Abstract. We h a ve determined branching ratios for antiproton annihilations at rest on protons or neutrons in liquid deuterium which w e compare to frequencies of isospin-related processes in antiproton-proton annihilations. Using the annihilation rates into 0 0 and ; 0 where the annihilation took place on the proton or neutron, respectively, w e discuss the fraction of S-wave and P-wave annihilation in liquid D2. T h e frequencies for ; ! and ; 0 , a n d ; and ; 0 and the corresponding frequencies for pp annihilations are used to determine isoscalar and isovector contributions to the protonium wave function. The isospin decomposition of the annihilating pp system in the 3 S1 or 1 S0 state is consistent with both, pure pp initial wave function and with the predictions of NN potential models. For the 3 P0 state of the pp atom we nd consistency with a pure pp system at annihilation while NN potential models predict large nn contributions. We o b s e r v e -! interference in pp! + ; and + ; 0 annihilation which w e compare to -! interference in e + e ; annihilation. The interference patterns show striking similarities due to similar phase relations the interference magnitude depends on the !-production ratio. The similarity of the phase in all 3 data sets demonstrates that isovector and isoscalar parts of the protonium (pp atomic) wave function are relatively real, again in con ict with NN potential models. The annihilation rate for pd!K ; K 0 p con rms the dominance of the isovector contribution to NN! KK annihilations. No complications due to initial state interactions are required by the data. Furthermore, we searched for narrow quasinuclear bound states close to the NN threshold, also predicted by NN potential models, but with negative outcome. We conclude that NN potential models are not suited to provide insight i n to the dynamics of the annihilation process.