<PAGE>

                     ANNUAL REPORT TO SHAREHOLDERS FOR 2003

                                   EXHIBIT 13

<PAGE>
Wilmington Trust Corporation
                                                              2003 Annual Report


[PHOTO OF WOMAN][PHOTO OF CHILD AND ADULT IN PLAYGROUND.][PHOTO OF MAN READING.]














                            [WILMINGTON TRUST LOGO]

<PAGE>


                          Wilmington Trust Corporation

                         A CENTURY OF SHAREHOLDER VALUE

    On July 8, 2003, Wilmington Trust celebrated its 100th anniversary -- and a
    century of solutions that help clients succeed, build capital strength, and
         create shareholder value. As we commence our second century, our
        advisory, investment, fiduciary, and banking expertise converges in
          three contrasting, yet complementary, businesses that share an
               uncompromising dedication to client relationships.

                                REGIONAL BANKING

         Our Regional Banking business is concentrated in the Delaware Valley
region, which includes our home state of Delaware, and geographically adjacent
areas along the I-95 corridor from Princeton to Baltimore and Maryland's Eastern
Shore. The diversified and stable economy in this region has fueled consistent
growth in this business.

         We conduct commercial banking throughout the region, where we seek to
build long-term relationships with successful business owners who need a
combination of lending and wealth management services. Our target commercial
client is a family-owned or closely held business with up to $250 million in
annual sales. According to D&B, there are nearly 35,000 such businesses in the
Delaware Valley region.

         Our retail banking activities are focused on the state of Delaware,
where we serve clients through a combination of traditional branches, investment
and banking sales centers, electronic banking centers, and online services. We
have relationships with nearly 40% of the households in Delaware and more than
50% of Delaware businesses with sales of $500,000 to $10 million. Our loan and
deposit balances are higher than those of any other full-service bank in
Delaware, and we have 43 branch offices located throughout the state, more than
any competitor.

                            CORPORATE CLIENT SERVICES

         Our Corporate Client Services business helps companies that want to use
trusts and other legal structures to protect assets, generate capital, and
establish a legal presence in multiple locations. The specialized collection of
fiduciary and administrative services we offer in this business grew out of our
extensive knowledge of the legal and tax advantages available in the state of
Delaware. Today our expertise encompasses the most advantageous jurisdictions in
the United States, the Caribbean, and Europe.

         Our capabilities range from the routine to the complex. Our clients are
the financial executives, tax experts, and investment bankers who advise the
largest corporations in the United States and around the world.

         Our trustee services support such capital markets transactions as
asset-backed securitizations, equipment leasing, and corporate restructurings.
We also provide trust and custody services for 401(k) and other retirement
plans. In addition we help companies achieve legal residency in multiple
jurisdictions by providing administrative services that include everything from
mail processing and accounting to the provision of independent directors.

                            WEALTH ADVISORY SERVICES

         The Wealth Advisory Services business has been the cornerstone of our
company for more than 100 years. When members of the du Pont family founded
Wilmington Trust in 1903, they established a company to help manage their wealth
-- and a culture that was forged on family relationships. Some of our client
relationships span five generations, and we specialize in serving families over
long periods of time.

         Today we are the 15th largest personal trust provider in the United
States. We have had clients in all 50 states and nearly 30 other countries for
decades. For many years, we served these clients from our Delaware headquarters
and offices on Florida's Treasure Coast. Since 1998 we have opened 14 Wealth
Advisory offices in six states, and established a presence in markets where
there is a high concentration of wealth.

         Our focus is on clients with $10 million or more to invest. We aim to
be their most trusted advisor, and our goal is to grow and protect their
wealth. We do this by crafting complex solutions that employ sophisticated
financial planning techniques, investment consulting, asset management, trust
services, wealth transfer strategies, and custom lending plans.

                   [WILMINGTON TRUST 100TH ANNIVERSARY LOGO]

<PAGE>

                          Wilmington Trust Corporation

                                 YEAR IN BRIEF

<TABLE>
<CAPTION>
                                                                                                 INCREASE
FOR THE YEAR ENDED DECEMBER 31                                            2003         2002     (DECREASE)
---------------------------------------------------------------------------------------------------------
<S>                                                                    <C>          <C>          <C>
INCOME STATEMENT (in millions, except per share amounts)
---------------------------------------------------------------------------------------------------------
Net interest income                                                    $    277.1   $    276.5        0.2%
Noninterest income                                                          264.2        262.2        0.8
Noninterest expense                                                         312.0        309.9        0.7
Net income                                                                  134.4        133.2        0.9
Net income per share (diluted)                                         $     2.02   $     2.01        0.5
Dividends paid per share                                               $    1.065   $    1.005        6.0
---------------------------------------------------------------------------------------------------------
AVERAGE BALANCES (in millions)
---------------------------------------------------------------------------------------------------------
Total assets                                                           $  8,529.5   $  7,661.0       11.3%
Loans                                                                     6,060.0      5,691.3        6.5
Reserve for loan losses                                                      86.7         83.0        4.5
Core deposits                                                             4,356.2      3,981.1        9.4
Stockholders' equity                                                        769.6        719.6        6.9
---------------------------------------------------------------------------------------------------------
ASSETS UNDER MANAGEMENT (in billions)
---------------------------------------------------------------------------------------------------------
Wilmington Trust Company                                               $     24.4   $     21.0       16.2%
Cramer Rosenthal McGlynn                                                      4.7          3.5       34.3
Roxbury Capital Management                                                    3.2          3.7      (13.5)
Combined assets under management                                             32.3         28.2       14.5
---------------------------------------------------------------------------------------------------------
SELECTED STATISTICS                                                                                Change
---------------------------------------------------------------------------------------------------------
Return on assets                                                             1.58%        1.74%     (0.16)%
Return on equity                                                            17.46%       18.51%     (1.05)%
Net interest margin                                                          3.60%        4.02%     (0.42)%
Full-time equivalent staff                                                  2,307        2,361        (54)
Weighted average shares outstanding (diluted)                              66,536       66,301        235
</TABLE>

                                                           2003 ANNUAL REPORT  1

<PAGE>

LETTER TO SHAREHOLDERS

         In 2003 we celebrated the 100th anniversary of our company and
completed our 100th year of profitability. Although the economic environment was
challenging, each of our businesses produced impressive growth. In the latter
half of the year, our performance began to reflect the rebounding economy and
improving equity markets. As a result, we reported net income of $134.4 million
for 2003, which was slightly higher than our 2002 net income of $133.2 million.
Earnings per share for 2003, on a diluted basis, were $2.02, versus $2.01 for
2002.

         In our Regional Banking business, loan and deposit balances reached
record highs, and credit quality remained stable. Loan balances rose steadily
throughout 2003 and grew 6.5% to $6.06 billion, on average. Most of the growth
occurred in the commercial portfolio, where balances rose 12.2% to $3.87
billion, on average. Core deposits advanced 9.5% to $4.36 billion, on average.

                            [PHOTO OF TED T. CECALA.]

         Our success at generating loan growth helped mitigate the impact of the
lowest interest rates since 1958 on our net interest margin, which fell to
3.60%. This was the lowest margin we have recorded since 1981.

         Business development was robust in our Wealth Advisory Services and
Corporate Client Services businesses, yielding record-high income. This helped
offset the effects of equity markets that remained below their 2002 levels for
much of 2003, which masked the full extent of the growth in Wealth Advisory
Services and caused income from our affiliate money managers to decrease. Total
advisory income rose 1.5% to $210.7 million.

         Expense management, already ingrained in our corporate culture, was
emphasized even more strongly in 2003. We held noninterest expenses to $312.0
million, which was less than 1% higher than the 2002 amount.

         Assets under management, including those at affiliates Cramer Rosenthal
McGlynn and Roxbury Capital Management, totaled $32.3 billion. This 14.5%
increase represented additional business as well as appreciation in market
values.

         In April 2003 your Board of Directors reiterated its commitment to
shareholder value by authorizing the 22nd consecutive increase in the cash
dividend, which rose from $1.02 to $1.08 per share on an annualized basis.
According to Mergent, Inc.'s 2003 Dividend Achievers, only 150 of the more than
11,400 dividend-paying companies that are traded publicly on U.S. exchanges have
raised their dividends consecutively for 20 years or more.

MAXIMIZING OPPORTUNITY IN A DIFFICULT ECONOMY

         Our aim is to build lasting relationships with our clients, and our
focus is on providing solutions. Conditions in 2003 highlighted the advantages
of our approach, and helped us attract new clients as well as additional
business from existing clients.

         In a year when many banks experienced little, if any, commercial loan
growth, we recorded a double-digit increase in commercial balances. This growth
reflected credit standards that are based on our familiarity with the Delaware
Valley market, and lending decisions that are based on our relationships with
clients. We helped clients capitalize on a


2
<PAGE>

variety of opportunities that emerged as a result of the economic diversity and
stability in the region. In addition, continuing consolidation among commercial
banks in the area led more clients to seek relationships with easily accessible
decision-makers who live and work in the same communities.

         In our Corporate Client Services business, uncertainty in the
post-Enron regulatory environment underscored the benefits of doing business
with a company that has a track record like ours. Few competitors, if any, can
match our scope of specialized trust and entity management services, our
expertise in the nuances of trust law and nexus services, and our extensive
experience in multiple jurisdictions. Much of the new business we captured in
2003 resulted from our expanded capabilities in Europe and the Caribbean.

         The double-digit growth in our Wealth Advisory Services business showed
the strength of our open-architecture investment consulting capabilities and our
comprehensive view of wealth management. The protracted downturn in equity
markets confirmed the importance of asset allocation and objective investment
advice, two aspects of wealth management in which we specialize. In 2003 we
launched the Wilmington Strategic Asset Allocation Mutual Funds, which made it
possible for clients to access our asset allocation offerings through separately
managed accounts, private partnerships, mutual funds, or common trust funds.
Financial planning and estate settlement are other areas of expertise, and there
was high demand for these services in 2003.


[BAR GRAPHS OF (1) NET INTEREST AND NONINTEREST INCOME FOR EACH YEAR FROM 1993
TO 2003, WITH THE FOLLOWING PLOT POINTS, IN MILLIONS, AND (2) THE NUMBER OF
STAFF MEMBERS AT THE END OF EACH YEAR FROM 1993 TO 2003, WITH THE FOLLOWING PLOT
POINTS:


<Table>
<Caption>
                                           93     94     95     96     97     98     99     00     01    02     03
<S>                                     <C>    <C>    <C>    <C>    <C>    <C>    <C>    <C>    <C>    <C>    <C>
NET INTEREST AND NONINTEREST INCOME     $  289 $  297 $  325 $  353 $  388 $  422 $  437 $  471 $  487 $  539 $  541
STAFF MEMBERS                            2,254  2,303  2,332  2,418  2,428  2,442  2,434  2,299  2,316  2,361  2,307.]
</Table>

OUR PEOPLE MAKE THE DIFFERENCE

         Throughout our history, the essential element of our success has been
the ability of our people to capture opportunities and convert them into growth
for our company. During our centennial celebration, we acknowledged the
tremendous legacy of the people who preceded us. The people who surround us
today are just as important, and I would like to recognize the efforts they
expend each day on behalf of our clients and shareholders.

         None of what we achieved in 2003 would have been possible without our
staff members. These are the people who manage our client relationships, develop
solutions, and deliver superior service. I am deeply grateful for the
energy, resolve, and focus they display every day.

         I also would like to acknowledge the contributions and involvement of
our Board of Directors. We are fortunate to have Board members who approach
their work with such diligence. They help us maintain the highest standards of
integrity and accountability. Their advice and counsel have been especially
valuable as we continue to implement the requirements of the Sarbanes-Oxley Act
of 2002.

         Finally, I would like to thank our shareholders for your confidence in
our company. Our 2003 results demonstrated our ability to deliver consistent
profitability and growth with low volatility, even in less than ideal economic
circumstances. As we move forward, I firmly believe that we have the right
business model in place, the best expertise in the industry, and the most
talented people on board to leverage the success of our first century well into
our second.

[BAR GRAPHS OF DILUTED EARNINGS PER SHARE, DIVIDENDS PAID, AND DIVIDEND PAYOUT
RATIO FOR EACH YEAR FROM 1993 TO 2003, WITH THE FOLLOWING PLOT POINTS:

<Table>
<Caption>
                                          93     94     95     96     97      98     99     00     01     02      03
<S>                                     <C>    <C>    <C>    <C>    <C>     <C>    <C>    <C>    <C>
EARNINGS PER SHARE                      $1.10  $1.17  $1.27  $1.34  $1.54   $1.67  $1.61  $1.85  $1.90   $2.01   $2.02
DIVIDENDS PAID                          $0.49  $0.53  $0.59  $0.65  $0.71   $0.77  $0.83  $0.89  $0.95   $1.005  $1.065
DIVIDEND PAYOUT RATIO                    0.44   0.45   0.46   0.46   0.45    0.45   0.51   0.47   0.492   0.495   0.522.]
</Table>



                                          /s/ Ted T. Cecala
                                          -------------------------------------
                                          Ted T. Cecala
                                          Chairman and Chief Executive Officer

                                                           2003 ANNUAL REPORT  3

<PAGE>

                                Regional Banking

                        [PHOTO OF ROBERT V.A. HARRA, JR.]
                                [PHOTO OF WOMAN.]
                           [PHOTO OF FIVE CO-WORKERS.]

"WE HAVE BEEN HELPING INDIVIDUALS AND FAMILIES BUY HOMES, EXPAND BUSINESSES,
AND PLAN FOR FUTURE FINANCIAL NEEDS FOR MORE THAN 100 YEARS NOW. WE LIVE AND
WORK IN THE COMMUNITIES WE SERVE, AND WE HAVE A LONG-TERM AND CONSISTENT
APPROACH TO LENDING. THESE ARE DISTINCTIONS THAT CLIENTS VALUE, AND THAT HELP US
PRODUCE CONSISTENT LOAN GROWTH AND STABLE CREDIT QUALITY."

Robert V. A. Harra Jr.
President and Chief Operating Officer
Business Head, Regional Banking

         In 2003 our focus on relationship management drove growth in loan and
deposit balances to record highs. Loan balances for the year were $6.1
billion, on average, which was an increase of more than 6%, and the fourth
quarter of 2003 marked our 11th consecutive quarter of loan growth. Core deposit
balances rose more than 9%, on average, to $4.4 billion.

         Our loan portfolio remained well diversified across commercial and
consumer lines, and its composition was relatively unchanged. Our disciplined
underwriting culture kept credit quality stable, and net charge-offs were lower
than in 2002.

         Most of the loan growth occurred in our commercial portfolio, where
strong lending activity drove balances, on average, to $3.9 billion, which was a
12% increase. Retail loan balances declined because we sell new residential
mortgage production into the secondary market, but consumer loan originations
rose 17%.

         From a geographic perspective, the growth in the commercial loan
portfolio was split fairly evenly between Delaware and Pennsylvania. In Delaware
we continued to hold the dominant market share. In southeastern Pennsylvania we
continued to gain market share, as more of our target commercial banking
clients--family-owned or closely held businesses with annual sales of up to $250
million--were attracted by our relationship-based approach.

4
<PAGE>

         Our commercial banking business benefited from a regional economy that
encompasses a broad array of industries and sectors, and the recent economic
downturn was less severe in the Delaware Valley than elsewhere in the United
States. In 2003 the U.S. Census Bureau ranked Delaware as the
seventh-fastest-growing state in the nation. The Bureau also reported that
Delaware was the fifth most popular choice for relocation among retirees. In
addition Delaware's unemployment rate remained well below the national average.

         Contributing to 2003 loan growth in Delaware was the completion of a
limited-access highway that links the northern and central parts of the
state. This new artery significantly shortened commuting times and sparked both
business and housing development in what formerly had been mostly a rural
area. Development also was strong in the southernmost part of Delaware,  where
easy access to Atlantic Ocean beach resorts continued to draw increasing numbers
of year-round residents as well as tourists. Our loans funded a variety of
projects, including single-family, multi-family, and age-restricted residential
developments, as well as hotel, industrial, and retail ventures.

                                 [PHOTO OF MAN.]

         In southeastern Pennsylvania the target market for our commercial
banking business is six times the size of the market in Delaware. Although its
economy in 2003 was less robust than Delaware's, the size of the Pennsylvania
market more than compensated. Loan balances in southeastern Pennsylvania, which
topped $1 billion for the first time in 2002, reached $1.3 billion, on average,
in 2003. Our Pennsylvania lending was not concentrated in any one area, and we
funded industrial, commercial, and residential projects throughout the region.

[BAR GRAPHS OF AVERAGE LOAN BALANCES FOR WILMINGTON TRUST COMPANY AND
WILMINGTON TRUST OF PENNSYLVANIA FOR EACH YEAR FROM 1994 TO 2003, WITH THE
FOLLOWING PLOT POINTS, IN MILLIONS:

                            WILMINGTON TRUST COMPANY

                                 1994 - $2.943
                                 1995 - $3.196
                                 1996 - $3.366
                                 1997 - $3.581
                                 1998 - $3.759
                                 1999 - $3.910
                                 2000 - $4.169
                                 2001 - $4.275
                                 2002 - $4.533
                                 2003 - $4.716

                        WILMINGTON TRUST OF PENNSYLVANIA

                                  1994 - $.170
                                  1995 - $.194
                                  1996 - $.237
                                  1997 - $.340
                                  1998 - $.398
                                  1999 - $.620
                                  2000 - $.884
                                  2001 - $.960
                                 2002 - $1.157
                                 2003 - $1.334.]



         Core deposit balances for 2003 were $4.4 billion, on average, which was
an increase of 9%. Clients seemed to prefer the safety and accessibility of
insured deposits to the more volatile investing environment and the longer-term
commitments of certificates of deposit. In addition the number of new deposit
accounts was 16% higher than in 2002. Approximately 97% of our core deposit
balances were generated in Delaware.

         We continued to invest in our retail banking franchise and dominant
market position in Delaware. We renovated several branches, enhanced the
security of our ATM network, and continued to position our branch offices as
resources that offer clients a broader scope of financial products. Each of our
full-service branches has at least one licensed investment specialist on staff.

         We launched new online bill-paying and checking products, and clients
increasingly opted to perform routine banking transactions online. The number of
registered online users rose 28%, and online transaction volume jumped 52%. In
comparison, the number of teller transactions fell for the fourth consecutive
year, and declined more than 8% from 2002.

         A factor in the strength of our business in Delaware is the tenure of
our branch staff. More than 50% of our branch staff members have been with
Wilmington Trust 10 years or longer, and the average tenure of a branch manager
is 25 years. This longevity facilitates the focus on client relationships that
has been a competitive advantage throughout our first century.

                                                          2003 ANNUAL REPORT   5

<PAGE>


Corporate Client Services

[BAR GRAPHS OF CORPORATE CLIENT INCOME (CAPITAL MARKETS SERVICES, ENTITY
MANAGEMENT SERVICES, AND CORPORATE RETIREMENT SERVICES) FOR EACH YEAR FROM 1993
TO 2003, WITH THE FOLLOWING PLOT POINTS, IN MILLIONS:

                  CAPITAL MARKETS SERVICES

                    1993      -  $9.271
                    1994      -  $9.99
                    1995      -  $10.433
                    1996      -  $10.298
                    1997      -  $13.237
                    1998      -  $18.375
                    1999      -  $23.367
                    2000      -  $26.419
                    2001      -  $34.007
                    2002      -  $38.347
                    2003      -  $36.5

                  ENTITY MANAGEMENT SERVICES

                    1993      -  $3.116
                    1994      -  $4.257
                    1995      -  $4.688
                    1996      -  $5.127
                    1997      -  $5.947
                    1998      -  $6.984
                    1999      -  $8.772
                    2000      -  $10.615
                    2001      -  $12.467
                    2002      -  $17.29
                    2003      -  $20.9

                  CAPITAL MARKETS SERVICES

                    1993      -  $11.504
                    1994      -  $11.594
                    1995      -  $11.992
                    1996      -  $12.364
                    1997      -  $13.505
                    1998      -  $10.416
                    1999      -  $8.247
                    2000      -  $9.685
                    2001      -  $8.468
                    2002      -  $8.971
                    2003      -  $9.90.]

                     [PHOTO OF TWO MEN AT A TRAIN STATION.]

              [PHOTO OF FOUR MEN AND A WOMAN AT CONFERENCE TABLE.]

         Our ability to craft customized solutions for specialty corporate
trusts and business enterprises in the most favorable legal jurisdictions in the
world resulted in another year of growth in the Corporate Client Services
business. Income for 2003 was $67.3 million, an increase of 5%.

         The geographic expansion we have undertaken in the last several years
and our reputation for superior service delivery were key factors in our 2003
performance. Our acquisition last year of London-based SPV Management added
Ireland, Italy, Luxembourg, and The Netherlands to the list of jurisdictions in
which we are authorized to provide fiduciary and administrative services. This
augmented our capabilities in the United Kingdom, the Channel Islands, the
Cayman Islands, and the two premier jurisdictions in the United States, which
are Delaware and Nevada.

         Our larger presence in Europe opened up new markets for our products
and services and helped us gain additional business from existing clients. It
also enabled us to win more appointments from multinational clients who
establish trusts and entities in more than one location. Some of the
transactions we supported in 2003 simultaneously involved European, Caribbean,
and American jurisdictions.

         As we widened our geographic and jurisdictional scope, we experienced
increased demand for multijurisdictional services, and stronger interest in our
Caribbean capabilities. In the Cayman Islands we added staff and opened a new
office in George Town, Grand Cayman, in December.

6

<PAGE>


         One of the factors in our 2003 growth was demand for services that
support asset-backed securitizations. Activity was high among existing clients
as well as new issuers, especially toward the end of the year. We supported
twice as many asset-backed securitizations in 2003 as in 2002.

         These structures are used widely in the United States, and they are
gaining popularity in Europe, where the market for them is less developed.
Before the euro was adopted, the use of many different currencies made it
difficult to achieve optimum scale.

         One of our specialties is providing trust and custody services for
retirement plans. This aspect of the business is growing, because retirement
plans are increasing in number, and the way in which they are administered is
changing. This has created additional opportunities for us, and we added 200
plans in 2003.

                                [PHOTO OF HOWARD K. COHEN.]

         Retirement plan sponsors increasingly are electing to separate the
three aspects of plan administration into what is called an "unbundled"approach.
This gives them the flexibility to select best-in-class providers who specialize
in each of the distinctly different roles of investment manager, record keeper,
and trustee.

         Our focus is on serving as trustee for 401(k) and other defined
contribution plans, which comprise the fastest-growing segment of the
industry. According to the Society of Professional Administrators and
Record keepers, the percentage of U.S. retirement plan assets held in defined
contribution plans rose from 49% in 1995 to 59% in 2002. At Wilmington Trust,
defined contribution plans represented only 13% of the plan assets we supported
in 1995. By the end of 2003, that number had jumped to 67%.

         The capital markets component of Corporate Client Services was
challenged by economic conditions in 2003. To a certain extent, this portion of
the business is counter-cyclical. In a down economic cycle, when there is an
increase in the number of companies facing financial distress, entering
bankruptcy, or exiting bankruptcy, we win more successor trustee and creditor's
committee appointments. In a more robust economy, our bankruptcy-related
business declines, but we tend to see higher volumes of structured finance
transactions.

         Distressed-company assignments were a strong source of growth in 2002
and the first half of 2003. We have a competitive advantage in this market,
because these appointments must be awarded to providers that have no lending or
securities underwriting relationships with the company in question. We have no
such conflicts of interest. Every time consolidation occurs in the financial
services industry, the number of conflict-free providers dwindles. In the second
half of the year, the number of distressed-company appointments waned, but the
market for structured finance transactions remained soft until late in the
fourth quarter.

         Another challenge to growth in 2003 was the post-Enron regulatory
environment, which prompted many entity management clients and prospects to
delay projects until new accounting rules are adopted.

                          [PHOTO OF HOWARD K. COHEN.]

         "The advisors who craft complex financial structures for our client
companies look for a service provider of substance that is both conflict-free
and independent. We offer them a broad array of capabilities across multiple
jurisdictions, customizing our services to meet their clients' needs. We're
experienced and flexible. That is why this business continues to grow."

Howard K. Cohen
Executive Vice President
Corporate Client Services

                                                           2003 ANNUAL REPORT  7

<PAGE>
                            Wealth Advisory Services

                           [PHOTO OF RODNEY P. WOOD.]

"OUR CLIENTS HAVE A LONG-TERM FOCUS. TO THEM, FINANCIAL PLANNING AND ASSET
PROTECTION ARE AS IMPORTANT AS INVESTMENT PERFORMANCE. OUR EXPERTISE IN WRAPPING
COMPREHENSIVE PLANNING TECHNIQUES AROUND OBJECTIVE INVESTMENT MANAGEMENT GIVES
US A COMPETITIVE EDGE THAT CONSISTENTLY ATTRACTS BUSINESS FROM NEW CLIENTS AS
WELL AS ADDITIONAL ASSETS FROM EXISTING CLIENTS."

Rodney P. Wood
Executive Vice President
Wealth Advisory Services

                       [PHOTO OF MAN AND WOMAN TALKING.]

                       [PHOTO OF FAMILY IN LIVING ROOM.]

         Our Wealth Advisory Services business had its best year yet in 2003,
thanks to exceptionally strong business development activity. Throughout the
year, we attracted new clients and cultivated additional business from existing
clients. We strengthened our investment platform, enhanced client service, and
continued to invest in markets outside of our home state of Delaware.

         Wealth Advisory income rose 10% to $140 million, a record high. This
achievement was especially noteworthy because nearly half of Wealth Advisory
income is tied to equity market valuations, and the equity markets remained
below their 2002 levels for much of 2003.

         Although the extended equity market downturn during the first half of
the year masked the full extent of the growth in this business, it generated
more demand for our financial planning and asset allocation expertise. As
markets improved toward the end of the year and valuations rose, the magnitude
of the growth became more apparent, and we had an especially strong fourth
quarter.

         Poor market performance in recent years has reinforced the importance
of asset allocation. We believe that asset allocation is the chief determinant
of investment return, that diversification is the key to controlling risk, and
that objectivity is essential. We achieve objectivity by offering a variety of
proprietary and nonproprietary investment solutions across the full spectrum of
asset classes and styles.

8
<PAGE>

         In 2003 we improved our asset allocation process by creating an
Investment Strategy Team of economists and investment professionals from our
California, Delaware, Florida, Georgia, New York, and Pennsylvania offices. The
team is structured with permanent as well as rotating members who provide
diverse perspectives and expertise in various investment disciplines. In
addition to developing forward-looking asset allocation strategies, the team is
responsible for selecting and monitoring independent managers.

         We also launched the Wilmington Strategic Asset Allocation Mutual
Funds. Each of these five funds focuses on a single asset class, and each fund
utilizes multiple managers, combines active and index management, and allows
tactical adjustments between styles and strategies. Now clients may access our
asset allocation offerings through separately managed accounts, private
partnerships, mutual funds, or common trust funds.

                [PHOTO OF WOMAN NEXT TO A PAINTING OF HERSELF.]

         Demand continued to be strong for our open-architecture investment
consulting services, which we gained with our 2002 acquisition of Balentine &
Company. The Balentine process uses only independent managers. The level of
interest in such a process among our target Wealth Advisory clients was
quantified in a 2003 survey by The VIP Forum, which reported that more than 82%
of affluent individuals and families prefer that their financial advisor offer
services and products from many different companies.

[BAR GRAPHS OF WEALTH ADVISORY INCOME FOR EACH YEAR FROM 1993 TO 2003 WITH THE
FOLLOWING PLOT POINTS, IN MILLIONS, AND THE STANDARD AND POORS' 500 INDEX AT THE
END OF EACH YEAR FROM 1994 TO 2003, WITH THE FOLLOWING PLOT POINTS:

         WEALTH ADVISORY INCOME:

            1994   - $56.7
            1995   - $60.9
            1996   - $70.1
            1997   - $81.8
            1998   - $96.3
            1999   - $114.101
            2000   - $125.819
            2001   - $130.155
            2002   - $143.17
            2003   - $143.4

         STANDARD & POORS' 500:

            1994   - 459.27
            1995   - 615.93
            1996   - 740.74
            1997   - 970.43
            1998   - 1,229.23
            1999   - 1,469.25
            2000   - 1.320.28
            2001   - 1,148.08
            2002   - 879.82
            2003   - 1,111.92.]

         Although asset management is an important aspect of comprehensive
wealth management, it is not the only consideration. Investment return is
important to our clients, but in many cases it is superseded by the need for
wealth preservation and transfer strategies.

         In 2003 the largest percentage of growth in Wealth Advisory income came
from the planning, trust, and estate settlement services in which we specialize.
Much of our success in this area stems from our century of experience with the
nuances of advantageous Delaware trust and tax laws.

         Our expansion into key centers of affluence throughout the United
States also contributed to our 2003 growth. In the past five years, we have
opened Wealth Advisory offices in six states, and this has created additional
and more diversified sources of income and business opportunities. Sales have
increased more than 250% since 1998, and the contribution to revenue from our
newer offices has risen consistently. In 2003 results were particularly strong
in our Florida, New York, and Pennsylvania offices.

         The primary sources of new Wealth Advisory business are referrals from
clients, attorneys, and tax advisors. In California, we relocated our West Coast
headquarters from Santa Monica to Century City, which improved our proximity to
prominent influencers in the Los Angeles area. In addition, we expanded our
office in Stuart, Florida.

         According to the Merrill Lynch/Cap Gemini Ernst & Young World Wealth
Report 2003, there are approximately 18,000 individuals in the United States
with investable assets of $30 million or more, and this number is increasing.
Our relationship focus, superior client service, accessible size, and 100-year
track record comprise a competitive advantage in a wealth management market that
continues to grow.

                                                           2003 ANNUAL REPORT  9

<PAGE>

                                Company Overview

         The Corporation is a financial services holding company with a
diversified mix of three businesses -- Wealth Advisory Services, Corporate
Client Services, and Regional Banking -- which it delivers through its primary
wholly owned subsidiaries:

-        Wilmington Trust Company, a Delaware-chartered bank and trust company
         that has engaged in commercial and trust banking activities since
         1903. Wilmington Trust Company is the 15th largest personal trust
         provider in the United States and the largest full-service bank in
         Delaware, with 43 branch offices throughout the state.

-        Wilmington Trust of Pennsylvania, a Pennsylvania-chartered bank and
         trust company. Wilmington Trust of Pennsylvania has offices in center
         city Philadelphia, Doylestown, Villanova, and West Chester.

-        Wilmington Trust FSB, which serves as the platform for the
         Corporation's activities beyond Delaware and Pennsylvania. Wilmington
         Trust FSB offices are located in California, Florida, Georgia,
         Maryland, Nevada, and New York.

         The Corporation and its affiliates also have offices in Tennessee,the
Cayman Islands, the Channel Islands, and London, and other affiliates in Dublin
and Milan.

         Through its subsidiaries, the Corporation engages in fiduciary, wealth
management, investment advisory, financial planning, insurance, broker-dealer
services, deposit taking, and residential, commercial, and construction
lending. The Wealth Advisory Services business provides a variety of financial
planning and asset management services for high-net-worth individuals and
families throughout the United States and in many foreign countries. The
Corporate Client Services business provides a variety of specialty trust and
administrative services for national and multinational institutions. The
Regional Banking business targets consumer banking clients in Delaware and
middle-market commercial clients throughout the Delaware Valley region.

         The Corporation and its subsidiaries are subject to the regulations of
the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office
of Thrift Supervision, the Delaware Department of Banking, the Pennsylvania
Department of Banking, and certain other federal and state authorities.

<PAGE>

                          Wilmington Trust Corporation

                               TABLE OF CONTENTS

<TABLE>
<S>  <C>
     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
     FINANCIAL CONDITION AND RESULTS OF OPERATIONS
12   Summary of 2003 performance
13   Analysis of financial condition
13     Assets
16     Liabilities and stockholders' equity
18   Results of operations
18     Net interest income
19     Net interest margin
19     Noninterest income
23     Noninterest expense
24   Asset quality, loan loss reserves, and loan loss provision
26   Disclosures about market risk
27   Liquidity and capital position
29   Off-balance sheet arrangements and contractual obligations
29   Market price of common stock and dividends paid per share
30   Other information and accounting pronouncements

     UNAUDITED FINANCIAL STATEMENTS
32   11-year summary of selected financial data
36   5-year comparative analysis of average balance sheets and
     income statements, interest income and expense, and the
     respective yields and costs of funds for those years
38   5-year comparison of average statements of condition
39   5-year comparison of statements of income
40   2-year comparison of consolidated quarterly results of operations

                            [WILMINGTON TRUST LOGO]

     AUDITED FINANCIAL STATEMENTS
41   Consolidated statements of condition for 2003 and 2002
42   Consolidated statements of income for 2003, 2002, and 2001
44   Consolidated statements of changes in stockholders' equity
     for 2003, 2002, and 2001
46   Consolidated statements of cash flows for 2003, 2002, and 2001
48   Notes to consolidated financial statements
69   Management's responsibility for financial reporting
70   Independent auditors' report

     OTHER INFORMATION
71   Directors and committees
72   Officers and subsidiaries
     Stockholder information -- inside back cover
</TABLE>

[WILMINGTON TRUST LOGO.]
<PAGE>

                          Wilmington Trust Corporation

                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS

SUMMARY OF 2003 PERFORMANCE

         All of the Corporation's businesses performed well in 2003. In the
Regional Banking business, loan and deposit balances reached record highs. The
Wealth Advisory Services and Corporate Client Services businesses produced
record high income. Expense control remained paramount throughout the year, and
2003 noninterest expenses were less than 1% above their 2002 levels.

         These achievements were muted by economic conditions resulting from the
impact of the war with Iraq, erosion in investor confidence due to corporate and
mutual fund scandals, and uncertainty about the post-Enron regulatory
environment. The year was characterized by:

-        the lowest market interest rates since 1958, and

-        financial market valuations that remained below their 2002 levels for
         more than half of 2003.

         These circumstances contributed to significant compression in the
Corporation's net interest margin, caused a substantial reduction in income from
the affiliate money managers, and masked strong business development in the
advisory businesses. While these factors challenged the Corporation's ability to
surpass its 2002 results, their convergence in the span of one 12-month period
demonstrated the Corporation's resilience and its ability to generate consistent
profitability from its diversified mix of businesses. In its 100-year history,
Wilmington Trust never has had an unprofitable year.

         Net income for 2003 was $134.4 million, a slight increase from 2002.
Net income per share, on a diluted basis, was $2.02, compared with $2.01 for
2002. Net interest income totaled $277.1 million. Noninterest income was $264.2
million, and accounted for 42% of total interest and noninterest income for
2003. The trend seen in recent years of growth in noninterest income was
curtailed in 2003 by affiliate money manager income that was 81.6% below its
2002 level.

         Assets under management at Wilmington Trust rose 16.1% to $24.4
billion. On a combined basis,including Cramer Rosenthal McGlynn (CRM) and
Roxbury Capital Management (RCM), assets under management rose 14.5% to $32.3
billion.

         Total balance sheet assets were $8.82 billion at year-end 2003, which
was 8.5% above the $8.13 billion at year-end 2002. Investment portfolio
balances rose 39.3% to $1.88 billion.

         The net interest margin was affected in 2003 by low interest
rates, balance sheet expansion, and the Corporation's interest rate sensitivity.
After falling steadily throughout the first nine months of the year, the margin
stabilized during the fourth quarter. For the full year 2003, the net interest
margin was 3.60%, which was 42 basis points lower than for 2002. The average
yield on total earning assets was 91 basis points lower than for 2002, while the
average cost of funds used to support those assets fell only 49 basis points.

         Helping to offset the margin compression was steady growth throughout
the year in loan balances, which reached $6.23 billion at year-end and $6.06
billion, on average. The 2003 fourth quarter marked the 11th consecutive quarter
of loan growth. This growth was achieved even as residential mortgage balances
decreased $187.6 million from 2002, primarily because of the Corporation's
strategy of selling new residential mortgage production into the secondary
market. The 2003 loan balance growth was balanced between the state of
Delaware, where the Corporation is the dominant banking company, and the
five-county metropolitan area surrounding Philadelphia, where the Corporation
continues to gain market share.

         Deposit balances rose to $6.58 billion at year-end and $6.29 billion,
on average, for 2003. These increases, which the Corporation attributed mainly
to client concern about volatility in the equity markets, helped reduce the
compression in the net interest margin.

         The Regional Banking business benefited from an economy that remained
relatively strong compared to many other parts of the U.S. The Regional Banking
business is concentrated in the Delaware Valley, which the Corporation defines
as the area along the I-95 corridor from Princeton, New Jersey, to Baltimore,
Maryland, the state of Delaware, and Maryland's Eastern Shore. The economy in
this region is not dominated by any single large company or industry, and it is
well diversified among the financial services, life sciences, pharmaceutical,
technology, manufacturing, construction, retail, agriculture, and tourism
sectors.

         Credit quality remained stable. The net charge-off ratio for 2003 was
27 basis points. This was 4 basis points lower than the 2002 ratio of 31 basis
points, and the lowest level since 1994. Net charge-offs have remained below 50
basis points since 1990. In keeping with the growth in loan balances, the
reserve for loan losses increased 5.5% to $89.9 million, while the provision for
loan losses remained relatively stable, at $21.6 million for 2003 versus $22.0
million for 2002.

         Even though equity market conditions obscured the full extent of its
growth, the Wealth Advisory Services business produced record-high income of
$140.4 million. This 10.6% increase reflected the most successful year of sales
in the history of this business.

         Income from the Corporate Client Services business rose 4.7% to $67.3
million. The growth of this business was affected by weak economic conditions
that slowed demand for services that support structured finance transactions.
Other aspects of this business that provide management services and retirement
plan services recorded double-digit increases.

12
<PAGE>

                          Wilmington Trust Corporation

         The extended downturn in the equity markets caused income from the two
affiliate money managers to fall sharply. Income from value-style manager CRM
was $5.3 million for 2003, versus $7.7 million for 2002. Growth-style manager
RCM recorded losses for the first three quarters of the year and broke even in
the fourth quarter. As a result, RCM reported a loss of $2.3 million for 2003,
versus income of $8.6 million in 2002. The combined decline in income from the
two affiliates represented approximately $0.13 per share for 2003.

         The net interest margin compression made expense management a priority
in 2003. Noninterest expenses were held to $312.0 million, which was an increase
of 0.7% from the $309.9 million recorded for 2002. The primary source of the
savings was the elimination of the Corporation's profit-sharing plan, which
reduced expenses by approximately $10.2 million.

         The tight expense control environment did not prevent the Corporation
from continuing to invest in opportunities to serve clients better and improve
efficiencies. The California headquarters office in Santa Monica was relocated
to Century City and enlarged. This move improved the proximity of Wealth
Advisory Services staff members to key influencers, such as trust and estate
attorneys and tax advisors, who are a prime source of business. As a result of
increased demand for Corporate Client Services capabilities in Caribbean
jurisdictions, additional staff members were hired in the Cayman Islands and a
new office was opened in George Town, Grand Cayman, in December. Growth in the
Corporate Client business also prompted expansion of the Las Vegas office, which
underwent its third expansion in five years. In Delaware, major renovations were
completed on two branch offices. Technology improvements were made to the client
contact management system, the installment loan system, and the auto dealer
floor plan system.

         The provision for income taxes was $72.2 million for 2003, which was
slightly less than the $73.0 million reported for 2002. The decline in income
from the affiliate money managers, which reduced state taxes, accounted for most
of the decrease.

         On a full-time equivalent basis, there were 2,307 staff members at
year-end 2003, which was 54 fewer than at year-end 2002. Net income per staff
member was $58,300, which was an increase of 3.4% from the $56,400 reported for
2002. The net profit margin was 24.78%, which was slightly higher than the
24.76% recorded for 2002.

         The 2003 results produced a return on average stockholders' equity of
17.46% and a return on assets of 1.58%, compared with 18.51% and 1.74%,
respectively, for 2002. Stockholders' equity rose 8.0% to $800.8 million.

         The Corporation improved its regulatory capital position with the issue
in April 2003 of $250 million in Tier 2-eligible subordinated long-term debt.
The proceeds were invested primarily in mortgage-backed securities.

         Also in April 2003 the Board of Directors increased the cash dividend
for the 22nd consecutive year, from $1.02 to $1.08 per share on an annualized
basis. According to Mergent, Inc.'s 2003 Dividend Achievers, only 150 of the
more than 11,400 dividend-paying companies that trade on U.S. exchanges have
raised their dividends for 20 or more consecutive years.

         The Corporation celebrated the 100th anniversary of Wilmington Trust
Company's founding throughout 2003 with client events, staff recognition, and
sales promotions. On July 7, senior management and selected staff rang the
closing bell at the New York Stock Exchange. On July 8, the formal anniversary
date, celebrations were held at all branches and offices throughout the U.S.
Over the course of the year, hundreds of clients commented on how much they
valued doing business with a company with such extensive experience.

         The Corporation's performance in 2003 opposite challenging economic
conditions exemplified how its emphasis on client service and relationship
management continues to be a competitive advantage. In the Regional Banking
business, clients value the fact that lending decisions are made locally on the
merits of individual projects and relationships, instead of being based solely
on economic indicators or industry trends. Advisory business clients appreciate
how the company's size makes it possible for solutions to be customized and
crafted specifically for their needs. Clients in all three businesses enjoy
having access to and frequent contact with decision makers, including business
line heads, the president, and the chairman, all of whom regard regular client
contact as a priority.

ANALYSIS OF FINANCIAL CONDITION

BALANCE SHEET SUMMARY

         Balance sheet expansion continued in 2003, with increases in loans,
investments, deposits, and capital.

         Changes in the balance sheet between year-end 2002 and year-end 2003
reflected 3.3% growth in loan balances, 6.5% growth in core deposit balances, a
modest shift in funding sources, 39.3% growth in investment portfolio balances,
and an 8.0% increase in stockholders' equity.

         In comparison, between year-end 2001 and year-end 2002, there was 9.8%
growth in loan balances and a 7.8% increase in core deposit balances.
Stockholders' equity rose 8.6%.

ASSETS

         The Corporation's assets rose to $8.8 billion at year-end 2003 and $8.5
billion, on average, for the year, which were increases of 8.5% and 11.3%,
respectively, from 2002. Total earning assets also rose in 2003, to $7.8
billion, on average, which was 11.6% more than for 2002. Higher loan and
investment portfolio balances were the primary causes of the 2003 increases.

                                                          2003 ANNUAL REPORT  13

<PAGE>

                          Wilmington Trust Corporation

         In comparison, balance sheet assets at year-end 2002 totaled $8.1
billion, which was 8.0% higher than at year-end 2001. On average, balance sheet
assets were $7.7 billion, which was 6.0% more than for 2001. Total earning
assets for 2002 were $7.0 billion, which was 6.2% more than for 2001. Loan
balance growth was the primary cause of the 2002 increases.

INVESTMENT SECURITIES

         Investment portfolio balances rose during 2003 to $1.9 billion. The
increase was due in large part to the investment of $250 million in proceeds
from the Corporation's issue in April 2003 of long-term debt. Growth in the
portfolio also offset declining residential mortgage balances. Management
believes that duration and risk can be managed more effectively by investing in
mortgage-backed securities than by retaining individual residential mortgages.
Accordingly, all new residential mortgage production continues to be sold into
the secondary market.

         The Corporation characterizes all new investments as available for
sale. In 2003 available-for-sale balances rose 39.5% to $1.9 billion. This
included unrealized gains of $15.1 million and unrealized losses of $13.4
million.

         At year-end 2002 the investment portfolio balance was $1.3
billion, which was 5.3% higher than at year-end 2001. The available-for-sale
portfolio was $1.3 billion, which was 6.2% more than for 2001. The
held-to-maturity portfolio declined 70.9%, from $16.5 million at year-end 2001
to $4.8 million at year-end 2002.

         The following table compares changes in the composition of the
investment portfolio.

<TABLE>
<CAPTION>
INVESTMENT PORTFOLIO COMPOSITION AT DECEMBER 31     2003    2002    2001
------------------------------------------------------------------------
<S>                                                 <C>     <C>     <C>
Mortgage-backed securities and collateralized
  mortgage obligations                                52%     37%     35%
Treasuries                                            11%     24%     33%
Corporate issues                                      14%     15%      8%
Agencies                                              13%     11%     11%
Money market preferred stocks                          8%     10%      9%
Municipal bonds                                        1%      2%      2%
Other                                                  1%      1%      2%
</TABLE>

         The majority of the 2003 investment portfolio growth occurred in
mortgage-backed instruments, which is where most of the debt issue proceeds were
invested.

         The following table compares changes in the Corporation's overall
exposure to mortgage-related instruments.

<TABLE>
<CAPTION>
BALANCE AT DECEMBER 31 (in millions)     2003       2002       2001
---------------------------------------------------------------------
<S>                                    <C>        <C>        <C>
Mortgage-backed investments in the
  securities portfolio                 $  978.7   $  507.5   $  450.3
Residential mortgages in the
  loan portfolio                       $  489.6   $  677.2   $  865.3
---------------------------------------------------------------------
Total exposure to mortgage-related
  instruments                          $1,468.3   $1,184.7   $1,315.6
</TABLE>

         At December 31, 2003, the average life of the total portfolio was
approximately 5.67 years. Duration was approximately 2.81. On mortgage-related
instruments, the average life was approximately 4.50 years and the duration was
approximately 4.50.

         At December 31, 2002, the average life of the total portfolio was
approximately 4.86 years and duration was approximately 2.50.

LOANS

         Loan balances increased steadily throughout 2003, and were $6.23
billion at year-end and $6.06 billion on average. These were increases of 3.3%
and 6.5%, respectively, from 2002. The Corporation considers average loan
balances, rather than period-end balances, to be more indicative of trends in
its banking business.

         Loan growth was likewise steady throughout 2002, when balances topped
$6.0 billion for the first time. Year-end 2002 balances rose 9.8% from year-end
2001. On average, loan balances were $5.7 billion for 2002, which was 8.7%
higher than for 2001.

         The loan balance increases resulted from business development with
existing as well as new clients. Almost all of the loan growth occurred in the
Delaware Valley region, where the Corporation's Regional Banking business is
focused. The economy in this region remained diversified and relatively stable
compared to other parts of the United States.

         The majority of the 2003 growth in loan balances occurred in the
commercial portfolio. In 2002, approximately 97% of the loan growth was in the
commercial portfolio. In both 2003 and 2002, certain components of the retail
portfolio reflected balance increases, but retail balances on the whole declined
as residential mortgage balances decreased.

         The following table compares changes in loan growth by geographic
market.

<TABLE>
<CAPTION>
PERCENTAGE OF LOAN GROWTH OCCURRING IN:  2003         2002     2001
---------------------------------------------------------------------
<S>                                      <C>          <C>      <C>
Delaware                                  28%          47%     44%
Pennsylvania                              68%          43%     42%
Elsewhere                                 4%           10%     14%
(Average balances)
</TABLE>

         Lending outside the Delaware Valley region was mainly consumer lending
associated with Wealth Advisory Services clients throughout the United States.

         The composition of the portfolio remained relatively unchanged and well
diversified across consumer and commercial lines, as the following table
illustrates.

<TABLE>
<CAPTION>
LOAN PORTFOLIO COMPOSITION AT DECEMBER 31    2003     2002    2001
-------------------------------------------------------------------
<S>                                          <C>      <C>     <C>
Commercial/financial/agricultural            36%       35%     31%
Commercial construction/real estate          10%        8%      8%
Commercial mortgage                          17%       17%     19%
Residential mortgage                         10%       14%     17%
Retail                                       27%       26%     25%
(Average balances)
</TABLE>

14

<PAGE>

                          Wilmington Trust Corporation

         The following table compares the composition of the loan portfolio by
banking subsidiary:

<TABLE>
<CAPTION>
                                       Wilmington Trust Company    Wilmington Trust of Pennsylvania       Wilmington Trust FSB
-------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO COMPOSITION BY SECTOR        2003     2002     2001         2003       2002       2001         2003      2002    2001
-------------------------------------------------------------------------------------------------------------------------------
<S>                                    <C>      <C>      <C>          <C>        <C>        <C>          <C>       <C>     <C>
Commercial                              87%      90%      90%          12%        10%        10%           1%       -- %    -- %
Commercial construction/real estate     93%      96%      96%           7%         4%         4%          --%       -- %    -- %
Commercial mortgage                     92%      93%      95%           7%         6%         4%           1%        1%      1%
Residential mortgage                    80%      81%      82%          12%        11%        11%           8%        7%      7%
Retail                                  87%      90%      91%           9%         7%         6%           4%        3%      3%
(Average balances)
</TABLE>

         In 2003 approximately 71% of the loans in the portfolio had floating
rates, compared with approximately 61% in 2002 and 51% in 2001.

         At December 31, 2003, the Corporation's banking affiliates had
approximately $2.8 billion in loan commitments outstanding that had not been
drawn. At December 31, 2002, this number was approximately $2.7 billion, the
same amount as at December 31, 2001.

COMMERCIAL LOANS

         Commercial loan balances, on average, were $3.87 billion for 2003,
which was 12.2% higher than for 2002, when commercial balances, on average, were
$3.45 billion. The 2002 increase was 13.3% above 2001 commercial balances, on
average. Commercial balances accounted for 65% of the total loan portfolio at
year-end 2003, 63% at year-end 2002, and 60% at year-end 2001.

         Commercial balances generated in the Pennsylvania market topped $1
billion for the first time in 2002 and reached $1.08 billion, on average, in
2003, and accounted for approximately 28% of the total commercial portfolio.

         The Delaware Valley region continued to experience consolidation among
commercial banks. As a result, more clients found an attractive alternative in
the Corporation's size, local headquarters, and ready access to decision makers.

         In addition to being focused specifically on the Delaware Valley
market, the commercial banking business is targeted to specific clients:family
owned and closely held businesses with annual sales of up to $250 million, where
the potential exists for a wealth management as well as a credit relationship.
The Corporation does not pursue syndicated lending opportunities, and usually
does not lend to commercial clients outside the Delaware Valley region.

         In the last several years, loan demand has been supported by the
stability of the regional economy. No single sector dominates the regional
economy; it is well diversified among the financial services, life sciences,
pharmaceutical, refining, manufacturing, construction, retail, agriculture, and
tourism sectors.

         Commercial loan balances are reported in three categories:

-        Commercial, financial, and agricultural (C and I) loans,

-        Commercial construction/real estate (CRE) loans, and

-        Commercial mortgage loans.

         In 2003 the largest percentage of growth in the commercial portfolio
occurred in CRE loan balances, which were $612.4 million, on average. This was
a 36.7% increase from 2002. CRE loans were made throughout the commercial
banking market and not concentrated in any one particular area of the region.

         Housing demand remained strong throughout the Delaware Valley. CRE
loans were booked across a variety of hotel, industrial, and retail projects,
both on a construction and permanent financing basis. CRE loans funded primary,
retirement, and resort residential projects and included single-family,
multi-family, and age-restricted developments.

         In Delaware much of the development was spurred by completion of a
limited access highway that links the more urban parts of the state with areas
that were predominantly rural. Development also was strong at Delaware's beach
resorts, where year-round living is growing in popularity. The U.S. Census
Bureau ranked Delaware as the seventh fastest growing state in the nation, and
the fifth most popular choice for retirement living.

         Restrictive development and zoning laws in northern Delaware have been
a factor in development in southeastern Pennsylvania, particularly in areas
adjacent to the Delaware border.

         C and I loan balances in 2003, on average, were 10.2% higher than for
2002. Commercial mortgage balances, on average, were 4.6% higher than for 2002.

         In comparison, in 2002, C and I loan growth was stronger than CRE loan
growth. C and I lending, on average, was 22.5% ahead of 2001 levels. CRE loans,
on average, were 10.5% higher than for 2002. Commercial mortgage balances, on
average, were lower for 2002 than for 2001.

RETAIL LOANS

         While the Corporation conducts commercial banking activities throughout
the Delaware Valley region, its retail banking business is concentrated in the
state of Delaware. At year-end 2003, retail loan balances totaled $2.17 billion,
which was 2.7% less than at year-end 2002. On average, retail loan balances for
2003 were $2.19 billion, which was a decline of 2.2% from 2002. Lower
residential mortgage balances accounted for the decrease.

                                                          2003 ANNUAL REPORT  15

<PAGE>

                          Wilmington Trust Corporation

         Most of the growth in retail loan balances was in loans secured with
liquid collateral, which are associated primarily with Wealth Advisory Services
clients. On average, these balances were $571.1 million for 2003, which was a
25.9% increase. This growth was indicative of the expansion of the Wealth
Advisory business in key markets throughout the United States, as clients
utilized the Corporation's full complement of wealth advisory and financial
services.

         Consumer loan balances, on average, were $1.0 billion, which was 2.9%
higher than for 2002. Indirect auto loan origination volumes rose 13.8% and
reached their highest level in the Corporation's history. Wilmington Trust is
the dominant indirect auto loan lender in Delaware.

         Residential mortgage originations rose 39%, on average, in 2003, but
residential mortgage balances declined 24.7%, due to refinancings, maturities,
and sales into the secondary market.

         During 2003 the Corporation sold approximately $198.2 million of newly
originated residential mortgage loans into the secondary market, compared with
approximately $129.6 million in 2002 and approximately $87.9 million in 2001. In
2003, 1,287 mortgages representing $186.9 million were refinanced. This was a
45.1% increase in the number of mortgages refinanced and a 44.3% increase in the
dollar amount refinanced from 2002, when 887 mortgages representing $129.5
million were refinanced. In 2001, 701 mortgages representing $92.0 million were
refinanced.

         Similar dynamics were apparent in the retail portfolio during
2002. Year-end 2002 retail balances of $2.23 billion were slightly higher than
at year-end 2001. On average, retail balances for 2002 were $2.24 billion, which
was an increase of 2.4% from 2001 retail balances, on average. Balances rose on
the strength of installment, credit card, and home equity loans and loans
secured with liquid collateral, but this growth was offset by a 14% decline from
2001 in residential mortgage balances.

         The following table compares changes in the composition of the retail
portfolio:

<TABLE>
<CAPTION>
RETAIL LOANS BY INDUSTRY CLASSIFICATION     2003       2002    2001
-------------------------------------------------------------------
<S>                                         <C>        <C>     <C>
Residential mortgage                        23%        30%     40%
Home equity                                 11%         9%      7%
Indirect                                    23%        20%     18%
Other consumer                              12%        15%     16%
Credit card                                  3%         3%      1%
Secured by liquid collateral                28%        23%     17%
(Year-end balances)
</TABLE>

RESERVE FOR LOAN LOSSES

         At year-end 2003 the reserve for loan losses was $89.9 million, or
1.44% of loans outstanding. This was a 5.5% increase from year-end 2002, when
the reserve was $85.2 million, or 1.41% of loans outstanding.

         A comparison of the year-end 2002 reserve to the 2001 year-end reserve
showed that, at year-end 2002, the reserve was 5.4% higher but the reserve ratio
was 6 basis points lower. The year-end 2001 reserve was $80.8 million and the
reserve ratio was 1.47%.

         Changes in the reserve reflected the growth in loan balances and the
application of the Corporation's reserve methodology, including the internal
risk rating analysis and net charge-off experience. For more information about
the reserve for loan losses, please refer to the "Asset quality"section on page
24; the "Reserve for loan losses" section in Note 1 to the Consolidated
Financial Statements on page 50 and Note 5 to the Consolidated Financial
Statements, "Reserve for loan losses," on page 54 of this report.

LIABILITIES AND STOCKHOLDERS' EQUITY

         The strength of the Regional Banking business, and increased client
interest in the safety and security of insured deposits, caused liabilities to
rise above their prior-year levels in both 2003 and 2002. Growth in deposit
balances, which reached consecutive record highs, were the primary reasons for
the increases.

         In 2003 liabilities totaled $8.0 billion at year-end and $7.8
billion, on average, which were increases of 8.1% and 13.0%, respectively, from
2002 levels.

         In 2002 liabilities totaled $7.4 billion at year-end and $6.9 billion,
on average. These were increases of 8.8% and 4.5%, respectively, from 2001.

DEPOSITS

         Period-end deposits typically include deposits associated with the
Corporate Client Services business that are not indicative of trends in the
Regional Banking business. Accordingly, as it does with loan balances, the
Corporation regards average deposit balances as the more appropriate indicator.

         The Corporation's deposits contain a mix of core deposit balances,
which are those generated by banking activities, and wholesale CD balances. Core
deposit balances, which exclude wholesale CD balances, are more representative
of trends in the Regional Banking business than wholesale CD balances.

         Core deposits consist of noninterest-bearing demand, interest-bearing
demand, and savings balances, CDs in amounts less than $100,000, and CDs of
$100,000 or more that are generated by the banking business. Wholesale CDs are
generally in amounts of $100,000 or more.

         For 2003 deposit balances were $6.29 billion, on average, which was a
record high, and a 8.0% increase from 2002. Core deposit balances accounted for
$375.1 million of the 2003 increase and far outpaced the growth in wholesale CD
balances, which rose $91.2 million.

16

<PAGE>

                          Wilmington Trust Corporation

         Core deposit balances for 2003 were $4.36 billion, on average, which
was 9.5% higher than for 2002. Wholesale CD balances for 2003, on average,
increased 4.9% to $1.94 billion.

         In core deposits, most of the 2003 growth occurred in interest-bearing
demand deposits, which jumped 25.9% to $2.18 billion. Noninterest demand and
savings balances rose modestly.

         With interest rates at historic lows, clients seemed to prefer the
accessibility of demand accounts to the longer-term commitments associated with
CDs. Core CD balances, which on average have fallen every year since 1999, were
8.3% lower for 2003 than for 2002.

         For 2002 deposit balances, on average, were $5.83 billion, which was a
record high at the time, and 10.7% higher than for 2001. The 2002 versus 2001
increase was split more evenly between core deposits and wholesale CDs. Core
deposit balances contributed $306.2 million of the 2002 increase, and wholesale
CDs represented $258.4 million of the change.

         Core deposit balances, on average, were $3.98 billion for 2002, which
was 8.3% higher than for 2001. Wholesale CD balances, on average, were $1.85
billion for 2002, which was an increase of 16.4% from 2001.

         In core deposits, the 2002 growth in interest-bearing demand deposits
was stronger than the 2003 growth. Interest-bearing demand deposits for 2002, on
average, were $1.74 billion, which was $438.1 million, or 33.8%, higher than for
2001. Savings balances rose slightly in 2002, while noninterest-bearing demand
balances dropped by $96.6 million. Core CD balances for 2002, on average, fell
$42.5 million from 2001.

         In 2003, 2002, and 2001, approximately 97% of core deposit balances, on
average, were generated in Delaware, where the Corporation's retail banking
business is focused. Approximately 2% were generated in Pennsylvania for each of
those years, and the remainder was generated elsewhere.

         The continued growth in core deposit and consumer loan (excluding
residential mortgages) balances is noteworthy in the context of how the branch
network has been repositioned in recent years. The Corporation has closed 14
branches since 1997 and transformed others into sales centers. During this
time, online, ATM, and telephone services have increased in popularity as
convenient methods of performing routine banking transactions.

         In 1999, 12.0 million teller transactions were recorded. That number
dropped to 11.0 million in 2000, 9.9 million in 2001, and 9.0 million in 2002.
In 2003, that number dropped another 8% and fell to 8.3 million.

         At the same time, use of online services continues to increase.
Comparing 2003 with 2002, the number of registered online users rose 28% and
online transaction volume jumped 52%.

OTHER SOURCES OF FUNDS

         The Corporation uses a combination of core deposits and purchased funds
to support growth in earning assets.

         In 2003 core deposits funded approximately 100% of the Corporation's
loan growth and approximately 43% of the Corporation's total balance sheet
growth, on average. In 2002 core deposits funded approximately 67% of loan
growth and 71% of total asset growth.

         Short-term borrowings were 18.8% higher, on average, for 2003 than for
2002. Most of the increase was in federal funds purchased and securities sold
under agreements to repurchase, which were 21.7% more, on average, than for
2002, and represented all of the total 2003 increase in short-term
borrowings. U.S. Treasury demand balances, on average, were 60.0% lower.

         Short-term borrowings were 20.1% lower, on average, for 2002 than for
2001.

         For more information about sources of funding, please refer to the
"Liquidity" section on page 27 of this report.

LONG-TERM DEBT

         In April 2003 the Corporation issued long-term debt of $250 million in
10-year subordinated notes. Semiannual interest payments at a rate of 4.875% are
due on the notes on April 15 and October 15 of each year, and commenced on
October 15, 2003. The notes are not redeemable prior to maturity and will not be
subject to any sinking fund.

         This debt issue accounted for most of the increase in long-term
debt, which totaled $407.1 million at December 31, 2003. This was $246.6
million, or 153.6%, more than the $160.5 million recorded at December 31, 2002.
Prior to the April 2003 debt issue, most of the Corporation's long-term debt was
associated with the $125 million of debt issued in 1998 to support investments
in the affiliate money managers.

STOCKHOLDERS' EQUITY

         At December 31, 2003, stockholders' equity totaled $800.8 million. This
was $59.5 million, or 8.0%, higher than the $741.3 million recorded at December
31, 2002. Additions to equity from earnings were offset partially by unrealized
losses on securities within the available-for-sale investment portfolio,
dividends, and the Corporation's ongoing stock repurchase plan.

         At December 31, 2002, stockholders' equity totaled $741.3 million,
which was 8.6% more than at year-end 2001. Additions to equity from earnings and
improvement in the level of unrealized gains within the available-for-sale
investment portfolio were offset partially by dividends and stock repurchases.

         For more information about stockholders' equity, please refer to the
"Capital position" section on page 27 of this report.

                                                          2003 ANNUAL REPORT  17

<PAGE>

                          Wilmington Trust Corporation

RESULTS OF OPERATIONS

INCOME STATEMENT OVERVIEW

         The Corporation's mix of businesses generates a diversified stream of
revenue from net interest income and noninterest income. For many years, net
interest income was the Corporation's primary source of income. Since 1997, the
Corporation has endeavored to achieve more balance between net interest and
noninterest income. The Corporation believes that balance among its revenue
sources is a key factor in its ability to generate consistent profitability and
growth, with low volatility, in a variety of economic conditions.

         Interest income is earned by the Corporation's assets, such as loans
and investment securities, and is produced primarily by the Regional Banking
business. Net interest income is the difference between the interest revenue
received on earning assets and the interest expense paid on liabilities, such as
deposits and short-term borrowings. Interest expense is driven by the average
balances and composition of the Corporation's interest-bearing liabilities, and
by the respective costs of the funding sources found within the mix of
interest-bearing liabilities. These factors are influenced by market interest
rate levels, competition for deposits, and the availability of alternative
sources of funding.

         Noninterest income is income the Corporation earns from fees it charges
for services it provides. The majority of noninterest income is generated by the
advisory businesses, which include Wealth Advisory Services, Corporate Client
Services, and contributions from the two affiliate money managers, CRM and RCM.
In addition to advisory income, noninterest income includes service charges on
deposit accounts, loan and credit card fees, the amortization of other
intangibles associated with affiliate acquisitions and investments in the two
affiliate money managers, securities gains or losses, and other noninterest
sources of income.

         Net income is the sum of net interest income and noninterest
income, minus the sum of noninterest expenses, the provision for loan
losses, income taxes, and minority interests associated with acquisitions. Net
income is expressed in dollar amounts, earnings-per-share amounts, and as a
percentage of average assets and average stockholders' equity.

         Net income for 2003 was $134.4 million, which was $1.2 million more
than for 2002. Net income per share, on a diluted basis, was $2.02, compared
with $2.01 for 2002. Solid growth in loan balances and record-high advisory
revenue were offset by the historically low market interest rate levels,
significant compression in the net interest margin, securities market declines
that occurred during much of the year, and considerably less income from the
affiliate money managers.

         The economic and financial market factors also affected net income in
2002, but the growth rate was higher because 2002 results reflected the
acquisitions of Balentine & Company and SPV Management. Net income for 2002 was
$133.2 million, which was 6.4% higher than the $125.2 million recorded for 2001.
Net income per share for 2002, on a diluted basis, was 5.8% higher than the
$1.90 reported for 2001.

         As the following table shows, the main sources of income have remained
balanced and, on a percentage basis, relatively unchanged. In 2002 noninterest
income exceeded 50% of total net interest and noninterest income for the first
time in the Corporation's history.

<TABLE>
<CAPTION>
SOURCE OF INCOME AT DECEMBER 31                2003   2002    2001
------------------------------------------------------------------
<S>                                            <C>    <C>     <C>
Advisory business income                       40.5%  40.2%   39.6%
Total noninterest income                       50.8%  50.7%   48.8%
Net interest income (after provision for loan  49.2%  49.3%   51.2%
 losses)
</TABLE>

NET INTEREST INCOME

         In each of the last two years, loan balances and earning assets have
reached record-high levels, but declines in market interest rates have precluded
a corresponding increase in net interest income. In 2001 the Federal Reserve
Board, in 11 downward moves in a 12-month period, reduced short-term rates by
475 basis points. In November 2002 another 50-basis-point reduction occurred,
which brought rates to their lowest levels in four decades. In June 2003 rates
were reduced by another 25 basis points.

         This interest rate environment caused the Corporation to reduce its
prime lending rate (the rate at which it lends to its most creditworthy
clients), on average, for the second consecutive year. As the following table
shows, the 2003 rate was 55 basis points lower than the average for 2002, which
in turn was 226 basis points lower than the average for 2001.

<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31            2003   2002   2001
------------------------------------------------------------
<S>                                       <C>    <C>    <C>
Prime lending rate,on average             4.12%  4.67%  6.93%
</TABLE>

         As a result, even though loan balances continued to rise, the pace of
growth in net interest income slowed. In 2003 the protracted duration of the low
interest rate environment resulted in the smallest increase in net interest
income in three years.

         Net interest income for 2003 was $277.1 million, which was slightly
more than the $276.5 million recorded for 2002. In comparison, 2003 loan
balances, on average, were 6.5%, or $368.7 million, higher than for 2002.

         Interest income for 2003 was $368.8 million, which was $24.0 million,
or 6.1%, less than for 2002. Interest and fees earned on loans declined by $29.9
million, or 9.0%. Interest income on federal funds sold and securities purchased
under agreements to resell was 33.3% lower. These declines were mitigated by
interest and dividends received on investments, which were $67.3 million, or
10.0%, higher than for 2002.

18

<PAGE>

                          Wilmington Trust Corporation

         Interest expense for 2003 was $91.7 million, which was $24.6 million,
or 21.2%, less than for 2002. Interest paid on deposits was $24.3 million lower,
and interest paid on short-term borrowings was $3.2 million lower. Interest
expense on long-term debt was $2.9 million higher, due to the April 2003
long-term debt issuance.

         In contrast to the 0.2% increase in 2003, net interest income for 2002
was up 6.8%, or $17.6 million from the $258.9 million recorded for 2001. Loan
balances, on average, for 2002 were 8.7%, or $456.0 million, higher than for
2001. Both interest income and interest expense were lower in 2002 than in 2001.

         In 2003 the average rate the Corporation paid on its interest-bearing
liabilities was 1.35%, which was 60 basis points lower than the 1.95% recorded
for 2002.

         In 2002 the average rate the Corporation paid on interest-bearing
liabilities was 1.95%, which was 185 basis points lower than the 3.80% average
in 2001.

NET INTEREST MARGIN

         To compute the net interest margin, the Corporation divides net
interest income on a fully tax-equivalent (FTE) basis by average total earning
assets.

         On an FTE basis, net interest income for 2003 was $281.9 million,
which was $300,000, or 0.1%, higher than the $281.6 million reported for 2002.
Total earning assets, on average, were $7.83 billion for 2003, which was $816.0
million, or 11.6%, higher than the $7.01 billion reported for 2002.

         This brought the net interest margin for 2003 to 3.60%, which was 42
basis points lower than the 2002 margin of 4.02%. The margin fell steadily
during the first nine months of 2003, from 3.75% for the first quarter to 3.45%
for the third quarter. The net interest margin stabilized and reached 3.52% for
the fourth quarter.

         The low interest rate environment, balance sheet expansion, and the
Corporation's asset sensitivity all contributed to the margin compression.
Although loan balances rose, the yields on new loans were lower than those of
older loans in the portfolio. A high volume of pay-downs and refinancings also
reduced yields. Likewise, the increases in investment portfolio balances were
offset by declining yields.

         Between 2002 and 2003, the average yield on total earning assets fell
nearly twice as much as the cost of funds used to support those assets. The
average yield on total earning assets for 2003 was 4.78%, which was 91 basis
points lower than for 2002. In comparison, the average cost of funds used to
support those assets was 1.18% for 2003, a decline of 49 basis points from 2002.

         The average yield on loan balances was 5.0%, which was 86 basis points
lower in 2003 than 2002. The average yield on total commercial loan balances was
4.66%, also an 86-basis-points decline. The average yield on retail loans was
5.58%, which was 79 basis points lower.

         Declines of 70 basis points or more in 2003 versus 2002 average yields
occurred in:

-        Investment securities balances (94 basis points),

-        C and I loan balances (81 basis points),

-        Commercial mortgage balances (103 basis points),

-        Retail installment loans (72 basis points), and

-        Loans secured with liquid collateral (73 basis points).

         The change in the securities portfolio yield reflected approximately
$250 million of proceeds from the April 2003 long-term debt issue, which were
invested at a net average spread of 1.65%.

         The magnitude of the 2003 yield declines in the loan and investment
portfolios far outpaced the corresponding adjustments to core deposit pricing.
The average rate paid on core interest-bearing deposits for 2003 reached a new
low of 0.98%, which was a decline of 50 basis points from the average rate of
1.48% for 2002.

         The FTE net interest income in 2002 of $281.6 million was a 6.1%
increase from the $265.5 million reported for 2001. Total earning assets, on
average, were $7.01 billion for 2002, which was 6.2%, or $409.0 million, higher
than the $6.61 billion reported for 2001. The net interest margin was 4.02% for
both 2002 and 2001.

         The dynamics of the 2002 versus 2001 difference between the average
yield on earning assets and the average cost of funds was much different. The
2002 versus 2001 decline in the average yield on total earning assets was 152
basis points, which was equal to the corresponding decline in the cost of funds.
The 2002 average yield on loans was 164 basis points lower than for 2001, while
the average rate paid on core interest-bearing deposits fell 120 basis points.

         For more information about net interest income and average rates,
please refer to the "Five-year analysis of earnings"table on page 36 of this
report.

NONINTEREST INCOME

         The pace of growth in noninterest income slowed in 2003. Noninterest
income totaled $264.2 million for 2003, which was $2.0 million higher than the
2002 amount of $262.2 million. In comparison, noninterest income for 2002 was
15.0%, or $34.2 million, higher than for 2001. In both years, record-high
revenue from the Wealth Advisory Services and Corporate Client Services
businesses was offset by significantly lower income from the affiliate money
managers. The decline in income from the affiliate money managers was far more
severe in 2003 than in 2002.

         Advisory fee income, which includes Wealth Advisory Services, Corporate
Client Services, and the affiliate money managers, was $210.7 million for 2003
before amortization expense, compared with $207.5 million for 2002. The 2002
level of advisory income was 12.2% higher than the $185.0 million recorded in
2001.

                                                         2003 ANNUAL REPORT   19
<PAGE>

                          Wilmington Trust Corporation

         In 2003 amortization expense rose $400,000 to $1.7 million. This was
related to the acquisitions of Balentine and SPV Management. In 2002
amortization expense was $1.3 million, which was $6.9 million less than the $8.2
million recorded for 2001. The 2002 versus 2001 decrease occurred due to the
adoption of SFAS No. 142, "Goodwill and Other Intangible Assets," which
discontinued the practice of systematically amortizing goodwill, but not other
intangible, expenses.

         In 2003 the affiliate contribution to revenue was $3.0 million, which
was $13.3 million, or 81.6%, lower than in 2002. This decline represented
approximately $0.13 per share. In comparison, the 2002 contribution from the
affiliate managers was $4.2 million less than for 2001.

         In 2003 income from service charges on deposit accounts was 8.0% higher
than for 2002, and totaled $32.3 million. In 2002 income from service charges
was $29.9 million, which was 10.0% higher than for 2001. These changes reflected
higher volumes of returned items, overdrafts, and other transactions.

         Loan fees and late charges, card fees, and other noninterest income
totaled $22.2 million in 2003, which was 7.9% lower than for 2002. The decrease
reflected the sale of the merchant credit card business, which occurred in the
fourth quarter of 2002. In 2002 these other noninterest income items totaled
$24.1 million, which was 7.1% higher than the $22.5 million reported for 2001.
This increase resulted from more favorable dispositions of leased autos and
residential mortgages. In addition, approximately $1 million in tenant revenue
was recorded in December 2002 on completion of the Corporation's purchase of the
50% of its headquarters building that it did not previously own.

         Securities gains of $0.7 million were recorded in 2003, compared with
$2.0 million of gains in 2002 and $1.5 million of gains in 2001.

WEALTH ADVISORY SERVICES

         The Wealth Advisory Services business has produced record-high sales
volumes and income in recent years, but the full extent of its growth has been
obscured by equity market levels that reduced asset valuations and their
associated fees. For much of 2003, equity markets were in their fourth
consecutive year of decline until they began to improve mid-year. It wasn't
until late in the third quarter that market-based Wealth Advisory fees began to
reflect the corresponding increases in asset valuations.

         Wealth Advisory Services income totaled $140.4 million for 2003. This
was $13.5 million, or 10.6%, higher than for 2002. Wealth Advisory income for
2002 was $126.9 million, which was $17.3 million, or 15.8%, more than the 2001
amount of $109.6 million. The 2002 versus 2001 increase included $13.8 million
from the Balentine acquisition. Balentine's revenue and expenses were
consolidated in the Corporation's financial statements beginning in January
2002.

         In the 2003 fourth quarter, the Corporation began disclosing the
sources of Wealth Advisory Services income in three categories. This disclosure
shows how much of Wealth Advisory revenue is tied to financial market activity
and how much is based on the complexity of the services provided.

         The three categories are:

-        Trust and investment advisory fees. These fees are based on the
         valuations of assets held in client portfolios. Approximately 75% of
         these fees are tied to the equity markets. The remainder is associated
         with fixed income and other assets that do not track the equity
         markets.

-        Mutual fund fees. Approximately 95% of these fees are related to money
         market funds and therefore do not reflect equity market movements.

-        Other service fees. These fees are transaction-based and bear no
         relationship to financial markets. They represent the planning and
         other services that are provided in addition to asset management as
         part of a comprehensive wealth management program. Because these fees
         reflect client demand at any given point in time, they may fluctuate
         from period to period.

         The largest percentage increase in 2003 Wealth Advisory revenue was in
other service fees, which were 33.1% higher in 2003 than in 2002. Several large
and highly complex financial, retirement, and estate plans and estate
settlements were completed during 2003.

         The following table compares changes in the components of Wealth
Advisory Services income.

<TABLE>
<CAPTION>
WEALTH ADVISORY SERVICES INCOME (in millions)   2003            2002            2001
-------------------------------------------------------------------------------------
<S>                                            <C>             <C>             <C>
Trust and investment advisory fees             $ 96.8          $ 88.8          $ 79.8
Mutual fund fees                               $ 22.3          $ 22.1          $ 19.2
Other service fees                             $ 21.3          $ 16.0          $ 10.6
-------------------------------------------------------------------------------------
Wealth Advisory Services total                 $140.4          $126.9          $109.6
</TABLE>

         Behind the revenue increases were record-high sales volumes. As
measured by annualized fees, sales totaled $18.7 million for 2003, which was
5.6% higher than 2002 sales, which were $17.7 million. The 2002 sales results
were 31.1% higher than the $13.5 million recorded in 2001. In both years, the
sales increases reflected relationships with new clients as well as additional
business from existing clients.

         Along with the planning services noted earlier, demand continued to be
strong for the open architecture investment consulting services, which were
added as a result of the Balentine acquisition. In addition, all of the
Corporation's key wealth management markets contributed to business development,
which was especially strong in Florida and Pennsylvania. Delaware continued to
account for the majority of sales, since the headquarters location serves
clients throughout the United States and in other countries.

20

<PAGE>

                          Wilmington Trust Corporation

         The following table compares changes in the percentage of sales that
were generated in the key wealth management markets and illustrates how
geographic expansion has produced new and more diversified sources of business.

<TABLE>
<CAPTION>
PERCENTAGE OF WEALTH ADVISORY SALES BY MARKET         2003         2002         2001
------------------------------------------------------------------------------------
<S>                                                   <C>          <C>          <C>
California                                              5%           7%          12%
Delaware                                               53%          59%          50%
Florida                                                10%           5%          11%
New York                                               15%          16%          19%
Pennsylvania                                           14%          11%           8%
</TABLE>

         The percentages will not necessarily add up to 100, since other smaller
sources of growth are not included in this table.

CORPORATE CLIENT SERVICES

         The Corporate Client Services business produced record-high income in
2003, due largely to increased demand for entity management services in multiple
jurisdictions. Compared to prior years, the overall pace of growth in the
Corporate Client Services business slowed due to weakness in the structured
finance industry.

         Corporate Client Services income totaled $67.3 million for 2003, which
was 4.7% higher than for 2002. In comparison, 2002 Corporate Client income of
$64.3 million was 17.1% above the 2001 amount. The 2002 versus 2001 increase
included approximately $3.6 million from the acquisition of SPV Management.
SPV's revenue and expenses were consolidated in the Corporation's financial
statements beginning in April 2002.

         The Corporate Client Services business consists of three specialized
components:

-        The capital markets component. This component provides trust and
         related services on behalf of financing structures that clients create
         in preferred jurisdictions. Such structures typically might hold
         securitized assets, such as credit card receivables or mortgage
         balances; hold leases on capital equipment such as aircraft, marine
         vessels, or rolling stock; issue trust-preferred securities; or support
         financially distressed companies that are reorganizing, or entering or
         exiting bankruptcy.

-        The entity management component. This component provides administrative
         services that enable organizations to establish legal residency, or
         nexus, in favorable jurisdictions. Examples of such services include
         processing mail, accounting, preparing statutory and tax filings,
         organizing meetings, and providing independent directors.

-        The retirement services component. This component provides trust,
         custodial, and administrative services for retirement plans as mandated
         by the U.S. Employee Retirement Income Security Act (ERISA).

         The Corporate Client Services business also produces fee income from
cash management services that may be provided in conjunction with trust or
entity management activity.

         The following table compares changes in the sources of Corporate Client
Services income.

<TABLE>
<CAPTION>
CORPORATE CLIENT SERVICES INCOME (in millions)                   2003           2002           2001
----------------------------------------------------------------------------------------------------
<S>                                                              <C>            <C>            <C>
Capital markets services                                         $31.7          $32.2          $29.5
Entity management services                                       $20.9          $17.3          $12.4
Retirement services                                              $ 9.9          $ 9.0          $ 8.5
Cash management services                                         $ 4.8          $ 5.8          $ 4.5
----------------------------------------------------------------------------------------------------
Corporate Client Services total                                  $67.3          $64.3          $54.9
</TABLE>

         Approximately 78% of Corporate Client revenue is earned on a
fee-for-service basis. Fees are priced according to the complexity of the
services provided. Fees may range from $2,000 to $200,000 annually. The services
provided may be as routine as acting as registrar or paying agent, or as
sophisticated as managing cash flows and investments for international project
financing. Most of these services are performed on a multi-year contract basis,
which generates an annuity-like stream of income. Such contracts may range from
two years to 30 years or more.

         The remainder of Corporate Client revenue is tied to asset
valuations, and relates primarily to retirement and cash management services.

         The capital markets component is the largest component of the Corporate
Client Services business. This component represented 47.1% of total Corporate
Client income in 2003, versus 50.1% in 2002 and 53.7% in 2001. Income from the
capital markets component was lower in 2003 than in 2002, due to economic
conditions that showed improvement but were not strong enough to spur the volume
of activity seen in prior years.

         Certain elements of the capital markets component are
counter-cyclical. In difficult economies, demand for services that support
financially distressed companies typically increases, and the volume of
structured finance activity slows. In more robust economies, the opposite tends
to occur.

         In 2003 demand was strong for distressed company services during the
first part of the year. In the third quarter, as the economy began to
recover, demand for these services waned. Activity in the structured finance
industry began to rebound late in the fourth quarter.

         The entity management component was the fastest-growing component in
2003. It recorded 20.8% growth and represented 31.1% of total Corporate Client
Services income for 2003, compared with 26.9% for 2002 and 22.8% for 2001.
Factors in the increase were growing demand for European-based entities and
cross-border transactions in which structures or entities are serviced in
multiple jurisdictions. The growth reflected the momentum generated by the 2002
acquisition of London-based provider SPV Management, which added important
European jurisdictions and broadened the Corporation's cross-border
capabilities. The level of

                                                   2003 ANNUAL REPORT         21

<PAGE>

                          Wilmington Trust Corporation

client interest in multi-jurisdictional services prompted expansion in the
Caribbean, and the Corporation opened a new office in George Town, Grand Cayman,
in December.

         The retirement services component produced 10.0% growth and represented
14.7% of total Corporate Client income in 2003, versus 14.0% in 2002 and 15.3%
in 2001. The growth of this component reflected the increasing popularity in the
retirement plan industry of "unbundled" plans, which are plans where the asset
management, record keeping, and trustee components are administered separately.
More plan sponsors are choosing an unbundled approach because it gives them the
flexibility to select providers who specialize in the distinctly different
roles. The Corporation specializes in providing trustee services for unbundled
plans.

         The growth also reflected industry preference for defined contribution
plans, such as 401(k) plans, over defined benefit plans. Defined contribution
plans represent the fastest-growing segment of the retirement plan industry.
According to the Society of Professional Administrators and Recordkeepers, the
percentage of retirement assets held in defined contribution plans rose 10%
between 1995 and 2002. In 2003 Wilmington Trust added 200 plans to its client
roster.

CRAMER ROSENTHAL MCGLYNN

         Fluctuations in income from value-style manager CRM in recent years
reflected the impact on assets under management of volatility in the equity
markets.

         In 2003, after falling to a low of $3.2 billion in March, CRM's assets
under management rose steadily throughout the year and totaled $4.7 billion at
December 31. This was an increase of 34.3% from year-end 2002.

         While assets under management rose, income fell. Income from CRM in
2003 was $5.3 million, which was 31.2% lower than in 2002. This occurred because
of the low level of market valuations for much of the year and because incentive
payments related to hedge fund performance declined.

         In comparison, in 2002, assets under management at CRM fell from their
2001 level, but income increased. CRM's managed assets totaled $3.5 billion at
year-end 2002, which was 23.9% lower than at year-end 2001. Income from CRM in
2002 was $7.7 million, which was 22.2% higher than in 2001. Higher incentive
payments on hedge fund performance accounted for most of the increase.

         The amount of income received from CRM is based on the Corporation's
ownership interest in the firm, which was 69.14% at year-end 2003, 63.47% at
year-end 2002, and 56.53% at year-end 2001. CRM's results are not consolidated
in the Corporation's financial statements.

ROXBURY  CAPITAL  MANAGEMENT

         Repercussions from equity market volatility, lower market
valuations, and investor reticence were extensive at growth-style manager
RCM. Income decreased due to lower valuations and the loss of business as
interest ebbed in growth-style investing. The pace of the revenue declines
exceeded RCM's ability to reduce expenses. Expenses had grown in line with the
300% rise in assets under management that the firm experienced from 1998 until
September 2000, when assets under management reached $14.2 billion.

         After recording losses for each of the first three quarters of 2003,
the situation at RCM stabilized and the firm reported break-even results for the
fourth quarter. For the 2003 full year, a loss of $2.3 million was recorded. In
comparison, RCM contributed income of $8.6 million for 2002 and $14.2 million
for 2001.

         RCM implemented significant changes in order to reverse its
losses. Expense reduction initiatives were begun in 2002 and continued in 2003.
By the end of 2003, monthly expenses and net outflows of business at RCM had
declined appreciably.

         At the same time it reduced expenses, RCM took steps to generate
additional income. The firm launched a new small-capitalization product in June
2002, which by the end of 2003 had attracted more than $200 million in new
assets.

         Assets under management at RCM were lower for 2003 than for 2002. At
December 31, 2003, RCM had $3.2 billion in managed assets, which was 13.5% lower
than the year-end 2002 amount of $3.7 billion. That amount, in turn, was 51.9%
lower than at December 31, 2001, when assets under management totaled $7.7
billion.

         The magnitude of the decline in managed assets between year-end 2001
and year-end 2002 manifested itself in substantially lower income. RCM
contributed income in the first three quarters of 2002 but recorded a loss for
the fourth quarter. For the full-year 2002, RCM's contribution was $8.6 million
in income. This was a decrease of 39.4% from the $14.2 million in income
recorded for 2001.

         The results reported for RCM reflect the Corporation's ownership
position in the firm. At year-end 2003, the Corporation held a 41.23% interest
in RCM's common shares and a 30% preferred interest in RCM's gross revenue. At
year-end 2002, these amounts were 40.91% and 30%, respectively. At year-end
2001, they were 40.25% and 30%, respectively.

ASSETS UNDER MANAGEMENT

         The following table compares changes in assets under management at
Wilmington Trust and the two affiliate money managers.

<TABLE>
<CAPTION>
ASSETS UNDER MANAGEMENT AT YEAR-END (in billions)                2003           2002           2001
----------------------------------------------------------------------------------------------------
<S>                                                              <C>            <C>            <C>
Wilmington Trust                                                 $24.4          $21.0          $23.8
Cramer Rosenthal McGlynn                                         $ 4.7          $ 3.5          $ 4.6
Roxbury Capital Management                                       $ 3.2          $ 3.7          $ 7.7
----------------------------------------------------------------------------------------------------
Total                                                            $32.3          $28.2          $36.1
</TABLE>

22

<PAGE>

                          Wilmington Trust Corporation

         Wilmington Trust's managed assets are invested in a mix of instruments
that reflects the primary considerations of Wealth Advisory Services clients,
who count wealth preservation, tax savings, and income generation among their
chief concerns. Approximately 80% of Wilmington Trust's managed assets pertain
to Wealth Advisory Services relationships. The following table compares changes
in the investment mix in Wilmington Trust's managed assets, excluding affiliate
managers.

<TABLE>
<CAPTION>
WILMINGTON TRUST ASSET MIX AT YEAR-END                2003         2002         2001
-----------------------------------------------------------------------------------
<S>                                                   <C>          <C>          <C>
Equities                                               55%          56%          62%
Fixed income                                           25%          26%          21%
Cash and equivalents                                    9%          10%          10%
Mutual funds                                            7%           5%           4%
Miscellaneous assets                                    4%           3%           3%
</TABLE>

NONINTEREST EXPENSE

         Noninterest expense reflects the costs that the Corporation incurs in
the course of normal operations. It includes expenses associated with
employment, occupancy, supplies, advertising, third-party providers, and other
items.

         In 2003 it was apparent by the end of the first quarter that economic
conditions would likely prevent the Corporation from achieving its budgeted
revenue goals. In response, management increased its emphasis on expense
management and instituted several major cost-cutting initiatives. The
company-wide profit sharing plan was eliminated, discretionary expenses were
reduced wherever possible, and several renovation and technology-related
projects were delayed.

         As a result, noninterest expense for 2003 totaled $312.0 million. This
was $2.1 million, or 0.7%, more than for 2002. The ability to limit expense
growth to this extent was especially noteworthy considering 2003 expenses
reflected:

-        12 months of expenses associated with the acquisition of SPV
         Management, while 2002 expenses reflected only nine months of expenses
         from SPV, which was acquired in April 2002.

-        Office expansion in Los Angeles, Las Vegas, Stuart, Florida, and Grand
         Cayman, and renovations to two branch offices in Delaware.

-        Higher incentive payments in line with the record-high sales levels.

         The cost-cutting initiative that had the most impact on limiting
expense growth was cancellation of the company-wide profit sharing plan, which
reduced expenses by approximately $10.2 million and caused a 3.5% decline in
total incentive and bonus expense. The decision to end the plan was a difficult
one, but management elected to reduce compensation rather than eliminate jobs.
Although the profit-sharing plan no longer exists, incentive-based compensation
continues to be a key component of total compensation, and more than 20
incentive plans remain in place throughout the Company.

         Other expense control initiatives were evident in furniture, equipment,
and supplies; advertising; and travel and entertainment. The decline in
furniture, equipment, and supplies occurred because depreciation expense
associated with the desktop operating system was lower, and several technology
projects were postponed. The advertising and travel reductions reflected ongoing
restraint in discretionary spending.

         Salary and wage expense for 2003 totaled $124.1 million, which was $4.6
million, or 3.8%, higher than the 2002 amount of $119.5 million. Approximately
13.0% of the increase was associated with SPV Management salary expense, as 2003
marked the first full year that these expenses were recorded. The remainder of
the increase was due to merit raises.

         Employment benefits expense for 2003 was $35.6 million, which was $3.0
million, or 9.2%, more than for 2002. The increase was due to higher health
insurance and pension costs. Pension costs were higher by $5.3 million, or
32.5%, in 2003 than in 2002. This rise reflected changes in actuarial
assumptions that were prompted by declining interest rates and the performance
of financial markets. For 2003, the Corporation lowered its discount rate from
7.25% to 6.75%, and reduced the assumption on returns from 9.5% to 8.5%.

         Servicing and consulting fees rose 20.7% in 2003 to $16.3 million. This
increase reflected demand for the open-architecture investment process, which
resulted in additional payments to the third party investment advisors.

         Originating and processing expense rose 6.8% to $7.8 million, due
primarily to higher costs associated with wholesale lockbox services, which were
outsourced in May 2003.

         In 2002 noninterest expense totaled $309.9 million, which was $33.0
million, or 11.9%, more than the $276.9 million recorded for 2001. Approximately
$15.6 million, or 47%, of the increase was due to the Balentine and SPV
Management acquisitions. Absent these acquisitions, 2002 noninterest expense was
$294.3 million, which was 6.3% higher than for 2001.

         Expenses associated with staff employment, which include salaries and
wages, incentives and bonuses, and employment benefits, rose in 2002 by $15.6
million, or 9.4%, from their 2001 level. Approximately $8.1 million, or 52%, of
this increase was related to the acquisitions. Absent the acquisitions, the
increase was $7.5 million, or 4.6%.

         Net occupancy expense for 2002 was $20.4 million, which was 21.4%
higher than for 2001. Approximately 27% of this increase was
acquisition-related. The opening of new offices in Atlanta, Baltimore, and Palm
Beach during 2002 also contributed to the increase.

         Furniture and equipment expenses for 2002 were 11%, or $2.5 million,
higher than for 2001. Approximately 20% of this increase was
acquisition-related. The remainder was due to higher depreciation and
maintenance costs on furnishings and data processing equipment.

                                                   2003 ANNUAL REPORT         23

<PAGE>

                          Wilmington Trust Corporation

         Servicing and consulting expense was 48.4%, or $4.4 million, higher
than for 2001. Payments to third party investment advisors who are utilized in
the open-architecture investment counseling service accounted for approximately
44%, or $1.9 million, of this increase.

         Other noninterest expense in 2002 was $37.4 million, which was 15.1%
higher than for 2001. Approximately $1.8 million, or 34%, of this increase was
acquisition-related and included fees paid by SPV Management to directors it
provides on behalf of clients. Legal fees rose 85%, or $2.8 million.
Approximately $1.8 million of this amount reflected the settlement of litigation
that had been pending since 1996 regarding an aircraft-leasing transaction for
which the Corporation served as trustee. In addition, other noninterest expense
included $1.2 million for the write-down of the Corporation's investment in
Clemente Capital, Inc.

HEADCOUNT

         At year-end 2003 full-time equivalent headcount was 2,307. This was 54
fewer than at year-end 2002. The decrease occurred through normal attrition.

         At year-end 2002 full-time equivalent headcount was 2,361, which was 45
more than at year-end 2001. The Balentine and SPV acquisitions added 63 staff
members. Absent these additions, full-time equivalent fell by 18 during 2002.

INCOME TAXES

         In 2003 income tax expense totaled $72.2 million, which was 1.1% less
than for 2002. The decrease occurred because pre-tax income and revenue from the
affiliate money managers were lower, which reduced state income taxes.

         Federal income tax expense for 2003 was $67.4 million, which was
slightly higher than the $66.9 million recorded for 2002. State income tax
expense for 2003 was $4.6 million, which was 20.0% lower than the $6.0 million
recorded in 2002.

         In comparison, income taxes were higher for 2002 than for 2001, because
acquisitions and office expansion subjected the Corporation to additional local
and state taxing authorities and to rates that were higher than Delaware's.
Income tax expense for 2002 was $73.0 million, which was 10.6% higher than for
2001. Pay-downs, redemptions, and maturities of tax-exempt securities and loans
also contributed to the increase.

         Federal income tax expense for 2002 was $66.9 million, which was 8.9%
more than for 2001. State income tax expense was $6.0 million, which was 30.4%
higher than for 2001.

         The Corporation's effective tax rate was 34.8% for 2003, compared with
35.3% for 2002 and 34.7% for 2001.

ASSET QUALITY, LOAN LOSS RESERVE, AND LOAN LOSS PROVISION

         The Corporation seeks to maintain stable credit quality by using an
approach to lending that is based on adherence to strict underwriting
standards. Before extending credit, the Corporation undertakes a comprehensive
review of the financial condition of the individuals and companies to which it
lends. One of the key determinants in the decision to extend credit is the
nature and extent of the client relationship.

         The Corporation rarely makes loans outside of the Regional Banking
business's Delaware Valley footprint. Furthermore, within that region, the
Corporation's commercial lending business is focused specifically on
family-owned and privately held businesses with annual sales of up to $250
million.

         By concentrating the Corporation's lending activities on specific
markets in defined geographic areas that are in and adjacent to its home state
of Delaware, management remains cognizant of the economic and other external
factors that may affect credit quality. Changes in the regional economy or other
external factors could impair the ability of some borrowers to repay their
loans. Such an environment would cause management to anticipate increases in
nonperforming assets, credit losses, and the provision for loan losses.

         To minimize the impact of changing economic conditions, management
endeavors to maintain a loan portfolio that is well diversified across
commercial and consumer lines and industry sectors. Management continually
monitors the entire loan portfolio to identify potential problem loans and to
avoid disproportionately high concentrations of loans to any one borrower or
industry sector. Integral parts of this process include a regular analysis of
all past-due loans, and the identification of loans that management doubts will
be repaid on a timely basis.

         In addition, the Corporation conducts internal risk rating analyses of
the loan portfolio on a quarterly basis. The rating system has four
classifications:

-        Pass, which identifies loans with no current potential problems;

-        Watchlisted, which identifies potential problem credits;

-        Substandard, which identifies problem credits with some probability of
         loss; and

-        Doubtful, which identifies problem credits with a higher probability of
         loss.

         The definitions of problem and potential problem credits are consistent
with the classifications used by regulatory agencies.

         According to the internal risk rating classification, more than 95% of
the portfolio has been rated pass every year since 2000. More than 92% of the
loans have been rated pass every year since 1998.

24

<PAGE>

                          Wilmington Trust Corporation

         The Corporation maintains a reserve for loan losses that reflects
management's best estimate of known and inherent estimated losses that is based
on subjective judgments regarding the collectibility of loans within the
portfolio. In calculating the reserve, the Corporation evaluates micro-and
macro-economic factors, historical net loss experience, delinquency trends, and
movements within the internal risk rating classifications, among other things.
To accommodate growth in loan balances, a portion of the reserve is allocated to
new loans within the parameters of the reserve methodology.

         Management reassesses the reserve on a quarterly basis, as part of the
regular application of the reserve methodology. The process that is used to
calculate the reserve has provided a high degree of reserve adequacy over an
extended period of time, and the Corporation believes that it is sound. For more
information about the loan loss reserve policy, please refer to the "Reserve for
loan losses" section in Note 1 to the Consolidated Financial Statements on page
50.

         In management's opinion, the most meaningful indicator of credit
quality is the net charge-off ratio. Net charge-offs have been below 50 basis
points every year since 1990. Other credit quality indicators utilized by
management include the ratio of the period-end reserve for loan losses to
loans, the ratio of period-end nonperforming assets to loans, and the ratio of
period-end loans past due 90 days or more to total loans.

         Over the past three years:

-        Credit quality has remained stable,

-        The portfolio has remained well diversified across commercial and
         consumer lines,

-        The internal risk rating analysis has rated more than 95% of loans
         outstanding as pass, and

-        The net charge-off ratio has remained low.

         The following table illustrates the diversification of the loan
portfolio.

<TABLE>
<CAPTION>
LOAN PORTFOLIO COMPOSITION AT DECEMBER 31                       2003         2002         2001
-----------------------------------------------------------------------------------------------
<S>                                                             <C>          <C>          <C>
Commercial permanent mortgage                                    10%          10%          12%
Commercial real estate development                               13%          13%          12%
Commercial real estate interim projects                           2%           2%           2%
Commercial business                                              40%          42%          37%
Consumer personal                                                22%          17%          17%
Consumer residential mortgage fixed rate                          6%           8%          10%
Consumer residential mortgage floating rate                       2%           3%           5%
Home equity                                                       4%           3%           3%
Credit cards                                                      1%           1%           1%
Leases                                                           --%           1%           1%
(Year-end balances)
</TABLE>

         The following table compares changes in the internal risk rating
analysis.

<TABLE>
<CAPTION>
RISK RATINGS AT DECEMBER 31                 2003             2002            2001
---------------------------------------------------------------------------------
<S>                                         <C>             <C>             <C>
Pass                                        95.83%          95.65%          95.12%
Watchlisted                                  2.58%           2.57%           2.60%
Substandard                                  1.27%           1.53%           2.10%
Doubtful                                     0.32%           0.25%           0.18%
</TABLE>

         The 2003 increase in the percentage of loans rated doubtful was due
mainly to one commercial loan that was moved to non-accruing status at the end
of the 2003 first quarter.

         The 2003 net charge-off ratio of 27 basis points was the lowest the
ratio has been since 1994. The following table shows changes in net charge-offs.

<TABLE>
<CAPTION>
NET CHARGE-OFFS FOR THE YEAR        2003                  2002                2001
--------------------------------------------------------------------------------------
<S>                            <C>                  <C>                <C>
Net charge-off ratio           27 basis points      31 basis points    30 basis points
Net charge-offs                $16.9 million        $17.6 million      $15.8 million
</TABLE>

         The increase in net charge-offs in 2002 compared to 2001 was due
primarily to a single relationship with a client in the biomedical industry.

         Changes in the provision and reserve for loan losses reflected the
growth in loan balances. For 2003 the provision was slightly lower, while the
reserve was $4.7 million higher and the reserve ratio was 3 basis points
higher, than for 2002. In 2002, the provision and reserve were increased, but
the ratio was 6 basis points lower. The following table compares changes in the
provision and reserve for loan losses:

<TABLE>
<CAPTION>
PROVISION AND RESERVE AT YEAR END                       2003              2002            2001
-----------------------------------------------------------------------------------------------
<S>                                                    <C>              <C>              <C>
Provision for loan losses (in millions)                $ 21.6           $ 22.0           $ 19.9
Reserve for loan losses (in millions)                  $ 89.9           $ 85.2           $ 80.8
Reserve ratio                                            1.44%            1.41%            1.47%
</TABLE>

         At year-end 2003 loans past due 90 days or more totaled $5.6
million, which was a decrease of $6.9 million, or 55.2%, from 2002. The ratio of
period-end loans past due 90 days or more to total loans was 9 basis
points, compared with 21 basis points for 2002.

         At year-end 2002 loans past due 90 days or more were $12.5
million, which was $1.0 million less than at year-end 2001. The ratio of
period-end loans past due 90 days or more to total loans was 25 basis points for
2001.

         Approximately 39% of the 2003 year-end loans past due 90 days or more
were in the commercial loan portfolio; 37% were in the residential mortgage
portfolio; and 24% were consumer loans. At year-end 2002 the corresponding
ratios were 64%, 22%, and 14%, respectively. At year-end 2001 the corresponding
ratios were 68%, 23%, and 9%, respectively.

                                                   2003 ANNUAL REPORT         25

<PAGE>

                          Wilmington Trust Corporation

         In 2003 there was a substantial decrease from 2002 in the percentage
of year-end loans past due 90 days or more that were in the commercial
portfolio. This occurred as loans were moved to nonaccruing status or other
real estate owned (OREO), or charged off.

         At year-end 2003 nonperforming assets totaled $46.8 million, which was
2.9% higher than at year-end 2002. The year-end 2003 ratio of nonperforming
assets was 0.75%, which was 1 basis point lower that at year-end 2002.

         Nonaccruing loans accounted for 97.0% of nonperforming assets at
year-end 2003, and totaled $45.4 million. This was 7.1% higher than at
year-end 2002. Most of the increase was associated with a $20 million credit
relationship with a client in the specialty restaurant and entertainment
business. This credit was moved to nonaccruing status at the end of the 2003
first quarter, and it accounted for the majority of the increase in loans rated
"doubtful" in the internal risk rating analysis. During the 2003 third quarter,
this client made a payment on this loan of approximately $10 million.

         OREO decreased substantially in 2003. This was due primarily to the
successful work-out of a residential construction project at a beach resort in
Maryland that was classified as OREO in December 2002.

         At year-end 2002 nonperforming assets totaled $45.5 million, compared
with $38.4 million at year-end 2001. The year-end 2002 ratio of nonperforming
assets was 0.76%, compared with 0.70% at year-end 2001. Nonaccruing loans
accounted for 93.2% of nonperforming assets for 2002. At year-end 2002,
nonaccruing loans totaled $42.4 million and were 11.6% higher than at year-
end 2001. Nearly all of this increase was associated with a single relationship
with a commercial client in the educational services industry. The same project
that accounted for the decrease in OREO in 2003 was the reason for the increase
in OREO in 2002 versus 2001.

         The following table provides a comparison of the risk elements in the
Corporation's loan portfolio:

<TABLE>
<CAPTION>
NONPERFORMING ASSETS AT DECEMBER 31 (in millions)       2003             2002             2001
-----------------------------------------------------------------------------------------------
<S>                                                    <C>              <C>              <C>
Nonaccruing loans                                      $ 45.4           $ 42.4           $ 38.0
Past due 90 days or more                               $  5.6           $ 12.5           $ 13.5
-----------------------------------------------------------------------------------------------
Total                                                  $ 51.0           $ 54.9           $ 51.5
Percentage of period-end loans                           0.82%            0.91%            0.94%
Other real estate owned                                $  1.4           $  3.1           $  0.4
</TABLE>

         No loans were classified as restructured in 2003 or 2002. In 2001 loans
totaling $375,000 were classified as restructured.

        At December 31, 2003, management identified approximately $28.5 million
of loans that it doubted would be repaid on a timely basis, even though these
loans were performing in accordance with their terms or were less than 90 days
past due. This compares with $36.2 million of loans about which management had
similar doubts at December 31, 2002, and $60.6 million at December 31, 2001.

         At year-end 2003, in light of the levels of past due, nonaccruing, and
problem loans, management believed that the reserve for loan losses was a
reasonable assessment of estimated and inherent losses in the loan portfolio. At
December 31, 2003, approximately $6.1 million, or 6.8%, of the reserve for
loan losses was unallocated. In comparison, approximately $6.1 million, or
7.0%, of the reserve was unallocated at year-end 2002. At year-end 2001,
approximately $6.3 million, or 8.0%, of the reserve was unallocated. For more
information about the loan loss reserve, please refer to Note 5 to the
Consolidated Financial Statements on page 54 of this report.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         As a financial institution, the Corporation's primary market risk lies
in its exposure to interest rate volatility. Fluctuations in interest rates
impact net interest income, which is an important determinant of the
Corporation's financial performance. Through management of its interest rate
risk, the Corporation seeks to maximize the growth of net interest income on a
consistent basis by minimizing the effects of fluctuations associated with
changing market interest rates.

         The Corporation employs simulation models to assess interest rate
exposure and the effect of variations in interest rates on net interest
income. The models evaluate numerous factors, including:

-        the composition of assets, liabilities, and off-balance sheet
         instruments;

-        their respective repricing and maturity characteristics;

-        the level of market interest rates;and

-        other external factors.

         The simulations compare multiple interest rate scenarios against a
stable interest rate environment. As a general rule, the model employs scenarios
in which rates gradually move up or down 250 basis points over a period of one
year. The Corporation's objective is to keep market interest rate changes from
reducing net interest income by 10% or more within a one-year period.

         Because interest rates were at historic lows in 2003, the declining
rate scenario in the simulation model gradually moved down only 100 basis
points, until the federal funds rate equaled zero. This prevented the creation
of negative interest rates within the model. The rising rate scenario remained
able to accommodate a 250-basis-point upside move.

         At year-end 2003, the model projected that, if interest rates were to
experience a gradual decline of 100 basis points, net interest income would
decrease 5.33% over a one-year period. Conversely, the model projected that a
gradual 250-basis-point increase in market interest rates would cause net
interest income to rise 6.14% over a one-year period.

26

<PAGE>

                          Wilmington Trust Corporation

         For 2002 the declining rate scenario moved down only 125 basis
points. The rising rate scenario remained at 250 basis points. At year-end 2002,
the model projected that a 125-basis-point decline would cause a decrease in net
interest income of approximately 7.17%. The model projected that a gradual
250-basis-point increase would cause net interest income to rise 8.53%.

         For 2001 the declining rate scenario moved down only 175 basis points.
At December 31, 2001, the model projected that such a decline would result in a
decrease in net interest income of 5.1%. A gradual rise of 250 basis points
would result in an increase in net interest income of 2.7%.

         The three preceding paragraphs contain certain forward-looking
statements regarding the anticipated effects on the Corporation's net interest
income resulting from hypothetical changes in market interest rates. The
assumptions the Corporation uses regarding the effects of changes in interest
rates on the adjustment of retail deposit rates and the prepayment of
residential mortgages, asset-backed securities, and collateralized mortgage
obligations play a significant role in the results the simulation model
projects. Rate and prepayment assumptions used in the Corporation's simulation
model differ for both assets and liabilities in rising, as compared to
declining, interest rate environments. Nevertheless, these assumptions are
inherently uncertain and, as a result, the simulation model cannot predict
precisely the impact of changes in interest rates on net interest income.
Management reviews the exposure to interest rate risk regularly, and may employ
a variety of strategies as needed to adjust its sensitivity. This includes
changing the relative proportions of fixed-rate and floating-rate assets and
liabilities; changing the number and maturity of funding sources; securitizing
assets; and utilizing such derivative contracts as interest rate swaps and
interest rate floors.

LIQUIDITY

         The Corporation manages its liquidity to ensure that its cash flows are
sufficient to support its operating, investing, and financing activities. The
Corporation manages its liquidity to meet increases in demand for loans or other
assets, and decreases in deposits or other funding sources. Liquidity is
affected by the proportion of funding that is provided by core deposits and
stockholders' equity.

         The Corporation's sources of funding include deposit balances, cash
that is generated by the investment and loan portfolios, short-term and
long-term borrowings, internally generated capital, and other credit facilities.

         Among the Corporation's available sources of funds is the Federal Home
Loan Bank of Pittsburgh, of which Wilmington Trust Company is a member. The
Company has $1 billion in available borrowing capacity secured by collateral. In
addition, at December 31, 2003, the Corporation had $67 million in available
borrowing capacity through two lines of credit it maintains with major U.S.
financial institutions.

         In 2003 the primary source of funding for the $368.7 million increase
in loan balances was core deposit balances, which rose $375.1 million. The
proportion of funding provided by core deposits in 2003 was 53.0%, compared with
54.0% in 2002 and 54.2% in 2001. The 2003 proportion of funding from core
deposits and stockholders' equity was 62.1%, compared with 63.1% in 2002 and
63.3% in 2001.

         Another source of funding in 2003 was the issue of $250 million in
subordinated long-term debt. The debt was issued for general corporate purposes.
Proceeds initially were invested in mortgage-backed securities.

         At December 31, 2003, the investment portfolio balance was $1.9
billion. The portfolio is expected to generate approximately $0.6 billion in
cash during 2004.

         The Corporation is a guarantor for a portion of two line-of-credit
obligations of affiliate money manager CRM. The Corporation's guaranty portion
is representative of its ownership interest in CRM. For more information about
this guaranty, please refer to Note 14 of the Consolidated Financial Statements,
"Related party transactions," on page 60 of this report.

         Management continuously monitors the Corporation's existing and
projected liquidity requirements, and believes that its standing in the national
markets will enable it to obtain additional funding in a timely and
cost-effective manner, should the need arise. For more information about
liquidity, please refer to the "Consolidated Statements of Cash Flows," which
begin on page 46 of this report.

CAPITAL POSITION

         The Corporation manages its capital to enhance shareholder value and
enable management to act opportunistically in a dynamic marketplace. Management
reviews the Corporation's capital position and makes adjustments as needed to
assure that the capital base is sufficient to satisfy existing and impending
regulatory requirements, to meet appropriate standards of safety, and to provide
for future growth.

         The Corporation is subject to Federal Reserve Board guidelines that
establish minimum levels of capital for bank holding companies to be considered
adequately capitalized or well capitalized. The guidelines are intended to
reflect the varying degrees of risk associated with different on- and
off-balance sheet items.

         Management continually reviews the Corporation's on- and off-balance
sheet items and calculates its capital position under these risk-based capital
guidelines.

                                                          2003 ANNUAL REPORT 27

<PAGE>

                          Wilmington Trust Corporation

         The Corporation's capital ratios have exceeded the minimum levels to be
considered a well-capitalized institution every year since 1984, when the
minimums initially were set. The following table compares the Corporation's
ratios to the guidelines.

<TABLE>
<CAPTION>
                                                                                   Adequately        Well-
                                                                                  capitalized     capitalized
CAPITAL RATIOS AT YEAR-END          2003           2002            2001             minimum         minimum
-------------------------------------------------------------------------------------------------------------
<S>                                <C>             <C>             <C>            <C>             <C>
Total risk-based capital           12.45%          10.15%          11.16%              8%             10%
Tier 1 risk-based capital           7.46%           7.03%           7.78%              4%              6%
Tier 1 leverage capital             6.34%           6.08%           6.49%              4%              5%
</TABLE>

         The improvement in the total risk-based capital ratio between 2002 and
2003 was due in large part to the Corporation's issuance in April 2003 of $250
million of 10-year 4.875% subordinated notes. The proceeds of this issue were
invested primarily in mortgage-backed securities.

         For more information about the Corporation's risk-based capital, please
refer to Note 13 to the Consolidated Financial Statements, "Capital
Requirements," on page 59 of this report.

         The Corporation's dividend history demonstrates its sustained capital
strength. The Corporation has paid cash dividends on its common stock every year
since 1908, paid quarterly cash dividends every year since 1916, and increased
the dividend every year since 1982.

         In 2003 the Board of Directors continued to allocate capital to the
cash dividend, which was increased for the 22nd consecutive year. Share buyback
activity was minimal, as the Corporation moved to replenish capital levels that
were reduced in connection with the Balentine and SPV acquisitions and other
investments.

         Stockholders' equity rose from $741.3 million at December 31, 2002, to
$800.8 million at December 31, 2003, or 8.0%, primarily due to earnings. The
additions to capital during 2003 consisted of:

-        $64.2 million, which reflected earnings of $134.4 million net of $70.2
         million in cash dividends;

-        $11.3 million from the issue of common stock under employment benefit
         plans; and

-        $0.2 million in foreign currency exchange adjustments.

         These additions were offset by $16.2 million in reductions, which
consisted of:

-        $10.0 million in unrealized losses on securities, net of income taxes;

-        $4.5 million for the minimum pension liability adjustment, net of
         income taxes;

-        $1.1 million for the repurchase of shares; and

-        a $0.6 million reclassification adjustment for derivative and
         securities gains included in net income, net of income taxes.

         For more information about stockholders' equity, please refer to the
"Consolidated Statement of Changes in Stockholders' Equity" on page 44 of this
report.

         Although stockholders' equity rose, the capital generation rate fell to
8.7% for 2003 from 9.8% for 2002, because cash dividend payments were higher in
2003 than they were in 2002.

         On April 17, 2003, the Corporation's Board of Directors increased the
quarterly dividend 5.9%, from $0.255 per share to $0.27 per share. This marked
the 22nd consecutive year of increases. Dividends paid for 2003 were $1.065 per
share, and dividend payments totaled $70.2 million, which was 6.4% higher than
the $66.0 million paid in 2002. The dividend payout ratio for 2003 was
52.2%, compared to 49.5% for 2002.

         The Corporation repurchased 35,635 of its shares during 2003 at a total
cost of $1.1 million and at an average cost per share of $31.24. This increased
the total number of shares repurchased under the current 8-million-share
program, which was authorized in April 2002, to 84,369, at a cost of $2.5
million.

         At December 31, 2002, the Corporation's stockholders' equity was 8.6%
higher than the year-end 2001 amount of $682.5 million. The additions to
stockholders' equity during 2002 consisted of:

-        $67.2 million, which reflected earnings of $133.2 million net of $66.0
         million in cash dividends,

-        $2.2 million from increases in the market value of available-for-sale
         investments,

-        $12.5 million from the issue of common stock under employment benefit
         plans,

-        $8.9 million from the acquisition of Balentine & Company, and

-        $0.4 million in foreign currency translation adjustments and net
         unrealized securities gains on derivatives held as cash flow hedges.

         These additions were offset by reductions of $32.5 million, which
consisted of:

-        $18.7 million for share repurchases, and

-        $13.8 million for the recording of an after-tax minimum pension
         liability.

         The 2002 capital generation rate of 9.8% was lower than the 2001 rate
of 10.8%.

         On April 18, 2002, the Corporation's Board of Directors announced the
21st consecutive increase in the cash dividend, a two-for-one stock split that
took the form of a 100% stock dividend, and a new 8-million-share stock
repurchase plan.

         The quarterly dividend rose 6.25% in 2002, from $0.24 per share to
$0.255 per share. Dividends paid for 2002 were $1.005 per share, and dividend
payments totaled $66.0 million, which was 7.3% higher than the $61.5 million
paid in 2001. The dividend payout ratio for 2002 was 50.0%, compared to 49.7%
for 2001.

         In 2002 the Corporation repurchased 600,360 (383,199 on a pre-split
basis) of its shares, at a total cost of $18.7 million and an average cost per
share of $31.18. Of the shares purchased in 2002, 551,626 (334,465 on a
pre-split basis) shares completed the 8-million-share (split-adjusted) program
that was authorized in April 1996. The other 48,734 shares were bought under the
new program authorized in April 2002.

28

<PAGE>

                          Wilmington Trust Corporation

OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL OBLIGATIONS

         In its day-to-day operations, the Corporation employs various financial
instruments that generally accepted accounting principles deem to be off-balance
sheet arrangements. Under regulatory guidelines, these instruments are
considered for the purpose of calculating risk-based capital ratios, but they do
not appear on the Corporation's balance sheet.

         These instruments include stand-by and performance letters of credit,
unfunded loan commitments, unadvanced lines of credit, and interest rate swaps.
The interest rate swaps permit clients to convert floating-rate loan payments
into fixed-rate loan payments without exposing the Corporation to interest rate
risk. In these arrangements, the Corporation retains the credit risk associated
with the potential failure of counter-parties.

         At December 31, 2003, the liquidity exposure of the Corporation that
was associated with letters of credit, unfunded loan commitments, and unadvanced
lines of credit was $3.25 billion.

         At year-end 2003 the Corporation had entered into $573.9 million of
interest rate swaps on behalf of loan clients. The Corporation had entered into
an additional $375.0 million of interest rate swap contracts with other
financial institutions as part of its efforts to manage interest rate risk.
These contracts were associated with the Corporation's issues of subordinated
debt.

         The Corporation has two outstanding loans that total $35.5 million from
the Federal Home Loan Bank of Pittsburgh. These funds were used to construct
Wilmington Trust Plaza, the Corporation's operations center in Wilmington,
Delaware, which was completed in 1998.

         Many of the Corporation's branch offices in Delaware, and all of its
offices outside the state of Delaware, are leased. Lease commitments, net of
sub-lease arrangements, for these locations totaled $38.1 million at year-end
2003.

         At December 31, 2003, the Corporation was the guarantor of two
obligations of affiliate manager CRM. The guaranty is for 69.14%, which
represents the Corporation's ownership interest in CRM, of two lines of credit
totaling $8 million, which will expire on December 6, 2004.

         The following table summarizes the obligations referenced above and the
periods over which they extend.

<TABLE>
<CAPTION>
                                                      Less                                            More
CONTRACTUAL OBLIGATION PAYMENTS                       than             1-3            3-5             than
DUE BY PERIOD (in millions)          Total           1 year           years           years          5 years
------------------------------------------------------------------------------------------------------------
<S>                                  <C>             <C>             <C>             <C>             <C>
Long-term debt obligations           $578.0          $ 22.8          $ 75.8          $198.9          $280.5
Operating lease obligations          $ 38.1          $  6.1          $ 16.1          $ 10.8          $  5.1
Guaranty obligations                 $  8.0          $  8.0          $   --          $   --          $   --
------------------------------------------------------------------------------------------------------------
Total                                $624.1          $ 36.9          $ 91.9          $209.7          $285.6
</TABLE>

         The long-term debt obligations in the table above refer to the
Corporation's two outstanding subordinated long-term debt issues and its Federal
Home Loan Bank advances. The first debt issue, in the amount of $125 million,
was issued in 1998, is due in 2008, and was used in the acquisitions of
affiliate money managers CRM and RCM. The second, in the amount of $250 million,
was issued in 2003, is due in 2013, and was for general liquidity purposes. All
of these debt issues are included in the "Long-term debt" line of the
Corporation's balance sheet.

         In addition, subject to certain restrictions, principal members of
Balentine, CRM, and RCM may put their interests in their respective firms to the
Corporation. For more information on these arrangements, please refer to Note 1
to the Consolidated Financial Statements on page 48 of this report.

MARKET PRICE OF COMMON STOCK AND DIVIDENDS PAID PER SHARE

         The Corporation's common stock has been traded on the New York Stock
Exchange under the symbol "WL" since January 12, 1999. Prior to that, the
Corporation's common stock was traded on the NASDAQ Stock Market(R) under the
symbol "WILM."

         At December 31, 2003, there were 66,063,332 shares outstanding and
there were 8,666 registered shareholders. The number of registered owners does
not include those investors whose shares were held for them by a bank or broker
at that date.

    The following table summarizes the price ranges of the Corporation's common
stock, its quarterly dividends, and the dividend payout ratio:

<TABLE>
<CAPTION>
                           2003                                     2002                                    2001
-----------------------------------------------------------------------------------------------------------------------------------
Quarter         High        Low       Dividend        High          Low            Dividend     High         Low            Dividend
-----------------------------------------------------------------------------------------------------------------------------------
<S>            <C>        <C>         <C>            <C>          <C>              <C>         <C>         <C>              <C>
First          $ 33.61    $ 26.00     $ 0.255        $ 34.63      $ 30.85          $ 0.240     $ 27.72     $ 26.67          $ 0.225
Second         $ 30.55    $ 26.50     $  0.27        $ 34.53      $ 29.75          $ 0.255     $ 33.18     $ 28.10          $ 0.240
Third          $ 32.78    $ 29.03     $  0.27        $ 32.17      $ 25.05          $ 0.255     $ 33.50     $ 25.10          $ 0.240
Fourth         $ 36.47    $ 30.80     $  0.27        $ 33.09      $ 25.20          $ 0.255     $ 31.73     $ 25.50          $ 0.240
-----------------------------------------------------------------------------------------------------------------------------------
Total                                 $ 1.065                                      $ 1.005                                  $ 0.945
Payout ratio                             52.2%                                        49.5%                                    49.2%
(Split-adjusted for periods prior to June 17, 2002)
</TABLE>

                                                          2003 ANNUAL REPORT 29
<PAGE>

                          Wilmington Trust Corporation

INFLATION

         The Corporation's asset and liability structure is substantially
different from that of an industrial company, since virtually all of the assets
and liabilities of a financial institution are monetary in nature. Accordingly,
changes in interest rates may have a significant impact on a bank holding
company's performance. Interest rates do not necessarily move in the same
direction or at the same magnitude as the prices of goods and services. The
impact, therefore, of inflation on a bank holding company's financial
performance is indeterminable.

CONTROLS AND PROCEDURES

         The Chairman of the Board and Chief Executive Officer of the
Corporation and its Chief Financial Officer conducted an evaluation of the
effectiveness of the Corporation's disclosure controls and procedures as of the
end of the period covered by this report, pursuant to Securities Exchange Act
Rule 13a-14. Based on that evaluation, the Chairman of the Board and Chief
Executive Officer and the Chief Financial Officer concluded that the
Corporation's disclosure controls and procedures are effective in alerting them
on a timely basis to material information about the Corporation (including its
consolidated subsidiaries) required to be included in the periodic filings it
makes with the Securities and Exchange Commission. There have been no
significant changes in the Corporation's internal controls or in other factors
that could significantly affect those controls subsequent to the date of that
evaluation.

OTHER INFORMATION

ACCOUNTING PRONOUNCEMENTS

         Please refer to Note 1 to the Consolidated Financial Statements,
"Summary of Significant Accounting Policies, "on pages 48-52 of this report for
a discussion of the impact of recent accounting pronouncements on the
Corporation's financial condition and results of operation.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

         Management's discussion and analysis of the financial condition and
results of operations are based on the consolidated financial statements of the
Corporation, which are prepared in conformity with accounting principles
generally accepted in the United States of America. The preparation of these
financial statements requires management to make estimates and assumptions that
affect the reported amounts of assets, liabilities, revenues, and expenses, as
well as the related disclosures of contingent assets and liabilities at the date
of the financial statements and during the reporting period. Management
evaluates those estimates on an ongoing basis, including those estimates related
to the reserve for loan losses, stock-based employee compensation, affiliate fee
income, impairment of goodwill, recognition of Corporate Client Services fees,
loan origination fees, and mortgage servicing assets. Management bases its
estimates on historical experience and various other factors and assumptions
that are believed to be reasonable under the circumstances. These form the basis
for making judgments about the carrying value of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from these
estimates under different assumptions or conditions.

Management believes the following critical accounting policies affect its more
significant judgments and the estimates that are used in preparation of the
consolidated financial statements and relate to the reserve for loan losses,
stock-based employee compensation, and impairment of goodwill.

         RESERVE FOR LOAN LOSSES: The Corporation maintains a reserve for loan
losses that is management's best estimate of known and inherent estimated
losses, based on subjective judgments regarding the collectibility of loans
within the portfolio. The reserve is reduced by actual credit losses, and is
increased by the provision for loan losses and recoveries from loans previously
charged-off. Personnel independent of the various lending functions evaluate the
reserve on a quarterly basis. The level of the reserve is determined by
assigning specific amounts to individually identified problem credits. A general
amount is reserved for all other loans. In evaluating the reserve, management
gives specific consideration to current micro- and macro-economic factors,
historical net loss experience, current delinquency trends, and movement within
the internal risk rating classification system. The methodology used to
determine the necessary level of the reserve has been applied on a basis
consistent with prior periods.

         A portion of the reserve is not specifically allocated to the
individual components of the portfolio, and represents probable or inherent
losses that could be caused by certain business conditions not accounted for
otherwise. Typically, business conditions, including current economic and market
conditions, portfolio complexity, payment performance, loan portfolio risk
rating migration, the level of serious doubt loans, litigation impact, and
bankruptcy trends, are the core of the unallocated reserve position. The
determination of the reserve is inherently subjective, and it requires material
estimates, including with respect to the amounts and timing of future cash flows
expected to be received on impaired loans, that may be susceptible to
significant change. Because future events affecting borrowers and collateral
cannot be predicted with certainty, there can be no assurance that increases to
the reserve will not be necessary if the quality of loans deteriorates as a
result of the factors discussed above.

         Management believes that it uses the best information available to make
determinations about the reserve and that it has established its existing
reserve for loan losses in accordance with generally accepted accounting
principles. If circumstances differ substantially from the assumptions used in
making the determinations, future adjustments to the reserve may be necessary
and results of the Corporation's operations could be affected.

30

<PAGE>

                          Wilmington Trust Corporation

         In addition, various regulatory agencies, as an integral part of their
examination process, periodically review the Corporation's banking affiliates'
reserve for losses on loans. These agencies may require the Corporation to
recognize additions to the reserve based on their judgments about information
available to them at the time of their examination.

         STOCK-BASED EMPLOYEE COMPENSATION: The Corporation accounts for its
stock-based employee compensation plans under the "intrinsic value" approach, in
accordance with the provisions of Accounting Principles Board (APB) Opinion No.
25, rather than the "fair value"approach prescribed in Statement of Financial
Accounting Standards (SFAS) No. 123. The "intrinsic value" approach limits the
compensation expense to the excess of a stock option's market price on the grant
date over the option's exercise price. Since the Corporation's stock-based
employee compensation option plans have exercise prices equal to market values
on the grant date, no compensation expense is recognized in the financial
statements. The "fair value" approach under SFAS No. 123 takes into account the
time value of the option and will generally result in compensation expense being
recorded upon grant. Each year since the inception of SFAS No. 123, the
Corporation has disclosed, in the notes to the financial statements contained in
its annual report to shareholders, what the earnings impact would have been had
the Corporation elected the "fair value" approach under SFAS No. 123 (see the
section on "Stock-based compensation plans" in Note 1, "Summary of Significant
Accounting Policies" on page 52). Future earnings would be impacted if any
change in generally accepted accounting principles were to limit the continued
use of the "intrinsic value" approach. Such changes are reported to be under
consideration by the financial accounting standard-setters.

         IMPAIRMENT OF GOODWILL: Through a series of acquisitions, the
Corporation has accumulated goodwill with a net carrying value of $243. 2
million at December 31, 2003. Through 2001, this goodwill was subject to
periodic amortization in accordance with the provisions of APB No. 17,
"Intangible Assets." This treatment provided for a gradual reduction in the book
value of the assets over their useful lives. Amortization could be changed if
later events and circumstances warrant a revised estimate of the useful lives of
the assets. Additionally, under APB No. 17, estimations of value and future
benefits could indicate that the unamortized cost should be reduced by a
reduction in net income.

         The 2002 adoption of SFAS No. 142, "Goodwill and Other Intangible
Assets," eliminated the requirement to amortize goodwill, and substituted
impairment testing in its place. The purpose of impairment testing is to ensure
that an amount presented in the financial statements for goodwill does not
exceed its actual fair value. A methodology that is consistent with how the
acquired entity or business was originally valued is to be utilized in testing
for impairment on an annual basis. If this testing indicates that the fair value
of the asset is less than its book value, an impairment expense must be
recorded. There may be more volatility in reported income than under the
previous standard, because impairment losses are likely to occur irregularly and
in varying amounts. A major portion of the goodwill on the Corporation's books
is related to certain of its affiliate asset manager acquisitions. A decline in
the fair value of the investment in any of these firms could result in an
impairment expense.

         CAUTIONARY STATEMENT: Estimates, predictions, opinions, or statements
of belief in this report might be construed to be forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Examples of such statements could relate to identification of trends, statements
about the adequacy of the reserve for loan losses, credit quality, the impact of
FASB pronouncements on the Corporation, and the effects of asset sensitivity,
interest rate changes, and information concerning market risk described in the
"Quantitative and Qualitative Disclosures About Market Risk"section on page 26
of this report. Forward-looking statements are based on current expectations and
assessments of potential developments. The Corporation's ability to achieve the
results reflected in those statements could be affected by, among other things,
changes in national or regional economic conditions, changes in market interest
rates, significant changes in banking laws or regulations, increased competition
in our businesses, higher-than-expected credit losses, the effects of
acquisitions and integration of acquired businesses, unanticipated changes in
regulatory, judicial, or legislative tax treatment of business transactions, and
economic uncertainty created by unrest in other parts of the world.

HISTORICAL PERSPECTIVE

         The following tables offer an historical perspective on the
Corporation's performance and include:

-        An unaudited 11-year summary of selected financial data,

-        An unaudited 5-year comparative analysis of average balance sheets and
         income statements, interest income and expense, and the respective
         yields and costs of funds for those years,

-        An unaudited 5-year comparison of average statements of condition,

-        An unaudited 5-year comparison of statements of income,

-        An unaudited 2-year comparison of consolidated results of operations by
         quarter,

-        Audited consolidated statements of condition for 2003 and 2002,

-        Audited consolidated statements of income for 2003, 2002, and 2001,

-        Audited consolidated statements of changes in stockholders' equity for
         2003, 2002, and 2001, and

-        Audited consolidated statements of cash flows for 2003, 2002, and 2001.

-        Notes to audited consolidated financial statements.

         Other statistical disclosures that are required of bank holding
companies by Industry Guide 3 are included in the Corporation's 2003 Annual
Report on Form 10-K.

                                                           2003 ANNUAL REPORT 31
<PAGE>

                          Wilmington Trust Corporation

       C O N S O L I D A T E D  E L E V E N - Y E A R  S U M M A R Y  O F
                   S E L E C T E D  F I N A N C I A L  D A T A

<TABLE>
<CAPTION>
(in millions, except per share amounts)                                                          2003        2002        2001
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                           <C>         <C>         <C>
CONSOLIDATED AVERAGE STATEMENTS OF CONDITION
ASSETS:

Cash and due from banks                                                                       $    190.2  $    189.1  $    215.8
Short-term investments                                                                              28.5        28.2        28.7
Investment securities                                                                            1,742.4     1,295.4     1,341.9
Loans                                                                                            6,060.0     5,691.3     5,235.3
Reserve for loan losses                                                                            (86.7)      (83.0)      (77.8)
Net loans                                                                                        5,973.3     5,608.3     5,157.5
Other                                                                                              595.1       540.0       485.3
--------------------------------------------------------------------------------------------------------------------------------
Total                                                                                         $  8,529.5  $  7,661.0  $  7,229.2
LIABILITIES AND STOCKHOLDERS' EQUITY:
Demand deposits (noninterest-bearing)                                                         $    833.3  $    831.3  $    927.9
Deposits (interest-bearing)                                                                      5,460.6     4,996.3     4,335.2
Short-term borrowings                                                                              975.7       821.1     1,027.7
Other                                                                                              144.4       132.1       131.3
Long-term debt                                                                                     345.8       160.5       166.3
--------------------------------------------------------------------------------------------------------------------------------
Total                                                                                            7,759.8     6,941.3     6,588.4
Minority interest                                                                                    0.1         0.1          --
Stockholders' equity                                                                               769.6       719.6       640.8
--------------------------------------------------------------------------------------------------------------------------------
Total                                                                                         $  8,529.5  $  7,661.0  $  7,229.2
CONSOLIDATED STATEMENTS OF INCOME
Net interest income                                                                           $    277.1  $    276.5  $    258.9
Advisory fees:
 Wealth Advisory Services                                                                          140.4       126.9       109.6
 Corporate Client Services                                                                          67.3        64.3        54.9
 Cramer Rosenthal McGlynn                                                                            5.3         7.7         6.3
 Roxbury Capital Management                                                                         (2.3)        8.6        14.2
--------------------------------------------------------------------------------------------------------------------------------
Total advisory fees                                                                                210.7       207.5       185.0
Amortization of affiliate goodwill and other intangibles                                            (1.7)       (1.3)       (8.2)
--------------------------------------------------------------------------------------------------------------------------------
Net advisory fees                                                                                  209.0       206.2       176.8
Other noninterest income                                                                            54.5        54.0        49.7
Securities gains/(losses)                                                                            0.7         2.0         1.5
--------------------------------------------------------------------------------------------------------------------------------
Total noninterest income                                                                           264.2       262.2       228.0
Net interest and noninterest income (before provision for loan losses)                             541.3       538.7       486.9
Provision for loan losses                                                                          (21.6)      (22.0)      (19.9)
Salaries and employment benefits                                                                   186.5       182.4       166.8
Other noninterest expense(1)                                                                       125.5       127.5       110.1
--------------------------------------------------------------------------------------------------------------------------------
Total noninterest expense                                                                          312.0       309.9       276.9
Income before income taxes, minority interest and cumulative effect of change in
 accounting principle                                                                              207.7       206.8       190.1
Applicable income taxes                                                                             72.2        73.0        66.0
--------------------------------------------------------------------------------------------------------------------------------
Net income before minority interest and cumulative effect of change in accounting principle        135.5       133.8       124.1
Minority interest                                                                                    1.1         0.6          --
--------------------------------------------------------------------------------------------------------------------------------
Net income before cumulative effect of change in accounting principle                              134.4       133.2       124.1
Cumulative effect of change in accounting principle (net of income taxes of $0.6 in 2001)             --          --         1.1
--------------------------------------------------------------------------------------------------------------------------------
Net income(1)                                                                                 $    134.4  $    133.2  $    125.2
                                                                                              ----------  ----------  ----------
</TABLE>

32

<PAGE>

                          Wilmington Trust Corporation

<TABLE>
<CAPTION>

                                                                                               Compound  Growth Rates
                                                                                                 1993      1998
   2000       1999        1998      1997         1996        1995        1994        1993       to 2003   to 2003
   ----       ----        ----      ----         ----        ----        ----        ----       -------   -------
<S>        <C>         <C>        <C>         <C>         <C>         <C>         <C>          <C>        <C>
$   194.7  $    198.0  $   188.2  $    190.2  $    187.5  $    194.2  $    202.8  $    194.8     (0.24)%    0.21%
     29.5        31.5       31.1        22.4        26.5        17.5        26.4        21.2      3.00     (1.73)
  1,567.0     1,594.4    1,609.6     1,386.3     1,343.0     1,184.0     1,060.0       946.1      6.30      1.60
  5,053.1     4,530.4    4,156.4     3,921.5     3,602.4     3,390.8     3,114.4     2,949.9      7.46      7.83
    (75.3)      (73.3)     (66.2)      (56.7)      (50.8)      (47.9)      (50.3)      (48.6)     5.96      5.54
  4,977.8     4,457.1    4,090.2     3,864.8     3,551.6     3,342.9     3,064.1     2,901.3      7.49      7.87
    439.7       408.1      333.3       216.3       198.8       194.3       168.7       158.4     14.15     12.29
----------------------------------------------------------------------------------------------------------------
$ 7,208.7  $  6,689.1  $ 6,252.4  $  5,680.0  $  5,307.4  $  4,932.9  $  4,522.0  $  4,221.8      7.29      6.41

$   889.7  $    856.2  $   747.8  $    678.7  $    633.1  $    580.9  $    559.6  $    500.4      5.23      2.19
  4,381.4     3,910.3    3,679.5     3,191.7     2,890.9     2,584.0     2,704.7     2,718.9      7.22      8.22
  1,145.9     1,138.1    1,076.5     1,188.2     1,195.8     1,239.4       775.3       545.0      6.00     (1.95)
     92.2        84.9       96.0        99.6       101.8        86.7        73.8        65.7      8.19      8.51
    168.0       168.0      125.9        43.0        30.9         7.0          --          --        --     22.39
----------------------------------------------------------------------------------------------------------------
  6,677.2     6,157.5    5,725.7     5,201.2     4,852.5     4,498.0     4,113.4     3,830.0      7.32      6.27
       --          --         --          --          --          --          --          --        --        --
    531.5       531.6      526.7       478.8       454.9       434.9       408.6       391.8      6.98      7.88
----------------------------------------------------------------------------------------------------------------
$ 7,208.7  $  6,689.1  $ 6,252.4  $  5,680.0  $  5,307.4  $  4,932.9  $  4,522.0  $  4,221.8      7.29      6.41

$   255.1  $    245.9  $   237.7  $    230.0  $    214.2  $    197.4  $    184.3  $    174.8      4.72      3.11

    104.5        98.1       88.8        81.8        70.1        60.9        56.7        54.4      9.95      9.60
     46.7        40.4       35.8        32.7        28.1        27.1        25.8        23.9     10.91     13.46
      1.6         4.1        4.9          --          --          --          --          --        --      1.58
     19.7        12.0        2.5          --          --          --          --          --        --        --
----------------------------------------------------------------------------------------------------------------
    172.5       154.6      132.0       114.5        98.2        88.0        82.5        78.3     10.41      9.80
     (7.5)       (6.2)      (3.2)         --          --          --          --          --        --    (11.88)
----------------------------------------------------------------------------------------------------------------
    165.0       148.4      128.8       114.5        98.2        88.0        82.5        78.3     10.32     10.17
     51.6        41.8       48.4        43.0        38.8        37.3        32.8        35.1      4.50      2.40
     (0.4)        1.3        6.7          --         1.2         2.3        (2.2)        0.3      8.84    (36.35)
----------------------------------------------------------------------------------------------------------------
    216.2       191.5      183.9       157.5       138.2       127.6       113.1       113.7      8.80      7.52
    471.3       437.4      421.6       387.5       352.4       325.0       297.4       288.5      6.50      5.13
    (21.9)      (17.5)     (20.0)      (21.5)      (16.0)      (12.3)       (4.6)       (9.5)     8.56      1.55
    162.9       147.2      137.9       129.8       119.6       110.7       101.8        95.8      6.89      6.22
    101.8       111.0       92.2        77.9        72.7        70.3        70.2        65.9      6.65      6.36
----------------------------------------------------------------------------------------------------------------
    264.7       258.2      230.1       207.7       192.3       181.0       172.0       161.7      6.79      6.28

    184.7       161.7      171.5       158.3       144.1       131.7       120.8       117.3      5.88      3.90
     63.8        54.4       57.2        52.3        46.8        41.7        35.6        34.5      7.66      4.77
----------------------------------------------------------------------------------------------------------------
    120.9       107.3      114.3       106.0        97.3        90.0        85.2        82.8      5.05      3.46
       --          --         --          --          --          --          --          --        --        --
----------------------------------------------------------------------------------------------------------------
    120.9       107.3      114.3       106.0        97.3        90.0        85.2        82.8      4.96      3.29
       --          --         --          --          --          --          --          --        --        --
----------------------------------------------------------------------------------------------------------------
$   120.9  $    107.3  $   114.3  $    106.0  $     97.3  $     90.0  $     85.2  $     82.8      4.96      3.29
                                                                                               -------    ------
</TABLE>

                                                                     (continued)

                                                           2003 ANNUAL REPORT 33

<PAGE>

                          Wilmington Trust Corporation

       C O N S O L I D A T E D  E L E V E N - Y E A R  S U M M A R Y  O F
                  S E L E C T E D  F I N A N C I A L  D A T A

                                   (continued)

<TABLE>
<CAPTION>
(in millions, except per share amounts)                                              2003        2002      2001
-------------------------------------------------------------------------------------------------------------------
<S>                                                                               <C>         <C>        <C>
Net income per share--diluted:
    Income before cumulative effect of change in accounting principle(6)          $    2.02   $    2.01  $     1.88
    Cumulative effect of change in accounting principle(6)                               --          --        0.02
-------------------------------------------------------------------------------------------------------------------
Net income per share--diluted(6)                                                  $    2.02   $    2.01  $     1.90
Percentage change from prior year                                                        --%          6%          3%
SELECTED FINANCIAL RATIOS AND STATISTICS
Net income as a percentage of:
    Average stockholders' equity(2)                                                   17.46%      18.51%      19.54%
    Average total assets(2)                                                            1.58        1.74        1.73
Loan quality:
    Percentage of average total loans:
     Net charge-offs                                                                   0.28%       0.31%       0.30%
     Nonaccruing loans                                                                 0.75        0.74        0.73
    Percentage of total loans:
     Reserve for loan losses(3)                                                        1.44        1.41        1.47
Selected per share data:
    Dividends paid(6)                                                             $   1.065   $   1.005  $    0.945
    Book value(3,6)                                                                   12.12       11.30       10.44
    Stock price(3,6)                                                                  36.00       31.68       31.66
Assets under management:
    Wilmington Trust Company                                                       24,352.8    20,966.7    23,829.2
    Cramer Rosenthal McGlynn                                                        4,698.6     3,512.0     4,643.0
    Roxbury Capital Management                                                      3,210.7     3,712.4     7,700.0
-------------------------------------------------------------------------------------------------------------------
                                                                                   32,262.1    28,191.1    36,172.2
Staff members (full-time equivalents)(3)                                              2,307       2,361       2,316
Stockholders(3)                                                                       8,666       8,712       8,841
Net income per staff member (in thousands)(2)                                     $    58.3   $    56.4  $     54.1
Efficiency ratio(2,4)                                                                 57.13%      56.99%      56.11%
Capital generation rate(2,5)                                                           8.66%       9.85%      10.75%
Risk-based capital ratio(3)                                                           12.31%      10.15%      11.16%
Price/earnings multiple(3)                                                            17.65       15.61       16.49
</TABLE>

(1) 1999 results included a $13.4 million one-time pre-tax charge for
outsourcing data processing functions.

(2) Based upon income before the cumulative effect of change in accounting
principle or one-time pre-tax charge for outsourcing data processing functions.

(3) At year-end.

(4) Total other expenses as a percentage of net interest and other income on a
tax-equivalent basis.

(5) Net income less dividends paid as a percentage of prior year-end
stockholders' equity.

(6) Adjusted for two-for-one stock split June 2002.

34
<PAGE>

                          Wilmington Trust Corporation

<TABLE>
<CAPTION>
                                                                                               Compound Growth Rates
                                                                                                 1993       1998
   2000       1999       1998        1997        1996        1995       1994         1993       to 2003   to 2003
-----------------------------------------------------------------------------------------------------------------
<S>        <C>         <C>        <C>         <C>         <C>         <C>         <C>          <C>        <C>
$    1.85  $     1.61  $    1.67  $     1.54  $     1.39  $     1.27  $     1.17  $     1.10      6.27%     3.88%
       --          --         --          --          --          --          --          --        --        --
-----------------------------------------------------------------------------------------------------------------
$    1.85  $     1.61  $    1.67  $     1.54  $     1.39  $     1.27  $     1.17  $     1.10      6.27      3.88
       15%         (4)%        8%         11%          9%          9%          6%         31%

    22.75%      20.18%     21.70%      22.14%      21.39%      20.70%      20.85%      21.13%
     1.68        1.60       1.83        1.87        1.83        1.82        1.88        1.96

     0.44%       0.28%      0.29%       0.31%       0.32%       0.33%       0.23%       0.28%
     0.80        0.64       0.74        0.73        1.13        0.99        0.93        0.75

     1.48        1.60       1.66        1.60        1.44        1.42        1.48        1.69

$   0.885  $    0.825  $   0.765  $    0.705  $    0.645  $    0.585  $     0.53  $   0.4875
     9.14        7.70       8.19        7.51        6.86        6.55        5.90        5.44
    31.03       24.13      30.82       31.19       19.75       15.44       11.38       13.13

 27,994.4    25,529.7   22,770.2    18,740.7    15,569.4    13,806.4    11,462.8    11,254.1
  3,495.0     3,204.0    4,319.0          --          --          --          --          --
 11,300.0    11,200.0    6,000.0          --          --          --          --          --
-----------------------------------------------------------------------------------------------------------------
 42,789.4    39,933.7   33,089.2    18,740.7    15,569.4    13,806.4    11,462.8    11,254.1
    2,299       2,434      2,442       2,428       2,418       2,332       2,303       2,254
    9,189       9,617      9,868      10,164      10,241       9,000       9,097       8,880
$    52.6  $     44.1  $    46.8  $     43.7  $     40.2  $     38.6  $     37.0  $     36.7
    55.31%      57.99%     53.51%      52.32%      53.04%      53.86%      55.86%      53.97%
    12.80%       9.69%     12.54%      12.59%      11.51%      11.68%      11.88%      12.35%
    10.80%      10.67%     12.47%      12.38%      12.01%      12.06%      12.51%      12.36%
    16.59       14.80      18.07       19.80       13.96       12.06        9.60       11.72
</TABLE>

                                                           2003 ANNUAL REPORT 35

<PAGE>

                          Wilmington Trust Corporation

        F I V E - Y E A R  A N A L Y S I S  O F  E A R N I N G S  A N D
      C O N S O L I D A T E D  S T A T E M E N T S  O F  C O N D I T I O N

<TABLE>
<CAPTION>
                                                                                                             2003
-----------------------------------------------------------------------------------------------------------------------------
                                                                                               Average     Income/    Average
(in millions, except per share amounts; rates on tax-equivalent basis)                         balance     expense     rate
-----------------------------------------------------------------------------------------------------------------------------
<S>                                                                                            <C>        <C>         <C>
ASSETS:
Federal funds sold and securities purchased under agreements to
resell                                                                                         $    28.5   $   0.4     1.26%
U.S. Treasury and government agencies                                                              498.8      16.5     3.38
Obligations of state and political subdivisions(1)                                                  16.4       1.4     9.00
Preferred stock(1)                                                                                 118.4       8.8     7.44
Mortgage-backed securities                                                                         861.1      36.3     4.23
Other securities(1)                                                                                247.7       7.4     2.95
-----------------------------------------------------------------------------------------------------------------------------
Total investment securities
                                                                                                 1,742.4      70.4     4.07
Loans:
  Commercial, financial, and agricultural                                                        2,209.3      97.0     4.39
  Real estate--construction                                                                        612.4      27.5     4.49
  Mortgage--commercial                                                                           1,044.1      55.7     5.34
-----------------------------------------------------------------------------------------------------------------------------
  Total commercial loans                                                                         3,865.8     180.2     4.66
  Mortgage--residential                                                                            585.2      39.1     6.67
  Installment loans to individuals                                                               1,037.9      68.1     6.56
  Secured with liquid collateral                                                                   571.1      15.4     2.69
-----------------------------------------------------------------------------------------------------------------------------
  Total retail loans                                                                             2,194.2     122.6     5.58
Total loans(1,2)                                                                                 6,060.0     302.8     5.00
Total earning assets                                                                             7,830.9     373.6     4.78
Other assets                                                                                       698.6
-----------------------------------------------------------------------------------------------------------------------------
Total assets
                                                                                               $ 8,529.5
LIABILITIES AND STOCKHOLDERS' EQUITY:
Savings deposits                                                                               $   366.0       0.6     0.16
Interest-bearing demand deposits                                                                 2,183.9       9.2     0.42
Certificates under $100,000                                                                        834.4      22.3     2.67
Local certificates $100,000 and over                                                               138.6       2.4     1.74
-----------------------------------------------------------------------------------------------------------------------------
Core interest-bearing deposits                                                                   3,522.9      34.5     0.98
National certificates $100,000 and over                                                          1,937.7      29.2     1.50
-----------------------------------------------------------------------------------------------------------------------------
Total interest-bearing deposits                                                                  5,460.6      63.7     1.17
Federal funds purchased and securities sold under agreements to repurchase                         964.1      14.4     1.50
U.S. Treasury demand                                                                                11.6       0.1     0.87
-----------------------------------------------------------------------------------------------------------------------------
Total short-term borrowings                                                                        975.7      14.5     1.49
Long-term debt                                                                                     345.8      13.5     3.91
-----------------------------------------------------------------------------------------------------------------------------
Total interest-bearing liabilities                                                               6,782.1      91.7     1.35
Demand deposits                                                                                    833.3
Other noninterest funds                                                                            215.5
-----------------------------------------------------------------------------------------------------------------------------
Total funds used to support earning assets                                                       7,830.9      91.7     1.18
Minority interest                                                                                    0.1
Stockholders' equity                                                                               769.6
Equity used to support earning assets                                                             (215.5)
Other liabilities                                                                                  144.4
-----------------------------------------------------------------------------------------------------------------------------
Total liabilities and stockholders' equity                                                     $ 8,529.5
Net interest income/yield                                                                                    281.9     3.60
Tax-equivalent adjustment                                                                                     (4.8)
-----------------------------------------------------------------------------------------------------------------------------
Net interest income                                                                                          277.1
</TABLE>

(1) Tax-advantaged income has been adjusted to a tax-equivalent basis using a
combined statutory federal and state income tax rate of 35% for all years.

(2) Loan balances include nonaccrual deferred loan fees has been included in
interest loans. Amortization of income.

Note: Average rates are calculated using average balances based on historical
      cost and do not reflect market valuation adjustments.

36

<PAGE>


                          Wilmington Trust Corporation
<TABLE>
<CAPTION>
              2002                              2001                                2000                        1999
-------------------------------------------------------------------------------------------------------------------------------
RAverage      Income/    Average    Average     Income/     Average      Average    Income/  Average  Average   Income/  Average
balance      expense     rate      balance     expense      rate        balance    expense    rate   balance   expense    rate
-------------------------------------------------------------------------------------------------------------------------------
<S>        <C>         <C>        <C>         <C>         <C>         <C>         <C>       <C>     <C>       <C>       <C>
$    28.2  $      0.6       2.14% $     28.7  $    1.0         3.48%  $     29.5  $   1.8    6.13%  $   31.5  $  1.6     4.97%
    584.3        24.6       4.30       579.7      31.9         5.60        641.2     39.2    5.73      603.0    35.3     5.82
     17.2         1.5       8.98        18.3       2.9        16.07         14.3      1.0    7.28       14.4     1.1     7.64
     86.4         7.4       8.19        87.1       7.7         8.31        112.7      9.9    8.12      159.7    11.3     7.05
    428.5        23.9       5.76       501.3      30.0         6.07        605.1     38.4    5.92      687.5    42.3     6.07
    179.0         6.6       3.56       155.5       9.1         5.81        193.7     13.4    6.87      129.8     7.4     5.73
-------------------------------------------------------------------------------------------------------------------------------
  1,295.4        64.0       5.01     1,341.9      81.6         6.12      1,567.0    101.9    6.31    1,594.4    97.4     6.06

  2,005.5       104.2       5.20     1,636.5     117.3         7.17      1,580.1    137.8    8.72    1,423.8   113.2     7.95
    448.0        22.8       5.09       405.6      29.9         7.38        361.3     34.9    9.65      268.7    23.8     8.85
    998.5        63.6       6.37     1,006.0      80.6         8.01        942.9     82.8    8.79      882.0    77.2     8.75
-------------------------------------------------------------------------------------------------------------------------------
  3,452.0       190.6       5.52     3,048.1     227.8         7.47      2,884.3    255.5    8.86    2,574.5   214.2     8.32
    777.1        53.8       6.92       906.2      64.5         7.11        977.2     70.2    7.18      895.1    63.9     7.14
  1,008.5        73.4       7.28       955.2      82.3         8.62        917.8     86.7    9.45      859.4    78.8     9.17
    453.7        15.5       3.42       325.8      18.2         5.59        273.8     21.6    7.89      201.4    14.2     7.05
-------------------------------------------------------------------------------------------------------------------------------
  2,239.3       142.7       6.37     2,187.2     165.0         7.54      2,168.8    178.5    8.23    1,955.9   156.9     8.02
  5,691.3       333.3       5.86     5,235.3     392.8         7.50      5,053.1    434.0    8.59    4,530.4   371.1     8.19
  7,014.9       397.9       5.69     6,605.9     475.4         7.21      6,649.6    537.7    8.03    6,156.3   470.1     7.62
    646.1                              623.3                               559.1                       532.8
-------------------------------------------------------------------------------------------------------------------------------
$ 7,661.0                         $  7,229.2                          $  7,208.7                    $6,689.1

$   353.9         0.9       0.25  $    346.8       2.7         0.78   $    379.8      5.8    1.53   $  411.4     7.4     1.79
  1,735.2        10.1       0.58     1,297.1      18.3         1.41      1,327.5     29.3    2.20    1,377.8    29.7     2.15
    891.2        31.2       3.51       914.4      44.3         4.85        981.2     48.7    4.96    1,137.8    57.0     5.01
    169.5         4.4       2.60       188.8       8.2         4.34        187.9     10.0    5.32      221.3    10.8     4.88
-------------------------------------------------------------------------------------------------------------------------------
  3,149.8        46.6       1.48     2,747.1      73.5         2.68      2,876.4     93.8    3.26    3,148.3   104.9     3.33
  1,846.5        41.4       2.24     1,588.1      78.4         4.94      1,505.0     98.4    6.54      762.0    42.6     5.59
-------------------------------------------------------------------------------------------------------------------------------
  4,996.3        88.0       1.76     4,335.2     151.9         3.51      4,381.4    192.2    4.39    3,910.3   147.5     3.77
    792.1        17.3       2.19       983.2      45.5         4.62      1,102.4     69.4    6.30    1,102.5    55.9     5.07
     29.0         0.4       1.46        44.5       1.5         3.45         43.5      2.6    6.05       35.6     1.8     5.18
-------------------------------------------------------------------------------------------------------------------------------
    821.1        17.7       2.16     1,027.7      47.0         4.57      1,145.9     72.0    6.29    1,138.1    57.7     5.07
    160.5        10.6       6.60       166.3      11.0         6.59        168.0     11.1    6.58      168.0    11.1     6.58
-------------------------------------------------------------------------------------------------------------------------------
  5,977.9       116.3       1.95     5,529.2     209.9         3.80      5,695.3    275.3    4.83    5,216.4   216.3     4.15
    831.3                              927.9                               889.7                       856.2
    205.7                              148.8                                64.6                        83.7
-------------------------------------------------------------------------------------------------------------------------------
  7,014.9       116.3       1.67     6,605.9     209.9         3.19      6,649.6    275.3    4.11    6,156.3   216.3     3.51
      0.1                                 --                                  --                          --
    719.6                              640.8                               531.5                       531.6
   (205.7)                            (148.8)                              (64.6)                      (83.7)
    132.1                              131.3                                92.2                        84.9
-------------------------------------------------------------------------------------------------------------------------------
$ 7,661.0                         $  7,229.2                          $  7,208.7                    $6,689.1
                281.6       4.02                 265.5         4.02                 262.4    3.92              253.8     4.11
                 (5.1)                            (6.6)                              (7.3)                      (7.9)
-------------------------------------------------------------------------------------------------------------------------------
                276.5                            258.9                              255.1                      245.9
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                                           2003 ANNUAL REPORT 37

<PAGE>

                          Wilmington Trust Corporation

           F I V E - Y E A R  C O M P A R I S O N  O F  A V E R A G E
                  S T A T E M E N T S  O F  C O N D I T I O N

<TABLE>
<CAPTION>
  (in millions)
  For the year ended December 31                                                   2003     2002        2001      2000     1999
----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                            <C>        <C>        <C>        <C>       <C>
ASSETS
Cash and due from banks                                                        $   190.2  $   189.1  $   215.8  $  194.7  $  198.0
Federal funds sold and securities purchased under agreements to resell              28.5       28.2       28.7      29.5      31.5
Investment securities:
  U.S. Treasury and government agencies                                            498.8      584.3      579.7     641.2     603.0
  Obligations of state and political subdivisions                                   16.4       17.2       18.3      14.3      14.4
  Preferred stock                                                                  118.4       86.4       87.1     112.7     159.7
  Mortgage-backed securities                                                       861.1      428.5      501.3     605.1     687.5
  Other securities                                                                 247.7      179.0      155.5     193.7     129.8
----------------------------------------------------------------------------------------------------------------------------------
Total investment securities                                                      1,742.4    1,295.4    1,341.9   1,567.0   1,594.4
Loans:
  Commercial, financial, and agricultural                                        2,209.3    2,005.5    1,636.5   1,580.1   1,423.8
  Real estate--construction                                                        612.4      448.0      405.6     361.3     268.7
  Mortgage--commercial                                                           1,044.1      998.5    1,006.0     942.9     882.0
----------------------------------------------------------------------------------------------------------------------------------
  Total commercial loans                                                         3,865.8    3,452.0    3,048.1   2,884.3   2,574.5
  Mortgage--residential                                                            585.2      777.1      906.2     977.2     895.1
  Consumer                                                                       1,037.9    1,008.5      955.2     917.8     859.4
  Secured with liquid collateral                                                   571.1      453.7      325.8     273.8     201.4
----------------------------------------------------------------------------------------------------------------------------------
  Total retail loans                                                             2,194.2    2,239.3    2,187.2   2,168.8   1,955.9
Total loans net of unearned income                                               6,060.0    5,691.3    5,235.3   5,053.1   4,530.4
Reserve for loan losses                                                            (86.7)     (83.0)     (77.8)    (75.3)    (73.3)
----------------------------------------------------------------------------------------------------------------------------------
Net loans                                                                        5,973.3    5,608.3    5,157.5   4,977.8   4,457.1
Premises and equipment                                                             153.4      140.8      137.8     130.3     146.6
Goodwill                                                                           244.1      234.0      191.1     170.0     141.4
Other intangibles                                                                   22.1       12.2        7.1       9.3       9.1
Other assets                                                                       175.5      153.0      149.3     130.1     111.0
----------------------------------------------------------------------------------------------------------------------------------
Total assets                                                                   $ 8,529.5  $ 7,661.0  $ 7,229.2  $7,208.7  $6,689.1
LIABILITIES  AND  STOCKHOLDERS' EQUITY
Deposits:
  Noninterest-bearing demand                                                   $   833.3  $   831.3  $   927.9  $  889.7  $  856.2
  Interest-bearing:
     Savings                                                                       366.0      353.9      346.8     379.8     411.4
     Interest-bearing demand                                                     2,183.9    1,735.2    1,297.1   1,327.5   1,377.8
     Certificates under $100,000                                                   834.4      891.2      914.4     981.2   1,137.8
     Local certificates $100,000 and over                                          138.6      169.5      188.8     187.9     221.3
----------------------------------------------------------------------------------------------------------------------------------
  Total core deposits                                                            4,356.2    3,981.1    3,675.0   3,766.1   4,004.5
  National certificates $100,000 and over                                        1,937.7    1,846.5    1,588.1   1,505.0     762.0
----------------------------------------------------------------------------------------------------------------------------------
Total deposits                                                                   6,293.9    5,827.6    5,263.1   5,271.1   4,766.5
Short-term borrowings:
  Federal funds purchased and securities sold under
     agreements to repurchase                                                      964.1      792.1      983.2   1,102.4   1,102.5
  U.S. Treasury demand                                                              11.6       29.0       44.5      43.5      35.6
----------------------------------------------------------------------------------------------------------------------------------
Total short-term borrowings                                                        975.7      821.1    1,027.7   1,145.9   1,138.1
Other liabilities                                                                  144.4      132.1      131.3      92.2      84.9
Long-term debt                                                                     345.8      160.5      166.3     168.0     168.0
----------------------------------------------------------------------------------------------------------------------------------
Total liabilities                                                                7,759.8    6,941.3    6,588.4   6,677.2   6,157.5
Minority interest                                                                    0.1        0.1         --        --        --
Stockholders' equity                                                               769.6      719.6      640.8     531.5     531.6
----------------------------------------------------------------------------------------------------------------------------------
Total liabilities and stockholders' equity                                     $ 8,529.5  $ 7,661.0  $ 7,229.2  $7,208.7  $6,689.1
</TABLE>

38
<PAGE>

                          Wilmington Trust Corporation

                 FIVE - YEAR COMPARISON OF STATEMENTS OF INCOME

<TABLE>
<CAPTION>
(in millions, except per share amounts)
For the year ended December 31                                                   2003       2002       2001       2000       1999
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                            <C>        <C>        <C>        <C>        <C>
NET INTEREST INCOME
Interest income                                                                $  368.8   $  392.8   $  468.8   $  530.4   $  462.2
Interest expense                                                                   91.7      116.3      209.9      275.3      216.3
-----------------------------------------------------------------------------------------------------------------------------------
Net interest income                                                               277.1      276.5      258.9      255.1      245.9
Provision for loan losses                                                         (21.6)     (22.0)     (19.9)     (21.9)     (17.5)
-----------------------------------------------------------------------------------------------------------------------------------
Net interest income after provision for loan losses                               255.5      254.5      239.0      233.2      228.4
NONINTEREST INCOME
Advisory fees:
 Wealth Advisory Services                                                         140.4      126.9      109.6      104.5       98.1
 Corporate Client Services                                                         67.3       64.3       54.9       46.7       40.4
 Cramer Rosenthal McGlynn                                                           5.3        7.7        6.3        1.6        4.1
 Roxbury Capital Management                                                        (2.3)       8.6       14.2       19.7       12.0
-----------------------------------------------------------------------------------------------------------------------------------
Advisory fees                                                                     210.7      207.5      185.0      172.5      154.6
Amortization of affiliate goodwill and other intangibles                           (1.7)      (1.3)      (8.2)      (7.5)      (6.2)
-----------------------------------------------------------------------------------------------------------------------------------
Advisory fees after amortization of affiliate goodwill and other intangibles      209.0      206.2      176.8      165.0      148.4
Service charges on deposit accounts                                                32.3       29.9       27.2       25.3       23.8
Other noninterest income                                                           22.2       24.1       22.5       26.3       18.0
Securities gains/(losses)                                                           0.7        2.0        1.5       (0.4)       1.3
-----------------------------------------------------------------------------------------------------------------------------------
Total noninterest income                                                          264.2      262.2      228.0      216.2      191.5
Net interest and noninterest income                                               519.7      516.7      467.0      449.4      419.9
NONINTEREST EXPENSE
Salaries and wages                                                                124.1      119.5      109.2      102.9       98.1
Incentives and bonuses                                                             26.8       30.3       28.4       32.1       22.7
Employment benefits                                                                35.6       32.6       29.2       27.9       26.4
Net occupancy                                                                      20.6       20.4       16.8       15.7       15.4
Furniture, equipment and supplies                                                  28.2       31.9       29.0       29.0       27.4
Other noninterest expense                                                          76.7       75.2       64.3       57.1       68.2
-----------------------------------------------------------------------------------------------------------------------------------
Total noninterest expense                                                         312.0      309.9      276.9      264.7      258.2
NET INCOME
Income before income taxes, minority interest and
  cumulative effect of change in accounting principle                             207.7      206.8      190.1      184.7      161.7
Applicable income taxes                                                            72.2       73.0       66.0       63.8       54.4
-----------------------------------------------------------------------------------------------------------------------------------
Net income before minority interest and cumulative
 effect of change in accounting principle                                         135.5      133.8      124.1      120.9      107.3
Minority interest                                                                   1.1        0.6         --         --         --
-----------------------------------------------------------------------------------------------------------------------------------
Net income before cumulative effect of change in accounting principle             134.4      133.2      124.1      120.9      107.3
Cumulative effect of change in accounting principle
 (net of income taxes of $0.6 in 2001)                                               --         --        1.1         --         --
-----------------------------------------------------------------------------------------------------------------------------------
Net income                                                                     $  134.4   $  133.2   $  125.2   $  120.9   $  107.3
Net income per share--basic:
 Before cumulative effect of change in accounting principle                    $   2.04   $   2.03   $   1.90   $   1.87   $   1.63
 Cumulative effect of change in accounting principle                                 --         --       0.02         --         --
-----------------------------------------------------------------------------------------------------------------------------------
Net income per share--basic                                                    $   2.04   $   2.03   $   1.92   $   1.87   $   1.63
Net income per share--diluted:
 Before cumulative effect of change in accounting principle                    $   2.02   $   2.01   $   1.88   $   1.85   $   1.61
 Cumulative effect of change in accounting principle                                 --         --       0.02         --         --
-----------------------------------------------------------------------------------------------------------------------------------
Net income per share--diluted                                                  $   2.02   $   2.01   $   1.90   $   1.85   $   1.61
Weighted average shares outstanding (in thousands)
 Basic                                                                           65,869     65,617     65,147     64,610     65,827
 Diluted                                                                         66,536     66,301     65,942     65,360     66,765
Net income as a percentage of:
 Average total assets                                                              1.58%      1.74%      1.73%      1.68%      1.60%
 Average stockholders' equity                                                     17.46      18.51      19.54      22.75      20.18
</TABLE>

                                                           2003 ANNUAL REPORT 39

<PAGE>

                          Wilmington Trust Corporation

            CONSOLIDATED QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The following table summarizes the unaudited quarterly results of operations.

<TABLE>
<CAPTION>
                                                                        2003                                   2002
(in millions, except per share amounts)                 ------------------------------------    -----------------------------------
For the year ended December 31                          Dec.31   Sept.30   June 30    Mar.31    Dec.31   Sept.30   June 30   Mar.31
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                    <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>
Interest income                                        $  90.7   $  90.5   $  94.7   $  92.8   $  96.9   $ 100.1   $  99.6   $ 96.3
Interest expense                                          20.3      22.4      24.5      24.5      27.0      29.3      29.0     31.1
-----------------------------------------------------------------------------------------------------------------------------------
Net interest income                                       70.4      68.1      70.2      68.3      69.9      70.8      70.6     65.2
Provision for loan losses                                 (5.0)     (5.7)     (5.9)     (4.9)     (5.5)     (5.1)     (6.1)    (5.3)
-----------------------------------------------------------------------------------------------------------------------------------
Net interest income after provision for loan losses       65.4      62.4      64.3      63.4      64.4      65.7      64.5     59.9
Noninterest income                                        73.0      66.3      63.0      61.1      65.7      65.5      64.3     64.7
Securities gains/(losses)                                  0.7        --        --        --       2.0        --        --       --
-----------------------------------------------------------------------------------------------------------------------------------
Net interest and noninterest income                      139.1     128.7     127.3     124.5     132.1     131.2     128.8    124.6
Noninterest expense                                       80.0      75.2      77.1      79.6      81.7      77.1      75.9     75.3
-----------------------------------------------------------------------------------------------------------------------------------
Income before income taxes and minority interest          59.1      53.5      50.2      44.9      50.4      54.1      52.9     49.3
Applicable income taxes                                   20.8      18.8      17.4      15.3      17.9      19.4      18.5     17.1
-----------------------------------------------------------------------------------------------------------------------------------
Net income before minority interest                       38.3      34.7      32.8      29.6      32.5      34.7      34.4     32.2
Minority interest                                          0.3       0.3       0.2       0.2       0.2       0.2       0.2      0.1
-----------------------------------------------------------------------------------------------------------------------------------
Net income                                             $  38.0   $  34.4   $  32.6   $  29.4   $  32.3   $  34.5   $  34.2   $ 32.1
Net income per share--basic                            $  0.58   $  0.52   $  0.50   $  0.45   $  0.49   $  0.53   $  0.52   $ 0.49
Net income per share--diluted                          $  0.57   $  0.52   $  0.49   $  0.44   $  0.49   $  0.52   $  0.52   $ 0.48
</TABLE>

40

<PAGE>

                          Wilmington Trust Corporation

                      CONSOLIDATED STATEMENTS OF CONDITION

<TABLE>
<CAPTION>
(in millions, except per share amounts)
For the year ended December 31                                                                  2003         2002
--------------------------------------------------------------------------------------------------------------------
<S>                                                                                          <C>          <C>
ASSETS
Cash and due from banks                                                                      $    210.2   $    248.9
Federal funds sold and securities purchased under agreements to resell                              3.8           --
Investment securities available for sale                                                        1,875.2      1,343.9
Investment securities held to maturity (market value of $4.5 in 2003 and $5.1 in 2002)              4.2          4.8
Loans:
  Commercial, financial, and agricultural                                                       2,275.2      2,137.1
  Construction/real estate                                                                        699.8        591.9
  Commercial mortgage                                                                           1,078.2      1,065.9
--------------------------------------------------------------------------------------------------------------------
  Total commercial loans                                                                        4,053.2      3,794.9
  Residential mortgage                                                                            489.6        677.2
  Installment loans to individuals                                                              1,077.1      1,046.7
  Secured with liquid collateral                                                                  605.4        506.3
--------------------------------------------------------------------------------------------------------------------
  Total retail loans                                                                            2,172.1      2,230.2
Total loans net of unearned income                                                              6,225.3      6,025.1
Reserve for loan losses                                                                           (89.9)       (85.2)
--------------------------------------------------------------------------------------------------------------------
Net loans                                                                                       6,135.4      5,939.9
Premises and equipment, net                                                                       152.3        155.2
Goodwill, net of accumulated amortization of $29.8 in 2003 and 2002                               243.2        240.2
Other intangible assets, net of accumulated amortization of $11.1 in 2003 and $8.1 in 2002         24.0         21.7
Accrued interest receivable                                                                        39.5         38.6
Other assets                                                                                      132.4        138.1
--------------------------------------------------------------------------------------------------------------------
Total assets                                                                                 $  8,820.2   $  8,131.3
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
  Noninterest-bearing demand                                                                 $  1,025.5   $  1,189.6
  Interest-bearing:
    Savings                                                                                       369.0        349.3
    Interest-bearing demand                                                                     2,364.1      1,833.6
    Certificates under $100,000                                                                   788.3        884.1
    Local certificates $100,000 and over                                                          130.3        135.3
--------------------------------------------------------------------------------------------------------------------
  Total core deposits                                                                           4,677.2      4,391.9
  National certificates $100,000 and over                                                       1,900.0      1,945.2
--------------------------------------------------------------------------------------------------------------------
Total deposits                                                                                  6,577.2      6,337.1
Short-term borrowings:
  Federal funds purchased and securities sold under agreements to repurchase                      820.5        658.8
  U.S. Treasury demand deposits                                                                    48.3         41.9
  Line of credit                                                                                    8.0         34.0
--------------------------------------------------------------------------------------------------------------------
Total short-term borrowings                                                                       876.8        734.7
Accrued interest payable                                                                           23.6         29.7
Other liabilities                                                                                 134.5        128.0
Long-term debt                                                                                    407.1        160.5
--------------------------------------------------------------------------------------------------------------------
Total liabilities                                                                               8,019.2      7,390.0
Minority interest                                                                                   0.2           --
Stockholders' equity:
  Common stock: $1.00 par value, authorized 150,000,000 shares, issued 78,528,346 shares           78.5         78.5
  Capital surplus                                                                                  54.6         49.2
  Retained earnings                                                                               948.4        884.2
  Accumulated other comprehensive income                                                          (16.1)        (1.2)
--------------------------------------------------------------------------------------------------------------------
  Total contributed capital and retained earnings                                               1,065.4      1,010.7
  Less: Treasury stock; 12,465,014 shares in 2003 and 12,900,601 shares in 2002, at cost         (264.6)      (269.4)
--------------------------------------------------------------------------------------------------------------------
Total stockholders' equity                                                                        800.8        741.3
--------------------------------------------------------------------------------------------------------------------
Total liabilities and stockholders' equity                                                   $  8,820.2   $  8,131.3
</TABLE>

See notes to consolidated financial statements

                                                           2003 ANNUAL REPORT 41

<PAGE>

                          Wilmington Trust Corporation

                        CONSOLIDATED STATEMENTS OF INCOME

<TABLE>
<CAPTION>
(in millions, except per share amounts)
For the year ended December 31                                                          2003      2002     2001
-----------------------------------------------------------------------------------------------------------------
<S>                                                                                   <C>       <C>       <C>
NET INTEREST INCOME
Interest and fees on loans                                                            $ 301.1   $ 331.0   $ 389.5
Interest and dividends on investment securities:
  Taxable interest                                                                       59.5      54.1      69.4
  Tax-exempt interest                                                                     0.9       1.0       1.9
  Dividends                                                                               6.9       6.1       7.0
Interest on federal funds sold and securities purchased under agreements to resell        0.4       0.6       1.0
-----------------------------------------------------------------------------------------------------------------
Total interest income                                                                   368.8     392.8     468.8
Interest on deposits                                                                     63.7      88.0     151.9
Interest on short-term borrowings                                                        14.5      17.7      47.0
Interest on long-term debt                                                               13.5      10.6      11.0
-----------------------------------------------------------------------------------------------------------------
Total interest expense                                                                   91.7     116.3     209.9
Net interest income                                                                     277.1     276.5     258.9
Provision for loan losses                                                               (21.6)    (22.0)    (19.9)
-----------------------------------------------------------------------------------------------------------------
Net interest income after provision for loan losses                                     255.5     254.5     239.0
NONINTEREST INCOME
Advisory fees:
  Wealth Advisory Services                                                              140.4     126.9     109.6
  Corporate Client Services                                                              67.3      64.3      54.9
  Cramer Rosenthal McGlynn                                                                5.3       7.7       6.3
  Roxbury Capital Management                                                             (2.3)      8.6      14.2
-----------------------------------------------------------------------------------------------------------------
Advisory fees                                                                           210.7     207.5     185.0
Amortization of affiliate goodwill and other intangibles                                 (1.7)     (1.3)     (8.2)
-----------------------------------------------------------------------------------------------------------------
Advisory fees after amortization of affiliate goodwill and other intangibles            209.0     206.2     176.8
Service charges on deposit accounts                                                      32.3      29.9      27.2
Loan fees and late charges                                                                8.1       7.7       7.7
Card fees                                                                                 9.4      10.7      10.3
Other noninterest income                                                                  4.7       5.7       4.5
Securities gains                                                                          0.7       2.0       1.5
-----------------------------------------------------------------------------------------------------------------
Total noninterest income                                                                264.2     262.2     228.0
Net interest and noninterest income                                                     519.7     516.7     467.0
</TABLE>

                                                                     (continued)

42

<PAGE>

                          Wilmington Trust Corporation

<TABLE>
<CAPTION>
(in millions, except per share amounts)
For the year ended December 31                                                                    2003     2002      2001
---------------------------------------------------------------------------------------------------------------------------
<S>                                                                                             <C>       <C>       <C>
NONINTEREST EXPENSE
Salaries and wages                                                                              $ 124.1   $ 119.5   $ 109.2
Incentives and bonuses                                                                             26.8      30.3      28.4
Employment benefits                                                                                35.6      32.6      29.2
Net occupancy                                                                                      20.6      20.4      16.8
Furniture, equipment and supplies                                                                  28.2      31.9      29.0
Advertising and contributions                                                                       8.0       9.5       8.9
Servicing and consulting fees                                                                      16.3      13.5       9.1
Travel, entertainment and training                                                                  6.9       7.5       6.3
Originating and processing fees                                                                     7.8       7.3       7.5
Other noninterest expense                                                                          37.7      37.4      32.5
---------------------------------------------------------------------------------------------------------------------------
Total noninterest expense                                                                         312.0     309.9     276.9
NET INCOME
Income before income taxes, minority interest and cumulative effect of change in
  accounting principle                                                                            207.7     206.8     190.1
Income tax expense                                                                                 72.2      73.0      66.0
---------------------------------------------------------------------------------------------------------------------------
Net income before minority interest and cumulative effect of change in accounting principle     $ 135.5   $ 133.8   $ 124.1
Minority interest                                                                                   1.1       0.6        --
---------------------------------------------------------------------------------------------------------------------------
Net income before cumulative effect of change in accounting principle                             134.4     133.2     124.1
Cumulative effect of change in accounting principle (net of income taxes of $0.6)                    --        --       1.1
---------------------------------------------------------------------------------------------------------------------------
Net income                                                                                      $ 134.4   $ 133.2   $ 125.2
Net income per share--basic:
 Before cumulative effect of change in accounting principle                                     $  2.04   $  2.03   $  1.90
 Cumulative effect of change in accounting principle                                                 --        --      0.02
---------------------------------------------------------------------------------------------------------------------------
Net income per share--basic                                                                     $  2.04    $ 2.03   $  1.92
Net income per share--diluted:
 Before cumulative effect of change in accounting principle                                     $  2.02   $  2.01   $  1.88
 Cumulative effect of change in accounting principle                                                 --        --      0.02
---------------------------------------------------------------------------------------------------------------------------
Net income per share--diluted                                                                   $  2.02   $  2.01   $  1.90
Weighted average shares outstanding (in thousands):
 Basic                                                                                           65,869    65,617    65,147
 Diluted                                                                                         66,536    66,301    65,942
</TABLE>

See notes to consolidated financial statements

                                                           2003 ANNUAL REPORT 43

<PAGE>

                          Wilmington Trust Corporation

           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                                                                                  Accumulated
                                                                                                     other
                                                                   Common   Capital   Retained   comprehensive  Treasury
(in millions, except per share amounts)                             stock   surplus   earnings      income        stock      Total
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                <C>      <C>       <C>        <C>            <C>         <C>
2001
Balance at January 1,2001                                          $ 39.3   $  72.8   $  753.4     $   (4.5)    $ (269.1)   $ 591.9
Comprehensive income:
  Net income                                                           --        --      125.2           --           --      125.2
  Other comprehensive income, net of tax:
    Unrealized gains on securities, net of income taxes of $8.3        --        --         --         14.7           --       14.7
    Reclassification adjustment for security losses included
     in net income, net of income taxes of $(0.5)                      --        --         --         (0.9)          --       (0.9)
                                                                                                   --------
    Net unrealized gains on securities                                                                 13.8
    Net unrealized holding gains arising during the year on
     derivatives used for cash flow hedge, net of income
     taxes of  $0.4                                                    --        --         --          0.9           --        0.9
    Reclassification adjustment for derivative gains
     included in net income, net of income taxes of $0.0               --        --         --         (0.2)          --       (0.2)
                                                                                                                            -------
Total comprehensive income                                                                                                    139.7
Cash dividends paid--$.945 per share                                   --        --      (61.6)          --           --      (61.6)
Common stock issued under employment benefit plans and
 to the Board of Directors (364,307 shares issued)                     --       5.3         --           --         10.6       15.9
Nonemployee stock option expense                                       --       0.1         --           --           --        0.1
Acquisition of treasury stock (57,408 shares acquired)                 --        --         --           --         (3.5)      (3.5)
-----------------------------------------------------------------------------------------------------------------------------------
Balance at December 31,2001                                          39.3      78.2      817.0         10.0       (262.0)     682.5

2002
Balance at January 1, 2002                                           39.3      78.2      817.0         10.0       (262.0)     682.5
Comprehensive income:
 Net income                                                            --        --      133.2           --           --      133.2
 Other comprehensive income, net of tax:
  Unrealized gains on securities, net of income taxes of $1.9          --        --         --          3.5           --        3.5
  Reclassification adjustment for security gains included
   in net income, net of income taxes of $(0.7)                        --        --         --         (1.3)          --       (1.3)
                                                                                                   --------
  Net unrealized gains on securities                                                                    2.2
  Reclassification adjustment for derivative gains included
   in net income, net of income taxes of $(1.0)                        --        --         --         (0.2)          --       (0.2)
  Foreign currency translation adjustments, net of income taxes
   of $(0.3)                                                           --        --         --          0.6           --        0.6
  Minimum pension liability adjustment, net of income taxes of
   $(7.5)                                                              --        --         --        (13.8)          --      (13.8)
                                                                                                                            -------
Total comprehensive income                                                                                                    122.0
Cash dividends paid--$1.005 per share                                  --        --      (66.0)          --           --      (66.0)
Stock dividend--100% (32,836,677 shares issued, 6,427,496
 treasury shares)                                                    39.2     (39.2)        --           --           --         --
Common stock issued under employment benefit plans and
 to the Board of Directors (332,561 shares issued)                     --       5.2         --           --          7.3       12.5
Nonemployee stock option expense                                       --       0.1         --           --           --        0.1
Common stock issued for purchase of subsidiary (141,489 shares
 issued)                                                               --       4.9         --           --          4.0        8.9
Acquisition of treasury stock (383,199 shares acquired)                --        --         --           --        (18.7)     (18.7)
-----------------------------------------------------------------------------------------------------------------------------------
Balance at December 31,2002                                        $ 78.5   $  49.2   $  884.2     $   (1.2)    $ (269.4)   $ 741.3
</TABLE>

                                                                     (continued)

44
<PAGE>

                          Wilmington Trust Corporation

<TABLE>
<CAPTION>
                                                                                                     Accumulated
                                                                                                        other
                                                                         Common  Capital  Retained  comprehensive  Treasury
(in millions, except per share amounts)                                   stock  surplus  earnings      income       stock   Total
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>     <C>      <C>       <C>            <C>       <C>
2003
Balance at January 1, 2003                                               $ 78.5  $  49.2  $  884.2  $       (1.2)  $(269.4)  $741.3
Comprehensive income:
 Net income                                                                  --       --     134.4            --        --    134.4
 Other comprehensive income, net of tax:
  Unrealized losses on securities, net of income taxes of $(5.5)             --       --        --         (10.0)       --    (10.0)
  Reclassification adjustment for security gains included
    in net income, net of income taxes of $(0.3)                             --       --        --          (0.4)       --     (0.4)
                                                                                                           -----
  Net unrealized gains on  securities                                                                      (10.4)
  Reclassification adjustment for derivative gains included
    in net income, net of income taxes of $(0.1)                             --       --        --          (0.2)       --     (0.2)
  Foreign currency translation adjustments, net of income taxes of $(0.1)    --       --        --           0.2        --      0.2
  Minimum pension liability  adjustment, net of income taxes of $(2.3)       --       --        --          (4.5)       --     (4.5)
                                                                                                                             ------
Total comprehensive income                                                                                                    119.5
Cash dividends paid -- $1.065 per share                                      --       --     (70.2)           --        --    (70.2)
Common stock issued under employment benefit plans and
  to the Board of Directors (471,222 shares issued)                          --      5.4        --            --       5.9     11.3
Acquisition of treasury stock (35,635 shares acquired)                       --       --        --            --      (1.1)    (1.1)
-----------------------------------------------------------------------------------------------------------------------------------
Balance at December 31, 2003                                             $ 78.5  $  54.6  $  948.4  $      (16.1)  $(264.6)  $800.8
</TABLE>

See notes to consolidated financial statements.

                                                         2003 ANNUAL REPORT   45

<PAGE>

                          Wilmington Trust Corporation

                     CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
(in millions)
For the year ended December 31                                                               2003               2002       2001
----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>                <C>        <C>
OPERATING ACTIVITIES
Net income                                                                                $    134.4         $   133.2  $   125.2
Adjustments to reconcile net income to net cash provided by operating activities:
 Provision for loan losses                                                                      21.6              22.0       19.9
 Provision for depreciation and other amortization                                              18.6              21.2       18.6
 Amortization of goodwill and other intangible assets                                            3.0               2.4        9.8
 Minority interest in net income                                                                 1.1               0.6         --
 Compensation expense--nonemployee stock options                                                  --               0.1        0.1
 Amortization of investment securities available for sale discounts and premiums                14.7              15.3       11.3
 Deferred income taxes                                                                          (5.3)              5.8       (2.9)
 Originations of residential mortgages available for sale                                     (198.2)           (129.6)     (87.9)
 Gross proceeds from sales of residential mortgages                                            201.5             131.7       88.8
 Gains on sales of residential mortgages                                                        (3.3)             (2.1)      (0.9)
 Securities gains                                                                               (0.7)             (2.0)      (1.5)
 Decrease/(increase) in other assets                                                             7.9             (21.7)       9.8
 Increase/(decrease) in other liabilities                                                        1.8              10.8       (8.6)
----------------------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities                                                      197.1             187.7      181.7
INVESTING ACTIVITIES
Proceeds from sales of investment securities available for sale                                 19.6             114.6       54.7
Proceeds from maturities of investment securities available for sale                         1,061.1             661.3      463.5
Proceeds from maturities of investment securities held to maturity                               0.6              11.8        4.2
Purchases of investment securities available for sale                                       (1,642.2)           (865.0)    (331.2)
Purchases of investment securities held to maturity                                               --              (0.1)        --
Investments in affiliates                                                                       (5.9)            (16.9)     (44.6)
Cash paid for purchase of subsidiary                                                              --             (19.1)        --
Purchases of residential mortgages                                                              (5.2)             (3.3)     (12.0)
Net increase in loans                                                                         (211.9)           (551.4)    (303.4)
Purchases of premises and equipment                                                            (27.6)            (40.8)     (49.6)
Dispositions of premises and equipment                                                          12.2               4.8       21.9
----------------------------------------------------------------------------------------------------------------------------------
Net cash used for investing activities                                                        (799.3)           (704.1)    (196.5)
</TABLE>

                                                                     (continued)

46
<PAGE>

                          Wilmington Trust Corporation

<TABLE>
<CAPTION>
(in millions)
For the year ended December 31                                                                        2003     2002      2001
----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                 <C>       <C>       <C>
FINANCING ACTIVITIES
Net increase in demand, savings and interest-bearing demand deposits                                $ 386.1   $ 347.7   $ 305.7
Net(decrease)/increase in certificates of deposit                                                    (146.0)    398.6      (0.9)
Net increase/(decrease) in federal funds purchased and securities sold under agreements to
repurchase                                                                                            161.7    (169.5)   (271.1)
Net increase/(decrease) in U.S. Treasury demand                                                         6.4     (53.0)     64.1
Proceeds from issuance of long-term debt                                                              246.6        --        --
Maturity of long-term debt                                                                               --        --      (7.5)
Net(decrease)/increase in line of credit                                                              (26.0)      0.5      16.5
Cash dividends                                                                                        (70.2)    (66.0)    (61.6)
Distributions to minority shareholders                                                                 (0.9)     (0.6)       --
Proceeds from common stock issued under employment benefit plans, net of taxes                         10.5      11.1      14.2
Payments for common stock acquired through buybacks                                                    (1.1)    (18.7)     (3.5)
----------------------------------------------------------------------------------------------------------------------------------
Net cash provided by financing activities                                                             567.1     450.1      55.9
Effect of foreign currency translation on cash                                                          0.2       0.1        --
(Decrease)/increase in cash and cash equivalents                                                      (34.9)    (66.2)     41.1
Cash and cash equivalents at beginning of year                                                        248.9     315.1     274.0
----------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of year                                                            $ 214.0   $ 248.9   $ 315.1
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for:
  Interest                                                                                          $  97.8   $ 121.2   $ 227.1
  Taxes                                                                                                63.3      74.8      62.8
In conjunction with the acquisition of Balentine, SPV Management, Rodney Square Investors,
Cramer Rosenthal McGlynn, LLC, Roxbury Capital Management, LLC and Camden Partners
Holdings, LLC, liabilities were assumed as follows:
  Fair value of assets acquired                                                                     $   5.9   $  61.6    $ 44.6
  Common stock issued                                                                                    --      (8.8)       --
  Cash paid                                                                                            (5.9)    (36.0)    (44.6)
  Liabilities assumed                                                                               $    --   $  16.8    $   --
</TABLE>

See notes to consolidated financial statements.

                                                         2003 ANNUAL REPORT   47

<PAGE>


                          Wilmington Trust Corporation

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1:

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BUSINESS

     Wilmington Trust Corporation (the Corporation) is a bank and thrift holding
company organized under the General Corporation Law of Delaware. In December
2000, the Corporation became a financial holding company under the Bank Holding
Company Act. Through its subsidiaries, the Corporation engages in
fiduciary, wealth management, investment advisory, financial planning,
insurance, broker-dealer services, deposit taking, and lending.

     The Corporation's primary wholly owned subsidiary is Wilmington Trust
Company (WTC), a Delaware-chartered bank and trust company. The Corporation
holds all of the outstanding capital stock of WTC. The Corporation also owns two
other depository institutions, Wilmington Trust of Pennsylvania (WTPA), a
Pennsylvania-chartered bank and trust company, and Wilmington Trust FSB (WTFSB),
a federally-chartered savings bank. The Corporation also owns a registered
investment advisor, Rodney Square Management Corporation (RSMC), and three
investment holding companies: WT Investments, Inc. (WTI), Wilmington Trust (UK)
Limited (WTUK), and Balentine Holdings, Inc. (BHI).

     The Corporation and its subsidiaries are subject to competition from other
financial institutions. The Corporation and its subsidiaries are also subject to
the regulations of, and undergo periodic examinations by, certain federal and
state regulatory agencies.

AFFILIATE ASSET MANAGERS

     CRAMER ROSENTHAL MCGLYNN: On January 2, 1998, WTI consummated a transaction
with Cramer Rosenthal McGlynn, LLC (CRM), an investment advisory firm
specializing in equity investments in small- to middle-capitalization stocks
with offices in New York, in which WTI acquired a 24% equity interest, with the
ability to acquire additional ownership in the future. WTI increased its equity
interest in the firm to 34% in 1999, 56.53% in 2000, 63.47% in 2002, and 69.14%
in 2003.

     Under the acquisition agreement, principal members and certain key
employees (principals) of CRM were granted options to purchase interests in CRM.
If all of these options were exercised at December 31, 2003, WTI's equity
interest would be reduced to 52.86%. Additionally, these same principals,
subject to certain restrictions, can put their interests in CRM to WTI, which
would increase WTI's equity interest. Conversely, WTI, subject to certain
restrictions, can call interests held by principals of CRM, which would increase
WTI's equity interest. In the event of a change in control of the Corporation,
the principals of CRM can call the interests held by WTI and retain ownership.
WTI's investment is accounted for under the equity method of accounting and is
recorded in the "Goodwill," "Other intangible assets," and "Other assets" lines
of the Corporation's Consolidated Statements of Condition. The financial results
of CRM are not consolidated with those of the Corporation, in part because of
the control the other owners of CRM retain over numerous important governance
matters.

     ROXBURY CAPITAL MANAGEMENT: On July 31, 1998, WTI consummated a transaction
with Roxbury Capital Management, LLC (RCM), an asset management firm
headquartered in California that performs investment management services
relating to large-capitalization stocks for institutional and individual
clients, in which WTI acquired 100% of the preferred interests of RCM. This
entitles WTI to a preferred profits interest equal to 30% of the revenues of
RCM. In 2000 WTI acquired 10.96% of the common interests of RCM and increased
its ownership of the common interests to 40.25% in 2001, 40.91% in 2002, and
41.23% in 2003.

     Under the acquisition agreement, principal members and certain key
employees (principals) of RCM were granted options to purchase common interests
in RCM owned by WTI. If all these options were exercised at December 31, 2003,
WTI's common interests would be reduced to 32.65%. Additionally, these same
principals of RCM can put their common interests in RCM to WTI, which would
increase WTI's ownership. Conversely, WTI, subject to certain restrictions, can
call common interests held by principals of RCM, which would increase WTI's
ownership. WTI's investment is accounted for under the equity method of
accounting and is recorded in the "Goodwill," "Other intangible assets," and
"Other assets" lines of the Corporation's Consolidated Statements of Condition.

     The excess of the carrying value over the underlying equity resulting from
the CRM and RCM transactions was $227 million and $225 million at December
31, 2003, and 2002, respectively.

     CAMDEN PARTNERS: In February 2002 WTI acquired a 25% equity interest in
Camden Partners Holdings, LLC, a Baltimore-based private equity firm. In 2003
WTI increased its equity interest to 31.25%.

     BALENTINE & COMPANY: On January 2, 2002, WTI consummated a transaction with
Balentine & Company, LLC (Balentine), an investment counseling firm specializing
in selecting independent managers across all asset classes, with headquarters in
Georgia, in which WTI acquired an 80% interest in Balentine, with the ability to
acquire additional ownership in the future. The Corporation's interest in the
firm was 78.91% at the end of 2003.

     Under the acquisition agreement, principal members of Balentine, subject to
certain restrictions, can put their interests in Balentine to the
Corporation, which would increase the Corporation's interest. Conversely, the
Corporation, subject to certain restrictions, can call interests held by
principals of Balentine, which would increase the Corporation's interest. In the
event of a change in control of the Corporation, the principals of Balentine can
either put their interests to the Corporation or call the interests held by the
Corporation and retain ownership. The financial results of Balentine are
consolidated with those of the Corporation.

48

<PAGE>

                          Wilmington Trust Corporation

BASIS OF FINANCIAL STATEMENT PRESENTATION

     The accompanying consolidated financial statements have been prepared in
accordance with accounting principles generally accepted in the United States of
America (GAAP) and include, after elimination of material intercompany balances
and transactions, the accounts of the Corporation, WTC, WTPA, WTFSB, RSMC, WTI,
WTUK, BHI, and WTC's subsidiaries. The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements, and
the reported amounts of revenues and expenses during the reporting period.
Management evaluates these estimates on an ongoing basis, including those
estimates related to the reserve for loan losses, stock-based employee
compensation, affiliate fee income, impairment of goodwill, recognition of
corporate trust fees, loan origination fees, and mortgage servicing assets.
Certain prior year amounts have been reclassified to conform to current year
presentation. All common stock and per-share amounts have been adjusted to
reflect the 100% stock dividend paid on June 17, 2002.

ACCOUNTING PRONOUNCEMENTS

     SFAS NO. 146: In June 2002 the Financial Accounting Standards Board (FASB)
issued Statement of Financial Accounting Standards (SFAS) No. 146, "Accounting
for Costs Associated with Exit or Disposal Activities." This Statement addresses
financial accounting and reporting for costs associated with exit or disposal
activities and nullifies Emerging Issues Task Force Issue No. 94-3, "Liability
Recognition for Certain Employee Termination Benefits and Other Costs to Exit an
Activity (Including Certain Costs Incurred in a Restructuring)." The provisions
of this Statement are effective for exit or disposal activities that are
initiated after December 31, 2002, with early application encouraged. The
adoption of this Statement did not have an impact on the Corporation's
consolidated earnings, financial condition, or equity.

     SFAS NO. 148: In December 2002 the FASB issued SFAS No. 148, "Accounting
for Stock-Based Compensation--Transition and Disclosure." This Statement
amends SFAS No. 123, "Accounting for Stock-Based Compensation," to provide
alternative methods of transition for an entity that voluntarily changes to the
fair value-based method of accounting for stock-based employee compensation. It
also amends the disclosure provisions of that Statement to require prominent
disclosure about the effects on reported net income of an entity's accounting
policy decisions with respect to stock-based employee compensation. Finally,
this Statement amends Accounting Principles Board (APB) Opinion No. 28, "Interim
Financial Reporting," to require disclosure about those effects in interim
financial information. The requirements for SFAS No. 148 are effective for
financial statements for fiscal years ended and interim periods beginning after
December 15, 2002. The Corporation uses the "intrinsic value" approach to
accounting for stock-based compensation as permitted under APB Opinion No. 25.
The Corporation has adopted the disclosure provisions of SFAS No. 148. The
disclosure provisions had no impact on the Corporation's consolidated earnings,
financial condition, or equity. On April 22, 2003, the FASB announced its
intention to require that all companies expense the value of employee stock
options. The FASB plans to issue a new exposure draft that could become
effective in 2004. Until the new Statement is issued, the provisions of
Statement No. 123 remain in effect. See "Stock-based employee compensation"
under "Critical accounting policies and estimates."

     SFAS NO. 149: In April 2003 the FASB issued SFAS No. 149, "Amendments of
Statement 133 on Derivative Instruments and Hedging Activities," which
establishes accounting and reporting standards for derivative
instruments, including derivatives embedded in other contracts and hedging
activities. This Statement amends Statement No. 133 for decisions made by the
FASB as part of its Derivatives Implementation Group process. The Statement also
amends Statement No. 133 to incorporate clarifications of the definition of a
derivative. The Statement is effective for contracts entered into or modified
and hedging relationships designated after June 30, 2003. The provisions of this
Statement did not have a material impact on the Corporation's consolidated
earnings, financial condition, or equity.

     SFAS NO. 150: In May 2003 the FASB issued SFAS No. 150, "Accounting for
Certain Financial Instruments with Characteristics of Both Liabilities and
Equity." This Statement establishes standards for how an issuer classifies
financial instruments with characteristics of both liabilities and equity. It
requires that an issuer classify these financial instruments as a liability
(or, in certain circumstances, an asset). Previously these financial instruments
would have been classified entirely as equity, or between the liabilities
section and equity section of the statement of financial condition. This
Statement also addresses questions about the classification of certain financial
instruments that embody obligations to issue equity shares. The provisions of
this Statement are effective for interim periods beginning after June 15, 2003.
The adoption of this Statement did not have an impact on the Corporation's
consolidated earnings, financial condition, or equity.

     SFAS NO. 132 (REVISED): In December 2003 the FASB issued SFAS No. 132
(revised), "Employers' Disclosures about Pensions and Other Postretirement
Benefits." SFAS No. 132 (revised) prescribes employers' disclosures about
pension plans and other postretirement benefit plans; it does not change the
measurement or recognition of those plans. This Statement retains and revises
the disclosure requirements contained in the original Statement 132. It also
requires additional disclosures about the assets,

                                                         2003 ANNUAL REPORT   49
<PAGE>

                          Wilmington Trust Corporation

obligations, cash flows, and net periodic benefit cost of defined benefit
pension plans and other postretirement benefit plans. This Statement generally
is effective for fiscal years ending after December 15, 2003. The Corporation's
disclosures in Note 15 to the Consolidated Financial Statements, which begins on
page 61 of this report, incorporate the requirements of SFAS No. 132 (revised).

         FIN NO. 45: In November 2002 the FASB issued Interpretation No.
45, "Guarantor's Accounting and Disclosure Requirements for Guarantees,
Including Indirect Guarantees of Indebtedness of Others." This is an
interpretation of FASB Nos. 5, 57, and 107, and rescinds FASB Interpretation No.
34. The Interpretation elaborates on the disclosures a guarantor is required to
make in both its interim and annual financial statements about its obligations
under certain guarantees that it has issued. It also clarifies that a guarantor
is required to recognize, at the inception of the guarantee, a liability for the
fair value of the obligation undertaken in issuing the guarantee. The initial
recognition and measurement provisions are to be applied on a prospective basis
to guarantees issued or modified after December 31, 2002, irrespective of the
guarantor's year-end. Accounting for guarantees issued prior to the date of this
Interpretation's initial application will not be revised or restated to reflect
the effect of the recognition and measurement provisions of the Interpretation.
The application of this Interpretation did not have a material effect on the
Corporation's consolidated earnings, financial condition, or equity.

         FIN NO. 46: In January 2003 the FASB issued Interpretation No. 46 (FIN
46), "Consolidation of Variable Interest Entities," which addresses how a
business enterprise should evaluate whether it has a controlling financial
interest in an entity through means other than voting rights and, accordingly,
whether it should consolidate the entity. FIN 46 Revised (FIN 46R), issued in
December 2003, replaces FIN 46. FIN 46R requires public entities to apply FIN 46
or FIN 46R to all entities that are considered special purpose entities in
practice and under the FASB literature that was applied before the issuance of
FIN 46 by the end of the first reporting period that ends after December 15,
2003. For any variable interest entities (VIEs) that must be consolidated under
FIN 46R, the assets, liabilities, and noncontrolling interests of the VIE
initially would be measured at their carrying amounts with any difference
between the net amount added to the balance sheet and any previously recognized
interest being recognized as the cumulative effect of an accounting change. If
determining the carrying amounts is not practicable, fair value at the date FIN
46R first applies may be used to measure the assets, liabilities, and
noncontrolling interest of the VIE. The adoption of FIN 46R did not have a
material impact on the Corporation's consolidated earnings, financial condition,
or equity, nor has there been any additional requirement for disclosure.

ACCOUNTING POLICIES

         CASH: The Corporation defines cash and cash equivalents as those
amounts included in the balance sheet captions "Cash and due from banks" and
"Federal funds sold and securities purchased under agreements to resell."

         INVESTMENT SECURITIES: Debt securities that the Corporation has the
intent and ability to hold until maturity are classified as "held to maturity"
and are carried at historical cost, adjusted for any amortization of premium or
accretion of discount. Marketable equity securities and debt securities that are
not classified as held to maturity are classified as "available for sale" and
are carried at fair value, with the unrealized gains and losses, net of tax,
reported as a part of "Other comprehensive income" within stockholders' equity.

         Realized gains and losses and declines in value judged to be other than
temporary are included in earnings. The specific identification method is
utilized in determining the cost of a security that has been sold. Premiums and
discounts are amortized and accreted, respectively, as an adjustment of the
securities' yield using the interest method, adjusted for the effects of
prepayments on the underlying assets.

         LOANS: Loans generally are stated at their outstanding unpaid principal
balance, net of any deferred fees or costs on originated loans, and net of any
unamortized premiums or discounts on purchased loans. Interest income is accrued
and recognized as income based upon the principal amount outstanding. Loan
origination and commitment fees, net of certain direct origination costs, are
deferred, and the net amounts are amortized over the contractual life of the
loans as adjustments to the yield, utilizing the interest method.

         The accrual of interest and fee income is discontinued when a
reasonable doubt exists as to the collectibility of interest or principal. A
loan is determined to be impaired when it is probable that a borrower will be
unable to pay all amounts due according to the contractual terms of the loan
agreement. Loans, including those determined impaired under SFAS No. 114,
"Accounting by Creditors for Impairment of a Loan," generally are placed on
nonaccrual status after they have become 90 days past due. For installment and
revolving consumer loans, the accrual of interest income continues until the
loan is charged off, which is generally 120 days past due for installment loans
and 180 days past due for revolving consumer loans. A nonaccrual loan is not
necessarily deemed to be uncollectible.

         Loans are returned to accrual status when all principal and interest
delinquency has been cured and reasonable assurance exists (normally six months
of satisfactory payment performance) that contractual payments will continue.

         RESERVE FOR LOAN LOSSES: The reserve for loan losses has been
established through provisions for loan losses charged against

50

<PAGE>

                          Wilmington Trust Corporation

income. Loans deemed to be uncollectible are charged against the reserve on a
quarterly basis. Recoveries, if any, are credited to the reserve.

         It is the policy of the Corporation to maintain a reserve for loan
losses that is management's best estimate of known and inherent estimated
losses, based on subjective judgments regarding the collectibility of loans
within the portfolio. The reserve for loan losses is evaluated on a quarterly
basis by personnel independent of the various lending functions. In evaluating
the reserve, specific consideration is given to current micro- and
macro-economic factors, historical net loss experience, current delinquency
trends, and movement within the internally reported loan quality
classifications, among other matters. The methodology employed to determine the
necessary level of reserve to maintain has been applied on a basis consistent
with prior periods.

         Reserve allocations for the commercial portfolios are maintained at
various levels. Impairment reserve allocations typically are established for
nonperforming commercial credits as identified for evaluation in accordance with
SFAS No. 114, "Accounting by Creditors for Impairment of a Loan," and are based
on the present value of anticipated cash flows discounted at the loan's
effective interest rate at the date the loan is determined to be impaired or,
for collateral-dependent loans, the fair value of the collateral. For
collateral-dependent loans, management obtains appraisals for all significant
properties. Specific allocations represent subjective estimates of probable
losses and consider estimated collateral shortfalls. All commercial credits and
letters of credit not subject to specific impairment allocations are assigned a
general reserve based on their internal risk-rating classification. An
eight-point risk rating classification system is maintained. The definitions and
reserve allocation percentages for all adverse classifications are consistent
with current regulatory guidelines.

         Reserve allocations for the retail portfolios are determined using
historical trend data. Specific allocations are established for identified
problem credits, which typically represent loans nearing the policy guidelines
for charge-off recognition. General allocations are established for the
remaining retail portfolios by applying a ratio to the outstanding balances that
considers the net loss experience recognized over a historical period for the
respective product. Adjustments are made as information becomes known that
adversely affects the perceived quality of an individual retail portfolio.

         A portion of the reserve is not specifically allocated to the
commercial or retail portfolios and represents probable or inherent losses
caused by certain business conditions not accounted for otherwise. Typically,
business conditions, including current economic and market conditions, portfolio
complexity, payment performance, loan portfolio risk rating migration, the level
of "serious doubt" loans, litigation impact, and bankruptcy trends comprise the
core of an unallocated reserve position.

         The determination of the reserve is inherently subjective, as it
requires material estimates, including the amounts and timing of future cash
flows expected to be received on impaired loans, that may be susceptible to
significant change.

         PREMISES AND EQUIPMENT: Premises and equipment are stated at cost less
accumulated depreciation. Depreciation expense is computed on the straight-line
basis over the estimated useful life of the asset. Improvements are capitalized
and depreciated over their useful lives. Gains or losses on dispositions of
property and equipment are included in income as realized.

         GOODWILL AND OTHER INTANGIBLE ASSETS: Goodwill represents the
unamortized balance of the excess of the purchase price over the proportionate
underlying fair value of net equity at the time of the Corporation's investments
in its affiliate asset managers and other acquisitions. In addition to periodic
testing, a substantial and permanent loss of either client accounts and/or
assets under management would trigger testing for impairment using a discounted
cash flow approach. Amortization expense of other intangible assets is computed
on the straight-line or sum of the years' digits basis over the estimated useful
life of the asset.

         INCOME TAXES: The Corporation accounts for income taxes using the asset
and liability method, under which deferred tax assets and liabilities are
determined based upon the differences between financial statement carrying
amounts and the tax bases of existing assets and liabilities. These temporary
differences are measured at prevailing enacted tax rates that will be in effect
when the differences are settled or realized.

         The Corporation and its subsidiaries, except for Brandywine Life
Insurance Company, Rodney Square Investors, L.P., Wilmington Trust (Cayman),
Ltd., Wilmington Trust (Channel Islands), Ltd., and WTUK and its subsidiaries,
file a consolidated federal income tax return. Brandywine Life Insurance
Company, Rodney Square Investors, L.P., Wilmington Trust (Cayman), Ltd.,
Wilmington Trust (Channel Islands), Ltd., and WTUK and its subsidiaries file
separate returns. Wilmington Trust (Cayman), Ltd., Wilmington Trust (Channel
Islands), Ltd., and WTUK and its subsidiaries are foreign companies and are not
subject to United States federal income taxes.

         The Corporation records low-income housing and rehabilitation
investment tax credits using the equity and the effective yield
methods, respectively, in accordance with Emerging Issues Task Force Abstract
No. 94-1.

         ADVISORY FEES: Advisory income is recognized on an accrual basis.

         PER-SHARE DATA: Basic net income per share is based on the weighted
average number of shares outstanding during each year. Diluted net income per
share is similar to basic net income per share, but includes the dilutive effect
of shares issuable under stock option plans.

                                                           2003 ANNUAL REPORT 51
<PAGE>

                          Wilmington Trust Corporation

         COMPREHENSIVE INCOME: SFAS No. 130, "Reporting Comprehensive
Income," establishes rules for the reporting and display of comprehensive income
and its components. This Statement requires, among other things, unrealized
gains or losses on the Corporation's available for sale securities, additional
minimum pension liabilities, derivative gains and losses, and foreign currency
translation adjustments to be included in comprehensive income.

         DERIVATIVE INTEREST RATE CONTRACTS: The Corporation recognizes all
derivatives on its balance sheet at fair value. Derivatives that are not hedges
must be adjusted to fair value through income. If a derivative is a hedge,
depending on the nature of the hedge, changes in the fair value of the
derivative are either offset against the change in fair value of the hedged
assets, liabilities, or firm commitments through earnings, or recognized in
other comprehensive income until the hedged item is recognized in earnings. The
ineffective portion of a derivative's change in fair value will be recognized in
earnings immediately.

         The Corporation previously has entered into interest rate swap and
interest rate floor contracts in managing interest rate risk to reduce the
impact of fluctuations in interest rates of identifiable asset
categories, principally floating-rate commercial loans and commercial mortgage
loans.

         Swaps are contracts to exchange, at specified intervals, the difference
between fixed- and floating-rate interest amounts computed on contractual
notional principal amounts.

         Floors are contracts that generate interest payments to the Corporation
based on the difference between the floating-rate index and a predetermined
strike rate of the specific floor when the index is below the strike rate. When
the index is equal to or above the strike rate, no payments are made or received
by the Corporation.

         Changes in the fair value of the floors attributed to the change in
"time value" are excluded in assessing the hedge's effectiveness and are
recorded to "Other noninterest income" in the Consolidated Statements of Income.
Changes in the fair value that are determined to be ineffective are also
recorded to "Other noninterest income" in the Consolidated Statements of Income.
The effective portion of the change in fair value is recorded in "Other
comprehensive income" in the Consolidated Statements of Condition.

         The Corporation does not hold or issue derivative financial instruments
for trading purposes.

         For the period ended December 31, 2001, other noninterest income
includes net gains of $596,048 resulting from the change in fair value of floors
that was excluded in assessing hedge effectiveness. Net gains or losses
resulting from the cash flow hedges' ineffectiveness were immaterial. The
amounts recorded to "Other comprehensive income" were subsequently reclassified
to "Interest and fees on loans" in the Consolidated Statements of Income as a
yield adjustment in the same period in which the hedged forecasted transaction
affected earnings.

         On April 17, 2001, the Corporation sold all of its floors at a gain of
$32,682. For the 12 months ended December 31, 2003, and 2002, $308,400 and
$302,601, respectively, of gains in "Accumulated other comprehensive income"
were reclassified to earnings.

         During the twelve months ending December 31, 2004, $308,400 of gains in
"Accumulated other comprehensive income" are expected to be reclassified to
earnings.

         OTHER REAL ESTATE OWNED: Other real estate owned (OREO), which is
reported as a component of "Other assets" in the Consolidated Statements of
Condition, consists of assets that have been acquired through foreclosure or
acceptance of a deed in lieu of foreclosure, and loans for which the Corporation
has taken possession of the collateral. These assets are recorded on the
Corporation's books at the lower of their cost or estimated fair value less cost
to sell, adjusted periodically based upon current appraisals.

         STOCK-BASED COMPENSATION PLANS: At December 31, 2003, the Corporation
had three types of stock-based compensation plans, which are described in Note
15. The Corporation applies APB No. 25 and related Interpretations in accounting
for these plans.

         No stock-based compensation cost has been recognized in the
accompanying consolidated financial statements for those plans. If compensation
cost had been determined based on the fair value at the grant dates for awards
under those plans consistent with the methods outlined in SFAS
No. 123, "Accounting for Stock-Based Compensation," the Corporation's net income
would have been as follows:

<TABLE>
<CAPTION>
(in millions, except per share amounts)   2003        2002    2001
--------------------------------------------------------------------
<S>                                      <C>         <C>     <C>
NET INCOME:
As reported                              $134.4      $133.2  $125.2
Deduct: Total stock-based employee
  compensation expense determined
  under fair value-based method for
  all awards, net of related tax effects   (3.9)       (4.5)   (4.7)
--------------------------------------------------------------------
Pro forma net income                     $130.5      $128.7  $120.5
Basic earnings per share:
  As reported                            $ 2.04      $ 2.03  $ 1.92
  Pro forma                                1.98        1.96    1.85
Diluted earnings per share:
  As reported                            $ 2.02      $ 2.01  $ 1.90
  Pro forma                                1.96        1.94    1.83
</TABLE>

NOTE 2:

RESTRICTIONS ON CASH AND DUE FROM BANKS

         The Federal Reserve Board requires banks to maintain cash reserves
against certain categories of average deposit liabilities. Such reserves
averaged $12.5 million and $10.8 million during 2003 and 2002, respectively.

52
<PAGE>

                          Wilmington Trust Corporation

NOTE 3:

INVESTMENT SECURITIES

         The amortized cost and estimated market value of securities at year-end
2003 and 2002 are as follows:

<TABLE>
<CAPTION>
                                                         Amortized cost        Gross           Gross      Estimated market value
                                                         --------------     unrealized       unrealized   ----------------------
(in millions)                                          Debt       Equity      gains           losses         Debt      Equity
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                    <C>        <C>       <C>              <C>          <C>          <C>
BALANCE AT DECEMBER 31, 2003
INVESTMENT SECURITIES AVAILABLE FOR SALE:
U.S. Treasury and government agencies                  $  464.0   $    --    $   6.0         $       --   $  470.0     $     --
Obligations of state and political subdivisions            12.2        --        0.7                 --       12.9           --
Other securities:
  Preferred stock                                            --     119.2        2.2               (1.3)        --        120.1
  Mortgage-backed securities                              984.4        --        4.4              (10.1)     978.7           --
  Other debt securities                                   251.4        --        1.3               (2.0)     250.7           --
  Other marketable equity securities                         --      42.3        0.5                 --         --         42.8
--------------------------------------------------------------------------------------------------------------------------------
Total investment securities available for sale         $1,712.0    $161.5    $  15.1         $    (13.4)  $1,712.3     $  162.9
INVESTMENT SECURITIES HELD TO MATURITY:
Obligations of state and political subdivisions        $    3.1   $    --    $   0.3         $       --   $    3.4     $     --
Mortgage-backed securities                                  0.3        --         --                 --        0.3           --
Other debt securities                                       0.8        --         --                 --        0.8           --
--------------------------------------------------------------------------------------------------------------------------------
Total investment securities held to maturity           $    4.2   $    --    $   0.3         $       --   $    4.5     $     --

Balance at December 31, 2002
INVESTMENT SECURITIES AVAILABLE FOR SALE:
U.S. Treasury and government agencies                  $  476.2   $    --    $  13.3         $       --   $  489.5     $     --
Obligations of state and political subdivisions            12.3        --        0.8                 --       13.1           --
Other securities:
  Preferred stock                                            --     113.7         --               (1.9)        --        111.8
  Mortgage-backed securities                              496.2        --       11.3                 --      507.5           --
  Other debt securities                                   194.2        --        1.3               (7.4)     188.1           --
  Other marketable equity securities                         --      33.4        0.5                 --         --         33.9
--------------------------------------------------------------------------------------------------------------------------------
Total investment securities available for sale         $1,178.9   $ 147.1    $  27.2         $     (9.3)  $1,198.2     $  145.7
INVESTMENT SECURITIES HELD TO MATURITY:
Obligations of state and political subdivisions        $    3.6   $    --    $   0.3         $       --   $    3.9     $     --
Mortgage-backed securities                                  0.3        --         --                 --        0.3           --
Other debt securities                                       0.9        --         --                 --        0.9           --
--------------------------------------------------------------------------------------------------------------------------------
Total investment securities held to maturity           $    4.8   $    --    $   0.3         $       --   $    5.1     $     --
</TABLE>

         The following table shows the amortized cost and estimated market value
of debt securities at December 31, 2003, by contractual maturity (in millions).
Expected maturities will differ from contractual maturities, because the issuers
may have the right to call or prepay obligations without incurring penalties.

<TABLE>
<CAPTION>
                                            Debt securities available for sale         Debt securities held to maturity
                                            ---------------------------------------------------------------------------
                                            Amortized                   Market         Amortized                Market
                                              cost                      value            cost                   value
-----------------------------------------------------------------------------------------------------------------------
<S>                                         <C>                       <C>              <C>                     <C>
Due in one year or less                     $   223.5                 $  226.9          $    --                $   --
Due after one year through five years           273.3                    277.5              1.4                   1.5
Due after five years through ten years          105.2                    107.0              1.7                   1.9
Due after ten years                           1,110.0                  1,100.9              1.1                   1.1
-----------------------------------------------------------------------------------------------------------------------
Total                                       $ 1,712.0                 $1,712.3          $   4.2                $  4.5
</TABLE>

         Proceeds from the sales of investment securities available for sale
during 2003, 2002, and 2001 were $19.6 million, $114.6 million, and $54.7
million, respectively. Gross gains of $.07 million, $2.0 million, and $1.5
million in 2003, 2002, and 2001, respectively, were realized on those sales.
There were no offsetting losses in 2003, 2002, or 2001. Gross gains of $83,000,
$7,000, and $20,000 in 2003, 2002, and 2001, respectively, were realized on
called securities, with offsetting losses of $134,000 in 2002. There were no
offsetting losses in 2003 or 2001. Securities with an aggregate book value of
$834.3 million at December 31, 2003, were pledged to secure deposits and other
commitments.

                                                           2003 ANNUAL REPORT 53
<PAGE>

                          Wilmington Trust Corporation

         The Corporation's preferred stock portfolio consists of cumulative and
noncumulative preferred stocks.

         The following table shows the estimated market value and unrealized
loss of debt and marketable equity securities that are temporarily impaired.

<TABLE>
<CAPTION>
                                           Less than 12 months    12 months or longer           Total
---------------------------------------------------------------------------------------------------------------
                                          Estimated               Estimated               Estimated
                                            market   Unrealized    market    Unrealized    market   Unrealized
(in millions)                               value      losses      value       losses      value      losses
---------------------------------------------------------------------------------------------------------------
<S>                                       <C>        <C>         <C>         <C>         <C>        <C>
BALANCE AT DECEMBER 31, 2003
Other securities:
  Preferred stock                         $     6.9    $ 0.1      $ 30.1      $  1.2      $ 37.0      $  1.3
  Mortgage-backed securities                  569.9     10.1          --          --       569.9        10.1
  Other debt securities                        78.4      0.5        87.2         1.5       165.6         2.0
---------------------------------------------------------------------------------------------------------------
Total temporarily impaired securities     $   655.2    $10.7      $117.3      $  2.7      $772.5      $ 13.4
</TABLE>

         At December 31, 2003, the Corporation's investment portfolio had 78
holdings with an estimated market value of $772.5 million and unrealized losses
of $13.4 million.

         Of the 78 holdings, 26 securities, consisting of corporate and equity
securities, carried unrealized losses for a continuous 12 month period. These
unrealized losses reflected temporary impairment attributable to financial
scandals throughout 2002 that caused credit spreads to widen. Higher credit
ratings and narrower credit spreads reflected improved investor confidence in
2003.

         The mortgage-backed securities, which carried unrealized losses of
$10.1 million for less than 12 months, were attributable to the steep rise in
rates in July 2003 that have since moderated. Assuming steady and low interest
throughout 2004, the loss position should improve in the corporate and financial
sector.

NOTE 4:

CONCENTRATIONS OF LOANS

         The Corporation's lending activity is focused primarily within the
Delaware Valley region, which the Corporation defines as including its home
state of Delaware, Philadelphia and its surrounding five-county metropolitan
area, northeastern Maryland, and Maryland's Eastern Shore. Some lending
activity, associated mainly with Wealth Advisory Services clients, occurs in
Florida and New York. The Corporation makes no loans outside the United States.

         The following table compares the composition of the loan portfolio by
category at December 31, 2003, with the portfolio composition at December 31,
2002. There was no particular concentration of loans in any one category, and
the composition remained relatively consistent.

<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31                 2003            2002
--------------------------------------------------------------------
<S>                                            <C>             <C>
Commercial, financial, and agricultural         37%             36%
Construction/real estate                        11              10
Commercial mortgage                             17              18
Residential mortgage                             8              11
Consumer                                        17              17
Secured with liquid collateral                  10               8
</TABLE>

         In addition to these loans outstanding, at December 31, 2003, and
2002, unfunded commitments to lend in the real estate sector were approximately
$819.2 million and $856.7 million, respectively. The Corporation generally
requires collateral on all real estate exposure and a loan-to-value ratio of no
greater than 80% at the time the loan is underwritten. Generally, commercial
mortgage loans are secured by income-producing properties.

NOTE 5:

RESERVE FOR LOAN LOSSES

         The following table analyzes the reserve for loan losses.

<TABLE>
<CAPTION>
(in millions)                          2003           2002    2001
-------------------------------------------------------------------
<S>                                   <C>            <C>     <C>
Balance at January 1                  $ 85.2         $ 80.8  $ 76.7
Charge-offs                            (21.0)         (22.4)  (19.3)
Recoveries                               4.1            4.8     3.5
-------------------------------------------------------------------
Net charge-offs                        (16.9)         (17.6)  (15.8)
Provision charged to operations         21.6           22.0    19.9
-------------------------------------------------------------------
Balance at December 31                $ 89.9         $ 85.2  $ 80.8
</TABLE>

54
<PAGE>

                          Wilmington Trust Corporation

         The following table contains information about loans that are
considered to be impaired under SFAS No. 114.

<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31 (in millions)             2003   2002    2001
----------------------------------------------------------------------------
<S>                                                     <C>    <C>     <C>
Average recorded investment in impaired loans           $46.6  $37.9   $34.2
Recorded investment in impaired loans at year-
  end subject to a reserve for loan losses:
  2003 reserve: $14.4
  2002 reserve: $11.7
  2001 reserve: $6.3                                    $39.5  $37.1   $34.5
Recorded investment in impaired loans at year-
  end requiring no reserve for loan losses                0.9    1.2     0.3
Recorded investment in impaired loans at year-end       $40.4  $38.3   $34.8
Recorded investment in impaired loans at year-end
  classified as nonaccruing                             $39.3  $37.4   $32.6
Interest income recognized                              $ 0.8  $ 2.7   $ 2.0
Interest income recognized above using the cash
  basis method of income recognition                      0.8    2.7     1.8
</TABLE>

         At December 31, 2003, there were $5.4 million of commitments to lend on
nonaccruing loans.

         The following table analyzes the interest on nonaccruing loans.

<TABLE>
<CAPTION>
(in millions)                               2003       2002    2001
--------------------------------------------------------------------
<S>                                         <C>        <C>     <C>
Nonaccruing loans at December 31            $45.4      $42.4   $38.0
Interest income which would have been
  recognized under original terms           $ 2.6      $ 2.8   $ 2.7
Interest received                             1.1        2.9     2.0
</TABLE>

NOTE 6:

PREMISES AND EQUIPMENT

         The following table summarizes the value of premises and equipment.

<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31 (in millions)         2003      2002
---------------------------------------------------------------------
<S>                                                 <C>       <C>
Land                                                $  10.1   $  10.1
Buildings and improvements                            147.2     137.6
Furniture and equipment                               164.5     154.9
---------------------------------------------------------------------
                                                      321.8     302.6
Accumulated depreciation                             (169.5)   (147.4)
---------------------------------------------------------------------
Premises and equipment, net                         $ 152.3   $ 155.2
</TABLE>

         Buildings and improvements are depreciated on a straight-line basis
over an estimated useful life of 39 years. Leasehold improvements are
depreciated on a straight-line basis over the life of the lease plus renewal
options. Furniture and equipment are depreciated on a straight-line basis over
an estimated useful life of three, five, or seven years.

         Minimum future rentals under noncancelable leases for real property
are: $2004--$6.4 million; 2005--$6.1 million; 2006--$5.8 million; 2007--$5.0
million; 2008--$4.9 million; 2009 and thereafter--$11.3 million.

NOTE 7:

GOODWILL AND OTHER INTANGIBLE ASSETS

         The following tables summarize goodwill and other intangible assets.

<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31                        2003                               2002
--------------------------------------------------------------------------------------------------------------
                                        Gross                      Net         Gross                    Net
                                       carrying   Accumulated    carrying    carrying   Accumulated   carrying
(in millions)                          amount     amortization    amount      amount    amortization   amount
<S>                                    <C>        <C>            <C>         <C>        <C>           <C>
Goodwill (nonamortizing)               $  273.0    $  29.8       $ 243.2     $  270.0     $  29.8     $240.2
Other intangibles:
  Amortizing:
    Mortgage servicing rights          $    7.2     $  4.0       $   3.2     $    5.4     $   3.0     $  2.4
    Customer lists                         19.1        4.8          14.3         15.2         3.0       12.2
    Acquisition costs                       1.7        1.7            --          1.7         1.5        0.2
    Other intangibles                       0.7        0.6           0.1          0.7         0.6        0.1
  Nonamortizing:
    Pension and SERP intangibles            6.4         --           6.4          6.8          --        6.8
--------------------------------------------------------------------------------------------------------------
Total other intangibles                $   35.1     $ 11.1       $  24.0     $   29.8     $   8.1     $ 21.7
                                       --------     ------       -------
</TABLE>

         The amortization expense of goodwill and other intangible assets is as
follows:

<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31 (in millions)                                2003   2002   2001
----------------------------------------------------------------------------------------------
<S>                                                                         <C>    <C>    <C>
Amortization expense                                                        $3.0   $2.4   $9.8
</TABLE>

                                                           2003 ANNUAL REPORT 55
<PAGE>

                          Wilmington Trust Corporation

         Mortgage servicing rights are amortized over an estimated useful life
of eight years. Customer lists are amortized over an estimated useful life of 15
or 20 years.

         The estimated amortization expense of other intangible assets for each
of the five succeeding years is:

<TABLE>
<CAPTION>
For the year ended December 31 (in millions)    2004  2005   2006  2007   2008
------------------------------------------------------------------------------
<S>                                             <C>   <C>    <C>   <C>    <C>
                                                $2.6  $2.5   $2.3  $1.3   $1.3
</TABLE>

         The following table shows changes in the carrying amount of goodwill by
segment.

<TABLE>
<CAPTION>
                                                                                       Wealth   Corporate  Affiliate
                                                                            Regional  advisory   client     money
(in millions)                                                               banking   services   services  managers   Totals
----------------------------------------------------------------------------------------------------------------------------
<S>                                                                         <C>       <C>       <C>        <C>        <C>
For the year ended December 31, 2003
Balance as of January 1                                                      $3.8       $4.4      $7.2      $ 224.8   $240.2
Goodwill acquired                                                              --         --        --          2.4      2.4
Amortization expense                                                           --         --        --           --       --
Impairment loss                                                                --         --        --           --       --
Increase in carrying value due to foreign currency translation adjustments     --         --       0.6           --      0.6
----------------------------------------------------------------------------------------------------------------------------
Balance as of December 31                                                    $3.8       $4.4      $7.8      $ 227.2   $243.2
</TABLE>

<TABLE>
<CAPTION>
                                                                                       Wealth   Corporate  Affiliate
                                                                            Regional  advisory   client     money
(in millions)                                                               banking   services   services  managers   Totals
----------------------------------------------------------------------------------------------------------------------------
<S>                                                                         <C>       <C>       <C>        <C>        <C>
For the year ended December 31, 2002
Balance as of January 1                                                      $3.8       $ --      $ --      $ 209.1   $212.9
Goodwill acquired                                                              --        4.4       6.5         16.8     27.7
Amortization expense                                                           --         --        --           --       --
Impairment loss                                                                --         --        --         (1.1)    (1.1)
Increase in carrying value due to foreign currency translation adjustments     --         --       0.7           --      0.7
----------------------------------------------------------------------------------------------------------------------------
Balance as of December 31                                                    $3.8       $4.4      $7.2      $ 224.8   $240.2
</TABLE>

         In the table above, the goodwill acquired includes $4.4 million
recorded in connection with the acquisition of Balentine & Company; $2.4 million
recorded in connection with WTI's investment in Camden Partners Holdings; $6.4
million recorded in connection with the acquisition of SPV Management; $13.8
million recorded in connection with increases in WTI's equity interest in Cramer
Rosenthal McGlynn; and $0.6 million recorded in connection with increases in
WTI's equity interest in Roxbury Capital Management.

         During 2002 a loss was recognized for $1.1 million, which represented
the Corporation's remaining investment in Clemente Capital, Inc. (Clemente), a
global investment management advisor. Clemente's financial performance and
account retention led to the Corporation's write-off of this investment. The
loss was recorded in the "Other noninterest expense" line of the Corporation's
Consolidated Statements of Income.

         The following table lists other intangible assets acquired during the
year ended December 31.

<TABLE>
<CAPTION>
                                                             2003                                2002
----------------------------------------------------------------------------------------------------------------------
                                                                     Weighted                            Weighted
                                                                     average                              average
                                               Amount   Residual   amortization     Amount   Residual   amortization
(in millions)                                 assigned   value    period in years  assigned   value    period in years
----------------------------------------------------------------------------------------------------------------------
<S>                                           <C>       <C>       <C>              <C>       <C>       <C>
Mortgage servicing rights                      $ 1.8       --             8         $ 1.1       --           8
Customer lists                                   3.5       --            20          10.0       --          18
Customer list increase in carrying value due
 to foreign currency translation adjustments     0.4       --            --           0.4       --          --
Pension and SERP intangibles                    (0.4)      --            --           5.8       --          --
----------------------------------------------------------------------------------------------------------------------
Total other intangible assets                  $ 5.3       --                       $17.3       --
</TABLE>

56
<PAGE>

                          Wilmington Trust Corporation

         The following table sets forth the computation of basic and diluted net
income per share adjusted for the adoption of SFAS No. 142.

<TABLE>
<CAPTION>
(in millions, except per share amounts)    2003       2002      2001
-----------------------------------------------------------------------
<S>                                     <C>        <C>        <C>
Reported net income                     $   134.4  $   133.2  $   125.2
Add back: goodwill amortization                --         --        8.6
Tax effect                                     --         --       (3.0)
-----------------------------------------------------------------------
Adjusted net income                     $   134.4  $   133.2  $   130.8
Net income per share--basic:
 Reported net income                    $    2.04  $    2.03  $    1.92
 Goodwill amortization                         --         --       0.09
-----------------------------------------------------------------------
Adjusted net income per share--basic    $    2.04  $    2.03  $    2.01
Net income per share--diluted:
 Reported net income                    $    2.02  $    2.01  $    1.90
 Goodwill amortization                         --         --       0.08
-----------------------------------------------------------------------
Adjusted net income per share--diluted  $    2.02  $    2.01  $    1.98
</TABLE>

NOTE 8:

SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL AND SHORT-TERM BORROWINGS

         Short-term borrowings include federal funds purchased, securities sold
under agreements to repurchase, U.S. Treasury demand notes, and lines of credit.

         Federal funds purchased and securities sold under agreements to
repurchase generally mature within 365 days from the transaction date. The
securities underlying the agreements are U.S. Treasury bills, notes, and bonds
that are held at the Federal Reserve as collateral. U.S. Treasury demand notes
are generally repaid within seven to 180 days from the transaction date.

         The Corporation maintains lines of credit with two unaffiliated banks
for $50.0 million and $25.0 million, respectively. Each line provides for
interest to be paid on outstanding balances at LIBOR plus 0.35% and 0.30%,
respectively. The agreements require the Corporation to maintain certain
financial ratios pertaining to loan quality, limitations on debt, and risk-based
capital. The Corporation was in compliance with all required covenants contained
in the agreements at December 31, 2003, and 2002. The outstanding balances at
December 31, 2003, and 2002, on lines of credit were $8.0 million and $34.0
million, respectively.

         The following table summarizes securities purchased under agreements to
resell.

<TABLE>
<CAPTION>
At December 31 (in millions)                         2003      2002
---------------------------------------------------------------------
<S>                                                 <C>      <C>
Maximum amount outstanding at any month-end         $ 32.8   $ 108.4
Daily average amount outstanding during the period     5.6       7.4
Weighted average interest rate for average amounts
 outstanding during the period                        1.69%     2.51%
</TABLE>

         The following table summarizes securities sold under agreements to
repurchase.

<TABLE>
<CAPTION>
At December 31 (in millions)                         2003      2002
---------------------------------------------------------------------
<S>                                                 <C>      <C>
Maximum amount outstanding at any month-end         $337.7   $ 287.2
Daily average amount outstanding during the period   271.5     232.0
Weighted average interest rate for average amounts
 outstanding during the period                        0.61%     1.03%
</TABLE>

NOTE 9:

LONG-TERM DEBT

         WTC has obtained advances from the Federal Home Loan Bank of Pittsburgh
to finance its operations facility, the Wilmington Trust Plaza. Monthly interest
payments are due on the first of each month at a fixed interest rate, with the
principal due on the maturity date. Any payment of the principal prior to the
originally scheduled maturity date is subject to a prepayment fee. The following
table shows the terms, rates, and maturity dates of the advances.

<TABLE>
<CAPTION>
                                 Term        Fixed
Principal amount (in millions)  (years)  interest rate   Maturity date
-------------------------------------------------------------------------
<S>                             <C>      <C>            <C>
$28.0                             15         6.55%      October 4, 2010
  7.5                             10         6.41       November 6, 2006
</TABLE>

         On May 4, 1998, the Corporation issued $125.0 million in unsecured
subordinated notes due May 1, 2008. Semiannual interest payments are due on May
1 and November 1 of each year at a fixed interest rate of 6.625%. The notes are
not redeemable prior to maturity and will not be subject to any sinking fund.

         On April 4, 2003, the Corporation issued $250.0 million in unsecured
subordinated notes due April 15, 2013. Semiannual interest payments are due on
April 15 and October 15 of each year at a fixed interest rate of 4.875%. The
notes are not redeemable prior to maturity and will not be subject to any
sinking fund.

NOTE 10:

CONTINGENT LIABILITIES

         In the ordinary course of business, the Corporation and its
subsidiaries are involved in various legal proceedings. While it is not feasible
to predict the outcome of all pending suits and claims, management does not
believe the ultimate resolution of any of these matters will have a materially
adverse effect on the Corporation's consolidated financial condition.

                                                         2003 ANNUAL REPORT   57
<PAGE>

                          Wilmington Trust Corporation

NOTE 11:

FAIR VALUE OF FINANCIAL INSTRUMENTS

         Following is a disclosure of the fair value of financial instruments
held by the Corporation as of December 31, 2003, and 2002, whether or not such
value is recognized in the Consolidated Statements of Condition. In cases in
which quoted market prices were not available, fair values were based upon
estimates using present value or other valuation techniques. These techniques
were affected significantly by the assumptions used, including the discount rate
and estimates of cash flows. Consequently, these fair values cannot be
substantiated by comparisons with independent markets and, in many cases, may
not be realized on the immediate sale of the instrument. Since generally
accepted accounting principles do not require that certain financial instruments
and all nonfinancial instruments be included in this presentation, the
aggregated fair value amounts do not represent the underlying value of the
Corporation.

         CASH AND SHORT-TERM INVESTMENTS. The carrying amounts reported for
"Cash and due from banks," and "Federal funds sold and securities purchased
under agreements to resell" approximate the fair value of those assets.

         INVESTMENT SECURITIES. The fair values of investment securities are
based on quoted market prices when available. If quoted market prices are not
available, fair values are based on quoted market prices of comparable
instruments.

         LOANS. The fair values of fixed- and variable-rate loans that reprice
within one year with no significant credit risk are based upon their carrying
amounts. The fair values of all other loans are estimated using discounted cash
flow analyses, which utilize interest rates currently being offered with those
offered under similar terms to borrowers of similar credit quality.

         ACCRUED INTEREST RECEIVABLE. The carrying amount of accrued interest
receivable approximates its fair value.

         OFF-BALANCE SHEET FINANCIAL INSTRUMENTS. The fair value of outstanding
letters of credit and loan commitments approximate the fees charged for
providing such services.

         DEPOSITS AND SHORT-TERM BORROWINGS. The fair values for demand deposits
are, by definition, equal to the amount payable on demand at the reporting
date. The carrying amounts for variable-rate deposits approximate their fair
values at the reporting date. Fair values for fixed-rate certificates of deposit
are estimated using discounted cash flow analyses that utilize interest rates
currently being offered on such certificates. The carrying amounts of federal
funds purchased and securities sold under agreements to repurchase and other
short-term borrowings approximate their fair values.

         LONG-TERM DEBT. The fair value of long-term debt is based on the
borrowing rate currently available to WTC for debt with similar terms and
remaining maturities.

         ACCRUED INTEREST PAYABLE. The carrying amount of accrued interest
payable approximates its fair value.

         DERIVATIVE INTEREST RATE CONTRACTS. The fair values of swaps and floors
are based upon pricing models using current assumptions about market conditions
and risks existing at each balance sheet date.

         SFAS No. 133, "Accounting for Derivative Instruments and Hedging
Activities," requires the Corporation to recognize all derivatives on its
balance sheet at their fair value. Interest rate swap and floor contracts are
recorded in the "Other assets" and the "Other liabilities" lines of the
Corporation's Consolidated Statements of Condition.

         Some of the Corporation's commercial loan customers minimize their
interest rate risk by entering into swaps with the Corporation, in which they
exchange the floating interest rate on a particular loan for a fixed interest
rate. The Corporation, in turn, offsets this interest rate risk by entering into
mirror swaps with a third party, in which the third party exchanges the loan
customer's fixed-interest rate payments for floating-rate payments. These
interest rate swap contracts are recorded in the "Other assets" and the "Other
liabilities" lines of the Corporation's Consolidated Statements of Condition.

         On April 4, 2003, the Corporation entered into interest-rate swap
agreements to exchange the 4.875% fixed-rate payments incurred for the newly
issued $250.0 million in subordinated notes for floating-rate three-month LIBOR.

         On December 4, 2003, the Corporation entered into interest-rate swap
agreements exchanging the 6.625% fixed-rate payments incurred for the $125.0
million subordinated notes issued on May 4, 1998 for floating-rate six-month
LIBOR.

         The interest rates on the swaps reset quarterly with semiannual
payments that coincide with the subordinated note payments. These interest-rate
swap contracts are recorded in the "Other assets" and "Long-term debt" lines of
the Corporation's Consolidated Statements of Condition.

58
<PAGE>

                          Wilmington Trust Corporation

         The following tables show the carrying values and estimated fair values
of the Corporation's financial assets, liabilities, and off-balance sheet
financial instruments.

<TABLE>
<CAPTION>
                                                    2003                     2002
----------------------------------------------------------------------------------------
                                           Carrying       Fair       Carrying     Fair
(in millions)                                value        value        value      value
----------------------------------------------------------------------------------------
<S>                                       <C>          <C>         <C>          <C>
FINANCIAL ASSETS:
Cash and due from banks                   $     210.2  $    210.2  $     248.9  $  248.9
Short-term investments                            3.8         3.8           --        --
Investment securities                         1,879.4     1,879.7      1,348.7   1,349.0
Loans, net of reserves                        6,135.4     6,215.4      5,939.9   6,088.3
Interest-rate swap contracts                      2.8         2.8          7.8       7.8
Accrued interest receivable                      39.5        39.5         38.6      38.6
FINANCIAL LIABILITIES:
Deposits                                      6,577.2     6,583.6      6,337.1   6,349.6
Short-term borrowings                           876.8       876.8        734.7     734.7
Interest-rate swap contracts                      5.0         5.0          7.8       7.8
Accrued interest payable                         23.6        23.6         29.7      29.7
Long-term debt                                  407.1       403.5        160.5     158.7
</TABLE>

<TABLE>
<CAPTION>
   For the year ended December 31                  2003                     2002
----------------------------------------------------------------------------------------
                                          Contractual     Fair     Contractual    Fair
(in millions)                                amount       value      amount       value
----------------------------------------------------------------------------------------
<S>                                       <C>          <C>         <C>          <C>
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS:
Unfunded commitments to extend credit     $   2,988.9  $     11.8  $   2,812.1  $   11.0
Standby and commercial letters of credit        266.0         4.0        247.9       3.7
Loan guaranty--CRM                                8.0         2.0          8.0       2.0
</TABLE>

NOTE 12:

OFF-BALANCE SHEET FINANCIAL AGREEMENTS

         In the normal course of business, the Corporation engages in
off-balance sheet financial agreements in order to meet the needs of its
customers. A summary of off-balance sheet financial agreements at December 31 is
shown in the table above for Note 11, "Fair value of financial instruments."

         The Corporation's exposure to credit risk is represented by the
contractual amount of both the commitments to extend credit and letters of
credit, while the notional amount of the swaps and floors far exceeds any credit
risk exposure.

         Commitments to extend credit are agreements to lend to a client.
Generally, they have fixed expiration dates or termination clauses and may
require payment of a fee. Many commitments expire without ever having been drawn
upon.

         Letters of credit are conditional commitments issued by the Corporation
to guarantee the performance of a client to a third party. Maturities normally
are for terms shorter than five years. Many letters of credit expire unfunded.

         The credit risk for both of these instruments is essentially the same
as that involved in extending loans. The Corporation evaluates each client's
creditworthiness on a case-by-case basis. Collateral (e.g., securities,
receivables, inventory, equipment, and residential and commercial properties) is
obtained depending on management's credit assessment of the client.

NOTE 13:

CAPITAL REQUIREMENTS

         The Corporation and each of its banking subsidiaries are subject to
various regulatory capital requirements by the federal banking agencies.
Management believes that, as of December 31, 2003, and 2002, the Corporation and
each of its banking subsidiaries meet all capital adequacy requirements to which
they are subject.

         Under capital adequacy guidelines and the regulatory framework for
prompt corrective action, the Corporation and each of its banking subsidiaries
must meet specific capital guidelines that involve quantitative measures of the
Corporation's assets, liabilities, and certain off-balance sheet items as
calculated under regulatory accounting practices. These capital amounts and
classifications also are subject to qualitative judgments by the regulators
about components, risk weightings, and other factors.

         Quantitative measures established by regulation to ensure capital
adequacy require the Corporation to maintain minimum amounts and ratios of total
and Tier 1 capital to risk-weighted assets, and Tier 1 capital to average
assets.

         As of the most recent notification from the federal regulators, the
Corporation and each of its banking subsidiaries were categorized as
well-capitalized under the regulatory framework for prompt corrective action.
There are no conditions or events since that notification that management
believes could change the above categorizations.

                                                         2003 ANNUAL REPORT   59
<PAGE>

                          Wilmington Trust Corporation

         Failure to meet minimum capital requirements can result in certain
mandatory and possibly additional discretionary actions by regulators that, if
undertaken,could have a direct material effect on the Corporation.

         The following table compares the risk-based capital ratios for the
Corporation and its principal banking subsidiary with the minimum levels
necessary to be categorized as adequately and well capitalized.

<TABLE>
<CAPTION>
                                                                                            To be well-capitalized
                                                                           For capital      under prompt corrective
                                                                        adequacy purposes      action provisions
                                                       Actual           -------------------------------------------
                                                 ------------------     Amount      Ratio     Amount       Ratio
(in millions)                                    Amount      Ratio      > or =     > or =     > or =      > or =
----------------------------------------------------------------------------------------------------------------
<S>                                              <C>         <C>        <C>        <C>        <C>         <C>
AS OF DECEMBER 31, 2003:
Total capital (to risk-weighted assets):
   Wilmington Trust Corporation                  $ 895.3     12.45%
   Wilmington Trust Company                        713.7     10.70      $ 533.4     8.00%     $666.8      10.00%
Tier 1 capital (to risk-weighted assets):
   Wilmington Trust Corporation                    536.6      7.46
   Wilmington Trust Company                        635.3      9.53        266.7     4.00       400.1       6.00
Tier 1 capital (to average assets):
   Wilmington Trust Corporation                    536.6      6.34
   Wilmington Trust Company                        635.3      8.02        316.9     4.00       396.1       5.00
                                                 -------     -----      -------     ----      ------      -----
</TABLE>

<TABLE>
<CAPTION>
                                                                                            To be well-capitalized
                                                                           For capital      under prompt corrective
                                                                        adequacy purposes      action provisions
                                                       Actual           -------------------------------------------
                                                 ------------------     Amount      Ratio     Amount       Ratio
(in millions)                                    Amount      Ratio      > or =     > or =     > or =      > or =
----------------------------------------------------------------------------------------------------------------
<S>                                              <C>        <C>         <C>        <C>        <C>         <C>
As of December 31, 2002:
Total capital (to risk-weighted assets):
   Wilmington Trust Corporation                  $ 678.7     10.15%
   Wilmington Trust Company                        614.9     10.10      $ 487.0     8.00%     $608.8       10.00%
Tier 1 capital (to risk-weighted assets):
   Wilmington Trust Corporation                    470.1      7.03
   Wilmington Trust Company                        540.2      8.87        243.5     4.00       365.3        6.00
Tier 1 capital (to average assets):
   Wilmington Trust Corporation                    470.1      6.08
   Wilmington Trust Company                        540.2      7.22        299.3     4.00       374.1        5.00
</TABLE>

         The primary source of funds for payment of dividends by the Corporation
historically has been dividends received from WTC. The ability to pay dividends
is limited by Delaware law, which permits a corporation to pay dividends only
out of its capital surplus.

         In April 1996 the Corporation, after obtaining approval of its Board of
Directors, announced a plan to buy back 8 million shares of its stock. During
the years ended December 31, 2002, and 2001, 551,626 shares and 114,816 shares,
respectively, were acquired, completing this program. The total cost was $200.6
million.

         In April 2002 the Corporation, after obtaining approval of its Board of
Directors, announced a new plan to buy back 8 million shares of its stock.
During the years ended December 31, 2003 and 2002, 35,635 shares and 48,734
shares, respectively, were acquired under this program at a cost of $2.5
million.

NOTE 14:

RELATED PARTY TRANSACTIONS

         In the ordinary course of banking business, loans are made to officers,
directors, and associates of the Corporation and its affiliates. In the opinion
of management, these loans are consistent with sound banking practices and do
not involve more than the normal risk of collectibility.

         At December 31, 2003, and 2002, loans to executive officers, directors,
and associates of the Corporation and its principal affiliates totaled $42.2
million and $67.2 million, respectively. During 2003, loan additions were $33.3
million and loan repayments were $58.3 million.

         The Corporation is a guarantor for 69.14%--its ownership interest--of
two obligations of its affiliate, Cramer Rosenthal McGlynn. The guaranty is for
two lines of credit totaling $8 million, at LIBOR plus 2%, which will expire
December 6, 2004.

60

<PAGE>

                          Wilmington Trust Corporation

NOTE 15:

EMPLOYMENT BENEFIT PLANS

         Employment benefit plans offered by the Corporation include long-term
incentive plans, an employee stock purchase plan, a non-employee director stock
option plan, a pension plan, a supplemental executive retirement plan, a
postretirement health care and life insurance benefit plan, and a thrift savings
plan.

LONG-TERM INCENTIVE PLANS

         Under its 2002 long-term incentive plan, the Corporation may grant
incentive stock options, nonstatutory stock options, and other stock-based and
cash-based awards to officers, other key staff members, and directors for up to
four million shares of common stock. Under the plan, the exercise price of each
option equals the last sale price of the Corporation's stock on the date of
grant, and an option's maximum term is 10 years.

         The following table shows option activity and pricing for the
Corporation's long-term incentive plans for the last three years.

<TABLE>
<CAPTION>
                                                                              2003                        2002
------------------------------------------------------------------------------------------------------------------------
                                                                                   Weighted                    Weighted
                                                                                   average                     average
                                                                      Options      exercise       Options      exercise
                                                                    outstanding     price       outstanding      price
------------------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>           <C>           <C>           <C>
Balance at January 1                                                 4,254,440    $    27.29     3,906,984    $    25.12
Options granted                                                      1,504,894         27.64       917,796         32.90
Options exercised                                                     (340,756)        20.11      (443,778)        19.12
Options forfeited                                                      (76,698)        28.85      (126,562)        29.49
------------------------------------------------------------------------------------------------------------------------
Balance at December 31                                               5,341,880         27.82     4,254,440         27.29
Options exercisable at December 31                                   3,133,774
Weighted average fair value of options granted during the year                    $     4.92     2,425,240    $     5.86

<CAPTION>
                                                                                  2001
------------------------------------------------------------------------------------------------
                                                                                       Weighted
                                                                                       average
                                                                          Options      exercise
                                                                        outstanding      price
------------------------------------------------------------------------------------------------
<S>                                                                     <C>           <C>
Balance at January 1                                                     3,772,800    $    22.86
Options granted                                                            858,812         30.82
Options exercised                                                         (622,310)        18.89
Options forfeited                                                         (102,318)        27.61
------------------------------------------------------------------------------------------------
Balance at December 31                                                   3,906,984         25.12
Options exercisable at December 31                                       2,069,372
Weighted average fair value of options granted during the year                        $     6.16
</TABLE>

         The following table shows the range of weighted average assumptions
that were used to estimate the fair value of each option grant on the date of
the grant using the Black-Scholes option-pricing model.

<TABLE>
<CAPTION>
                                                            2003           2002             2001
----------------------------------------------------------------------------------------------------
<S>                                                     <C>             <C>              <C>
Dividend yields                                           2.96-3.57%           3.02%            2.99%
Expected volatility                                     27.13-27.91     26.73-27.65      27.05-28.20
Risk-free interest rate                                   2.37-2.78       2.37-2.78        3.74-3.99
Expected option life (years)                                    3-5             3-5              3-5
</TABLE>

         The following table summarizes stock options outstanding at December
31, 2003.

<TABLE>
<CAPTION>
                                                Options outstanding                            Options exercisable
                              ------------------------------------------------------     --------------------------------
                                              Weighted average
                                Options     remaining contractual   Weighted average       Options       Weighted average
Range of exercise prices      outstanding        life (years)        exercise price      exercisable      exercise price
-------------------------------------------------------------------------------------------------------------------------
<S>                           <C>           <C>                     <C>                  <C>             <C>
     $12.38-16.50                409,562             1.6                $  14.91            409,562        $      14.91
      21.31-26.03                903,282             4.8                   24.63            858,270               24.64
      26.35-29.81              2,085,028             7.4                   27.94            584,020               28.73
      30.12-35.72              1,944,008             8.0                   31.91          1,281,922               31.85
-------------------------------------------------------------------------------------------------------------------------
     $12.38-35.72              5,341,880             6.7                $  27.82          3,133,774        $      27.08
</TABLE>

                                                       2003 ANNUAL REPORT     61

<PAGE>

                          Wilmington Trust Corporation

2000 EMPLOYEES STOCK PURCHASE PLAN

         Under the Corporation's 2000 employee stock purchase plan,
substantially all staff members may elect to participate in purchasing the
Corporation's common stock at the beginning of the plan year through payroll
deductions of up to the lesser of 10% of their annual base pay or $21,250, and
may terminate participation at any time. The price per share is the lower of 85%
of fair market value at the time of election to participate or at the end of the
plan year, which is May 31.

         The following table shows plan activity for the past three years.

<TABLE>
<CAPTION>
                                    Shares reserved
                                       for future      Subscriptions        Price
                                     subscriptions      outstanding       per share
------------------------------------------------------------------------------------
<S>                                 <C>                <C>              <C>
Balance at January 1, 2001              696,144           103,856
Subscriptions entered into
   on June 1, 2001                      (99,844)           99,844       $      27.26
Forfeitures                               4,416            (4,416)       22.29-27.26
Shares issued                                --          (101,792)             22.29
------------------------------------------------------------------------------------
Balance at December 31, 2001            600,716            97,492
Subscriptions entered into on
   June 1, 2002                        (131,864)          131,864       $      26.10
Forfeitures                               4,169            (4,169)       26.10-27.26
Shares issued                                --           (95,584)             26.53
------------------------------------------------------------------------------------
Balance at December 31, 2002            473,021           129,603
Subscriptions entered into on
   June 1, 2003                        (127,019)          129,019       $      25.03
Forfeitures                               5,337            (5,337)       25.03-26.10
Shares issued                                --          (126,359)             24.65
------------------------------------------------------------------------------------
Balance at December 31, 2003            351,339           124,926
</TABLE>

2001 NONEMPLOYEE DIRECTOR STOCK OPTION PLAN

         Under the Corporation's 2001 nonemployee director stock option plan,
the Compensation Committee of the Board of Directors was authorized to grant
nonstatutory stock options to nonemployee directors for up to 200,000 shares of
common stock. Under the plan, the exercise price of each option equals the last
sale price of the Corporation's stock on the date of grant, and an option's
maximum term is 10 years. This plan terminated on May 17, 2003.

         The following table summarizes activity in this plan for the past three
years.

<TABLE>
<CAPTION>
                                           Shares
                                          available       Options          Price
                                          for grant     outstanding       per share
------------------------------------------------------------------------------------
<S>                                       <C>           <C>             <C>
Appropriation--new plan                    200,000             --
Options granted                           (112,000)       112,000       $      31.38
------------------------------------------------------------------------------------
Balance at December 31, 2001                88,000        112,000
Options granted                            (16,000)        16,000       $      32.99
Options forfeited                            8,000         (8,000)             32.99
------------------------------------------------------------------------------------
Balance at December 31, 2002                80,000        120,000
Options granted                            (42,000)        42,000       $      27.91
Options forfeited                            8,000         (8,000)             32.99
------------------------------------------------------------------------------------
Balance at December 31, 2003                46,000        154,000
</TABLE>

PENSION PLAN

         The Wilmington Trust pension plan is a noncontributory, defined benefit
plan for substantially all staff members of the Corporation and its
subsidiaries, and provides for retirement and death benefits. The Corporation
has agreed to contribute such amounts as are necessary to provide assets
sufficient to meet the benefits to be paid to the plan's members. Annual
contributions are designed to fund the plan's current and past service costs
plus interest over 10 years.

         Costs of the plan are determined actuarially by the projected unit
credit method. Plan benefits are based on years of service and a modified career
average formula. The plan's assets are invested primarily in the equity and
fixed-income portfolios of the Wilmington Strategic Allocation Funds managed by
WTC's affiliates. Participation in these funds by the plan was $95.3 million and
$78.2 million at December 31, 2003, and 2002, respectively. The measurement date
of the plan was September 30 for all years presented below. The projected
benefit obligation and the accumulated benefit obligation exceeded the plan
assets by $30.8 million and $15.9 million, respectively, at December 31, 2003,
and $38.0 million and $22.2 million, respectively, at December 31, 2002. An
additional minimum liability in the amount of $5.7 million and $25.4 million was
recorded at December 31, 2003, and 2002, respectively. The market-related value
of the plan's assets at December 31, 2003, and 2002 was $136.3 million and
$122.4 million, respectively.

         The following table shows the Corporation's pension plan weighted
average asset allocations at December 31 by asset category.

<TABLE>
<CAPTION>
                                           Target       Percentage of plan assets
                                         allocation        at measurement date
---------------------------------------------------------------------------------
(in millions)                               2003            2003          2002
---------------------------------------------------------------------------------
<S>                                      <C>            <C>              <C>
Equity securities                           53.0%           63.2%         49.3%
Debt securities                             30.0            28.8          42.4
Real estate                                  9.0             1.4           0.1
Other                                        8.0             6.6           8.2
---------------------------------------------------------------------------------
Total                                      100.0%          100.0%        100.0%
</TABLE>

         The Corporation's Pension Investment Committee is responsible for
oversight of the pension plan assets. The committee meets quarterly to review
performance, asset allocation, and investment manager due diligence. The
investment manager responsible for the plan assets has direct responsibility to
assure that the plan is managed in accordance with the investment policy.
Permitted investments are those on the Corporation's mutual fund approved list
or those investment programs that have met the committee's due diligence.

         The expected long-term rate of return for the plan's total assets is
based on the expected return of each of the above categories, weighted based on
the median of the target allocation for each class using long-term historical
returns as published by Ibbotson Associates. For these purposes, equity
securities are expected to return 10% to 11% over the long term, while cash and
fixed income are expected to return between 4% and 6%.

62

<PAGE>

                          Wilmington Trust Corporation

         The Corporation's pension plan investment policy is as follows:

         -        Grow assets at an average annual rate in excess of the
                  actuarially assumed expected rate of return on assets
                  (currently 8.5%) in order to keep pace with future
                  obligations.

         -        Provide for maximum stability possible consistent with meeting
                  the target growth rate and a medium level of risk aversion.

         -        Plan assets should show positive returns after inflation.

         The Corporation's pension plan management objectives are as follows:

         -        Provide large-cap domestic equity returns in excess of those
                  from the Standard & Poor's 500 Index.

         -        Provide mid-cap domestic equity returns in excess of those
                  from the Standard & Poor's Mid Cap 400 Index.

         -        Provide small-cap domestic equity returns in excess of those
                  from the Russell 2000 Index.

         -        Provide international equity returns in excess of those from
                  the MSCI EAFE Index (Europe, Australia, Far East).

         -        Provide fixed income returns in excess of those from the
                  Lehman Government/Credit Index.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

         In 1989 the Corporation adopted a supplemental executive retirement
plan (SERP). The plan, which covers selected officers,is a non-qualified defined
benefit plan. Assumptions used in determining the net periodic pension costs are
similar to those used in determining the cost of the Corporation's pension plan.
The Corporation has invested in corporate-owned life insurance contracts to meet
its future obligations under this plan. The measurement date of the plan was
September 30 for all years presented below. The projected benefit obligation and
the accumulated benefit obligation exceeded the plan assets by $19.1 million and
$12.8 million, respectively, at December 31,2003, and $16.0 million and $10.7
million, respectively, at December 31, 2002. An additional minimum liability in
the amount of $0.4 million was recorded at December 31, 2003. No additional
minimum liability was recorded at December 31,2002.

POSTRETIREMENT HEALTH CARE AND LIFE INSURANCE BENEFITS

         In addition to providing pension benefits, the Corporation makes
available certain health care and life insurance benefits for substantially all
retired staff members. Staff members who retire from the Corporation are
eligible to receive up to $7,000 each year toward the premium for medical
coverage if they are younger than age 65,and up to $4,000 toward the premium if
they are age 65 or older. Staff members who retire also are eligible for $7,500
of life insurance coverage. In accordance with SFAS No. 106, "Employers'
Accounting for Postretirement Benefits Other Than Pensions," the cost of
providing those benefits is recognized on an accrual basis. The measurement date
of the plan was December 31 for all years presented below.

         The following table summarizes the pension, SERP, and postretirement
benefit plans.

<TABLE>
<CAPTION>
                                                                                      Pension benefits          SERP benefits
                                                                                      -----------------------------------------
(in millions)                                                                         2003        2002        2003        2002
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>         <C>         <C>         <C>
Weighted average assumptions used to determine benefit obligations at December 31
    were as follows:
       Discount rate                                                                    6.00%       6.75%       6.00%       6.75%
       Rate of compensation increase                                                    4.50        4.50        4.50        4.50

The following table reflects the changes in the projected benefit obligation:
    Projected benefit obligation at beginning of year                                $ 129.9     $ 112.3     $  16.0     $  12.1
    Service cost                                                                         5.2         4.6         0.5         0.3
    Interest cost                                                                        8.8         8.4         1.1         1.0
    Plan participants' contributions                                                      --          --          --          --
    Plan amendments                                                                       --         0.2          --          --
    Actuarial loss/(gain)                                                               10.5         9.6         2.0         3.0
    Gross benefits paid                                                                 (5.2)       (5.2)       (0.5)       (0.4)
--------------------------------------------------------------------------------------------------------------------------------
    Projected benefit obligation at end of year                                      $ 149.2     $ 129.9     $  19.1     $  16.0
    Accumulated benefit obligation                                                   $ 134.3     $ 114.1     $  12.8     $  10.7

The following table reflects the changes in plan assets:
    Fair value of plan assets at beginning of year                                   $  91.9     $  95.9     $    --     $    --
    Actual return on plan assets                                                        16.7        (8.8)         --          --
    Employer contribution                                                               15.0        10.0         0.5         0.4
    Plan participants' contributions                                                      --          --          --          --
    Gross benefits paid                                                                 (5.2)       (5.2)       (0.5)       (0.4)
--------------------------------------------------------------------------------------------------------------------------------
    Fair value of plan assets at end of year                                         $ 118.4     $  91.9     $    --     $    --
    Funded status at end of year                                                     $ (30.8)    $ (38.0)    $ (19.1)    $ (16.0)

<CAPTION>
                                                                                       Postretirement
                                                                                          benefits
                                                                                     -------------------
(in millions)                                                                         2003        2002
--------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>         <C>
Weighted average assumptions used to determine benefit obligations at December 31
    were as follows:
       Discount rate                                                                    6.25%       6.75%
       Rate of compensation increase                                                      --          --

The following table reflects the changes in the projected benefit obligation:
    Projected benefit obligation at beginning of year                                $  46.0     $  33.5
    Service cost                                                                         0.9         0.7
    Interest cost                                                                        2.5         2.4
    Plan participants' contributions                                                     0.4         0.3
    Plan amendments                                                                       --          --
    Actuarial loss/(gain)                                                               (3.0)       12.2
    Gross benefits paid                                                                 (3.7)       (3.1)
--------------------------------------------------------------------------------------------------------
    Projected benefit obligation at end of year                                      $  43.1     $  46.0
    Accumulated benefit obligation                                                   $    --     $    --

The following table reflects the changes in plan assets:
    Fair value of plan assets at beginning of year                                   $    --     $    --
    Actual return on plan assets                                                          --          --
    Employer contribution                                                                3.3         2.8
    Plan participants' contributions                                                     0.4         0.3
    Gross benefits paid                                                                 (3.7)       (3.1)
--------------------------------------------------------------------------------------------------------
    Fair value of plan assets at end of year                                         $    --     $    --
    Funded status at end of year                                                     $ (43.1)    $ (46.0)
</TABLE>

                                                       2003 ANNUAL REPORT     63

<PAGE>

                          Wilmington Trust Corporation

<TABLE>
<CAPTION>
                                                                                   Pension benefits           SERP benefits
                                                                               -------------------------------------------------
(in millions)                                                                     2003         2002          2003          2002
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                            <C>          <C>          <C>          <C>
The following table reflects the net amount recognized in the
    Consolidated Statements of Condition:
       Unrecognized net actuarial loss/(gain)                                  $     43.5   $     38.8   $      6.7   $      5.0
       Unrecognized net transition obligation/(asset)                                (0.8)        (1.7)         0.2          0.3
       Unrecognized prior service cost                                                3.3          4.1          2.9          3.2
       Contributions from measurement date to end of year                              --           --          0.1           --
--------------------------------------------------------------------------------------------------------------------------------
       Net amount recognized at end of year                                    $     15.2   $      3.2   $     (9.2)  $     (7.5)

The following table reflects the components of the net amount recognized
    in the Consolidated Statements of Condition:
       Accrued benefit cost                                                    $     --     $      3.2   $       --   $     (7.5)
       Accrued benefit liability                                                    (15.8)       (25.4)       (12.8)        (3.2)
       Intangible assets                                                              3.3          4.1          3.1          3.2
--------------------------------------------------------------------------------------------------------------------------------
       Net liability recognized                                                     (12.5)       (18.1)        (9.7)        (7.5)
       Accumulated other comprehensive income                                        27.7         21.3          0.4           --
       Contributions from measurement date to end of year                              --           --          0.1           --
--------------------------------------------------------------------------------------------------------------------------------
       Net amount recognized at end of year                                    $     15.2   $      3.2   $     (9.2)  $     (7.5)
       Increase in minimum liability included in other comprehensive income    $      6.4   $     21.3   $      0.4   $       --

<CAPTION>
                                                                                      Postretirement
                                                                                         benefits
                                                                               ---------------------------
(in millions)                                                                       2003           2002
----------------------------------------------------------------------------------------------------------
<S>                                                                            <C>            <C>
The following table reflects the net amount recognized in the
    Consolidated Statements of Condition:
       Unrecognized net actuarial loss/(gain)                                  $     14.3     $     17.8
       Unrecognized net transition obligation/(asset)                                  --             --
       Unrecognized prior service cost                                                 --             --
       Contributions from measurement date to end of year                              --             --
--------------------------------------------------------------------------------------------------------
       Net amount recognized at end of year                                    $    (28.8)    $    (28.2)

The following table reflects the components of the net amount recognized
    in the Consolidated Statements of Condition:
       Accrued benefit cost                                                    $    (28.8)    $    (28.2)
       Accrued benefit liability                                                       --             --
       Intangible assets                                                               --             --
--------------------------------------------------------------------------------------------------------
       Net liability recognized                                                     (28.8)         (28.2)
       Accumulated other comprehensive income                                          --             --
       Contributions from measurement date to end of year                              --             --
--------------------------------------------------------------------------------------------------------
       Net amount recognized at end of year                                    $    (28.8)    $    (28.2)
       Increase in minimum liability included in other comprehensive income    $       --     $       --
</TABLE>

<TABLE>
<CAPTION>
                                                            Pension benefits                           SERP benefits
                                                  ------------------------------------------------------------------------------
(in millions)                                       2003          2002          2001          2003          2002          2001
--------------------------------------------------------------------------------------------------------------------------------
<S>                                               <C>           <C>           <C>           <C>           <C>           <C>
Weighted average assumptions used to determine
  net periodic benefit cost were as follows:
    Discount rate                                     6.75%         7.25%         7.25%         6.75%         7.25%         7.25%
    Expected return on plan assets                    8.50          9.50          9.50            --            --            --
    Rate of compensation increase                     4.50          4.50          4.50          4.50          4.50          4.50
Components of net periodic benefit cost:
    Service cost                                  $    5.2      $    4.6      $    3.6      $    0.5      $    0.3      $    0.3
    Interest cost                                      8.8           8.4           7.7           1.1           1.0           0.8
Expected return on plan assets                       (11.0)        (11.2)        (10.6)           --            --            --
Amortization of transition obligation/(asset)         (0.8)         (0.8)         (0.8)          0.1           0.1           0.1
Amortization of prior service cost                     0.8           0.8           0.8           0.3           0.4           0.3
Recognized actuarial (gain)/loss                        --            --          (0.8)          0.2           0.2           0.0
--------------------------------------------------------------------------------------------------------------------------------
Net periodic benefit cost                         $    3.0      $    1.8      $   (0.1)     $    2.2      $    2.0      $    1.5
</TABLE>

<TABLE>
<CAPTION>
                                                         Postretirement benefits
                                                   -----------------------------------
(in millions)                                             2003       2002       2001
--------------------------------------------------------------------------------------
<S>                                                     <C>         <C>        <C>
Weighted average assumptions used to
    determine net periodic benefit cost were
    as follows:
       Discount rate                                        6.75%      7.25%      7.25%
Components of net periodic benefit cost:
    Service cost                                        $    0.9    $   0.7    $   0.6
    Interest cost                                            2.5        2.4        2.0
Recognized actuarial (gain)/loss                             0.5        0.2         --
--------------------------------------------------------------------------------------
Net periodic benefit cost                               $    3.9    $   3.3    $   2.6
</TABLE>

       The following table shows the assumed health care cost trend rates, for
measurement purposes, at December 31.

<TABLE>
<CAPTION>
                                                                    2003         2002
-------------------------------------------------------------------------------------
<S>                                                                 <C>          <C>
Health care cost trend rate assumed for next year                     10%          11%
Rate to which the cost trend rate is assumed to decline
    (the ultimate trend rate)                                          5%           5%
Year that the rate reaches the ultimate trend rate                  2008         2008
</TABLE>

       The following table shows what effect a one-percentage-point change in
the assumed health care trend rate would have.

<TABLE>
<CAPTION>
(in millions)                                              1% increase   1% decrease
------------------------------------------------------------------------------------
<S>                                                        <C>           <C>
Effect on total service and interest cost
    components of net periodic postretirement
    health care benefit cost                                 $   0.1       $  (0.1)
Effect on accumulated postretirement benefit
    obligation for health care benefits                          1.8          (1.6)
</TABLE>

64
<PAGE>

                          Wilmington Trust Corporation

         The following table reflects contributions expected to be made to the
respective plans in 2004:

<TABLE>
<CAPTION>
                                       Pension         SERP       Postretirement
                                       benefits      benefits        benefits
--------------------------------------------------------------------------------
<S>                                    <C>           <C>          <C>
Expected employer contributions           $--*          $0.5           $3.0
Expected employee contributions            --            --             0.7
</TABLE>

*Management's current position is to make required contributions to the
qualified pension plan under Internal Revenue Service guidelines. There are no
required contributions for 2004. Management reserves the right, however, to
consider emerging information relative to the plan as well as overall corporate
cash and tax strategies in determining whether to modify this decision at a
later date.

THRIFT SAVINGS PLAN

    The Wilmington Trust Thrift Savings Plan covers all full-time staff members
who elect to participate in the plan. Eligible staff members may contribute from
1% to 15% of their annual base pay. The first 6% of each staff member's pay is
eligible for matching contributions from the Corporation of $.50 on each $1.00.
The amounts contributed by the Corporation to this plan were $3.2 million, $3.0
million, and $2.8 million in 2003, 2002, and 2001, respectively.

NOTE 16:
INCOME TAXES

    The following table provides a reconciliation of the statutory income tax to
the income tax expense included in the Consolidated Statements of Income.

<TABLE>
<CAPTION>
For the year ended December 31 (in millions)           2003             2002             2001
----------------------------------------------------------------------------------------------
<S>                                                   <C>              <C>              <C>
Income before taxes and cumulative effect
    of change in accounting principle, less
    minority interest                                 $206.6           $206.2           $190.1
Income tax at statutory rate of 35%                   $ 72.3           $ 72.2           $ 66.5
Tax effect of tax-exempt and dividend income            (3.1)            (3.3)            (4.3)
State taxes, net of federal tax benefit                  3.0              3.9              3.0
Other                                                     --              0.2              0.8
----------------------------------------------------------------------------------------------
Total income taxes                                    $ 72.2           $ 73.0           $ 66.0
Taxes currently payable:
    Federal                                           $ 74.2           $ 63.6           $ 64.3
    State                                                3.1              3.5              4.6
    Foreign                                              0.2              0.1               --
Deferred taxes payable (benefit):
    Federal                                             (6.8)             3.3             (2.9)
    State                                                1.5              2.5               --
----------------------------------------------------------------------------------------------
Total income taxes                                    $ 72.2           $ 73.0           $ 66.0
</TABLE>

         The Corporation adopted SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities," as of January 1, 2001. The cumulative
effect of the adoption was a $1.1 million increase to consolidated income net of
$584,000 of tax expense.

         The common stock issued under employment benefit plans in the
Consolidated Statements of Changes in Stockholders' Equity for 2003, 2002, and
2001 includes tax benefits of $0.8 million, $1.4 million, and $1.7 million,
respectively, which is recorded as a direct credit to equity.

         The following table shows the significant components of deferred tax
liabilities and assets.

<TABLE>
<CAPTION>
For the year ended December 31 (in millions)        2003          2002
-----------------------------------------------------------------------
<S>                                                <C>            <C>
DEFERRED TAX LIABILITIES:
Prepaid VEBA costs                                 $  --          $ 8.8
Automobile and equipment leases                      1.4            5.0
Partnerships                                        23.0           14.3
Market valuation on investment securities            0.8            6.7
Pension and SERP                                     2.1             --
Other                                                3.2            3.6
-----------------------------------------------------------------------
Total deferred tax liabilities                      30.5           38.4
DEFERRED TAX ASSETS:
Loan loss provision                                 31.5           29.8
OPEB obligation                                     10.1            9.9
Unearned fees                                       10.1            9.6
Pension and SERP                                      --            1.5
Additional minimum pension liability                 9.7            7.4
Other                                                4.2            1.9
-----------------------------------------------------------------------
Total deferred tax assets                           65.6           60.1
Net deferred tax assets                            $35.1          $21.7
</TABLE>

         No valuation allowance was recognized for the deferred tax assets of
December 31, 2003, and 2002. Management believes it is more likely than not that
the deferred tax assets will be realized.

                                                           2003 ANNUAL REPORT 65

<PAGE>

                          Wilmington Trust Corporation

NOTE 17:
EARNINGS PER SHARE

         The following table shows the computation of basic and diluted earnings
per share.

<TABLE>
<CAPTION>
(in millions)                                            2003              2002            2001
-------------------------------------------------------------------------------------------------
<S>                                                     <C>              <C>              <C>
Numerator:
    Net income                                          $ 134.4          $ 133.2          $ 125.2
Denominator:
    Denominator for basic earnings per share--
       weighted average shares                             65.9             65.6             65.1
    Effect of dilutive securities:
       Employee stock options                               0.6              0.7              0.8
-------------------------------------------------------------------------------------------------
    Denominator for diluted earnings per
       share--adjusted weighted average
       shares and assumed conversions                      66.5             66.3             65.9
    Basic earnings per share                            $  2.04          $  2.03          $  1.92
    Diluted earnings per share                          $  2.02          $  2.01          $  1.90
</TABLE>

         The number of anti-dilutive stock options excluded from the calculation
above were 2.0 million, 1.1 million, and 0.7 million for 2003, 2002, and
2001, respectively.

NOTE 18:
SEGMENT REPORTING

         For the purposes of segment reporting, the Corporation manages its
business in four segments. There is a segment for each of the Corporation's
three businesses, which are Regional Banking, Wealth Advisory Services, and
Corporate Client Services, as well as a segment for Affiliate Money Managers.

         This segment reporting methodology was first implemented for the three
and nine months ended September 30, 2003, and included in the Form 10-Q filed by
the Corporation with the Securities and Exchange Commission on November 14,
2003. Segment reporting for the full-year 2003 has been revised to reflect that
change, and all prior period amounts have been restated accordingly. The new
methodology employs activity-based costing principles to assign corporate
overhead expenses to each segment. In addition, funds transfer pricing concepts
are used to credit and charge segments for funds provided and funds used.

         The Regional Banking segment includes lending, deposit-taking, and
branch banking in the Corporation's primary banking markets of Delaware,
southeastern Pennsylvania, and Maryland's Eastern Shore. It also includes
institutional deposit-taking on a national basis. Lending activities include
commercial loans, commercial and residential mortgages, and construction and
consumer loans. Deposit products include demand checking, certificates of
deposit, negotiable order of withdrawal accounts, and various savings and money
market accounts.

         The Wealth Advisory Services segment includes financial planning, asset
management, investment counseling, trust services, estate settlement, private
banking, tax preparation, mutual fund services, broker-dealer services, and
insurance services. Results from Balentine & Company, which the Corporation
acquired in January 2002, are consolidated in the Wealth Advisory Services
segment.

         The Corporate Client Services segment includes a variety of
trust, custody, and administrative services that support capital markets
transactions, entity management, and retirement plan assets. Results of SPV
Management Limited, which the Corporation acquired in April 2002, are
consolidated in the Corporate Client Services segment.

         The Affiliate Money Managers segment includes contributions from Cramer
Rosenthal McGlynn (CRM) and Roxbury Capital Management (RCM), which are based on
the Corporation's partial ownership interest in each. Services provided by these
two affiliates include fixed-income and equity investing services and investment
portfolio management services. Neither CRM's or RCM's results are consolidated
in the Corporation's financial statements.

         The accounting policies of the segments are the same as those described
in the summary of significant accounting policies in Note 1 to the Consolidated
Financial Statements in the Corporation's Annual Report to Shareholders for
2003. The Corporation evaluates performance based on profit or loss from
operations before income taxes and without including nonrecurring gains and
losses. The Corporation generally records intersegment sales and transfers as if
the sales or transfers were to third parties (e.g., at current market prices).
Profit or loss from infrequent events, such as the sale of a business, is
reported separately for each segment.

66

<PAGE>

                          Wilmington Trust Corporation

         The following table reflects financial data by segment for the years
2003, 2002,and 2001.

<TABLE>
<CAPTION>
                                                                                    Wealth       Corporate   Affiliate
                                                                        Regional   Advisory        Client      Money
(in millions)                                                           Banking    Services       Services    Managers      Totals
----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                     <C>        <C>            <C>         <C>         <C>
FOR THE YEAR ENDED DECEMBER 31, 2003
Net interest income                                                     $  245.5   $   25.8       $   11.7    $   (5.9)   $  277.1
Provision for loan losses                                                  (20.7)      (0.9)            --          --       (21.6)
----------------------------------------------------------------------------------------------------------------------------------
Net interest income after provision                                        224.8       24.9           11.7        (5.9)      255.5
ADVISORY FEES:
    Wealth Advisory Services                                                 2.5      128.0            9.9          --       140.4
    Corporate Client Services                                                1.3         --           66.0          --        67.3
    Affiliate managers                                                        --         --             --         3.0         3.0
----------------------------------------------------------------------------------------------------------------------------------
Advisory fees                                                                3.8      128.0           75.9         3.0       210.7
    Amortization of affiliate other intangibles                               --       (0.6)          (0.5)       (0.6)       (1.7)
----------------------------------------------------------------------------------------------------------------------------------
Advisory fees after amortization of affiliate other intangibles              3.8      127.4           75.4         2.4       209.0
Other noninterest income                                                    51.6        1.7            1.2          --        54.5
Securities gains/(losses)                                                    0.6        0.1             --          --         0.7
----------------------------------------------------------------------------------------------------------------------------------
Net interest and noninterest income                                        280.8      154.1           88.3        (3.5)      519.7
Noninterest expense                                                       (139.1)    (115.8)         (57.1)         --      (312.0)
----------------------------------------------------------------------------------------------------------------------------------
Segment profit before income taxes                                      $  141.7   $   38.3       $   31.2    $   (3.5)   $  207.7
Depreciation and amortization                                           $   23.3   $    7.0       $    5.4    $    0.6    $   36.3
Investment in equity method investees                                   $     --   $     --       $     --    $  242.7    $  242.7
Segment average assets                                                  $6,998.4   $1,078.2       $  210.0    $  242.9    $8,529.5
                                                                        --------   --------       --------    --------    --------
FOR THE YEAR ENDED DECEMBER 31, 2002
Net interest income                                                     $  245.4   $   25.3       $   11.5    $   (5.7)   $  276.5
Provision for loan losses                                                  (21.1)      (0.9)            --          --       (22.0)
----------------------------------------------------------------------------------------------------------------------------------
Net interest income after provision                                        224.3       24.4           11.5        (5.7)      254.5
ADVISORY FEES:
    Wealth Advisory Services                                                 3.2      113.5           10.2          --       126.9
    Corporate Client Services                                                1.8         --           62.5          --        64.3
    Affiliate managers                                                        --         --             --        16.3        16.3
----------------------------------------------------------------------------------------------------------------------------------
Advisory fees                                                                5.0      113.5           72.7        16.3       207.5
    Amortization of affiliate other intangibles                               --       (0.6)          (0.4)       (0.3)       (1.3)
----------------------------------------------------------------------------------------------------------------------------------
Advisory fees after amortization of
 affiliate other intangibles                                                 5.0      112.9           72.3        16.0       206.2
Other noninterest income                                                    51.3        1.5            1.2          --        54.0
Securities gains/(losses)                                                    2.0         --             --          --         2.0
----------------------------------------------------------------------------------------------------------------------------------
Net interest and noninterest income                                        282.6      138.8           85.0        10.3       516.7
Noninterest expense                                                       (152.2)    (102.4)         (54.1)       (1.2)     (309.9)
----------------------------------------------------------------------------------------------------------------------------------
Segment profit before income taxes                                      $  130.4   $   36.4       $   30.9    $    9.1    $  206.8
Depreciation and amortization                                           $   25.9   $    7.2       $    5.5    $    0.3    $   38.9
Investment in equity method investees                                   $     --   $     --       $     --    $  242.1    $  242.1
Segment average assets                                                  $6,259.8   $  995.0       $  173.1    $  233.1    $7,661.0

FOR THE YEAR ENDED DECEMBER 31, 2001
Net interest income                                                     $  231.9   $   26.3       $    9.2    $   (8.5)   $  258.9
Provision for loan losses                                                  (19.0)      (0.9)            --          --       (19.9)
----------------------------------------------------------------------------------------------------------------------------------
Net interest income after provision                                        212.9       25.4            9.2        (8.5)      239.0
ADVISORY FEES:
    Wealth Advisory Services                                                 3.6       93.4           12.6          --       109.6
    Corporate Client Services                                                1.2         --           53.7          --        54.9
    Affiliate managers                                                        --         --             --        20.5        20.5
----------------------------------------------------------------------------------------------------------------------------------
Advisory fees                                                                4.8       93.4           66.3        20.5       185.0
    Amortization of affiliate goodwill and other intangibles                  --         --             --        (8.2)       (8.2)
----------------------------------------------------------------------------------------------------------------------------------
Advisory fees after amortization of affiliate goodwill and
 other intangibles                                                           4.8       93.4           66.3        12.3       176.8
Other noninterest income                                                    48.4        0.5            0.8          --        49.7
Securities gains/(losses)                                                    1.3        0.1            0.1          --         1.5
----------------------------------------------------------------------------------------------------------------------------------
Net interest and noninterest income                                        267.4      119.4           76.4         3.8       467.0
Noninterest expense                                                       (145.5)     (85.7)         (45.6)       (0.1)     (276.9)
----------------------------------------------------------------------------------------------------------------------------------
Segment profit before income taxes                                      $  121.9   $   33.7       $   30.8    $    3.7    $  190.1
Depreciation and amortization                                           $   22.7   $    4.7       $    4.0    $    8.3    $   39.7
Investment in equity method investees                                   $     --   $     --       $     --    $  221.2    $  221.2
Segment average assets                                                  $5,932.9   $  941.5       $  149.0    $  205.8    $7,229.2
</TABLE>

                                                           2003 ANNUAL REPORT 67
<PAGE>
                          Wilmington Trust Corporation

NOTE 19:

PARENT COMPANY-ONLY FINANCIAL STATEMENTS

         The following tables show the Statements of Condition, Income, and Cash
Flows for the parent company.

STATEMENTS OF CONDITION

<TABLE>
<CAPTION>
For the year ended December 31 (in millions)                     2003         2002
--------------------------------------------------------------------------------------
<S>                                                           <C>          <C>
Assets:
 Cash and due from banks                                      $      11.8  $       0.7
 Investment in subsidiaries                                         896.0        788.3
 Investment securities available for sale                           173.2          5.6
 Advance to subsidiary                                               96.8         96.9
 Income taxes receivable                                              2.3          7.9
 Other assets                                                         3.6          3.2
--------------------------------------------------------------------------------------
Total assets                                                  $   1,183.7  $     902.6
Liabilities and stockholders' equity:
 Liabilities                                                  $       3.3  $       2.3
 Line of credit                                                       8.0         34.0
 Long-term debt                                                     371.6        125.0
 Stockholders' equity                                               800.8        741.3
--------------------------------------------------------------------------------------
Total liabilities and stockholders' equity                    $   1,183.7  $     902.6
</TABLE>

STATEMENTS OF INCOME

<TABLE>
<CAPTION>
For the year ended December 31 (in millions)         2003         2002        2001
--------------------------------------------------------------------------------------
<S>                                               <C>         <C>          <C>
Income:
 Dividend from subsidiaries                       $    78.6   $     84.7   $     83.8
 Interest on advance to subsidiaries                    2.6          2.9          4.3
 Interest                                               4.8          0.1          0.2
--------------------------------------------------------------------------------------
Total income                                           86.0         87.7         88.4
Expense:
 Interest on other borrowings                           0.3          0.6          0.9
 Interest on long-term debt                            11.2          8.3          8.3
 Salaries and employment benefits                        --          0.1          0.1
 Other noninterest expense                              1.8          1.6          1.2
--------------------------------------------------------------------------------------
Total expense                                          13.3         10.6         10.5
Income before income tax benefit and equity
 in undistributed income of subsidiaries               72.7         77.1         77.9
Applicable income tax benefit                          (2.0)        (2.7)        (2.1)
Equity in undistributed income of subsidiaries         59.7         53.4         45.2
--------------------------------------------------------------------------------------
Net income                                        $   134.4   $    133.2   $    125.2
</TABLE>

STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
For the year ended December 31 (in millions)         2003         2002        2001
--------------------------------------------------------------------------------------
<S>                                               <C>         <C>          <C>
Operating activities:
 Net income                                       $   134.4   $    133.2   $    125.2
Adjustments to reconcile net income to net
 cash provided by operating activities:
  Equity in undistributed income of subsidiaries      (59.7)       (53.4)       (45.2)
  Compensation expense--nonemployee stock
   options                                               --          0.1          0.1
  Amortization of investment securities
   available for sale premiums                          0.6           --           --
  Decrease/(increase) in other assets                   6.0          0.3         (0.2)
  Increase/(decrease) in other liabilities              1.2         (0.2)         0.2
--------------------------------------------------------------------------------------
  Net cash provided by operating activities            82.5         80.0         80.1
Investing activities:
 Proceeds from sales of investment securities
  available for sale                                   68.5         69.0         45.0
 Proceeds from maturities of investment
  securities available for sale                        20.6           --           --
 Purchases of investment securities available
  for sale                                           (257.7)       (59.9)       (59.5)
 Capital contribution to subsidiaries                 (62.7)        (5.3)       (23.0)
 Advance to subsidiary                                 (6.8)       (20.7)       (17.3)
 Repayment of advance to subsidiary                     6.9         11.9         10.1
 Formation of subsidiary                                 --         (5.2)          --
 Purchase of indirect subsidiary                         --           --         (1.0)
--------------------------------------------------------------------------------------
 Net cash used for investing activities              (231.2)       (10.2)       (45.7)
Financing activities:
 Cash dividends                                       (70.2)       (66.0)       (61.6)
 Net (decrease)/increase in line of credit            (26.0)         0.5         16.5
 Proceeds from issuance of long-term debt             246.6           --           --
 Proceeds from common stock issued under
  employment benefit plans                             10.5         11.1         14.2
 Payments for common stock acquired through
  buybacks                                             (1.1)       (18.7)        (3.5)
--------------------------------------------------------------------------------------
 Net cash used for financing activities               159.8        (73.1)       (34.4)
 (Decrease)/increase in cash and cash
  equivalents                                          11.1         (3.3)          --
 Cash and cash equivalents at beginning of year         0.7          4.0          4.0
--------------------------------------------------------------------------------------
 Cash and cash equivalents at end of year         $    11.8   $      0.7   $      4.0
</TABLE>

68
<PAGE>


                          Wilmington Trust Corporation

          M A N A G E M E N T ' S  R E S P O N S I B I L I T Y  F O R
                      F I N A N C I A L  R E P O R T I N G

         The management of Wilmington Trust Corporation (the Corporation) is
responsible for the financial statements and the other financial information
included in this Annual Report. The financial statements have been prepared in
accordance with accounting principles generally accepted in the United States,
and include amounts based upon management's best judgment where necessary.

         Management maintains a system of internal controls and procedures
designed to provide reasonable assurance as to the integrity and reliability of
financial records and the protection of assets. The system of internal control
is reviewed continually for its effectiveness and is revised, when appropriate,
due to changing circumstances and requirements.

         Independent auditors are appointed by the Audit Committee of the Board
of Directors, composed exclusively of outside directors, to audit the financial
statements in accordance with auditing standards generally accepted in the
United States and to independently assess the fair presentation of the
Corporation's financial position, results of operations, and cash flows. The
report of the independent auditors appears in this Annual Report.

         The Audit Committee is responsible for reviewing and monitoring the
Corporation's accounting and reporting practices. The Audit Committee meets
periodically with management, internal auditors, and the independent auditors to
discuss specific accounting, financial reporting, and internal control matters.
Both the internal auditors and the independent auditors have direct access to
the Audit Committee.

         Both the chief executive officer and the chief financial officer have
provided certifications regarding the quality of the Corporation's public
disclosures in all periodic reports filed with the Securities and Exchange
Commission that have required these certifications.

/s/ Ted T. Cecala
------------------------------------
Ted T. Cecala
Chairman and Chief Executive Officer

/s/ Robert V.A. Harra Jr.
------------------------------------
Robert V.A. Harra Jr.
President and Chief Operating Officer

/s/ David R. Gibson
------------------------------------
David R. Gibson
Chief Financial Officer and
Executive Vice President,
Finance and Administration

                                                         2003 ANNUAL REPORT   69
<PAGE>

                          INDEPENDENT AUDITORS' REPORT

The Board of Directors
Wilmington Trust Corporation:

         We have audited the accompanying consolidated statements of condition
of Wilmington Trust Corporation and subsidiaries (the Corporation) as of
December 31, 2003 and 2002, and the related consolidated statements of income,
changes in stockholders' equity, and cash flows each of the years in the three
year period ended December 31, 2003. These consolidated financial statements are
the responsibility of the Corporation's management. Our responsibility is to
express an opinion on these consolidated financial statements based on our
audits.

         We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

         In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Wilmington
Trust Corporation and subsidiaries as of December 31, 2003 and 2002, and the
results of their operations and their cash flows for each of the years in the
three year period ended December 31, 2003 in conformity with accounting
principles generally accepted in the United States of America.

         As discussed in Notes 1, 7, and 16 to the consolidated financial
statements, the Corporation adopted Statement of Financial Accounting Standards
(SFAS) No. 142, Goodwill and Other Intangible Assets in 2002 and SFAS No. 133,
Accounting for Derivative Instruments and Hedging Activities in 2001.

/s/ KPMG LLP

March 1, 2004

70
<PAGE>

                          Wilmington Trust Corporation

                            DIRECTORS AND COMMITTEES

BOARD OF DIRECTORS

CAROLYN S. BURGER

Former President and Chief Executive Officer, Bell Atlantic Delaware;
Former Principal, CB Associates, Inc.; Director, PJM Interconnection, L.L.C.

TED T. CECALA

Chairman of the Board and Chief Executive Officer; Member, Board of Managers,
Cramer Rosenthal McGlynn, LLC, Roxbury Capital Management, LLC, and
Balentine Delaware Holding Company, LLC

RICHARD R. COLLINS

Chairman, Collins, Inc.
Retired, Chief Executive Officer, and Chief Operating Officer,
American Life Insurance Company

CHARLES S. CROMPTON JR., ESQUIRE

Attorney, Counsel, Law Firm of Potter, Anderson and Corroon

EDWARD B. DU PONT

Private Investor; Director, E.I. du Pont de Nemours and Company

R. KEITH ELLIOTT

Retired Director, Chairman, and CEO, Hercules Incorporated;
Director, Computer Task Group, Checkpoint Systems, Inc.,
Windsor Tech, Inc., and The Institute for Defense Analyses

ROBERT V.A. HARRA JR.

President and Chief Operating Officer

REX L. MEARS

President, Ray S. Mears and Sons, Inc.

HUGH E. MILLER

Retired Vice Chairman, ICI Americas Incorporated;
Director, MGI PHARMA, Inc.

STACEY J. MOBLEY

Senior Vice President, General Counsel, and Chief Administrative Officer,
E.I. du Pont de Nemours and Company

DR. DAVID P. ROSELLE

President, University of Delaware

H. RODNEY SHARP III

Retired Manager, E.I. du Pont de Nemours and Company;
Director, E.I. du Pont de Nemours and Company

THOMAS P. SWEENEY, ESQUIRE

Attorney, Member, Law Firm of Richards, Layton and Finger, P.A.

ROBERT W. TUNNELL JR.

Managing Partner, Tunnell Companies, L.P.

WALTER D. MERTZ*

Retired Senior Vice President

STANDING COMMITTEES

EXECUTIVE COMMITTEE

Ted T. Cecala, Chair
Charles S. Crompton Jr.
Edward B. du Pont
R. Keith Elliott
Robert V.A. Harra Jr.
Rex L. Mears
Robert W. Tunnell Jr.

AUDIT COMMITTEE

Carolyn S. Burger, Chair
Richard R. Collins
Edward B. du Pont
R. Keith Elliott
Rex L. Mears

COMPENSATION COMMITTEE

Stacey J. Mobley,Chair
Carolyn S. Burger
Charles S. Crompton Jr.
R. Keith Elliott
H. Rodney Sharp III

NOMINATING AND CORPORATE GOVERNANCE COMMITTEE

Hugh E. Miller,Chair
David P. Roselle
H. Rodney Sharp III
Thomas P. Sweeney

DIVIDEND DECLARATION COMMITTEE

Ted T. Cecala, Chairman
Robert V.A. Harra Jr.

*Associate Director of Wilmington Trust Company

                                                         2003 ANNUAL REPORT   71
<PAGE>
                          Wilmington Trust Corporation

                            OFFICERS AND SUBSIDIARIES

WILMINGTON TRUST PRINCIPAL OFFICERS

TED T. CECALA
Chairman of the Board and Chief Executive Officer

ROBERT V.A. HARRA JR.
President and Chief Operating Officer

ROBERT J. CHRISTIAN
Chief Investment Officer and Executive Vice President, Investment Strategy

HOWARD K. COHEN
Executive Vice President, Corporate Client Services

WILLIAM J. FARRELL II
Executive Vice President, Information Technology and Trust Operations

DAVID R. GIBSON
Chief Financial Officer and Executive Vice President, Finance and Administration

ROBERT A. MATARESE
Executive Vice President, Credit Policy and Administration

RITA C. TURNER
Executive Vice President, Client Services and Marketing

RODNEY P. WOOD
Executive Vice President, Wealth Advisory Services

REBECCA A. DEPORTE
Senior Vice President, Personal Financial Services

MICHAEL A. DIGREGORIO
Senior Vice President, Secretary, and Chief Counsel

I. GAIL HOWARD
Senior Vice President, Human Resources

BRADLEY A. HUBLEIN
Senior Vice President, Commercial Banking Delaware/Maryland

GERALD F. SOPP
Vice President and Controller

RONALD K. PENDLETON
Auditor

REGIONAL PRESIDENTS

ROBERT M. BALENTINE
Chairman and Chief Executive Officer, Balentine & Company
Regional President, Georgia, and Wealth Strategy and Family Offices

ALAN K. BONDE
Western United States

MARK A. GRAHAM
Pennsylvania and New Jersey

PETER E. "TONY" GUERNSEY JR.
Northeastern United States and National Expansion

RICHARD F. KLUMPP
President and CEO, Wilmington Trust SP Services, Inc.

MARTIN MCDERMOTT
CEO and Managing Director, SPV Management Limited

KEMP C. STICKNEY
Florida

OPERATING SUBSIDIARIES

WILMINGTON TRUST COMPANY
Brandywine Finance Corporation
Brandywine Insurance Agency, Inc.
Brandywine Life Insurance Company, Inc.
Wilmington Trust SP Services, Inc.
Wilmington Trust SP Services (Delaware), Inc.
Wilmington Trust SP Services (Nevada), Inc.
Wilmington Trust SP Services (New York), Inc.
Special Services Delaware, Inc.
Wilmington Brokerage Services Company
Wilmington Trust Global Services, Ltd.
Wilmington Trust (Cayman), Ltd.
Wilmington Trust (Channel Islands), Ltd.

RODNEY SQUARE MANAGEMENT CORPORATION

WILMINGTON TRUST OF PENNSYLVANIA

WILMINGTON TRUST FSB

WT INVESTMENTS, INC.

BALENTINE HOLDINGS, INC.
Balentine Delaware Holding Company, LLC
Balentine & Company, LLC
Balentine & Company of Tennessee, L.L.C.
Balentine Management, Inc.

WILMINGTON TRUST (UK) LIMITED
SPV Management Limited
SPV Management (Dublin) Limited
SPV Management (Italia) SRL
SPV Jersey Limited
SPV Cayman Limited

72
<PAGE>

                          Wilmington Trust Corporation

                            STOCKHOLDER INFORMATION


CORPORATE HEADQUARTERS
Wilmington Trust Center
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
888.456.9361
wilmingtontrust.com

COMMON STOCK

Wilmington Trust Corporation common stock is traded under the symbol WL on the
New York Stock Exchange.

DIVIDENDS

Dividends usually are declared in the first month of each quarter to
stockholders of record as of the first business day in February, May, August,
and November. Dividend payment dates usually are two weeks later. Wilmington
Trust has paid cash dividends on its common stock since 1908; paid quarterly
dividends every year since 1916; and increased the cash dividend every year
since 1982.

STOCK TRANSFER AGENT, DIVIDEND REINVESTMENT AGENT, AND REGISTRAR OF STOCK

Inquiries relating to stockholder records, stock transfers, changes of
ownership, changes of address, duplicate mailings, dividend payments, and the
dividend reinvestment plan should be directed to the stock transfer agent:

Wells Fargo Bank, N.A.
Telephone:800.999.9867

Mailing Address:
P.O. Box 64854
St. Paul, MN 55164

Street Address:
161 North Concord Exchange
South St. Paul, MN 55075

DIVIDEND REINVESTMENT AND VOLUNTARY STOCK PURCHASE PLAN

The Corporation offers a plan under which participating stockholders can
purchase additional shares of the Corporation's common stock through automatic
reinvestment of their regular quarterly cash dividends and/or voluntary cash
payments. All commissions and fees connected with the purchase and safekeeping
of the shares are paid by the Corporation. For details of the plan, please
contact the stock transfer agent.

DUPLICATE MAILINGS

You may receive more than one copy of this annual report due to multiple
accounts within your household. The Corporation is required to mail an annual
report to each name on our stockholder list unless the stockholder requests that
duplicate mailings be eliminated. To eliminate duplicate mailings, please send a
written request to the stock transfer agent.

ANNUAL MEETING

The annual meeting of the Corporation's stockholders will be held at the
Wilmington Trust Plaza, 301 West 11th Street, Wilmington, Delaware, on Thursday,
April 15, 2004, at 10:00 a.m.

INFORMATION REQUESTS

Analysts, investors, and others who seek financial information, including
requests for the annual report on Form 10-K filed with the Securities and
Exchange Commission, should contact Ellen J. Roberts, Vice President, Investor
Relations, 302.651.8069.

Members of the news media who seek information about the Corporation should
contact J. William Benintende, Vice President, Public Relations, 302.651.8268.

(C) 2004 Wilmington Trust Corporation. Affiliates in California, Delaware,
Florida, Georgia, Maryland, Nevada, New York, and Pennsylvania. Members FDIC.
Other offices in Tennessee, London, Channel Islands, and Cayman Islands.
Authorized to conduct business in Ireland, Italy, Luxembourg, and the
Netherlands.

WILMINGTON TRUST OFFICE LOCATIONS

CALIFORNIA

Costa Mesa 714.384.4150
Los Angeles 310.300.3050

DELAWARE

43 offices throughout the state 877.836.9206

FLORIDA

North Palm Beach 561.630.1477
Palm Beach 561.514.6730
Stuart 772.286.3686
Vero Beach 772.234.1700

GEORGIA

Atlanta 404.760.2100

MARYLAND

Baltimore 410.468.4325

NEVADA

Las Vegas 702.866.2200

NEW YORK

Manhattan 212.751.9500

PENNSYLVANIA

Doylestown 267.880.7000
Philadelphia 215.419.6570
Villanova 610.520.1430
West Chester 610.430.2202

INTERNATIONAL

London +44.20.7614.1111
Channel Islands +44.15.3449.5555
Cayman Islands 345.946.4091

                                                              2003 ANNUAL REPORT
<PAGE>

Wilmington Trust Corporation

                              Corporate Headquarters
                              Rodney Square North
                              1100 North Market Street
                              Wilmington, DE
                              19890-0001
                              888.456.9361
                              wilmingtontrust.com