CIBC, RBC, Scotiabank Writedown Parade

Scotia Capital, 14 November 2007RY Announces VISA Gains and Benign Write-Downs� The write-downs announced by RY are extremely benign and pale by comparison to writedowns taken by a number of global players. The very modest write-downs reflect the Canadian banks high asset quality and extremely low exposure to the high risk areas being impacted by the credit and liquidity crunch. We believe the