2014 CONFERENCE FOR ANALYSTS, INVESTORS AND BANKERS

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1 2014 CONFERENCE FOR ANALYSTS, INVESTORS AND BANKERS Lincoln Financial Group Distribution Will Fuller President Lincoln Financial Group Distribution November 20, Lincoln National Corporation

2 CONSISTENT RESULTS WITH UPSIDE POTENTIAL Lincoln s results are driven by our consistent market presence and distribution scale that delivers a broad product portfolio to producers and consumers Targeting segments where we win, on our terms Powerful and diverse distribution reach Tapping distribution strength for expansion

portfolio to producers and consumers Targeting segments where we win, on our

3 TARGETING SEGMENTS WHERE WE WIN, ON OUR TERMS U.S. Consumer Opportunity Population (thousands) ₁ < 45 Years Years Investable assets ($trillion) ₂ 188, ,757 83,051 83, % 47% Population (thousands) ₁ Investable assets ($trillion) ₂ % 47% Population (thousands) ₁ 44,689 56, Years Investable assets ($trillion) ₂ % 80% Target Market Segments RPS Small Market Healthcare Government GROUP Small to Mid Size Businesses ( employees) ANNUITY Mass Affluent Middle Market LIFE High Net Worth BEST IN CLASS DISTRIBUTION FRANCHISES Worksite 700 Worksite Professionals 3 Retail 8,400 Advisors 3 #2 Independent Retail Operation 4 Wholesale 630 Sales Professionals 3 1Source: U.S. Census Bureau 2McKinsey Retirement Growth Model; Survey of Consumer Finance; Federal Reserve Flow of Funds: Includes qualified retirement plan assets (DC and IRA but EXCLUDES DB) as well as assets held in individual annuities outside of qualified accounts, deposits, brokerage accounts, separately managed accounts, personal trusts, mutual funds/etfs held outside of qualified accounts, cash value of life insurance as well as assets held in long term protection and disability insurance. The projections are not adjusted for inflation. 3As of 3Q Source: Investment News Top Independent Broker Dealers, April 2014

6 2013 2020 2013 2020 0% 47% Population (thousands) ₁ 44,689 56,002 65+ Years Investable assets ($trillion) ₂ 18.3 32.

4 ACCESSING DIVERSE PRODUCERS THROUGH OUR CHANNELIZED MODEL Insurance Brokerage Independent Advisors Financial Institutions Consultants/TPA S Benefit Brokers Life, Annuity Annuity, Life, RPS Annuity, Life, RPS RPS Group Market Leader On Our Terms Product Rank Share MoneyGuard 1 #1 64% RPS Healthcare 2 #3 10% Annuity 3 #3 7% Life Insurance 4 #3 6% Group Disability 5 #5 8% Group Life 5 #7 6% Small Market RPS 6 #8 3% 1Source: LIMRA 2013 Life Combination Products Survey, May Source: LIMRA 2Q14 Not For Profit Participant Report 3Source: LIMRA U.S. Individual Annuities Sales Report, 2Q Source: LIMRA U.S. Individual Life Insurance Sales, 2Q Source: LIMRA 2013 Group Sales and Inforce Report, 4Q Source: LIMRA The (k) Scorecard, June 2014

Life 5 #7 6% Small Market RPS 6 #8 3% 1Source: LIMRA 2013 Life Combination Products Survey, May 2014 2Source: LIMRA 2Q14 Not For Profit Participant Report 3Source: LIMRA U.S. Individual Annuities Sales Report, 2Q 2014 4Source: LIMRA U.

5 PROVEN DISCIPLINE TO EXPAND BASE AND PRODUCTIVITY Number of Producers 52,558 Growing Producer Base 68,000+ 5% CAGR 68, Driven By Shelf Space Expansion Product Portfolio Expansion New Channel Expansion Pivot Strategies Improving Productivity With Room To Grow REPEAT PRODUCERS CROSS SELL PRODUCERS Grew 18% from 2011 representing 70% of Total Sales 1 Grew 29% from ,000 producers and Small Market RPS and 2 MoneyGuard sales 1 / 3 1 Normalized sales as of YTD 3Q 2014 (Includes: Individual life, Executive Benefits, MoneyGuard: Paid Annualized Premiums; Annuity, Small Market RPS: at 5% of total) 2Sales as of YTD 3Q 2014; See appendix for definition of sales

representing 70% of Total Sales 1 Grew 29% from 2011 14,000 producers and Small Market RPS and 2 MoneyGuard sales 1 / 3 1 Normalized sales as of YTD 3Q 2014 (Includes:

6 ACCESS TO PRODUCERS ENABLES OUR PIVOT STRATEGY Life Pivot Sales 1 VA w/out Living Benefit Sales 1 Pre Post Pre Post 42% 58% GUL Life Pivot Products 80% 20% 9% 91% Guaranteed Sales Non Guaranteed Sales 76% 24% Success Driven by 15,900 Producers 2 Success Driven by 9,000 Producers 2 Already selling Pivot products Shift of GUL producer to Pivot products New to Lincoln through Pivot Already selling non living benefit Shift of VA producer to nonliving benefit New to Lincoln through nonliving benefit 7,200 2,300 6,400 2,000 3,700 3,300 A GO TO MARKET SYSTEM THAT DELIVERS OUR STRATEGY Consistent presence Product portfolio Best in class distribution Access to producers and consumers 1See appendix for definition of sales; Sales mix as of: 4Q11 for Pre Life Pivot, 2Q13 for Pre VA w/out Living Benefit, 3Q14 for both Life & VA Post sales mix 2Life producer counts from Jan 12 to Dec 13; VA producer counts from Sept 13 to Sept 14

selling non living benefit Shift of VA producer to nonliving benefit New to Lincoln through nonliving benefit 7,200 2,300 6,400 2,000 3,700 3,300 A GO TO MARKET SYSTEM THAT DELIVERS OUR STRATEGY

7 DRIVERS OF UPSIDE NOW AND IN THE FUTURE Where we are targeting our sales efforts now and in the future: Upside in Core Markets Annuity Upside in Focus Opportunities VA w/out Living Benefits Middle Market Annuity 2014 Sales 1 % of Segment Sales $2.1B $990M 28% Life Younger age MoneyGuard Registered Life Producers (VUL) $24M $145M 35% Term for Mass Affluent /DIY Consumer Coming soon RPS Small Market Wirehouse Government $210M $487M 46% Group Employee paid Increased pricing $114M NA 49% 1Sales as of YTD 3Q 2014 See appendix for definition of sales

1B $990M 28% Life Younger age MoneyGuard Registered Life Producers (VUL) $24M $145M 35% Term for Mass Affluent /DIY Consumer Coming soon

8 CONSISTENT RESULTS WITH UPSIDE POTENTIAL Targeting segments where we win, on our terms Powerful and diverse distribution reach Tapping distribution strength for expansion

AXA US LIFE & SAVINGS

AXA US LIFE & SAVINGS Strong momentum in our business Investor Day November 20, 2014 Mark PEARSON AXA US CEO Member of AXA Group Management Committee AMBITION AXA Delivering on our strategic aspirations