UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the fiscal year ended December 31, 2002
-------------------------------------------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
--------------------- ------------------------
Commission file number 1-10683
---------------------------------------------------------
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
MBNA Corporation 401(k) Plus Savings Plan
- -----------------------------------------------------------------------------
B. Name of the issuer of the securities held pursuant to the plan and the
address of its principal executive office:
MBNA Corporation
1100 King Street
Wilmington, Delaware 19984-0131
------------------------------------------------------------------------------
MBNA CORPORATION 401(k) PLUS SAVINGS PLAN
Index to Financial Statements, Supplemental Schedule, and Exhibits
Page
----
Report of Independent Auditors......................................... 1
Statements of Net Assets Available for Benefits........................ 2
Statement of Changes in Net Assets Available for Benefits.............. 3
Notes to Financial Statements.......................................... 4
Schedule H, line 4i-Schedule of Assets (Held At End of Year)........... 11
Signature.............................................................. 13
Exhibit 23: Consent of Independent Auditors........................... 14
Exhibit 99.1: Section 906 Certification................................ 15
Exhibit 99.2: Section 906 Certification................................ 16
REPORT OF INDEPENDENT AUDITORS
To the Pension and 401(k) Plan Committee of MBNA Corporation
We have audited the accompanying statements of net assets available for
benefits of MBNA Corporation 401(k) Plus Savings Plan as of December 31, 2002
and 2001, and the related statement of changes in net assets available for
benefits for the year ended December 31, 2002. These financial statements are
the responsibility of the Plan's management. Our responsibility is to express
an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States. 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 financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 2002 and 2001, and the changes in its net assets available for
benefits for the year ended December 31, 2002, in conformity with accounting
principles generally accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying supplemental schedule
of assets (held at end of year) as of December 31, 2002 is presented for the
purpose of additional analysis and is not a required part of the financial
statements but is supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. This supplemental schedule is the
responsibility of the Plan's management. The supplemental schedule has been
subjected to the auditing procedures applied in our audits of the financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.
/s/ Ernst & Young LLP
Baltimore, Maryland
June 6, 2003
MBNA CORPORATION 401(k) PLUS SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31,
----------------------------
2002 2001
------------- -------------
ASSETS
Investments at fair value:
Collective investment funds................... $ 99,240,943 $ 97,517,613
Interest in registered investment companies... 174,913,939 187,867,899
Short-term investment fund.................... 5,403,059 2,302,284
Common Stock of MBNA Corporation.............. 168,551,531 208,776,374
Participant loans............................. 31,274,724 27,993,977
------------- -------------
479,384,196 524,458,147
Investments at contract value:
Guaranteed investment contracts............... 101,073,866 64,048,754
------------- -------------
Total investments........................... 580,458,062 588,506,901
Contributions receivable........................ 118,291 10,322
Receivable for securities sold.................. - 1,571,475
Income receivable............................... 773,283 566,801
------------- -------------
Total assets................................ 581,349,636 590,655,499
LIABILITIES
Payable for securities purchased................ 1,081,076 -
Accrued expenses and other liabilities.......... 217,839 72,716
------------- -------------
Total liabilities........................... 1,298,915 72,716
------------- -------------
Net assets available for benefits........... $ 580,050,721 $ 590,582,783
============= =============
==============================================================================
The accompanying notes are an integral part of the financial statements.
MBNA CORPORATION 401(k) PLUS SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the Year Ended
December 31, 2002
------------------
ADDITIONS
Investment income:
Interest from short-term investment fund........... $ 4,958,705
Income from collective investment funds............ 1,359,056
Income from interest in registered investment
companies......................................... 3,123,951
Dividends on Common Stock of
MBNA Corporation.................................. 2,314,199
Interest income from participant loans............. 2,475,886
------------------
Total investment income.......................... 14,231,797
Contributions:
Employer........................................... 27,069,336
Participant........................................ 57,062,100
------------------
Total additions.................................. 98,363,233
DEDUCTIONS
Net realized and unrealized depreciation in
fair value of investments........................... 87,052,836
Benefits paid to participants or beneficiaries....... 20,831,396
Administrative expenses.............................. 1,011,063
------------------
Total deductions................................. 108,895,295
Net decrease....................................... (10,532,062)
Net assets available for benefits at
beginning of year................................... 590,582,783
------------------
Net assets available for benefits at
end of year......................................... $ 580,050,721
==================
==============================================================================
The accompanying notes are an integral part of the financial statements.
MBNA CORPORATION 401(k) PLUS SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE 1: DESCRIPTION OF THE PLAN
The following description of the MBNA Corporation 401(k) Plus Savings Plan
("the Plan") provides only general information. Participants should refer to
the Summary Plan Description for a more complete description of the Plan's
provisions. Copies of the Summary Plan Description are available from the
Compensation and Benefits Department of MBNA Corporation ("the Corporation").
General
The Plan is a defined contribution plan that is intended to qualify under
section 401(a) of the Internal Revenue Code of 1986, as amended. The Plan
covers substantially all employees of the Corporation located in the United
States who have been employed by the Corporation for one or more years and have
completed at least one thousand hours of service in any one year. It is
subject to the provisions of the Employee Retirement Income Security Act of
1974 ("ERISA").
The designated trustee of the Plan and custodian of the Plan's investments is
The Northern Trust Company ("Northern Trust").
Contributions
For eligible Participants, the Corporation automatically contributes 1% of an
eligible Participant's base salary in cash. Effective May 2002, eligible
Participants may contribute up to a maximum of 25% of base salary on a pre-tax
basis and 15% on an after-tax basis, with the first 6% matched at a rate of 50%
by the Corporation in cash. For 2001 and through April 2002 the maximum pre-
tax contribution that could be made by a Participant was 12% and the maximum
after-tax contribution was 10%. Contributions are subject to certain
additional limitations.
Participant's Accounts
Five or more separate accounts may be created for each Participant under the
Plan, as the Pension and 401(k) Plan Committee of MBNA Corporation
("The Committee") deems appropriate. Such accounts will include the Qualified
Nonelective Contribution Account, Before-Tax Contribution Account, Employer
Matching Contribution Account, After-Tax Contribution Account and Rollover
Account. Each account shall be credited or debited as of each business day or
any other date specified by the Committee (referred to as the valuation date)
with an allocable portion of the earnings (or losses) of the investment funds
in which the accounts are invested, based on the account balances as of the day
following the last valuation date, adjusted for contributions and loan
repayments since the preceding valuation date.
Vesting
All contributions to Plan, including any amounts contributed by the
Corporation, are immediately 100% vested.
Withdrawals
The Plan permits Participants to make withdrawals from their accounts during
employment. The amount which a Participant may withdraw is determined based on
the value of the Participant's account as of the most recent valuation date
following their request. Only two withdrawals will be permitted in any
calendar year except for "hardship withdrawals" as defined in the Summary Plan
Description. The minimum amount of any withdrawal is $200. All withdrawals
are subject to certain limitations and/or penalties.
Investment Options
The Plan offers eight investment options. A Participant's contribution may
be invested in 5% increments in any of the available funds. However,
Participants may not direct more than 25% of the current contributions being
credited to their accounts to be invested in the MBNA Stock Fund. Participants
have the option to change the contributions and investments once a month or as
determined by the Committee. The Plan's investment options are:
Fixed Income Fund - Dwight Asset Management Fixed Income Fund (a)
Bond Fund - Bond Fund of America
Diversified Fund - American Balanced Fund
Index Fund - Barclays Global Investors Equity Index Fund
Growth Fund - MFS Research Fund
Moderate Aggressive Fund - Baron Asset Fund
Aggressive Growth Fund - PBHG Growth Fund
MBNA Stock Fund - Common Stock of MBNA Corporation
(a) Comprised of the SEI Stable Asset Fund, the Short-term Investment
Fund, Guaranteed Investment Contracts, and Synthetic Guaranteed
Investment Contracts.
Participant Loans
A Participant may not have more than two loans outstanding at any time; only
one loan may be made to a Participant during any Plan year; and only one loan
may be made during any six-month period.
The maximum amount of any loan to a Participant may not exceed the lesser of
$50,000 or 50% of their account balance. Each Plan loan bears a rate of
interest as determined by the Committee on a quarterly basis. The interest
rate is fixed for the duration of the loan. At December 31, 2002 interest
rates on Participant loans ranged from 5.75% to 10.50%. At December 31, 2001
interest rates on Participant loans ranged from 7.00% to 10.50%. Loans are
repaid through payroll deductions in equal installments within five years,
unless the proceeds of the loan are used to purchase the Participant's primary
residence, in which event the term may be up to thirty years.
Payment of Benefits
Upon termination of a Participant's employment for any reason, whether by
retirement, resignation, discharge, death or disability, the Participant, or
the Participant's designated beneficiaries upon death, is entitled to receive
the balance credited to his or her account. A Participant may elect to receive
an immediate distribution or, if the balance credited to their account exceeds
$5,000, elect to defer receipt until attaining age 65 if they separate from
service before age 65. Distributions will be based upon the value of the
Participant's account as of the valuation date preceding the distribution.
If a Participant's account is valued at $5,000 or less, in the absence of an
election from the Participant, the account balance is automatically paid in a
lump sum. If a Participant's account is valued at more than $5,000, the
account may be distributed in a lump sum payment or in monthly, quarterly,
semiannual, or annual installments of approximately equal amounts over a period
not to exceed the lesser of 10 years or the life expectancy of the Participant
or beneficiary. Alternatively, a Participant may rollover the account to
another qualified plan or to an individual retirement account.
Administrative Expenses
Administrative expenses, including amounts paid to Northern Trust for acting
as trustee and custodian of the Plan's investments, are paid by the Plan.
Plan Termination
Although it has not expressed any intention to do so, the Corporation has the
right to terminate the Plan in whole or in part at any time; however, in such
circumstances, the Participants would receive the full value of their accounts.
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The Plan's financial statements have been prepared in accordance with
accounting principles generally accepted in the United States on the accrual
basis, which requires the Corporation's management to make estimates that
affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates. For purposes of
comparability, certain prior period amounts have been reclassified.
Investment Valuation and Income Recognition
The Plan's investments are stated at aggregate fair market value, except for
guaranteed investment contracts (Note 4). Securities traded on a national
securities exchange are valued at the last reported sales price on the last
business day of the year. Investments traded in the over-the-counter market
and listed securities for which no sale was reported on that date are valued at
the last reported bid price. Interest in registered investment companies
(mutual funds) and investments in collective investment funds are stated at the
Plan's interest in the fair value of the underlying assets in the registered
investment companies and collective investment funds. Participant loans are
carried at the amount borrowed by the Participant less principal repayments,
which approximates fair value.
The difference between fair value and cost of investments held, and net
realized gain or loss on sale of investments (difference between the proceeds
received and the average cost of investments sold), is reflected in the
Statement of Changes in Net Assets Available for Benefits as net realized and
unrealized depreciation in fair value of investments.
Payment of Benefits
Benefits are recognized when paid.
NOTE 3: INVESTMENTS
The net realized and unrealized depreciation in fair value of the Plan's
investments was as follows:
For the Year Ended
December 31, 2002
------------------
Collective investment funds........................ $ 18,390,162
Interest in registered investment companies........ 38,046,621
Common Stock of MBNA Corporation................... 30,616,053
------------------
Total net realized and unrealized
depreciation in fair value of investments....... $ 87,052,836
==================
Individual investments that represent 5% or more of the Plan's net assets
available for benefits at December 31, 2002 and 2001 are as follows:
2002 2001
------------ ------------
Collective investment funds:
Barclays Global Investors Equity Index Fund...... $ 65,174,273 $ 76,450,452
SEI Stable Asset Fund............................ 34,066,670
Interest in registered investment companies:
American Balanced Fund........................... 62,235,429 63,175,410
MFS Research Fund................................ 49,170,487 59,201,894
PBHG Growth Fund................................. 30,425,311
Common Stock of MBNA Corporation................... 168,551,531 208,776,374
Guaranteed investment contracts ("GIC"):
CDC-FP synthetic GIC............................. 32,731,943
State Street Bank & Trust synthetic GIC.......... 33,596,640
NOTE 4: INVESTMENT CONTRACTS
Guaranteed investment contracts, both traditional and synthetic, owned by the
Plan are fully benefit responsive and are stated at contract value (which
represents contributions made under the contract, plus interest earned, less
withdrawals and administrative expenses). Certain contracts contain early
withdrawal penalties, except those that fulfill benefits elected by Plan
Participants in accordance with the terms of the contract. A fully benefit
responsive guaranteed investment contract provides a liquidity guarantee by a
financially responsible third party of principal and previously accrued
interest for liquidations, transfers, loans, or hardship withdrawals initiated
by the Plan Participants exercising their rights to withdraw, borrow, or
transfer funds under the terms of the Plan.
The traditional guaranteed investment contracts held by the Plan at December
31, 2002 and 2001 had Standard and Poor's ratings ranging from AA to AAA. The
Plan holds fixed rate and variable rate guaranteed investment contracts. The
variable rate guaranteed investment contracts reprice quarterly. The contract
value of the guaranteed investment contracts approximate fair value.
A synthetic guaranteed investment contract is an investment contract in which
the Plan owns the underlying assets. With synthetic guaranteed investment
contracts, the Plan purchases a benefit responsive wrapper contract issued by
an independent third party that provides market and cash flow risk protection
to the Plan. Synthetic guaranteed investment contracts are valued at contract
value because the Plan will receive such value and only such value if the
contract is accessed to pay Participant benefits or transfers.
The fair value of the underlying assets for the Plan's synthetic guaranteed
investment contracts exceeded the contract value by $3,603,368 at December 31,
2002. The contract value of the synthetic guaranteed investment contracts at
December 31, 2001 approximated fair value.
The Plan's investments in guaranteed investment contracts presented in the
aggregate for the years ended December 31, 2002 and 2001 were as follows:
2002 2001
--------------- ---------------
Contract value............................ $ 101,073,866 $ 64,048,754
Fair value................................ 104,677,234 64,048,754
Weighted average yield.................... 5.41% 6.69%
Crediting interest rates ranging from..... 4.02% to 7.67% 5.45% to 7.67%
Maturity dates ranging from (a)........... 2003 to 2008 2002 to 2006
(a) Synthetic guaranteed investment contracts, with a fair market value
of $69,931,951 and $32,833,815, for the years ended December 31, 2002
and 2001, respectively, do not have a stated maturity and are
periodically reviewed by Dwight Asset Management to ensure the contract
terms remain reasonable in comparison to the market.
NOTE 5: TRANSACTIONS WITH PARTIES-IN-INTEREST
For the year ended December 31, 2002, the Plan earned investment income of
$63,675 on its investments administered by the trustee. In addition, for the
year ended December 31, 2002, the Plan earned dividend income of $2,314,199 on
shares of MBNA Corporation Common Stock held by the Plan. As of December 31,
2002 and 2001, the Plan also had a dividend receivable of $612,118 and
$540,893, respectively, on shares of MBNA Corporation Common Stock held by the
Plan. The dividend receivable is included in income receivable on the
Statement of Net Assets Available for Benefits. Fees paid during the year for
services rendered to the Plan by parties-in-interest were based on customary
and reasonable rates for such services.
NOTE 6: TAX STATUS
The Plan received a determination letter from the Internal Revenue Service
dated April 17, 2002, stating that the Plan is qualified under Section 401(a)
of the Internal Revenue Code ("the Code") and, therefore, the related trust is
exempt from taxation. Once qualified, the Plan is required to operate in
conformity with the Code to maintain its qualification. The Plan administrator
believes the Plan is being operated in compliance with the applicable
requirements of the Code and, therefore, believes the Plan is qualified and the
related trust is tax exempt.
NOTE 7: RECONCILIATION TO FORM 5500
The following is a reconciliation of net assets available for benefits
according to the financial statements to Form 5500:
December 31,
----------------------------
2002 2001
------------- -------------
Net assets available for benefits per the
financial statements......................... $ 580,050,721 $ 590,582,783
Amounts allocated to withdrawing participants. (110,437) (360,927)
------------- -------------
Net assets available for benefits
per Form 5500................................ 579,940,284 590,221,856
============= =============
The following is a reconciliation of benefits paid to participants according to
the financial statements to Form 5500:
For the Year Ended
December 31, 2002
------------------
Benefits paid to participants or beneficiaries
per the financial statements...................... $ 20,831,396
Add: amounts allocated to withdrawing
participants at December 31, 2002................. 110,437
Less: amounts allocated to withdrawing
participants at December 31, 2001................. (360,927)
------------------
Benefits paid to participants or beneficiaries
Per Form 5500 20,580,906
==================
Amounts allocated to withdrawing participants are recorded on the Form 5500 for
benefit claims that have been processed and approved for payment prior to
December 31 but not yet paid as of that date.
NOTE 8: NEW ACCOUNTING PRONOUNCEMENT
During April 2003, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 149, "Amendment of Statement 133 on
Derivative Instruments and Hedging Activities" ("Statement No. 149").
Statement No. 149 amends and clarifies financial accounting and reporting for
derivative financial instruments. Statement No. 149 is effective for contracts
entered into or modified after June 30, 2003, and hedging relationships
designated after June 30, 2003. The implementation of Statement No. 149 will
not have a material impact on the Plan's financial statements.
ATTACHMENT TO FORM 5500
EIN: 52-1713008
PN: 001
SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR) (1)
MBNA CORPORATION 401(k) PLUS SAVINGS PLAN
December 31, 2002
Identity of Issue, Borrower, Description of Current
Lessor or Similar Party Investment Value
- ----------------------------------------------- ---------------- ------------
INVESTMENTS AT FAIR VALUE:
Collective investment funds:
Barclays Global Investors Equity
Index Fund.................................. 2,566,927 units $ 65,174,273
SEI Stable Asset Fund (3).................... 34,066,670 units 34,066,670
------------
Total collective investment funds.......... 99,240,943
Interest in registered
investment companies:
American Balanced Fund....................... 4,315,910 units 62,235,429
MFS Research Fund............................ 3,477,404 units 49,170,487
Bond Fund of America......................... 1,691,717 units 21,484,806
PBHG Growth Fund............................. 1,609,163 units 22,817,932
Baron Asset Fund............................. 557,969 units 19,205,285
------------
Total interest in registered
investment companies...................... 174,913,939
Short-term investment fund (3)................. 5,403,059
Common Stock of MBNA Corporation (2)........... 8,861,805 shares 168,551,531
Participant loans (with interest rates
ranging from 5.75% and 10.50% and maturity
dates through 2032)(2)........................ 31,274,724
------------
Total investments at fair value............ 479,384,196
Identity of Issue, Borrower, Description of Current
Lessor or Similar Party Investment Value
- ---------------------------------------------- ---------------- ------------
INVESTMENTS AT CONTRACT VALUE:
Guaranteed investment contracts ("GIC") (3):
John Hancock GIC (#9703)..................... 7.010% $ 5,056,937
The Travelers GIC (#17695)................... 7.430% 5,937,442
Principal Life (#46425)...................... 6.170% 3,303,765
New York Life GIC (#31133)................... 7.670% 3,612,781
Monumental GIC (#00180)...................... 7.520% 3,615,742
Monumental GIC (#04179)...................... 5.450% 3,178,714
Allstate GIC (#6356)......................... 4.020% 5,008,105
Metropolitan Life GIC (#28718)............... 4.070% 5,031,797
------------
34,745,283
Synthetic Guaranteed investment contracts (3):
Dwight Target 2 Fund......................... 20,194,312
Dwight Target 5 Fund......................... 13,680,632
CDC-FP wrapper contract...................... (1,143,001)
------------
CDC-FP synthetic GIC (#1081)............... 4.590% 32,731,943
Dwight Target 2 Fund......................... 5,575,326
Dwight Target 5 Fund......................... 30,481,681
State Street wrapper contract................ (2,460,367)
------------
State Street Bank & Trust
synthetic GIC (#97056).................... 5.470% 33,596,640
------------
Total investments at contract value...... 101,073,866
Total investments........................ $580,458,062
============
(1) Historical cost omitted as all investments are Participant-directed.
(2) Party-in-interest.
(3) Included as part of the Dwight Asset Management Fixed Income Fund.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this report to be signed on its behalf by the undersigned, hereunto duly
authorized.
MBNA Corporation 401(k)
Plus Savings Plan
-------------------------------
(Name of Plan)
Date: June 30, 2003 By: /s/ Vernon H.C. Wright
-------------------------------
Name: Vernon H.C. Wright on
behalf of the Pension and
401(k) Plan Committee of
MBNA Corporation
EXHIBIT 23: CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the following Registration
Statements of MBNA Corporation, and in the related Prospectuses, of our report
dated June 6, 2003 included in Form 11-K, with respect to the financial
statements and schedule of the MBNA Corporation 401(k) Plus Savings Plan for
the year ended December 31, 2002:
Number 33-41936 on Form S-8 dated July 22, 1991
Number 33-41895 on Form S-8 dated July 24, 1991
Number 33-71640 on Form S-8 dated November 15, 1993
Number 33-95438 on Form S-8 dated August 4, 1995
Number 333-15721 on Form S-3 (as amended by Post-Effective
Amendment No. 1) dated December 10, 1996
Number 333-21181 on Form S-4 (as amended by Amendment
No. 1) dated February 25, 1997
Number 333-06824 on Form S-8 dated April 22, 1997
Number 333-51477 on Form S-8 dated April 30, 1998
Number 333-74919 on Form S-3 (as amended by Post-Effective
Amendment No. 1) dated March 24, 1999
Number 333-79987 on Form S-8 dated June 4, 1999
Number 333-44422 on Form S-8 dated August 24, 2000
Number 333-45814 on Form S-3 dated September 14, 2000
/s/ Ernst & Young LLP
Baltimore, Maryland
June 27, 2003
EXHIBIT 99.1
This certification is being furnished to the Securities and Exchange Commission
solely pursuant to Section 1350 of Chapter 63 of title 18, United States Code,
"Failure of corporate officers to certify financial reports" ("Section 1350"),
and is not being filed as part of the Annual Report for the MBNA Corporation
401(k) Plus Savings Plan ("401(k) Plan") on Form 11-K for the period ended
December 31, 2002 accompanying this certification (the "Report"), or as a
separate disclosure document.
I, Lance L. Weaver, in my capacity as the member of the Pension and 401(k) Plan
Committee of MBNA Corporation with principal executive responsibilities,
certify that to my knowledge, the Report fully complies with the requirements
of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the
information contained in the Report fairly presents, in all material respects,
the net assets available for benefits and changes in net assets available for
benefits of the 401(k) Plan. This written statement is being furnished to the
Securities and Exchange Commission as an exhibit to the Report. A signed
original of this written statement required by Section 1350 has been provided
to the 401 (k) Plan and will be retained by the 401 (k) Plan and furnished to
the Securities and Exchange Commission or its staff upon request.
Date: June 30, 2003 /s/ Lance L. Weaver
-------------------------------
Lance L. Weaver
member of the Pension and 401(k) Plan
Committee of MBNA Corporation
EXHIBIT 99.2
This certification is being furnished to the Securities and Exchange Commission
solely pursuant to Section 1350 of Chapter 63 of title 18, United States Code,
"Failure of corporate officers to certify financial reports" ("Section 1350"),
and is not being filed as part of the Annual Report for the MBNA Corporation
401(k) Plus Savings Plan ("401(k) Plan") on Form 11-K for the period ended
December 31, 2002 accompanying this certification (the "Report"), or as a
separate disclosure document.
I, Vernon H.C. Wright, in my capacity as the member of the Pension and 401(k)
Plan Committee of MBNA Corporation with principal financial responsibilities,
certify that to my knowledge, the Report fully complies with the requirements
of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the
information contained in the Report fairly presents, in all material respects,
the net assets available for benefits and changes in net assets available for
benefits of the 401(k) Plan. This written statement is being furnished to the
Securities and Exchange Commission as an exhibit to the Report. A signed
original of this written statement required by Section 1350 has been provided
to the 401 (k) Plan and will be retained by the 401 (k) Plan and furnished to
the Securities and Exchange Commission or its staff upon request.
Date: June 30, 2003 /s/ Vernon H.C. Wright
-------------------------------
Vernon H.C. Wright
member of the Pension and 401(k) Plan
Committee of MBNA Corporation
11