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PRESS RELEASES

This document is dated September 17, 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 Announces Acquisition of Treasury Warrants

Philadelphia, September 17, 2010 — Lincoln Financial Group (NYSE:LNC) today announced it acquired 2.9 million warrants to purchase its common stock in an auction conducted yesterday on behalf of the U.S. Department of the Treasury ("Treasury"). The company issued the warrants to the Treasury in 2009 in connection with the Treasury's investment in the company under the Capital Purchase Program. The company paid $16.60 per warrant, and the 2.9 million warrants acquired represent 22.3 percent of the 13 million outstanding warrants. The warrants have an exercise price of $10.92 and expire on July 10, 2019. The transaction is expected to close on September 22, 2010.

"Lincoln's participation in Treasury's successful auction of the warrants reflects our confidence in the strength of our balance sheet and the long-term value of the franchise," said Dennis R. Glass, president and chief executive officer. "This investment was also an opportunity to reduce future dilution to our shareholders at an attractive price."

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 $140 billion as of June 30, 2010. 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.

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For more information:

Media Contact:
Jim Sjoreen
484 583-1420
E-mail: InvestorRelations@LFG.com

Laurel O'Brien
484-583-1735
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.



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