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This document is dated June 22, 2011. 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 To Redeem All 6.75% Capital Securities Due 2066

PHILADELPHIA, June 22, 2011 — Lincoln National Corporation (NYSE: LNC) today announced that it has called for the redemption of all $275 million in outstanding 6.75% Capital Securities due 2066 ("Capital Securities") issued by Lincoln National Corporation
(CUSIP 534187 80 2).

The Capital Securities will be redeemed at a price of $25.00 per security, plus any accrued and unpaid distributions for the period up to but excluding the redemption date. The redemption date is July 7, 2011.

The Capital Securities were issued on April 20, 2006 and were redeemable at Lincoln's option on or after April 20, 2011. Holders of Capital Securities will receive official notice of the redemption by mail. The paying agent for the redemption of the Capital Securities is The Bank of New York Mellon. Holders of the Capital Securities may call the Bond Holder Relations Department of The Bank of New York Mellon at 800 254-2826.

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 $162 billion as of March 31, 2011. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life and disability and dental 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.