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PNC » Topics » Estimated EPS Impact

This excerpt taken from the PNC 8-K filed Oct 10, 2006.

Estimated EPS Impact

Excludes estimated one-time costs of $44 million after-tax and is reconciled to GAAP in the Appendix

(1)

(1)

14

 

Transaction Should Provide Solid Returns to
PNC Shareholders

Aggregate offer value                        ($5,992)                        

After-tax one-time cash costs                                                     ($141)

Cash flow from income                                             283       $364       $394       $427     $463

Expense savings                                                         28          85           85          85          85

Excess Mercantile capital                                             777

Capital for asset expansion                                                              (68)         (70)       (75)        (80)         (85)

Terminal value (14x)                                                                                                        8,164

Incremental cash flow                         ($5,215)       $102      $379     $404      $432      $8,627

Estimated IRR                                                                        14.8%         

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