TIME SHARING AGREEMENT
                  This Agreement is made by and between  Perpetual  Corporation/
Lazy  Lane Farms,  Inc.  ("Lessor")and Riggs Bank N.A. ("Lessee").

                                R E C I T A L S :

                  WHEREAS,  Lessor is the owner of that certain  civil  aircraft
known  as  one  (1)  1982  Gulfstream  III  (G-1159A)  model  aircraft   bearing
manufacturer's  serial  number 362 and the  United  States  Registration  Number
N800AR ("the Aircraft");

                  WHEREAS,  Lessor  employs/contracts  for the services of a
fully qualified flight crew to operate the Aircraft;

                  WHEREAS,  Lessor and Lessee  desire to lease said Aircraft and
flight crew on a time sharing basis as defined in Section  91.501 (c) (1) of the
Federal Aviation Regulations ("FAR"); and

                  NOW,  THEREFORE,  in  consideration  of the  mutual  covenants
contained  herein,  and for other good and valuable  consideration,  the parties
agree as follows:


1.       Lessor  agrees to lease the Aircraft to Lessee,  on as "as needed -- as
         available" basis,  pursuant to the provisions of FAR 91.501 (c) (1) and
         to provide a fully qualified flight crew for all operations for flights
         scheduled from the date hereof until August 1, 2002.

2.       Lessee shall pay Lessor for each flight  conducted under this Agreement
         all or so much  of the  actual  expenses  of each  specific  flight  as
         authorized  by FAR Part 91.501 (d) as may be  requested  for payment by
         Lessor. These expenses include and are limited to:

(1)      Fuel, oil, lubricants, and other additives;
(2)      Travel expenses of the crew, including food, lodging and ground
         transportation;
(3)      Hangar and tie down costs away from, the Aircraft's base of operation;
(4)      Insurance obtained for the specific flight;
(5)      Landing fees, airport taxes and similar  assessments  including,  but
         not limited to, IRC Section 4261 and related excise taxes;
(6)      Customs, foreign permit, and similar fees directly related to the
         flight;
(7)      In-flight food and beverages;
(8)      Passenger ground transportation;
(9)      Flight planning and weather contract services; and
(10)     An additional charge equal to 100% of  the expenses listed in
         subparagraph (1) of this paragraph.

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<PAGE>


3.       Lessor will pay all expenses related to the operation of the Aircraft
         when incurred, and will provide an invoice and bill Lessee in
         accordance with paragraph 2 above on the last day of the month in which
         any flight for the account of Lessee occurs.  Lessee shall pay Lessor
         for said expenses within thirty days of receipt of the invoice and bill
         therefor.

4.       Lessee will provide  Lessor with  requests for flight time and proposed
         flight schedules as far in advance of any given flight as possible, and
         in any case, at least 3 hours in advance of Lessee's planned departure.
         Requests for flight time shall be in a form,  whether  written or oral,
         mutually  convenient  to, and  agreed  upon by the  parties  and unless
         accepted  by  Lessor,  shall be deemed  rejected.  In  addition  to the
         proposed  schedules  and flight times Lessee shall provide at least the
         following  information  for each proposed  flight at some time prior to
         scheduled departure as required by the Lessor or Lessor's flight crew:

         (a)      proposed departure point;
         (b)      destination;
         (c)      date and time of flight;
         (d)      the number of anticipated passengers;
         (e)      the nature and extent of luggage and/or cargo to be carried;
         (f)      the date and time of return flight, if any; and
         (g)      any other information concerning the proposed flight that may
                  be  pertinent  or required by Lessor or Lessor's flight crew.

5.       Lessor shall have final  authority over the scheduling of the Aircraft,
         provided,  however,  that Lessor will try to accommodate Lessee's needs
         and avoid conflicts in scheduling.

6.       Lessor shall be solely responsible for seeking maintenance, preventive
         maintenance  and  required or otherwise  necessary  inspections  on the
         Aircraft, and shall take such requirements into account in scheduling
         the Aircraft.  No period of  maintenance,  preventative  maintenance,
         or inspection  shall be delayed or postponed for the purpose of
         scheduling  the Aircraft,  unless said  maintenance  or inspection can
         be safely conducted at a later time in compliance  with all  applicable
         laws and  regulations,  and with the sound  discretion  of the pilot in
         command.  The pilot in command  shall have final and complete authority
         to cancel any flight for any reason or condition which in his judgement
         would  compromise  the safety of the flight.

7.       Lessor  shall  contract for or employ, pay for and  provide to Lessee a
         qualified flight crew for each flight undertaken under this Agreement.

8.       In  accordance  with  applicable  Federal  Aviation  Regulations,   the
         qualified  flight  crew  provided by Lessor  will  exercise  all of its
         duties  and  responsibilities  in regard to the  safety of each  flight
         conducted  hereunder,  Lessee specifically agrees that the flight crew,
         in its sole  discretion,  may terminate any flight,  refuse to commence
         any flight,  or take other action which in the considered  judgement of
         the pilot in command is necessitated by considerations

                                      -2-

<PAGE>


         of safety.  No such action of the pilot in command  shall  create or
         support any  liability for loss,  injury,  damage or delay to Lessee or
         any other  person.  The parties  further agree that Lessor shall not be
         liable for delay or failure to furnish the Aircraft  and crew  pursuant
         to this Agreement when such failure is caused by government  regulation
         or authority,  mechanical difficulty, war, civil commotion,  strikes or
         labor disputes,  weather  conditions,  acts of God or other  unforeseen
         circumstances.


9.       Lessor will make its best efforts to provide such additional  insurance
         coverage as Lessee shall request or require,  provided,  however,  that
         the cost of such  additional  insurance shall be borne by Lessee as set
         forth in paragraph 2(d) hereof.

10.      Lessee warrants that:

         (a)      Lessee will solely use the  Aircraft for and on account of its
                  own  personal or business  use,  and will not use the Aircraft
                  for the purpose of providing  transportation  of passengers or
                  cargo for compensation or hire;

         (b)      Lessee shall refrain from  incurring  any  mechanic's or other
                  lien in connection with inspection,  preventative maintenance,
                  maintenance or storage of the Aircraft, whether permissible or
                  impermissible  under this  Agreement,  nor shall  there be any
                  attempt by Lessee to convey,  mortgage,  assign,  lease or any
                  way  alienate  the  Aircraft  or  create  any  kind of lien or
                  security  interest  involving  the  Aircraft or do anything or
                  take any action that might mature into such a lien; and

         (c)      during the term of this  Agreement,  Lessee  will abide by and
                  conform to all such laws,  governmental  and  airport  orders,
                  rules and regulations, as shall from time to time be in effect
                  relating in any way to the  operation  and use of the Aircraft
                  by a timesharing Lessee.

11.      Neither  this  Agreement  nor any  party's  interest  herein  shall  be
         assignable to any other party whatsoever. This Agreement shall inure to
         the benefit of and be binding  upon the parties  hereto,  their  heirs,
         representatives and successors.

12.      TRUTH IN LEASING STATEMENT UNDER SECTION 91.23 OF THE FAR's.

WITHIN THE TWELVE (12) MONTH PERIOD  PRECEDING THE DATE OF THIS  AGREEMENT,  THE
AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED AND IN ACCORDANCE  WITH THE FOLLOWING
PROVISIONS OF FAR:


                                      -3-

<PAGE>

CHECK ONE:

_        91.409 (f) (1): A continuous  airworthiness  inspection program that is
         part of a continuous airworthiness maintenance program currently in use
         by a  person  holding  an  air  carrier  operating  certificate  or  an
         operating  certificate  issued  under  FAR Part  121,  127,  or 135 and
         operating  that make and model aircraft under FAR Part 121 or operating
         that make and model  under  FAR Part 135 and  maintaining  it under FAR
         135.411(a)(2).


-        91.409 (f) (2):   An approved  aircraft  inspection  program  approved
         under FAR 135.419 and currently in use by a person holding an operating
         certificate issued under FAR Part 135.

x        91.409  (f)  (3):  A  current  inspection  program  recommended by  the
-        manufacturer.

_        91.409  (f)  (4):  Any  other  inspection  program  established  by the
         registered  owner or  operator  of the  Aircraft  and  approved  by the
         Administrator of the Federal Aviation Administration in accordance with
         FAR 91.409 (g).

THE  PARTIES  HERETO  CERTIFY  THAT  DURING THE TERM OF THIS  AGREEMENT  AND FOR
OPERATIONS CONDUCTED HEREUNDER, THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN
ACCORDANCE WITH THE PROVISIONS OF FAR:

CHECK ONE:

_  91.409 (f)(1)  _   91.409 (f)(2)   x   91.409 (f)(3)   _   91.409 (f)(4)
                                      _

LESSOR  SHALL HAVE AND RETAIN  OPERATIONAL  CONTROL OF THE  AIRCRAFT  DURING ALL
OPERATIONS CONDUCTED PURSUANT TO THIS LEASE. EACH PARTY HERETO CERTIFIES THAT IT
UNDERSTANDS THE EXTENT OF ITS RESPONSIBILITIES, SET FORTH HEREIN, FOR COMPLIANCE
WITH APPLICABLE FEDERAL AVIATION REGULATIONS.

AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL  CONTROL AND PERTINENT  FEDERAL
AVIATION   REGULATIONS  CAN  BE  OBTAINED  FROM  THE  NEAREST  FEDERAL  AVIATION
ADMINISTRATION  FLIGHT  STANDARDS  DISTRICT OFFICE,  GENERAL  AVIATION  DISTRICT
OFFICE, OR AIR CARRIER DISTRICT OFFICE.


                                   *  *  *

                                      -4-

<PAGE>


THE PARTIES HERETO  CERTIFY THAT A TRUE COPY OF THIS AGREEMENT  SHALL BE CARRIED
ON THE AIRCRAFT AT ALL TIMES,  AND SHALL BE MADE AVAILABLE FOR  INSPECTION  UPON
REQUEST  BY  AN  APPROPRIATELY  CONSTITUTED  IDENTIFIED  REPRESENTATIVE  OF  THE
ADMINISTRATOR OF THE FAA.


                  IN WITNESS  WHEREOF,  the parties have executed this Agreement
as of the date and year written below.

Lessor:                                    Lessee:

PERPETUAL CORPORATION                      RIGGS BANK N.A.



By: /s/ LAWRENCE I. HEBERT                 By: /s/ ROBERT C. ROANE
    ----------------------                     -------------------
Print:  Lawrence I. Hebert                 Print:  Robert C. Roane
Title:  President                          Title:  Chief Operating Officer and
Date:   December 1, 2000                           Executive Vice President
        ----------------
                                           Date:   December 1, 2000
                                                   ----------------


LAZY LANE FARMS, INC.



By: /s/ LAWRENCE I. HEBERT
    ----------------------
Print:  Lawrence I. Hebert
Title:  Vice President
Date:   December 1, 2000
        ----------------


                                      -5-