Summary of WILMINGTON TRUST CORP

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS COMPANY OVERVIEW
Wilmington Trust Corporation is (we are) a Delaware corporation and a financial holding company under the Bank Holding Company Act. Our primary wholly owned subsidiary, Wilmington Trust Company, was founded in 1903. We deliver our services through three businesses:
Regional Banking. Our Regional Banking activities are concentrated in the mid-Atlantic region of the United States. We define this area as the state of Delaware and the parts of Maryland, New Jersey, and Pennsylvania that are within approximately 150 miles of our Wilmington headquarters. We target commercial banking services to middle-market business owners throughout this region. We define this market as businesses that are family-owned or closely held, with annual sales of up to $250 million. We focus our consumer lending, residential mortgage lending, and core deposit-gathering activities in the state of Delaware.
Corporate Client Services (CCS). The CCS business provides a variety of trustee, agency, investment management, and administrative services for institutional clients. CCS has offices in Arizona, Delaware, Michigan, Minnesota, Nevada, New York, South Carolina, Vermont, Grand Cayman, the Channel Islands (Jersey), Amsterdam (The Netherlands), Dublin (Ireland), London (England), Frankfurt (Germany), and Luxembourg. At the end of 2008, CCS had clients in 88 countries. Wealth Advisory Services (WAS). The WAS business helps individuals and families with substantial wealth preserve and protect their wealth, minimize taxes, transfer wealth to future generations, support charitable endeavors, and manage their business affairs. We do this through a variety of asset management, family office, and fiduciary services. We target clients who have liquid assets of $10 million or more. WAS has offices in California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, New Jersey, New York, and Pennsylvania. At the end of 2008, WAS had clients in all 50 states and 35 other countries.

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Wilmington Trust Corporation and subsidiaries Form 10-Q for the three and nine months ended September 30, 2009
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS More detail about each of our businesses is available in the summaries that follow and in our 2008 Annual Report to Shareholders.
We provide our services through various legal entities and subsidiaries that we own wholly or in part. For more information about these entities and subsidiaries, the services they provide, and the regulations to which they are subject, read Note 1, "Nature of business," in our 2008 Annual Report to Shareholders. In April 2009, we incorporated WTFSB Properties, Inc. as a subsidiary of Wilmington Trust FSB. There have been no other changes to our legal entities or subsidiaries since December 31, 2008.
RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 This report discusses:
• Changes in our financial condition (balance sheet) since December 31, 2008. All balances cited are period-end balances unless otherwise noted. In some cases, we present amounts as of September 30, 2008, for historical reference.

• The results of our operations (income statement) for the three and nine months ended September 30, 2009, compared with the corresponding period in 2008. In some cases, we provide amounts for other periods to provide historical context. When we use "year-to-date (YTD)" to describe a time frame, we are referring to the nine months ended September 30.

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Wilmington Trust Corporation and subsidiaries Form 10-Q for the three and nine months ended September 30, 2009
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS EXECUTIVE SUMMARY
Our capital position remained strong and there were many positive developments in the third quarter and first nine months of 2009, but recessionary pressures prevented the full extent of our business successes from translating into higher earnings. In addition, we recorded a substantial amount of securities losses in the third quarter and first nine months of 2009, as economic conditions reduced the value of, and led to write-downs on, some of the investments in our securities portfolio.
For the third quarter of 2009, we reported a loss of $5.9 million. After adjusting for the dividends and accretion on the shares of Wilmington Trust Series A preferred stock issued to the U.S. Department of the Treasury in conjunction with the CPP, the net loss available to common shareholders was $10.4 million, or $0.15 per diluted common share.
For the first nine months of 2009, we reported $6.8 million of net income. After adjusting for the dividends and accretion on preferred stock issued in conjunction with the CPP, there was a net loss available to common shareholders of $6.8 million, or $0.10 per diluted common share.
Compared to the corresponding year-ago periods, key factors in our 2009 third quarter and year-to-date results included, in addition to the securities losses:
• Decreases in loan and investment securities portfolio balances.

• Substantial growth in core deposit balances.

• Lower funding costs, which improved the net interest margin.

• Lower net interest income (before the provision for loan losses), due to low market interest rates as well as the decreases in the loan and investment securities portfolios.

• Increases in the provision for loan losses.

• Double-digit growth in CCS revenue.

• Lower WAS revenue, due mainly to volatility in the equity markets.

• Disciplined expense management.

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Wilmington Trust Corporation and subsidiaries Form 10-Q for the three and nine months ended September 30, 2009
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS We discuss each of these factors in greater detail in other sections of this report.
On October 21, 2009, the Board of Directors declared a regular quarterly cash dividend of $0.01 per common share. The dividend will be paid on November 16, 2009, to shareholders of record on November 2, 2009.
The Board of Directors reduced our quarterly cash dividend twice in 2009. On January 29, 2009, the Board reduced the quarterly cash dividend from $0.345 per common share to $0.1725 per common share. On July 22, 2009, the Board reduced the quarterly cash dividend to $0.01 per common share. The decisions stemmed from our desire to act with an abundance of caution during this period of economic uncertainty. Since it is difficult to predict when, or how quickly, an economic recovery might occur, we are taking a conservative approach to capital management in order to have flexibility in a dynamic environment and to hasten our exit from the CPP.
CHANGES IN FINANCIAL CONDITION FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 Our capital position remained strong in the third quarter and first nine months of 2009. All regulatory capital ratios improved from their levels at year-end 2008, and all continued to exceed the amounts required by the Federal Reserve Board to be considered well capitalized, both including and excluding the $330 million in CPP funds we received in December 2008 in exchange for the preferred stock.
At September 30, 2009, we had assets of $10.87 billion. This was $1.45 billion, or 12%, less than at year-end 2008. This decrease reflected lower loan and investment securities portfolio balances, and resulted from a combination of muted demand for new loans and strategic steps we took to manage our balance sheet through the economic downturn.

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Wilmington Trust Corporation and subsidiaries Form 10-Q for the three and nine months ended September 30, 2009
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS Investment securities balances fell 56% from year-end 2008, as we deleveraged the portfolio in order to improve our regulatory capital ratios, and because we had less need for securities to collateralize certain types of deposits. Maturities, prepayments, sales, and write-downs contributed to the decline. Loan balances decreased 6% from year-end 2008, due to a combination of run-off in indirect consumer loans, sales of seasoned residential mortgage loans, and less demand for commercial and consumer loans as economic pressures mounted. Core deposit balances rose 9% from year-end 2008, as clients opted for the safety of federally insured products. The core deposit growth reduced our need for non-core funding. As a result, there was a 62% decline in national brokered certificates from year-end 2008 and a 22% decrease in short-term borrowings. Due to the balance sheet changes between year-end 2008 and September 30, 2009:
• Loans increased as a percentage of total assets.

• Core deposits increased as a percentage of total liabilities.

• Non-core funding decreased to 23% of total liabilities.

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Wilmington Trust Corporation and subsidiaries Form 10-Q for the three and nine months ended September 30, 2009

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

Assets (dollars in millions)                            At 9/30/09       At 12/31/08
Loan balances                                           $   9,021.2     $     9,619.1
Loans as a percentage of total assets                            83 %              78 %
Investment securities                                   $     608.7     $     1,373.3
Investment securities as a percentage of total assets             6 %              11 %
Total assets                                            $  10,873.8     $    12,318.9



   Earning assets (dollars in millions) 1            At 9/30/09       At 12/31/08
   Total earning assets                             $    9,846.2     $    11,198.7
   Percentage in loans                                        92 %              86 %
   Percentage in investment securities                         6 %              12 %
   Percentage in other earning assets                          2 %               2 %
   Earning assets as a percentage of total assets             91 %              91 %

1 Includes loans, investment securities, FHLB and FRB stock, interest-bearing deposits in other banks, and federal funds sold and securities purchased under agreements to resell. Excludes the reserve for loan losses.

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Wilmington Trust Corporation and subsidiaries Form 10-Q for the three and nine months ended September 30, 2009