can press star then the number one on your telephone keypad. If you would like to withdraw your question, press pound on your telephone keypad. As a reminder, this call is being recorded.

I would now like to turn the call over to the Director of Investor Relations, Mr. Bill Callihan.

Sir, please go ahead.

As a reminder, the following statements contain forward-looking information. Actual results and future events could differ, possibly materially, from those we anticipated in our statements and from our historical performance due to a variety of factors, including those described in today’s conference call, in today’s press release and related materials and in our 10-K, 10-Qs and various other SEC reports available on our corporate web site, as well as National City’s SEC filings. These statements speak only as of October 24, 2008, and PNC undertakes no obligation to update them.

We also provide details of reconciliations to GAAP of non-GAAP financial measures we may discuss in today’s conference call, in today’s press release and our financial supplement, and in our presentation slides and appendix for this call and in various SEC reports and other documents. Further information is available on our corporate web site, pnc.com in the “Investor Relations” section in the “About PNC” section.

And now, I’d like to turn the call over to Jim Rohr.

Good morning, and thank you for joining us today. This morning, we announced a very compelling transaction. By acquiring National City, PNC will be building a deposit franchise that will be the fifth largest in the United States. In the current environment, we see deposits as an important factor in determining long-term strength.

Additionally, we are very pleased with the financial structure of this transaction. With the approval of the U.S. Treasury Department, which we received last night, we will be issuing $7.7 billion in preferred stock under the TARP Capital Purchase Program, a total of 3 percent of the combined companies’ risk-weighted assets. This allows PNC to further strengthen our capital position, increasing our Tier 1 capital ratio on a pro forma basis from 8.2 percent to 10 percent for the combined Company.

We have completed our due diligence, which involved a significant effort on a loan level, running loss cases on substantially all of the loan book. We expect to close this transaction by year end, subject to customary conditions, including shareholder and regulatory approvals. As we have with past acquisitions, we see this as an opportunity to apply our business model that has been so successful for us — executing our strategies for managing risk, creating cost efficiencies and growing high-quality revenue streams.

Under the terms of the transaction, National City shareholders will be receiving 0.0392 shares of PNC common stock for each share of National City, or $2.23 a share, based on yesterday’s closing price, and $384 million in

Moving on to slide four, in this market environment, and any market environment from that point of view, balance sheet strength is vital, and a key element of that is a large, stable deposit base. With this transaction, we will create one of the largest deposit franchises in the industry. This combination will also give us an expanded distribution platform, providing us with opportunities to attract and retain customers in new markets and deepen those relations through our products and services and to leverage our award-winning technology platform and products.

Turning to distribution, slide five shows a map of the combined retail market. This will be a retail franchise that reaches from the Midwest to the Mid-Atlantic, encompassing some very attractive markets. This merger will enhance our already strong market presence in Pittsburgh, Cincinnati and Louisville. We look forward to growing in Columbus, Indianapolis, St. Louis and Chicago — all dynamic metropolitan areas with increasing populations. And even for a mature market like Detroit, we have strong capabilities and experience to grow in these markets very profitably. And of course, we’re very pleased to be able to have an excellent presence in Cleveland, where National City has carved out an enviable position.

On a statewide basis, the combination of PNC and National City will create the number one market share position, based on deposits, in Pennsylvania, Ohio and Kentucky; the number two share in Maryland and Indiana; and number three in Washington D.C. Overall, these are strong markets that will complement and expand our existing retail market and position us well for the future.

Once the transaction is closed, we will begin implementing our highly successful business model, with specific action plans for National City, and the planning for this has begun already.

In the year 2000, PNC committed to a strategy of having a moderate risk profile. We reduced our credit risk, reinforced risk standards and focused on expense management. I believe that this experience will serve us well as we accelerate the liquidation of certain non-customer related National City loan portfolios. In addition, we have the ability to deploy our staff, including employees at Midland, to help the National City employees work through these assets at earlier stages during the integration.

As you know, PNC has demonstrated the ability to grow diverse, high-quality revenue streams. As we looked at National City’s current sales efforts, we recognize that they are in a similar position to one we faced a few years ago. They are in the process of leveraging their products across business lines to better serve their customers, and we believe our experience in making such a transition several years ago will enhance their sales culture.

Turning to capital management, PNC has had an excellent tradition of capital management and strong expense management. We will manage the combined organization as we manage ourselves now, with a focus on the appropriate risk-adjusted returns at the transaction level.

Turning to cost reductions, we have a strong track record of identifying cost savings with acquisitions and successfully meeting those targets. This transaction is expected to result in the reduction of approximately $1.2 billion of expense. We believe, frankly, this is a conservative effort, and we’re confident in our ability to partner with National City to meet that goal. In past integrations, such as Riggs and Mercantile, we were able to implement our business model, reduce expenses and successfully grow in new markets. Through our highly visible One PNC initiative, we returned $400 million of this value to you, the shareholder, while improving customer and employee satisfaction. This focus on expense reduction and continuous improvement has become part of PNC’s culture, and I’m certain it will fit quite comfortably with National City.

Overall, we believe we have a strong track record of implementing our business model and generating sound results for all of our key stakeholders.

Moving to slide seven, clearly, asset quality is a central focus, and it was as we reviewed National City’s balance sheet. We believe the marks we will take in this portfolio reflect our approach to asset quality. Our overall estimate of approximately a 17.5 percent mark on the loan portfolio is greater than some of the recent transactions with similar assets. However, we feel it brings us to a fair value adjustment and future provisions reflecting a worsening economy.

On slide seven, we’ve highlighted some of the more challenging aspects of the loan portfolio and the aggressive marks we are planning to take. Through a combination of those aggressive marks and accelerating their efforts to exit non-core loans, we believe this will quickly result in a moderate risk profile. Through these efforts, we believe we can get National City’s balance sheet to look more like PNC’s core funded balance sheet over time, and we believe that the remaining credit book will provide good long-term returns.

Let me talk a little bit about integration. On slide eight, you can see a reflection of what’s taken place recently. We’ve acquired three banks in the last 18 months, Mercantile, Yardville and Sterling, and we believe that we’ve had a very effective integration process. It’s been over a year since we integrated Mercantile, and let me take a moment to talk about how we transition an acquisition to our business model. Our initial focus is on reducing expenses. We look to get the costs out, and we have a strong track record in achieving our cost targets, as you know. But during that process, we continually review the balance sheet in preparation for managing it to our standards.

Let’s look at Maryland, for example. That process, so far, resulted in a 9 percent decline in average loans as we implemented our moderate risk profile standards and began reducing higher-risk commercial and commercial real estate development loan positions. We also had nearly a 30 percent drop in average deposits as we chose to run off higher-cost interest rate CDs, which we don’t necessarily consider as a relationship-based product. But instead, our focus has been growing customers, growing core checking relationships that increased 4 percent during this time.

It’s not unusual to see a decrease in core customer relationships following an acquisition, so we’re pleased with the increases we are seeing in this market, and you know that other markets like Washington D.C., as time passes, we do even better. We believe that we can apply those same proven practices as we acquire and integrate National City.

Turning to capital, we are pleased that the U.S. Treasury Department selected us to participate in the Capital Purchase Program, subject to standard closing requirements. This created a very financially compelling transaction. Under the TARP program, we will be able to issue to Treasury $7.7 billion of preferred stock and related warrants at very attractive terms. Treasury’s approval late last night of our participation will enable us to further strengthen our Tier 1 capital ratio from its level at the end of the third quarter.

It’s not lost on us that the current market environment has put pressure on our tangible common equity ratio of 3.5 percent; however, when you look at our ratios, this transaction actually either doesn’t change our common equity ratio or actually enhances our Tier 1 ratio. So we are not necessarily looking at doing any common raise as a result of this transaction. But when we look at the current conditions and the current environment, we may consider a common issuance of perhaps as much as $1 billion dollars sometime in the foreseeable future, but only after consultation with our key shareholders and in further consideration of the marketplace.

We believe the positive cash flow from the combined Company should allow us to retire the TARP preferred over a five-year period of time, and the terms of the agreement create very attractive growth opportunities for PNC.

In summary, this is a very attractive transaction for PNC. The combined Bank will be the fifth largest in the United States in terms of deposits, number four in branches, and providing PNC with an expanded retail footprint and enhanced opportunities for growing our high-quality revenue stream. In terms of deposit growth and financial terms, it’s quite a compelling transaction, and as I’ve shared with you before, we believe in our business model, with its focus on maintaining a moderate risk profile and growing revenue faster than expenses, and that has served us well. And we have a proven expertise in exporting this model and effectively executing our business strategies in our banking acquisitions.

I personally, as well as our team, look forward to working closely with Peter Raskind and his team, and all of the good people at National City. I believe that we will continue to enhance capital strength and shareholder value, and together, we will continue to build a great company.

With that, we’d be pleased to take any of your questions.

Your first question comes from Brian Foran with Goldman Sachs.

The other thing about that is, if we can do that, then we have a better opportunity around cost, because it takes a lot of resources to maintain these books over the life, and the sooner we exit those portfolios, the better we can take the cost out supporting them.

As far as the actual dilution in the first year without that, it’s roughly 15 percent dilutive in the first year.

Secondly, let me have Bill Demchak talk a little bit more about the marks.

Finally, with respect to the IRR, the IRR we would also like it to be higher if we didn’t take these marks. By de-risking the balance sheet through the marks, in effect, the IRR is more appropriate because we’re taking the risk out up front.

The risk-adjusted returns on loans today are much higher, and so actually it’s more advantageous, if you manage your credit risk appropriately, to be in the lending business, so we kind of like lending money today more than we did seven or eight years ago or five years ago, if you will. That having been said, if you look at National City, National City’s fee component as a bank is in the mid 30s, and ours, as a bank in a normal time is around 50. Now taking out Global Investment Services and BlackRock, our bank actually in normal times, average over the last four, five years would be around 50 percent. And we’ve shown in different presentations that we’ve made how we’ve been able to transition different banks by different product sets and building those products and selling things differently, into Washington D.C., for example, which I think we’ve focused on. We’re now seeing in Mercantile, we’re even seeing some in Yardville, if you can imagine.

But to be able to migrate the fee component closer to that 50 percent by building in different Treasury Management capabilities, the Healthcare Advantage, some of the Virtual Wallet stuff that’s taken off so well for us, and I think those things will — as well as private banking. I think those things have worked very well for us, and I think we’ll be able to build a complementary product set — our technology with National City and their customer base, and we’re really optimistic about it, though we don’t build it into the IRR much because you don’t get a credit for it. We know how that works. But we do focus, and we will focus on making sure that we build the fee component of their revenue stream towards ours.

ADDITIONAL INFORMATION ABOUT THE PNC/NATIONAL CITY CORPORATION TRANSACTION

The PNC Financial Services Group, Inc. and National City Corporation will be filing a joint 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 JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE JOINT PROXY STATEMENT/PROSPECTUS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

Investors will be able to obtain these documents free of charge at the SEC’s Web site (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 National City Corporation will be available free of charge from National City by contacting Investor Relations at (800) 622-4204.

The directors, executive officers, and certain other members of management and employees of National City are participants in the solicitation of proxies in favor of the merger from the shareholders of National City. Information about the directors and executive officers of National City is included in the proxy statement for its 2008 annual meeting of shareholders, which was filed with the SEC on March 7, 2008. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the proxy statement for National City’s September 15, 2008 special meeting of shareholders, which was filed with the SEC on August 4, 2008. Additional information regarding the interests of such participants will be included in the joint proxy statement/prospectus and the other relevant documents filed with the SEC when they become available.

The directors, executive officers, and certain other members of management and employees of PNC are participants in the solicitation of proxies in favor of the merger from the shareholders of PNC. Information about the directors and executive officers of PNC is included in the proxy statement for its 2008 annual meeting of shareholders, which was filed with the SEC on March 28, 2008. Additional information regarding the interests of such participants will be included in the joint proxy statement/prospectus and the other relevant documents filed with the SEC when they become available.