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Included in the notional amounts is $743 as at October 31, 2002 and $2,520 as at October 31, 2001 related to the Managed Futures Certificates of Deposit Program. Risk exposures represented by the assets in this program are traded on behalf of customers with all gains and losses accruing to them. 

Replacement costs disclosed in the table above represent the net of the asset and liability to a specific counterparty when we have a legally enforceable right to offset the amount owed to us and the amount owed by us and we intend either to settle on a net basis or to realize the asset and settle the liability simultaneously. Credit contracts were previously included with equity contracts. 

We excluded exchange traded instruments with unrealized gains of nil as at October 31, 2002 and nil as at October 31, 2001 because we are not required to provide capital against these instruments. Incl uded in the total are unrealized gains on ALM derivatives which we include in the Consolidated Balance Sheet on an accrual rather than market basis. The excess of market value over book value for these items was $774 as at October 31, 2002 and $483 as at October 31, 2001. 

(1) Credit contracts entered into for hedging purposes are accounted for as off-balance sheet financial guar- a ntees. The replacement cost of these contracts was less than $1 million as at October 31, 2002 and 2001. 

na — not applicable 

