PNC » Topics » Sterling and PNC Pricing Data

This excerpt taken from the PNC 8-K filed Jul 19, 2007.

Sterling and PNC Pricing Data

Deal Pricing Metrics    Sterling    Median Comparables 
Price/Adjusted 2006 EPS*    22.8    22.5 
Adjusted Tangible Premium/Core Deposits**    21.0    24.7 

*Adjusted 2006 EPS based on reported earnings less reported Commercial Finance segment earnings of $17 million.

**Adjusted Tangible Premium computed using 2006 reported tangible book value less assumed $165 million charge for impairment related to Commercial Finance segment.

Reported amounts from Sterling's 2006 Form 10-K as originally filed. Assumed impairment charge based on estimates contained in Sterling's Form 8-K dated May 23, 2007.

Comparables based on recent acquisitions of banking companies with assets between $750 million and $11.5 billion.

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