Exhibit 99.2 BUSINESS INFORMATION
Return on Year ended December 31 - Earnings Revenue Assigned Capital Average Assets * -------------------------------------------------------------------------------- Dollars in millions 1999 1998 1999 1998 1999 1998 1999 1998 - ------------------------------------------------------------------------------------------------------------------------ PNC Regional Bank $641 $582 $2,307 $2,317 22% 20% $39,513 $38,848 Wholesale PNC Institutional Bank 127 56 408 351 22 11 8,417 7,564 PNC Secured Finance 114 60 281 178 24 16 6,701 5,477 PNC Mortgage 62 35 421 339 14 10 6,906 5,350 - ------------------------------------------------------------------------------ --------------------- Total wholesale 303 151 1,110 868 20 12 22,024 18,391 Asset Management PNC Advisors 147 119 738 489 27 30 3,353 2,731 BlackRock 59 36 381 339 36 41 448 441 PFPC 45 38 257 191 40 41 308 229 - ------------------------------------------------------------------------------ --------------------- Total asset management 251 193 1,376 1,019 30 34 4,109 3,401 - ------------------------------------------------------------------------------ --------------------- Total businesses 1,195 926 4,793 4,204 23 19 65,646 60,640 Other 4 189 208 697 9,174 13,986 - ------------------------------------------------------------------------------ --------------------- Total consolidated - core 1,199 1,115 5,001 4,901 21 21 74,820 74,626 Gain on sale of credit card business 125 193 Gain on sale of equity interest in Electronic Payment Services 63 97 BlackRock IPO gain 59 64 Branch gains 17 27 Gain on sale of Concord stock, net of PNC Bank Foundation contribution 16 41 Wholesale lending repositioning (126) (195) Costs related to efficiency initiatives (64) Write-down of an equity investment (18) (28) Mall ATM buyout (7) - ------------------------------------------------------------------------------ --------------------- Total consolidated - reported $1,264 $1,115 $5,200 $4,901 22 21 $74,820 $74,626 ========================================================================================================================
* BlackRock's assets are presented as of period end. PNC REGIONAL BANK - PNC Regional Bank provides credit, deposit, branch-based brokerage and electronic banking products and services to retail customers as well as credit, leasing, treasury management and capital markets products and services to mid-sized and small businesses primarily within PNC Bank's geographic footprint. PNC Regional Bank contributed 54% of total business earnings in 1999 compared with 63% in 1998. Earnings increased 10% in the comparison driven by improved efficiency and growth in deposits. Excluding the impact of branch gains and costs related to consumer delivery initiatives in 1998, earnings increased 16%. PNC INSTITUTIONAL BANK - PNC Institutional Bank provides specialized credit, capital markets and treasury management products and services to corporations, institutions and government entities primarily within PNC's geographic footprint. PNC Institutional Bank contributed 11% of total business earnings in 1999 compared with 6% in 1998. Earnings more than doubled in the comparison due to higher revenue and a lower provision for credit losses. PNC SECURED FINANCE - PNC Secured Finance is engaged in commercial real estate finance, including loan origination, securitization and servicing; asset-based financing, including lending, syndication and treasury management services; and equipment lease financing to corporate clients nationwide. PNC Secured Finance contributed 9% of total business earnings in 1999 compared with 6% in 1998. Earnings nearly doubled in the comparison due to an increase in net commercial mortgage banking revenue. PNC MORTGAGE - PNC Mortgage originates, purchases and services residential mortgages and related products. PNC Mortgage also acquires and securitizes residential mortgages as private-label mortgage-backed securities and performs the master servicing of those securities for investors. PNC Mortgage contributed 5% of total business earnings in 1999 compared with 4% in 1998. Earnings nearly doubled in the comparison driven by revenue growth primarily attributable to a larger servicing portfolio. PNC ADVISORS - PNC Advisors offers personalized investment management, high-end brokerage, personal trust, estate planning and traditional banking services to affluent and wealthy individuals; and investment management, trust and administrative services to pensions, 401(k) plans and charitable organizations. PNC Advisors contributed 12% of total business earnings in 1999 compared with 13% in 1998. Earnings increased 24% in the comparison due to strong revenue growth attributable to new business. BLACKROCK - BlackRock offers fixed income, domestic and international equity and liquidity investment products, and utilizes technology-based risk management capabilities to provide investment advisory and asset management capabilities for a wide range of institutional and retail customers. BlackRock contributed 5% of total business earnings in 1999 compared with 4% in 1998. Earnings increased 67% in the comparison as a result of significant new business. To provide a public currency for continued growth, BlackRock completed an initial public offering in October 1999 representing approximately a 15% equity interest. The financial information presented for this business reflects the BlackRock legal entity. The related minority interest is included in Other. PFPC - PFPC provides technology-driven products for the investment management community including fund accounting, administration, distribution, transfer agency, shareholder services, custody, retirement plan services, integrated banking transaction services, hedge products accounting, securities lending and subaccounting services. PFPC clients include pension and investment managers, brokerage firms, insurance companies and banks. PFPC contributed 4% of total business earnings in 1999 and 1998. Earnings increased 18% in the comparison as a result of an increase in assets and accounts serviced. PFPC completed the acquisition of First Data Investor Services Group ("ISG") on December 1, 1999. Results for 1999 include one month of activity for ISG. OTHER - Other reflects differences between total business results and consolidated core financial results primarily due to differences between management accounting practices and generally accepted accounting principles, divested businesses, equity management activities, minority interests, eliminations and unassigned items. During 1999 there was a repositioning of the corporate, commercial real estate and mortgage warehouse lending portfolios. The results of exited activities related to this strategic initiative are included in Other for all periods presented.