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This document is dated December 8, 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 National Corporation Prices Senior Notes Offering

PHILADELPHIA, December 8, 2009 — Lincoln National Corporation (NYSE: LNC) today announced that it has priced an offering of senior notes. A total of $300 million principal amount of 10-year fixed rate senior notes due February 15, 2020, was issued with a coupon rate of 6.25 percent.

The company intends to use the proceeds from this offering for general corporate purposes, including, but not limited to, the repayment at maturity of the $250 million floating rate senior notes due on March 12, 2010. Pending the application of the proceeds, the company expects to temporarily invest the proceeds from this offering in short-term obligations.

UBS Securities LLC and U.S. Bancorp Investments, Inc. served as global coordinators and joint book-running managers.

This announcement does not constitute an offer to sell or the solicitation of any offer to buy the notes, nor shall there be any offer or sale of the notes 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 notes being offered may be obtained from UBS Securities LLC, Attn: Prospectus Specialist, 299 Park Avenue, New York, NY 10171, toll-free number: 1-877-827-6444, ext. 561-3884 and U.S. Bancorp Investments, Inc., 214 N. Tryon Street, 26th Floor, EX-NC-WSTC, Charlotte, NC 28202, toll-free number: 1-877-558-2607. 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 operating companies of Lincoln Financial Group had assets under management of $137 billion as of September 30, 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. For more information, including a copy of our most recent SEC reports containing our balance sheets, please visit www.LincolnFinancial.com.



For more information:

Investor Relations:
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 September 30, 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.