talk is 5.125% area. ANNOUNCED: PNC Perp nc10 Fix/Float Preferred ISSUER: The PNC Financial Services Group, Inc. ("PNC") SECURITY RATINGS: Baa2/BBB-/BBB- (stable by all) SIZE: $500MM SECURITIES: Depositary shares, each representing a 1/100th ownership interest in a share of Perpetual Fixed-to-Float

5% '43 Baa3/BBB-/BBB Long 240,223 212-761-1580 The Walt Disney Co DIS 3% '46 A2/ANA Short 90 QVC Inc. QVCN 5.125 % '22, QVCN 5.45% '34 Ba2/BBB-/BBB- Short 228,325 AT&T Inc. T 5.45% '47, T 4.25% '27 Baal/BBB+/A- Short 228,167 Verizon Communications VZ 5.5% VZ 4.125% '27 Baal/BBB+/A- Short