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This document is dated November 11, 2010. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

Lincoln National Corporation Raises Dividend, Resumes Share Repurchase Program, and Announces Redemption of Series F Trust Preferred Securities

Actions Reflect Strong Capital Position

PHILADELPHIA, November 11, 2010 — Lincoln National Corporation (NYSE: LNC) today announced that its Board of Directors approved raising the quarterly dividend on common shares to $0.05 per share. In addition, the company announced its intention to repurchase up to $125 million of its common stock over a 15-month period and to redeem all $150 million in outstanding 6.75% Series F Trust Preferred Securities ("Series F TRuPS") issued by Lincoln National Capital VI (CUSIP 53404M 20 1) and guaranteed by Lincoln.

Dennis R. Glass, Lincoln's president and CEO, said, "We are pleased to announce a series of steps that effectively utilizes our available capital and returns capital to shareholders. Our ability to take these steps reflects our strong capital position and confidence in the company's long-term outlook."

The increased common stock dividend is payable on February 1, 2011 to shareholders of record at the close of business on January 10, 2011. The Board of Directors also declared its regular dividend of $0.75 per share on its $3.00 Cumulative Convertible Preferred Stock Series A, payable March 5, 2011 to shareholders of record at the close of business on February 11, 2011.

The plan to repurchase up to $125 million of common stock is pursuant to management's existing share repurchase authority.

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 $150 billion as of September 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.



For more information:

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

Media Contacts:
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.