Explanation:

• A is incorrect: This is the minimum
• B is incorrect: This is the maximum
• C is incorrect: This is the median
• D is correct: Conditional VaR is the "mean" of the losses beyond the VaR level

Calculation: Conditional VaR = (9 + 10 + 11 + 13 + 15 + 18 + 21 + 24 + 32) / 9 = 17 million

This represents the average loss that occurs when the VaR threshold is exceeded.