8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

February 1, 2006

Date of Report (Date of earliest event reported)

THE PNC FINANCIAL SERVICES GROUP, INC.

(Exact name of registrant as specified in its charter)

Commission File Number 001-09718

Pennsylvania	25-1435979
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

One PNC Plaza

249 Fifth Avenue

Pittsburgh, Pennsylvania 15222-2707

(Address of principal executive offices, including zip code)

(412) 762-2000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02  Results of Operations and Financial Condition.

On February 1, 2006, James E. Rohr, Chairman and Chief Executive Officer of The PNC Financial Services Group, Inc. (the “Corporation”), gave a presentation to investors at the Citigroup Financial Services Conference in New York, New York. This presentation was accompanied by a series of electronic slides that included information pertaining to the financial results and business strategies of the Corporation. A copy of these slides and related material is included in this report as Exhibit 99.1 and is furnished herewith.

Item 9.01  Financial Statements and Exhibits.

(c) Exhibits. The exhibit listed on the Exhibit Index accompanying this Form 8-K is furnished herewith.

- 2 -

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	THE PNC FINANCIAL SERVICES GROUP, INC. (Registrant)
Date: February 1, 2006	By:	/s/    SAMUEL R. PATTERSON
		Samuel R. Patterson
		Controller

- 3 -

EXHIBIT INDEX

Number	Description	Method of Filing
99.1	Slide presentation and related material for the Citigroup Financial Services Conference on February 1, 2006	Furnished herewith

- 4 -

EX-99.1

The PNC Financial Services Group, Inc.

Citigroup Financial Services Conference

New York, NY

February 1, 2006

The PNC Financial Services Group, Inc.

Citigroup Financial Services Conference

New York, NY

February 1, 2006

EXHIBIT 99.1

Cautionary Statement Regarding

Forward-Looking Information

Cautionary Statement Regarding

Forward-Looking Information

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.

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, as well as those factors previously disclosed in our 2004 annual report

on

Form

10-K,

our

third

quarter

2005

report

on

Form

10-Q,

and

other

SEC

reports

(accessible

on

the

SEC’s

website

at

www.sec.gov

and

on

or

through

our

corporate

website at www.pnc.com).

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 Investors.”

reconciliation

information

available

on

our

corporate

website

at

www.pnc.com

under

“For

Key Messages

Key Messages

Accomplished a great deal in 2005

Maintained a moderate risk profile that is key

to improving consistency

Executing strategies to improve operating

leverage

Record year –

Earned $1.3 billion

Strong client activity –

business

segment earnings* grew 18%

Strong revenue growth

Average loans and deposits

continued to grow

Improved operating leverage in

4

th

quarter

-

One PNC initiative ahead of

schedule

Managed capital effectively and

invested in PNC

Overall asset quality remained very

strong

Total business segment earnings are reconciled to

total GAAP consolidated earnings in the Appendix

2005 Highlights

2005 Highlights

Financial Highlights

Net income

$1.3 billion

EPS (diluted)

$4.55

ROCE

16.6%

Noninterest income

to total revenue 

66%

Loans to deposits*

81%

Year Ended

December 31, 2005

Loans to deposits as of December 31, 2005

*

*

Investing in Our Future Growth

Investing in Our Future Growth

Strengthened management team

Investments to grow organically

-

Expanding and refurbishing branch system

-

Enhancing technology capabilities

-

Broadening product set

Value-added acquisitions

-

Riggs –

expanding into growth market

-

State Street Research –

fueling continued fee growth

-

Harris Williams –

providing additional product and

distribution capabilities

International fund processing:

PFPC –

with offices in U.S.,

Ireland & Luxembourg

International investment management:

BlackRock –

with offices in U.S.,

Scotland, Hong Kong, Tokyo & Australia

Regional, National and International Businesses

PNC –

A Diversified Financial

Services Company

PNC –

A Diversified Financial

Services Company

IN

OH

PA

KY

NJ

DE

Business Leadership

Retail Banking

-

A leading community bank in PNC major markets

-

Top 10 SBA lender in the U.S.

-

One of the nation’s largest wealth management

firms

Corporate & Institutional Banking

-

Top 10 Treasury Management business

-

The nation’s second largest lead arranger of

asset-based loan syndications

-

Harris Williams -

one of the nation’s largest M&A

advisory firms for middle market companies

PFPC

-

Among the largest providers of mutual fund

transfer agency and accounting and

administration services in the U.S.

BlackRock

-

One of the nation’s largest publicly traded asset

managers

PNC Bank Branches

PNC Employees / Offices Outside of Retail Footprint

VA

DC

MD

Accomplished a great deal in 2005

Maintained a moderate risk profile that is key

to improving consistency

–

Credit risk

–

Interest rate risk

Executing strategies to improve operating

leverage

Key Messages

Key Messages

Diverse

-

No large industry concentration

Granular

-

Only 2% of commercial lending exposure

is non-investment grade and >$50 million

Targeted

-

Focused on clients that meet risk-

adjusted returns

Home equity portfolio statistics

-

% of first lien positions

46%

-

Weighted average loan to value 

68%

-

Weighted average FICO scores    728

Disciplined Approach Leads to

Strong Credit Risk Profile

Disciplined Approach Leads to

Strong Credit Risk Profile

Strong Asset Quality

Lending Profile (As of December 31, 2005)

PNC

December 31, 2005

Nonperforming loans to loans

0.39%

0.32%

Net charge-offs to

average loans (full year 2005)

0.06%

0.38%

Excluding $53 million loan

recovery in 2Q05

0.18%

Allowance for loan and lease

losses to loans

1.21%

1.15%

Peer

Group

Source: SNL DataSource; PNC as reported

Peer group represents average of super-regional banks

identified in the Appendix.  Peer group excludes PNC.

.

Commercial

Consumer

Our Approach to Interest Rate Risk:

Preserve and Optimize Long-Term Value

Our Approach to Interest Rate Risk:

Preserve and Optimize Long-Term Value

Neutral Duration of Equity Positions Us Well in This Environment

(3)

(2)

(1)

0

1

2

3

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Duration

of Equity

Years

3 Month LIBOR

10 Year T Note

At Quarter End

2004

2005

Accomplished a great deal in 2005

Maintained a moderate risk profile that is key

to improving consistency

Executing strategies to improve operating

leverage

–

Invest in and grow fee-based businesses

–

Grow net interest income

–

Make expense control part of our culture

Key Messages

Key Messages

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

Fee-Based Businesses

Differentiate PNC

Fee-Based Businesses

Differentiate PNC

Noninterest Income to Total Revenue

0%

10%

20%

30%

40%

50%

60%

70%

80%

BK

PNC

FITB

USB

WB

KEY

WFC

BBT

STI

NCC

Information for the quarter ended 12/31/05

PNC amounts calculated in the Appendix

Source: SNL DataSource

Banking & Other

BlackRock

PFPC

9% CAGR

9% CAGR

Strong Noninterest Income Growth

$ millions

Consolidated Noninterest Income

2002

2003

2004

2005

Reflects adjusted earnings for 2004 and 2005 as presented

in BlackRock’s publicly available filings and are reconciled

to GAAP in the Appendix

BlackRock –

A Growth Engine

BlackRock –

A Growth Engine

Assets Under Management

Earnings

$0

$50

$100

$150

$200

$250

$300

2002

2003

2004

2005

$0

$100

$200

$300

$400

$500

2002

2003

2004

2005

December 31

$273

$342

$453

$309

$270

$133

$155

$178

*

*

$143

$234

Adjusted Earnings*

GAAP Earnings

$ millions

$ billions

Improve efficiency

Expand offshore

Invest in and grow

alternative investment

products

PFPC –

Strong Growth

PFPC –

Strong Growth

Servicing Statistics

Strategies to Drive Growth

Assets serviced

($ billions)

Accounting / administration

$830

+15%

Domestic

$754

+14%

Offshore

$76

+25%

Shareholder accounts

(in millions)

Transfer agency

19

-10%

Subaccounting

43

+19%

Earnings ($ millions)

$104

+49%

% Change

vs. 2004

2005

December 31

Corporate & Institutional Banking reported noninterest income for the

years ended 12/31/04 and 12/31/05 was $573 million and $609

million,

respectively;

chart

excludes

net

gains

on

institutional

loans

held for sale of $52 million and $7 million, respectively.

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

2004

2005

Year Ended December 31

Banking –

Growing Fee Income

Banking –

Growing Fee Income

$521

$1,223

$1,275

$602

+16%

+4%

Retail Banking

Corporate

&

Institutional

Banking

*

Geographic expansion

Diversify product set

Increase product

penetration

Leverage technology

Strong Noninterest Income Growth

Strategies to Drive Growth

$ millions

*

*

0.0

0.5

1.0

1.5

2.0

2002

2003

2004

2005

Increasing and Deepening

Checking Relationships

Increasing and Deepening

Checking Relationships

…Provides Opportunities for

Deepening Relationships

Average home equity

loans      

+15%

Consumer on-line

banking users      

+19%

Consumer on-line

bill-pay users      

+81%

Growth*

* Growth is for 2005 vs. 2004

Retail Banking

Checking Customer Base

millions

December 31

Small Business

Consumer

$5

$7

$9

$11

$13

$15

$17

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

$5

$7

$9

$11

$13

$15

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

Growing a Valuable

Core Deposit Base

Growing a Valuable

Core Deposit Base

Relationship Strategy Generating Deposit Growth

$ billions

Retail Banking

Average Certificates of Deposit

Retail Banking

Average Demand Deposits

$ billions

Average Federal

Funds Rate

Average Certificates

of Deposit

2003

2004

2005

2003

2004

2005

Growing Deposits

Faster Than Our Peers

Growing Deposits

Faster Than Our Peers

Deposit Increase Compared to Peers

Total interest-bearing deposits

18%

10%

Total noninterest-bearing deposits

11%

10%

Total deposits

16%

9%

Average Balances

2005 vs. 2004

PNC

Peer

Median

Source: SNL DataSource

Peer median of super-regional banks as identified in the Appendix excluding PNC

Rising Interest Rates Increase Value of

PNC’s Noninterest-Bearing Deposits

WFC

23

%

BK

19

PNC

18

USB

16

STI

16

KEY

16

FITB

15

WB

15

NCC

14

BBT

14

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

Noninterest-Bearing Deposits

Becoming More Valuable

Noninterest-Bearing Deposits

Becoming More Valuable

PNC’s High Percentage of

Noninterest-Bearing Funding

Average Noninterest-Bearing Deposits

to Average Earning Assets

2004

2005

Impact of Noninterest-Bearing Sources

on PNC’s Net Interest Margin

4Q05

Source: SNL DataSource

Average Loans Outstanding

Improving Execution

Driving Loan Growth

Improving Execution

Driving Loan Growth

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

2004

2005

+14%

+12%

Retail Banking

Corporate & Institutional Banking

Drivers of Growth

Retail Banking

Focus on home equity loan product

Offering enhanced Business Banking

product set

Corporate & Institutional Banking

Leveraging national distribution in

Commercial Real Estate and Asset Based

Lending

Delivering superior product set to middle

market clients

$ billions

An Opportunity to Increase

Securities Yields

An Opportunity to Increase

Securities Yields

Yield on Securities Portfolio

BK

4.44

%

3.68

%

+76bp

PNC

4.49

3.85

+64bp

USB

4.85

4.38

+47bp

WB

5.30

4.87

+43bp

STI

4.47

4.06

+41bp

BBT

4.29

3.98

+31bp

KEY

4.78

4.52

+26bp

WFC

5.81

5.62

+19bp

FITB

4.41

4.21

+20bp

NCC

5.14

5.07

+07bp

Source: SNL DataSource and company filings

Change

Retained Portfolio Flexibility

As of December 31, 2005

Effective duration of          

2.6 years

Weighted-average life of 

4.0 years

11% is floating rate

16% matures or re-prices

in next twelve months

Increasing Yields on Securities Portfolio

4Q05

4Q04

$400

$450

$500

$550

$600

Net Interest Income Improving

Net Interest Income Improving

Consolidated

Net

Interest

Income

(Taxable-Equivalent

Basis)

Net

interest

income

on

a

taxable-equivalent

basis

is

reconciled

to

GAAP

net

interest

income

in

the

Appendix

$ millions

2004

2005

One PNC –

Driving Improved

Operating Leverage

One PNC –

Driving Improved

Operating Leverage

Building a More Competitive Company

Eliminate 3,000 positions

Implement 2,400 ideas

Achieve $400 million of 

total value

1,800 positions eliminated

88% of ideas are complete

or in process

Delivered $90 million in

2005.  On track to capture

$400 million of value

by 2007

Expected Outcomes

Update –

As of 12/31/05

Summary

Summary

Accomplished a great deal in 2005

Maintained a moderate risk profile that is key

to improving consistency

Executing strategies to improve operating

leverage

Appendix

Cautionary Statement Regarding

Forward-Looking Information

Cautionary Statement Regarding

Forward-Looking Information

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.

In

addition

to

factors

that

we

have

disclosed

in

our

2004

annual

report

on

Form

10-K,

our

third

quarter

2005

report

on

Form

10-Q,

and

in

other

reports

that

we

file

with

the

SEC

(accessible

on

the

SEC’s

website

at

www.sec.gov

and

on

or

through

PNC’s

corporate

website

at

www.pnc.com),

PNC’s

forward-looking

statements

are

subject

to,

among

others,

the

following

risks

and

uncertainties,

which

could

cause

actual

results

or

future

events

to

differ

materially

from

those

that

we

anticipated

in

our

forward-looking

statements

or

from

our

historical

performance:

•

changes in political, economic or industry conditions, the interest rate environment, or the financial and capital markets (including as a result of actions

of

the

Federal

Reserve

Board

affecting

interest

rates,

the

money

supply,

or

otherwise

reflecting

changes

in

monetary

policy),

which

could

affect:

(a)

credit quality and the extent of our credit losses;  (b) the extent of funding of our unfunded loan commitments and letters of credit;  (c) our allowances for

loan and lease losses and unfunded loan commitments and letters of credit;  (d) demand for our credit or fee-based products and services;  (e) our net

interest

income;

(f)

the

value

of

assets

under

management

and

assets

serviced,

of

private

equity

investments,

of

other

debt

and

equity

investments,

of

loans

held

for

sale,

or

of

other

on-balance

sheet

or

off-balance

sheet

assets;

or

(g)

the

availability

and

terms

of

funding

necessary

to

meet

our

liquidity

needs;

•

the

impact

on

us

of

legal

and

regulatory

developments,

including

the

following:

(a)

the

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 tax and pension laws;  and (e) changes in accounting policies and

principles, with the impact of any such developments possibly affecting our ability to operate our businesses or our financial condition or results of

operations

or

our

reputation,

which

in

turn

could

have

an

impact

on

such

matters

as

business

generation

and

retention,

our

ability

to

attract

and

retain

management, liquidity and funding;

•

the impact on us of changes in the nature and extent of our competition;

•

the

introduction,

withdrawal,

success

and

timing

of

our

business

initiatives

and

strategies;

Cautionary Statement Regarding

Forward-Looking Information (continued)

Cautionary Statement Regarding

Forward-Looking Information (continued)

•

customer

acceptance

of

our

products

and

services,

and

our

customers’

borrowing,

repayment,

investment

and

deposit

practices;

•

the impact on us of changes in the extent of customer or counterparty delinquencies, bankruptcies or defaults, which could affect, among other things,

credit and asset quality risk and our provision for credit losses;

•

the ability to identify and effectively manage risks inherent in

our businesses;

•

how we choose to redeploy available capital, including the extent and timing of any share repurchases and acquisitions or other investments in our

businesses;

•

the impact, extent and timing of technological changes, the adequacy of intellectual property protection, and costs associated with obtaining rights in

intellectual property claimed by others;

•

the timing and pricing of any sales of loans or other financial assets held for sale;

•

our ability to obtain desirable levels of insurance and to successfully submit claims under applicable insurance policies;

•

the relative and absolute investment performance of assets under

management;  and

•

the extent of terrorist activities and international hostilities, increases or continuations of which may adversely affect the economy and financial and

capital markets generally or us specifically.

Our future results are likely to be affected significantly by the results of the implementation of our One PNC initiative, as discussed in this presentation. 

Generally, the amounts of our anticipated cost savings and revenue enhancements are based to some extent on estimates and assumptions regarding future

business

performance

and

expenses,

and

these

estimates

and

assumptions

may

prove

to

be

inaccurate

in

some

respects.

Some

or

all

of

the

above

factors

may cause the anticipated expense savings and revenue enhancements from that initiative not to be achieved in their entirety, not to be accomplished within

the expected time frame, or to result in implementation charges beyond those currently contemplated or some other unanticipated adverse impact. 

Furthermore, the implementation of cost savings ideas may have unintended impacts on our ability to attract and retain business and customers, while revenue

enhancement ideas may not be successful in the marketplace or may result in unintended costs.   Assumed attrition required to achieve workforce reductions

may not come in the right places or at the right times to meet planned goals.

In

addition,

we

grow

our

business

from

time

to

time

by

acquiring

other

financial

services

companies.

Acquisitions

in

general

present

us

with

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.

In

particular,

acquisitions may be substantially more expensive to complete (including 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.  As a regulated financial institution, our

Cautionary Statement Regarding

Forward-Looking Information (continued)

Cautionary Statement Regarding

Forward-Looking Information (continued)

pursuit

of

attractive

acquisition

opportunities

could

be

negatively

impacted

due

to

regulatory

delays

or

other

regulatory

issues.

Regulatory

and/or

legal

issues

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.  Recent acquisitions, including our acquisition of Riggs National Corporation, continue

to

present

the

integration

and

other

post-closing

risks

and

uncertainties

described

above.

You can find additional information on the foregoing risks and uncertainties and additional factors that could affect the results anticipated in our forward-looking

statements or from our historical performance in the reports that we file with the SEC.  You can access our SEC reports on the SEC’s website at www.sec.gov

and on or through our corporate website at www.pnc.com.

Also,

risks

and

uncertainties

that

could

affect

the

results

anticipated

in

forward-looking

statements

or

from

historical

performance

relating

to

our

majority-owned

subsidiary

BlackRock,

Inc.

are

discussed

in

more

detail

in

BlackRock’s

filings

with

the

SEC,

accessible

on

the

SEC’s

website

and

on

or

through

BlackRock’s

website at www.blackrock.com.

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 actual or anticipated results.

Non-GAAP to GAAP

Reconcilement

Non-GAAP to GAAP

Reconcilement

Business segments

Retail Banking

$682

$610

24%

Corporate & Institutional Banking

480

443

28%

BlackRock

234

143

28%

PFPC

104

70

32%

Total business segments

1,500

1,266

18%

26%

Minority interest in income of BlackRock

(71)

(42)

Other

(104)

(27)

Total consolidated

$1,325

$1,197     

11%

17%

2005

2004

$ millions

For the year ended December 31

% Change

Earnings

Return on

Avg Capital *

2005

Appendix

Business Earnings and Return on Capital

* Percentages for BlackRock and PFPC reflect return on average equity

Non-GAAP to GAAP

Reconcilement

Non-GAAP to GAAP

Reconcilement

BlackRock

$369

21.6%

PFPC

215

12.6%

Banking businesses

515

30.2%

Other

52

3.0%

Total consolidated

$1,151

$1,706

67.4%

Noninterest

Income

$ millions

Consolidated

Total

Revenue

Noninterest

Income to

Consolidated

Total Revenue*

Quarter Ended 12/31/05

33.2%

Appendix

Sum of net interest income and noninterest income

*

Noninterest Income to Total Revenue*

Non-GAAP to GAAP

Reconcilement

Non-GAAP to GAAP

Reconcilement

$ millions, except earnings per share

Appendix

BlackRock Adjusted Earnings

Non-GAAP to GAAP

Reconcilement

Non-GAAP to GAAP

Reconcilement

$ millions

Net interest income, GAAP basis

$494

$481

$491

$503

Taxable-equivalent adjustment

3

4

7

6

Net interest income, taxable-equivalent basis

$497

$485

$498

$509

1Q04

3Q04

2Q04

4Q04

Appendix

Consolidated Net Interest Income

Net interest income, GAAP basis

$506

$534

$559

$555

Taxable-equivalent adjustment

6

7

7

13

Net interest income, taxable-equivalent basis

$512

$541

$566

$568

1Q05

3Q05

2Q05

4Q05

Peer Groups

Peer Groups

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

SunTrust Banks, Inc.

STI

U.S. Bancorp

USB

Wachovia Corporation

WB

Wells Fargo & Company

WFC

Appendix

Ticker

Super-Regional Banks