1. © 2003 The McGraw-Hill Companies, Inc. All rights reserved. Risk Management: An Introduction to Financial Engineering Chapter Twenty- Three

2. McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved.

3. McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved.

4. McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved. FIGURE 23.1

5. McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved. FIGURE 23.2

6. McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved. FIGURE 23.3

7. McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved. FIGURE 23.4

8. McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved. FIGURE 23.5

9. McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved. FIGURE 23.6

10. McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved. FIGURE 23.7

11. McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved. FIGURE 23.8

12. McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved. FIGURE 23.9

13. McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved. FIGURE 23.10

14. McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved. FIGURE 23.11

15. McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved. FIGURE 23.12

16. McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved. FIGURE 23.13