The PNC Financial Services Group, Inc. 8K Fourth Quarter and Full Year 2009 | PNC 21 Jan 10

The PNC Financial Services Group, Inc.

Fourth Quarter and Full Year 2009 Earnings

January 21, 2010

Exhibit 99.2

Cautionary Statement Regarding Forward-Looking

Information and Adjusted Information

This presentation includes “snapshot” information about PNC used by way of illustration. It is not intended as a full business or financial

review and should be viewed in the context of all of the information made available by PNC in its SEC filings. The presentation also contains

forward-looking statements regarding our outlook or expectations relating to PNC’s future business, operations, financial condition, financial

performance, capital and liquidity levels, 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 some of these factors in our 2008 Form 10-K and

2009 Form 10-Qs, including in the Risk Factors and Risk Management sections of those reports, and in our other SEC filings (accessible on

the SEC’s website at www.sec.gov and on or through our corporate website at www.pnc.com/secfilings). We have included web addresses

here and elsewhere in this presentation as inactive textual references only. Information on these websites is not part of this document.

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 certain types of items, including our fourth

quarter 2009 gain related to BlackRock’s acquisition of Barclays Global Investors (“BGI”), our fourth quarter 2008 conforming provision for

credit losses for National City, and other integration costs in the 2009 and 2008 periods. This information supplements our results as

reported in accordance with GAAP and should not be viewed in isolation from, or a substitute for, our GAAP results. We believe that this

additional information and the reconciliations we provide may be useful to investors, analysts, regulators and others as they evaluate the

impact of these respective items on our results for the periods presented due to the extent to which the items are not indicative of our

ongoing operations.

In certain discussions, we may also provide information on yields and margins for all interest-earning assets calculated using net interest

income 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 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.”

2009 Strategic Highlights

Grew our businesses and

delivered strong results

Significant progress in

rebalancing risk profile

Acquisition benefits

exceeding expectations

Regulatory changes to date

have been manageable

Extraordinary challenges

Severe recessionary

economic conditions

Significant franchise

expansion

Uncertain regulatory

environment

Exceptional performance

PNC’s Business Model Is Designed to Deliver Strong Results.

2009 Financial Highlights

Execution of the PNC business model delivered exceptional results

Balance sheet is well-positioned with an improved risk profile, more

liquidity and more capital

Strong revenue performance of $17 billion from diversified sources

Disciplined

expense

management

increased

integration

cost

savings

goal

to $1.5 billion annualized

Pretax

pre-provision

earnings

exceeded

credit

costs

$3.3

billion

Substantial loan loss reserves and marks on impaired loans

$4.36

$2,403

$16,988

YTD09

$3,871

$3,987

$4,048

$5,082

Revenue

$2.17

$1,107

4Q09

$1.03

$530

1Q09

$1.00

$559

3Q09

$207

Net income

$.14

2Q09

Earnings per diluted common share

In millions, except per share

(1) Total revenue less noninterest expense. Revenue includes a $1.1 billion gain related to BlackRock’s acquisition of BGI on

December 1, 2009. Further information is provided in the Appendix.

PNC’s Framework for Success

Execute on and deliver the PNC

business model

Capitalize on integration

opportunities

Emphasize continuous

improvement culture

Leverage credit that meets our

risk/return criteria

Focus on cross selling PNC’s deep

product offerings

Focus “front door”

on risk-adjusted

returns

Leverage “back door”

credit

liquidation capabilities

Maximize credit portfolio value

Reposition deposit gathering

strategies

Action Plans

0.62%

>$1.2 billion

43%

2.4%

84%

December 31,

2009

1.30%+

$1.5 billion

>50%

0.3%-0.5%

80%-90%

Target

Return on average

assets

(year ended)

Key Metrics

Loan to deposit

ratio

(as of)

Provision to

average loans

(year ended)

Noninterest

income/total

revenue

(year ended)

Integration cost

savings

(4Q09, annualized)

Executing our

strategies

PNC Business

Model

Staying core

funded

Returning to a

moderate risk

profile

Growing high

quality, diverse

revenue

streams

Creating

positive

operating

leverage

(1) Excludes the impact of the $1.08 billion pretax, $687 million after-tax, gain related to the BLK/BGI transaction. Including the

gain, noninterest income to total revenue percentage for the year was 47% and the return on average assets for the year was

.87%. Further information is provided in the Appendix.

A Higher Quality, Differentiated Balance Sheet

$271

$42

$184

$122

$271

161

$54

Sept. 30,

2009

$291

$52

$193

$111

$291

175

$43

Dec. 31,

2008

($21)

$270

Total liabilities and equity

($13)

$39

Borrowed funds

(12)

Other time/savings

($6)

$187

Total deposits

(7)

Other

(9)

Retail CDs

$15

$126

Transaction deposits

Shareholders’

equity

(16)

Other assets

(18)

157

Total loans

($21)

$270

Total assets

$56

Dec. 31,

2009

$13

YoY

change

Investment securities

Category (billions)

PNC Made Substantial Progress in Transitioning the Balance

Sheet to Reflect Our Business Model.

Loans/Assets

58%

Investment

securities/Assets

21%

Loans/Deposits

84%

Dec. 31, 2009

Key Ratios

Pretax

Pre-Provision

Earnings

Substantially

Exceed Credit Costs

PNC Is Recognized for the Ability to Create Positive Operating

Leverage to Help Offset Credit Costs.

$17.0

$9.7

$7.3

$3.9

Full year 2009

Revenue

Expense

Pretax pre-provision earnings

Provision

4Q09 vs. 3Q09 highlights

Strong 4Q09 revenue performance of $5.1 billion

6% increase in net interest income, net interest

margin up 29 basis points

$1.1 billion gain related to BLK/BGI

Lower residential mortgage revenue

Other client-based fee income relatively stable

Continued disciplined expense management

Expenses flat from 3Q09 despite $66 million

increase in integration costs

Increased quarterly acquisition cost savings by

$100 million to $300 million

Provision of $1.05 billion increased loan loss reserve

coverage

(1) Total revenue less noninterest expense. Revenue includes a $1.1 billion gain related to BlackRock’s acquisition of BGI on

December 1, 2009. Further information is provided in the Appendix.

Credit Quality Trends

78%

40%

23%

11%

Change from prior quarter

6.2%

$10.0

4.9

$5.1

2.09%

$835

$5,671

1,595

$4,076

$884

$2,388

4Q09

$4.3

$4.6

$4.8

Allowance for loan and

lease losses

Allowance and

marks on impaired

loans

(billions, except %)

8.3

7.5

6.6

Marks on impaired loans

$12.6

$12.1

$11.4

Total allowance and marks

on impaired loans

7.0%

6.8%

Total allowance and marks

on impaired loans/

outstanding loan balances

Net charge-offs

(millions, except %)

Nonperforming loans

(millions, except %)

Accruing loans past

due

(millions)

$2,136

$2,195

$2,380

30 –

89 days

$501

$1,043

$875

90 days or more

1.01%

1.89%

1.59%

NCOs/average loans

$431

$795

$650

Total net charge-offs

$2,960

$4,156

$5,126

Total nonperforming loans

930

$3,226

2Q09

413

1,260

Consumer lending

$2,547

$3,866

Commercial lending

1Q09

3Q09

(1) Excludes the impact of the $1.08 billion pretax, $687 million after-tax, gain related to the BLK/BGI transaction. Including the

gain, noninterest income to total revenue percentage for the year was 47% and the return on average assets for the year was

.87%. Further information is provided in the Appendix.

Strengthening Capital Ratios Throughout 2009

10.0%

1Q09

2Q09

4.9%

5.3%

1Q09

2Q09

Tier 1 common ratio

Tier 1 risk-based ratio

5.5%

10.5%

10.9%

3Q09

Ratios and common equity as of quarter end. (1) Estimated. (2) Marks on impaired loans refer to fair value marks related to loans

acquired from National City that were impaired per FASB ASC 310-30 (AICPA SOP 03-3). Marks as of December 31, 2009 were

approximately $4.9 billion.

PNC capital ratios

already reflect impact

of marks on impaired

loans

–

December 31, 2008,

marks were

approximately $9.2

billion

Increased common

equity by $4.5 billion

from 4Q08 to 4Q09

Highlights

PNC Is Focused on Disciplined Uses of Capital During Uncertain

Times.

4.8%

9.7%

4Q08

6.0%

4Q09

11.5%

4Q09

Summary and Expectations

Growth in relationship-based deposits offset by

additional higher cost time deposit run-off

Continued weak loan demand and low

utilization rates driven by economic conditions

Net interest income and net interest margin

consistent with 3Q09 annualized

Relatively stable noninterest income apart

from the BLK/BGI gain and MSR hedging gains

Reduced expenses driven by integration cost

saves

Credit cost improvement as the economy

recovers

2009 performance

PNC’s execution of its

business model delivered

strong results in 2009

PNC’s achievements

during 2009 leave us

well positioned to take

advantage of the

economic recovery

2010 expectations

PNC Continues to Build a Great Company.

Cautionary Statement Regarding Forward-Looking

Information

Appendix

This presentation includes “snapshot” information about PNC used by way of illustration and is not intended as a full business or financial review.

It should not be viewed in isolation but rather in the context of all of the information made available by PNC in its SEC filings.

We also make statements in this presentation, and we may from time to time make other statements, regarding our outlook or expectations for

earnings, revenues, expenses, capital levels, liquidity levels, asset quality and/or other matters regarding or affecting PNC that are forward-

looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by

words such as “believe,” “plan,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “will,” “project” and other similar words and

expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time.

Forward-looking statements speak only as of the date they are made. We do not assume any duty and do not undertake to update our forward-

looking statements. Actual results or future events could differ, possibly materially, from those that we anticipated in our forward-looking

statements, and future results could differ materially from our historical performance.

Our forward-looking statements are subject to the following principal risks and uncertainties. We provide greater detail regarding some of these

factors in our 2008 Form 10-K and 2009 Form 10-Qs, including in the Risk Factors and Risk Management sections of those reports, and in our

other SEC filings. Our forward-looking statements may also be subject to other risks and uncertainties, including those that we may discuss

elsewhere in this presentation or in our filings with the SEC, accessible on the SEC’s website at www.sec.gov and on or through our corporate

website at www.pnc.com/secfilings. We have included these web addresses as inactive textual references only. Information on these websites is

not part of this document.

•Our businesses and financial results are affected by business and economic conditions, both generally and specifically in the principal markets in

which we operate. In particular, our businesses and financial results may be impacted by:

Changes in interest rates and valuations in the debt, equity and other financial markets.

Disruptions in the liquidity and other functioning of financial markets, including such disruptions in the markets for real estate and other

assets commonly securing financial products.

Actions by the Federal Reserve and other government agencies, including those that impact money supply and market interest rates.

Changes in our customers’, suppliers’ and other counterparties’ performance in general and their creditworthiness in particular.

Changes in levels of unemployment.

Changes in customer preferences and behavior, whether as a result of changing business and economic conditions or other factors.

•A continuation of recent turbulence in significant portions of the US and global financial markets, particularly if it worsens, could impact our

performance, both directly by affecting our revenues and the value of our assets and liabilities and indirectly by affecting our counterparties and

the economy generally.

•Our business and financial performance could be impacted as the financial industry restructures in the current environment, both by changes in

the creditworthiness and performance of our counterparties and by changes in the competitive and regulatory landscape.

•Given current economic and financial market conditions, our forward-looking financial statements are subject to the risk that these conditions will

be substantially different than we are currently expecting. These statements are based on our current expectations that interest rates will remain

low in the first half of 2010 but will move upward in the second half of the year and our view that the modest economic recovery that began last

year will extend through 2010.

Cautionary Statement Regarding Forward-Looking

Information (continued)

Appendix

•Legal and regulatory developments could have an impact on our ability to operate our businesses or our financial condition or results of

operations or our competitive position or reputation. Reputational impacts, in turn, could affect matters such as business generation and

retention, our ability to attract and retain management, liquidity, and funding. These legal and regulatory developments could include:

Changes resulting from legislative and regulatory responses to the current economic and financial industry environment, including

current and future conditions or restrictions imposed as a result of our participation in the TARP Capital Purchase Program.

Other legislative and regulatory reforms, including broad-based restructuring of financial industry regulation as well as changes to laws

and regulations involving tax, pension, bankruptcy, consumer protection, and other aspects of the financial institution industry.

Increased litigation risk from recent regulatory and other governmental developments.

Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental inquiries.

The results of the regulatory examination and supervision process, including our failure to satisfy the requirements of agreements with

governmental agencies.

Changes in accounting policies and principles.

•Our issuance of securities to the US Department of the Treasury may limit our ability to return capital to our shareholders and is dilutive to

our common shares. If we are unable previously to redeem the shares, the dividend rate increases substantially after five years.

•Our business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including,

where appropriate, through the effective use of third-party insurance, derivatives, and capital management techniques, and by our ability to

meet evolving regulatory capital standards.

•The adequacy of our intellectual property protection, and the extent of any costs associated with obtaining rights in intellectual property

claimed by others, can impact our business and operating results.

•Our ability to anticipate and respond to technological changes can have an impact on our ability to respond to customer needs and to meet

competitive demands.

•Our ability to implement our business initiatives and strategies could affect our financial performance over the next several years.

•Competition can have an impact on customer acquisition, growth and retention, as well as on our credit spreads and product pricing, which

can affect market share, deposits and revenues.

•Our business and operating results can also be affected by widespread natural disasters, terrorist activities or international hostilities, either

as a result of the impact on the economy and capital and other financial markets generally or on us or on our customers, suppliers or other

counterparties specifically.

•Also, risks and uncertainties that could affect the results anticipated in forward-looking statements or from historical performance relating to

our equity interest in BlackRock, Inc. are discussed in more detail in BlackRock’s filings with the SEC, including in the Risk Factors sections of

BlackRock’s reports. BlackRock’s SEC filings are accessible on the SEC’s website and on or through BlackRock’s website at www.blackrock.com.

This material is referenced for informational purposes only and should not be deemed to constitute a part of this document.

In addition, our recent acquisition of National City Corporation (“National City”) presents us with a number of risks and uncertainties related

both to the acquisition itself and to the integration of the acquired businesses into PNC. These risks and uncertainties include the following:

•The anticipated benefits of the transaction, including anticipated cost savings and strategic gains, may be significantly harder or take longer

to achieve than expected or may not be achieved in their entirety as a result of unexpected factors or events.

Cautionary Statement Regarding Forward-Looking

Information (continued)

Appendix

Our ability to achieve anticipated results from this transaction is dependent on the state going forward of the economic and financial markets,

which have been under significant stress recently. Specifically, we may incur more credit losses from National City’s loan portfolio than expected.

Other issues related to achieving anticipated financial results include the possibility that deposit attrition or attrition in key client, partner and

other relationships may be greater than expected.

Legal proceedings or other claims made and governmental investigations currently pending against National City, as well as others that may be

filed, made or commenced relating to National City’s business and activities before the acquisition, could adversely impact our financial results.

Our ability to achieve anticipated results is also dependent on our ability to bring National City’s systems, operating models, and controls into

conformity with ours and to do so on our planned time schedule. The integration of National City’s business and operations into PNC, which

includes conversion of National City’s different systems and procedures, may take longer than anticipated or be more costly than anticipated or

have unanticipated adverse results relating to National City’s or PNC’s existing businesses. PNC’s ability to integrate National City successfully

may be adversely affected by the fact that this transaction has resulted in PNC entering several markets where PNC did not previously have any

meaningful retail presence.

In addition to the National City transaction, we grow our business from time to time by acquiring other financial services companies. Acquisitions

in general present us with risks, in addition to those presented by the nature of the business acquired, similar to some or all of those described

above relating to the National City acquisition.

Any annualized, proforma, estimated, third party or consensus numbers in this presentation are used for illustrative or comparative purposes only

and may not reflect actual results. Any consensus earnings estimates are calculated based on the earnings projections made by analysts who

cover that company. The analysts’ opinions, estimates or forecasts (and therefore the consensus earnings estimates) are theirs alone, are not

those of PNC or its management, and may not reflect PNC’s or other company’s actual or anticipated results.

•

Non-GAAP to GAAP Reconcilement

Appendix

For the three months ended, in millions

Pretax

Income taxes

(benefit) (a)

Net income

Reported net income (loss)

($246)

National City conforming provision for credit losses

$504

($176)

328

Net income excluding National City conforming provision for credit

losses

$82

Year ended, in millions

Pretax

Income taxes

(benefit) (a)

Net income

Diluted EPS

Reported net income

$2,403

$4.36

Gain on BlackRock/BGI transation

($1,076)

$389

(687)

(1.51)

Net income excluding gain on BlackRock/BGI transaction

$1,716

$2.85

Year ended, in millions

Net income

Average assets

Return on

average assets

Reported

$2,403

$276,876

0.87%

Excluding gain on BlackRock/BGI transaction

$1,716

$276,876

0.62%

December 31, 2009

PNC

believes

that

information

adjusted

for

the

impact

certain

items

may

useful

due

the

extent

which

the

items

are

not

indicative

our

ongoing

operations.

December 31, 2009

December 31, 2008

PNC

believes

that

information

adjusted

for

the

impact

certain

items

may

useful

due

the

extent

which

the

items

are

not

indicative

our

ongoing

operations.

(a)

Calculated

using

marginal

federal

income

tax

rate

35%.

The

after-tax

gain

the

BlackRock/BGI

transaction

also

reflects

the

impact

state

income

taxes.

Non-GAAP to GAAP Reconcilement

Appendix

Year ended

March 31, 2009

June 30, 2009

Sept. 30, 2009

Dec. 31, 2009

in millions

Total revenue

$3,871

$3,987

$4,048

$5,082

$16,988

Noninterest expense

2,328

2,658

2,379

2,369

9,734

Pretax pre-provision earnings

1,543

1,329

1,669

2,713

7,254

Provision for credit losses

880

1,087

914

1,049

3,930

Excess of pretax pre-provision earnings over credit losses

$663

$242

$755

$1,664

$3,324

Total revenue

$3,871

$3,987

$4,048

$5,082

$16,988

Gain on BlackRock/BGI transaction

1,076

Total revenue excluding BlackRock/BGI gain

3,871

3,987

4,048

4,006

15,912

Noninterest expense

2,328

2,658

2,379

2,369

9,734

Pretax pre-provision earnings excluding BlackRock/BGI gain

1,543

1,329

1,669

1,637

6,178

Provision for credit losses

880

1,087

914

1,049

3,930

Excess of pretax pre-provision earnings excluding BlackRock/BGI

gain over credit losses

$663

$242

$755

$588

$2,248

in millions

Reported

Gain on

BlackRock/BGI

transaction

Reported

excluding

BlackRock/BGI

gain

Reported

Gain on

BlackRock/BGI

transaction

Reported

excluding

BlackRock/BGI

gain

Net interest income

$9,054

$2,345

Noninterest income

7,934

$1,076

6,858

2,737

$1,076

1,661

Total revenue

$16,988

$1,076

$15,912

$5,082

$1,076

$4,006

Noninterest income/total revenue

47%

43%

54%

41%

Three months ended

Year ended Dec. 31, 2009

Three months ended Dec. 31, 2009

PNC believes that pretax pre-provision earnings is useful as a tool to help evaluate ability to provide for credit costs through operations. PNC believes that information adjusted for

the impact of certain items may be useful due to the extent to which the items are not indicative of our ongoing operations.

PNC believes that information adjusted for the impact of certain items may be useful due to the extent to which the items are not indicative of our ongoing operations.

Non-GAAP to GAAP Reconcilement

Appendix

Adjustments,

Income taxes

Net

Diluted

Adjustments,

Income taxes

Net

Diluted

For the three months ended, in millions except per share data

Pretax

(benefit) (a)

Income

EPS

Pretax

(benefit) (a)

Income

EPS

Net income, as reported

$1,107

$2.17

$559

$1.00

Adjustments:

Gain on BlackRock/BGI transaction

($1,076)

$389

(687)

(1.49)

Integration costs

155

(54)

101

.22

$89

($31)

.12

Net income, as adjusted

$521

$.90

$617

$1.12

Adjustments,

Income taxes

Net

Diluted

For the three months ended, in millions except per share data

Pretax

(benefit) (a)

Income

EPS

Net income (loss), as reported

($246)

$(.77)

Adjustments:

Conforming provision for credit losses - National City

$504

($176)

328

.94

Other integration costs

(29)

.15

Net income, as adjusted

$134

$.32

Adjustments,

Income taxes

Net

Diluted

Adjustments,

Income taxes

Net

Diluted

Year ended, in millions except per share data

Pretax

(benefit) (a)

Income

EPS

Pretax

(benefit) (a)

Income

EPS

Net income, as reported

$2,403

$4.36

$914

$2.44

Adjustments:

Gain on BlackRock/BGI transaction

$(1,076)

$389

(687)

(1.51)

Conforming provision for credit losses - National City

$504

($176)

328

.95

Other integration costs

421

(147)

274

.60

145

(51)

.27

Net income, as adjusted

$1,990

$3.45

$1,336

$3.66

December 31, 2009

September 30, 2009

(a) Calculated using a marginal federal income tax rate of 35%. The after-tax gain on the BlackRock/BGI transaction also reflects the impact of state income taxes.

December 31, 2008

December 31, 2009

December 31, 2008

PNC believes that information adjusted for the impact of certain items may be useful due to the extent to which the items are not indicative of our ongoing operations.

Peer Group of Banks

Appendix

The PNC Financial Services Group, Inc.

PNC

BB&T Corporation

BBT

Bank of America Corporation

BAC

Capital One Financial, Inc.

COF

Comerica Inc.

CMA

Fifth Third Bancorp

FITB

JPMorgan Chase

JPM

KeyCorp

KEY

M&T Bank

MTB

Regions Financial Corporation

SunTrust Banks, Inc.

STI

U.S. Bancorp

USB

Wells Fargo & Company

WFC

Ticker

The PNC Financial Services Group, Inc. (PNC) 8-KFourth Quarter and Full Year 2009