Exhibit 99.2

PNC MERCANTILE BANKSHARES CORPORATION The PNC Financial Services Group, Inc. Announces Agreement to Acquire Mercantile Bankshares Corporation October 9, 2006

Forward-Looking Information This presentation contains forward-looking statements regarding our outlook or expectations with respect to the planned acquisition of Mercantile, the expected costs to be incurred in connection with the acquisition, Mercantile's future performance and consequences of its integration into PNC, and the impact of the transaction on PNC's future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. The forward-looking statements in this presentation speak only as of the date of the presentation, and each of PNC and Mercantile assumes no duty, and does not undertake, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements. These forward-looking statements are subject to the principal risks and uncertainties applicable to the respective businesses of PNC and Mercantile generally that are disclosed in the 2005 Form 10-K and in current year Form 10-Qs and Form 8-Ks of PNC and Mercantile (accessible on the SEC's website at www.sec.gov and on PNC's website at www.pnc.com and on Mercantile's website at www.mercantile.com, respectively). In addition, our forward-looking statements in this presentation are subject to the following risks and uncertainties related both to the acquisition transaction itself and to the integration of the acquired business into PNC after closing: > Completion of the transaction is dependent on, among other things, receipt of regulatory and 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. > 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 or due to factors related to the acquisition of Mercantile and the process of integrating it into PNC. 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 or Mercantile's actual or anticipated results. 2 PNC

Combination of PNC and Mercantile Will Create a Mid-Atlantic Powerhouse > Mercantile is a premier franchise that fits well into PNC's footprint > PNC is accelerating its expansion into one of the nation's most affluent and attractive regions > Meaningful opportunities for value creation by leveraging PNC and Mercantile's strengths Transaction consistent with PNC's strategic objectives 3 PNC

Mercantile is a Premier Franchise in the Mid-Atlantic Region One-of-a-Kind Opportunity > Leading commercial banking and wealth Financial Highlights management businesses As of or for the > Complements PNC's footprint with 240 Six Months Ended branches primarily in Maryland June 30, 2006 ------------- > High financial performance with solid growth trends Total assets $17 billion Loans $12 billion > Strong credit profile Deposits $12 billion Net income $144 million Net interest margin 4.34% Efficiency ratio (1) 48% Tangible common equity ratio 9.85% Nonperforming loans to loans 0.24% (1) Mercantile's efficiency ratio equals noninterest income divided by sum of net interest income FTE and noninterest income 4 PNC

Combination Will Create Mid-Atlantic Powerhouse 69% of PNC Proforma Branches Located in the Mid-Atlantic Region Combined Proforma Market Share (1) ---------------------------------- Maryland Branches 198 Deposit market share 2(nd) Virginia Branches 57 Deposit market share 6(th) Delaware Branches 48 Deposit market share 2(nd) Washington, DC Branches 32 Deposit market share 4(th) (1)Deposit market share data as of 6/30/05 5 PNC

Fast Growing and Affluent Region PNC - 78 county footprint Mercantile - 38 county footprint Source: SNL DataSource 6 PNC

PNC's Proven Model to Increase and Deepen Checking Relationships PNC Retail Banking ...Provides Opportunities to Checking Customer Base Leverage Increased Ownership in Payments Business 1H06 Growth(1) ---- --------- Small Business Small Business debit card revenue ($ millions) $5.8 +27% Small Business online banking users 45% +21%(2) Consumer Consumer debit card revenue ($ millions) $48.9 +21% Consumer online banking users 51% +13%(2) Consumer online bill-pay users 17% +83%(2) (1) Growth is for 1H06 vs. 1H05 (2) Reflects growth in users 7 PNC

Success in Greater Washington, DC Market Highlights Scalability of Model Demonstrating Ease of PNC > Client retention exceeded plan Improved Monthly Same Store Sales Production for > Leveraging successful technology platform PNCs Greater Washington Market ------------------------------ > Extended hours Increase > Free ATMs June '06 vs June '05 > Established Business Banking team -------- Consumer Checking relationships +19% Average deposits +15% Average home equity loans +15% Small Business Checking relationships +29% Average deposits +22% Average loans +207% 8 PNC

A Comprehensive Integration Plan Begins Today Developing plans to: > Leverage experienced integration teams for each company > Minimize customer disruption by preserving customer-contact business units and limited branch consolidations > Roll-out intensive communication plans to customers and employees > Leverage PNC's world-class technology platform 9 PNC

Combination Will Result in Significant Revenue Growth Opportunities > Significant opportunity to leverage PNC's small business capabilities across Mercantile's banking footprint > Application of PNC Treasury Management, Capital Markets and other corporate services to Mercantile's corporate customers > Enhance Mercantile's retail consumer offerings to drive additional growth such as home equity, credit card lending and retail payment systems > Mercantile's Wealth Management business will benefit from having additional scale and product capability 10 PNC

Transaction Summary Transaction total value $6 billion (1) Implied consideration $47.24 per Mercantile share (1) Consideration $2.1 billion in cash and 52.5 million shares of PNC common stock Board composition Two additional directors from Mercantile Due diligence Completed Required approvals Mercantile shareholders and customary regulatory approvals Termination fee $225 million Anticipated closing First quarter 2007 (1) Based on PNC closing price of $73.60 on October 6, 2006 and includes cash out of options. Implied consideration of $47.24 per Mercantile share reflects a fixed exchange ratio of.4184 shares of PNC common stock and $16.45 in cash for each Mercantile share. 11 PNC

Transaction is Good for Mercantile Constituents > Shareholders - Compelling transaction > Customers - PNC does business like Mercantile; similar philosophy and focus - Increase breadth and depth of consumer and commercial product offerings - Robust technology leading to even better service > Employees - Augments individual career opportunities within a large, diverse and growing organization > Communities - Like Mercantile, PNC is very community oriented - $25 million commitment to a charitable foundation in Baltimore 12 PNC

Pricing Consistent with Recent Transactions Price / Price to Premium to Deal Value Market Price / Tangible Estimated Core ($ billions) Premium Book Value Book Value Earnings Deposits ------------ ------- ---------- ---------- -------- -------- PNC / Mercantile (1) $5.99 28% 2.62x 3.84x 19.9x 40% Thrift Bank and $1.90 25% 2.51x 3.79x 17.0x 31% Deals(2)(3) Wachovia/ SouthTrust (3) $14.37 31% 3.07x 3.73x 18.4x 39% SunTrust/ Nat'l Commerce (3) $7.43 24% 2.50x 4.51x 18.8x 48% (1) Mercantile price reflects market closing price of $36.78 on 10/6/06; estimated earnings represent Mercantile 2006 IBES consensus estimates; Mercantile book value and tangible book value are as of June 30, 2006. (2) Reflects median of bank and thrift deals announced after 1/1/04 with deal value between $1 and $10 billion, listed in Appendix. (3) Source: SNL DataSource. Ratios at date of deal announcement. 13 PNC

EPS Impact Based on Conservative Financial Assumptions EPS assumptions IBES consensus estimates for 2007 and 2008 Cost savings $108 million - 33% in 2007, 100% in 2008 Equals 25% of Mercantile's 2006 annualized expense base PNC synergies and cost savings $27 million One-time costs $141 million after-tax Financing costs Financing costs on cash consideration and one-time costs at 5.75% pre-tax cost of funds Targeted capital ratios Tangible equity to tangible asset 5.5% Estimated EPS Impact ------------------- 2007 2008 ---- ---- PNC and Mercantile proforma combined (1) $5.61 $6.42 PNC consensus $5.68 $6.39 PNC GAAP accretion/(dilution) ($0.07) $0.03 PNC cash accretion/(dilution) $0.01 $0.11 (1) Excludes estimated one-time costs of $44 million after-tax and is reconciled to GAAP in the Appendix 14 PNC

Transaction Should Provide Solid Returns to PNC Shareholders Returns Well in Excess of Share Repurchases and Cost of Equity $ millions Closing 2007 2008 2009 2010 2011 ---------- ------- ---- ---- ---- ---- ---- Aggregate offer value ($5,992) After-tax one-time cash costs ($141) Cash flow from income 283 $364 $394 $427 $463 Expense savings 28 85 85 85 85 Excess Mercantile capital (1) 777 Capital for asset expansion (1) (68) (70) (75) (80) (85) Terminal value (14x) 8,164 -------- ---- ---- ---- ---- ------ Incremental cash flow ($5,215) $102 $379 $404 $432 $8,627 ---------------------------------------------- Estimated IRR 14.8% ---------------------------------------------- After-tax one-time cash costs, cash flow from income, expense savings, excess Mercantile capital and capital for asset expansion are based on PNC management estimates after completing due diligence and includes estimated purchase accounting adjustments. (1) Excess Mercantile capital over assumed 5.5% tangible common ratio 15 PNC

Summary > Creating powerhouse banking franchise in one of the nation's most attractive regions > Meets PNC's acquisition objectives > Meaningful opportunities for value creation by leveraging PNC and Mercantile's strengths 16 PNC

Additional Information About This Transaction The PNC Financial Services Group, Inc. and Mercantile Bankshares Corporation will be filing 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 TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE 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 Mercantile Bankshares will be available free of charge from Mercantile Bankshares Corporation, 2 Hopkins Plaza, P.O. Box 1477, Baltimore, MD 21203, Attention: Investor Relations. The directors, executive officers, and certain other members of management and employees of Mercantile Bankshares are participants in the solicitation of proxies in favor of the merger from the shareholders of Mercantile Bankshares. Information about the directors, and executive officers of Mercantile Bankshares is set forth in the proxy statement for its 2006 annual meeting of stockholders, which was filed with the SEC on March 29, 2006. Additional information regarding the interests of such participants will be included in the proxy statement/prospectus and the other relevant documents filed with the SEC when they become available. 17 PNC

Appendix PNC

Combined Balance Sheet Appendix -------- As of June 30, 2006 $ billions PNC Mercantile Combined ----- ---------- -------- Loans $49.9 $11.9 $61.8 Securities 21.7 3.1 24.8 Total assets 94.9 17.0 111.9 Noninterest bearing deposits 14.4 3.4 17.8 Total deposits 63.5 12.4 75.9 Loans to deposits 80% 98% 82% Excludes purchase accounting adjustments 19 PNC

Combined Income Statement Appendix -------- For the Six Months Ended June 30, 2006 $ millions PNC Mercantile Combined --- ---------- -------- Revenue Net interest income - FTE $1,125 $323 $1,448 Noninterest income 2,415 125 2,540 ----- --- ----- Total revenue $3,540 $448 $3,988 Provision for credit losses $66 $0 $66 Net income $735 $144 $879 Net interest margin 2.93% 4.34% 3.16% Excludes purchase accounting adjustments 20 PNC

One-Time Expenses Appendix -------- Estimated One-Time Costs to be Expensed During 2007 $ millions Customer communications $13 Signage 12 Technology / contract termination / buyouts 11 Training 9 Personnel / retention 8 State taxes 7 Travel / other 12 --- Total pretax charges $71 === After-tax expense $44 === Total one-time costs of $141 million after tax comprised of $44 million expensed during 2007 and $97 million accrued through purchase accounting 21 PNC

Bank and Thrift Acquisitions Appendix -------- Bank and Thrift Deals Announced After 1/1/04 with Deal Value Between $1 Billion and $10 Billion Buyer Seller ----- ------ National City Fidelity BankShares Inc. National City Harbor Florida Bankshares Inc. Citizens Banking Corp. Republic Bancorp Inc. Banco Bilboa Vizcaya Argent SA Texas Regional Bancshares Inc. Sovereign Bancorp Inc. Independence Community Bank Wachovia Corp. Westcorp TD Banknorth Hudson United Bancorp Zions Bancorp Amegy Bancorp Inc. BNP Paribus Group Commercial Federal Corp. Capital One Financial Hibernia Corp. TD Banknorth Financial Banknorth Group Inc. Fifth Third Bancorp First National Bankshares of FL SunTrust Banks Inc. National Commerce Financial Corp. BNP Paribus Group Community First Bankshares National City Corp. Provident Financial Group Inc. North Fork Bancorp GreenPoint Financial Corp. Sovereign Bancorp Inc. Seacoast Financial Services 22 PNC

Non-GAAP to GAAP Reconcilement PNC and Mercantile Proforma Combined EPS $ millions 2007 2008 ---- ---- -------------------------------------------------------------------------------- PNC projected net income (1) $1,637 $1,793 -------------------------------------------------------------------------------- Mercantile projected net income (1) 279 360 ------ ------ Proforma combined net income 1,916 2,153 Adjustments (after-tax) Synergies 28 85 Purchase accounting adjustments 14 7 Other (95) (119) ------ ------ Net adjustments (53) (27) ------ ------ -------------------------------------------------------------------------------- Adjusted proforma combined net income $1,863 $2,126 -------------------------------------------------------------------------------- One-time expenses 44 ------ Adjusted proforma net income w/ one-time expenses $1,819 PNC shares outstanding (millions) 288.2 280.6 Proforma shares outstanding (millions) 331.9 330.9 -------------------------------------------------------------------------------- PNC projected EPS $5.68 $6.39 Proforma combined EPS (excluding one-time expenses) 5.61 6.42 ------ ------ Accretion/(dilution) ($0.07) $0.03 -------------------------------------------------------------------------------- (1) Based on EBIS consensus estimates 23 PNC