Our nontraditional credit businesses materially add to our traditional banking credit risks. Many of the businesses we engage in beyond the traditional lending businesses also expose us to credit risk , such as holding securities of third parties or entering into swap or other derivative contracts. We engage in most of these businesses through our Corporate Banking & Securities Corporate Division entailing credit transactions, frequently ancillary to other transactions.
The following information is part of the consolidated financial statements as of 31 December 2003, which were audited and issued with an unqualified certificate by KPMG Deutsche Treuhand AG, Wirtschaftprüfungsgesellschaft.