ACI Dealing Certificate (#373)

What is the correct interpretation of a EUR 2,000,000.00 overnight VaR figure with a 97% confidence level?

A loss of at least EUR 2,000,000.00 can be expected in 97 out of the next 100 days.
A loss of at most EUR 2,000,000.00 can be expected in 3 out of the next 100 days.
A loss of at least EUR 2,000,000.00 can be expected in 3 out of the next 100 days.
A loss of at most EUR 2,000,000.00 can be expected in 6 out of the next 100 days.