April 24, 2006

Capital One selects PNC for Consumer Loan Processing

PNC to Hire 230 New Employees to Support New National Contract

PITTSBURGH, April 24, 2006 - The PNC Financial Services Group, Inc. (NYSE: PNC) today announced a multi-year contract to provide Capital One Financial Corporation (NYSE: COF) with loan processing services and expects that it will result in the hiring of 230 new PNC employees.

Capital One Financial, headquartered in McLean, Va., chose PNC Consumer Services to provide processing for its installment loan origination and servicing business for consumers across the United States. PNC also was chosen to provide servicing for Capital One's point-of-sale installment loan and small business portfolios nationwide.

As a result of this national contract, PNC will significantly increase its consumer loan processing business and rank among the nation's leading third-party sources for consumer loan processing based on the number of accounts. Terms of the agreement were not disclosed.

PNC intends to hire about 180 full-time employees in 2006 and hire an estimated 50 more employees during the life of the contract to originate, process and service consumer and small business loans for Capital One. The majority of employees will be based at PNC's consumer loan center in downtown Pittsburgh.

The PNC Financial Services Group, Inc. (NYSE: PNC) is one of the nation's largest diversified financial services organizations providing consumer 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.