Noninterest Revenues, Excluding Trading Revenues

Commissions and Fee Revenues. Most of the overall 14% decline in commissions and fee revenues arose in CIB. The 17% decrease in commissions and fees from fiduciary activities was primarily a result of the sale of most of the Global Securities Services business. In addition, brokerage fees in CIB were down due to lower transaction volume in the Sales and Trading (equities) cash business, mainly in the U.S. and U.K., and a decline in advisory fees due to the reduced level of market activity. Fees for other customer services in CI decreased by approximately € 200 million after the sale of most of our North American commercial and consumer finance business in late 2002.

Insurance Premiums. Insurance premiums were negligible in 2003, declining due to the sale of most of PCAM’s insurance business in Germany, Spain, Italy and Portugal in the second quarter of 2002. There was a corresponding decline in policyholder benefits and claims, included in noninterest expenses.

Net Gains on Securities Available for Sale. Most of the € 3.5 billion decline in net gains on securities available for sale was due to gains on sales from our industrial holdings portfolio by Corporate Investments in 2002. That year included a gain of € 2.6 billion from the sale of our remaining holdings in Munich Re, and gains totaling € 710 million on sales of Allianz AG and Deutsche Börse AG shares in CI. Results in 2003 included several gains in the € 30-120 million range offset by other-than-temporary impairment charges on various investments and results in 2002 included € 308 million in charges for other-than-temporary impairments.

Net (Loss) from Equity Method Investments. The largest components of our results in each year were losses in CI of € 490 million in 2003 and € 706 million in 2002 on our investment in Gerling-Konzern Versicherungs-Beteiligungs-AG. The loss in 2003 represented the complete write-off of that investment. Also contributing to the results in each year were losses on private equity investments in CI and gains on PCAM’s real estate investments.

Other Noninterest Revenues. The results in 2003 included CIB’s gain of € 583 million from the sale of substantial parts of the Global Securities Services business and a gain of € 55 million on the sale of most of the Passive Asset Management business by PCAM. Somewhat offsetting these gains was the decline in revenues after the sale of the fully consolidated private equity investments, Tele Columbus and Center Parcs and losses on the sale of premises, all affecting other revenues in CI. Most of the results in 2002 were due to a gain of € 502 million on the sale of most of our insurance business by PCAM and a gain of € 438 million from the deconsolidation following the merger of CI’s former mortgage banking subsidiary EUROHYPO AG, together with the related contribution of part of our London-based real estate investment banking business. As a result of the application of FIN 46, 2003 included a charge of € 115 million representing the beneficial interests of investors in AWM’s guaranteed value mutual funds.