Participants in the AFL-CIO Building Investment Trust (BIT) overwhelmingly approved a new Declaration of Trust which, among other things, included PNC Bank, National Association's (PNC Bank), assumption of the Trusteeship of the BIT, effective September 14, 2007. "The vote reflects investors' confidence that PNC Bank will maintain the character of the BIT as a real estate fund that is grounded in the investment needs of working people," said Mike Arnold, Secretary-Treasurer of the AFL-CIO Investment Trust Corporation (ITC). PNC Bank is the third Trustee in the BIT's twenty-year history. The vote by BIT participants followed the merger on March 2, 2007, of the parent companies of PNC Bank and Mercantile-Safe Deposit and Trust Company (Mercantile), and the subsequent related merger of PNC Bank and Mercantile on September 14, 2007. Mercantile had served as the BIT's Trustee since 1992. "We're very happy to welcome PNC Bank," said Arnold, who had spent several weeks before the vote talking with BIT participants and their advisors about PNC Bank's qualifications. "PNC Bank and Mercantile shared a common banking philosophy which helped facilitate a smooth transition," explained Arnold. "The BIT and its participants will also benefit from important new capacities that PNC Bank brings to the table." Another important consideration for participants was PNC Bank's compatibility with labor principles. "As the only commercial real estate investment fund in the country to bear the name AFL-CIO, the BIT is committed to sound investments that safeguard the retirement security of America's workers and their families," says Arnold. Investment advisory services for the BIT will continue to be provided by PNC Realty Investors, Inc. (PRI), formerly named Mercantile Real Estate Advisors. PRI has the same leadership team in place and a growing staff of real estate professionals. In addition, the ITC will continue to provide marketing, investor relations and labor relations services for the BIT. PNC Bank had over $119 billion in total assets, as of September 30, 2007.