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This
presentation contains forward-looking statements regarding our outlook or expectations relating to PNC’s future business,
operations,
financial
condition,
financial
performance
and
asset
quality.
Forward-looking
statements
are
necessarily
subject
to
numerous assumptions, risks and uncertainties, which change over
time.
The
forward-looking
statements
in
this
presentation
are
qualified
by
the
factors
affecting
forward-looking
statements
identified
in
the
more
detailed
Cautionary
Statement
included
in
the
Appendix,
which
is
included
in
the
version
of
the
presentation
materials
posted on our corporate website at www.pnc.com/investorevents. We provide greater detail
regarding these factors in our 2006
Form 10-K, including in the Risk Factors and
Risk Management sections, and in our current quarter 2007 Form 10-Q and other SEC
reports (accessible on the SEC’s website at www.sec.gov and on or through our corporate
website).
Future events or circumstances may change our outlook or expectations and may
also affect the nature of the assumptions, risks
and uncertainties to which our
forward-looking statements are subject. The forward-looking statements in this presentation speak
only as of the date of this presentation. We do not assume any duty and do not undertake to
update those statements.
In this presentation, we will sometimes refer to adjusted
results to help illustrate the impact of the deconsolidation of BlackRock
near the end
of third quarter 2006 and the impact of certain types of items. Adjusted results reflect, as applicable, the following
types
of
adjustments:
(1)
2006
periods
reflect
the
impact
of
the
deconsolidation
of
BlackRock
by
adjusting
as
if
we
had
recorded
our BlackRock investment on the equity method prior to its deconsolidation; (2) adjusting the 2006
periods to exclude the impact
of the
third
quarter
2006
gain
on
the
BlackRock/MLIM
transaction
and
losses
on
the
repositioning
of
PNC’s
securities
and
mortgage
loan portfolios; (3) adjusting fourth quarter 2006 and the 2007 periods to exclude the net
mark-to-market adjustments on PNC’s
remaining BlackRock LTIP shares
obligation and, as applicable, the gain PNC recognized in first quarter 2007 in connection with the
company’s transfer of BlackRock shares to satisfy a portion of its BlackRock LTIP shares
obligation; (4) adjusting all 2007 and
2006 periods to exclude, as applicable,
integration costs related to acquisitions and to the BlackRock/MLIM transaction; and (5)
adjusting, as appropriate, for the tax impact of these adjustments. We have provided these
adjusted amounts and reconciliations
so that investors, analysts, regulators and others
will be better able to evaluate the impact of these items on our results for the
periods presented, in addition to providing a basis of comparability for the impact of the
BlackRock deconsolidation given the
magnitude
of
the
impact
of
deconsolidation
on
various
components
of
our
income
statement
and
balance
sheet.
We
believe
that
information as adjusted for the impact of the specified items may be useful due to the extent to
which these items are not
indicative of our ongoing operations as the result of our
management activities on those operations. While we have not provided
other
adjustments for the periods discussed, this is not intended to imply that there could not have been other similar types of
adjustments, but any such adjustments would not have been similar in magnitude to the amount of the
adjustments shown. In
certain discussions, we may also provide revenue
information on a taxable-equivalent basis by increasing the interest income
earned
on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. We believe this
adjustment may be useful when comparing yields and margins for all earning assets.
This presentation may also include a discussion of other non-GAAP financial measures, which, to
the extent not so qualified therein
or in the Appendix, is qualified by GAAP
reconciliation information available on our corporate website at www.pnc.com under
“About PNC –
Investor Relations.”
Cautionary Statement Regarding Forward-Looking
Information and Adjusted Information
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