COMMUNITY BANK OF NORTHERN VIRGINIA INSTRUCTIONS AND FORMS FOR CASH ELECTIONMercantile Bankshares Corp • March 30th, 2005 • State commercial banks
Company FiledMarch 30th, 2005 IndustryPursuant to the Agreement and Plan of Merger, dated as of January 24, 2005 (the "Merger Agreement"), among Community Bank of Northern Virginia ("Community Bank"), Mercantile Bankshares Corporation ("Bankshares") and Mercantile-Safe Deposit and Trust Company, a wholly-owned subsidiary of Bankshares ("MSD&T"), you are entitled to elect, on the terms and subject to the conditions provided for in the Merger Agreement, to have some or all of your shares of Community Bank common stock converted into the right to receive cash rather than shares of Bankshares common stock upon consummation of the merger of Community Bank and MSD&T. All elections are subject to the proration procedures described in the Merger Agreement and the accompanying proxy statement/prospectus. You should carefully read the proxy statement/prospectus and the Merger Agreement previously provided to you for a complete explanation of the proration and other terms of the cash election.