JAMES MONROE BANCORP, INC. INSTRUCTIONS AND FORMS FOR CASH ELECTIONMerger Agreement • May 3rd, 2006 • Mercantile Bankshares Corp • State commercial banks
Pursuant to the Agreement and Plan of Merger, dated as of March 27, 2006 (the "Merger Agreement"), between James Monroe Bancorp, Inc. ("James Monroe") and Mercantile Bankshares Corporation ("Bankshares"), 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 James Monroe common stock converted into the right to receive cash rather than shares of Bankshares common stock upon consummation of the merger of James Monroe and Bankshares. 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.
