Segmentation 1

Segmentation 2

Segmentation 3

Segmentation 3 (adjusted)

Exchangeable

14,844.37

7827.16

6424.12

1973.22

Independent

14,931.12

8622.27

6528.12

1995.43

AR(1)

15,786.44

9528.77

6599.32

1998.52

Non-Structured

18,767.67

9812.22

6896.19

1999.34