2002 Annual Report Corporate Highlights  2002 Accomplishments Strong Track Record Corporate Profile Core Lines of Business Market and Dividend Information Corporate Offices Market Leadership Vote Your Proxy Online Key Performance Measures • Completed Acquisition of First Bank  and Trust • Set Record Mortgage Volume • Achieved Record Deposit Growth • Increased Commercial Loan Activity • Supported Hundreds of Local Nonprofits  with Financial and Volunteer Support • Commenced Construction of Warwick  Branch Location • Business Banking • Asset Management • Trust Services • Personal Banking • Mortgage Banking Washington Trust is committed to enhancing shareholder value. We do this by meeting  the needs of our customers, employees, shareholders and the communities we serve. Washington Trust Bancorp, Inc. (the Corporation) is the publicly-owned holding company of The Washington Trust Company (the Bank), a Rhode Island-chartered bank founded in 1800. The Bank offers a broad range of services, including trust and  investment management, through its  branch offices in Rhode Island and  southeastern Connecticut. At December 31, 2002, Washington Trust had 443 employees. Washington Trust has adopted an Affirmative Action Plan and is an Equal Opportunity Employer. The Bank is a member of the FDIC and an Equal Housing Lender. Washington Trust Bancorp, Inc.’s common stock trades on the Nasdaq National Market tier  of the Nasdaq Stock Market ® under the symbol WASH. As of December 31, 2002, there were 2,214  shareholders of record. Washington Trust Bancorp, Inc. 23 Broad Street Westerly, Rhode Island 02891-1868 401-348-1200 1-800-475-2265 Website: www.washtrust.com Washington Trust understands the importance of having a balanced stream of earnings. Our success depends upon our ability to grow our core lines of business by providing competi- tively priced products, superior service and technology that supports our business needs. Westerly Public Library, 44 Broad Street, Westerly, Rhode Island 02891 • $1.7 Billion in Total Assets • Oldest Community Bank in the Nation 2002 Quarters 1 2 3 4 Stock prices: High $19.72 $24.11 $23.83 $21.20 Low 18.00 19.05 19.12 19.10 Dividend declared .14 .14 .14 .14 2001 Quarters 1 2 3 4 Stock prices: High $17.75 $22.62 $22.14 $19.73 Low 13.75 16.35 16.69 17.76 Dividend declared .13 .13 .13 .13 • Largest Independent Bank in Rhode Island • 16 Branches (including Warwick branch,  scheduled to open in the spring of 2003) • 53% Deposit Share in Washington County, RI Auditors: KPMG LLP, Providence, Rhode Island Counsel:  Goodwin Procter LLP, Boston, Massachusetts Annual Meeting of Shareholders:  Tuesday, April 29, 2003, 11:00 a.m.,  For your convenience, you can vote your shares online. Have your proxy card ready and go to the website http://www.eproxy.com/wash. You will be prompted to enter your control number located on your card. Then, follow the instructions to create and submit an electronic ballot. Balanced Earnings Stream • 10 Consecutive Years of Dividend Increases • ROA Consistently Above 1% • Strong Asset Quality Shareholders’ Equity 1998 1999 2000 2001 2002 $78.4 $78.2 $89.2 $97.9 $128.7 dollars in millions Total Deposits 1998 1999 2000 2001 2002 $627.8 $660.8 $735.7 $816.9 $1,110.5 dollars in millions