Roulette Model

38 1 4 7 10 13 16 19 22 25 28 31 34

2 5 8 11 14 17 20 23 26 29 32 35

3 6 9 12 15 18 21 24 27 30 33 36 37

Options Insurance Policy Average

Option 1 2 3 4 5 6

38 63% #REF!

VaR 24 12 8 6 5 4

Coverage 24 24 24 24 24 24

Probability 63.16% 63.16% 63.16% 63.16% 63.16% 63.16%

Return 35 17 11 8 6 5

Net 12 6 4 3 2 2

Simulation #REF! #REF! #REF! #REF! #REF! #REF!

Bin Range 38 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37

Count 5 6 3 5 6 7 5 2 5 6 4 5 3 2 5 5 2 1 2 4 2 4 3 6 7 7 1 4 4 4 3 2 2 3 4 3 2 6

Probability 3.3% 4.0% 2.0% 3.3% 4.0% 4.7% 3.3% 1.3% 3.3% 4.0% 2.7% 3.3% 2.0% 1.3% 3.3% 3.3% 1.3% 0.7% 1.3% 2.7% 1.3% 2.7% 2.0% 4.0% 4.7% 4.7% 0.7% 2.7% 2.7% 2.7% 2.0% 1.3% 1.3% 2.0% 2.7% 2.0% 1.3% 4.0%

150

100%

5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

Number 14 37 4 4 6 38 5 5 6 8 9 18 19 20 24 29 1 27 8 23 12 6 17 30 19 25 38 12 35 28 15 38 25 36 24 1 10 24 21 38 3 37 3 21 15 31

Single 12

Two #REF!

Three 4

Four #REF!

Five

Six

28 36 23 33 16 27 9 4 6 19 5 37 6 2 5 34 29 2 3 1 32 26 14 9 22 3 19 15 23 5 23 13 1 25 18 2 34 27 9 33 11 24 21 20 11 10 5

38 15 29 14 24 10 25 28 32 8 12 30 8 11 22 4 4 11 11 14 29 9 37 34 15 13 7 25 21 27 22 25 35 28 5 37 23 35 30 33 16 24 7 31 9 1 24

1 34 10 25 23 8 37 3 4 14