PNC Financial Services (PNC)

AND IMPACT OF NATIONAL CITY ACQUISITION

PITTSBURGH, Jan. 21, 2009 – The PNC Financial Services Group, Inc. (NYSE: PNC) today announced that it expects to report a profit for full year 2008. PNC also announced it expects to report a loss for the fourth quarter due to integration costs, including an additional provision for credit losses related to National City Corporation substantially below the previously disclosed estimate. Excluding these integration costs, PNC expects to report a meaningful profit for the fourth quarter but below the company’s expectations primarily due to legacy PNC provision for credit losses of approximately $450 million to $500 million and market-related impairments. PNC acquired National City on Dec. 31, 2008.

Credit quality migration accelerated in the fourth quarter of 2008 in the rapidly weakening economy. However, credit coverage ratios as of Dec. 31, 2008 are expected to improve significantly compared to the prior quarter as a result of fair value adjustments on the acquired loan portfolio and the provision for credit losses in excess of net charge-offs.

Additionally, PNC expects to report a significantly strengthened capital position. The estimated Tier 1 risk-based capital ratio is expected to be in the range of 9.5 to 10 percent at Dec. 31, 2008. Under the regulatory definition, the combination of National City with PNC was well-capitalized at year end without giving effect to the TARP Capital Purchase Program issuance as purchase accounting fair value adjustments are well within the company’s previously disclosed expectations. PNC issued $7.6 billion of preferred stock and a warrant to the U.S. Department of the Treasury in accordance with the TARP Program on Dec. 31, 2008. During the fourth quarter of 2008, the impact of widening credit spreads on accumulated other comprehensive loss negatively impacted PNC’s tangible common equity ratio, which is expected to be in the range of 2.5 to 3 percent. PNC continues to believe it has a well diversified, high-quality securities portfolio. The tangible common equity ratio at Dec. 31, 2008, excluding the accumulated other comprehensive loss, is expected to be approximately 4 percent.

As a result of its strengthened capital and liquidity, PNC does not expect at this time to request additional capital under the TARP Capital Purchase Program or issue additional common shares. On Jan. 8, 2009, the PNC board of directors declared a quarterly common stock cash dividend of 66 cents per share consistent with the previous quarter.

Furthermore, the two-year integration of National City continues as planned and the benefits of the acquisition are expected to exceed PNC’s initial expectations.

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PNC Reports Preliminary 2008 Earnings and Impact of National City Acquisition – Page 2

PNC expects to issue financial results for the fourth quarter and full year 2008 on Tuesday, Feb. 3, 2009. PNC Chairman and Chief Executive Officer James E. Rohr and Chief Financial Officer Richard J. Johnson will hold a conference call for investors the same day at 9 a.m. (EST).

Live webcast and telephone conference options will be available.

The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation’s largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.