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Plan Code: EOB

(Riggs Icon)
                 
                 
2003 Riggs Executive Officer Short-Term Bonus Plan

The following outline constitutes schedules or attachments to the Riggs Annual
Bonus Program Document. Any potential awards under this Plan are subject to
the full terms and conditions of the Riggs Annual Managerial Bonus Program.
This document also serves as a designated Performance-Based awards program as
outlined in the Riggs National Corporation 2002 Long-term Incentive Plan
(Section 7, Paragraph F). No payment shall be made or considered earned under
this Program (or designated Plan) until the Compensation Committee of the Board
of Directors has specifically authorized and approved them.

|              |  |                                                      
|------------- |  | -----------------------------------------------------
|Plan Year:    |  | January 1, 2003 through
      December 31, 2003      
|              |  |                                                      
|Plan Sponsor: |  | Compensation Committee of the
      Board (Committee)

Eligible Positions and Target Bonus Amounts for 2003 Plan Year:

Executive
          Level
      
      Designated Executive Positions
      
      Target Bonus AmountLevel 3
      
      Chairman of Board, President
        & CEO
      
      37% of Annual Base SalaryLevel 2
      
      President RNC,
      
      32% of Annual Base SalaryExecutive Vice President
        & COO,Executive Vice President & Chairman, Riggs & Co.Executive Vice President,
        CFOLevel 1
      
      All Other Executive Vice
        Presidents
      
      24% of Annual Base Salary


Plan Summary:

 A Target Bonus Amount is established for each eligible position based on competitive pay levels.

 At the end of the Plan Year, this amount is modified by a combination of:

 Individual Performance against pre-set objectives,

 The success of the relevant organization(s) the participant managed or supported, and

 Other discretionary criteria determined by the Plan Sponsor.

 Individual participant awards may not exceed 150% of their respective Target Bonus Amount.

 Participants may elect to receive any awards in the form of cash, (Company) equity, or combination or both.

Plan Components & Examples



|1. |  | Target Bonus Amount
|-- |  | -------------------

| |  | Each eligible position is assigned a Target Bonus Amount as a
percentage of annual base pay. Such targets are derived from
competitive market pay requirements and are generated when
organization goals are exceeded and individual performance meets
expectations. For this year, the Target Bonus Amount is based on
the Company and the participants relevant organization(s) achieving
107% of their organization performance goals.
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | These amounts are summarized in the above table. Also see the
Organization and Individual Performance Multiplier Tables below.
| |  | ------------------------------------------------------------------------------------------------------------------------------



| |  | Illustrative Example:
| |  | ---------------------



| |  | Base Salary of $160,000 is multiplied by the Target Bonus Percentage
for a Level 1 executive (i.e. 24%) resulting in a Target Bonus Amount
= $38,400.
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------



| |  | Annual Base Salary is the annualized rate of base pay in effective on
the last day of the Plan Year (minus any benefits reimbursement), or as
of the last day of participation due to a change in status as outlined
in the Riggs Annual Managerial Bonus Program Document.(Section II  C,
D, or F).
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. |  | Individual Performance Multiplier
|-- |  | ---------------------------------

| |  | Each participants success against pre-assigned, weighted, annual
objectives is evaluated at the end of the Plan Year and converted
into their own performance multiplier that is applied to the Target
Bonus Amount. The following charts provide an illustrative
example:
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Riggs Executive Officer Short-Term Bonus
        Plan
      
      March 2003


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Plan Code: EOB

Performance Objective
      
      Weight
      
      
      
      
      Rating
      
      
      
      
      Composite Weighted RatingAnnual Objective A
      
      30%
      
      X
      
      
      5.00
      
      
      =
      
      1.50Annual Objective B
      
      30%
      
      X
      
      
      3.00
      
      
      =
      
      .90Annual Objective C
      
      25%
      
      X
      
      
      4.00
      
      
      =
      
      1.00Annual Objective D
      
      15%
      
      X
      
      
      3.00
      
      
      =
      
      .45100%
      
      
      
      
      
      
      
      
      
      3.85Participants
        Actual Composite Rating (rounded preliminary rating)
      
      
      
      
      
      
      4.00




Individual
          Performance-Multiplier Scale:Actual Composite Rating
    Performance Multiplier5
    
    
    
    
    
    1.504
    
    
    
    
    
    1.253
    
    
    
    
    
    1.002
    
    
    
    
    
    01
    
    
    
    
    
    0


Illustrative Performance Multiplier for this participant = 1.25



|3. |  | Relevant Organization Performance Multiplier
|-- |  | --------------------------------------------

| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Target Bonus Amount is also multiplied by the appropriate
      factor from a Relevant Organization Success Multiplier/Scale based on the
      Committees assessment of both the Companys (Riggs National Corporation)
      and/or relevant Groups performance. Organization performance may be
      measured against pre-incentive Net Income Budget, or any other business
      success indicator(s) the Committee deems appropriate. Net Income is defined
      as Core Earnings or otherwise referred to as Net Income plus
      unusual expenses or losses, and minus unusual gains or income. The Committee
      will determine this amount in their sole discretion. The source of this
      information will be the Segment Report (or Organization Profitability
      Report(s).



| |  | The choice of Scale depends on the level assigned to a given
executive officer per the following:
| |  | ---------------------------------------------------------------------------------------------------

A  Level 3 Executives- Based 100% on overall Company success
against pre-established indicators of business success.

Org Performance
    
    % Achievement vs. Budget
    
    Multiplier0% - 86.9
    %
    
    
    0.0087% - 96.9
    %
    
    
    0.2597% - 106.9
    %
    
    
    0.50107% - 116.9
    %
    
    
    1.00117% - 126.9
    %
    
    
    1.25127%  +
    
    
    
    1.50


Note: The President RNC will utilize this Organization
Performance Matrix.

B  Level -2 Executives  Based 50% on the Companys overall
success, and 50% on the relevant segment(s) of the Company they
manage.

Company Versus Budget (50%
Weighting)Org Performance
    
    
    
    
    
    Group(s) Achievement vs. Budget (50% Weighting)0% - 86.9
    %
    
    
    87% - 96.9
    %
    
    
    97% - 106.9
    %
    
    
    107% - 116.9
    %
    
    
    117% - 126.9
    %
    
    
    127%  +0% - 86.9%
    
    
    0.000
    
    
    
    0.125
    
    
    
    0.250
    
    
    
    0.500
    
    
    
    0.625
    
    
    
    0.75087% - 96.9%
    
    
    0.125
    
    
    
    0.250
    
    
    
    0.375
    
    
    
    0.625
    
    
    
    0.750
    
    
    
    0.87597% - 106.9%
    
    
    0.250
    
    
    
    0.375
    
    
    
    0.500
    
    
    
    0.750
    
    
    
    0.875
    
    
    
    1.000107% - 116.9%
    
    
    0.500
    
    
    
    0.625
    
    
    
    0.750
    
    
    
    1.000
    
    
    
    1.125
    
    
    
    1.250117% - 126.9%
    
    
    0.625
    
    
    
    0.750
    
    
    
    0.875
    
    
    
    1.125
    
    
    
    1.250
    
    
    
    1.375127% +
    
    
    0.750
    
    
    
    0.875
    
    
    
    1.000
    
    
    
    1.250
    
    
    
    1.375
    
    
    
    1.500


This Level Executive may also be measured by using Level -1
criteria for certain eligible positions as determined by
Management and approved by the Committee.

Riggs Executive Officer Short-Term Bonus
        Plan
      
      March 2003


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Plan Code: EOB

C  Level -1 Executives Based 20% on the Companys overall success,
and 80% on the relevant segment of the Company they manage.



| |  | LineOrganizations  Use the specific Group or
major Subsidiary to which the participant belongs (example
Community Banking, Riggs & Co., Commercial & Institutional
Banking, International Banking). Group achievement is
weighted 80%.
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | StaffOrganizations  Use a composite level of
performance for the Groups/major Subsidiaries supported. Each
of the four (4) Groups is weighted 20%, and the composite is
weighted 80%. (Typical Staff organizations include Finance,
Human Resources, Legal, Credit, etc.).
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Relevant
Organization Performance MultiplierGroup Achievement vs. Budget (80% Weighting)Organization
    
    
    0.0  86.9
    %
    
    
    87.0 - 96.9
    %
    
    
    97.0 - 106.9
    %
    
    
    107.0  116.9
    %
    
    
    117.0  126.9
    %
    
    
    127.0% +Performance Levels
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Company
Achievement vs. Budget
(20% Weighting)
    
    
    0.0  86.9
    %
    
    
    0.000
    
    
    
    0.200
    
    
    
    0.400
    
    
    
    0.800
    
    
    
    1.000
    
    
    
    1.20087.0 - 96.9
    %
    
    
    0.050
    
    
    
    0.250
    
    
    
    0.450
    
    
    
    0.850
    
    
    
    1.050
    
    
    
    1.25097.0 - 106.9
    %
    
    
    0.100
    
    
    
    0.300
    
    
    
    0.500
    
    
    
    0.900
    
    
    
    1.100
    
    
    
    1.300107.0  116.9
    %
    
    
    0.200
    
    
    
    0.400
    
    
    
    0.600
    
    
    
    1.000
    
    
    
    1.120
    
    
    
    1.400117.0  126.9
    %
    
    
    0.250
    
    
    
    0.450
    
    
    
    0.650
    
    
    
    1.050
    
    
    
    1.250
    
    
    
    1.450127.0% +
    
    
    
    0.300
    
    
    
    0.500
    
    
    
    0.700
    
    
    
    1.100
    
    
    
    1.300
    
    
    
    1.500


Net Income is defined as Core Earnings or otherwise referred to as
Net Income plus unusual expenses or losses, and minus unusual gains
or income. The Incentive Plan Committee (or the Compensation
Committee of the Board, as appropriate) will determine this amount in
their sole discretion. The source of this information will be the
Segment Report (or Organization Profitability Report(s).



|4. |  | Maximum Award Amount
|-- |  | --------------------

| |  | The calculated Annual Bonus Amount is subject to a maximum of 150% of
the Target Bonus Amount.
| |  | ----------------------------------------------------------------------------------------------



|5. |  | Committee Discretionary Adjustment
|-- |  | ----------------------------------

| |  | The Committee in its sole discretion may augment, eliminate, or
otherwise modify award amounts based on its perception of a
participants actual or potential contribution to the success of the
organization.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Illustrative Example:



| |  | A Level 1Executive in a Line Organization has a
Target Bonus Amount of $38,400
|- |  | --------------------------------------------------------------------------------

| |  | Assume the Annual Composite Rating for Individual
performance against assigned objectives = 3.85 which yields an
Individual Performance Multiplier of 1.25
|- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Assume Company performance against Org Success Budget = 98%, and the Line Org Managed = 120%
resulting in an Organization Performance Multiplier = 1.1
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | The resulting Annual Bonus calculation = $38,400X 1.25X 1.1= $52,800
|- |  | --------------------------------------------------------------------

| |  | This amount is within the 150% Maximum (i.e. 137.5%) of the Target Annual Bonus.
|- |  | --------------------------------------------------------------------------------

| |  | The Committee in its discretion elects to augment this amount by $4,200 for a total of $57,000
|- |  | ----------------------------------------------------------------------------------------------

Form of Payment:

The participant may elect to receive the final award in the form of cash,
equity, or some combination of both. Any reward paid in the form of equity
will be governed by the Companys then current Long Term Incentive Plan and
will be based upon the closing price of the Companys common stock on the date
the bonus award was approved by the Committee.

Riggs Executive Officer Short-Term Bonus Plan
    
    March 2003


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Cross References:
      
      
      Plan Code: EOBA copy of the full Riggs Annual
        Managerial Bonus Program document is available upon request from the Compensation
        & HRIS Department of Human Resources at 800 17th St NW , B4003.Also, see the following plan
        documents for other Executive Compensation Programs:
      The Riggs National Corporation Deferred
        Compensation Program
      The Riggs National Corporation 2002 Long
        Term Incentive Program


| |  | 
| |  | 

Lawrence I. Hebert
      
      Date
      
      William A. Craig
      
      DatePresident & CEO
      
      
      
      Executive Vice PresidentHuman ResourcesParticipant
      
      Date


Riggs Executive Officer Short-Term Bonus Plan
      
      March 2003


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**Plan Code: EOB**



|(Riggs Icon) | 2003 Riggs Executive Officer Short-Term Bonus Plan
Award of Bonus Payment Election Form | 
|------------ | --------------------------------------------------------------------------------------- | 



|For the 2003 Plan Year, I ______________________,
elect to receive my 2003 Riggs Executive Officer Short-Term Bonus
Plan Award in the
|-------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                     

following manner:

Select one:

100% in Cash

% in Cash and         % in stock (1) (2)





| |  | Note that stock awards will be in whole shares only. Partial
      shares will be paid in cash.                                                                                                                
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The FMV of the stock price used to determine the number
      of shares to be awarded will be based upon the closing price of the stock
      on the date the bonus payment award is approved by the Committee.

I understand that this election, once made, may not be revoked for
the Plan year stated above.

__________/_______/___________Signature
    
    Date


Return this page to the EVP, Human Resources no later than October
31, 2003



Riggs Executive Officer Short-Term Bonus Plan
      
      March 2003


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