Industrial Holdings

In DB Investor we hold and manage Deutsche Bank Group’s listed industrial holdings. We continued the managed wind-down of this portfolio , too, in 2003, selling all of our shares in mg technologies AG and Heidelberg Cement AG and reducing our holding in Allianz AG from 3.2% to 2.5% and in Deutz AG from 25.9% to 10.5%. The largest three remaining industrial holdings by market value at the end of 2003 were our equity interests of 11.8% in DaimlerChrysler AG, 2.5% in Allianz AG and 10.0% in Linde AG.