PNC Financial Services : 4Q22 Presentation

Fourth Quarter 2022

Earnings Conference Call January 18, 2023

The PNC Financial Services Group

Cautionary Statement Regarding Forward-Looking and non-GAAP Financial Information

Our earnings conference call presentation 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 and on our corporate website.

The presentation contains forward-looking statements regarding our outlook for financial performance, such as earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting PNC and its future business and operations, including sustainability strategy. 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. We provide greater detail regarding these as well as other factors in our 2021 Form 10-K and our subsequent form 10-Qs, and in our other subsequent SEC filings. Our forward-looking statements may also be subject to risks and uncertainties including those we may discuss in this presentation or in our SEC filings. 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 in this presentation speak only as of the date of this presentation. We do not assume any duty and do not undertake any obligation to update those 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.

We include non-GAAP financial information in this presentation. Non-GAAP financial information includes adjusted financial metrics such as fee income, tangible book value, pretax, pre-provision earnings, net interest margin, and other adjusted metrics (including adjustments for merger and integration costs). Reconciliations for such financial information may be found in our presentation, in these slides, including the Appendix, in other materials on our corporate website, and in our SEC filings. This information supplements our results as reported in accordance with GAAP and should not be viewed in isolation from, or as a substitute for, our GAAP results. We believe that this information and the related reconciliations may be useful to investors, analysts, regulators and others to help understand and evaluate our financial results, and with respect to adjusted metrics, because we believe they better reflect the ongoing financial results and trends of our businesses and increase comparability of period-to-period results. We may also use annualized, pro forma, estimated or third party numbers for illustrative or comparative purposes only. These may not reflect actual results.

References to our corporate website are to www.pnc.com under "About Us - Investor Relations." Our SEC filings are available both on our corporate website and on the SEC's website at www.sec.gov. We include web addresses here as inactive textual references only. Information on these websites is not part of this presentation.

1

Delivered Strong Full Year 2022 Results

• Capitalized on opportunities across our coast-to-coast franchise
• Generated full year record revenue

Net Income

$6.1 billion

Diluted Earnings Per Share

$13.85

• Net interest margin expanded significantly
• Grew loans and securities
• Maintained strong capital and liquidity positions
• Credit quality remained strong
• Continued momentum in legacy BBVA USA markets
• Returned $6 billion of capital to shareholders through share repurchases and common dividends

Adjusted Diluted Earnings Per Share

$13.96

Revenue Growth

+10%

Average Loan Growth

+15%

Return on Common Equity

13.52%

Return on Tangible Common Equity

18.32%

- Return on Tangible Common Equity (Non-GAAP)-See Reconciliation in Appendix.
-	Net interest margin is calculated using taxable-equivalent net interest income, a non-GAAP measure, a reconciliation of which is provided in the appendix.
-	Adjusted diluted earnings per share (EPS), a non-GAAP measure, is calculated without the impact of $55 million pre-tax integration costs. See non-GAAP reconciliations in the appendix for the calculation	2
	of adjusted EPS.

Balance Sheet: Well-Positioned Balance Sheet

			4Q22 vs. 3Q22		4Q22 vs. 4Q21
Average balances, $ billions	4Q22	$ Change	% Change		$ Change	% Change
Commercial	$221.6		$7.5	4%	$27.8	14%
Consumer	$100.3		$1.4	1%	$5.2	5%
Total loans	$321.9		$8.9	3%	$33.0	11%
Investment securities	$142.9		$5.9	4%	$15.1	12%
Federal Reserve Bank (FRB) balances	$30.0		($1.5)	(5%)	($45.1)	(60%)
Deposits	$434.9		($4.3)	(1%)	($17.9)	(4%)
Borrowed funds	$59.2		$14.9	34%	$24.9	73%
Common shareholders' equity	$40.0		$0.6	2%	($10.7)	(21%)
	4Q22	3Q22	Change		4Q21	Change
Basel III common equity Tier 1 (CET1) capital ratio	9.1%		9.3%	(20) bps	10.3%	(120) bps
Tangible book value per common share (non-GAAP)	$72.12		$69.98	3%	$94.11	(23%)
Return on common equity	14.19%		14.97%	(78) bps	9.61%	458 bps

− Basel III common equity Tier 1 capital ratio - December 31, 2022 ratio is estimated. Details of the calculation are in the capital ratios table in the financial highlights section of the earnings release.	3
− Tangible book value per common share (non-GAAP) - See reconciliation in appendix.

Balance Sheet: Supporting Customer Loan Growth

Average balances, $ billions

Continued Average Loan Growth	Linked Quarter Change in Spot Loans
+11% Year Over Year; +3% Linked Quarter	Growth Driven by New Production in Commercial Loans

		$304.8	$313.0	$321.9		+ $9.4	+ $1.2	$326.0
$288.9	$290.7	$221.6
$207.6	$214.1
			$315.4
$193.8	$195.6
				4.75%
			3.98%		$ billions
3.32%	3.19%	3.29%
		balances,
$95.1	$95.1	$97.2	$98.9	$100.3
Spot
4Q21	1Q22	2Q22	3Q22	4Q22	9/30/2022	Commercial	Consumer	12/31/2022
Consumer	Commercial		Loan Yield
− Paycheck Protection Program (PPP) average loan balances were $0.5 billion, $0.7 billion, $1.3 billion, $2.5 billion and $4.7 billion in 4Q22, 3Q22, 2Q22, 1Q22, and 4Q21 respectively.	4