Lincoln Director SM group variable annuity

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1 group variable annuity Start saving today. It s easy! Simple, step-by-step enrollment process Quality investment options to match your goals Questionnaires to assess personal risk tolerance Flexible savings strategies to fit your preferences National Organizers Alliance Retirement Pension Plan Enrollment kit

2 Great news! You are being offered a wonderful benefit a tax-advantaged way to save for your future through your employer-sponsored group variable annuity, issued by The Lincoln National Life Insurance Company. This booklet contains everything you need to get started on the road to retirement, so don t delay. Start saving today. You can feel confident knowing your money will be invested with a reputable company. With headquarters in Philadelphia, Lincoln Financial Group offers quality defined contribution programs, annuities, life insurance, institutional investment management, mutual funds, financial strategies, and product solutions. Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Your employer and Lincoln Financial Group have a shared commitment to help you reach your destination of retirement income security. Contact information Customer Contact Center: Mail: 1300 S. Clinton Street, Fort Wayne, IN Here s how to get started: 1. Learn why you should join your employer s plan. 2. Read about investing and complete a brief questionnaire to help determine what kind of investor you are. 3. Decide how much you want to contribute to the plan and review your investment options. 4. Complete the enrollment and beneficiary forms, and submit them to your human resources representative or plan administrator. Table of contents Why join? Personal projections Your plan highlights A guide to investing Managing investment risk How much will you need? What kind of investor are you? : : Develop your personal strategy Choose your investment options Fact Sheets Enrollment Form

3 Why join? There are many reasons to join Your employer-sponsored retirement plan is a valuable benefit program that allows you to put money aside for a financially secure retirement. Remember, retirement is closer than you think. It s easy After you enroll, your contributions will be automatically deducted from your paycheck. There are no checks to write or deposits to worry about. There are big tax advantages Because your contributions are deducted from your pay before taxes, you will pay less current income tax than if you did not contribute to the plan. Unlike interest earnings on a regular account that are taxed annually, your investment earnings continue to grow without an annual tax bite until you withdraw. This is called tax-deferred compounding, and it can make a big difference in the amount of money you accumulate as you journey toward retirement. It s flexible You re in the driver s seat. Your retirement plan offers built-in flexibility to meet changing financial circumstances. You determine how much you want to contribute. You can increase or decrease contributions at regular intervals or stop contributing at any time. Your money is always yours The money you contribute to your account will always be yours. By law, it cannot become the property of anyone else. You ll be kept up-to-date Each time you initiate a transfer or make changes to future investment choices, you ll receive an activity confirmation statement in the mail. 1

4 Prepared for: Bea A. Participant Salary: $30,000 Age: 35 Why should I invest in the plan? Because you don t have to pay current income taxes on your contributions, your take-home pay can actually increase as compared to investing outside of the plan. If your salary is $30,000, and you invest $3,000 in the plan, you pay taxes on only $27,000. The chart to the right compares investing in the 401(k) plan to investing outside of the plan. 1 Take-home pay $23,000 $22,400 $21,800 $21,200 $20,600 $20,000 Saving through retirement plan Saving outside plan Gross annual salary $30,000 $30,000 Retirement contribution $3,000 $3,000 Taxable income $27,000 $30,000 Federal taxes $4,645 $5,095 Take home pay $22,355 $21,905 Increase in take home pay $450 1 Takes into account only federal taxes and does not consider state or local taxes. Taxes are based on the IRS 2007 Tax Table for a single filer plus 2007 OASDI and Medicare taxes. The 2007 standard deduction of $5,350 and one exemption ($3,400) has been applied in calculating federal taxes. Withdrawals made prior to age may be subject to a 10% tax penalty and plan restrictions. Taxes are due upon withdrawal. 2

5 How much can my account grow? The chart to the right shows how much your account could grow over the next 25 years if: your current annual salary is $30,000; your salary increases 2% each year; you contribute either 2%, 6%, or 10% to your plan. 2 The growth of your account also depends on the rate of return your investments earn. The chart assumes your investments earn 8% each year. Saving through Saving retirement plan outside plan 2% Contribution $84,367 $42,155 6% Contribution $253,102 $126,465 10% Contribution $421,837 $210,776 Account balance $500,000 $400,000 $300,000 $200,000 $100,000 $ Years from now You do not pay taxes on the growth of your investments until you withdraw. If you invest outside of the plan, however, you must pay taxes on the growth of your investments as that growth happens. This illustration assumes that, if you invest outside of the plan, 25% of your investment growth will go to pay taxes. Thus, an after-tax growth rate of 6% (75% of 8%) is used when illustrating the growth of investments outside the plan. 10% 6% 2% What if I wait to start investing? The chart to the right shows how much less you will have in 25 years if you wait 5 or 10 years to start investing. The chart assumes: your current annual salary is $30,000; your salary increases 2% each year; plan contributions are 6% of your salary; investments earn 8% each year. Saving through retirement plan Starting now $253,102 Waiting 5 years $170,366 Account balance $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $ Years from now Now Wait 5 years Wait 10 years Waiting 10 years $108,196 3

6 Your plan highlights Eligibility The plan may have certain minimum eligibility requirements that employees must meet before they can participate in the plan. Those requirements generally cannot require anything more than the employee being at least 21 years of age and being employed for at least one year (or in some cases two years). Employer contributions Your employer may make contributions to the plan on your behalf. This contribution may be a match of some percentage of salary you contribute to your account, or in the form of a profit sharing contribution or both. Rollover contributions Please refer back to your plan document or contact your HR representative to confirm the allowance of rollovers. Pretax contribution limits The plan must abide by certain maximum limitations on the salary deferral contributions that may be made to the plan or the benefits to be paid by it. The Internal Revenue Service sets a maximum limit on the amount you can contribute each year, currently $15,500 for If you are age 50 or older, you may be able to contribute more. Changes in pretax contribution amounts You may increase or decrease the amount of your pretax contributions or stop making salary deferral contributions at anytime. Plan vesting schedule A vesting schedule determines how long you must be employed to have a right of ownership of the assets in your retirement account. Employee contributions made through salary deferral, any rollover money, and any investment earnings on these amounts are always 100% vested. If your employer makes contributions into your account, those contributions are generally subject to a vesting schedule. Though some employers may vest participants more rapidly, the slowest vesting must generally follow one of two schedules: No vesting at all until three years of service with the employer at which time you are 100% vested; or gradually vesting (usually in percentage increments chosen by the plan sponsor and described in the plan) until you are 100% vested. Under gradual vesting, you must become 100% vested within six years. If you are not 100% vested before leaving the plan, you may forfeit some or all of the value of the account or accrued benefits in the plan that is contributed by your employer. Investment changes You are permitted to change the investment allocations of your existing account balances and/or change the investment selections for future contributions on any normal business day, as long as the changes conform to the investment vehicle s guidelines. Distributions Most distributions are made at retirement or in the form of a contract that guarantees a fixed amount through periodic payments. Distributions may also be available due to the participant s death or disability or upon termination of service from the employer. Distributions made prior to age are typically subject to a 10% early withdrawal penalty. Loan option Some plans allow participants to take loans from the plan secured by their accounts at a reasonable rate of interest. The Internal Revenue Code prescribes the conditions under which the loans may be made. If these conditions are met and the loan amounts are repaid in a timely manner, the loans technically are not considered distributions from the plan. Loan repayments are made through salary deduction, each pay period. 4

7 Hardship withdrawals A financial hardship is defined as a heavy and immediate financial need that cannot be satisfied by other resources available to you, including taking a loan from the vested portion of your plan account. Hardship withdrawals made prior to your attainment of age will be taxed as ordinary income in the year received. Tax treatment of distributions Money distributed from the plan, including your salary deferrals, employer contributions, and any earnings on those accounts, is generally taxed as ordinary income in the year the distribution occurs. In some cases, all or a portion of the distribution may qualify for special tax treatment. All or a portion of the distribution may be rolled over into an IRA or another qualified plan, if permitted, to defer taxes until a later date. Information regarding your distribution options and tax consequences will be provided to you prior to distribution. Beneficiary designation In the event of your death, your plan account assets go directly to your designated beneficiary. Complete the Beneficiary Form and return it to your human resources representative or plan administrator when you enroll in the plan. Be sure to make changes when necessary (i.e., change in marital status) using a new form to keep the beneficiary information current. The information contained in this brief overview is based on the plan document. If there are any differences between this overview and the plan document, the plan document will prevail. For more information about any features of your plan, please refer to your Summary Plan Description. 5

8 A guide to investing How should I invest my retirement savings? Trying to choose the investment options that are right for you may seem challenging. But once you understand some fundamental investment concepts, you ll have the tools to develop a strategy that s right for you. Keep an eye on risk An important point to keep in mind is that all investments carry some degree of risk. Investment risk is the chance that you might lose some of your money or that it won t grow as you expected. However, the smart investor doesn t try to avoid all risk that s really not practical. If you place all your investment options side by side from the most conservative to the most aggressive you ll notice that potential risk increases with potential reward. Each degree of increased opportunity for reward is accompanied by an increased degree of risk. The best strategy is to build a portfolio with a mix of investments that have varying degrees of risk. You may want to talk to a financial adviser about your investment goals and your personal financial situation. 6

9 The major asset classes The investment options available in most retirement plans typically invest in stocks, bonds, and cash equivalents. These are commonly referred to as asset classes. What are cash equivalents? Cash equivalents traditionally earn market rates that vary with fluctuations in shortterm interest rates and are lower than bond interest rates. Though they may earn interest at a rate that is lower than the rate of inflation, cash equivalents are easily redeemable for cash. Compared with stocks and bonds, cash equivalents have been among the least volatile investments over time. Cash equivalents are the most common instrument held in investment options known as cash funds, stable value funds, and stability of principal funds. What are bonds? Bonds represent loans issued by a government or corporation. Purchased bonds are the most common instrument held in investment options known as bond funds, current income funds, and fixed income funds. Purchased primarily for their expected interest payments, bonds are generally considered less risky than stocks. Bonds are also called fixed income investments because the issuers promise to pay a fixed rate of interest. The value of bonds rises when interest rates fall, and falls when interest rates rise. What are stocks? Stocks, shares of ownership in a company, provide rewards by offering the potential for long-term growth. In fact, though past performance is not a guarantee of future results, stock investments have historically provided a higher overall rate of return than any other investment alternative. Stocks are also called equities because they allow you to own equity in a company. Stocks are the most common instrument held in investment options known as stock funds, growth funds, and equity funds. What are international/global investments? Foreign markets account for a significant and growing portion of holdings in the investment world. There are two advantages to investing in international stocks and bonds: added diversification and the opportunity for higher returns. If the U.S. markets have a bad year and you only have U.S.-based investments, you are likely to suffer a loss. If, however, you are also invested in foreign markets, their performance may help offset your losses in the U.S. markets. Although international and global investments offer higher potential returns, they are subject to additional risks, such as currency and political risk, and different accounting standards. What is the difference between global funds and international funds? Global funds invest in securities from around the world, including the United States, providing exposure to both foreign and domestic markets and economies. International funds invest in foreign securities only; U.S. securities are excluded. 7

10 Managing investment risk Asset allocation Asset allocation means balancing the amount you invest in more risky investments with how much you invest in more stable investments and cash equivalents. Asset allocation has been shown over time to account for 92% of investment results. 1 This means that 92 cents of every dollar earned by the investors in the survey was not earned by buying low and selling high, picking hot stocks, or predicting market swings. It was earned by carefully selecting an investment mix and sticking with a focused long-term plan. Time horizon The number of years you can let your money grow is called your investment time horizon. The more time you can keep your money invested, the more time you have to ride out the ups and downs of the market, and therefore, the less you need to be concerned with market risk. Watch out for inflation You may have noticed that over time things get more expensive. This is called inflation. While these price increases may not be a big deal today because you still have a paycheck coming in, you ll need to find ways to stay ahead of inflation when you are no longer working. Beating inflation s pace is crucial for a financially secure retirement /gallon 27 /gallon 14 /loaf $3.21/gallon $2.21/gallon $1.09/loaf 1 Determinant of Portfolio Performance II: An Update, by Gary Brinson, Brian Singer, and Gilbert Beebower, The validity of the 1991 study was reaffirmed by a 1999 study conducted by Roger Ibbotson and Paul Kaplan. 8

11 Dollar cost averaging Dollar cost averaging is making consistent, regular investments over time. This takes the guesswork out of investing and allows you to buy more shares when the market is down and fewer when the market is high. On average, your cost per share will probably be reduced as the table below shows. Investment amount Price per share Shares purchased January $100 $ April $100 $ July $100 $ October $100 $ $400 $ Average share price: $9.38 ($ ) Average cost per share: $8.33 ($400 48) This example is hypothetical and does not represent past or future performance of any particular investment. Dollar cost averaging doesn t guarantee a profit and won t protect against loss in a declining market. Because it involves periodic investments, you should consider your financial ability and willingness to continue making purchases through periods of low price levels. Consider the big picture If you re like most people, your retirement plan is only a portion of your family s total financial picture. Your home, IRAs, checking and savings accounts, and any other investments all contribute to your financial security. When deciding how to allocate your retirement plan savings, be sure to consider your complete financial picture, and your current and future family commitments. For example, if you have some personal savings invested in conservative, more stable investments, like certificates of deposit (CDs), you may want to be more aggressive with your retirement savings. If you already own aggressive, or more risky investments, you may want to select more conservative investments for your retirement savings to maintain a balance. 9

12 How much will you need? By now, you probably have a good idea that the responsibility for your financial future falls squarely on your shoulders. That may seem overwhelming. But with a well-thought-out plan, you can easily start on your way to a financially focused future. How much money will you need when you retire? Your goal is to put aside enough money so that when you re ready to retire it will generate enough annual income to pay for your retirement expenses. While the rule of thumb used to be that you would need 70% of your preretirement, pretax income to maintain your standard of living, recent studies, based on current retirees experiences, suggest you will need 100% of your preretirement income to maintain your lifestyle in retirement. If you plan to travel or enjoy other activities, that number may be even higher. 1 Where will it come from? Retirement incomes typically come from three major sources Social Security; pensions and defined contribution plans, such as your employer-sponsored retirement plan; and savings and investments, such as IRAs. What about Social Security? Social Security was set up as a safety net to supplement your retirement savings. It was never designed to pay for your entire retirement. To determine what you benefits may be, visit the Social Security Administration s Web site at Age Men Women Median age % 90% 75% 50% 25% 10% 5% 88 Percent alive 1 Lincoln Long Life Institute Knowledge at Wharton,

13 What kind of investor are you? Do you want to take the wheel and drive yourself toward your retirement savings goals, or would you rather sit back and enjoy the ride? Having a retirement portfolio that is right for you begins with one basic decision: How involved do you want to be in creating and maintaining your retirement portfolio? Do you prefer a simplified approach to investing? Are you more comfortable knowing professional managers will keep your portfolio on track and rebalance your assets periodically in keeping with your retirement goals? If so, then a Lincoln Profile fund may be right for you. Time-based funds There are four time-based funds to choose from based on your retirement time horizon. Determine the projected date at which you think you Step 1 may take a distribution from your retirement plan. Select the model that best aligns with that date. Step 1 Step 2 The asset allocation models for time-based funds automatically Step 2 Step 3 realign when market conditions cause them to move away from the selected allocation. The model you select will change Step 3 over time, becoming more conservative as you approach your target distribution date. These asset allocation models have been developed by an independent investment consultant. OR Risk-based funds There are four risk-based funds to choose from based on your risk tolerance. Step 1 Step 1 Step 2 Step 2 Step 3 Step 3 Complete the Risk-based funds questionnaire on page 12. Complete the on page 55. Step 1 Step 2 Step 1 Step 2 Complete the on page 55. Step 3 Step 3 Do you enjoy learning about investing and keeping a close watch on the economy? Do you want to allocate your assets and periodically rebalance your portfolio yourself? If so, then a more hands-on approach may be right for you. Step 1 Step 2 Step 3 Complete Step 1 the Risk tolerance questionnaire on page 15. Pick the Step investment 2 options that match your risk profile. Complete Step 3 the on page

14 : risk-based funds questionnaire Complete the questionnaire below and add your total score to match your risk profile to one of the four Lincoln Profile funds, which use a fund of funds allocation approach. These funds may provide you with broad diversification, and the expertise and experience of professional management. Time horizon 1. When do you anticipate retiring? (1) Less than 5 years (2) 6 9 years (3) years (4) More than 15 years, or I do not anticipate taking cash distributions 2. What is your age? (1) 71 and older (2) (3) (4) 45 and below Investing experience 3. It is important to consider the investment in your retirement plan in relation to your other short-term and retirement assets. Your investment experience can help determine your attitude toward the investments you purchase. Most of my other savings are invested in: (1) I don t know how my retirement savings are invested. (2) My pension and Social Security only (3) CDs, savings accounts, and other FDICinsured accounts (4) Bonds, bond mutual funds, fixed annuities, or money market funds (5) Stocks, variable annuities, or equity mutual funds Note: If you answered #1, I don t know how my retirement savings are invested, please consult with your financial advisor. 4. Some financial advisors recommend placing a portion of your equity investments into international funds. This is a way of diversifying your equity investments. (1) I am concerned that international investments are too risky and would not choose to invest in them at all. (2) I have heard that there is additional risk with international investments and would only consider investing a very small portion of my portfolio predominantly in the highest quality international securities. (3) I have heard there may be some additional risks in international investing, but the opportunity to enhance capital appreciation and diversify into strong foreign companies is worth serious consideration. (4) I understand the risks but there are exciting opportunities in overseas markets; particularly emerging markets, and I would be interested in taking advantage of those opportunities. Risk aversion 5. Risk aversion refers to the investor s perception of and attitudes toward the uncertainties involved in investing. For instance, over the long run, riskier investments have the potential to give investors higher returns than less risky investments do. However, an investor must feel comfortable taking on greater risk of losses for the potential of achieving greater returns. With this in mind, which of the following statements is most consistent with your investment attitudes? (1) Avoiding additional premiums, loss of principal, or loss of death benefits is more important to me than experiencing long-term capital appreciation. (2) I desire long-term capital appreciation, but I am more concerned with avoiding losses. (3) I am concerned with avoiding losses, but this is outweighed by my desire to achieve long-term capital appreciation. (4) To maximize the chance of experiencing high, long-term capital appreciation, I am willing to accept losses. 12

15 6. Investment decisions are generally determined by a risk/return tradeoff. Return is the amount earned on an investment. Risk is the possibility of loss of the value of your portfolio. Please indicate the level of agreement or disagreement that you associate with the following statement. Protecting my assets from loss is more important to me than achieving high returns. (1) Strongly agree (primary concern is minimizing risk) (2) Agree (3) Disagree (4) Strongly disagree (primary concern is maximizing return) 7. The following phrase best describes what I want this investment portfolio to do for me: 9. Inflation can reduce the purchasing power of your money. However, by keeping pace with inflation, investors can maintain the buying power of their money over time. Which of the following choices best reflects your attitude toward inflation and risk? (1) Although I want to outpace inflation, my main goal is to avoid loss. (2) While I accept a low level of risk, my main goal is to earn moderately more than inflation. (3) My main goal is to increase the value of my portfolio. Therefore, I am willing to accept short-term losses associated with moreaggressive investment options. (4) I am willing to endure large fluctuations in the value of my portfolio for the chance of obtaining a higher return and beating inflation significantly. (1) This is my nest egg, so it must be safe. (2) I am looking for stable, steady returns. (3) I can handle losses if I have the chance to make some gains. (4) I don t need this money soon, so I can handle the ups and downs. 8. The following table shows the probable ending values of a $50,000 investment made in four hypothetical portfolios and held for a three-year period without additional contributions or withdrawals. The portfolio with the highest most likely value could have the lowest ending value. Which of the four hypothetical portfolios would you be most comfortable accepting? Portfolio Ending value has a 5% chance of being less than: Expected ending value is: (1) $50,300 $64,200 (2) $48,000 $66,900 (3) $45,400 $69,700 (4) $43,300 $70, The table below shows the possible upside and downside of four portfolios. The portfolio with the highest most likely gain is also at risk of losing the most. In which portfolio would you want to invest? Portfolio Potential annual gain: Possible annual loss: (1) 9.0% 5.5% (2) 10.6% 8.8% (3) 12.5% 13.0% (4) 14.0% 15.0% 11. Which answer best describes how you would characterize a disappointing year for the U.S. stock market, assuming you were well diversified over all major equity styles: (1) Gain 10% or less (2) Break even (3) Lose up to 10% (4) Lose more than 10% 13

16 12. If the value of your portfolio decreased by 20% in one year, how would you react? (1) I would be very concerned and would find another way to invest my money. (2) I would be somewhat concerned and would reconsider the aggressiveness of my portfolio. (3) I would not be concerned about the temporary fluctuation in my investment. (4) I would invest more into the portfolio. Scoring your questionnaire Each of the numbered answer choices is assigned an equivalent point score. Add up these numbers to determine the risk profile that corresponds to the Lincoln Profile Fund that best suits your stated objectives. These recommendations are guidelines; choose the funds that best meet your objectives. Points Lincoln risk-based fund portfolio: None. Your answers indicate you are highly risk adverse. The Lincoln Profile Funds may not be appropriate for you. Complete the : risk tolerance questionnaire on page 17 then pick the investment options that match your risk profile Conservative Profile Moderate Profile Moderately Aggressive Profile Aggressive Profile 14

17 : risk tolerance questionnaire Complete the questionnaire below and add your total score to determine your investor type. The results will be used to help you determine how to allocate your contributions among the investments offered in your plan. Question Points Score 1. How many years until you expect to retire? (Remember, distributions taken prior to reaching age 59 1 /2 may be subject to a 10% IRS penalty.) Within 5 years 4 points 6 10 years 15 points years 25 points 15+ years 30 points 2. Do you have other money set aside to cover planned expenses (car, house, college tuition) and emergencies? I have no separate savings. 5 points Part of the money in this plan will be used for planned expenses. 8 points I don t anticipate having additional expenses. 10 points Yes, I have additional savings. 17 points 3. Which of the following statements best describes your reaction if the value of your retirement savings temporarily declined in value by 15%? I would be very uncomfortable and would sell my investments. 4 points I would be very uncomfortable and wouldn t add to my investments. 7 points I invest for the long term, but would be concerned about temporary declines in market value. 11 points I invest for the long term and can ignore a temporary decline. 15 points (continued on next page) 15

18 Question Points Score 4. Which of the following statements best describes your savings goals? I want my investments to be safe from market declines regardless of growth potential. 2 points I prefer a mix of investments with an emphasis on low risk. 3 points I like a balance of low and high risk with some chance for good potential returns. I would choose a mix of investments with a somewhat higher risk of market declines, for potentially higher returns. I would invest aggressively, accepting more risk in order to achieve the highest returns possible. 5 points 7 points 8 points Your total score: Which category do you fall into? Points Category Conservative Moderate Moderately Aggressive Aggressive 16

19 Develop your personal strategy Points Moderate 10% Moderately Conservative 30% Moderately Aggressive 5% Aggressive 5% Conservative 50% Conservative This strategy is for conservative investors who are willing to assume minimal risk to build their savings. In general, it may also be suitable for people with five to seven years until retirement. This strategy focuses on current income and attempts to protect savings from short-term volatility and risk Points Moderately Aggressive 15% Moderate 15% Aggressive 10% Conservative 30% Moderately Conservative 30% Moderate This strategy is for moderate growth investors who can keep their retirement savings invested long-term. This strategy includes moderate risk and short-term volatility in exchange for long-term growth potential. To build wealth, it aims to provide a balance of growth and income Points Aggressive 20% Moderately Aggressive 20% Moderate 20% Conservative 15% Moderately Conservative 25% Moderately Aggressive This strategy is for moderately aggressive investors who want to invest in stocks of larger, more established companies. This strategy has a lower risk than aggressive growth funds. These investors further diversify their investment mix by also owning a reasonable amount of bonds Points Aggressive 20% Moderately Aggressive 30% Conservative 5% Moderately Conservative 15% Moderate 30% Aggressive This strategy is for aggressive growth investors who have the time and the patience to ride out stock market highs and lows for the potential to earn higher long-term investment return. Aggressive growth investors are looking for long-term capital appreciation and aren t concerned about short-term volatility. 17

20 : investment option lineup Conservative Moderate Aggressive Fixed Income Options (Domestic and International) Guaranteed* Short Term (SA14) Domestic Equity Options American Century VP Inflation Protection (SA92) Delaware VIP Capital Reserves (SA87) Delaware VIP Diversified Income (SA93) Government/Corporate Bond (SA12) High Yield Bond (SA20) LVIP SSgA Bond Index (SAL6) Templeton Global Income Securities (SA86) AllianceBernstein VPS Growth and Income (SA19) American Funds Ins Series Growth - Income (SA49) BlackRock Large Cap Value (SA80) Delaware VIP Value (SA61) Fidelity VIP Equity-Income (SA57) Value Equity (SA28) AllianceBernstein VPS Small/Mid Cap Value (SA39) American Funds Ins Series Growth (SA48) BlackRock Capital Appreciation (SA81) BlackRock Mid-Cap Value Equity (SA83) Core Equity (SA11) Delaware VIP Small Cap Value Series (SA56) Fidelity VIP Contrafund (SA35) Fidelity VIP Growth (SA58) Janus Aspen Series Large Cap Growth (SA70) Large Capitalization Equity (SA23) LVIP Delaware Social Awareness (SA33) LVIP Delaware Special Opportunities (SAl7) LVIP Mid-Cap Value (SA38) LVIP SSgA S&P 500 Index (SA27) LVIP T. Rowe Price Growth Stock (SA29) MFS VIT Utilities Series (SA67) AllianceBernstein VPS Global Technology (SA31) BlackRock Aurora (SA75) BlackRock Small/Mid-Cap Growth (SA76) Fidelity VIP Mid Cap (SA84) Franklin Small-Mid Cap Growth Securities (SA63) Janus Aspen Series Mid Cap Growth (SA64) LVIP SSgA Small-Cap Index (SA36) Medium Capitalization Equity (SA17) MFS VIT Emerging Growth Series (SA65) Neuberger Berman AMT Mid-Cap Growth (SA37) Small Capitalization Equity (SA24) International/Global Equity Options Other Investment Options Aggressive Balanced (SA32) Balanced (SA21) Conservative Balanced (SA30) LVIP Wilshire 2010 Profile (SAL1) LVIP Wilshire 2020 Profile (SAL2) LVIP Wilshire 2030 Profile (SAL3) LVIP Wilshire Conservative Profile (SA95) LVIP Wilshire Moderate Profile (SA96) LVIP Wilshire Moderately Aggressive Profile (SA97) American Funds Ins Series Global Growth (SA34) American Funds Ins Series International (SA54) Fidelity VIP Overseas (SA59) International Equity (SA22) LVIP Cohen & Steers Global Real Estate (SA55) LVIP SSgA International Index (SAL5) LVIP Templeton Growth (SA62) LVIP Wilshire 2040 Profile (SAL4) LVIP Wilshire Aggressive Profile (SA98) American Funds Ins Series Global Small Capitalization (SA46) BlackRock Global Resources (SA77) Delaware VIP Emerging Markets (SA94) * The Guaranteed Account is based on the ability of The Lincoln National Life Insurance Company to meet its financial obligations. 18

21 Choose your investment options This booklet includes all the investment options in your plan. meet your objectives Use the percentages from the appropriate asset allocation pie chart to help you create your own pie chart using the investment options in your plan. These recommendations are guidelines; choose the investment options that best your objectives. Be sure to review the corresponding profile sheet included in this booklet for each investment option you are considering. Write down your selections in the spaces below. When you feel comfortable with your decisions, transfer the percentages for each investment option you select to the enrollment form at the end of this booklet. My investment allocation decisions My total score: My personal strategy model (pie chart): Aggressive Moderately Aggressive Moderate Conservative Investment option: Category percentage: Build your own investment pie chart: Now that you ve determined which asset allocation model and investment options are most appropriate for you, use the outlines here to create your own pie chart based on the percentages you ve assigned to the left. % % % % % % % % % Total: 100% 19

22 Custom Bullet Understanding your investment profiles Bullet color relates to the color family used within a publication. Custom Bullet Bullet color relates to the color family used within a publication. To help participants determine which investment options best fit their retirement goals, we provide a profile sheet for each option in the plan. 1 Scale may change when used as a graphic element within a publication. American Funds Fundamental Investors (SA1J) As of September 30, 2007 Investment fund information: Custom Bullet Capital Research and Bullet color relates to the color family used within a publication. Management Company SA inception 09/06 Underlying fund inception 08/78 $33,351.0 million 3 Scale may change when used as a graphic element within a publication. Domestic Equity Performance (as of 9/30/07): Annualized Returns Custom Bullet Bullet color relates to the color family used within a publication. American Funds 8.80% 20.51% 18.55% 17.54% Fundamental Investors S&P 500 Index 2.69% 8.63% 11.21% Number of issues P/E ratio 22.6 Custom Bullet Bullet color relates Annual to the Returns color family (all used distributions within a publication. reinvested) Investment fund Information the firm which has responsibility for managing and investing the assets of the underlying portfolio. SA inception the date this account was first offered. 2 Scale may change Investment when used as management a graphic element within fee a publication. 0.15% Underlying mutual fund fee 0.66% Risk spectrum Moderate Top holdings (as of 9/30/07): SUNCOR ENERGY INC % ALTRIA GROUP INC % MICROSOFT CORP % ROCHE HOLDING AG % ORACLE CORP % DEERE & CO % Lincoln Financial Group LOWE'S Graphic Standards COMPANIES Manual INC. Marketing.. Collateral..... System % ROYAL DUTCH SHELL PLC % ELI LILLY AND CO % CATERPILLAR INC % Underlying fund inception if this subaccount invests in an underlying mutual fund, the date that fund was established. Total asset size dollar value of total assets held in the underlying mutual fund or subaccount. Number of issues total number of securities (individual stocks, bonds, or cash investments) held in the underlying mutual fund or subaccount. Lincoln Financial Group Graphic Standards Manual Marketing Collateral System Investment management fee the fee assessed against the variable assets in the contract to cover fund management costs such as investment, accounting, and trading expenses. Underlying mutual fund fee expense ratio of the underlying mutual fund, if applicable. 1 Risk spectrum Generally, the greater the risk of any investment option, the greater the potential return; the lower the risk, the lower the potential return. The risk spectrum illustrates the risk and return potential of the investment options in your plan. The conservative options may carry the least risk, but deliver the lowest returns. At the other end of the spectrum, the aggressive options may provide the greatest potential returns, but carry the greatest risk of investment losses. 4 5 Scale may change American when used Funds as a graphic element within 31.92% a publication % 11.61% 14.85% Fundamental Investors S&P 500 Index 28.71% 10.86% 4.93% 12.55% Asset class allocation (as of 9/30/07): Domestic Equity 66.9% Scale may change when International used as a graphic Equity element within a 27.4 publication. Cash/Other 5.7 Seeks to provide long-term growth of capital and income primarily through investments in common stocks. Lincoln Financial Group Graphic Standards Manual Marketing Collateral System 2. Top holdings The top holdings are the stocks or bonds with the most potential influence on a portfolio s returns. The percentage shows the amount compared to the total portfolio. Lincoln Financial Group Graphic Standards Manual Marketing Collateral System 3. Performance The investment s total return is shown for the preceding calendar years, as well as average Lincoln Financial Group Graphic Standards Manual Marketing Collateral System annual returns for the past one-, three-, five- and ten-year periods. These returns are historical and do not guarantee future results. To provide a point of comparison, the returns of a benchmark index are shown for the same periods. 4. Asset class allocation This pie chart tells you how the fund s assets were divided among domestic equity (stocks), domestic income (bonds), international equity, and cash equivalents, as of the date shown. 5. Risk profile This section explains the risks associated with this particular type of investment and may also include other related commentary. 1 The group annuity contract s variable accounts are funded with mutual funds. The Lincoln National Life Insurance Company may receive certain fees, pursuant to either a written plan filed with the Securities and Exchange Commission Rule 12b-1, 17 C.F.R b-1 (a 12b-1 Plan ) or an administrative services agreement with some, but not necessarily all, of the managers of these mutual funds, which are purchased by the subaccounts. These fees reimburse some of Lincoln Life s acquisition expenses, printing and mailing expenses, distribution expenses, transfer agency fees, contractowner services expenses, marketing and advertising expenses, and other administrative expenses related to the maintenance of the mutual funds in the subaccounts. The amount of the fees will vary from fund to fund, and are generally described as a percentage of assets under management with the fund. These fees are included in the total underlying fund expenses. 20

23 Investment profile disclosure statement When used as supplemental sales literature, the Investment Profile must be accompanied by this disclosure statement. group variable annuity is a contract issued on policy form #19476 (and variations thereof) by The Lincoln National Life Insurance Company, Fort Wayne, IN, and is distributed by broker/dealers with selling agreements. Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Not all investment options are available in all plans because some accounts may not be offered by your employer. Performance Quoted performance data represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor s unit values, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please obtain the most recent month-end performance by calling or visiting our Web site at Please keep in mind that high double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that recent returns were primarily achieved during favorable market conditions. The investment management and group variable annuity contract fees are not included in the annualized returns. Expense waivers and/or reimbursements are currently in effect and performance would have been lower if they did not apply. Had these fees been reflected, the results would have been lower. The annualized returns do take into account any applicable distributions and deductions from the underlying mutual fund. Contact your plan administrator for fee information specific to your company s retirement plan. Fees There is an investment management fee for each separate account that ranges from 0.05% to 0.975%. If there is an underlying mutual fund, there is a fund fee, which is the expense ratio of the underlying mutual fund. Investment risk Foreign securities portfolios/emerging markets portfolios: Portfolios that invest in foreign securities involve special additional risks. These risks include, but are not limited to: currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets can accentuate these risks. Sector portfolios: Portfolios that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks. Nondiversified portfolios: Portfolios that invest assets in a single issuer or a few issuers involve additional risks, including share price fluctuations, because of the increased concentration of investment. Small-cap portfolios: Portfolios that invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced a greater degree of market volatility than the overall market average and may be less liquid than larger companies. Mid-cap portfolios: Portfolios that invest in companies with market capitalization below $10 billion involve additional risks. The securities of these companies may be more volatile and less liquid than the securities of larger companies. High-yield bond portfolios: Portfolios that invest in less-thaninvestment-grade-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility and increased risk of default. REITs: The value of the shares of a REIT fund will fluctuate with the value of the underlying assets (real estate properties). There are special risk factors associated with REITs, such as interest rate risk and the illiquidity of the real estate market. Guaranteed Account: The guarantee is based on the ability of The Lincoln National Life Insurance Company to meet its financial obligations. 21

24 LVIP Wilshire 2010 Profile (SAL1) SA inception 06/07 Underlying fund inception 04/07 Number of issues P/E ratio Lincoln Investment s/ Wilshire Associates, Inc. $10.5 million Investment management fee 0.20% Underlying mutual fund fee 1.01% Risk spectrum Moderate Seeks a balance between a high level of current income with some consideration given to growth of capital. Invests to an asset allocation between stocks and bonds, which will become more conservative over time as the target maturity date draws closer. DEL INFLATION PROTECTED INST 33.0% LVIP MFS VALUE STD 9.8% DELAWARE VIP DIV INC STD 9.1% LVIP MONDRIAN INT L STD 6.8% LVIP MARSICO INTL GROWTH STD 6.8% Other LVIP Wilshire 2010 Profile -4.64% 0.69% 1.31% 33% LB TIPS, 18% LB Aggregate, -3.49% 0.69% 32% Wilshire DJ 5000, 14% MSCI EAFE, 3% MSCI EM Annual returns LVIP Wilshire 2010 Profile 33% LB TIPS, 18% LB Aggregate, 32% Wilshire DJ 5000, 14% MSCI EAFE, 3% MSCI EM DOMESTIC FIXED INCOME 42.3% DOMESTIC EQUITY 35.0 INTERTIOL EQUITY 18.6 INTERTIOL FIXED INCOME 4.1 DELAWARE VIP US GROWTH SER S 5.9% VIP T ROWE PRICE GROWTH STD 5.8% FTVIP GLOBAL INCOME SEC 4.1% DELAWARE VIP VALUE 3.9% LVIP CAPITAL GROWTH STD 3.8% LVIP Wilshire 2020 Profile (SAL2) SA inception 06/07 Underlying fund inception 04/07 Number of issues P/E ratio Lincoln Investment s/ Wilshire Associates, Inc. $18.0 million Investment management fee 0.20% Underlying mutual fund fee 1.04% Risk spectrum Moderate Seeks a balance between a high level of current income and growth of capital, with anemphasis on growth of capital. Invests to an asset allocation between stocks and bonds, which will become more conservative over time as the target maturity date draws closer. DEL INFLATION PROTECTED INST 23.8% DELAWARE VIP DIV INC STD 10.1% LVIP MFS VALUE STD 9.8% LVIP MONDRIAN INT'L STD 7.8% LVIP MARSICO INTL GROWTH STD 7.7% Other LVIP Wilshire 2020 Profile -5.99% -1.72% -0.91% 23% LB TIPS, 19% LB Aggregate, -4.95% -1.60% 37% Wilshire DJ 5000, 17% MSCI EAFE, 4% MSCI EM Annual returns LVIP Wilshire 2020 Profile 23% LB TIPS, 19% LB Aggregate, 37% Wilshire DJ 5000, 17% MSCI EAFE, 4% MSCI EM DOMESTIC EQUITY 39.6% DOMESTIC FIXED INCOME 33.9 INTERTIOL EQUITY 21.5 INTERTIOL FIXED INCOME 4.1 CASH/OTHER 0.9 DELAWARE VIP US GROWTH SER S 6.8% LVIP T ROWE PRICE GROWTH STD 6.7% DELAWARE VIP VALUE 4.8% FTVIP GLOBAL INCOME SEC 4.1% LVIP CAPITAL GROWTH STD 3.8% 22

25 LVIP Wilshire 2030 Profile (SAL3) SA inception 06/07 Underlying fund inception 04/07 Number of issues P/E ratio Lincoln Investment s/ Wilshire Associates, Inc. $12.7 million Investment management fee 0.20% Underlying mutual fund fee 1.13% Risk spectrum Moderate Seeks a balance between a high level of current income and growth of capital, with an emphasis on growth of capital. Invests to an asset allocation between stocks and bonds, which will become more conservative over time as the target maturity date draws closer. Other LVIP Wilshire 2030 Profile -7.54% -3.50% -1.00% 12% LB TIPS, 15% LB Aggregate, -7.18% -5.27% 47% Wilshire DJ 5000, 22% MSCI EAFE, 4% MSCI EM Annual returns LVIP Wilshire 2030 Profile 12% LB TIPS, 15% LB Aggregate, 47% Wilshire DJ 5000, 22% MSCI EAFE, 4% MSCI EM DOMESTIC EQUITY 50.4% INTERTIOL EQUITY 24.7 DOMESTIC FIXED INCOME 20.7 INTERTIOL FIXED INCOME 4.2 DEL INFLATION PROTECTED INST 12.5% LVIP MFS VALUE STD 10.9% DELAWARE VIP US GROWTH SER S 8.9% LVIP MARSICO INTL GROWTH STD 8.8% LVIP T ROWE PRICE GROWTH STD 8.7% DELAWARE VIP DIV INC STD 8.2% LVIP MONDRIAN INT L STD 7.9% DELAWARE VIP VALUE 5.9% DELAWARE VIP EMERGING MKT ST 4.9% LVIP CAPITAL GROWTH STD 4.8% LVIP Wilshire 2040 Profile (SAL4) SA inception 06/07 Underlying fund inception 04/07 Number of issues P/E ratio Lincoln Investment s/ Wilshire Associates, Inc. $7.5 million Investment management fee 0.20% Underlying mutual fund fee 1.17% Risk spectrum Moderate Seeks long-term growth of capital. Current income is not a consideration. Invests to an asset allocation between stocks and bonds, which will become more conservative over time as the target maturity date draws closer. Other LVIP Wilshire 2040 Profile -9.06% -6.09% -3.35% 4% LB TIPS, 4% LB Aggregate, -9.79% -9.07% 58% Wilshire DJ 5000, 28% MSCI EAFE, 6% MSCI EM Annual returns LVIP Wilshire 2040 Profile 4% LB TIPS, 4% LB Aggregate, 58% Wilshire DJ 5000, 28% MSCI EAFE, 6% MSCI EM DOMESTIC EQUITY 58.1% INTERTIOL EQUITY 32.7 DOMESTIC FIXED INCOME 5.2 INTERTIOL FIXED INCOME 3.1 CASH/OTHER 0.9 LVIP MONDRIAN INT L STD 12.9% LVIP MARSICO INTL GROWTH STD 12.8% LVIP MFS VALUE STD 11.9% LVIP T ROWE PRICE GROWTH STD 9.7% DELAWARE VIP US GROWTH SER S 8.9% DELAWARE VIP VALUE 6.9% DELAWARE VIP EMERGING MKT ST 4.9% LVIP CAPITAL GROWTH STD 4.8% FIDELITY VIP III MIDCAP 3.9% LVIP TEMPLETON GROWTH STD 3.9% 23

26 LVIP Wilshire Conservative Profile (SA95) Other (Balanced) SA inception 9/06 Underlying fund inception 5/05 Number of issues P/E ratio Lincoln Investment s/ Wilshire Associates, Inc. $242.5 million Investment management fee 0.20% Underlying mutual fund fee 1.02% Risk spectrum Moderate Seeks a high level of current income with some consideration given to growth of capital. LVIP Wilshire Conservative -4.33% -1.22% 5.01% 5.59% Profile 35% Wilshire 5000, -3.66% -0.81% 5.01% 60% Lehman Aggregate, 5% MSCI EAFE Annual returns LVIP Wilshire Conservative 9.32% 7.76% Profile 35% Wilshire 5000, 10.51% 6.87% 60% Lehman Aggregate, 5% MSCI EAFE DOMESTIC FIXED INCOME 57.4% DOMESTIC EQUITY 28.8 INTERTIOL EQUITY 9.6 INTERTIOL FIXED INCOME 4.2 DELAWARE VIP DIV INC STD 35.7% LVIP DELAWARE BOND STD 10.1% LVIP MFS VALUE STD 8.8% DEL INFLATION PROTECTED INST 8.4% DELAWARE VIP US GROWTH SER S 6.7% LVIP T ROWE PRICE GROWTH STD 6.6% LVIP MONDRIAN INT L STD 4.8% LVIP MARSICO INTL GROWTH STD 4.8% FTVIP GLOBAL INCOME SEC 4.2% DELAWARE VIP VALUE 3.8% LVIP Wilshire Moderate Profile (SA96) Other (Balanced) SA inception 09/06 Underlying fund inception 05/05 Number of issues P/E ratio Lincoln Investment s/ Wilshire Associates, Inc. $853.3 million Investment management fee 0.20% Underlying mutual fund fee 1.14% Risk spectrum Moderate Seeks a balance between a high level of current income and growth of capital with an emphasis on growth of capital. LVIP Wilshire Moderate -6.64% -3.78% 6.27% 6.91% Profile 45% Wilshire 5000, 40% Lehman -6.06% -3.66% 6.69% Aggregate, 10% MSCI EAFE, 5% MSCI EM Annual returns LVIP Wilshire Moderate 12.01% 9.25% Profile 45% Wilshire 5000, 40% Lehman 10.69% 6.96% 14.48% 8.48% Aggregate, 10% MSCI EAFE, 5% MSCI EM DOMESTIC EQUITY 39.6% DOMESTIC FIXED INCOME 39.6 INTERTIOL EQUITY 18.6 INTERTIOL FIXED INCOME 2.2 DELAWARE VIP DIV INC STD 26.1% LVIP MFS VALUE STD 9.9% DELAWARE VIP US GROWTH SER S 6.8% LVIP T ROWE PRICE GROWTH STD 6.7% LVIP MONDRIAN INT'L STD 5.8% LVIP MARSICO INTL GROWTH STD 5.8% DEL INFLATION PROTECTED INST 5.4% LVIP DELAWARE BOND STD 5.2% DELAWARE VIP EMERGING MKT ST 4.9% LVIP CAPITAL GROWTH STD 4.8% 24

27 LVIP Wilshire Moderately Aggressive Profile (SA97) Other (Balanced) SA inception 12/06 Underlying fund inception 05/05 Number of issues P/E ratio Lincoln Investment s/ Wilshire Associates, Inc. $615.0 million Investment management fee 0.20% Underlying mutual fund fee 1.17% Risk spectrum Moderate Seeks a balance between a high level of current income and growth of capital with an emphasis on growth of capital. LVIP Wilshire Moderately -9.14% -6.98% 6.73% 7.51% Aggressive Profile 60% Wilshire 5000, 20% Lehman -9.74% -8.49% 7.46% Aggregate, 15% MSCI EAFE, 5% MSCI EM Annual returns LVIP Wilshire Moderately 14.11% 9.80% Aggressive Profile 60% Wilshire 5000, 20% Lehman 12.73% 8.11% 17.83% 8.46% Aggregate, 15% MSCI EAFE, 5% MSCI EM DOMESTIC EQUITY 52.2% INTERTIOL EQUITY 26.7 DOMESTIC FIXED INCOME 18.9 INTERTIOL FIXED INCOME 2.2 LVIP MFS VALUE STD 14.1% LVIP T ROWE PRICE GROWTH STD 7.7% LVIP MARSICO INTL GROWTH STD 9.8% LVIP DELAWARE BOND STD 7.3% DELAWARE VIP DIV INC STD 9.5% DELAWARE VIP EMERGING MKT ST 6.0% DELAWARE VIP US GROWTH SER S 8.9% DELAWARE VIP VALUE 5.8% LVIP MONDRIAN INT'L STD 8.9% LVIP CAPITAL GROWTH STD 5.8% LVIP Wilshire Aggressive Profile (SA98) Other (Balanced) SA inception 12/06 Underlying fund inception 05/05 Number of issues P/E ratio Lincoln Investment s/ Wilshire Associates, Inc. $156.6 million Investment management fee 0.20% Underlying mutual fund fee 1.27% Risk spectrum Moderately Aggressive Seeks long-term growth of capital current income is not a consideration. LVIP Wilshire Aggressive % -9.51% 7.72% 8.61% Profile 70% Wilshire 5000, 20% Lehman Aggregate, 10% MSCI EM Annual returns LVIP Wilshire Aggressive 16.51% 10.99% Profile 70% Wilshire 5000, 15.45% 10.58% 21.90% 9.99% 20% Lehman Aggregate, 10% MSCI EM DOMESTIC EQUITY 65.9% INTERTIOL EQUITY 34.1 LVIP MFS VALUE STD 17.3% DELAWARE VIP US GROWTH SER S 12.0% LVIP MONDRIAN INT L STD 11.0% LVIP MARSICO INTL GROWTH STD 10.9% LVIP T ROWE PRICE GROWTH STD 10.8% DELAWARE VIP EMERGING MKT ST 10.1% DELAWARE VIP VALUE 8.9% LVIP CAPITAL GROWTH STD 4.9% FIDELITY VIP III MIDCAP 4.0% LVIP MID-CAP VALUE STD 3.8% 25

28 Aggressive Balanced (SA32) SA inception 08/94 Underlying fund inception 08/94 Number of issues 7 P/E ratio LNL/Delaware Investment Advisers $106.0 million Investment management fee 0.75% Underlying mutual fund fee 0.00% Invests primarily in a mixture of common stocks, bonds and money market investments. The objective of the account is to maximize long-term total return and will emphasize equity securities, including a small allocation in foreign stocks. DOMESTIC EQUITY 66.0% INTERTIOL EQUITY 17.4 DOMESTIC FIXED INCOME 15.0 CASH/OTHER 1.6 SA11 CORE EQUITY 48.3% SA22 INTERTIOL EQUITY 17.4% SA23 LARGE CAP EQUITY 14.6% SA12 GOVT/CORP BOND 14.0% SA24 SMALL CAP EQUITY 3.1% Growth & Income Aggressive Balanced -9.91% % 3.98% 7.17% 3.93% 55% Russell 1000, 25% LB Agg, -7.37% -6.47% 6.00% 8.29% 4.70% 15% EAFE, 5% Citigroup 90-Day T-Bill Annual returns Aggressive Balanced 11.84% 7.72% 11.61% 6.90% 55% Russell 1000, 25% LB Agg, 10.01% 6.36% 13.01% 6.80% 15% EAFE, 5% Citigroup 90-Day T-Bill SA14 SHORT TERM 0.9% SA20 HIGH YIELD BOND 0.1% AllianceBernstein VPS Global Technology (SA31) Aggressive Growth SA inception 01/96 Underlying fund inception 01/96 Number of issues 56 P/E ratio 16.6 Investment management fee 0.30% Underlying mutual fund fee 0.93% AllianceBernstein L.P. $222.0 million The Portfolio s investment objective is long-term growth of capital. The Portfolio invests primarily in securities of companies expected to benefit from technological advances and improvements (i.e., companies that use technology extensively in the development of new or improved products or processes). The Portfolio will normally invest at least 80% of its net assets in the securities of these companies. The Portfolio invests in a global portfolio of securities issued by U.S. and non-u.s. companies selected for their capital appreciation potential. The Portfolio will invest in listed and unlisted securities. The Portfolio also may invest in U.S. Government and foreign government securities. AllianceBernstein VPS % -6.57% 6.49% 7.87% 2.66% Global Technology MSCI World Information % -7.71% 7.24% 8.55% 0.00% Technology Index Annual returns AllianceBernstein VPS 5.44% 3.86% 8.61% 20.14% Global Technology MSCI World Information 2.55% 5.01% 9.52% 15.34% Technology Index DOMESTIC EQUITY 71.6% INTERTIOL EQUITY 26.4 CASH/OTHER 2.0 CISCO SYSTEMS INC 6.4% IBM CORP 6.2% HEWLETT-PACKARD CO 5.8% APPLE INC 5.6% NOKIA OYJ 5.1% INTEL CORP 5.0% MICROSOFT CORP 4.8% GOOGLE INC 4.4% RESEARCH IN MOTION LTD 3.4% NINTENDO CO LTD 3.8% 26

29 AllianceBernstein VPS Growth and Income (SA19) AllianceBernstein, L.P. SA inception 01/91 Underlying fund inception 01/91 $1,799.0 million Number of Issues 79 P/E ratio 10.8 Investment management fee 0.30% Underlying mutual fund fee 0.59% DOMESTIC EQUITY 99.0% CASH/OTHER 1.0% Growth & Income AllianceBernstein VPS % % 2.16% 6.25% 4.96% Growth and Income Russell 1000 Value Index % % 3.53% 8.92% 4.91% Annual returns AllianceBernstein VPS 11.43% 4.85% 17.23% 5.11% Growth and Income Russell 1000 Value Index 16.49% 7.05% 22.25% -0.17% The Portfolio s investment objective is long-term growth of capital. The Portfolio invests primarily in the equity securities of U.S. companies that the Adviser believes are undervalued. The Adviser believes that, over time, a company s stock price will come to reflect its intrinsic economic value. The Adviser uses a disciplined investment process to evaluate the companies in the Adviser s extensive research universe and to identify the stocks of companies that offer the best combination of value and potential for price appreciation. The Portfolio may invest in companies of any size and in any industry. HONEYWELL INT INC 3.2% EMERSON ELECTRIC CO 3.2% MERCK & CO INC 3.0% LOEWS CORP - CAROLI GRP 3.0% AXIS CAPITAL HOLDINGS LTD 3.0% SUN MICROSYSTEMS INC 3.0% ACE LTD 2.9% TOTAL SA 2.9% EXXON MOBIL CORP 2.9% SAFEWAY INC 2.8% LVIP T. Rowe Price Growth Stock (SA29) Growth Investment fund information (as of 06/16/08): LIA/T. Rowe Price Associates Inc. SA inception 06/92 Underlying fund inception 05/95 $231.0 million Number of issues 113 P/E ratio 22.5 Investment management fee 0.15% Underlying mutual fund fee 0.88% Performance 1 (as of 06/30/08): LVIP T. Rowe Price Growth % -4.81% 4.87% 6.91% Stock Russell 1000 Growth Index -9.06% -5.96% 5.91% 7.32% Annual returns LVIP T. Rowe Price Growth Stock Russell 1000 Growth Index 6.30% 5.26% 9.07% 11.81% DOMESTIC EQUITY 96.8% CASH/OTHER 3.2 Seeks to provide long-term growth of capital. 1 Performance stated is the performance of SA29, which began in August, Performance is a blend of the previous underlying investment option AllianceBernstein VPS Large Cap Growth which began in August, 2001, as well as the current underlying investment option LVIP T. Rowe Price Growth Stock, which has been the underlying investment option of SA29 since June, GENERAL ELECTRIC CO 3.8% GOOGLE 3.2% MICROSOFT CORP 2.7% SCHLUMBERGER LTD 2.6% APPLE INC 2.5% CVS CAREMARK CORP 2.3% DAHER CORP 2.0% WELLPOINT 1.8% NINTENDO CO LTD 1.7% STATE STREET CORP 1.6% 27

30 AllianceBernstein VPS Small/Mid Cap Value (SA39) Growth SA inception 05/01 Underlying fund inception 05/01 Number of issues 116 P/E ratio 12.4 Investment management fee 0.30% Underlying mutual fund fee 0.83% AllianceBernstein L.P. $406.0 million Seeks long-term growth of capital. The portfolio invests primarily in a diversified portfolio of equity securities of companies with relatively small market capitalizations. The portfolio s investment policies emphasize investment in companies that are determined to be undervalued, using a fundamental value approach. AllianceBernstein VPS -7.20% % 4.12% 11.20% 10.15% Small/Mid Cap Value Russell 2500 Value Index -8.37% % 2.19% 10.91% Annual returns AllianceBernstein VPS 19.25% 6.89% 14.38% 1.69% Small/Mid Cap Value Russell 2500 Value Index 21.58% 7.74% 20.18% -7.27% DOMESTIC EQUITY 97.0% CASH/OTHER 3.0 UNIVERSAL CORP 2.1% ARCH CAPITAL GROUP 1.9% RUDDICK CORP 1.9% MOLSON COORS 1.8% ROCKWOOD HOLDINGS INC 1.7% PERFORMANCE FOOD GROUP CO1.7% PLATINUM UNDERWRITERS HLDGS1.6% OIL STATES INTERTIOL INC 1.5% ASPEN INSURANCE HOLDINGS LTD1.5% RELIANT ENERGY INC 1.5% American Century VP Inflation Protection (SA92) Income American Century Investment Mgmt., Inc. SA inception 05/04 Underlying fund inception 12/02 $759.0 million Number of issues 41 P/E ratio Investment management fee 0.35% Underlying mutual fund fee 0.50% Seeks long-term return using a strategy that seeks to protect against U.S. inflation. American Century 3.62% 12.05% 4.66% 4.39% 4.87% VP Inflation Protection Citigroup U.S. Inflation-Linked 4.86% 15.12% 5.56% 5.97% Securities Index Annual returns American Century 5.96% 1.81% 1.88% 9.64% VP Inflation Protection Citigroup U.S. Inflation-Linked 5.79% 2.54% 0.40% 11.61% Securities Index DOMESTIC FIXED INCOME 96.3% CASH/OTHER 3.7 Top Holdings holdings (as of 03/31/08): 9/30/04): TII 2 1/15/26 5.7% TII /15/25 5.2% TII 1 5/8 1/15/18 4.6% TII 2 3/8 01/15/17 4.3% TII /15/28 3.8% TII /15/16-TSY IN 3.6% TII /15/32 3.2% TII 2 3/8 01/15/27 3.1% FNMA6 5/8 11/15/30-FANNIE 3.0% TII /15/15 2.9% 28

31 American Funds Global Growth (SA34) Growth SA inception 01/98 Underlying fund inception 04/97 Number of issues P/E ratio 27.3 Investment management fee 0.30% 1 Underlying mutual fund fee 0.80% Capital Research and Management Co. $5,596.7 million Seeks long-term growth of capital in a manner consistent with the preservation of capital by investing primarily in common stocks of companies of any size throughout the world. 1The SA34 investment management fee will be assessed at 0.15% until June 30, Performance stated is the performance of SA34, which began in Performance is a blend of the previous underlying investment options Janus Aspen World Wide Growth and American Funds New Perspective, as well as the current underlying investment option American Funds Global Growth, which has been the underlying investment option of SA34 since December Performance 2 (as of 06/30/08): American Funds -9.81% -5.98% 11.97% 12.03% 3.13% Global Growth MSCI World Index % % 9.44% 12.54% Annual returns American Funds 10.69% 11.23% 19.76% 14.83% Global Growth MSCI World Index 15.25% 10.02% 20.65% 9.57% INTERTIOL EQUITY 59.3% DOMESTIC EQUITY 23.8 CASH/OTHER 16.9 NOVO NORDISK A/S 1.8% KONINKLIJKE KPN NV 1.7% GENERAL ELECTRIC CO. 1.6% DEUTSCHE POST AG 1.5% MICROSOFT CORP. 1.5% SAMSUNG ELECTRONICS CO., LTD.1.5% NTT DOCOMO, INC. 1.2% JSC URALKALI 1.2% YAHOO! INC. 1.1% ALLIANZ SE 1.0% American Funds Global Small Capitalization (SA46) Aggressive Growth SA inception 04/98 Underlying fund inception 04/98 Number of issues 350 P/E ratio 36.3 Investment management fee 0.30% Underlying mutual fund fee 0.98% Capital Research and Management Co. $3,767.0 million Investing primarily in stocks of smaller companies located around the world that typically have market capitalization of $50 million to $2 billion. It is designed for investors seeking capital appreciation through stocks. American Funds Global % % 15.84% 20.65% 13.68% Small Capitalization MSCI World Small Cap Index -9.87% % 5.61% 13.44% 7.51% Annual returns American Funds Global 20.82% 25.28% 23.98% 21.37% Small Capitalization MSCI World Small Cap Index 22.81% 14.25% 15.78% -0.55% INTERTIOL EQUITY 64.7% DOMESTIC EQUITY 27.6 CASH/OTHER 7.7 JUMBO SA 3.1% FOURLIS 2.1% OILEXCO INC. 1.9% NOVELL, INC. 1.6% XIO GAS HOLDINGS LTD. 1.6% CENTRAL AFRICAN MINING & EXPLORATION CO. PLC 1.4% KUMHO INDUSTRIAL CO., LTD. 1.1% AMG ADV METAL GROUP NV 1.1% KAZAKHGOLD GROUP LTD. 1.1% KINGBOARD CHEM HLDGS LTD. 1.1% 29

32 American Funds Growth (SA48) Capital Research and Management Co. SA inception 08/01 Underlying fund inception 02/84 Growth American Funds Growth -7.86% -6.54% 8.37% 11.21% 8.80% $27,837.9 million Russell 1000 Growth Index -9.06% -5.96% 5.91% 7.32% 0.96% Number of issues 180 P/E ratio 29.0 Investment management fee 0.30% Underlying mutual fund fee 0.58% Seeks to make investments grow over time by investing primarily in common stocks of companies that appear to offer superior opportunities for growth of capital. It is designed for investors seeking capital appreciation through stocks. Annual returns American Funds Growth 12.46% 16.14% 10.19% 12.31% Russell 1000 Growth Index 6.30% 5.26% 9.07% 11.81% DOMESTIC EQUITY 72.3% INTERTIOL EQUITY 20.7 CASH/OTHER 6.9 DOMESTIC FIXED INCOME 0.1 GOOGLE INC. 2.6% MICROSOFT CORP. 2.0% CISCO SYSTEMS, INC. 2.0% BERKSHIRE HATHAWAY INC. 1.9% NOKIA CORP. 1.9% SCHLUMBERGER LTD. 1.8% ROCHE HOLDING AG 1.7% BARRICK GOLD CORP. 1.6% NEWMONT MINING CORP. 1.5% LOWE'S COMPANIES, INC. 1.4% American Funds Growth-Income (SA49) Growth & Income SA inception 08/01 Underlying fund inception 02/84 Number of issues 180 P/E ratio 21.3 Investment management fee 0.30% Underlying mutual fund fee 0.52% Capital Research and Management Co. $26,504.2 million Seeks to make your investment grow and provide you with income over time by investing primarily in common stocks or other securities which demonstrate the potential for appreciation and/or dividends. American Funds % % 4.19% 7.64% 5.55% Growth-Income Russell 1000 Value Index % % 3.53% 8.92% 4.91% Annual returns American Funds 10.34% 5.82% 15.16% 5.03% Growth-Income Russell 1000 Value Index 16.49% 7.05% 22.25% -0.17% DOMESTIC EQUITY 79.4% INTERTIOL EQUITY 10.8 CASH/OTHER 9.7 DOMESTIC FIXED INCOME 0.1 GENERAL ELECTRIC CO. 2.2% ORACLE CORP. 2.2% MICROSOFT CORP. 2.1% BANK OF AMERICA CORP. 1.9% SCHLUMBERGER LTD. 1.9% CITIGROUP INC. 1.9% AMERICAN INT GROUP, INC. 1.6% CISCO SYSTEMS, INC. 1.6% LOWE'S COMPANIES, INC. 1.5% INTEL CORP. 1.5% 30

33 American Funds International (SA54) Growth SA inception 08/01 Underlying fund inception 05/90 Number of issues 130 P/E ratio 20.6 Investment management fee 0.30% Underlying mutual fund fee 0.77% Investment Style Capital Research and Management Co. $10,533.8 million Seeks to make investments grow over time by investing primarily in common stocks of companies located outside the United States. It is designed for investors seeking capital appreciation through stocks. Investors should have a long-term perspective and be able to tolerate potentially wide price fluctuations. American Funds % -6.31% 14.39% 17.89% 8.64% International MSCI EAFE Index % % 13.34% 17.16% 6.25% Annual returns American Funds 19.26% 21.44% 18.92% 19.96% International MSCI EAFE Index 20.70% 14.02% 26.86% 11.63% INTERTIOL EQUITY 89.8% CASH/OTHER 10.2 BAYER AG 4.7% ROCHE HOLDING AG 4.1% NESTLE SA 2.4% E.ON AG 2.3% MTN GROUP LTD. 2.1% INDUSTRIA DE DISENO TEXTIL, SA 1.7% ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG 1.6% NOVARTIS AG 1.6% OAO GAZPROM 1.5% L OREAL SA 1.5% Balanced (SA21) SA inception 06/83 Underlying fund inception 06/83 Number of issues 7 P/E ratio LNL/Delaware Investment Advisers $231.0 million Investment management fee 0.75% Underlying mutual fund fee 0.00% Includes holdings in three different asset classes: stocks, bonds and money market instruments. The objective of the account is to maximize long-term total return consistent with prudent investment strategy. DOMESTIC EQUITY 52.1% DOMESTIC FIXED INCOME 34.4 INTERTIOL EQUITY 11.7 CASH/OTHER 1.8 SA11 CORE EQUITY 38.1% SA12 GOV CORPORATE BOND 33.0% SA23 LARGE CAP EQUITY 13.1% SA22 INTERTIOL EQUITY 11.7% SA20 HIGH YIELD BOND 1.1% Growth & Income Balanced -7.56% -7.23% 4.04% 6.37% 4.11% 45% Russell 1000, 40% LB Agg, -5.56% -3.70% 5.49% 7.21% 4.95% 10% MSCI EAFE, 5% Citigroup 90-Day T-Bill Annual returns Balanced 9.76% 6.96% 10.20% 6.70% 45% Russell 1000, 40% LB Agg, 8.04% 5.40% 10.16% 6.45% 10% MSCI EAFE, 5% Citigroup 90-Day T-Bill SA24 SMALL CAP EQUITY 0.9% SA14 SHORT TERM 0.3% 31

34 BlackRock Aurora (SA75) SA inception 02/03 Underlying fund inception 02/95 Number of issues 85 P/E ratio 17.1 Investment management fee 0.05% Underlying mutual fund fee 1.40% BlackRock, Inc. $1,021.0 million Invests primarily in small- and mid-capitalization stocks the manager believes are trading below their true worth. The fund looks for companies that appear likely to come back in favor with investors, for reasons that may range from good prospective earnings and strong management teams to the introduction of new products and services. BRINKS CO. 3.8% HAIN CELESTIAL GROUP INC. 2.7% MAGELLAN HEALTH SERVS INC. 2.6% BOARDWALK REAL ESTATE INV 2.5% LKQ CORP. 2.4% Aggressive Growth BlackRock Aurora 1.00% % % 0.93% 9.08% Russell 2500 Value Index -8.37% % 2.19% 10.91% 8.12% Annual returns BlackRock Aurora 14.94% 2.89% 12.76% 1.33% Russell 2500 Value Index 22.25% 7.74% 20.18% -7.27% DOMESTIC EQUITY 93.0% INTERTIOL EQUITY 5.7 CASH/OTHER 1.3 COPART INC. 2.3% SCIENTIFIC GAMES CORP. 2.3% AFFILIATED MGERS GROUP INC. 2.3% BJS WHOLESALE CLUB INC. 2.3% RUDDICK CORP. 2.2% BlackRock Capital Appreciation (SA81) Growth SA inception 02/03 Underlying fund inception 12/97 Number of issues 63 P/E ratio 14.1 Investment management fee 0.05% Underlying mutual fund fee 1.35% BlackRock, Inc. $247.0 million Seeks investment in fundamentally sound companies with strong management, superior earnings growth prospects, and attractive relative valuations. BlackRock Capital -4.98% 2.81% 8.22% 9.42% 3.19% Appreciation Russell 1000 Growth Index -9.06% -5.96% 5.91% 7.32% 0.96% Annual returns BlackRock Capital 9.70% 6.48% 3.66% 18.25% Appreciation Russell 1000 Growth Index 6.30% 5.26% 9.07% 11.81% DOMESTIC EQUITY 95.1% INTERTIOL EQUITY 3.1 CASH/OTHER 1.8 APPLE INC. 3.9% COCA-COLA CO. 3.7% WAL-MART STORES INC. 3.6% QUALCOMM INC. 3.2% ADOBE SYSTEMS INC. 3.2% MICROSOFT CORP. 2.8% PHILIP MORRIS INT INC. 2.7% GOOGLE INC. (CL A) 2.7% HONEYWELL INT INC. 2.6% MONSANTO CO. 2.5% 32

35 BlackRock Global Resources (SA77) SA inception 02/03 Underlying fund inception 03/90 Number of issues 164 P/E ratio 21.1 Investment management fee 0.05% Underlying mutual fund fee 1.28% BlackRock, Inc. $1,070.0 million Invests primarily in U.S. and international companies engaged in the exploration, production, refinement, and distribution of energy and natural resources. DOMESTIC EQUITY 71.9% INTERTIOL EQUITY 25.2 CASH/OTHER 2.9 CONSOL ENERGY INC. 7.3% MASSEY ENERGY CO. 5.7% ARCH COAL INC. 5.4% PLAINS EXPLORATION & PROD CO. 5.0% NEWFIELD EXPLORATION CO. 4.7% Aggressive Growth BlackRock Global Resources 45.80% 67.60% 38.47% 44.16% 25.83% Lipper Natural Resources 19.80% 37.16% 33.29% 34.67% 18.03% Fund Index Annual returns BlackRock Global Resources 47.58% 56.77% 5.03% 32.40% Lipper Natural Resources 35.24% 46.22% 15.03% 39.65% Fund Index PEABODY ENERGY CO. 4.3% SOUTHWESTERN ENERGY CO. 3.9% DELTA PETROLEUM CORP. 3.7% PENN VIRGINIA CORP. 3.7% TRANSOCEAN INC. 2.6% BlackRock Large Cap Value (SA80) BlackRock, Inc. SA inception 02/03 Underlying fund inception 12/99 $4,694.2 million Number of issues 99 P/E ratio 14.3 Investment management fee 0.05% Underlying mutual fund fee 1.17% Performance 1 (as of 06/30/08): BlackRock Large Cap % % 4.65% 9.18% 11.69% Value Russell 1000 Value Index % % 3.53% 8.92% Annual returns BlackRock Large Cap 13.34% 5.92% 18.46% 4.78% Value Russell 1000 Value Index 16.49% 7.05% 22.25% -0.17% Growth & Income Invests primarily in a diversified portfolio of equity securities of large-cap companies located in the U.S. that fund management believes are undervalued. 1Performance stated is the performance of SA80, which began in January, Performance is a blend of the previous underlying investment option State Street Research Large-Cap Value, which was began in January, 2003, as well as the current underlying investment option BlackRock Large-Cap Value Fund which merged with the State Street Research Large-Cap Value Fund on January 31, DOMESTIC EQUITY 99.9% CASH/OTHER 0.1 EXXON MOBIL CORP. 7.0% CHEVRON CORP. 3.9% PFIZER INC. 3.4% GENERAL ELECTRIC CO. 3.3% CONOCOPHILLIPS 3.0% OCCIDENTAL PETROLEUM CORP. 2.0% AT&T INC. 1.7% WALT DISNEY CO. 1.6% DEERE & CO. 1.5% ALLSTATE CORP. 1.5% 33

36 BlackRock Mid-Cap Value Equity (SA83) SA inception 02/03 Underlying fund inception 08/86 Number of issues 89 P/E ratio 14.3 Investment management fee 0.05% Underlying mutual fund fee 1.25% BlackRock, Inc. $936.0 million The fund manager is seeking mid-capitalization stocks which he believes are worth more than is indicated by current market price. Growth BlackRock Mid-Cap -9.09% % 6.67% 13.51% 8.38% Value Equity Russell Midcap Value Index -8.58% % 4.97% 13.00% 8.45% Annual returns BlackRock Mid-Cap 23.29% 10.00% 19.46% 4.45% Value Equity Russell Midcap Value Index 23.71% 12.65% 20.22% -1.42% DOMESTIC EQUITY 92.0% CASH/OTHER 4.2 INTERTIOL EQUITY 3.8 SAFEWAY INC. 2.1% BRINK S CO. 1.9% GRANT PRIDECO INC. 1.9% SIMON PROPERTY GROUP INC. 1.7% COOPER COS. 1.7% DEL MONTE FOODS CO. 1.6% PEOPLE S UNITED FINCIAL INC. 1.6% NEWFIELD EXPLORATION CO. 1.6% HCC INSURANCE HOLDINGS INC. 1.6% EDISON INTERTIOL 1.6% BlackRock Small/Mid-Cap Growth (SA76) SA inception 02/03 Underlying fund inception 10/93 Number of issues 76 P/E ratio 22.4 Investment management fee 0.05% Underlying mutual fund fee 1.35% BlackRock, Inc. $276.0 million Invests primarily in small- and mid-capitalization companies that are less mature and appear to have the potential for rapid growth. The fund looks for companies that have good current or prospective earnings and strong management teams. Aggressive Growth BlackRock Small/Mid-Cap -9.02% -8.39% 8.31% 9.52% 6.05% Growth Russell 2500 Growth Index -7.86% -9.20% 7.40% 11.61% 5.17% Annual returns BlackRock Small/Mid-Cap 2.34% 10.26% 9.33% 15.43% Growth Russell 2500 Growth Index 14.31% 8.17% 12.26% 9.69% DOMESTIC EQUITY 91.1% INTERTIOL EQUITY 6.8 CASH/OTHER 2.1 SKILLSOFT PLC (ADS) 3.7% EXLSERVICE HOLDINGS INC. 2.8% PEDIATRIX MEDICAL GROUP INC. 2.3% IHS INC. CL A 2.1% CKX INC. 2.1% SONICWALL INC. 2.0% SYKES ENTERPRISES INC. 2.0% SHIRE PLC (ADS) 1.9% DELTA PETROLEUM CORP. 1.9% QUANEX CORP. 1.9% 34

37 Conservative Balanced (SA30) SA inception 08/94 Underlying fund inception 08/94 Number of issues 7 P/E ratio LNL/Delaware Investment Advisers $144.0 million Investment management fee 0.75% Underlying mutual fund fee 0.00% Consists of holdings in three different asset classes: stocks, bonds and money market instruments. Bond investments are emphasized for conservative approach. DOMESTIC FIXED INCOME 54.6% DOMESTIC EQUITY 30.8 IN CASH/OTHER 8.3 INTERTIOL EQUITY 6.3 SA12 GOVT/CORP BOND 52.4% SA11 CORE EQUITY 24.3% SA22 INTERTIOL EQUITY 6.3% SA23 LARGE CAP EQUITY 3.4% SA24 SMALL CAP EQUITY 3.1% Growth & Income Conservative Balanced -4.47% -3.52% 3.78% 5.04% 4.75% 20% Russell 1000 Index, 60% LB Agg, -1.90% 1.70% 4.81% 5.35% 5.18% 15% Citigroup 90-Day T-Bill, 5% MSCI EAFE Annual returns Conservative Balanced 8.48% 4.78% 9.30% 5.87% 20% Russell 1000 Index, 60% LB Agg, 5.58% 3.88% 6.78% 6.60% 15% Citigroup 90-Day T-Bill, 5% MSCI EAFE SA14 SHORT TERM 1.2% SA20 HIGH YIELD BOND 1.0% Core Equity (SA11) SA inception 01/82 Underlying fund inception 01/82 Number of issues 106 P/E ratio 14.8 Investment management fee 0.75% Underlying mutual fund fee 0.00% LNL/Delaware Investment Advisers $364.0 million Seeks long-term growth of capital through a broadly diversified portfolio of equity securities primarily of large-cap U.S. issuers. A small percentage of mid-sized U.S. companies may be held. DOMESTIC EQUITY 96.3% CASH/OTHER 3.7 EXXON MOBIL 2.5% MICROSOFT 2.5% JOHNSON & JOHNSON 2.4% PROCTER & GAMBLE 2.1% CISCO SYSTEMS 1.8% Growth Core Equity -9.80% % 3.78% 7.49% 2.38% Russell 1000 Index % % 4.81% 8.22% 3.38% Annual returns Core Equity 12.10% 5.85% 12.63% 6.40% Russell 1000 Index 11.40% 6.27% 15.46% 5.77% CONOCOPHILLIPS 1.8% BANK OF AMERICA 1.7% PEPSICO 1.7% JPMORGAN CHASE 1.6% GENERAL ELECTRIC 1.5% 35

38 Delaware VIP Value (SA61) Investment fund information (as of 06/16/08): Delaware Management Company SA inception 06/96 Underlying fund inception 07/88 $605.0 million Number of issues 33 P/E ratio 13.8 Investment management fee 0.20% Underlying mutual fund fee 0.76% Seeks long-term capital appreciation. Growth & Income Performance 1 (as of 06/30/08): Delaware VIP Value % % 1.76% 6.36% 0.96% Russell 1000 Value Index % % 3.53% 8.92% 4.91% Annual returns Delaware VIP Value Russell 1000 Value Index 16.49% 7.05% 22.25% -0.17% DOMESTIC EQUITY 98.9% CASH/OTHER Performance stated is the performance of SA61, which began in June, Performance is a blend of the previous underlying investment option Delaware Value, which began in June of 1996, and the current underlying investment option Delaware VIP Value Fund, which has been the underlying investment option of SA61 since June, AT&T 3.4% CONOCOPHILLIPS 3.3% GAP 3.3% VERIZON COMMUNICATIONS 3.3% ALLSTATE 3.2% IBM 3.2% SAFEWAY 3.2% DONNELLEY & SONS 3.2% CHEVRON 3.2% MOTOROLA 3.2% Delaware VIP Capital Reserves (SA87) Income SA inception 06/05 Underlying fund inception 07/88 Number of issues 266 P/E ratio Delaware Management Company $52.0 million Investment management fee 0.55% Underlying mutual fund fee 0.62% Seeks a high, stable level of current income while attempting to minimize fluctuations in principal and provide maximum liquidity. Delaware VIP 0.61% 2.80% 2.80% 2.66% 4.17% Capital Reserves Merrill Lynch 1-3 year Treasury 2.10% 7.30% 4.71% 3.29% 4.66% Annual returns Delaware VIP 1.78% 4.53% 4.44% Capital Reserves Merrill Lynch 1-3 year Treasury 1.58% 3.96% 7.32% DOMESTIC FIXED INCOME 84.0% CASH/OTHER 12.6 INTERTIOL FIXED INCOME 3.4 U.S. TREASURY INFLAT % FANNIE MAE % WI TREASURY N/B 2 3.8% FED HOME LN BANK % FEDERAL HOME LOAN BA % FANNIE MAE % NEW JERSEY ST EDL FA 5 0.9% FREDDIE MAC % FRM PL % NEW CINGULAR WIRELESS % 36

39 Delaware VIP Diversified Income (SA93) Income SA inception 05/04 Underlying fund inception 05/03 Number of issues 947 P/E ratio Delaware Management Company $1,025.0 million Investment management fee 0.35% Underlying mutual fund fee 0.73% Seeks maximum long-term total return, consistent with reasonable risk. Through rigorous research, seeks to uphold stringent risk control, including continuous assessments of change: geo-political considerations, governmental policies, currency valuations, business cycles, and interest rates. Delaware VIP 0.54% 4.88% 4.66% 5.32% 5.30% Diversified Income Lehman Bros. Aggregate Bond Index 1.13% 7.12% 4.09% 3.85% Annual returns Delaware VIP 8.28% -0.44% 7.89% 7.61% Diversified Income Lehman Bros. Aggregate Bond Index 4.43% 2.43% 4.33% 6.97% DOMESTIC FIXED INCOME 65.6% INTERTIOL FIXED INCOME 26.9 CASH/OTHER 7.3 DOMESTIC EQUITY 0.3 FGLMC APR TBA 5 2.5% BRAZIL FEDERAL REPUB % BUNDESOBLIGATION % FNCL PL % FNCL APR TBA % FED HOME LN BANK % FANNIE MAE % RUSSIAN FEDERATION % FNCL PL % FNCL PL % Delaware VIP Emerging Markets (SA94) Aggressive Growth SA inception Delaware Management Company 05/04 Underlying fund inception 05/97 $594.5 million Number of issues 166 P/E ratio 11.7 Investment management fee 0.30% Underlying mutual fund fee 1.48% Delaware VIP -8.70% 4.52% 24.19% 30.97% 16.49% Emerging Markets MSCI Emerging Markets Index % 4.89% 27.52% 30.15% 15.51% Annual returns Delaware VIP 33.37% 27.40% 27.05% 38.74% Emerging Markets MSCI Emerging Markets Index 7.41% 34.54% 32.59% 39.78% INTERTIOL EQUITY 99.4% CASH/OTHER 0.6 Seeks to achieve long-term capital appreciation. Invests at least 65% of the fund s total assets in equity securities in at least three different countries that are considered to be emerging or developing. PETROLEO BRASILEIRO SA PETR SPONSORED ADR 3.5% EGRUPO TELEVISA S.A. DE C.V. 3.3% ELETROBRAS SA 3.2% GAZPROM OAO (ADS) 2.9% LUKOIL HOLDINGS (ADS) 2.8% SAMSUNG ELECTRONICS CO. LTD.2.5% COMPANHIA VALE DO RIO DOCE 2.3% EDP-ENERGIAS DO BRASIL S.A. 1.8% PETROCHI CO. LTD. (ADS) 1.6% EVERGREEN MARINE CORP. (TAIWAN) LTD. 1.5% 37

40 Delaware VIP Small Cap Value Series (SA56) Growth SA inception 08/01 Underlying fund inception 12/93 Number of issues 98 P/E ratio 17.9 Investment management fee 0.30% Underlying mutual fund fee 0.81% Delaware Management Company $880.0 million Seeks capital appreciation by investing primarily in stocks of small cap companies whose market values appear low relative to underlying value or future earnings and growth potential. Delaware VIP Small -3.35% % 3.41% 10.83% 7.99% Cap Value Series Russell 2000 Value Index -9.84% % 1.39% 10.02% 7.47% Annual returns Delaware VIP Small 21.42% 9.39% 16.14% -6.60% Cap Value Series Russell 2000 Value Index 22.25% 4.71% 23.48% -9.78% DOMESTIC EQUITY 95.4% CASH/OTHER 4.6 WHITING PETROLEUM 2.7% BRINK S 2.0% FMC 1.9% W-H ENERGY SERVICES 1.8% NEWFIELD EXPLORATION 1.8% CROWN HOLDINGS 1.7% WALTER INDUSTRIES 1.7% BANK OF HAWAII 1.7% SELECTIVE INSURANCE GROUP 1.7% STERIS 1.6% Fidelity VIP Contrafund (SA35) SA inception 01/95 Underlying fund inception 01/95 Number of issues 322 P/E ratio 18.0 Investment management fee 0.15% Underlying mutual fund fee 0.75% Fidelity Management & Research Co. $22,460.0 million Seeks long-term capital appreciation by investing primarily in common stock of companies whose value is believed to be not fully recognized by the public. DOMESTIC EQUITY 84.1% INTERTIOL EQUITY 14.4 CASH/OTHER 1.5 MICROSOFT CORP AMER INTL GROUP INC PROCTER & GAMBLE CO AT&T INC FANNIE MAE CITIGROUP INC BERKSHIRE HATHAWAY INC CL A JUNIPER NETWORKS INC COCA COLA CO CISCO SYSTEMS INC Growth Fidelity VIP Contrafund % -5.50% 8.93% 12.52% 7.21% Russell 3000 Index % % 4.73% 8.37% 3.51% Annual returns Fidelity VIP Contrafund 15.32% 16.82% 11.57% 17.48% Russell 3000 Index 11.95% 6.12% 15.72% 5.14% 38

41 Fidelity VIP Equity-Income (SA57) SA inception 08/01 Underlying fund inception 10/86 Number of issues 280 P/E ratio 13.6 Investment management fee 0.30% Underlying mutual fund fee 0.80% Fidelity Management & Research Co. $9,437.0 million Seeks reasonable income. It will also consider the potential for capital appreciation. The goal is to achieve a yield that exceeds the composite yield on the securities comprising the Standard & Poor s 500 Index. Growth & Income Fidelity VIP Equity-Income % % 3.21% 7.11% 3.38% Russell 3000 Value Index % % 3.34% 8.99% 5.07% Annual returns Fidelity VIP Equity-Income 11.20% 5.55% 19.87% 1.27% Russell 3000 Value Index 16.94% 6.85% 22.34% -1.01% DOMESTIC EQUITY 90.6% INTERTIOL EQUITY 8.9 CASH/OTHER 0.4 DOMESTIC FIXED INCOME 0.1 EXXON MOBIL CORP AT&T INC BANK OF AMERICA CORPORATION JP MORGAN CAHSE & CO GENERAL ELECTRIC CO AMER INTL GROUP INC CHEVRON CORP PFIZER INC CONOCOPHILLIPS CITIGROUP INC Fidelity VIP Growth (SA58) SA inception 08/01 Underlying fund inception 10/86 Number of issues 129 P/E ratio 20.2 Investment management fee 0.30% Underlying mutual fund fee 0.90% Fidelity Management & Research Co. $6,750.0 million Seeks capital appreciation by investing primarily in common stocks, but the Fund is not restricted to any one type of security and may pursue capital appreciation through the purchase of bonds and preferred stocks. BERKSHIRE HATHAWAY INC CL B NOKIA CORP SPON ADR APPLIED MATERIALS INC MEDCO HEALTH SOLUTIONS INC PROCTER & GAMBLE CO MCDERMOTT INTL INC MOSIAC CO ALY CAPITAL MGMT INC REIT WESTERM UNION CO COLGATE-PALMOLIVE CO Growth Fidelity VIP Growth % 0.77% 8.98% 8.71% 3.28% Russell 3000 Growth Index -9.04% -6.38% 5.93% 7.56% 1.08% Annual returns Fidelity VIP Growth 3.11% 5.49% 6.55% 26.58% Russell 3000 Growth Index 6.93% 5.17% 9.46% 11.40% DOMESTIC EQUITY 76.4% INTERTIOL EQUITY 22.8 CASH/OTHER

42 Fidelity VIP Mid Cap (SA84) Fidelity Management & Research Co. SA inception 06/05 Underlying fund inception 12/98 Aggressive Growth Fidelity VIP Mid Cap -6.99% -4.58% 11.13% 17.34% 16.39% $7,874.0 million S&P Mid Cap 400 Index -3.90% -7.33% 7.45% 12.61% Number of issues 1155 P/E ratio 18.7 Investment management fee 0.55% Underlying mutual fund fee 0.67% Seeks long-term growth of capital by investing primarily in common stocks. Annual returns Fidelity VIP Mid Cap 12.63% 15.55% S&P Mid Cap 400 Index 10.32% 7.98% DOMESTIC EQUITY 74.4% INTERTIOL EQUITY 23.7 CASH/OTHER 1.9 NEWMONT MINING CORP GENTEX CORP JUNIPER NETWORKS INC AGCO CORP AMERIPRISE FINCIAL INC KINROSS GOLD CORP WEATHERFORD INT LTD DEERE & CO CORN PROD INTL INC BARRICK GOLD CORP Fidelity VIP Overseas (SA59) SA inception 08/01 Underlying fund inception 01/87 Number of issues 249 P/E ratio 14.4 Investment management fee 0.30% Underlying mutual fund fee 1.10% Fidelity Management & Research Co. $3,197.0 million Seeks long-term capital appreciation by investing in foreign securities of companies whose principal business activities are outside of the United States. Growth Fidelity VIP Overseas % -7.59% 13.89% 16.23% 4.87% MSCI EAFE Index % % 13.34% 17.16% 6.25% Annual returns Fidelity VIP Overseas 13.28% 18.73% 17.72% 17.00% MSCI EAFE Index 20.70% 14.02% 26.86% 11.63% INTERTIOL EQUITY 96.7% CASH/OTHER 3.3 ALSTOM (NEW) MAN GROUP PLC E.ON AG CSL LIMITED ROYAL DUTCH SHELL PLC CL A (UK) VEOLIA ENVIRONNEMENT VODAFONE GROUP PLC TELEFONICA SA ROCHE HLDGS GENUSSSCHEINE BP PLC 40

43 Franklin Small-Mid Cap Growth Securities (SA63) Aggressive Growth SA inception 08/01 Underlying fund inception 11/95 Number of issues 77 P/E ratio 20.1 Investment management fee 0.30% Underlying mutual fund fee 1.00% Franklin Advisers, Inc. $1,110.9 million Seeks long-term capital growth. The Fund normally invests at least 80% of its net assets in investments of small capitalization and mid capitalization companies and normally invests in predominantly in equity securities. Franklin Small-Mid Cap -9.06% % 5.69% 9.04% 4.99% Growth Securities Russell MidCap Growth Index -6.81% -6.42% 8.19% 12.32% 5.64% Annual returns Franklin Small-Mid Cap 11.44% 4.77% 8.67% 11.21% Growth Securities Russell MidCap Growth Index 15.48% 12.10% 10.66% 11.43% DOMESTIC EQUITY 90.0% INTERTIOL EQUITY 5.8 CASH/OTHER 4.2 FLIR SYSTEMS INC 3.1% SMITH INTERTIOL INC 3.0% FLOWSERVE CORP 2.5% MICROSEMI CORP 2.4% FMC TECHNOLOGIES INC 2.3% AMETEK INC 2.2% PRECISION CASTPARTS CORP 2.2% HARRIS CORP 2.2% ORBITAL SCIENCES CORP 2.1% NOBLE ENERGY INC 2.1% Government/Corporate Bond (SA12) SA inception 12/81 Underlying fund inception 12/81 Number of issues 439 P/E ratio LNL/Delaware Investment Advisers $575.0 million Investment management fee 0.75% Underlying mutual fund fee Invests primarily in investment grade fixed-income securities, although a small allocation in below investment grade may be held. Long-term total return is sought with a combination of current income and capital appreciation. Government/Corporate Bond -0.51% 2.83% 3.02% 3.96% 5.71% Lehman Bros. Aggregate Bond Index 1.13% 7.12% 4.09% 3.85% 5.68% Annual returns Government/Corporate Bond 6.85% 3.25% 6.18% 5.15% Lehman Bros. Aggregate Bond Index 4.34% 2.43% 4.33% 6.97% DOMESTIC FIXED INCOME 83.7% INTERTIOL FIXED INCOME 10.4 CASH/OTHER 5.7 DOMESTIC EQUITY 0.2 U.S. TREASURY N/B % FNCL PL % FREDDIE MAC % FANNIE MAE 5 2.6% FGLMC APR TBA 2.3% Income * or since inception US TREASURY N/B % FANNIE MAE % FNCL PL % FHLMC % FREDDIE MAC % 41

44 Guaranteed Account Investment fund information: SA inception 05/83 Underlying fund inception 05/83 Risk Profile: Delaware Investment Advisers The Guaranteed Account is a conservative account because of its minimum interest guarantee. The principal is also guaranteed. These guarantees smooth out the normal volatility of bond investments. The account is backed by the assets of The Lincoln National Life Insurance Company. Lincoln Life is recognized for its high-quality portfolio and reputation for meeting its financial obligations. Profile: All contributions received during the current calendar quarter will be credited with the new money interest rate during the current quarter and the next three succeeding calendar quarters. Interest rates are declared three weeks before each calendar quarter for: Contributions received during the upcoming quarter (called the new money interest rate). Contributions for which initial guarantees have expired (called the portfolio interest rate). Initial guarantees expire on contributions made four calendar quarters ago and prior. Stability of Principal There are restrictions on the amount that can be transferred from the Guaranteed Account in a 12-month period. No more than 20% of the entire Guaranteed Account assets may be transferred in a 12-month period without a market value adjustment. Alternatively, a participant can request to fully liquidate their guaranteed account assets (without a market value adjustment) by means of a 5 year installment plan. High Yield Bond (SA20) SA inception 10/89 Underlying fund inception 10/89 Number of issues 202 P/E ratio LNL/Delaware Investment Advisers $153.0 million Investment management fee 0.75% Underlying mutual fund fee Consists primarily of below-investment-grade (junk) bonds. Below-investment-grade bonds pay a higher rate of interest to the investor to compensate for the increased level of risk. Total return is sought with high current income being the secondary objective. DOMESTIC FIXED INCOME 87.0% INTERTIOL FIXED INCOME 7.8 CASH/OTHER 4.2 DOMESTIC EQUITY 1.1 GMAC LLC % FORD MOTOR CREDIT % NRG ENERGY % DYNEGY HOLDINGS % FTI CONSULTING % Income High Yield Bond -1.88% -3.16% 4.81% 7.39% 6.10% Merrill Lynch High Yield Master Index -1.06% -1.64% 4.57% 6.83% 4.99% Annual returns High Yield Bond 13.59% 4.81% 12.30% 3.07% Merrill Lynch High Yield Master Index 10.76% 2.83% 11.64% 2.19% TXU ENERGY CO 144A(R % KANSAS CITY SOUTHERN % HCA INC % ARAMARK SERVICES INC % POTLATCH CORP % 42

45 LVIP SSgA Bond Index (SAL6) Investment fund information (as of 06/16/08): SA inception 06/08 Underlying fund inception 04/08 Number of issues Lincoln Investment s/ SSgA Funds Management, Inc. Income LVIP SSgA Bond Index -1.44% Lehman Bros. Aggregate Bond Index Annual returns P/E ratio LVIP SSgA Bond Index Investment management fee 0.30% Underlying mutual fund fee 0.45% Lehman Bros. Aggregate Bond Index 4.43% 2.43% 4.33% 6.97% Seeks to match, as closely as practicable before fees and expenses, the performance of the Lehman Brothers Aggregate Bond Index, which is an unmanaged index composed of securities from the Lehman Brothers Government/Corporate Bond Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index including securities that are of investment-grade quality or better and have at least one year of maturity. International Equity (SA22) SA inception 07/85 Underlying fund inception 07/85 Number of issues 51 P/E ratio 10.6 $269.9 million Investment management fee 0.975% Underlying mutual fund fee LNL/Delaware Investment Advisers Seeks long term growth without undue risk to principal. Placing emphasis on securities of non-u.s. companies believed to offer long-term appreciation in a three to five year horizon. Growth International Equity % % 7.11% 13.08% 7.32% MSCI EAFE Index % % 13.34% 17.16% 6.25% Annual returns International Equity 22.05% 13.33% 24.06% 5.51% MSCI EAFE Index 20.70% 14.02% 26.86% 11.63% INTERTIOL EQUITY 99.4% CASH/OTHER 0.6 TOTAL S.A. 3.4% BP PLC 3.2% CGI GROUP INC. 2.8% NOVO NORDISK A/S 2.7% NOKIA CORP. 2.6% ING GROEP N.V. 2.5% CHUNGHWA TELECO. LTD. (ADS) 2.5% SANOFI-AVENTIS S.A. 2.5% BMW AG 2.5% KONINKLIJKE PHILIPS ELECTRONICS N.V. 2.5% 43

46 Janus Aspen Series Large Cap Growth (SA70) Growth SA inception 08/01 Underlying fund inception 09/93 Number of issues 77 P/E ratio 18.2 Investment management fee 0.30% Underlying mutual fund fee 0.92% Janus Capital Management, LLC $1,849.0 million Seeks long-term growth of capital in a manner consistent with the preservation of capital. Invests primarily in common stocks selected for their growth potential. Although it can invest in companies of any size it generally invests in larger, more established issuers. Janus Aspen Series % -6.32% 6.44% 7.54% 1.89% Large Cap Growth Russell 1000 Growth Index -9.06% -5.96% 5.91% 7.32% 0.96% Annual returns Janus Aspen Series 4.19% 4.00% 11.10% 14.75% Large Cap Growth Russell 1000 Growth Index 6.30% 5.26% 9.07% 11.81% DOMESTIC EQUITY 69.2% INTERTIOL EQUITY 26.4 CASH/OTHER 4.4 INBEV N.V CVS/CAREMARK CORP. HESS CORP. CISCO SYSTEMS, INC. EXXON MOBIL CORP. MICROSOFT CORP. CORNING, INC. AES CORP. CELGENE CORP. RESEARCH IN MOTION, LTD. (U.S. SHARES) Janus Aspen Series Mid Cap Growth (SA64) Aggressive Growth SA inception 09/01 Underlying fund inception 09/93 Number of issues 87 P/E ratio 25.1 Investment management fee 0.30% Underlying mutual fund fee 0.93% Janus Capital Management, LLC $813.0 million Seeks long-term growth of capital by investing primarily in common stocks selected for their growth potential and normally invests at least 80% of its equity assets in securities issued by medium-sized companies. Janus Aspen Series -5.88% 1.51% 12.90% 14.95% 5.65% Mid Cap Growth Russell MidCap Growth Index -6.81% -6.42% 8.19% 12.32% 5.64% Annual returns Janus Aspen Series 20.42% 11.99% 13.27% 21.68% Mid Cap Growth Russell MidCap Growth Index 14.00% 12.10% 10.66% 11.43% DOMESTIC EQUITY 81.6% INTERTIOL EQUITY 16.9 CASH/OTHER 1.5 OWENS-ILLINOIS, INC. CROWN CASTLE INTERTIOL CORP. CELGENE CORP. EOG RESOURCES, INC. T.ROWE PRICE GROUP, INC. LAMAR ADVERTISING CO. CLASS A RESPIRONICS, INC. CYPRESS SMICONDUCTOR CORP. POTASH OF SASKATCHEWAN, INC. (U.S. SHARES) BERKSHIRE HATHAWAY, INC. CLASS B 44

47 Large Capitalization Equity (SA23) SA inception 12/85 Underlying fund inception 12/85 Number of issues 29 P/E ratio 18.7 Investment management fee 0.75% Underlying mutual fund fee LNL/Delaware Investment Advisers $198.0 million Seeks maximum capital, primarily appreciation, by investing in the stocks of U.S. companies with low dividend yields, strong balance sheets and high expected earnings growth rates as compared to other companies in the same industry. DOMESTIC EQUITY 98.9% CASH/OTHER 1.1 QUALCOMM 5.7% GENENTECH 5.5% RESEARCH IN MOTION 4.5% INTERCONTINENTALEXCHANGE 4.3% MASTERCARD (CL A) 4.3% Growth Large Capitalization Equity % -8.01% 3.74% 5.30% 0.08% Russell 1000 Growth Index -9.06% -5.96% 5.91% 7.32% 0.96% Annual returns Large Capitalization Equity 3.12% 15.23% 3.26% 13.10% Russell 1000 Growth Index 6.30% 5.26% 9.07% 11.81% UNITEDHEALTH GROUP 4.1% SEAGATE TECHNOLOGY 4.1% GOOGLE (CL A) 4.0% PROCTER & GAMBLE 3.9% CME GROUP (CL A) 3.8% LVIP Cohen & Steers Global Real Estate (SA55) Growth Lincoln Investment s/ Cohen & Steers Capital Management, Inc. SA inception 08/01 Underlying fund inception 04/07 Number of issues 83 P/E ratio $183.0 million Investment management fee 0.30% Underlying mutual fund fee 0.85% Seeks a total return through a combination of current income and long-term capital appreciation by investing primarily in equity securities of companies in the real estate industry located throughout the world, including Real Estate Investment Trusts (REITs) and other publicly traded real estate companies. 1Performance stated is the performance of SA55, which began in August Performance is a blend of the previous underlying investment option Delaware VIP REIT Series and the current underlying investment option LVIP Cohen & Steers Global Real Estate, which has been the underlying investment option of SA55 since June Performance 1 (as of 06/30/08): LVIP Cohen & Steers % % 1.00% 11.11% 10.15% Global Real Estate FTSE EPRA/REIT Global % % 8.26% 17.87% Real Estate Index Annual returns LVIP Cohen & Steers % Global Real Estate FTSE EPRA/REIT Global -6.96% Real Estate Index INTERTIOL EQUITY 57.3% DOMESTIC EQUITY 39.9 CASH/OTHER 2.8 MITSUBISHI ESTATE CO. LTD. 5.6% MITSUI FUDOSAN CO. LTD. 5.2% UNIBAIL-RODAMCO 4.6% LAND SECURITIES GROUP PLC 3.9% SIMON PROPERTY GROUP INC. 3.4% MACERICH CO. 3.3% FEDERAL REALTY INV TRUST 3.2% SUN HUNG KAI PROPERTIES LTD. 3.2% SL GREEN REALTY CORP. 3.0% HENDERSON LAND DEVELOPMENT CO. 2.8% 45

48 LVIP Delaware Social Awareness (SA33) Growth SA inception 05/88 Underlying fund inception 05/88 Number of issues 93 P/E ratio 16.0 Investment management fee 0.30% Underlying mutual fund fee 0.41% Lincoln Investment s/ Delaware Management Company $946.0 million LVIP Delaware -7.84% % 4.77% 9.05% 2.97% Social Awareness Russell 1000 Index % % 4.81% 8.22% 3.38% Annual returns LVIP Delaware 12.67% 11.98% 12.22% 2.91% Social Awareness Russell 1000 Index 11.40% 6.27% 15.46% 5.77% DOMESTIC EQUITY 96.9% CASH/OTHER 3.1 Seeks long-term capital appreciation by investing in stocks of large and medium sized companies that adhere to certain specific social criteria. MICROSOFT 3.1% BANK OF AMERICA 2.9% CISCO SYSTEMS 2.9% HEWLETT-PACKARD 2.8% FLUOR 1.9% SHIRE PLC (ADS) 1.9% TIOL OILWELL VARCO 1.7% NOBLE 1.7% GILEAD SCIENCES 1.6% CVS CAREMARK 1.6% LVIP Delaware Special Opportunities (SAL7) Growth Investment fund information (as of 06/16/08): SA inception 06/08 Underlying fund inception 12/81 Number of issues 130 P/E ratio 15.5 Investment management fee 0.40% Underlying mutual fund fee 0.44% Lincoln Investment s/ Delaware Management Company $743.0 million LVIP Delaware Special -7.49% % 6.29% 13.30% 6.96% Opportunities Russell Midcap Value Index -8.58% % 4.97% 13.00% 8.45% Annual returns LVIP Delaware Special Opportunities Russell Midcap Value Index 23.71% 12.65% 20.22% -1.42% Seeks to maximize long-term capital appreciation, as measured by the change in the value of fund shares over a period of three years or longer. DOMESTIC EQUITY 96.1% CASH/OTHER 3.9 FMC 1.6% MARATHON OIL 1.5% TEXTRON 1.5% HARSCO 1.4% JOHNSON CONTROLS 1.3% PUBLIC SERVICE ENTERPRISE 1.3% PPL 1.3% REYNOLDS AMERICAN 1.3% LOEWS 1.3% NUCOR 1.3% 46

49 LVIP SSgA S & P 500 Index (SA27) Growth Investment fund information (as of 06/16/08): Lincoln Investment s/ SSgA Funds Management, Inc. SA inception 10/97 Underlying fund inception 05/00 Number of issues 499 P/E ratio 16.7 Investment management fee 0.29% Underlying mutual fund fee 0.28% $462.0 million Performance 1 (as of 06/30/08): LVIP SSgA S&P 500 Index % % 3.85% 6.99% 1.14% S&P 500 Index % % 4.41% 7.58% Annual returns LVIP SSgA S&P 500 Index 10.56% 4.66% 15.47% 5.24% S&P 500 Index 10.86% 4.93% 15.79% 5.49% DOMESTIC EQUITY 100% Seeks to approximate as closely as practicable, before fees and expenses, the total rate of return of common stocks publicly traded in the United States, as represented by the S&P 500 Index. 1Performance stated is the performance of SA27, which began in October Performance is a blend of the previous underlying investment option DWS Equity 500 Index VIP and the current underlying investment option LVIP S&P 500 Index, which has been the underlying investment option of SA27 since June Standard & Poor s, S&P 500, Standard & Poor s 500 and 500 are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Lincoln Variable Insurance Products Trust and its affiliates. The product is not sponsored, endorsed, sold or promoted by Standard & Poor s and Standard & Poor s makes no representation regarding the advisability of purchasing the product. EXXON MOBIL CORP 4.0% GENERAL ELECTRIC CO 3.3% AT&T INC 2.0% MICROSOFT CORP 2.0% PROCTER & GAMBLE CO 1.9% JOHNSON & JOHNSON 1.6% CHEVRON CORP NEW 1.6% BANK OF AMERICA CORP 1.5% IBM 1.4% JP MORGAN CHASE & CO 1.3% LVIP SSgA Small-Cap Index (SA36) Aggressive Growth Investment fund information (as of 06/16/08): SA inception 08/97 Underlying fund inception 04/86 Number of issues 1923 P/E ratio 25.3 Investment management fee 0.15% Underlying mutual fund fee 0.46% Lincoln Investment s/ SSgA Funds Management, Inc. $154.0 million Performance 1 (as of 06/30/08): LVIP SSgA Small-Cap Index -9.61% % 3.12% 9.60% 6.04% Russell 2000 Index -9.37% % 3.79% 10.29% Annual returns LVIP SSgA Small-Cap Index 17.73% 4.25% 17.46% -2.04% Russell 2000 Index 18.33% 4.55% 18.37% -1.57% DOMESTIC EQUITY 100.0% Seeks to approximate, as closely as practicable before fees and expenses, the performance of the Russell 2000 Index, which emphasizes stocks of small U.S. companies. 1Performance stated is the performance of SA36, which began August Performance is a blend of the previous underlying investment option DWS Small Cap Index, and the current underlying investment option LVIP Small Cap Index, which has been the underlying investment option of SA36 since June HOLOGIC INC 0.6% CF INDS HLDGS INC 0.5% PRICELINE COM INC 0.4% ILLUMI INC 0.4% FLIR SYS INC 0.4% EXTERRAN HOLDGS INC 0.3% PETROHAWK ENERGY COR 0.3% BUCYRUS INTL INC NEW 0.3% BIOMARIN PHARMACEUTICAL 0.3% FTI CONSULTING INC 0.3% 47

50 LVIP Templeton Growth (SA62) Lincoln Investment s/ Templeton Investment Counsel, LLC SA inception 08/01 Underlying fund inception 08/85 Number of issues 119 P/E ratio 12.2 Investment management fee 0.20% Underlying mutual fund fee 1.02% $237.8 million Seeks long-term capital growth through a flexible pricing policy of investing primarily in stocks of companies organized in the United States or in any foreign nation. Growth Performance 1 (as of 06/30/08): LVIP Templeton Growth % % 6.54% 10.97% 6.00% MSCI World Index % % 9.44% 12.54% Annual returns LVIP Templeton Growth 15.98% 8.84% 21.92% 5.72% MSCI World Index 15.75% 10.02% 20.65% 9.57% INTERTIOL EQUITY 68.3% DOMESTIC EQUITY 26.1 CASH/OTHER 5.6 1Performance stated is the performance of SA62, which began in August Performance is a blend of the previous underlying investment option FTVIPT Templeton Growth Securities and the current underlying investment option LVIP Templeton Growth, which has been the underlying investment option of SA62 since June TELEFONICA SA 1.8% FRANCE TELECOM SA 1.6% SAMSUNG ELECTRONICS CO LTD 1.6% TELENOR ASA 1.5% SINGAPORE TELECOMMUNICATIONS LTD 1.5% TOTAL SA 1.5% PFIZER INC 1.4% ROYAL DUTCH SHELL 1.4% VODAFONE GROUP PLC 1.4% BP PLC 1.3% Medium Capitalization Equity (SA17) Aggressive Growth LNL/T. Rowe Price Associates, Inc. SA inception 01/82 Underlying fund inception 01/82 $130.0 million Number of Issues 296 P/E ratio 15.7 Investment management fee 0.75% Underlying mutual fund fee 0.00% Medium Capitalization Equity -5.91% -4.39% 8.60% 11.13% 2.64% Russell Midcap Growth Index -6.81% -6.42% 8.19% 12.32% 5.64% DOMESTIC EQUITY 99.7% CASH/OTHER 0.3 Annual returns Medium Capitalization Equity 15.57% 10.41% 10.04% 13.95% Russell Midcap Growth Index 15.48% 12.10% 10.66% 11.43% Includes stock of medium-sized companies that have strong financial characteristics. The objective of the account is maximum long-term total return. WEATHERFORD INT LTD 0.9% YUM! BRANDS 0.9% FLUOR 0.8% MCDERMOTT INT INC 0.8% WILLIAMS COS INC 0.8% NYMEX HOLDINGS 0.8% SMITH INTERTIOL INC 0.8% RED HAT 0.8% CORE LABORATORIES NV 0.8% MURPHY OIL CORP 0.8% 48

51 MFS VIT Growth Series (SA65) Massachusetts Financial Services Co. SA inception 08/01 Underlying fund inception 07/95 $640.0 million Number of issues 138 P/E ratio 21.9 Investment management fee 0.30% Underlying mutual fund fee 0.87% Aggressive Growth MFS VIT Growth Series -4.86% 3.25% 11.06% 11.11% 2.98% Russell 3000 Growth Index -9.04% -6.38% 5.93% 7.56% 1.08% Annual returns MFS VIT Growth Series 12.92% 9.16% 7.87% 21.11% Russell 3000 Growth Index 6.93% 5.17% 9.46% 11.40% DOMESTIC EQUITY 96.7% CASH/OTHER 3.3 The Series seeks to provide long-term growth of capital by investing in companies that are expected to show earnings growth over time well above the growth rate of the overall economy and inflation, and have the products, technologies, management, market, and other characteristics usually necessary to become more widely recognized as growth companies. VERISIGN INC. GOOGLE INC. (CL A) AMERICA MOVIL ADR PEPSICO INC. GENZYME CORP. NESTLE LOCKHEED MARTIN CORP. DAHER CORP. INTEL CORP. XTO ENERGY INC. MFS VIT Utilities Series (SA67) SA inception 08/01 Underlying fund inception 01/95 Number of issues 98 P/E ratio 16.7 Investment management fee 0.30% Underlying mutual fund fee 0.82% Massachusetts Financial Services Co. $2,420.0 million Seeks capital growth and current income (income above that available from a portfolio invested entirely in equity securities). Growth MFS VIT Utilities Series -2.04% 5.26% 20.79% 22.61% 11.11% S&P 500 Utilities Index -2.76% 6.63% 12.50% 16.98% 6.77% Annual returns MFS VIT Utilities Series 30.11% 16.79% 31.17% 27.82% S&P 500 Utilities Index 19.92% 3.10% 20.99% 19.38% INTERTIOL EQUITY 99.0% CASH/OTHER 1.0 NRG ENERGY INC. EQUITABLE RESOURCES INC. AT&T INC. E.ON AG SEMPRA ENERGY ROGERS COMM INC. (CL B) AMERICA MOVIL ADR WILLIAMS COS. EL PASO CORP. AMERICAN ELECTRIC POWER CO. INC. 49

52 Neuberger Berman AMT Mid-Cap Growth (SA37) Aggressive Growth SA inception 11/97 Underlying fund inception 11/97 Number of issues 104 P/E ratio 23.1 Investment management fee 0.15% Underlying mutual fund fee 0.89% Neuberger Berman Management, Inc. $683.0 million The portfolio seeks growth of capital by investing mainly in common stocks of mid-cap companies using a growth-oriented investment approach. Neuberger Berman % -7.23% 11.19% 13.21% 5.66% AMT Mid-Cap Growth Russell Midcap Growth Index -6.81% -6.42% 8.19% 12.32% 5.64% Annual returns Neuberger Berman 16.29% 13.71% 14.50% 22.30% AMT Mid-Cap Growth Russell Midcap Growth Index 15.48% 12.10% 10.66% 11.43% DOMESTIC EQUITY 99.2% CASH/OTHER 0.8 DENBURY RESOURCES 2.5% RANGE RESOURCES 2.4% HOLOGIC, INC. 2.2% ACTIVISION, INC. 2.1% COGNIZANT TECH SOLUTIONS 1.9% INTUITIVE SURGICAL 1.8% PRECISION CASTPARTS 1.8% XTO ENERGY 1.7% C. R. BARD 1.6% MASTERCARD, INC. CLASS A 1.6% LVIP Mid-Cap Value (SA38) Investment fund information (as of 06/16/08): LIA/Wellington Management Company, LLP SA inception 01/99 Underlying fund inception 05/01 $26.0 million Number of issues 123 P/E ratio 16.4 Investment management fee 0.00% Underlying mutual fund fee 1.11% Seeks long-term capital appreciation. Growth Performance 1 (as of 06/30/08): LVIP Mid-Cap Value -7.65% % 4.65% 11.87% 8.44% Russell 2500 Value Index -8.58% % 4.97% 13.00% Annual returns LVIP Mid-Cap Value Russell 2500 Value Index 23.71% 12.65% 20.22% -1.42% DOMESTIC EQUITY 92.5% INTERTOL EQUITY 6.4 CASH/OTHER Performance stated is the performance of SA38, which began in August, Performance is a blend of the previous underlying investment options Neuberger Berman Partners which was the underlying investment option from August, 1999 to August 2001, Neuberger Berman Regency, which was the underlying investment option of SA38 from August, 2001 to July, 2008, and LVIP Mid Cap Value, which has been the underlying investment option of SA38 since June, AAR CORP. 1.3% ROFIN-SIR TECHNOLOGIES INC. 1.2% PLATINUM UNDERWRITERS HLDGS 1.2% ACTUANT CORP (CIA) 1.2% OWENS & MINOR INC. 1.2% BE AEROSPACE INC. 1.2% OMEGA HEALTHCARE INVESTORS 1.2% ALEXANDRIA REAL ESTATE EQUITIES 2.2% AGCO CORP. 1.1% MASSEY ENERGY CO. 1.1% 50

53 LVIP SSgA International Index (SAL5) Investment fund information (as of 06/16/08): SA inception 06/08 Underlying fund inception 04/08 Number of issues P/E ratio Lincoln Investment s/ SSgA Funds Management, Inc. Investment management fee 0.30% Underlying mutual fund fee 0.45% Growth LVIP SSgA International -7.35% Index MSCI EAFE Index Annual returns LVIP SSgA International Index MSCI EAFE Index 11.40% 6.27% 15.46% 5.77% Seeks to approximate, as closely as practicable before fees and expenses, the performance of a broad market index of non-u.s. foreign securities. Short Term (SA14) The Lincoln National Life Insurance Co. SA inception 01/82 Underlying fund inception 01/82 $804.6 million Number of issues 46 P/E ratio Investment management fee 0.75% Underlying mutual fund fee DOMESTIC FIXED INCOME 100.0% Stability of Principal Short Term 1.43% 3.86% 4.16% 2.91% 3.45% Citigroup 90-Day Treasury Bill Index 1.11% 3.32% 4.11% 3.06% 3.47% Annual returns Short Term 1.41% 3.32% 5.17% 5.45% Citigroup 90-Day Treasury Bill Index 1.24% 3.00% 4.76% 4.74% Includes high quality short-term obligations issued by U.S. corporations, the U.S. government and federally chartered banks and U.S. branches of foreign banks. ARCHER DANIELS MIDLAND 4.8% ING FUNDING 4.7% WELLS FARGO 4.6% AEGON NV 4.6% ARMY & AIR FORCE EXHC SVCS 4.6% BARCLAYS US FUNDING CORP ST 4.4% CITIGROUP FUNDING INC 4.4% TIOL RURAL UTIL COOP ST 4.4% AMERICAN EXPRESS CENTURION BK 4.3% BANK OF THE WEST 4.3% 51

54 Small Capitalization Equity (SA24) SA inception 12/86 Underlying fund inception 12/86 Number of issues 73 P/E ratio 26.6 Investment management fee 0.75% Underlying mutual fund fee LNL/Delaware Investment Advisers $156.0 million Seeks long-term capital appreciation by investing primarily in stocks of small growth oriented or emerging companies that, in the manager s view, are responsive to changes within the marketplace and have the fundamental characteristics to support continued growth. DOMESTIC EQUITY 98.3% CASH/OTHER 1.7 UNITED THERAPEUTICS 3.3% DATA DOMAIN 2.5% MICROSEMI 2.4% WRIGHT MEDICAL GROUP 2.4% SOLERA HOLDINGS 2.3% Aggressive Growth Small Capitalization Equity % % 4.15% 7.51% 6.45% Russell 2000 Growth Index -8.93% % 6.08% 10.37% 2.80% Annual returns Small Capitalization Equity 13.89% 6.14% 7.96% 11.57% Russell 2000 Growth Index 14.31% 4.15% 13.35% 7.05% OMNITURE 2.2% WADDELL & REED FINCIAL 2.2% J. CREW GROUP 2.0% MIDDLEBY 1.9% CORE LABORATORIES N.V. 1.9% Templeton Global Income Securities (SA86) Income SA inception 06/05 Underlying fund inception 01/89 Number of issues 78 P/E ratio Franklin Advisers, Inc. $975.8 million Investment management fee 0.55% Underlying mutual fund fee 0.64% Seeks high current income, consistent with preservation of capital with capital appreciation as a secondary consideration. The fund invests mainly in the debt securities of governments and their political subdivisions and agencies, supranational organizations, and companies located anywhere in the world, including emerging markets. Templeton Global 0.99% 6.01% 8.10% 8.27% 7.77% Income Securities JP Morgan Global 4.76% 16.72% 6.02% 6.25% 6.41% Government Bond Index Annual returns Templeton Global -2.86% 13.07% 11.22% Income Securities JP Morgan Global -6.53% 5.94% 10.81% Government Bond Index INTERTIOL FIXED INCOME 79.4% CASH/OTHER 20.6 GOVERNMENT OF SWEDEN 6.3% KOREA TREASURY BOND 6.1% KFW BANKENGRUPPE, FRN 4.7% GOVERNMENT OF FRANCE 4.5% OESTERREICHISCHE KONTROLLBANK AG 4.1% GOVERNMENT OF MALAYSIA 3.5% EUROPEAN INVBANK, FRN 3.1% KOREA TREASURY BOND 3.0% GOVERNMENT OF SINGAPORE 2.7% GOVERNMENT OF SWEDEN 2.6% 52

55 Value Equity (SA28) Investment fund information (as of 06/16/08): SA inception 08/93 Underlying fund inception 08/93 Number of issues 74 P/E ratio 12.0 LNL/Massachusetts Financial Services Co. $83.4 million Investment management fee 0.75% Underlying mutual fund fee 0.00% Invests in stocks of large, high-quality, dividend paying well-known companies that are bought at low prices but have strong earnings potential. Growth & Income Value Equity % % 3.23% 7.37% 1.52% Russell 1000 Value Index % % 3.53% 8.92% 4.91% Annual returns Value Equity 12.17% 6.06% 19.25% 3.19% Russell 1000 Value Index 16.49% 7.05% 22.25% -0.17% DOMESTIC EQUITY 97.1% CASH/OTHER 1.7 INTERTOL EQUITY 1.2 EEXXON MOBIL 4.8% AT & T 3.9% GENERAL ELECTRIC 3.8% CHEVRON CORP 3.7% CONOCOPHILLIPS 3.1% JP MORGAN CHASE 2.9% BANK OF AMERICA 2.9% PROCTER & GAMBLE 2.5% VERIZON 2.3% HEWLETT-PACKARD 2.0% 53

56 Investment profile disclosure statement When used as supplemental sales literature, the Investment Profile must be accompanied by this disclosure statement. group variable annuity is a contract issued on policy form #19476 (and variations thereof) by The Lincoln National Life Insurance Company, Fort Wayne, IN, and is distributed by broker/dealers with selling agreements. Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Not all investment options are available in all plans because some accounts may not be offered by your employer. Performance Quoted performance data represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor s unit values, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please obtain the most recent month-end performance by calling or visiting our Web site at Please keep in mind that high double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that recent returns were primarily achieved during favorable market conditions. The investment management and group variable annuity contract fees are not included in the annualized returns. Expense waivers and/or reimbursements are currently in effect and performance would have been lower if they did not apply. Had these fees been reflected, the results would have been lower. The annualized returns do take into account any applicable distributions and deductions from the underlying mutual fund. Contact your plan administrator for fee information specific to your company s retirement plan. Fees There is an investment management fee for each separate account that ranges from 0.05% to 0.975%. If there is an underlying mutual fund, there is a fund fee, which is the expense ratio of the underlying mutual fund. Investment risk Foreign securities portfolios/emerging markets portfolios: Portfolios that invest in foreign securities involve special additional risks. These risks include, but are not limited to: currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets can accentuate these risks. Sector portfolios: Portfolios that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks. Nondiversified portfolios: Portfolios that invest assets in a single issuer or a few issuers involve additional risks, including share price fluctuations, because of the increased concentration of investment. Small-cap portfolios: Portfolios that invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced a greater degree of market volatility than the overall market average and may be less liquid than larger companies. Mid-cap portfolios: Portfolios that invest in companies with market capitalization below $10 billion involve additional risks. The securities of these companies may be more volatile and less liquid than the securities of larger companies. High-yield bond portfolios: Portfolios that invest in less-thaninvestment-grade-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility and increased risk of default. REITs: The value of the shares of a REIT fund will fluctuate with the value of the underlying assets (real estate properties). There are special risk factors associated with REITs, such as interest rate risk and the illiquidity of the real estate market. Guaranteed Account: The guarantee is based on the ability of The Lincoln National Life Insurance Company to meet its financial obligations. 54

57 National Organizers Alliance Retirement Pension Plan NOAD

58 OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). OR (complete the section below ONLY IF you did not select one of the Lincoln Profile funds above) (Any selections made without a whole percentage or those that do not equal 100% will result in all contributions being assigned to the ) Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Please complete OR section in full (not both sections). Conservative % (SA99) Guaranteed (1) % (SA14) Short Term Moderately Conservative % (SA92) American Century VP Inflation Protection % (SA87) Delaware VIP Capital Reserves % (SA93) Delaware VIP Diversified Income % (SA12) Government/Corporate Bond % (SA20) High Yield Bond % (SAL6) LVIP SSgA Bond Index % (SA86) Templeton Global Income Securities Moderate % (SA32) Aggressive Balanced % (SA19) AllianceBernstein VPS Growth and Income % (SA49) American Funds Ins Series Growth - Income % (SA21) Balanced % (SA80) BlackRock Large Cap Value % (SA30) Conservative Balanced % (SA61) Delaware VIP Value % (SA57) Fidelity VIP Equity-Income % (SAL1) LVIP Wilshire 2010 Profile % (SAL2) LVIP Wilshire 2020 Profile % (SAL3) LVIP Wilshire 2030 Profile % (SA95) LVIP Wilshire Conservative Profile % (SA96) LVIP Wilshire Moderate Profile % (SA97) LVIP Wilshire Moderately Aggressive Profile % (SA28) Value Equity Moderately Aggressive % (SA39) AllianceBernstein VPS Small/Mid Cap Value % (SA34) American Funds Ins Series Global Growth % (SA48) American Funds Ins Series Growth % (SA54) American Funds Ins Series International % (SA81) BlackRock Capital Appreciation % (SA83) BlackRock Mid-Cap Value Equity % (SA11) Core Equity % (SA56) Delaware VIP Small Cap Value Series % (SA35) Fidelity VIP Contrafund % (SA58) Fidelity VIP Growth % (SA59) Fidelity VIP Overseas % (SA22) International Equity % (SA70) Janus Aspen Series Large Cap Growth % (SA23) Large Capitalization Equity % (SA55) LVIP Cohen & Steers Global Real Estate % (SA33) LVIP Delaware Social Awareness % (SAl7) LVIP Delaware Special Opportunities % (SA38) LVIP Mid-Cap Value % (SAL5) LVIP SSgA International Index % (SA27) LVIP SSgA S&P 500 Index % (SA29) LVIP T. Rowe Price Growth Stock % (SA62) LVIP Templeton Growth % (SAL4) LVIP Wilshire 2040 Profile % (SA98) LVIP Wilshire Aggressive Profile % (SA67) MFS VIT Utilities Series Aggressive % (SA31) AllianceBernstein VPS Global Technology % (SA46) American Funds Ins Series Global Small Capitalization % (SA75) BlackRock Aurora % (SA77) BlackRock Global Resources % (SA76) BlackRock Small/Mid-Cap Growth % (SA94) Delaware VIP Emerging Markets % (SA84) Fidelity VIP Mid Cap % (SA63) Franklin Small-Mid Cap Growth Securities % (SA64) Janus Aspen Series Mid Cap Growth % (SA36) LVIP SSgA Small-Cap Index % (SA17) Medium Capitalization Equity % (SA65) MFS VIT Emerging Growth Series % (SA37) Neuberger Berman AMT Mid-Cap Growth % (SA24) Small Capitalization Equity 100% = Total Time-based funds [ ] 100% (SAL1) LVIP Wilshire 2010 Profile [ ] 100% (SAL2) LVIP Wilshire 2020 Profile [ ] 100% (SAL3) LVIP Wilshire 2030 Profile [ ] 100% (SAL4) LVIP Wilshire 2040 Profile Risk-based funds [ ] 100% (SA95) LVIP Wilshire Conservative Profile [ ] 100% (SA96) LVIP Wilshire Moderate Profile [ ] 100% (SA97) LVIP Wilshire Moderately Aggressive Profile [ ] 100% (SA98) LVIP Wilshire Aggressive Profile (1) There are restrictions on the amount that can be transferred from the Guaranteed Account in a 12-month period. 56

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60 A tradition of integrity At Lincoln Financial Group, we have a heritage of helping companies find solutions to their funding and benefit needs with the same honesty, integrity, and responsibility that you d expect from our namesake. It s a legacy that we proudly and respectfully continue each day. The strength of Lincoln Financial Group affiliates We believe our continued commitment to strength and stability is indispensable to who we are and critical to your confidence in us. We are a proven industry leader in identifying and delivering sophisticated financial strategies and product solutions for the creation, protection, and utilization of capital. We are committed to assist companies in helping their employees and their families redefine their retirement because we don t believe retirement is an end it s an opportunity for everyone to start doing what they were meant for all along. Lincoln Financial Group 1300 South Clinton Street Fort Wayne, IN Lincoln National Corporation Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Affiliates are separately responsible for their own financial and contractual obligations. DIR-ENROLLKIT 10/07 LFD group variable annuity is a contract issued on policy form #19476 (and variations thereof) by The Lincoln National Life Insurance Company, Fort Wayne, IN, and is distributed by broker/dealers with selling agreements. Product and features subject to state availability. Not for use in New York Not a Deposit Not FDIC Insured Not Guaranteed by Any Bank May Lose Value Not Insured by Any Federal Government Agency