Wealth protection with added growth potential Lincoln OptiPoint® fixed indexed annuity Presenter Name Presenter Title Date of Presentation Insurance products issued by: The Lincoln National Life Insurance Company

Retirement Income challenges Effect of market risk — Reacting emotionally to market swings can lead to compromising long-term retirement security. Inflation erodes assets — Based on historical rates, you’ll need over $98,507 in 25 years just to maintain a present-day $50,000 lifestyle (U.S. Bureau of Labor Statistics, June 2013). Outliving your money — One member of a 65-year-old couple today has a 50% chance of living to age 90. (Society of Actuaries, Simple Life Expectancy Calculator, www.soa.org). Impact of taxes — A solid strategy may help manage the impact of taxes on your retirement savings and income. Rising costs of healthcare — Healthcare expenses, including the high cost of long-term care, tend to rise faster than inflation. You might not realize that the retirement landscape is changing. What worked in the past may not work in the future. With risks such as inflation, rising healthcare costs, unpredictable tax rates, and market uncertainties, you need a retirement income plan that’s nimble yet dependable—a plan that helps protect your lifestyle and can last a lifetime. <Read through risk topics>

How can Lincoln fixed indexed annuities help? Wealth preservation Growth potential Guarantees Income A strong and reputable company Preparing for retirement with a Lincoln fixed indexed annuity with a living benefit rider may help lessen the impact of the risks mentioned on the previous slide, as well provide you with guaranteed growth and a guaranteed stream of income you can’t outlive. [READ SLIDE.] All guarantees, including those for optional benefits, are subject to the claims-paying ability of The Lincoln National Life Insurance Company.

Balancing risk and reward Let’s begin by talking about where traditional financial products fall on the risk–reward spectrum. Many investors are faced with this dilemma when preparing for a long-term retirement: Should they risk more to potentially gain more value, or should they opt for safer products and get less reward in return? Investing in the market, such as stocks, bonds, and mutual funds, gives you the opportunity to capture higher returns in an up market; but should a down market occur, you risk losing a significant portion of your assets. On the other hand, placing money in bank products, such as CDs, savings and money market accounts, assures you a consistent return. However, when it comes to living off retirement assets, taking such a conservative approach may not allow you to keep pace with inflation, especially if you end up living through a long retirement. With fixed indexed annuities, you can achieve a more balanced approach to growing and protecting retirement assets. The next few slides will go into more detail about how you can grow assets without worrying about losing money. *If you do not withdraw the premium payment(s) or any interest from the annuity, and if you have not purchased any riders, the value of your money cannot go down. Guarantees, including those for optional features, are subject to the claims-paying ability of The Lincoln National Life Insurance Company.

Wealth preservation and growth Lincoln OptiPoint® fixed indexed annuity Now let’s talk about growth potential. Lincoln OptiPoint ® fixed indexed annuity offers four interest crediting accounts. [CLICK] The Fixed Account [CLICK] And three indexed accounts: - The Performance Triggered Indexed Account The 2-Year Point-to-Point Indexed Account The 2-Year Monthly Cap Indexed Account You can reallocated your funds among any or all of these four accounts upon each contract anniversary with a 25-day post-anniversary window. Let’s take a deeper look into how the each of these accounts work. Performance Triggered Indexed Account 2-Year Point-to-Point Indexed Account 2-Year Monthly Cap Indexed Account The Fixed Account

An added bonus Lincoln OptiPoint® 8 Lincoln OptiPoint® 10 Premium bonus for additional growth* Lincoln OptiPoint® 8 Premium bonus (years 1–3) Total premium received: Less than $100,000: 2.00% $100,000 or more: 3.00% Lincoln OptiPoint® 10 Premium bonus (years 1–4) Total premium received: Less than $100,000: 3.00% $100,000 or more: 4.00% [READ SLIDE.] *Bonus rates are subject to change.

Fixed Account Money allocated to this account will always accumulate regardless of any index performance Fixed interest rate stated in advance Interest is credited and compounded daily One-year guarantee [READ SLIDE.] A new fixed rate is declared annually and will never be less than 1%. Guarantees are subject to the claims-paying ability of The Lincoln National Life Insurance Company.

Performance Triggered Indexed Account The Performance Triggered Indexed Account compares the value of the S&P 500 Index at the beginning and end of the indexed term. If the percentage change of the two values is positive or 0%, then the account is credited with the specified rate. If the percentage change is negative, 0% interest is credited to the account, protecting your principal. [TALK THROUGH CHART.] The Performance Triggered Indexed Account is not available for contracts issued in the state of Washington. Indexed interest is credited at the end of the indexed term and is compounded annually. Amounts withdrawn (including amounts paid as a death benefit) before the end of an indexed term will not receive indexed interest for that indexed term. A new specified rate is declared for each one-year indexed term and will never be less than 1.25%. Specified rates are declared by The Lincoln National Life Insurance Company at its discretion. Subsequent specified rates may be higher or lower than the initial ones and may be different from those used for new contracts. The S&P 500 Index is a price index and does not reflect dividends paid on the underlying stocks. It is not possible to invest directly in an index.

2-year point-to-point indexed account End of 2-year term Start The 2-Year Point-to-Point Indexed Account credits and compounds interest at the end of the two-year indexed term. The S&P 500 Index value at the end of the indexed term is compared to the index value at the beginning of the indexed term. If the percentage change of those two values is positive, your account would earn the full percentage change, up to an indexed interest cap. Interim ups and downs are irrelevant. Remember, this product is designed to protect wealth from loss. So if the percentage change is negative, your account would be credited with 0% interest. [TALK THROUGH CHART.] Indexed interest is credited at the end of the two-year indexed term and compounded every two years. Amounts withdrawn (including amounts paid as a death benefit) before the end of an indexed term will not receive indexed interest for that indexed term. A new indexed interest cap is declared for each two-year indexed term and will never be less than 3%. Indexed interest caps are declared by The Lincoln National Life Insurance Company at its discretion. Subsequent indexed interest caps may be higher or lower than the initial ones and may be different from those used for new contracts. The S&P 500 Index is a price index and does not reflect dividends paid on the underlying stocks. It is not possible to invest directly in an index.

TWO-year Monthly Cap Indexed Account The percentage change of the S&P 500 Index is calculated for each month during the two-year indexed term. The percentage change, up to the monthly indexed cap, will be recorded for each of the 24 months. (No minimum applies if the percentage change is negative.) If the sum of the 24 monthly percentages is positive, the full percentage change is credited to the account. If the 24-month sum is zero or negative, 0% is credited, and there will be no loss to your account. Gains from any previous periods will remain intact. We’ll look at a hypothetical example of this account on the next slide. [TALK THROUGH CHART.] Indexed interest is credited at the end of the indexed term and is compounded every two years. Amounts withdrawn (including amounts paid as a death benefit) before the end of an indexed term will not receive indexed interest for that indexed term. A new monthly indexed cap, which can never be less than 1%, is declared for each two-year indexed term. Interest rates, specified rates, and indexed interest caps are declared by The Lincoln National Life Insurance Company at its discretion. Subsequent interest rates, specified rates, and indexed interest rate caps may be higher or lower than the initial ones and may be different from those used for new contracts. The S&P 500 Index is a price index and does not reflect dividends paid on the underlying stocks. It is not possible to invest directly in an index.

two-Year Monthly Cap example Hypothetical example assuming monthly cap of 2.5% Months Actual monthly percentage Percent change with monthly cap 1 4% 2.50% 13 1% 2 1.70% 14 −5.00% 3 −3.10% 15 3.30% 4 5.20% 16 4.20% 5 2.20% 17 1.80% 6 −4.20% 18 −1.30% 7 2.30% 19 5.40% 8 4.10% 20 2.00% 9 2.10% 21 −1.50% 10 −1.10% 22 −7.20% 11 2.90% 23 1.50% 12 1.20% 24 6.30% Sum = 12.4% Let’s look at how the monthly cap works. As you can see, all of the circled percentages in the “Actual monthly percentage column” exceeded the cap being offered. In these months we record the cap as the percentage change. The final step is to add these percentages together (subtracting any negative months) to arrive at the amount of interest credited. Hypothetical example for illustrative purposes only.

Wealth preservation—power of zero S&P 500 Index volatility A Lincoln fixed indexed annuity will never credit below zero. Market ups and downs are impossible to predict. Take a look at the chart, which shows the annual percentage change that the S&P 500 Index has experienced over the past 50 years. <CLICK> When you own a Lincoln OptiPoint® fixed indexed annuity, you can put your hand over the bottom portion of the chart, because your account will never credit below zero. This is the power zero. Data source: FRED, Federal Reserve Economic Data from March 6, 2014, Federal Reserve Bank of St. Louis: S&P 500 Index Percentage change from the previous year. A fixed indexed annuity credits 0% in down years and has the potential to credit indexed interest in up years, as provided by the contract. You cannot directly invest in any index. Past performance does not guarantee future results.

Can I get guarantees for my money? Premium guarantee plus minimum growth when contract is surrendered after the surrender charge period Keep your contract for the entire surrender period Interest calculated at guaranteed minimum rate of return You want to know that your money will be there. Lincoln OptiPoint® fixed indexed annuity guarantees your principal in the event that you end up with little or no gains in your contract. If you keep your contract for the entire surrender period, you will, upon surrender, receive at least your premium plus interest calculated at a guaranteed minimum rate of return. Even if the indexed accounts repeatedly earn 0%, you can feel confident knowing that as long as your surrender charge period is over, you are guaranteed to get your principal back if you cancel your contract at that time. Keep in mind that if you cancel prior to the end of the contract period, a surrender charge (which varies depending on the Lincoln OptiPoint contract purchased) and a market value adjustment may apply. If surrendered during the surrender charge period, the surrender charge and MVA will apply, which will affect the guaranteed minimum. If surrendered after the surrender charge period, no surrender charge or MVA will apply. Guarantees are subject to the claims-paying ability of The Lincoln National Life Insurance Company. Underlying guarantees are based on 100% of premium.

Protection in times of need Protection for loved ones Death benefit Nursing home and terminal illness benefits You may be very healthy, but you may have concerns about unforeseen health events that may come to pass in the future. You may ask what would happen if you became seriously ill or unable to live independently. If so, your Lincoln fixed indexed annuity offers nursing home and terminal illness benefits. You can exercise the benefits after the first contract year, and there is no age limit on when you can use them. The nursing home and terminal illness benefits are available as long as you own the contract. You are also likely to ask, “What if I should die while I own this?” There is one thing that can happen in this circumstance. Your beneficiary is responsible for taxes on money received from the contract. As long as you (the owner) do not limit how the proceeds are paid out, your beneficiary can even elect the income payment stream he or she prefers, which is handy for tax purposes. Guarantees are subject to the claims-paying ability of The Lincoln National Life Insurance Company. NOTE: These benefits are provided by riders included with the contract, subject to approval in the state of sale. The nursing home benefit is not available on contracts issued in Massachusetts.

The details Issue ages: 0 to 85 for both Lincoln OptiPoint® 8 and Lincoln OptiPoint® 10 $10,000 minimum premium $1,000,000 maximum premium without prior Home Office approval Market Value Adjustment (MVA) Applies during surrender charge period only. Does not apply to 10% annual free withdrawal, the death benefit, annuitized contracts, or contracts issued in selected states. [READ SLIDE.] Surrender charge schedule (% of accumulation value surrendered after MVA*) Contract year 1 2 3 4 5 6 7 8 9 10 11+ Lincoln OptiPoint® 8 9% 8% 7% 6% 5% 4% 3% 2% 0% Lincoln OptiPoint® 10 10% 1% *See the “Examples of Market Value Adjustment (MVA) and Surrender Charge Calculations” fact sheet for additional details.

How many ways can you take income? Withdrawal option How it works 10% free withdrawal amount   10% of contract value is available each contract year during the surrender charge period without charge. Systematic withdrawals from the Fixed Account Withdrawals can be taken annually, semiannually, quarterly or monthly. Required minimum distributions (RMDs) beginning at age 70½ RMDs from any qualified plans. You can the take full RMD amount without a penalty. Annuitization—Convert contract to a defined income stream Receive tax-advantaged payments for a period of time or for life. Once income starts, it cannot be stopped. Lincoln Lifetime IncomeSM Edge guaranteed lifetime income Elect this optional withdrawal feature that guarantees lifetime income, available for an additional 0.95% (1.50% maximum). Lincoln OptiPoint® fixed indexed annuity offers an alternative source of income to meet the retirement challenges facing traditional sources of income. You won’t have to rely solely on Social Security income or other traditional retirement income. Lincoln OptiPoint gives you options to meet short- and long-term retirement income needs. You can choose the income option that’s best for you. For temporary or occasional income needs, you may want to consider using the 10% annual free withdrawal provision, which allows you to take up to 10% of your contract value without penalty per contract year. This can be taken all at once or set up on a schedule of systematic withdrawals on a semiannual, quarterly, or monthly basis. Systematic withdrawals from the Fixed Account are also an option. They can be taken annually, semiannually, quarterly or monthly. Once you reach age 70½ and need to take required minimum distributions (RMDs) from any qualified plans you may have, you can take the full RMD amount from this product without a penalty. For longer-term income needs, you can also choose to convert your contract into a stream of income either for a defined period of time or for a lifetime. Annuitization allows for tax-advantaged payments for a period of time or for life. Note that once the income payments start, they cannot be stopped. Lincoln OptiPoint also offers an optional guaranteed lifetime withdrawal benefit available for an additional 0.95% (1.50% maximum) fee. This versatile payment option is Lincoln Lifetime IncomeSM Edge. On the next few slides, we’ll get into the details of how this rider can help bring you even greater income potential.

Protect and grow your savings Lincoln Lifetime IncomeSM Edge

Our benefit Lincoln Lifetime IncomeSM Edge Helps grow and protect your savings, regardless of account performance Helps your retirement income keep pace with your lifestyle Flexibility to start and stop your lifetime income You maintain control of your savings Our guaranteed lifetime withdrawal benefit, available for an additional charge with our fixed indexed annuity products, is called the Lincoln Lifetime IncomeSM Edge. Before we take a detailed look at how it works, I want to highlight these benefits. [READ SLIDE THROUGH 5 CLICKS.] This living benefit is available for an additional charge. All guarantees, including those for optional benefits, are subject to the claims-paying ability of The Lincoln National Life Insurance Company.

Lincoln Lifetime Incomesm Edge features Covered life options Issue ages Available for single or joint life contracts The minimum election age is 35; max election age is 85 (subject to contract requirements) Election Available at issue or post issue1 Income withdrawals beginning at age 50 Nursing home feature Premium requirements 10% withdrawals for nursing home confinement after 5 years and age 652 The minimum contract size for electing the rider is $25,000 Cost 0.95% (1.50% maximum) [READ SLIDE.] 1Can be elected post issue on the contract anniversary; contract restrictions apply in certain cases. 2In order to qualify for the nursing home enhancement, you cannot be in a nursing home the year prior to rider election or for five years after, you must have a minimum 90-consecutive day stay and your account value must be greater than zero. With joint life, the first person to qualify will receive the enhancement. Feature may not be available in all states. The nursing home benefit is not available on contracts issued in Massachusetts.

Growing your income with Lincoln Lifetime IncomeSM Edge Three ways to increase the Income Base* 5% annual compounded enhancement Lasts for the earlier of 10 years or through age 85 Account value step-ups Lock in gains when the account value outperforms the enhancement Additional premiums 1 2 Your Income Base can increase in three different ways. [READ SLIDE.] 3 *The enhancement period starts at issue and continues until the earlier of 10 years or age 85 (based on the age of the oldest covered life). Additional premiums must be in the contract for at least one year before the enhancement percentage is applied to that premium (except for premiums made within the first 90 days of contract issue).

Growing your income Let’s take a look at how the Income Base works. Your Income Base will grow with an automatic 5% enhancement each year for the earlier of 10 years or through age 85. You will receive the 5% annual enhancement regardless of how your annuity performs. If your account value outperforms what you would have earned with the annual enhancement, Lincoln Lifetime IncomeSM Edge will lock in your account growth. This chart is for illustrative purposes only. It does not reflect a specific fixed indexed annuity contract. Past performance does not guarantee future results. This hypothetical example does not reflect a specific fixed indexed annuity contract or the fee for purchasing Lincoln Lifetime IncomeSM Edge. A new charge may apply if an account value step up occurs after the first 5 years (you may opt out of this feature within 25 days if the fee increases). The 5% annual enhancement will not apply in any year where income is received through the Lifetime Benefit Amount. Actual fixed indexed annuity performance will depend on current crediting rates at time of purchase. Withdrawals of taxable amounts are subject to ordinary tax and may be subject to an additional 10% federal tax if taken prior to age 59½.

Income generated for a lifetime Lincoln OptiPoint® payout factors Number of complete years before income payments start Age when income payments begin Less than 5 years At least 5, but less than 10 years At least 10 years 50 – 54 3.50% 4.00% 4.35% 55 – 59 4.50% 4.85% 60 – 64 5.00% 5.35% 65 – 69 5.50% 5.85% 70 – 74 6.00% 6.35% 75 – 79 6.50% 6.85% 80 – 84 7.00% 7.35% 85 – 89 7.50% 7.85% A 60-year-old client taking income right away would receive an income factor of 4.50%. If they wait until age 65, their income factor increases to 5.50%. If they wait 10 years (until age 70), their income factor increases to 6.35%. The longer you defer taking income, the more income you’re guaranteed. Payment percentages shown in the table reflect a single life. For joint lives, reduce the payment percentages shown by 0.50%. If a withdrawal is taken before starting lifetime income payments, the income bonus rate will be based on when this withdrawal was taken and not when the income payments start.

Lincoln OptiPoint® 10 fixed indexed annuity client Client example Lincoln OptiPoint® 10 fixed indexed annuity client 60-year-old client $100,000 premium + 4% bonus (bonus provided for premiums of $100,000 or more) 5% enhancement every year (no income withdrawals were taken) Guaranteed minimum annual lifetime income Lifetime income withdrawal rate Income Base Age when starting income Here’s an example of the minimum amount of annual lifetime income a 60-year-old client with a Lincoln OptiPoint 10 contract with Lincoln Lifetime IncomeSM Edge could earn over a 10-year period. Lincoln OptiPoint 10 provides a 4% premium bonus for premiums of $100,000 or more. 4.50% 5.50% 6.35% $104,000 $109,200 $114,660 $120,393 $126,413 $132,733 $139,370 $146,338 $153,655 $161,338 $169,405 60 (at issue) 61 62 63 64 65 66 67 68 69 70

Lincoln OptiPoint® fixed indexed annuity Wealth preservation Growth potential Guarantees Income options Strong and reputable company You have very specific needs as you approach retirement. You need to preserve a larger portion of the money you’ve worked so hard to accumulate. You need to make sure your money still has the opportunity to grow. You also need to know there are protections in place to help cover unexpected events. And when you are ready to begin enjoying the wealth you’ve accumulated, you need to know there are easy ways to access your money. By the nature of its design, Lincoln OptiPoint® fixed indexed annuity helps address these needs. It offers wealth preservation, growth potential, guarantees, and income options. “Leave nothing for tomorrow which can be done today.” —Abraham Lincoln

Important disclosures Lincoln Financial Group® affiliates, their distributors, and their respective employees, representatives, and/or insurance agents do not provide tax, accounting, or legal advice. Please consult an independent advisor as to any tax, accounting, or legal statements made herein. A fixed indexed annuity is intended for retirement or other long-term needs. It is intended for a person who has sufficient cash or other liquid assets for living expenses and other unexpected emergencies, such as medical expenses. A fixed indexed annuity is not a registered security or stock market investment and does not directly participate in any stock or equity investments, or index. The index used is a price index and does not reflect dividends paid on the underlying stocks. Lincoln OptiPoint® fixed indexed annuity (contract form 06-610 and state variations) are issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, and distributed by Lincoln Financial Distributors, Inc., a broker-dealer. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Contractual obligations are subject to the claims-paying ability of The Lincoln National Life Insurance Company. Contract may be referred to as “policy” or “certificate” in certain states (certificate may not be available in all states). The certificate is a group annuity certificate issued under a group annuity contract issued by The Lincoln National Life Insurance Company to a group annuity trust. Waiver of Surrender Charges for Nursing Home Confinement Rider and Waiver of Surrender Charges for Terminal Illness Rider (form AE-119 and form AE-170, respectively, and state variations) may not be available in all states. Nursing Home Rider not available for contracts issued in Massachusetts. Lincoln Lifetime IncomeSM Edge is an optional Guaranteed Lifetime Withdrawal Benefit (GLWB) rider (form AE-245 or state variations) available for an additional 0.95% charge (1.50% maximum) and subject to rider issue age limits, which may differ from the contract issue age limits. May not be available in all states. Limitations and exclusions may apply. [NOTE DISCLOSURE.]

The exact terms of the annuity are contained in the contracts and any attached riders, endorsements and amendments, which will control the issuing company’s contractual obligations. For more information about the annuity, please also read the Client Guide, Disclosure Statement, and Facts At-A-Glance, or contact your representative. Income taxes are due upon withdrawal and if withdrawn before age 59½, an additional 10% federal tax may apply. Withdrawals and surrenders may be subject to surrender charges and a Market Value Adjustment. There is no additional tax-deferral benefit for contracts purchased in an IRA or other tax-qualified plan, since they are already afforded tax-deferred status. Product and features are subject to state availability. Limitations and exclusions may apply. Not available in New York. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by The Lincoln National Life Insurance Company. Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by The Lincoln National Life Insurance Company. The Lincoln National Life Insurance Company’s Products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such products nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index. [NOTE DISCLOSURE.]