The button to open the trunk is on the side (A pillar) just under the dash where it is on the e46. The trunk switch in the glovebox turns off the electric trunk release so that the trunk button on the A pillar and the trunk button on the keyfob are effectively deactivated. That allows you to turn off the trunk release, then lock the glovebox using the regular glovebox/trunk key that is stored in the electronic key fob, giving the electronic key to a valet, and then walking away with just the regular key knowing the valet can't get into your glovebox or trunk.
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