1
Exhibit 99.2
Forward-Looking Information
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This presentation contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act with respect to cost savings, revenue
enhancements and accretion/dilution to reported earnings that may result from
the acquisition; anticipated revenues and expenses after the acquisition; PNC's
future financial performance; and other financial and business matters.
In addition to factors previously disclosed in our SEC reports and those
identified elsewhere in this presentation, the following factors, among others,
could cause actual results to differ materially from these forward-looking
statements: changes in global and domestic economic conditions; changes in
interest rates and financial and capital markets; competition; the impact,
extent, timing and cost of technological changes; the combined company's ability
to retain existing customers and to attract new ones; the ability to timely and
fully realize contemplated cost savings and revenues following the acquisition;
the combined company's ability to attract and retain qualified management and
personnel; the cost and availability of acquisition financing; factors related
to FDISG's year 2000 remediation efforts and the year 2000 compliance of other
parties; and changes in legislation or regulatory requirements. We assume no
duty to update forward-looking statements.
PNCBANK
2
Incremental Impact on PNC Earnings
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($ millions, after tax) Estimates
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2000 2001 2002
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FDISG earnings contribution,
excluding existing intangible amortization $58 $62 $67
Cost savings (1) 10 23 29
Net revenue enhancements (2) 2 6 9
Financing costs (36) (33) (30)
Intangibles amortization (3) (32) (32) (32)
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Incremental net income 2 26 43
Preferred financing costs (13) (13) (13)
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Net income available to common ($11) $13 $30
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Cash earnings $42 $66 $83
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(1) Total after-tax cost savings $29 million (12% of proforma combined
operating costs)
(2) Total after-tax benefits of net revenue synergies $9 million (total revenue
synergies of $63 million in 2002 representing 11% of proforma combined
revenue and profit margin of 25%)
(3) Total customer intangibles and goodwill of $1,066 million amortized over
lives ranging from 10 to 25 years
PNCBANK
3
Impact on PNC Consolidated
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Estimates
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2000 2001 2002
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PNC Bank Corp. earnings per share (1) $4.35 $4.80 $5.30
Earnings per share ($0.04) $0.04 $0.11
Accretion (dilution) (1%) 1% 2%
Cash earnings per share $0.14 $0.23 $0.30
Accretion 3% 5% 6%
(1) Salomon Smith Barney estimates as of July 19, 1999
PNCBANK
4
Proforma PFPC Worldwide
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($ millions) Proforma Estimates
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2000 2001 2002 CAGR
---- ---- ---- ----
Revenue
PFPC / FDISG $706 $819 $955
Revenue enhancements 11 43 63
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Total revenue 717 862 1,018 19%
Expense
PFPC / FDISG 541 630 736
Financing costs 81 77 72
Cost savings (16) (38) (48)
Costs for revenue enhancements 8 33 48
Incremental intangible amortization 33 33 33
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Total expense 647 735 841 14%
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Income before income taxes 70 127 177
Income taxes 28 51 71
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Earnings contribution $42 $76 $106 59%
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PNCBANK
5
Overview of FDISG
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First Data Investor Services Group
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o Headquartered in Westborough, MA
o Currently employs approximately 3,400
o 2nd largest full service transfer agent
o 8th largest full service accounting agent
o Significant provider of retirement plan services
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Fund Accounting Transfer Agency Retirement Services
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o Accounting o Full-Service Outsourcing o Full-Service Outsourcing
o Administration o Remote Access o Remote Access
o Tax o Subaccounting o Automated Voice Response
o Legal Compliance o Proxy Services o Internet Access
o Blue Sky o Call Center
o Broker / Dealer Services
o Internet Access
PNCBANK
6
First Data Investor Services Group
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($ millions) Year Ended December 31
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1999 1998 1997
Estimate Actual Actual
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Revenue
Shareholder service fees $282 $250 $228
Service and other revenue 98 87 72
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Total revenue 380 337 300
Expense
Staff expense 181 163 136
All other 130 110 116
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Total expense 311 273 252
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Income before income taxes 69 64 48
Income taxes 28 25 19
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Net income $41 $39 $29
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PNCBANK