v

Net loss available to common stockholders of $(5.37) per diluted share includes unfavorable impacts from the new accounting for market risk benefits (“MRBs”) as a result of the recent adoption of Accounting Standards Update 2018-12 (“LDTI”)

v

Adjusted operating income available to common stockholders of $1.52 per diluted share

v

Executing on our objectives to rebuild capital and increase ongoing free cash flow

v

Delivered robust level of sales while shifting to a more capital-efficient product mix

v

High-quality and diversified investment portfolio is well-positioned





As of or For the



Three Months Ended



March 31,

(in millions, except per share data)

2023

2022

Net Income (Loss)

$

$

Net Income (Loss) Available to Common Stockholders

Net Income (Loss) per Diluted Share Available to Common Stockholders (1)

Revenues

Adjusted Income (Loss) from Operations

Adjusted Income (Loss) from Operations Available to Common Stockholders

Adjusted Income (Loss) from Operations per Diluted Share Available to

Common Stockholders

Average Basic Shares

Average Diluted Shares

Net Income (Loss) Return on Equity ("ROE")

-59.6%

Adjusted Income (Loss) from Operations Available to Common Stockholders,

Excluding AOCI and Preferred Stock ROE

Adjusted Income (Loss) from Operations ROE

Book Value per Share (BVPS), Including AOCI

$

$

Book Value per Share, Excluding AOCI

Adjusted Book Value per Share



(1) In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS

calculations, as the use of diluted shares would result in a lower loss per share. Prior year numbers have been restated to reflect LDTI

accounting.

·

Annuities deposits of $3.2 billion, up 17% from the prior-year quarter

·

Shifting and reducing Life Insurance sales, driven by a more capital-efficient mix with sales down 16%

·

Group Protection operating margin of 5.6%, with a loss ratio of 75%

·

Retirement Plan Services trailing-twelve months positive net flows of $2.3 billion

·

A favorable impact of $0.06 in Annuities related to a dividends received deduction true-up,

·

Alternative investment income $(0.11) below a targeted 10% long-term annualized return, and

·

Prepayment income of $0.02.

·

An unfavorable impact of $(0.11) from one-time claims adjustments in Group Protection,

·

Alternative investment income in line with a targeted 10% long-term annualized return, and

·

Prepayment income of $0.23.

·

A $506 million loss associated with unfavorable impacts from a portion of the MRB fair value change, as a result of the adoption of LDTI. A favorable portion of the MRB fair value change flowed through AOCI more than offsetting the impact to total stockholders’ equity.

·

A $377 million loss associated with changes in the fair value of Guaranteed Living Benefits and Guaranteed Death Benefits hedge instruments, net of hedge allowance.

·

$49 million of net realized credit losses.

·

Changes in market risk benefits (“MRBs”), including gains and losses and benefit payments (“MRB-related impacts”);

·

Investment and reinsurance-related realized gain (loss):

o

Changes in the carrying value of mortgage loans on real estate attributable to current expected credit losses (“CECL”) (“changes in CECL reserve for mortgage loans on real estate”);

o

Changes in the carrying value of reinsurance-related assets attributable to CECL (“changes in CECL reserve for reinsurance-related assets”);

o

Changes in the carrying value of fixed maturity AFS securities attributable to the estimation of credit losses (“changes in the credit loss allowance for fixed maturity AFS securities”); and

o

Changes in the fair value of investments, including trading securities, equity securities, certain derivatives, and mortgage loans on real estate electing the fair value option, and of embedded derivatives within certain reinsurance arrangements, as well as sales or disposals of investments (“changes in investments and reinsurance-related embedded derivatives”);

·

Changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them (“changes in fair value of GLB and GDB hedge instruments, net of hedge allowance”);

·

Changes in the fair value of the embedded derivative liabilities of our indexed annuity and indexed universal life insurance contracts and the associated index options we hold to hedge them, including collateral expense associated with hedge programs; (“indexed product net derivative results”); 

·

Changes in reserves resulting from benefit ratio unlocking on variable universal life insurance products with secondary guarantees (“benefit ratio unlocking”);

·

Income (loss) from the initial adoption of new accounting standards, regulations and policy changes;

·

Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;

·

Transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business;

·

Gains (losses) on modification or early extinguishment of debt;

·

Losses from the impairment of intangible assets and gains (losses) on other non-financial assets; and

·

Income (loss) from discontinued operations.

·

Investment and reinsurance-related realized gain (loss);

·

Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance;

·

Indexed product net derivative results;

·

Revenue adjustments from the initial adoption of new accounting standards; and

·

Amortization of deferred gains arising from reserve changes on business sold through reinsurance.

·

It is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by average stockholders’ equity, excluding AOCI and preferred stock. 

·

Management believes this metric is useful to investors because it eliminates the effect of market movements on ROE that are unpredictable and can fluctuate significantly from period to period, primarily related to changes in interest rates. 

·

Management evaluates ROE by both including and excluding the effect of average goodwill.

·

It is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by adjusted average stockholders’ equity. 

·

Management believes this metric is useful to investors because it eliminates the effect of market movements on ROE that are unpredictable and can fluctuate significantly from period to period, primarily related to changes in equity markets and interest rates. 

·

Management evaluates ROE by both including and excluding the effect of average goodwill.

It is calculated by dividing (a) stockholders’ equity, excluding AOCI and preferred stock by (b) common shares outstanding.

We provide book value per share, excluding AOCI, to enable investors to analyze the amount of our net worth that is primarily attributable to our business operations.

Management believes book value per share, excluding AOCI, is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.

Book value per share is the most directly comparable GAAP measure.

·

It is calculated by dividing (a) stockholders’ equity, excluding AOCI, preferred stock and MRB-related impacts by (b) common shares outstanding.

·

We provide adjusted book value per share to enable investors to analyze the amount of our net worth that is primarily attributable to our business operations.

·

Management believes adjusted book value per share is useful to investors because it eliminates the effect of market movements that are unpredictable that can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates.

·

Book value per share is the most directly comparable GAAP measure.

·

We believe highlighting notable items included in adjusted income (loss) from operations enables investors to better understand the fundamental trends in its results of operations and financial condition.

·

Universal life insurance (“UL”), indexed universal life insurance (“IUL”), variable universal life insurance (“VUL”) – first-year commissionable premiums plus 5% of excess premiums received;

·

MoneyGuard® linked-benefit products – MoneyGuard® (UL), 15% of total expected premium deposits, and MoneyGuard Market AdvantageSM (VUL), 150% of commissionable premiums;

·

Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received, and single premium bank-owned UL and VUL, 15% of single premium deposits;

·

Term – 100% of annualized first-year premiums;

·

Annuities and Retirement Plan Services – deposits from new and existing customers; and

·

Group Protection – annualized first-year premiums from new policies.





For the

(in millions, except per share data)

Three Months Ended



March 31,



2023

2022



Net Income (Loss) Available to Common

Stockholders – Diluted

$

$

Less:

Preferred stock dividends declared

 -

Adjustment for deferred units of LNC stock in our

deferred compensation plans (1)

Net Income (Loss)

Less:

MRB-related impacts, after-tax

Investment and reinsurance-related realized gain (loss), after-tax

Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance, after-tax

Indexed product net derivative results, after-tax

Benefit ratio unlocking, after-tax

 -

Total adjustments

Adjusted Income (Loss) from Operations

$

$



Earnings (Loss) Per Common Share – Diluted (2)

Net income (loss) (2)

$

$

Adjusted income (loss) from operations



Stockholders’ Equity, Average

Stockholders' equity

$

$

Less:

Preferred stock

 -

AOCI

Stockholders’ equity, excluding AOCI and preferred stock

MRB-related impacts

GLB and GDB hedge instruments gains (losses) (3)

N/A

Adjusted average stockholders' equity

$

$





Return on Equity

Net income (loss) ROE

-59.6%

Adjusted income (loss) from operations available to common stockholders,

excluding AOCI and preferred stock ROE

Adjusted income (loss) from operations ROE



(1) We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.

(2) In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS

calculations, as the use of diluted shares would result in a lower loss per share.

(3) For periods beginning on or after January 1, 2023, gains (losses) on our GLB and GDB hedge instruments are excluded from adjusted

stockholders' equity to align to the updated hedge program.









As of March 31,



2023

2022

Book Value Per Common Share

Book value per share

$

$

Less:

AOCI

Book value per share, excluding AOCI

Less:

MRB-related gains (losses)

GLB and GDB hedge instruments gains (losses)(1)

N/A

Adjusted book value per share

$

$



(1) For periods beginning on or after January 1, 2023, gains (losses) on our GLB and GDB hedge instruments are excluded from adjusted

stockholders' equity to align to the updated hedge program.







For the

(in millions, except per share data)

Three Months Ended



March 31,



2023

2022



Revenues

$

$



Net Income (Loss)

$

$

Preferred stock dividends declared

 -

Adjustment for deferred units of LNC stock in our

deferred compensation plans (1)

Net Income (Loss) Available to Common

Stockholders – Diluted

$

$



Earnings (Loss) Per Common Share – Basic

$

$

Earnings (Loss) Per Common Share – Diluted (2)



Average Shares – Basic

Average Shares – Diluted





(1) We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.

(2)  In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted

EPS calculations, as the use of diluted shares would result in a lower loss per share.



·

Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience; 

·

Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures; 

·

The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations;

·

Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business and our captive reinsurance arrangements as well as restrictions on the payment of revenue sharing and 12b-1 distribution fees;

·

The impact of U.S. federal tax reform legislation on our business, earnings and capital;

·

The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations relating to the standard of care owed by investment advisers and/or broker-dealers that could affect our distribution model;    

·

The impact of new and emerging privacy regulations that may lead to increased compliance costs and reputation risk;

·

Increasing scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio;

·

Actions taken by reinsurers to raise rates on in-force business;

·

Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products; 

·

Rapidly increasing interest rates causing policyholders to surrender life insurance and annuity policies, thereby causing realized investment losses;

·

The impact of the implementation of the provisions of the European Market Infrastructure Regulation relating to the regulation of derivatives transactions;

·

The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as:  adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings;

·

A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefit riders, which are accounted for as market risk benefits, of our subsidiaries’ variable annuity products;

·

Ineffectiveness of our risk management policies and procedures, including our various hedging strategies; 

·

A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings; 

·

Changes in accounting principles that may affect our consolidated financial statements;

·

Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition;

·

Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention, profitability of our insurance subsidiaries and liquidity;

·

Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets;

·

Interruption in telecommunication, information technology or other operational systems or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches of our data security systems;

·

The effect of acquisitions and divestitures, restructurings, product withdrawals and other unusual items;

·

The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives, including the Spark Initiative; 

·

The adequacy and collectability of reinsurance that we have obtained;

·

Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims, affect our businesses and increase the cost and availability of reinsurance;

·

Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products;

·

The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and

·

The unanticipated loss of key management, financial planners or wholesalers.





Lincoln Financial Group



Table of Contents







Notes



Credit Ratings



Consolidated



Consolidated Statements of Income (Loss)



Consolidated Balance Sheets



Earnings, Shares and Return on Equity



Key Stakeholder Metrics



Select Earnings Drivers By Segment



Sales By Segment



Operating Revenues and General and Administrative Expenses By Segment



Operating Commissions and Other Expenses



Interest Rate Yields and Spreads By Segment



Select Earnings and Operational Data from Business Segments



Income (Loss) from Operations Summary



Life Insurance



Annuities



Group Protection



Retirement Plan Services



Other Operations



DAC & Account Balance Roll Forwards



Consolidated DAC, VOBA, DSI and DFEL Roll Forwards



Account Balance Roll Forwards:



Life Insurance



Annuities



Retirement Plan Services



Investment Information



Fixed-Income Asset Class



Fixed-Income Credit Quality



GAAP to Non-GAAP Reconciliations



Select GAAP to Non-GAAP Reconciliations











Lincoln Financial Group



Notes







Non-GAAP Performance Measures



Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein beginning on page 24.





Adjusted Income (Loss) From Operations



Adjusted income (loss) from operations is GAAP net income excluding the after-tax effects of the following items, as applicable:



• Changes in market risk benefits (“MRBs”), including gains and losses and benefit payments (“MRB-related impacts”);



• Investment and reinsurance-related realized gain (loss):



▪ Changes in the carrying value of mortgage loans on real estate attributable to current expected credit losses (“CECL”) (“changes in CECL reserve for mortgage loans on real estate”);



▪ Changes in the carrying value of reinsurance-related assets attributable to CECL (“changes in CECL reserve for reinsurance-related assets”);



▪ Changes in the carrying value of fixed maturity AFS securities attributable to the estimation of credit losses (“changes in the credit loss allowance for fixed maturity AFS securities”); and



▪ Changes in the fair value of investments, including trading securities, equity securities, certain derivatives, and mortgage loans on real estate electing the fair value option, and of



embedded derivatives within certain reinsurance arrangements, as well as sales or disposals of investments (“changes in investments and reinsurance-related embedded derivatives”);



• Changes in the fair value of the derivative instruments we hold to hedge GLB and GDB, net of fee income allocated to support the cost of hedging them (“changes in fair value of GLB and GDB



hedge instruments, net of hedge allowance”);



• Changes in the fair value of the embedded derivative liabilities of our indexed annuity and indexed universal life insurance contracts and the associated index options we hold to hedge them, including



collateral expense associated with hedge programs (“indexed product net derivative results”);



• Changes in reserves resulting from benefit ratio unlocking on variable universal life insurance products with secondary guarantees (“benefit ratio unlocking”);



• Income (loss) from the initial adoption of new accounting standards, regulations and policy changes;



• Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;



• Transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business;



• Gains (losses) on modification or early extinguishment of debt;



• Losses from the impairment of intangible assets and gains (losses) on other non-financial assets; and



• Income (loss) from discontinued operations.





Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends and the adjustment for deferred



units of LNC stock in our deferred compensation plans.





Adjusted Operating Revenues



Adjusted operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable:



• Investment and reinsurance-related realized gain (loss);



• Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance;



• Indexed product net derivative results;



• Revenue adjustments from the initial adoption of new accounting standards; and



• Amortization of deferred gains arising from reserve changes on business sold through reinsurance.





Management believes that the non-GAAP performance measures discussed above explain the results of our ongoing businesses in a manner that allows for a better understanding of the underlying trends



in our current business as the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in many instances,



decisions regarding these items do not necessarily relate to the operations of the individual segments.  In addition, we believe that our definitions of adjusted operating revenues and adjusted income (loss)



from operations provide investors with more valuable measures of our performance as they better reveal trends in our business.





Page 1a





Lincoln Financial Group



Notes







Non-GAAP Performance Measures, Continued



Stockholders’ Equity, Excluding AOCI and Preferred Stock



Stockholders’ equity, excluding AOCI is stockholders’ equity, excluding AOCI and preferred stock.  Management believes this metric is useful to investors because it eliminates market movements that are



unpredictable and can fluctuate significantly from period to period, primarily related to changes in interest rates.  Stockholders’ equity is the most directly comparable GAAP measure. 





Adjusted Stockholders’ Equity



For presented periods prior to January 1, 2023, adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock and MRB-related impacts. For periods beginning on or after January 1, 2023,



adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, MRB-related impacts and GLB and GDB hedged instruments gains (losses), to align to updates made to our variable



annuity hedge program effective January 1, 2023. Management believes this metric is useful to investors because it eliminates the effect of market movements that are unpredictable and can fluctuate significantly



from period to period, primarily related to changes in equity markets and interest rates. Stockholders’ equity is the most directly comparable GAAP measure.





Book Value per Share, Excluding AOCI



Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI and preferred stock, by common shares outstanding. We provide book value per share, excluding AOCI, to



enable investors to analyze the amount of our net worth that is attributable primarily to our business operations. Management believes book value per share, excluding AOCI, is useful to investors because it



eliminates the effect of items that are unpredictable and can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP



measure.





Adjusted Book Value per Share



Adjusted book value per share is calculated by dividing stockholders’ equity, excluding AOCI, preferred stock and MRB-related impacts, by common shares outstanding. We provide adjusted book value per share



to enable investors to analyze the amount of our net worth that is attributable primarily to our business operations. Management believes adjusted book value per share is useful to investors because it eliminates



the effect of items that are unpredictable and can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates.  Stockholders’ equity is the most directly comparable



GAAP measure.





Adjusted Income (Loss) From Operations Available to Common Stockholders, Excluding AOCI and Preferred Stock ROE



Adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE is calculated by dividing annualized adjusted income (loss) from operations available



to common stockholders by average stockholders’ equity, excluding AOCI  and preferred stock.  Management believes this metric is useful to investors because it eliminates the effect of market movements



on ROE that are unpredictable and can fluctuate significantly from period to period, primarily related to changes in interest rates.  Net income (loss) ROE is the most directly comparable GAAP measure.





Adjusted Income (Loss) From Operations ROE



Adjusted income (loss) from operations ROE is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by adjusted average stockholders’ equity. 



Management believes this metric is useful to investors because it eliminates the effect of market movements on ROE that are unpredictable and can fluctuate significantly from period to period, primarily



related to changes in equity markets and interest rates.  Net income (loss) ROE is the most directly comparable GAAP measure.





Management believes that the non-GAAP measures discussed above allow for a better understanding of the underlying trends in our current business as the excluded items are unpredictable and not necessarily



indicative of current operating fundamentals or future performance of the business.





Computations



• The quarterly financial information for the current year may not sum to the corresponding year-to-date amount as both are rounded to millions.



• The financial ratios reported herein are calculated using whole dollars instead of dollars rounded to millions.



• We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.  In addition, for any period where a net loss or adjusted loss from operations is experienced, shares



  used in the diluted EPS calculation represent basic shares, as the use of diluted shares would result in a lower loss per share.



• Pre-tax net margin is calculated by dividing adjusted income (loss) from operations before taxes by net revenue, which is defined as total adjusted operating revenues less interest credited.





Page 1b





Lincoln Financial Group



Notes







Definitions



Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of commercial paper



outstanding.



Return on equity (“ROE”) measures how efficiently we generate profits from the resources provided by our net assets. See adjusted income (loss) from operations ROE and adjusted income (loss) from



operations available to common stockholders, excluding AOCI and preferred stock ROE metrics on page 1b for further information on how these metrics are calculated. Management evaluates consolidated



ROE by both including and excluding the effect of average goodwill.





Sales as reported consist of the following:



• Universal life insurance (“UL”), indexed universal life insurance (“IUL”), variable universal life insurance (“VUL”) – first-year commissionable premiums plus 5% of excess premiums received;



•  MoneyGuard® linked-benefit products – MoneyGuard® (UL), 15% of total expected premium deposits, and MoneyGuard Market AdvantageSM (VUL), 150% of commissionable premiums;



• Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received, and single premium bank-owned UL and VUL, 15% of



     single premium deposits;



• Term – 100% of annualized first-year premiums;



• Annuities and Retirement Plan Services – deposits from new and existing customers; and



• Group Protection – annualized first-year premiums from new policies.





Statistical Supplement is Dated



This document is dated May 9, 2023, and has not been updated since that date.  Lincoln Financial Group does not intend to update this document.













































Page 1c





Lincoln Financial Group



Credit Ratings









Ratings as of May 9, 2023



Standard



AM Best

Fitch

Moody's

& Poor's



Senior Debt Ratings

bbb+

BBB+

Baa1

BBB+



Financial Strength Ratings



The Lincoln National Life Insurance Company

A

A+

A1

A+



First Penn-Pacific Life Insurance Company

A

A+

A1

A-



Lincoln Life & Annuity Company of New York

A

A+

A1

A+