This excerpt taken from the PNC 10-Q filed May 11, 2009.
BLACKROCK LTIP AND EXCHANGE AGREEMENTS
PNCs noninterest income for the first quarter of 2009 included a $103 million pretax gain primarily related to our BlackRock LTIP shares obligation. PNCs noninterest income for the first quarter of 2008 included a pretax gain of $40 million related to our BlackRock LTIP shares adjustment.
As further described in our Current Report on Form 8-K filed December 30, 2008, PNC entered into an Exchange Agreement with BlackRock on December 26, 2008. The transactions that resulted from this agreement restructured PNCs ownership of BlackRock equity without altering, to any meaningful extent, PNCs economic interest in BlackRock. PNC continues to be subject to the limitations on its voting rights in its existing agreements with BlackRock. Also on December 26, 2008, BlackRock entered into an Exchange Agreement with Merrill Lynch in anticipation of the consummation of the merger of Bank of America Corporation and Merrill Lynch that occurred on January 1, 2009. The PNC and Merrill Lynch Exchange Agreements restructured PNCs and Merrill Lynchs respective ownership of BlackRock common and preferred equity.