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.

Total net Revenues (net of Provisions for Loan Losses) by Geographical Location

The following table presents net revenues (including provision for loan losses) by geographical location:

 
in € m. 2003 2002 2001
Germany 5,786 10,676 12,788
Europe (excluding Germany)1 7,294 6,237 7,443
North America (primarily U.S.) 5,058 5,218 6,106
South America 70 175 211
Asia-Pacific 1,947 2,150 1,969
Consolidated net revenues2 20,155 24,456 28,517
 
1 Includes revenues from Africa, which were not material in 2003, 2002 and 2001.
2 Consolidated total net revenues comprise interest revenues, interest expense, provision for loan losses and total noninterest revenues (including net commission and fee revenues). Revenues are attributed to countries based on the location in which the Group's booking office is located.