PNC FINANCIAL SERVICES GROUP, INC.

Asset Management Group

The Asset Management Group strives to be a leading relationship-based provider of investment, planning, credit and cash management solutions and fiduciary services to affluent individuals and institutions by endeavoring to proactively deliver value-added ideas, solutions and exceptional service. The Asset Management Group’s priorities are to serve our clients’ financial objectives, grow and deepen customer relationships and deliver solid financial performance with prudent risk and expense management.

Table 14: Asset Management Group Table

*- Not Meaningful

(a)During the second quarter of 2025, certain loans and deposits, and the associated income statement impact, were transferred from the Asset Management Group to Retail Banking to better align products and services with the appropriate business segment. Prior periods have been adjusted to conform with the current presentation.

(b)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.

(c)Other is primarily comprised of other direct expenses including outside services and equipment expense.

(d)As of June 30.

(e)Excludes brokerage account client assets.

The PNC Financial Services Group, Inc. –Form 10-Q 19

The Asset Management Group consists of two primary businesses: PNC Private Bank and Institutional Asset Management.

The PNC Private Bank is focused on being a premier private bank in each of the markets it serves. This business seeks to deliver high quality banking, trust and investment management services to our emerging affluent, high net worth and ultra-high net worth clients through a broad array of products and services.

Institutional Asset Management provides outsourced chief investment officer, custody, cash and fixed income client solutions, and retirement plan fiduciary investment services to institutional clients, including corporations, healthcare systems, insurance companies, municipalities and non-profits.

Asset Management Group earnings in the first six months of 2025 increased $49 million compared to the same period in 2024, primarily driven by higher revenue, partially offset by higher noninterest expense.

Net interest income increased in the comparison primarily due to wider interest rate spreads on the value of deposits, partially offset by a decline in average deposit balances.

Noninterest income increased in the comparison primarily driven by higher average equity markets.

Noninterest expense increased in the comparison due to continued investments to support business growth.

Average total loans were stable compared to the six months ended June 30, 2024.

Average total deposits decreased in the comparison driven by lower interest-bearing deposits.

Discretionary client assets under management increased in the comparison and included the impact from higher spot equity markets as of June 30, 2025 and positive net flows.