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•Our
ability to implement our business initiatives and strategies
could affect our financial
performance over the next several years.
•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: (a) the unfavorable resolution of
legal proceedings or regulatory and
other governmental inquiries; (b) increased litigation risk from recent regulatory and other governmental
developments;
(c)
the
results
of
the
regulatory
examination
process,
our
failure
to
satisfy
the
requirements
of
agreements
with
governmental
agencies, and regulators’
future use of supervisory and enforcement tools; (d) legislative and regulatory reforms,
including changes to laws and
regulations
involving
tax,
pension,
education
lending,
and
the
protection
of
confidential
customer
information;
and
(e)
changes
in
accounting
policies and principles.
•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.
•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.
•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 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 2006 Form 10-K, including in the Risk Factors section, and in
BlackRock’s other filings with the SEC, accessible on the SEC’s website and on or through
BlackRock’s website at www.blackrock.com.
We
grow
our
business
from
time
to
time
by
acquiring
other
financial
services
companies,
including
our
pending
Sterling
Financial
Corporation
(“Sterling”)
acquisition.
Acquisitions
in
general
present
us
with
risks
other
than
those
presented
by
the
nature
of
the
business
acquired.
In
particular, acquisitions may be substantially more expensive to complete (including as a result of
costs incurred in connection with the integration of
the
acquired
company)
and
the
anticipated
benefits
(including
anticipated
cost
savings
and
strategic
gains)
may
be
significantly
harder
or
take
longer to achieve than expected. In some cases, acquisitions involve our entry into new
businesses or new geographic or other markets, and these
situations
also
present
risks
resulting
from
our
inexperience
in
these
new
areas.
As
a
regulated
financial
institution,
our
pursuit
of
attractive
acquisition opportunities could be negatively impacted due to regulatory delays or other regulatory
issues. Regulatory and/or legal issues related to
the pre-acquisition
operations of an acquired business may cause reputational harm to PNC following the acquisition and integration of the acquired
business into ours and may result in additional future costs arising as a result of those
issues.
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,
Sterling’s or other company’s actual or anticipated results.
Cautionary
Statement Regarding
Forward-Looking Information
(continued)
Appendix
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