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In addition, Dresdner Bank is a member of the German banks’ Joint Fund for Securing Customer Deposits, which covers liabilities to each creditor up to specified amounts. As a member of the Joint Fund, which is itself a shareholder in LIKO, Dresdner Bank is sever- ally liable with the other members of the Fund for additional capital contributions, with the maximum being the amount of Dresdner Bank’s annual contribution. In the year 2003, the Joint Fund did not levy a contribution (2002 and 2001: no contribution). Under clause §5 (10) of the Statutes of the Joint Fund for Securing Customer De- posits we have undertaken to indemnify the Federal Association of German Banks (Bundesverband deutscher Banken e.V.) for any losses it may incur by reason of measures taken on behalf of any banks in which we own a majority interest. 

In addition to the amounts stated in the table, there are guarantees of our credit insurance companies with a volume of ¤ 9,582 (2002: 9,621) mn. 

For Allianz of America Inc., Wilmington, Allianz AG posted a surety declaration for obligations in connection with the acquisition of PIMCO Advisers L.P. The Allianz Group had originally acquired a 69.5 % interest in PIMCO, whereby minority partners had the option of offering their share to Allianz of America, Inc. On December 31, 2003, the remaining interest of Pacific Life in PIMCO was 15.0 %, and corre- sponding commitment to Pacific Life amounted to USD 1.09 bn on De- cember 31, 2003. 

With respect to the buyers of one of our former private equity investments there is a guarantee obligation in the amount of ¤ 302 mn. 

Allianz Lebensversichungs-AG has an obligation to Protektor Lebensversicherungs-AG to pay in additional own funds of up to ¤ 499 mn. This payment has not yet been called. 

From investments on the part of various Group companies in pri- vate equity funds, there are open investment commitments amount- ing to ¤ 750 mn. 

In the course of the purchase of Nicholas Applegate, San Diego, an agreement was reached that part of the purchase price would fall due in 2005 and that the amount would depend on the income growth of Nicholas Applegate: 

_ If average income growth during this period is at least 25.0 %, this purchase price component will be USD 1.09 bn, with bonus pay- ments of USD 150 mn. 

_ If average income growth is between 10 % and 25 % payments will be scaled down. 

_ If average income growth is below 10 %, no payments will be made. 

The Group occupies leased space in many locations under va- rious long-term operating leases and has entered into various ope- rating leases covering the long-term use of real estate, motor vehi- cles, data processing equipment and other office items. Rental ex- pense for 2003 was ¤ 296 (2002: 185; 2001: 180) mn. 

As of December 31, 2003, the future minimum lease payments un- der non-cancelable operating leases were as follows: 

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