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THE PNC FINANCIAL SERVICES GROUP, INC.

(PNC)
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PNC Financial Services : PNC_IE_2021_Sept 14_Barclays_Presentation.pdf

09/13/2021 | 10:02am EDT

Barclays Global Financial Services Conference

September 14, 2021

The PNC Financial Services Group

Appendix: Cautionary Statement Regarding Forward-Looking

Information

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 for earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting us and our future business and operations 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," "see," "look," "intend," "outlook," "project," "forecast," "estimate," "goal," "will," "should" and other similar words and expressions..

Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. Forward-looking statements speak only as of the date made. We do not assume any duty and do not undertake any obligation to update forward-looking statements. Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance. As a result, we caution against placing undue reliance on any forward-looking statements.

Our forward-looking statements are subject to the following principal risks and uncertainties.

  • Our businesses, financial results and balance sheet values are affected by business and economic conditions, including
    • Changes in interest rates and valuations in debt, equity and other financial markets,
    • Disruptions in the U.S. and global financial markets,
    • Actions by the Federal Reserve Board, U.S. Treasury and other government agencies, including those that impact money supply, market interest rates and inflation,
    • Changes in customer behavior due to changing business and economic conditions or legislative or regulatory initiatives,
    • Changes in customers', suppliers' and other counterparties' performance and creditworthiness,
    • Impacts of tariffs and other trade policies of the U.S. and its global trading partners,
    • The length and extent of the economic impacts of the COVID-19 pandemic,
    • The impact of the results of the recent U.S. elections on the regulatory landscape, capital markets and the response to and management of the COVID-19 pandemic, including the effectiveness of already-enacted fiscal stimulus from the federal government, an infrastructure bill and potential changes in tax laws, and
    • Commodity price volatility

2

Appendix: Cautionary Statement Regarding Forward-Looking

Information

  • Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting and do not take into account potential legal and regulatory contingencies. These statements are based on our view that:
    • The U.S. economy is in an economic recovery, following a very severe but very short economic contraction in the first half of 2020 due to the COVID-19 pandemic and public health measures to contain it.
    • With the passage of the American Rescue Plan Act of 2021 and continued vaccine distribution, economic growth has picked up in 2021 and will remain very strong through the rest of this year and into 2022. Real GDP returned to its pre-pandemic level in the second quarter of 2021. Employment in August 2021 was still down by 5.3 million from before the pandemic; PNC expects employment to return to its pre-pandemic level in the spring of 2022.
    • Compared to the spring of 2020 (when prices were falling), inflation has accelerated in mid-2021 due to strong demand in specific segments and supply chain disruptions. Inflation will slow in the second half of 2021.
    • PNC expects the Federal Open Market Committee to keep the fed funds rate in its current range of 0.00% to 0.25% until mid-2023.
  • PNC's ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding a stress capital buffer established by the Federal Reserve Board in connection with the Federal Reserve Board's Comprehensive Capital Analysis Review ("CCAR") process.
  • PNC's regulatory capital ratios in the future will depend on, among other things, the company's financial performance, the scope and terms of final capital regulations then in effect and management actions affecting the composition of PNC's balance sheet. In addition, PNC's ability to determine, evaluate and forecast regulatory capital ratios, and to take actions (such as capital distributions) based on actual or forecasted capital ratios, will be dependent at least in part on the development, validation and regulatory review of related models.
  • Legal and regulatory developments could have an impact on our ability to operate our businesses, financial condition, results of operations, competitive position, reputation or pursuit of attractive acquisition opportunities. Reputational impacts could affect matters such as business generation and retention, liquidity, funding and ability to attract and retain management. These developments could include:
    • Changes to laws and regulations, including changes affecting oversight of the financial services industry, consumer protection, bank capital and liquidity standards, pension, bankruptcy and other industry aspects, and changes in accounting policies and principles.
    • Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries. These matters may result in monetary judgments or settlements or other remedies, including fines, penalties, restitution or alterations in our business practices, and in additional expenses and collateral costs, and may cause reputational harm to PNC.
    • Results of the regulatory examination and supervision process, including our failure to satisfy requirements of agreements with governmental agencies.
    • Impact on business and operating results of any costs associated with obtaining rights in intellectual property claimed by others and of the adequacy of our intellectual property protection in general.

3

Appendix: Cautionary Statement Regarding Forward-Looking

Information

  • Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of systems and controls, third-party insurance, derivatives and capital management techniques, and to meet evolving regulatory capital and liquidity standards.
  • Our acquisition of BBVA USA Bancshares, Inc. ("BBVA USA Holdco") presents us with risks and uncertainties related to the integration of the acquired business into PNC including:
    • The business of BBVA USA Holdco, including its U.S. banking subsidiary, BBVA USA, going forward may not perform as we currently project or in a manner consistent with historical performance. As a result, the anticipated benefits, including estimated cost savings, of the transaction may be significantly more difficult or take longer to achieve than expected or may not be achieved in their entirety as a result of unexpected factors or events, including those that are outside of our control.
    • The integration of BBVA USA Holdco, including its U.S. banking subsidiary, BBVA USA, with that of PNC and PNC Bank may be more difficult to achieve than anticipated or have unanticipated adverse results relating to BBVA USA Holdco, including its U.S. banking subsidiary, BBVA USA, or our existing businesses. Our ability to integrate BBVA USA Holdco, including its U.S. banking subsidiary, BBVA USA, successfully may be adversely affected by the fact that this transaction results in us entering several geographic markets where we did not previously have any meaningful presence.
  • In addition to the BBVA USA Holdco transaction, we grow our business in part through acquisitions and new strategic initiatives. Risks and uncertainties include those presented by the nature of the business acquired and strategic initiative, including in some cases those associated with our entry into new businesses or new geographic or other markets and risks resulting from our inexperience in those new areas, as well as risks and uncertainties related to the acquisition transactions themselves, regulatory issues, and the integration of the acquired businesses into PNC after closing.
  • Competition can have an impact on customer acquisition, growth and retention and on credit spreads and product pricing, which can affect market share, deposits and revenues. Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands.
  • Business and operating results can also be affected by widespread natural and other disasters, pandemics, dislocations, terrorist activities, system failures, security breaches, cyberattacks or international hostilities through impacts on the economy and financial markets generally or on us or our counterparties specifically.

We provide greater detail regarding these as well as other factors in our Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 filed with the SEC and available as described under "-Incorporation of Certain Documents by Reference," including in the Risk Factors and Risk Management sections and the Legal Proceedings and Commitments Notes of the Notes To Consolidated Financial Statements in those reports. Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss elsewhere in this prospectus supplement and the accompanying prospectus or in our other filings with the SEC.

4

Disclaimer

The PNC Financial Services Group Inc. published this content on 13 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 September 2021 14:01:04 UTC.


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Financials (USD)
Sales 2021 19 238 M - -
Net income 2021 5 608 M - -
Net Debt 2021 - - -
P/E ratio 2021 16,4x
Yield 2021 2,24%
Capitalization 91 605 M 91 605 M -
Capi. / Sales 2021 4,76x
Capi. / Sales 2022 4,48x
Nbr of Employees 59 485
Free-Float 78,1%
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Number of Analysts 23
Last Close Price 216,56 $
Average target price 209,43 $
Spread / Average Target -3,29%
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Managers and Directors
William Stanton Demchak Chairman, President & Chief Executive Officer
Robert Q. Reilly Chief Financial Officer & Executive Vice President
Ganesh Krishnan Chief Information Officer & Executive VP
E. William Parsley Chief Operating Officer & Executive Vice President
Gagan Singh Chief Investment Officer