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This document is dated March 9, 2010. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

Lincoln Financial Group Enhances Hybrid Variable Universal Life Product

PHILADELPHIA, March 9, 2010 — The Individual Life segment of Lincoln National Corporation (NYSE: LNC) today announced the enhancement of its variable life insurance line with the launch of Lincoln VULONE *(2010), a hybrid product that combines the no-lapse benefits of a universal life policy with the growth potential and protection of a variable policy with guarantees. Issued by The Lincoln National Life Insurance Company, Lincoln VULONE (2010) is designed to meet evolving client needs by providing death benefit protection and investment flexibility.

"Lincoln is committed to providing quality financial solutions to its customers," said Michael Burns, Senior Vice President, Individual Life Product Management, Insurance Solutions. "We are very excited to introduce our revamped variable universal life offering which is designed to address changing client needs and preferences."

Designed to meet various needs of affluent individuals while creating a financial legacy for their beneficiaries, key features of the policy include:

  • Guaranteed death benefit protection for beneficiaries with the Optimal No-Lapse Enhancement (ONE) Rider**; provides flexibility to catch up on past premiums and to make policy changes without jeopardizing the death benefit guarantee (regardless of investment option performance).
  • An enhanced reset feature offers the opportunity to eliminate premiums sooner — when the policy account value exceeds the reset amount, the death benefit becomes fully guaranteed (the lesser of the initial or current death benefit). Clients have the ability to stop premium payments; and the guarantee is locked, regardless of market conditions.
  • Ability to access excess account value (above the reset amount) without impacting guarantees through the Premium Reserve Rider. ***
  • Account value growth potential through the Elite Series of Funds, managed by nationally recognized investment managers.

"With Lincoln VULONE (2010), Lincoln now offers clients an even stronger solution," said Josh Durand, Assistant Vice President, Variable Life Product Leader. "The enhanced reset feature provides the potential for account value growth to eliminate required premiums and lock-in a guaranteed lifetime death benefit, regardless of future market conditions."

The policy includes an overloan protection rider and can be customized through the use of select riders (which may result in additional charges): accelerated benefits rider for critical illness or nursing home care, a waiver of monthly deduction, change of insured and an estate tax repeal rider.

Important disclosures. Please read.

* Lincoln VULONE 2007 applicable to policies issued on or after February 15, 2010, subject to state availability. The 2010 update to this product may also be administratively referred to as Lincoln VULONE (2010).

** The No-Lapse Enhancement Rider does not provide any type of market performance guarantee with respect to underlying investment options.

*** Loan or withdrawals from the policy will reduce the policy account value and death benefit, as well as impact the duration of the guaranteed death benefit. loans or withdrawals from the PRR after reset will reduce the policy account value and death benefit, but will not impact the duration of the guaranteed death benefit. Any Premium Reserve Rider account value, less indebtedness is added to the death benefit proceeds beneficiaries receive.

Lincoln VULONE ( Lincoln VULONE 2007 applicable to policies issued on or after February 15, 2010, subject to state availability) is issued on policy form LN696 and state variations by The Lincoln National Life Insurance Company, Fort Wayne, IN, and distributed by Lincoln Financial Distributors, Inc., a broker/dealer. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Contractual obligations are backed by the claims-paying ability of The Lincoln National Life Insurance Company.

Policy values will fluctuate and are subject to market risk and to possible loss of principal. Products and features are subject to state availability. Limitations and exclusions may apply. Not available in New York. Lincoln variable universal life insurance is sold by prospectus. Carefully consider the investment objectives, risks, and charges and expenses of the policy and its underlying investment options. This and other important information can be found in the prospectus for the variable universal life policy and the prospectus for the underlying investment options. Prospectuses are available upon request and should be read carefully before investing or sending money. For a current prospectus, please call 800 444-2363 or go to www.LincolnFinancial.com.

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 $141 billion as of December 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; and comprehensive financial planning and advisory services. For more information, including a copy of our most recent SEC reports containing our balance sheets, please visit www.LincolnFinancial.com.



For more information:

Media Contacts:
Heidi St. Jean
860 466-1759
E-mail: MediaRelations@LFG.com

Sol Kovach
336 691-4999
E-mail: MediaRelations@LFG.com

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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.