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This document is dated June 16, 2009. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

Forward-Looking Statements — Cautionary Language

Lincoln Financial Group Prices Common Stock Offering

PHILADELPHIA, June 16, 2009 — Lincoln Financial Group (NYSE: LNC) today announced that it has priced a public offering of 40 million shares of its common stock at a public offering price of $15.00 per share to raise approximately $600 million. The underwriters will have a 30-day option to purchase up to an additional 6 million shares of common stock. The offering is expected to close on June 22, 2009, subject to customary closing conditions.

Lincoln intends to use the net proceeds from the offering, which are expected to be approximately $566 million (without giving effect to any exercise of the underwriters' option to purchase additional shares), for general corporate purposes, including, but not limited to, contributions of capital to our insurance and other subsidiaries.

J.P. Morgan Securities Inc. and Merrill Lynch & Co. served as Global Coordinators and Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated served as joint book-running managers for the offering.

This announcement does not constitute an offer to sell or the solicitation of any offer to buy the common stock, nor shall there be any offer or sale of the common stock in any jurisdiction in which such offer, solicitation or sale would be unlawful. A registration statement relating to these securities has been filed with the SEC and is effective.

A written prospectus and prospectus supplement relating to the common stock being offered may be obtained from J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, New York 11245, Attn: Chase Distribution and Support Service Northeast Statement Processing, telephone 718 242-8002 and from Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department, telephone: 212 449-1000. You may also get these documents for free by visiting the SEC Web site at www.sec.gov. Before you invest, you should read the prospectus and the prospectus supplement, the registration statement and other documents that Lincoln has filed with the SEC for more complete information about Lincoln and this offering.

About Lincoln Financial Group
Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. With headquarters in the Philadelphia region, the companies of Lincoln Financial Group had assets under management of $171 billion as of March 31, 2009. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life and disability insurance; 401(k) and 403(b) plans; savings plans; mutual funds; managed accounts; institutional investments; and comprehensive financial planning and advisory services. Affiliates also include: Delaware Investments, the marketing name for Delaware Management Holdings, Inc. and its subsidiaries; and Lincoln UK.



For more information:

Investor Contacts:
Jim Sjoreen
484 583-1420
E-mail: InvestorRelations@LFG.com

Media Contact:
Laurel O'Brien
484 583-1735
E-mail: MediaRelations@LFG.com

Forward-Looking Statements — Cautionary Language

Certain statements made in this release are "forward-looking statements." Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the results contained in the forward-looking statements. Risks and uncertainties that may cause actual results to vary materially, some of which are described within the forward-looking statements include, among others, continued deterioration in general economic or business conditions; continued credit market illiquidity; lowering of one or more of Lincoln's debt ratings issued by nationally recognized statistical rating organizations; lowering of one or more of the insurer financial strength ratings of Lincoln's insurance subsidiaries; legislative and regulatory changes and proceedings; changes in interest rates; sudden or prolonged declines in the equity markets; and deviation in actual experience regarding future persistency, mortality, morbidity, interest rates or equity market returns from Lincoln's assumptions used in pricing its products, in establishing related insurance reserves, and in the amortization of intangibles that may result in an increase in reserves and a decrease in net income. The risks included here are not exhaustive. Lincoln's quarterly report on Form 10-Q for the quarter ended March 31, 2009, annual report on Form 10-K, current reports on Form 8-K and other documents filed with the SEC include additional factors which could impact Lincoln's business and financial performance.

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Hello future.
Lincoln Financial Group is the marketing name for Lincoln National Corporation and insurance
company affiliates, including The Lincoln National Life Insurance Company, Fort Wayne, IN,
and in New York, Lincoln Life & Annuity Company of New York, Syracuse, NY. Variable products
distributed by broker/dealer-affiliate Lincoln Financial Distributors, Inc., Radnor, PA. Securities
and investment advisory services offered through other affiliates. Explore Lincoln.