2026年全球家族办公室报告全球视野下的家族办公室战略解析-

2026Global

Family

OfficeReportA

WORLDWIDE

VIEW

INTO

FAMILY

OFFICE

STRATEGYForewordWearepleasedtopresentour2026Global

FamilyOffice

Report.

Drawing

on

insightsfrom

morethan300singlefamilyofficesworldwide,wearedeeplygratefultoallparticipantsforsharingtheirperspectives.Their

opennessenablesustoofferaclear,data-drivenview

of

howfamily

offices—across

regions

and

asset

sizes—

arenavigatinggrowth,complexity,andtheevolvingprioritiesandaspirationsoftoday’swealthiestfamilies.AtJ.P.

Morgan,wehavetheprivilegeofworkingwithfamilieswhothinklong-term—notonlyaboutfinancial

returns,butalsoaboutthestewardshipofvalues,

legacyandrelationships.

Overthe

pastdecade,thenumber,sizeandscopeofglobalfamilyofficeshaveexpandedsignificantly.Today,

singlefamily

officesaresophisticatedenterprisesoverseeingsubstantialwealth,withinvestmentsandcapabilitiesthatspan

industries,bordersandgenerations.Deliveringthoughtful,tailoredsolutionstothesefamiliesrequiresmorethan

justtechnicalexpertise;itdemandsastrategic,adaptiveapproachprovidingaccesstothe

right

specialists,insightsand

resources.Thisreportoffersatimelysnapshotofhowfamilyofficesareapproaching

keydecisions,from

portfolioallocationsandprivateinvestmentstosuccession,engagementandfamilyofficeoperations.While

every

familyofficeisunique,consistentthemesemergearoundgrowthopportunities,risk

management

andthe

challengesfamiliesfacebothonandoffthebalancesheet.Wehopeyoufindtheseinsightsbothinformativeandvaluableasyoushapethefutureofyourfamilyenterprise.Shouldyouhaveanyquestionsorwishtoexploreanyspecifictopicscovered

inthe

report,your

J.P.

Morganteamstandsreadytosupportyou.MaryCallahanErdoesChief

ExecutiveOfficerAsset&Wealth

ManagementAdamTejpaulChief

ExecutiveOfficerInternational

Private

BankNatachaMinnitiGlobalCo-Head

of

the

FamilyOffice

PracticeDavidFrameChief

ExecutiveOfficer

Global

Private

BankWilliamC.SinclairGlobalCo-Head

ofthe

FamilyOffice

PracticeAndrew

L.CohenExecutiveChairman

Global

Private

Bank2Our2026GlobalFamilyOfficeReportreflectstheperspectivesof333familyofficesacross30countriesaroundtheworld,ourlargestandmostdiverserespondentgroupyet.Thewiderangeofparticipantsallowsforcomprehensiveandnuancedregional

comparisons,providingadetailedviewofthestructureandprioritiesshapingtoday’sfamilyofficelandscape.Thesurveywasconductedfrom

May2025throughJuly

2025

during

a

period

marked

by

notabletransitionsinglobal

marketsandgeopolitics.Thiscontext

is

reflected

inthe

findings,

particularly

aroundinvestment

risks,when

politicalturmoil,economic

uncertainty,inflationandtradetensionsweretop

of

mind.Yetthe

resultsalso

underscorethe

resilienceandadaptability

ofthese

families,whose

responsesshowsophisticated,well-diversified

portfolios,increasedinterestin

private

investments

and

artificialintelligence(AI),aswellasagrowing

emphasis

on

building

long-term

family

cohesion.This

reportfocusesonthree

key

areas:PortfolioallocationsSuccessionandengagementStructuralandorganizational

foundationsWithineach,wehighlightpatterns,emergingtrendsandpragmatic

insights,

includinga

spotlight

onthe

influencethatowningaseparateoperatingbusinesscanhave

onfamily

officestrategy.These

findings

arecomplementedbyperspectivesfromspecialistsacrossJ.P.

Morgan,offeringadditional

expertise

and

actionabletakeaways.Wesincerelythankthefamilyofficeprincipalsandprofessionalswhoparticipated

inthisstudy,

andwe’re

gratefulforboththeirtimeandknowledge.Whileeachfamilyofficeisdistinct,shaped

bythefamiliesthey

serve,theaggregatedresponsesofferastrategicbenchmarkforfamiliesconsidering

howtostructure,optimizeorexpandtheiroffices.These

learningscanguidefamilieswhoareoverseeingalongstanding

enterprise,aswellasthosewhoareconsideringestablishinganewfamilyoffice.Introduction3AIambitionoutpacesallocation,infrastructureoverlookedThepromiseofartificialintelligenceisprofound,butfamilyofficeslackkey

exposure.65%of

global

family

offices

plan

to

prioritize

AI

investments

now

or

in

the

future,

but

over

half

haveno

current

exposure

to

growth

equity

or

venture

capital,which

focuses

on

the

companies

that

coulddrivethemostexplosiveinnovation.Atthesametime,79%offamilyofficeshave0%allocationtoinfrastructure,despite

its

role

as

the

physical

backbone

of

AI

through

power,

connectivity

andlogistics.InflationconcernspushfamilyofficecapitaltowardalternativesWithinflationriskstopofmind,investorsareturningtoalternatives

forresilience.Globalfamilyofficesthatviewinflationastheirprimaryriskallocate

nearly60%

to

alternatives,roughly20

percentage

points

higherthantheaverage.Theseofficesfocusespeciallyon

hedgefundsand

realestate,whereaverageallocationsare

nearlydouble(25%versus

12%).Despitegeopoliticalfears,familyofficesavoidgoldandcryptoDespitethepervasivesenseofgeopoliticalrisks,appetitefortraditionaland

emerginghedgesremainslimited.72%ofglobalfamilyoffices

have

nogoldexposure,and89%

have

no

exposureto

cryptocurrencies.Strongergovernance,strongerbondsforbusiness-owningfamiliesAsfamilyenterprisesgrowmorecomplex,governanceiscriticalformanaging

bothriskandrelationships.41%of

business-owning

families

identify

internal

conflict

as

a

top

three

risk,

nearly

double

the

rate

oftheir

non-businessowning

peers.

In

response,thesefamiliesarealsofarmore

likelyto

havestronggovernance

measuresin

place,

recognizingthateffectivegovernance

helpsalignstakeholders,strengthentrustandsupportlong-termcontinuitybeyondfinancialoroperationalconsiderations.CompetitionfortalentdrivesoperatingcostshigherFamilyofficescontinuetoinvestheavilyintheiroperations,evenascost

pressuresandcompetitionfortoptalentintensifies.$6.6MM:The

average

annual

operating

cost

fora$1

billion+globalfamily

office.2026

GLOBAL

FAMILY

OFFICE

REPORTFive

key

takeawaysINVESTMENT

PRODUCTS:

•

NOT

FDIC

INSURED

•

NO

BANKGUARANTEE

•

MAY

LOSEVALUE123454ContentsAbout

the

survey01

Portfolio

allocations Top

risks

impacting

current

portfolio

positioning

and

outlook Currentallocationscontinuetofavorriskassets

Areasofnoexposure Areasoffocusledbyprivateequity,AIandhealthcareinnovation Privateinvestmentscontinuetogainmomentum04

Strategic

andoperationalfoundations Topriskstofamilyofficecontinuityandeffectiveness

Topstrategicprioritiesforfamily

offices Familyofficesaremakingmeaningfulinvestmentsinannualoperatingcosts StrategicoutsourcingandtheuseofexternalinvestmentexpertiseConcluding

remarksAppendix02Successionandengagement

FormalgovernancebeginswithfamilyinvestmentsFamilygatheringsleadcohesionandalignmenteffortsFamilyofficeslacksuccessionplanningbutareengagingwiththerisinggeneration03Spotlight

onoperating

businesses

BalancingoperatingbusinessesandfinancialinvestmentsGovernanceisananchor

for

familyoffices

withanoperatingbusiness559%UnitedStatesUnited

StatesNortheastMidwestSouthWestTop10U.S.statesNewYorkThis

year’sfindingsarebasedonanonline

surveyconducted

withour

globalsinglefamilyofficeclientcommunity.Following

datacollection,

wepartnered

withanindependentresearchfirmto

anonymize

responsesandensurerigorousanalysis.ANIMPORTANTNOTEABOUTTHECHARTSDuetorounding,numberspresentedthroughoutthis

reportmaynotaddup

preciselytothe

relatedtotals.About

the

surveyFlorida

15%Delaware

8%California

6%Illinois

6%Ohio

4%Pennsylvania

4%Connecticut3%Tennessee

3%n=

number

of

respondents30

COUNTRIESREPRESENTED

197U.S.

PARTICIPANTS136

INTERNATIONALPARTICIPANTS333PARTICIPATINGSINGLE

FAMILYOFFICESUnited

States

InternationalMexico

15%Brazil

7%Chile

6%Panama3%333n190n75%INCREASE

FROM

2024REPORT16%LATAMGermanyItalySwitzerland

Netherlands2026

GLOBAL

FAMILY

OFFICE

REPORTSingapore

Hong

KongAustraliaMalaysia11%APACTopcountriesAPAC

36n

23%16%47%14%15%350300250200150100500Texas

15%TopcountriesLATAM14%EMEATopcountriesEMEA10%7%4%2%15%5%2%1%2024

2026197n46n54n620%$251MM—$500MM28%$1B+16%$501MM—$999MM37%$250MMor

lessNUMBEROFHOUSEHOLDSGLOBAL

MEAN5.51

25%2

8%3

19%4

12%5NUMBEROFFAMILY

MEMBERSGLOBAL

MEAN16.61-4

31%

5-9

30%

10-1416%The

wealthbehind

the

dataAVERAGE

NETWORTHOF

PARTICIPANTS$1.6billionNUMBEROFGENERATIONSGLOBAL

MEAN2.41

13%2

3+Profile

of

the

family

officesand

the

families

they

serve•

$518billioninestimated

collectivenetworthofall

respondentsLAST5

YEARS6-10YEARS11-20YEARS

20+YEARS$1,165,991,000GLOBAL

MEANFAMILYOFFICEAGEWhenestablished:2026

GLOBAL

FAMILY

OFFICE

REPORT44%44%ASSETS

UNDERSUPERVISION15-2930+29%36%26%23%22%17%6%7PortfolioallocationsAT-A-GLANCE

FINDINGS•Onaverage,approximately75%ofassetsareallocatedtoacombinationofpublicequitiesandalternativesinvestments,with

U.S.large-capequitiesdominatingpublicholdingsanddrawdown

fundsleading

privates•Geopoliticsmostfrequentlytopsthelistofcurrentinvestment

risks,followedbyinterestrates,economicgrowth,inflationand

tradepolicy•37%ofparticipantsexpecttoraisetheirallocationstoprivateequity

withinthenext12to18months—the

highestamongall

asset

classes•2.5times

as

many

families

are

increasing

private

investmentallocationsasopposedtoreducingthem•65%areprioritizingAI-relatedinvestments•89%remainonthesidelineswhenitcomestocrypto,and

morethan

70%havenoexposuretoinfrastructure,secondariesorgold•Possiblesignofcaution:31%

hold

10%

or

more

of

assets

in

cash,thoughcashisalsothemostfrequentlycitedassetclasstargetedfor

reductionintheupcomingmonths018PORTFOLIOALLOCATIONSInvestmentmanagementremainsthecornerstone

ofmostfamilyoffices,andthisyear’ssurveycapturessentimentamidarapidlyshiftingmarket

landscape.Thebackdropseemsconstructiveforportfolios.AU.S.rate-cuttingcycleshouldsupportareboundinglobalgrowth,andearnings

growthforglobalequitiesseemsdurable.Still,thelongeraoflowinflationandseamlessglobalizationisclearlyover.Initsplace,threepowerful,interconnectedforcesareredefiningthe

investmentfrontier.AIisdrivingprofoundtransformation,yetit’salsointroducing

new

risksofoverinvestment,excessexuberanceandlabordisruption.Fragmentationisreshapingtheglobalorder,ascompetingblocs,contestedsupplychainsandfragilealliancesredirecttradeandcapitalflows,andmakeaccesstonaturalresources

and

energyastrategicimperative.Meanwhile,inflation,thoughlessvisible,continuestoundergoastructuralshift,likelymakingit

morevolatile

thanpre-pandemictrendsandmorepronetoupwardshocks,which

posesamorepersistentriskto

purchasing

powerand

long-termwealthpreservation.Thisnew

landscapebringsbothinvestment

promise

and

pressure,

heighteningmacrorisksandreinforcingtheimportanceof

building

strategicexposuresanddiversificationagainstdisparatemarketoutcomes.Atthesametime,itpresentsexpandingopportunities

thatmanyofficesareactivelypursuingor

evaluating.Thissectionexploreshowfamilyofficesareallocatingcapitaltoday,wheretheyplantoincreaseexposure,andhowthese

moves

align—orattimesdiverge—fromthedominantinvestmentrisksthey

currentlyseeinthemarket.Thefindingsreveala

landscape

marked

byselectiverepositioningandevolvingprioritiesasfamiliesadapt

theirinvestmentapproaches.IMPORTANT

ASSET

CLASS

DEFINITIONAlternativeinvestmentsaredefinedtoinclude:1)privateinvestments,2)hedgefundsand3)commodities.

Privateinvestmentsincludethefollowingsub-assetclasses:privateequity,

realestate,control-orientedprivateinvestments,growthequityandventurecapital,privatecredit,secondaries,infrastructure,

transportationandotherrealassets.9GEOPOLITICSASTHETOPRISK+5%

ptstofixedincome

(19.6%versus14.8%)Comparedtoall

respondentslnINFLATION

AS

THE

TOP

RISK~60%allocationto

alternatives

(22%ptshigherthanthe

average)2Xexposuretorealestate(16.3%versus7.4%)Comparedtoall

respondents2025wasayeardefinedbytransition:anew

U.S.

presidentialadministration,theresumptionofaU.S.

Federal

Reserveinterest-rate-cuttingcycle,andcontinuedfocusonAIspending,progressandadoption.Againstthisbackdrop,respondentswereaskedtoidentifythetopfivefactorstheyseeasposingthegreatestriskstoportfolio

performanceandoutlook.Atthemacrolevel,geopolitics—alongwith

tradepolicyandtariffs—clearlydominatestherisk

landscape.Onein

fivefamilyofficesglobally(20%)identifygeopoliticsasthenumber

onerisk,farsurpassinganyothercategory.

Inflationalsoremainsa

centralconcern(nearly60%citeitasatoprisk)

asfamiliesgrapple

withacomplicatedbackdropofbothstructurallyhigherand

morevolatileinflation.Interestrates

64%Inflation

61%Economicgrowth61%Geopolitics

57%Assetvaluations

56%Exhibit1:Whatarethetoprisks(ranked)impactingyourcurrentportfoliopositioningandoutlook?Overallrespondentsreporting:Risksmostoftenranked#1globallyTopfiverisksintheUnitedStatesTopfiverisksinternationallyGeographyplaysameaningfulrole

in

shapingtheseviews.Internationalofficesaremorelikelytoseegeopoliticsandtradetensionsasthemostsignificantthreats,reflectingtheirgreaterexposurestocross-bordercapitalflowsandregionalpoliticaluncertainty.U.S.-basedoffices,incontrast,tendtofocusmoreoninterestratesandinflation,consistentwithdomesticmarketdriverssuchasthelingeringeffectsofpost-pandemicmonetarytightening,

tariffsandpoliticalpressureonthe

Federal

Reserve.Geopolitics

74%Tradepolicyandtariffs

60%Economicgrowth57%Interestrates55%Currency45%Geopolitics20%Liquidity12%Tradepolicyandtariffs12%Assetvaluations11%Economicgrowth10%Portfolioconcentrations10%Top

risks

impacting

current

portfolio

positioning

andoutlookTop

risk

perceptions

drive

different

portfolio

positioning2Xallocation

togold

(2%versus.9%)2Xexposuretohedgefunds

(9%versus4.7%)GEOPOLITICSISTHEMOSTFREQUENTLYCITEDNUMBER

ONE

INVESTMENT

RISK本报告来源于三个皮匠报告站（）,由用户Id:863553下载,文档Id:1102880,下载日期:2026-02-23PORTFOLIOALLOCATIONS10Currentallocationscontinue

to

favorriskassetsOnaverage,

portfoliosare

largelydiversified,witha

clearpreferencetoward

riskassets.

Publicequities(38.4%)and

privateinvestments(30.8%)accountfor

morethantwo-thirdsof

assets.

Fixed

income,thethird-largestaverageassetclass

exposure(14.8%),

roundsoutthis

portfoliocoretoaccountfor

atotal

of

84%ofoverall

assets

(see

Exhibit

2).Withinprivateinvestments,averageallocationsarediversifiedacross

arangeofdifferentholdings,withthelargestinprivateequity

(9.8%),

realestate(7.4%)andcontrol-orientedprivateinvestments(6.1%).See

page19formoreinsightonprivate

investments.Allocationsto

hedgefunds

remain

relatively

modest(4.7%),aconsistenttrendoverthe

pastdecade.

Notably,the

largelyuncorrelatednatureofmosthedgefunds

can

provide

diversificationbenefitsduringperiodsofinvestmentvolatility,equity

marketconcentration,andelevatedcorrelationsbetweenstocksand

bonds.Commodities4.7%Hedgefunds7.8%Cash14.8%Fixedincome38.4%PublicequitiesDespitethese

being

keyinvestmentconcerns

notedabove,the

averageallocationseems

lowinourview.Averageallocationsacross

regionsare

broadlysimilar,thoughU.S.officesappearmarkedlymorecomfortabletaking

riskthan

internationaloffices.Onaverage,

U.S.offices

hold

roughlyone-

third

moreinprivateinvestments(34.3%versus

25.6%)

and

acorresponding

lowershareinfixedincome(10.7%versus20.8%).Giventhegloballyaccessibleuniverseofprivate

opportunities,bothdirectandfund-based,thenearly10-pointdifferential

likely

reflectsregionaldifferencesintaxation,riskappetite

and

liquidity

preferences.Amidthese

broadaverages,one

keyobservationis

howfamilyoffice

allocationscontinuetoconvergewiththoseofinstitutionalinvestors,

particularlywithinalternativeinvestments,a

logicalparallel,asbothcaninvestwithmultigenerationaltimehorizons.Targetreturnsareoptimistic,

yetachievableMost(55%)ofthefamilyofficessurveyedsaidtheytargetedareturnof

between

7%

and

10%,which,

based

on

J.P.

Morgan

AssetManagement’s

Long-TermCapital

MarketAssumptions(LTCMAs),seems

high

butachievable.

Forcontext,thefirm’s

LTCMAssuggestthatastandard60/40stock/bondportfolioshoulddelivera6.4%

returnoverthe

next

10–15years.

Adding

more

risk

assets

andprivatestothemixcouldplausiblyincreasethatreturn

intothe7%–10%

range.

However,one-third

offamily

officestarget

a

returnofgreaterthan11%.Thehighestexpectedreturnasset

inthe

firm’s

LTCMAs

(private

equity)

is

10.2%.

Notably,

family

offices

that

are

targeting11%plusreturnsarerelying

on

private

marketsto

doso,

allocating

10

percentage

points

moreto

private

investments

andfourpercentagepointsmoretocontrol-orientedprivate

investments,takingtheiraverage

private

investmentallocationsto

over40%.30.8%PrivateinvestmentsPrivateequitySecondariesGrowthequity&venture

capital

PrivatecreditReal

estateInfrastructure,transportation&other

real

assetsControl-oriented

privateinvestmentsExhibit2:Averageportfolioassetallocations(net)GlobalPUBLICEQUITIESANDPRIVATEINVESTMENTSARETHETWOLARGESTALLOCATIONS9.8%1.1%3.3%2.4%7.4%0.7%6.1%1%Art/collectiblesdig

italassetsPORTFOLIOALLOCATIONS0.4%Crypto/0.9%1.3%Other11Exhibit2(cont):Averageportfolioassetallocations(net)UnitedStates0.4%Crypto/digitalassets5.1%Hedgefunds7.1%Cash10.7%Fixedincome39.5%Publicequities34.3%PrivateinvestmentsPrivateequity10.3%Secondaries1.3%Growthequity&venturecapital4.2%Privatecredit2.3%Realestate8.5%Infrastructure,transportation&other0.6%

real

assetsControl-oriented

privateinvestments

7.1%International4.1%Hedgefunds8.8%Cash36.8%Publicequities25.6%PrivateinvestmentsPrivate

equitySecondariesGrowthequity&venture

capitalPrivatecreditReal

estateInfrastructure,transportation&other

real

assetsControl-oriented

privateinvestmentsPUBLICEQUITIESANDPRIVATEINVESTMENTSARETHETWOLARGESTALLOCATIONS8.9%0.8%2.1%2.5%5.9%0.9%4.5%0.3%Crypto/digitalassets0.6%Art/collectibles1.2%Art/collectibles20.8%Fixedincome1.6%Commodities1.2%CommoditiesPORTFOLIOALLOCATIONS0.5%Other1.4%Other12We’ve

witnessedaclearshiftinhow

families

allocatecapital.Alternativesarenolongera

tacticalcomplement,butastrategicpillar.

Acrossprivateequity,

private

credit,

realassetsandhedge

funds,

we’redeploying

morecapitalthaneveras

families

seek

durableincomestreams,

access

toinnovationanddiversified

sourcesof

return.Notably,

familyofficesareemergingashighlystrategicsourcesof

capitalfor

privatecompaniesand

sponsors—able

tomovequickly,

commit

flexiblyand

partner

for

the

long

term.

The

momentumbehindtheseallocationsreflectsalong-termconviction

that

themostcompellingopportunities,

and

themostattractiverisk-adjustedreturns,

areincreasingly

foundinalternativeassets.KristinKallergisRowlandGlobal

HeadofAlternative

Investments

J.P.

MorganAsset&Wealth

Management13●PRIVATE

INVESTMENTSPrivateequity22%36%34%8%Realestate40%32%22%6%Growthequity&venturecapital57%31%11%1%Privatecredit58%33%9%0%Infrastructure,transportation&otherrealassets79%19%2%0%●

FIXED

INCOMEInvestmentgradecorporatebonds51%22%20%7%U.S.Treasurybonds58%28%12%2%U.S.municipal

bonds77%16%6%2%AnotherglobalsimilaritybeyondallocationsInternationalofficespredominantlyevaluatetheirportfoliosinU.S.dollars,underscoringitscontinuedroleastheworld’sdominantcurrency.Afull67%usethecurrency,

ledby

LatinAmerica(96%)andAsia-Pacific(81%),comparedto

EMEA(22%,with74%preferring

theeuro).WhilefamilyofficesmaycontinuetolookforalternativestoresofvaluefortheU.S.dollar,itstillseemssetto

betheworld’s

dominantcurrency.

Forcomparison,averageglobalallocationsto

gold(0.9%)and

Bitcoin(0.2%)arequite

muted.AllocationrangesExhibit3drillsdownintothebroaderallocationaverages,highlighting

whatpercentageoffamilyofficesallocatetoeachofthelargerasset

classexposuresandselectunderlyingsegments.

Itpresentsthedatainrangebands(e.g.,1%–9%,

10%–29%,30%+),

illustratingthe

proportionofofficesinvestingateachlevel.U.S.large-capequitiesdominatepublicequityallocations

bothforofficesintheUnitedStatesandoutsidethe

UnitedStates.

Infact,morethan80%globallyhavelittleornoequity

exposureto

U.S.

mid/

smallcapsorinternationaldevelopedmarketequitiesin

Europe/United

Kingdom.Thispointstoadisconnectwiththeassetvaluation

riskfearshighlightedinthepriorsection,giventhestrongrunups

in

U.S.

largecaps,especially

megacapsoverthe

pastseveralyears.Morethan30%offamilyofficeshold10%ormoreoftheirassetsincash.Whileaportionofthiscashmay

be

strategic

in

nature,oftentimesthesumtotalisnot,withrelativelyhigh

levelssuchastheseoftenlessthanideal.Thisisparticularlytrueforoffices

citing

inflationasatopconcern,giventhattheriskofongoingerosioninpurchasingpowerintensifieswheninflationremainspersistent.

Itmayreflectavestigeofthepasthigh-ratecycle,

but

asthe

economy

continuestomovethroughanon-recessionaryrate-cuttingcycle,maintainingsuchhighbalancesmay

risk

missing

returntargetsor,at

theveryleast,opportunitiestobetteroptimizeyieldacrosscashand

short-termfixedincomeassets.ALLOCATIONSIZE

0%1%–9%10%–29%30%+●

PUBLIC

EQUITIESU.S.large-capequities

9%17%41%33%U.S.mid-/small-capequities40%40%18%3%Internationaldevelopedmarketequities(Europe&U.K.)41%41%16%2%Exhibit3:Howmuchofyourportfolioareyouinvestinginthefollowingassetclassesandunderlyingsegments?

(Select

segments

shown;

refer

to

appendix

on

pag