Segmentation 1

Segmentation 2

Segmentation 3

Segmentation 3 (adjusted)

Exchangeable

24,456.28

12,428.16

5827.13

2822.14

Independent

24,731.76

14,323.29

5944.22

2939.99

AR(1)

25,694.43

13,825.14

5922.47

3495.88

Non-Structured

29,675.14

19,222.74

7282.19

4322.15