The PNC Financial Services Group, Inc.
Capital Action and Business Update
March 2, 2009
Exhibit 99.3
*
*
*
*
*
*
*
*
*

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
these
factors
in
our
2007
Form
10-K
and
our
2008
Form
10-Qs,
and
in
our
2008
Form
10-K
upon
its
filing,
including
in
the
Risk
Factors
and
Risk
Management
sections,
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
these
web
addresses
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
may
sometimes
refer
to
adjusted
results
to
help
illustrate
the
impact
of
certain
types
of
items.
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
provide
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.
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.
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
a
discussion
of
other
non-GAAP
financial
measures,
which,
to
the
extent
not
so
qualified
therein,
is
qualified
by
GAAP
reconciliation
information
available
on
our
corporate
website
at
www.pnc.com
under
“About
PNC–Investor
Relations.”

3
Overview
Global economic conditions are deteriorating rapidly
Markets continue to be highly volatile
Regulatory requirements are changing in response to the economy
Proactively protecting the balance sheet, preserving capital flexibility, and
serving the needs of our customers are our top priorities
-
35-40 basis point annual improvement to capital ratios on 12/31/08
proforma basis
-
No current plans to issue additional common equity
Will reduce next quarterly common stock dividend to $0.10 from $0.66 per
share
Extreme economic uncertainty warrants this proactive capital decision
Enhances ability to repay TARP preferred as soon as appropriate
Expected to add $1 billion annually to PNC’s common equity position

4
Recent Events and Business Update
Business Update
Integration of National City well underway and on track
-
Continued confidence about the long term benefits
-
Expected to be accretive to 2009 earnings
2009 off to a solid start
-
Strong client growth, sales above expectations
-
Revenue growth driven by significant net interest income increase
-
Expenses remain well-controlled
-
Strong pretax pre-provision earnings
-
1Q09 results to date, excluding acquisition costs, in line with range of Wall
Street analyst expectations
-
Ongoing and enhanced programs in support of economic recovery initiatives

5
Summary
Reducing dividend was difficult but prudent given the
current environment
An additional $1 billion is expected to be retained annually
Our businesses are performing well
The National City integration is progressing smoothly
We believe we are well-positioned to take advantage of
long term opportunities that deliver significant shareholder
value
We expect to increase the dividend when appropriate

6
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,”
“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
2007
Form
10-K
and
our
2008
Form
10-Qs,
and
in
our
2008
Form
10-K
upon
its
filing,
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:
o
Changes
in
interest
rates
and
valuations
in
the
debt,
equity
and
other
financial
markets.
o
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.
o
Actions
by
the
Federal
Reserve
and
other
government
agencies,
including
those
that
impact
money
supply
and
market
interest
rates.
o
Changes
in
our
customers’,
suppliers’
and
other
counterparties’
performance
in
general
and
their
creditworthiness
in
particular.
o
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
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
through
2009
with
continued
wide
market
credit
spreads,
and
our
view
that
national
economic
trends
currently
point
to
a
continuation
of
severe
recessionary
conditions
in
2009
followed
by
a
subdued
recovery.

7
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:
o
Changes
resulting
from
the
Emergency
Economic
Stabilization
Act
of
2008,
the
American
Recovery
and
Reinvestment
Act
of
2009,
and
other
developments
in
response
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.
o
Legislative
and
regulatory
reforms
generally,
including
changes
to
laws
and
regulations
involving
tax,
pension,
bankruptcy,
consumer
protection,
and
other
aspects
of
the
financial
institution
industry.
o
Increased
litigation
risk
from
recent
regulatory
and
other
governmental
developments.
o
Unfavorable
resolution
of
legal
proceedings
or
regulatory
and
other
governmental
inquiries.
o
The
results
of
the
regulatory
examination
and
supervision
process,
including
our
failure
to
satisfy
the
requirements
of
agreements
with
governmental
agencies.
o
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.
•
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
transaction
itself
and
to
the
integration
of
the
acquired
businesses
into
PNC.
These
risks
and
uncertainties
include
the
following:
•
The
transaction
may
be
substantially
more
expensive
to
complete
(including
the
required
divestitures
and
the
integration
of
National
City’s
businesses)
and
the
anticipated
benefits,
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.

8
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.
•
Litigation
and
governmental
investigations
currently
pending
against
National
City,
as
well
as
others
that
may
be
filed
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
will
include
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
will
result
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,
National
City’s,
or
other
company’s
actual
or
anticipated
results.